**UNITEDSTATES**

**SECURITIESAND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

**Form10-KSB**

(MarkOne)

**|X|  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

For thefiscal year ended December 31, 2005

Or

**   |_|  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE**

**SECURITIES  EXCHANGE ACT OF 193**

Forthe transition period from                to                   

*Commissionfile number 333-120120-01*

 

**BINGO.COM,  LTD.**

(Name of small business issuer in itscharter)

   

| ANGUILLA, B.W.I.                                                      |   | 98-0206369                                  |
|-----------------------------------------------------------------------|--------|---------------------------------------------|
| (State        or other jurisdiction of incorporation or organization) |   | (I.R.S.        Employer Identification No.) |

 

**National  Bank of Anguilla Corporate Building, 1St Floor**

**St  Mary's Road, TV1 02P**

**The Valley, Anguilla, B.W.I**

(Address  of principal executive offices)

 

**(264)      461-2646**

(Issuer's  telephone number)

 

**Securities registered under Section 12(b) of the  Exchange Act:**

 

None    

(Title  of Each Class & Name of each exchange on which registered)

 

**Securities  registered under section 12(g) of the Exchange Act:**

 

COMMON STOCK,    NO PAR VALUE PER SHARE

(Title of  Class)

 

| Check whether the issuer is not required to file        reports pursuant to Section 13 or 15(d) of the Exchange Act.                                                                                                                      [         ]                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Check whether the issuer (1) filed all        reports required to be filed by Sections 13 or 15(d) of the Exchange Act        during the past 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.                                                                                                                          Yes [X]      No [  ] |
| Check        if there is no disclosure of delinquent filers in response to Item 405        of Regulation S-B contained in this form, and no disclosure will be        contained, to the best of registrant's knowledge, in definitive proxy        or information statements incorporated by reference in Part III of this        Form 10-KSB or any amendment to this Form 10-KSB.                                                         [          ]                                                                                                                                                                                                                                                                      |
| Indicate        by check mark whether the registrant is a shell company (as defined in        Rule 12b-2 of the Exchange Act).                                                                                                      Yes [X]      No [  ]                                                                                                                                                                                                                                                                                       |
| State        issuer's revenues for its most recent fiscal year.                                                $1,981,061                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| State        the aggregate market value of the voting and non-voting common equity        held by non-affiliates computed by reference to the closing price at of        such stock on the National Association of Securities Dealers Over the        Counter Bulletin Board market as of March 29,        2006, being $0.94 per        share: $25,169,349.        ** **The number of shares of        the issuer's common stock outstanding on March 29,        2006, was 26,775,903. Our        common stock is traded on the National Association of Securities Dealers        Over-the-Counter Bulletin Board market under the symbol "BNGOF".                                                                                                                                                                                                                                                                                                                                                                    |
|          

**APPLICABLE        ONLY TO CORPORATE REGISTRANTS**

 The        number of outstanding shares of the issuer's common stock, no par        value per share, was 26,775,903 as of March 29,        2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|          

**DOCUMENTS        INCORPORATED BY REFERENCE**

The merger of Bingo.com, Inc.        with Bingo.com, Ltd., which was approved by the Securities Exchange        Commission on March 8, 2005, and is effective on April 7, 2005, is        described in the prospectus filed under Rule 424(b) of the Securities        Act and the Form S-4, which were filed on March 9, 2005, and March 4, 2005,        respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Transitional        Small Business Disclosure Format (Check one):  Yes [X]      No        [  ]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

 1

###### TABLE OF CONTENTS

PART  I..............................................................................................................................................  3

ITEM 1.  DESCRIPTION OF BUSINESS....................................................................................  3

ITEM 2.  DESCRIPTION OF PROPERTY...................................................................................  9

ITEM 3.  LEGAL PROCEEDINGS...............................................................................................  9

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.................... 9

PART  II...........................................................................................................................................  11

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER    MATTERS...................................................................................................................................11

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION..12

ITEM 7.  FINANCIAL  STATEMENTS......................................................................................  18

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL  DISCLOSURE............................................................................................  43

ITEM 8A.   CONTROLS AND  PROCEDURES.........................................................................  43

ITEM 8B. OTHER  INFORMATION...........................................................................................43

PART  III...........................................................................................................................................44

ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH  SECTION 16(A) OF THE EXCHANGE ACT..................................... 44

ITEM 10.   EXECUTIVE  COMPENSATION............................................................................  .46

ITEM 11.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED    STOCKHOLDERS MATTERS .........................................48

ITEM 12.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.........................50  

ITEMS  13.  EXHIBITS...............................................................................................................  50

ITEM  14.  PRINCIPAL ACCOUNTANT FEES ANDSERVICES............................................50

SIGNATURES............................................................................................................................    51

CERTIFICATIONS.....................................................................................................................52

CERTIFICATION  PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THESARBANES-OXLEY ACT OF 2002................................................. 54

