9. Discontinued operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Note 9. Discontinued operations

Discontinued operations

Effective December 31, 2014, the Company sold the www.bingo.com domain name to Unibet Group plc. for cash consideration of $2,000,000 and redemption of the 15,000,000 common shares of the Company, which were held by Unibet Group plc, at a price of $0.40 per share. The 15,000,000 common shares held by Unibet have been returned to the Company's treasury and were cancelled.

The Company recorded the following gain from the sale of domain name.

		Gain from sale of domain name
Sale of domain name	$	8,000,000
Domain name rights and intangible assets held for sale		(1,257,241)
Commission on sale		(65,000)
Gain from the sale of the domain name	$	6,677,759

The effect of the discontinued operations were as follows:

		2014		2013
Cash flows from operating activities:
Discontinued operations	$	7,733,777	$	(30,584)
Cash flows from investing activities:
Proceeds on disposal of domain name, net of transaction costs		1,935,000		-
Non-cash financing activity
Non-cash investing activity – acquisition and redemption of 15,000,000 common shares on the disposal of the domain name rights through common stock and deficit	$	6,000,000	$	-