-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QJmNDYNnIELTsYGOGbWSnyAQDW5HlO8Xh2t05cQxcfIwkbiGn77F5qaiZ2fnhyj3 DwTRGOggq0pMgp6/8SicsQ== 0001010412-98-000227.txt : 19981203 0001010412-98-000227.hdr.sgml : 19981203 ACCESSION NUMBER: 0001010412-98-000227 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BINGO & GAMING INTERNATIONAL INC CENTRAL INDEX KEY: 0000355590 STANDARD INDUSTRIAL CLASSIFICATION: LESSORS OF REAL PROPERTY, NEC [6519] IRS NUMBER: 731092118 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-10519 FILM NUMBER: 98762508 BUSINESS ADDRESS: STREET 1: 13581 POND SPRINGS RD STREET 2: SUITE 105 CITY: AUSTIN STATE: TX ZIP: 78279 BUSINESS PHONE: 5124900065 MAIL ADDRESS: STREET 1: 11006 METRIC BOULEVARD STREET 2: STE 350 CITY: AUSTIN STATE: TX ZIP: 78758 FORMER COMPANY: FORMER CONFORMED NAME: PRIMARY DEVELOPMENT CORP /OK/ DATE OF NAME CHANGE: 19941215 10QSB 1 FORM 10-QSB FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998 U.S. Securities and Exchange Commission Washington, DC 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1998 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ____________________ Commission File No. 0-10519 Bingo & Gaming International, Inc. (Name of Small Business Issuer in its Charter) OKLAHOMA 73-1092118 (State or Other Jurisdiction of (IRS Employer ID No.) incorporation or organization) 13581 Pond Springs Rd. Suite 105 Austin, Texas 78729 (Address of Principal Executive Offices) (512)335-0065 (Issuer's Telephone Number, including Area Code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (1) Yes X No (2) Yes X No There were 8,551,819 shares of common stock, $.001 par value, outstanding as of September 30, 1998. PART I - FINANCIAL INFORMATION Item 1. Financial Statement BINGO & GAMING INTERNATIONAL, INC. BALANCE SHEETS
September 30, December 31, ASSETS 1998 1997 (unaudited) Current assets Cash and cash equivalents $ 62,148 $ 53,934 Accounts receivable - trade (net) 528,322 347,029 Inventories 60,371 19,811 Prepaid expenses 21,576 6,445 Total current assets 672,417 427,219 Property and equipment, at cost - net of accumulated depreciation and amortization 1,591,888 456,945 Other assets Organizational costs and intangible assets - net of accumulated amortization 7,267 19,705 Deposits 67,806 49,860 Note receivable 2,767 7,494 Total other assets 77,840 77,059 Total assets $ 2,342,145 961,223 Liabilities and Stockholders' Equity Current liabilities Accounts payable - trade and accrued expenses $ 355,811 180,862 Accounts payable - other - 253,190 Current maturities of long-term debt 163,683 122,898 Total current liabilities 519,494 556,950 Long-term debt, net of current maturities 1,235,113 227,162 Total liabilities 1,754,607 784,112 Stockholders equity Common stock, $.001 par; 70,000,000 shares authorized; 8,418,602 and 8,551,819 issued and outstanding 8,745 8,418 Additional paid-in capital 469,039 393,197 Retained earnings (deficit) 109,754 (224,504) Total stockholders' equity 587,538 177,111 Total liabilities and stockholders' equity $ 2,342,145 $ 961,223 See note to consolidated financial statements.