EXHIBIT  LIST...........................................................................................................................  56

   

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**PART I**

**This  Annual Report on Form 10-KSB contains forward-looking statements that involve  risks and uncertainties.  All  statements contained herein that are not statements of historical fact  constitute "forward-looking statements" within the meaning of the Private  Securities Litigation Reform Act of 1995. Discussions containing forward-looking statements may be found in the material set forth under  "Business," and "Management's Discussion and Analysis or Plan of  Operation," as well as in this Annual Report generally.   We generally use words such as "believes," "intends,"  "expects," "anticipates," "plans," and similar expressions to  identify forward-looking statements. Although we believe that the expectations  reflected in the forward-looking statements are reasonable, we cannot  guarantee future results, level of activity, performance or achievements.  These forward-looking statements are subject to risks, uncertainties and other  factors, some of which are beyond our control, which could cause actual  results to differ materially from this forecast or anticipated in such forward-looking statements. **

**You should not place undue reliance on these  forward-looking statements,  which reflect our view only as of the date of this report. We undertake no  obligation to update these statements or publicly release the result of any  revisions to these statements to reflect events or circumstances after the  date of this report or to reflect the occurrence of unanticipated events.**

**ITEM 1. DESCRIPTION OF BUSINESS**

**Introduction**

Bingo.com,  Ltd. (the "Company") is in the business of developing and operating  a bingo based web portal designed to provide a variety of free and cash games  and other forms of entertainment, including an online community, chat rooms,  contests, sweepstakes, tournaments, and more. We are the preeminent bingo-based web portal on the Internet, using  our bingo.com domain name and  incorporating a variety of games and content to attract and retain a large  number of subscribers. Our existing website has attracted over 1,500,000  registered users and served over 4,000,000,000 bingo cards since its  inception. As there are a minimum number of bingo cards (3) per player per  game, the total number of cards served provides a direct correlation to the  number of games played (over 1,250,000,000) and a general indication of the  levels of Internet traffic generated by our website.   The levels of Internet traffic have a direct impact on our revenues as,  generally, the greater the Internet traffic, the greater the numbers of  advertisements and cash games served.  

We  generate revenue from the free website, which is supported by advertising  revenue obtained by displaying advertisements on our web site and delivering  advertisements to our players by email and from the cash bingo website. During  the quarter ended June 30, 2005, we commenced offering traditional bingo for  cash to our players. We have obtained a license from, and commenced operations  in Curacao, Netherlands Antilles.  

The  free site provides content to our players in the form of free-to-play,  multiplayer theme bingo games, such as Astrology Bingo, Cupid Bingo, and the  like, as well as online video poker, sweepstakes and slot machines. We also  offer our registered players other forms of entertainment such as fortune  telling, chat rooms, and member profiles. The cash bingo site provides our  players the ability to purchase bingo cards online for cash, with the winner of  each bingo game played winning a percentage of the total cards purchased for  that particular bingo game.  

3

We  intend to continue to build on the success of the existing free site and cash  site by offering a greater depth and variety of content that we expect will  hold subscribers and allow us to generate more revenue through cash bingo.  

References  in this document to "the Company," "we," "us," and "our" refer  to Bingo.com, Ltd. and our subsidiaries, which are described below.  

Our  executive offices are located at National Bank of Anguilla Corporate Building,  1St Floor, St Mary's Road, TV1 02P, The Valley, Anguilla, B.W.I.  Our telephone number is (264)  461-2646.  

**History and Corporate Structure**

The  Company was originally incorporated in the State of Florida on January 12,  1987, under the name Progressive General Lumber Corp. ("PGLC') with an  authorized share capital of 7,500 shares of common stock with a $1.00 par  value per share.  PGLC was, for the  most part, inactive until January 1999.  

On  July 17, 1998, PGLC filed Articles of Amendment and increased its authorized  share capital to 50,000,000 common shares with a $0.001 par value per share.  The shares were also subject to a forward stock split by way of a stock  dividend to increase the number of then issued and outstanding shares on a 200  shares for 1 share basis.  

In  January 1999, the Articles of Incorporation of PGLC were amended and the  Company's name changed to Bingo.com, Inc. effective January 22, 1999.  Concurrent with the name change we acquired the use of the second level domain  name bingo.com and embarked on our business strategy to become a leading  online provider of bingo based games and entertainment.  

On  September 30, 2004, Bingo.com Ltd. was incorporated in Anguilla, British West  Indies for the purpose of moving the jurisdiction of our Company to Anguilla,  B.W.I.  

During  April 2005, Bingo.com, Inc. completed a merger with its wholly-owned  subsidiary Bingo.com, Ltd. All of the outstanding common shares of Bingo.com,  Ltd. were registered by Bingo.com, Inc. and Bingo.com, Ltd. under an S-4  registration statement dated March 3, 2005.   The Form S-4 registration statement became effective on March 8, 2005.  The principal reason for Bingo.com, Inc.'s merger with its subsidiary  Bingo.com, Ltd. was to facilitate Bingo.com, Inc.'s reincorporation under  the International Business Companies Act of Anguilla, B.W.I. Effective  Thursday, April 7, 2005, the shares of Bingo.com, Ltd. began trading under the  new ticker symbol "BNGOF".  

