Restatement of Financial Statements

12 Months Ended

Dec. 31, 2011

Text Block [Abstract]

Restatement of Financial Statements

3.. Restatement of Financial Statements:

Bingo.com, Ltd. (the “Company”) is filing this Amendment No. 1 on Form 10-K to amend our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was originally filed with the US Securities and Exchange commission (the “SEC”) on March 30, 2012. This filing amends and restates our previously reported financial statements for the fiscal year ended December 31, 2011, to reflect the following adjustments:

- Intangible Assets. This has been amended for the years ended December 31, 2011 and 2010, to expense the purchase of the remaining 4% Domain Name Purchase payments for $900,000, in accordance with ASC Topic 420-10-25-11. This had the effect to reduce the intangible asset and to increase the retained deficit by $900,000 for the years ended December 31, 2011 and 2010.

- Profit on the Reversal of progressive jackpot provision. This has been amended for the year ended December 31, 2010, to adjust the opening retained deficit in accordance with ASU 2010-16.

Consolidated Balance Sheets

Year ended December 31, 2011

	As Reported			Adjustments			As Restated
Domain name rights and intangible assets	$	2,157,241		$	(900,000	)	$	1,257,241
Total Assets	$	3,338,967		$	(900,000	)	$	2,438,967
Accumulated deficit	$	(15,019,589	)	$	(900,000	)	$	(15,919,589	)
Total Stockholders’ Equity	$	3,242,676		$	(900,000	)	$	2,342,676

Consolidated Balance Sheets

Year ended December 31, 2010

	As Reported			Adjustments			As Restated
Domain name rights and intangible assets	$	2,157,241		$	(900,000	)	$	1,257,241
Total Assets	$	4,064,884		$	(900,000	)	$	3,164,884
Accumulated deficit	$	(14,330,573	)	$	(900,000	)	$	(15,230,573	)
Total Stockholders’ Equity	$	4,064,884		$	(900,000	)	$	3,164,884

There is no change to the Consolidated Statements of Operations for year ended December 31, 2011.

Consolidated Statements of Operations

Year ended December 31, 2010

	As Reported			Adjustments			As Restated
Purchase of 4% Domain Name Purchase payments	$	—		$	(900,000	)	$	(900,000	)
Reversal of progressive jackpots provision	$	193,051		$	(193,051	)		—
Net loss	$	(878,972	)	$	(1,093,051	)	$	(1,972,023	)
Net loss per common share, basic and diluted		(0.02	)		(0.02	)		(0.04	)

Consolidated Statements of Stockholders Equity

Years ended December 31, 2011 and 2010

	As Reported			Adjustments			As Restated
Accumulated deficit
Reversal of progressive jackpots provision	$	193,051		$	(193,051	)	$	—
Balance, January 1, 2010	$	(13,451,601	)	$	193,051		$	(13,258,550	)
Net loss	$	(878,972	)	$	(1,093,051	)	$	(1,972,023	)
Balance December 31, 2010	$	(14,330,573	)	$	(1,093,051	)	$	(15,230,573	)
Balance December 31, 2011	$	(15,019,589	)	$	(900,000	)	$	(15,919,589	)

There is no change to the Consolidated Statements of Cash Flows for year ended December 31, 2011.

Consolidated Statements of Cash Flows

Year ended December 31, 2010

	As Reported			Adjustments			As Restated
Net Loss	$	(878,972	)	$	(1,093,051	)	$	(1,972,023	)
Reversal of progressive jackpots provision	$	(193,051	)	$	193,051		$	—
Purchase of Domain Name Purchase payments	$	—		$	900,000		$	900,000
Net cash used in operating activities	$	(1,652,795	)	$	—		$	(1,652,795	)