BINGO & GAMING INTERNATIONAL, INC CONSOLIDATED STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30,1997 and 1998 (unaudited)
Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 1998 1997 1998 1997 Revenue: Phone card sales $ 775,399 $ 323,458 $ 2,625,095 $ 1,110,766 Rental Income 126,494 125,844 380,707 377,132 Concession Income 14,777 20,285 42,348 47,855 Machine sales 65,415 - 133,298 - Other 362 - 1,594 - Total revenue 982,446 469,587 $ 3,183,041 $ 1,535,753 Cost of revenue: Phone card and royalties 422,602 147,487 940,834 402,165 Machine and location rental 2,600 50,908 2,908 253,964 Prizes paid 288,528 54,838 449,709 186,127 Hall rental 48,130 61,565 159,114 154,143 Machines sold 47,208 - 118,013 - Total cost of revenue 809,068 314,798 1,670,578 996,399 Gross Margin 173,378 154,789 1,512,463 539,354 Expenses: Operating expenses 49,694 106,950 293,982 279,836 Salaries 116,875 61,693 303,332 181,277 General and administrative expenses 110,177 5,835 370,310 27,469 Total expenses 276,746 174,478 967,624 488,582 Operating income (loss) (103,368) (19,689) 544,839 50,772 Other Income - - - 1,198 Interest expense 57,254 10,010 210,579 28,104 Net income (loss) before federal income tax (160,622) (29,699) 334,260 23,866 Federal income tax - - - - Net income (loss) (160,622) (29,699) 334,260 23,866 Retained earnings: Beginning (deficit) (224,504) (267,936) (224,504) (267,936) Ending (deficit) $ (385,126) $(297,635) $ 109,756 $(244,070) Basic and diluted Income (loss) per common share $ (0.02) $ (0.01) $ 0.04 $ (0.01) Weighted average shares outstanding 8,508,830 8,417,600 8,508,830 8,417,600
See notes to consolidated financial statements BINGO & GAMING INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30,1997 AND 1998
September 30, September 30, 1998 1997 OPERATING ACTIVITIES: Net Income (loss): $ 334,260 $ 23,865 Adjustments to reconcile net income (loss) to net cash from operating activities: Depreciation and amortization 195,414 44,113 Provision for losses on accounts receivable 102,861 - Changes in current assets and liabilities: Accounts receivables (279,430) (68,083) Inventories (40,559) 31,027 Prepaid expenses (15,131) (26,067) Accounts payables - trade and accrued expenses (78,240) 7,198 Increase (decrease) in other assets (17,946) (3,711) Net cash provided for operating activities 201,229 8,342 INVESTING ACTIVITIES: Payments for the purchase of property and equipment (190,248) (30,437) Payments received on notes receivable - 32,625 Net cash provided by (used) for investing activities (190,248) 2,188 FINANCING ACTIVITIES: Payments on long-term debt (78,937) (54,648) Proceeds from long term debt - 31,997 Issuance of common stock 76,170 1,651 Cash used by financing activities (2,767) (21,000) Net increase (decrease) in cash and cash equivalents 8,214 (10,470) Cash and cash equivalents at beginning of period 53,934 53,307 Cash and cash equivalents at end of period $ 62,148 $ 42,837 Supplemental disclosures of cash flow information: Interest paid $ 210,579 $ 10,010 Supplemental disclosure of non-cash investing and financing activities: Financing of equipment purchases $1,127,672 $ -
See notes to consolidated financial statements. BINGO & GAMING INTERNATIONAL, INC. NOTES TO THE FINANCIAL STATEMENTS September 30, 1998 Note 1. BASIS OF PRESENTATION The Company's consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. Such financial statements as of September 30, 1998, and for the three months ended September 30, 1998 and 1997, and for the nine months ended September 30, 1998 and 1997 are unaudited, but, in management's opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results from such interim periods. The results from interim periods are not necessarily indicative of results from full years. Such interim period financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles. They should, therefore, be read in conjunction with the Company's consolidated financial statements included in the Company's Form 10-KSB for the year ended December 31, 1997. Note 2. INCOME TAXES At September 30, 1998 and 1997, the Company had, for tax reporting purposes, net operating loss carryfowards of approximately $148,166 and $200,000, respectively, available to offset future taxable income. The statutory federal tax rate was 34% for the nine months ended September 30, 1998 and 1997. Note 3. EARNINGS PER SHARE Net Income (loss) per share is based upon the weighted average number of shares outstanding during the periods (8,508,830 shares outstanding during the nine months ended September 30, 1998 and 8,417,600 during the nine months ended September 30, 1997). Note 4. RECLASSIFICATION Certain amounts previously reported have been reclassified to conform to current year presentation. Item 2. Management's Discussion and Analysis and Plan of Operations. Introduction: Plan of Operation Since approximately December 1994, the Company has been engaged in the business of owning and operating, as commercial lessors, charity bingo locations of their own and