We  conduct our business through the Anguilla incorporated entity; through our  wholly-owned subsidiary English Bay Office Management Limited (previously  Bingo.com (Canada) Enterprises Inc. ("English Bay"); through Bingo.com  (UK) plc ("Bingo UK") and through Bingo.com N.V.  

English  Bay was incorporated under the laws of British Columbia, Canada, on February  10, 1998, as 559262 B.C. Ltd. and changed its name to Bingo.com (Canada)  Enterprises Inc. on February 11, 1999. It subsequently changed its name to  English Bay Office Management Limited on September 8, 2003.  

Bingo.com,  N.V. was incorporated under the laws of Curacao, Netherlands Antilles on  October 29, 2004.  

On  August 15, 2002, we acquired 99% of the share capital of Bingo.com (UK) plc.  Bingo UK was incorporated under the laws of England and Wales on August 18,  2000, as CellStop plc. and changed its name to Bingo.com (UK) plc. on August  5, 2002.  

We  also maintain a number of inactive wholly-owned subsidiaries.  These are  :  

-     Bingo.com (Antigua), Inc., ("Bingo.com (Antigua") incorporated as  an Antigua International Business Corporation on April 7, 1999 as Star  Communications Ltd. and changed its name to Bingo.com. (Antigua), Inc. on  April 21, 1999;    

-      Bingo.com (Wyoming), Inc., incorporated in  the State of Wyoming on July 14, 1999;  

-     Bingo.com Acquisition Corp., incorporated in the State of Delaware on  January 9, 2001.  

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All  three of the inactive subsidiaries were incorporated to facilitate the  implementation of business plans that we have since modified and refocused and  consequently, there is no activity in these entities.  

Our common shares are currently quoted on the National Association of  Securities Dealers' Over-The-Counter Bulletin Board ("OTCBB") under  the symbol "BNGOF". We have not been subject to any bankruptcy,  receivership or other similar proceedings.  

**Development  of the Business**

Our  current business strategy is to manage and grow our business with minimal  overhead, focusing on our major asset, the bingo.com domain name, which was  acquired in 1999.  

**Bingo.com Domain Name**

On  January 18, 1999, we purchased the exclusive right to use the domain name  bingo.com from a then unrelated company Bingo, Inc., an Anguilla corporation,  for (i) a $200,000 cash payment, (ii) 500,000 shares of our common stock (at a  value of $2.00 per share) and (iii) an agreement to pay, on an ongoing basis,  the Domain Name Purchase price amounting to 4% of our annual gross revenues,  with a total minimum guaranteed Domain Name Purchase payment of $1,100,000 in  the first three years of the 99 year period ended December 31, 2098. During  the year ended December 31, 2002, the agreement was amended so that the  remaining Domain Name Purchase payments to the vendor are made monthly, based  on 4% of the preceding month's gross revenue. The value of the bingo.com  domain name was based on factors such as the relationship of the name to our  business, the ability for us to create a brand for our website and portal  based on the name, the ease of internet browser search ability of the domain  name and the ability of visitors to our website to remember and associate the  name with our website and portal. We negotiated the terms of the domain name  acquisition at arms' length, and we believe the consideration we paid for the  domain name was reasonable.  

During  the year ended December 31, 2005, we made payments totaling $79,260 (2004 -$46,343)  based on 4% of the preceding month's gross  revenue as defined in the amended agreement. T. M. Williams, the President and  Chief Executive Officer of the Company is the potential beneficiary of several  discretionary trusts that hold approximately 80% of the shares of Bingo, Inc.

**Business Overview**

Our  objective is to become the leading online provider of bingo based games and  entertainment. We intend to leverage the worldwide popularity of bingo with  the growth of the Internet to become the premier bingo portal.  

We  are in the business of developing and operating an entertainment and service  based website designed to provide a variety of free and cash bingo games, and  other forms of entertainment, initially focused on the game Bingo and  including chat rooms, sweepstakes, communities, and other forms of enhanced  content. We are attempting to create a value-based website, complete with  online services and an extensive database of registered players.  

The  entertainment and other content provided on the bingo.com portal does not  include adult content.  

**Free Bingo  Business**

Our  free bingo offering is built around a variety of free bingo games, provided to  registered players over the Internet who compete against other players for the  chance to win points. These points can be used to enter draws for prizes. Our  primary objective is to provide these players a variety of free bingo based  games and entertainment, as well as free online video poker and free slot  machines. We intend to continue to provide points-based, play-for-free games  emphasizing entertainment.  

We  have in the past used the appeal of the bingo.com domain name to sell  advertising on the free site, which was our primary revenue source. During the  quarter ended June 30, 2005, we commenced offering traditional bingo for cash  to our players as an additional source of revenue.  

5

Advertising revenue from the bingo.com website  accounted for approximately 70% of our revenue for the year ended December 31,  2005. During the year ended December 31, 2005, over 15 million player sessions  were offered to our registered players. The average visitor session length was  55 minutes per user. Our website continues to be one of the stickiest sites on  the Internet. A "sticky website" is an industry term referring to a  website that holds users for more than a few minutes per visit and has many  repeat visitors. As a result of this appeal to web users, we served over 1.4  billion ads on our bingo.com website during the year ended December 31, 2005.****

Although  the games are free to play, players are required to register to receive points  and, if they win, prizes and to access certain features on the site. All  registration information is stored in online databases. We intend to continue  to build awareness of, and drive traffic to, bingo.com through a marketing  program consisting of various elements such as strategic alliances and online  and off-line advertising.  

**Cash bingo**

During the quarter ended June 30,  2005, Bingo.com, N.V., a subsidiary of Bingo.com, Ltd. signed a software  license agreement with Chartwell Games (Malta) Limited ("Chartwell"), a  subsidiary of Chartwell Technology Inc. The software license agreement  entitles Bingo.com the use of Chartwell's gaming software to enable the  Bingo.com players to play bingo for money. In addition,  the agreement entitles  Bingo.com to use Chartwell's Cyberboss (the Gaming System Management) and  Chartwell's CyberBanx (the ability to accept payments). The license  agreement is renewable after five years and was agreed according to standard  industry terms.  

Chartwell  Technology Inc. is listed on the Toronto Stock exchange (TSX:CWH), and is a  leading provider of gaming software systems to the online and remote gaming  industry. Chartwell Technology Inc. specializes in the development of leading  edge gaming applications and entertainment content for the Internet and  wireless platforms and other remote access devices.  Chartwell's Java and Flash based software products and  games are designed for deployment in gaming, entertainment, advertising and  promotional applications.  Chartwell  does not participate in the online gaming business of its clients.  

Cash gaming revenue from the bingo.com website  accounted for approximately 30% of our revenue for the year ended December 31,  2005. We intend to reduce our previous focus on advertising revenue sources  and focus primarily on revenue from our cash bingo and gaming.  

**The Niche**

We  continue to work towards positioning ourselves as the leading bingo focused  entertainment portal on the Internet.  We  believe the size of the worldwide bingo community, the domain name bingo.com,  and the attractive nature of our product offering provides us an opportunity  to build a large loyal base of daily visitors from around the world.  

We  believe our website, www.bingo.com has broad appeal in the Internet  marketplace.  We also believe that  bingo is well suited for online entertainment content, and that online games  are a compelling entertainment medium for a mass user audience.   We believe that players will value an opportunity to win prizes and  cash while being allowed to access bingo focused content according to their  own schedule and from their own location.  

We  believe that our future success will be dependent on a number of factors.   These include focusing on online bingo games and related entertainment.   We also believe that the continued development of a personalized  community atmosphere on the website will continue to encourage lengthy site  visits by users.  We believe the  nature of our website content and our player base will allow us to establish a  large detailed database of registered players, which is a critical factor in  attracting online players and advertisers.  

6

**Business Strategy**

Our  objective is to become the premier online destination for web-based bingo  entertainment and a leading entertainment destination on the Internet. We are  pursuing this objective through the following strategies:  

**Continue to enhance content**

Registered  players are provided with a variety of free games, and other forms of  entertainment such as chat, sweepstakes, fortune telling, and more. The free  bingo games can be played for points, which are redeemable for prizes. We are  able to create low-cost content through creative face-changes of the standard  bingo games. These 'skins' can reflect themes, corporate interests or  other targeted messages.  

**Revenue streams**

In  2005, we generated 70% of our revenue from selling advertising on the free  bingo site and 30% of our revenue from cash bingo. We earned revenues from our  portal through a variety of ways, such as the following:  

-     Banner and button advertisements on our website;  

-     Pop-ups, which are interstitial ads that appear as a separate window on  top of content;  

-      Superstitials; which are interstitial  commercials that seamlessly load while a visitor is surfing the site;  

-     Sponsorships of email newsletters or parts of our site;  

-      Exchanging of links with other websites.  

-      Offering cash bingo to our players.  

Advertising revenue calculations are based on click-throughs, percentage  of sales transactions, or other methods depending on the details of the  agreements. The majority of the advertising revenue earned in 2005 was  calculated on a Cost Per Thousand ("CPM") basis.  

We are actively expanding our cash bingo site to attract more players to  deposit cash on our site. We intend to discontinue to the sale of advertising  except for sponsorship of email newsletters and focus entirely on cash bingo.** **

**Expand  registered user database**

We  have demonstrated the ability to attract and keep a large subscriber base. It  is our intention to continue the growth of our database through expansion of  our co-branding strategy and through strategic partnerships with affinity  groups and penetration of traditional bingo venues by use of targeted  promotions with suppliers of goods and services to such venues.  