in the past operated similar locations for other owners. In May 1996, the Company began distributing prepaid phone card vending machines in the state of Texas. The Company's revenues are generated primarily from and the sale of prepaid phone cards through the industry's most unique dispenser and the rental of bingo facilities in the charitable bingo industry. Through its wholly-owned subsidiaries, Tupelo Industries, Inc. ("Tupelo"), Meridian Enterprises, Inc. ("Meridian"), and Red River Bingo, Inc. ("Red River"), the Company has operated as a sub-lessor of real property to charitable bingo operations in Texas, Mississippi, Louisiana. The current operations consist of three bingo halls located in Meridian, Iuka, and Tupelo, Mississippi. Additionally, the Company through Monitored Investments Inc., ("Monitored") has in the past managed similar bingo operations for others in Texas, Louisiana, and Mississippi. In April 1996, the Company executed an exclusive Distribution Agreement for the state of Texas for the Lucky Shamrock Emergency Phone Card Dispenser, a video enhanced prepaid phone card dispenser. This Distribution Agreement was mutually terminated in August 1997. During the quarter ended June 30, 1997, the Company operated approximately 134 of the dispensers. Between August and December 1997, all of the 134 Lucky Shamrock Emergency Phone Card Dispensers were returned to Diamond Game Enterprises, Inc. In October 1997, the Company executed an Exclusive Distribution Agreement with Cyberdyne Systems, Inc. to distribute the Lucky Strike Prepaid Phone Card Dispenser, which is based on Cyberdyne's patented cartridge based technology. This agreement provides for the Company to have the exclusive distribution rights for the United States and Canada for five years with two five year options. Distribution of the Lucky Strike Prepaid Phone Cards began in October 1997, and as of September 30, 1998, over 300 dispensers were in operation in Texas, Oklahoma, Idaho, Illinois, Kentucky, and Connecticut. The Company intends to further develop and substantially expand its business, principally by continuing to operate and expand the distribution of the video enhanced phone card dispensers by employing locate distributors, operators and chain retailers to market our products. In addition, the Company will market the product directly to the retail location, where this is preferable. The Company will utilize various avenues to locate and communicate with these entities including trade shows, trade magazines, trade organizations, direct mail, Internet site, E-mail and industry contacts. Each territory has its own unique set of marketing characteristics; however, the Company will target among others the following retailers: bingo halls, bars and taverns, pool halls, bowling alleys, truck stops, major public transportation centers, adult game arcades, prepaid phone card routes, amusement/vending routes, convenience stores, and fraternal organizations. The prepaid phone card industry has grown to over a $2 billion a year business, well ahead of previous estimates. Future growth will be based on numerous factors, such as the current regulatory, taxation, and competitive environments, which are subject to change and are beyond the Company's control. While the regulations have not yet been issued, new federal taxation has placed a three percent tax on the sale of prepaid phone cards. In order to offset any increased cost of sales, the Company plans to modify its promotional sweepstakes structure. The Company currently uses three payout structures for its promotional sweepstakes marketing campaign: 70%, 65%, and 55%. The 65% and 55% sweepstakes provide sufficient margin to maintain the current level of profitability. The Company has added distributors for the states of Idaho and Illinois. Eight dispensers are currently in operation in Kentucky, five in Illinois and ten in Idaho. Operations are pending judicial approval in Washington State and regulatory approval in New Jersey and Pennsylvania. Negotiations with potential distributors for other states are on going. Total revenue from the sale of phone cards decreased by approximately $105,000 this quarter compared to the previous quarter, which ended June 30, 1998. Of this amount, approximately $60,000 resulted from a change to sales for the correction of the accounting for inventory. In addition, the Company wrote off bad debts in the amount of $102,868. In Oklahoma sales of phone cards continued to decrease significantly due to increased competition in the Indian bingo facilities. Gaming devises such as skill-stop eight- liners and electronic pull tab machines cut into the per capita spending on the Company's pre-paid phone card dispensers. Recently, however, certain skill-stop eight-liner devices have been declared illegal for Indian bingo facilities, and the Company has completed the development of software with Cyberdyne Systems, Inc., which prints four free game pieces with the purchase of each phone card. These