Entertainment  and game sites have become increasingly popular and are showing strong growth  rates. Our website traffic reports indicate that between 800 and 1200 new  players a day are registering with www.bingo.com. There has been in excess of  35,000 unique visitors per day, with an average visitor session length of more  than 55 minutes. It is the our belief that, if current growth rates can be  maintained, we will not only maintain our status as the pre-eminent online  bingo destination but also become a leading general entertainment destination  on the Internet.  

**Leverage licensed users and alliances**

We  are confident that the variety of games and entertainment available on our  website will encourage many visitors to come, stay, deposit funds, play and  revisit often. In the process of providing a one-stop entertainment arena for  bingo lovers, we are creating a value based website which is backed by an  extensive database of registered players and their buying preferences. We  believe the value of this demographic data has enabled us to generate revenue  for our cash bingo site.  

7

**Extend and enhance the value of the brand name**

We  believe that establishing a readily recognizable brand name is critical to  attracting a larger player base and deriving additional revenue. We believe  that our bingo.com website has inherent value as a brand name and we intend to  aggressively expand our player base by promoting that name. We intend to  pursue online and offline marketing strategies, promotional opportunities, and  strategic alliances to make bingo.com website the leading entertainment  destination for bingo on the Internet. Amongst the initiatives being  considered are the exploration of co-branding opportunities with land-based  bingo halls in North America and Europe where our brand may be displayed in  such land-based bingo halls in exchange for promotion of those halls on our  website.  To date, we have not  agreed with any land-based bingo halls to a co-branding agreement.  Additionally, depending upon whether the regulatory framework  in a particular jurisdiction permits its residents to play cash bingo, we  would like to enter into strategic alliances with members of the non-profit  sector to drive traffic from their websites to our website in exchange for a  share of the profits generated by those players.   To date, we have not entered any strategic alliances agreements.  

**Marketing Strategy**

Our  goal is for the bingo.com website to become the most recognized bingo and  entertainment destination site on the Internet. We intend to continue building  an Internet community consisting of a dedicated and loyal user base that we  believe will support our ability to generate advertising revenues, and e-commerce sales for us.  

Advertising  focused on promoting the bingo.com website within North America, the United  Kingdom and in targeted international markets through strategic partnerships,  co-branding and other promotional activities with a variety of companies is  contemplated. This strategy is intended to further develop the growing  database of registered players.  

We also use our database of registered users to send  targeted emails and other advertisements in order to encourage our subscribers  to play. We offer special promotions and other offerings that bring additional  users to our site such as the use of our email list to promote special events.  

**Employees**

As  of December 31, 2005, we had six full-time employees, not including temporary  personnel, consultants, and independent contractors. We retain consultants to  provide special expertise in developing strategy, marketing, software and  technologies and outsource our development resources. We outsource our web-design and development as the need for changes to site architecture and   

graphics is sporadic and it is more cost effective to hire contractors on an  ad-hoc basis. None of our employees is represented by a labor union, and we  believe that our relationship with our employees is good.  

We  are substantially dependent upon the continued services and performance of T.  M. Williams, our President, Chief Executive Officer and Chairman of our Board.  The loss of the services of this key individual would have a material adverse  effect on our business, financial condition and results of operations. We  do not carry any key man life insurance on Mr. Williams.  

**FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS**

 At the  end of fiscal 2005, the majority of our equipment was located in Curacao,  Netherlands Antilles with the remainder in Canada.  

**Seasonality**

We  do not believe that seasonality has an effect on our traffic volumes or our  revenue realization.

**Competition**

We  face competition primarily from other cash bingo companies e.g. Bingomania,  Cyberbingo and St Minver. We will continue to compete with these large sites  as well as many other smaller offerings, and there can be no assurances that  we will be successful in attracting users from these sites.  

8

**Trademarks and Intellectual Property Protection**

We  will continue to consider the need to apply for trademark registration and  protection for our games, logo and various phrases in Canada and the United  States. During the year ended December 31, 2005, we registered the trademark  "Bingo.com" in the European Union for a period of 10 years.  

**ITEM 2. DESCRIPTION OF  PROPERTY.**

Our  executive office is located in The Valley, Anguilla, B.W.I. We commenced the  lease agreement on October 1, 2005, for a period of three years. The monthly rental  is $250.  

Our  primary administrative, sales and marketing facility is located in leased  space in Vancouver, British Columbia.  This  facility occupies approximately 2,480 square feet.  We renewed our sublease arrangement on September 30, 2005,  for a term of sixty months and ending September 30, 2010. The monthly rental is  approximately $3,700.  

We  believe that these facilities will be adequate to meet our requirements for  the foreseeable future and that suitable additional space will be available if  needed.  

Other  than described above, neither we, nor any of our subsidiaries presently own or  lease any other property or real estate.  

**ITEM  3. LEGAL PROCEEDINGS.**

On  February 18, 2005, Campney & Murphy, a Partnership, who acted for the  Company prior to their dissolution on or about August 31, 2003, filed a suit  in the Supreme Court of British Columbia against the Company. The suit is  related to non-payment of invoices of CAD$57,556.02, plus interest, for  services rendered prior to August 17, 2001.  

We  have taken the position that the amount claimed constitutes an amount  significantly in excess of the value of the work performed. We have  additionally taken the position that Campney & Murphy negligently breached  its duty to the Company by failing to advise the Company as to certain  corporate filings required under British Columbia law, with the result that  the Company was put to unnecessary expense and damages. The Company is  therefore seeking a set-off of some or all of the amount of the invoices on  these bases. We are currently in negotiations with Campney & Murphy with a  view to settling the litigation. There is, however, no guarantee that the  settlement negotiation will be successful and, if not, we will defend the  action in the Supreme Court of British Columbia.  

We  are not currently a party to any legal proceeding, other than the case listed  above, and was not a party to any other legal proceeding during the fiscal  year ended December 31, 2005. Other than the case listed above we are currently not aware of any other legal proceedings proposed to be initiated  against the Company. However, from time to time, we may become subject to  claims and litigation generally associated with any business venture.  

**ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF  SECURITY HOLDERS.**

We  held our Annual Meeting of Stockholders in Anguilla on October 10, 2005, for  the purposes of electing our directors, to ratify the appointment of Dohan and  Company, CPA's, P.A., as our independent auditors for the 2005 fiscal year,  and to ratify the 2005 Stock Option plan and to authorize the administrators  of the plan to issue up to 2,000,000 options to directors, employees or  consultants of the Company. The Company issued a schedule 14A proxy statement  to the shareholders on September 9, 2005.  

All nominees for directors were elected, the  appointment of auditors was ratified, and 2005 Stock Option plan and the  authorization of the administrators of the plan to issue up to 2,000,000  options to directors, employees or consultants of the Company were ratified.  The voting on each matter is set forth below:   

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Election of the Directors  of the Company.  

Nominee                         For                    Against              Abstain

T.  M. Williams               22,384,454          55,859                20,510  

P.  A. Crossgrove           22,384,454          36,059                40,310  

Proposal to ratify the appointment of Dohan and  Company, CPA.'s, P.A., as our independent auditors for the 2005 fiscal year.  

For                            Against                          Abstain****

22,417,209                      22,904                            20,710  

Proposal  to ratify the 2005 Stock Option plan and to authorize the administrators of  the plan to issue up to 2,000,000 options to directors, employees or  consultants of the Company.  

For                            Against                          Abstain              Not Voted****

17,949,565                      153,427                          27,098                4,340,733  

10

**PART  II**

**ITEM 5. MARKET FOR COMMON EQUITY AND  RELATED STOCKHOLDERS MATTERS.**

Our common stock is currently quoted on the National  Association of Securities Dealers OTC Bulletin Board (the "OTCBB")  under the symbol "BNGOF".  

On  March 19, 1997, our common stock was approved for trading on the  OTCBB under the symbol "PGLB".  In  January 1999, when we changed our name to Bingo.com, Inc., our OTCBB symbol  was changed to "BIGG".  On  July 26, 1999, we changed our trading symbol from "BIGG" to "BIGR". On  April 7, 2005, Bingo.com, Inc. completed a merger with its wholly- owned  subsidiary Bingo.com, Ltd. The principal reason for Bingo.com, Inc.'s merger  with its subsidiary Bingo.com, Ltd. was to facilitate Bingo.com, Inc.'s  reincorporation under the International Business Companies Act of Anguilla,  B.W.I. Effective April 7, 2005, the shares of Bingo.com, Ltd. began  trading under the new ticker symbol "BNGOF".  The bid quotations set forth below, reflect  inter-dealer prices,  without retail mark-up, mark-down or commission and may not reflect actual  transactions.  

| **Quarter Ended**         | **High        (1)** | **Low        (1)** |
|---------------------------|---------------------|--------------------|
| December        31, 2005  | $0.80               | $0.53              |
| September        30, 2005 | $0.90               | $0.47              |
| June        30, 2005      | $1.65               | $0.61              |
| March        31, 2005     | $1.10               | $0.40              |
| December        31, 2004  | $0.66               | $0.16              |
| September        30, 2004 | $0.20               | $0.07              |
| June        30, 2004      | $0.18               | $0.08              |
| March        31, 2004     | $0.11               | $0.04              |

1. Prices as per Yahoo! Finance  

On  March 29, 2006, the last reported sale price of  our common stock, as reported by the OTCBB, was $0.94 per share.  

As  of March 29, 2006, we  believe there are approximately 3,127  shareholders (including nominees and brokers holding street accounts) of our  shares of common stock.  

Other  than described above, our shares of common stock are not and have not been  listed or quoted on any other exchange or quotation system.  