have been placed in use in Oklahoma, and additional new promotional sweepstakes games are being developed. Some dispensers have been moved from Oklahoma to Texas, where sales have continued to increase. This is the result of adding new dispensers to several locations, the removal of illegal eight-liners in certain jurisdictions in the state, as well as the placement of dispensers in new locations. Continued enforcement activities to prosecute the estimated 50,000 eight-liner slot machines in Texas will provide for expansion opportunities for the Company's products. To increase profitability without additional capital outlay the Company has expanded its program of optimizing machine locations. An aggressive campaign to find new locations, effectively analyze each dispenser's profitability, and act more quickly to relocate dispensers has been instituted. The recent development of management information system software and the expanded analysis of sales will enhance this process. Additional dispensers will be distributed by selling them directly to vending and amusement route operators. Results from recent trade show appearances indicate that more dispensers can be sold directly to the customer with the Company continuing to sell the replacement cartridges. In the first quarter of 1998 the Company executed a leasing agreement for 125 of the dispensers, and in the second quarter of 1998 another 125 were leased under more favorable terms with the same leasing company. The Company will continue to use this avenue as well as other opportunities that become available to increase the number of dispensers on location in the remainder of the fiscal year. The Company's ability to increase the number of income producing dispensers will be limited by its available liquidity, and other capital resources, as to which no assurance can be given. Results of Operations Three Months ended September 30, 1998 Compared with Three Months ended September 30, 1997 Revenues include rental income from charitable organizations that lease the Company's bingo facilities, related concession and vending income, and phone card sales related to the video-enhanced dispensers. Phone card sales were $775,399 for the three months ended September 30, 1998, compared to $323,458 for the three months ended September 30, 1997. This increase results from the increased number of phone card dispensers operations for 1998 compared to the same three month period in the previous year. Rental income remained consistent at $126,494 for the quarter ended September 30, 1998, compared with $125,844 for the quarter ended September 30, 1997. Concession income decreased to $14,777 for the quarter ended September 30, 1998 from $20,285 for the prior year. Machine sales produced $65,415 in the three months ended September 30, 1998 compared to 1997 when the Company sold no machines. Cost of revenues represent expenses directly attributable to the operations of the phone card dispensers and operations of the bingo facilities. In total, such cost was $809,068 and $314,798 for 1998 and 1997, respectively. Cost of revenue specifically related to the phone card dispensers include phone cards, taxes, and royalty costs, machine and location rental, prizes paid and the cost of machines. Phone card and royalty costs were $422,602 for the three-months ending September 30, 1998, compared to $147,487 for the previous year. This 187% increase was due to the corresponding increased sales of phone cards for the three months ended September 30, 1998 compared to three months for the prior year. Machine and location rental costs decreased by $48,308 for the three-months ended September 30, 1998. The 95% decrease was the result of financing dispensers under a capital lease structure. In 1998, prizes paid increased to $288,528 from $54,838 in 1997. A prize paid reflects the amount paid to winners from dispensers operated directly by the Company, rather than those operated by the retail location. This 426% increase is the result of a larger number of dispensers being directly operated by the Company for three months ended September 30, 1998, as compared to the three months ended September 30, 1997. Operating expenses, salaries, and general and administrative expenses for the three months ended September 30, 1998 increased to 276,746 from $174,478 in the same three month period of 1997. Of this amount, salaries increased about $55,182 as the result of the addition of a national sales director, and customer support representatives. Significant increases were also experienced in legal costs, travel related to attendance at trade shows and deployment of dispensers, as well as the development of a networked internal computer system and management information software. In addition, the size of the corporate office space has doubled during this period. Interest expense increased by $47,244 from $10,010 for the three months ended September 30, 1997 to $57,254 for 1998. This increase is the result of an increase in debt related