**Dividend  Policy**

We have not declared or paid any cash dividends on  our common stock since our inception, and our Board of Directors currently  intends to retain all earnings for use in the business for the foreseeable  future. Any future payment of dividends will depend upon our results of  operations, financial condition, cash requirements and other factors deemed  relevant by our Board of Directors.** **

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**Recent  Sales of Unregistered Securities**

During  the quarter ended June 30, 2005, the Company completed a non-brokered private  placement offering of 1,339,667 common shares at US$0.75 per share, which has  raised gross proceeds of US$1,004,750. The  private placement was completed under Regulation S.  

**Securities  authorized for issuance under equity compensation plans.**

We have reserved a total of 1,895,000 common shares  for issuance under its 1999 stock option plan.   Pursuant to this plan we have 1,100,000 stock purchase options (2004 - 1,100,000) outstanding at December 31, 2005.  

We have reserved a total of 5,424,726 common shares  for issuance pursuant to grants under the 2001 stock option plan.   Pursuant to this plan we have 2,767,850 stock purchase options (2004 - 3,225,000) outstanding as at December 31, 2005. 2,167,850 of the stock  options outstanding at December 31, 2005, were granted with vesting provisions  as to 10% vesting at the grant date, an additional 15% vesting one year  following the date of grant and an additional 2% vesting per month thereafter.  During the year ended December 31, 2005, the holders of the stock options  exercised 709,150 of their options, of which 252,000 shares were only issued  after December 31, 2005.  

We have reserved a total of 2,000,000 common shares  for issuance under our 2005 stock option plan.   Pursuant to this plan we have 835,000 stock purchase outstanding at  December 31, 2005. 635,000 of the stock options outstanding at December 31,  2005, were granted with vesting provisions as to 10% vesting at the grant  date, an additional 15% vesting one year following the date of grant and an  additional 2% vesting per month thereafter.  

The 1999 and 2001 plans were approved in 2001 by our  shareholders and the 2005 plan was approved by our shareholders in 2005.****

**Equity  Compensation Plan Information**

| Plan category ****                                              | Number of securities to be issued upon exercise of outstanding        options, warrants and rights **** | Weighted average exercise price of outstanding options, warrants and        rights **** | Number of securities remaining available for future issuance **** |
|-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------|
|  ****                                                      | (a) ****                                                                                                | (b) ****                                                                                | (c) ****                                                          |
| Equity compensation plans approved by security holders ****     | 4,450,850                                                                                               | $0.22                                                                                   | 4,159,726                                                         |
| Equity compensation plans not approved by security holders **** | 0                                                                                                       | 0                                                                                       | 0                                                                 |
| Total                                                           | 4,450,850                                                                                               | $0.22                                                                                   | 4,159,726                                                         |

**ITEM 6. MANAGEMENT'S DISCUSSION AND  ANALYSIS OR PLAN OF OPERATION.**

The  information contained in this Management's Discussion and Analysis or Plan of  Operation contains "forward looking statements." Actual results may  materially differ from those projected in the forward looking statements as a  result of certain risks and uncertainties set forth in this report. Although  management believes that the assumptions made and expectations reflected in  the forward looking statements are reasonable, there is no assurance that the  underlying assumptions will, in fact, prove to be correct or that actual  future results will not be materially different from the expectations  expressed in this Annual Report. The following discussion should be read in  conjunction with the audited Consolidated Financial Statements and related  Notes thereto included in Item 7 and with the Special Note regarding forward-looking statements included  in Part 1.  

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#### OVERVIEW

Since  1999, we have been focused on the development of prize-based, play for free  Internet games, with an emphasis on entertainment. We began to experience  revenue growth from these games in fiscal 2000.   

Seventy-percent of our revenue in 2005 was derived from the sale of Internet  advertising and thirty-percent from cash bingo. We expect that in the future,  cash bingo will contribute a significant portion of the revenue.   

We have made a significant investment in the  development of our website, purchase of domain name, branding, marketing, and  maintaining operations.  As a  result we have incurred significant losses since inception, and as of December  31, 2005, had an accumulated deficit of $9,360,584.   For the last six quarters, we have been profitable. Management  anticipates that this trend will continue.  

Moving  forward, we will continue to control operating costs and expansion costs so as  to continue to operate profitably and efficiently.  

The  consolidated statement of operations data for the years ended December 31,  2005, and 2004, and the consolidated balance sheet data as of December 31,  2005, and 2004, are derived from our audited consolidated financial statements  included in Item 7 of this report, which have been audited by Dohan and  Company, CPA's, P.A., independent auditors. The consolidated statement of  operations data for the years ended December 31, 2003, 2002, and 2001 and the  consolidated balance sheet data as of December 31, 2003, 2002 and 2001, are  derived from audited consolidated financial statements not included in this  report. The historical results are not necessarily indicative of results to be  expected in any future period.  