to the financing of dispensers. Principally, for the reasons set forth in the four preceding paragraphs, the Company had a net loss of ($160,622) for the three months ended September 30, 1998, compared with a net loss of ($29,699) for 1997. Nine Months Ended September 30, 1998 Compared with Nine Months Ended September 30, 1997 Revenues were $3,183,041 for the nine months ended September 30, 1998 and $1,535,753 for the nine months ended September 30, 1997. This 107% increase was principally the result of additional phone card sales generated during the nine months ended September 30, 1998 and matters more fully described in the above "Three Months Compared with Three Months" discussion. Cost of revenues was $1,670,578 and $996,399 for the nine-months ended September 30, 1998 and 1997, respectively. This 68% increase was principally the result of the increase in the long distance phone time used during the nine months ended September 30, 1998 and matters more fully described in the above "Three Months Compared with Three Months" discussion. Other expenses were $967,624 and $488,582 for the nine months ended September 30, 1998 and 1997, respectively. This 98% increase was principally the result of travel to locations to place new prepaid phone card dispensers, hiring additional staff, freight, legal, computer upgrades, system development and matters more fully described in the above "Three Months Compared with Three Months" discussion. The significant changes in revenue and related expenses are explained in the above paragraphs under matters more fully described in the above "Three Months Compared with Three Months" discussion and " Management's Discussion and Analysis". Financial Position The Company's financial position improved significantly during the nine months ended September 30, 1998 as net income increased to $334,260 compared to $23,866 for nine months ended September 30, 1997. Cash and cash equivalents were $62,148 at September 30, 1998, an increase of 15% compared to $53,934 in 1997. The Company's working capital (current assets less current liabilities) position also improved significantly during the nine months ended September 30, 1998: $152,923 at September 30, 1998 compared with a deficit of $(122,237) at December 31, 1997. Liquidity The Company intends to substantially expand its sweepstakes-enhanced prepaid phone card business during 1998. It had over 300 dispensers placed and operating at September 30, 1998 and it would like to place and have operating additional dispensers by December 31, 1998. The actual rate of expansion will be dependent on (1) the number of dispensers that the Company's supplier can manufacture and make available and (2) the number of dispenser purchases/leases that the Company can internally fund and/or otherwise finance with either borrowing or leasing arrangements or through the sale of dispensers directly to the retail operator. At the present level of dispensers currently in operation, the Company anticipates increased earnings in the remainder of the 1998 Fiscal Year. As stated earlier, its rate of growth will depend on the availability of either borrowing or leasing opportunities and the number of dispensers it can sell directly to retail operators. No assurance can be given that the Company can arrange such additional financing. When used anywhere in this Form 10-QSB, in future filings by the Company with the Securities and Exchange Commission, in the Company's press releases and in oral statements made with the approval of an authorized executive officer of the Company, the words or phrases, "will likely result", "are expected to", "is anticipated", "estimated", "projected", "outlook", "believes", or similar expressions are intended to identify "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company's plans to establish new distributorships, expand markets, increase profitability of dispensers, and similar statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Such statements are subject to certain risks and uncertainties that cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company specifically declines any obligation to publicly release the result of any revisions which may be made to any forward looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements, or to update the reasons why actual results could differ from those projected in the forward looking statements. PART II - OTHER INFORMATION Item 1. Legal Proceedings. Except as set forth in the following paragraphs, the Company is not the subject of any pending legal proceedings, and to the knowledge of management, no proceedings are presently contemplated against the Company by any federal, state, or local governmental agency. Further, to the knowledge of management, no director or executive officer is party to any action that has an interest adverse to the Company. Red River Bingo, Inc. was assessed civil penalties totaling $25,000 in 1995 by the state of Louisiana for alleged charitable gaming law violations. Management vigorously contested this claim, and Louisiana's Charitable Gaming Division canceled a hearing scheduled on this matter in 1996. No further correspondence has been received from the state of Louisiana and management believes that no future action will be forthcoming that could have a material adverse affect on the Company, particularly since there have been no operations in Louisiana since 1995. The Company contested the Mississippi Gaming Commission's decision to reject an appraisal on the fair market value of rents charged to the charity at its Tupelo bingo facility. The Company secured both a temporary and permanent injunction requiring the Mississippi Gaming Commission to issue the Company a license renewal for the Tupelo facility based on the two appraisals already submitted. The Mississippi Gaming Commission issued a temporary ninety-day license, which failed to comply with the injunctions. A hearing was held to determine whether the Commission was in contempt of court and the Mississippi Gaming Commission was held to be in contempt of court. Subsequent to the hearing a license was issued for the Tupelo facility. Following this, a license renewal for the Company's Iuka location was issued. The Mississippi Gaming Commission has now appealed the injunctions, as well as the contempt of court hearings. No date has been set on these appeals. Subsequent to the receipt of its license renewals in Tupelo and Iuka, the Mississippi Gaming Commission denied the Company's license renewal application for its Meridian facility; however, this bingo hall continues to operate pending the results of a hearing. No date has been set for the hearing. The Company believes that the application was denied based on the amount of rent charged to the charitable organization conducting bingo there; however, this same amount of rent had been approved for the three previous license years and was approved for the Tupelo and Iuka locations. The Mississippi Gaming Commission has also rejected a renewal application for Bell's Educare, the charitable organization conducting bingo in our Iuka facility. This matter has also been appealed by the charity, which continues to conduct bingo there. In the state of Washington, the Company's attorneys have filed for a summary judgement to declare that the prepaid phone card dispensers and promotional sweepstakes comply with state law. The hearing took place September 25, 1998. The Washington Gambling Commission sought a Summary Judgement, which would have declared the Lucky Strike Prepaid Phone Card Dispensers to be illegal gaming devices and the sweepstakes to be an illegal lottery. The court denied this Motion. The Company sought to have the court rule that the dispensers and promotional sweepstakes were a legal promotional sweepstakes. The court also denied this Motion. The Company is currently contemplating the cost effectiveness of proceeding with this matter. Item 2. Changes in Securities. None Item 3. Defaults Upon Senior Securities. None Item 4. Submission of Matters to a Vote of Security Holders. None Item 5. Other Information. The Company has undertaken a program to ensure that it is Year 2000 compliant. Cyberdyne Systems, Inc., the manufacturer of the Lucky Strike Prepaid Phone Card Dispensers, has provided information that this product is Y2000 compliant. Correspondence with the manufacturers of all of the computer hardware and software products used by the Company has been sent to determine whether or not these products are Y2000 compliant. Currently, such additional vendors as banks, insurance companies, and others are being contacted to further ensure a smooth transition into the next century. Item 6. Exhibits and Reports on Form 8-K. (a) EXHIBIT Annual Report on Form 10 - KSB for the year ** ended December 31, filed April 15, 1998 (b) REPORTS ON FORM 8-K Form 8-K, filed January 5, 1998, Regarding ** Changes in Company's Certifying Accountant ** These documents and related exhibits have been previously filed with the Securities and Exchange Commission and by this reference are incorporated herein. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. BINGO & GAMING INTERNATIONAL, INC. Date: 11/30/98 By/s/Reid Funderburk Reid Funderburk Chairman, C.E.O., Director Date: 11/30/98 By/s/George Majewski George Majewski President, Director Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated: BINGO & GAMING INTERNATIONAL, INC. Date: 11/30/98 By/s/Reid Funderburk Reid Funderburk, Chairman, CEO & Director Date: 11/30/98 By/s/George Majewski George Majewski, President, Director Date: 11/30/98 By/s/R. E. Wilkin R. E. Wilkin, Director Date: 11/30/98 By/s/Rick Redmond Rick Redmond, Director Date: 11/30/98 By/s/Rhonda McClellan Rhonda McClellan, Chief Financial Officer EX-27 2
5 9-MOS DEC-31-1998 SEP-30-1998 62148 0 528322 0 60371 672417 1591888 0 2342145 519494 0 0 0 8745 578793 2342145 2758393 3183041 1058847 1670578 967624 0 210579 334260 0 0 0 0 0 334260 0.04 0.04
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