**Consolidated  Statement of Operations Data:**

|                                                                     |   |       |   | Year        Ended December 31, |   |
|--------------------------------------------------------------------------|--------|------------|--------|--------------------------------|--------|
|                                                                     |   | 2005       |   | 2004                           |   | 2003 |   | 2002 |   | 2001 |
|                                                                     |   |       |   |                           |   |   |   |   |   |   |
| Revenue                                                                  |   |       |   |                           |   |   |   |   |   |   |
| Advertising        revenue                                               | $      | 1,386,479  | $      | 1,158,620                      | $      | 888,888 | $ | 717,192 | $ | 1,734,322 |
| Cash        bingo revenue                                                |   | 594,582    |   | -                              |   | - |   | - |   | - |
| Total        revenue                                                     |   | 1,981,061  |   | 1,158,620                      |   | 888,888 |   | 717,192 |   | 1,734,322 |
|                                                                     |   |       |   |                           |   |   |   |   |   |   |
| Cost        of revenue                                                   |   | 485,419    |   | 245,594                        |   | 211,253 |   | 351,207 |   | 1,093,963 |
| Gross        profit                                                      |   | 1,495,642  |   | 913,026                        |   | 677,635 |   | 365,985 |   | 640,360 |
| Operating        expenses including interest and other income (expenses) |   | 1,397,417  |   | 991,595                        |   | 974,887 |   | 1,334,728 |   | 2,597,380 |
| Interest        and other income                                         |   | 22,565     |   | 6,929                          |   | 61,761 |   | 35 |   | 1,821 |
| Net        income (loss)                                                 |   | 120,790    | $      | (71,640)                       | $      | (235,491) | $ | (968,708) | $ | (1,955,200) |
|                                                                     |   |       |   |                           |   |   |   |   |   |   |
| Basic net income (loss) per share                                        | $      | 0.00       | $      | (0.00)                         | $      | (0.02) | $ | (0.09) | $ | (0.19) |
| Diluted net income (loss) per share                                      | $      | 0.00       | $      | (0.00)                         | $      | (0.02) | $ | (0.09) | $ | (0.19) |
| Weighted        average common shares Outstanding                        |   | 26,066,441 |   | 20,183,438                     |   | 11,104,608 |   | 10,953,238 |   | 10,447,200 |
|                                                                          |        |            |        |                                |        |  |  |  |  |  |  |

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|                                        |   |      |   | Year        Ended December 31, |   |        |   |
|---------------------------------------------|--------|-----------|--------|--------------------------------|--------|-------------|--------|
|                                        |   | 2005      |   | 2004                           |   | 2003        |   | 2002 |   | 2001 |
| **Consolidated Balance Sheet Data:**        |   |      |   |                           |   |        |   |   |
| Cash                                        | $      | 1,071,088 | $      | 74,032                         | $      | 34,046      | $      | 14,682 | $ | 14,028 |
| Total        assets                         |   | 2,738,652 |   | 1,571,889                      |   | 1,477,173   |   | 1,469,185 |   | 2,136,890 |
| Total        liabilities                    |   | 767,775   |   | 932,985                        |   | 2,619,691   |   | 2,376,212 |   | 2,092,415 |
| Long        term obligations                |   | 9,403     |   | 157,042                        |   | 1,585,858   |   | 1,395,000 |   | 1,125,974 |
| Total stockholders'        equity (deficit) |   | 1,970,877 |   | 638,904                        |   | (1,142,518) |   | (907,027) |   | 44,475 |
| Working        capital (deficit)            |   | 581,855   |   | (625,376)                      |   | (1,177,144) |   | (1,299,148) |   | (1,054,578) |

### CRITICAL ACCOUNTING POLICIES  

The  following discussion of critical accounting policies is intended to supplement  the Summary of Significant Accounting Policies presented as Note 2 to our 2005  audited consolidated financial statements presented elsewhere in this report.   Note 2 summarize the accounting policies and methods used in the  preparation of our consolidated financial statements. The policies discussed  below were selected because they require the more significant judgments and  estimates in the preparation and presentation of our financial statements. On  an ongoing basis, management evaluates these judgments and estimates,  including whether there are any uncertainties as to compliance with the  revenue recognition criteria described below, and recoverability of long-lived  assets, as well as the assessment as to whether there are contingent assets  and liabilities that should be recognized or disclosed for the consolidated  financial statements to fairly present the information required to be set  forth therein. We base our estimates on historical experience, as well as  other events and assumptions that are believed to be reasonable at the time.  Actual results could differ from these estimates under different conditions.  

#### Revenue Recognition

Advertising  revenues have been recognized as the advertising campaign or impressions and  clicks are made on the website and when collection of the amounts are  reasonably assured. Cash received in advance of the advertising campaigns or  impressions and clicks are recorded under unearned revenue.  

Cash  Bingo revenues have been recognized on the basis of total dollars wagered on  all games less all winnings payable to players.

#### Impairment of Long-lived  Assets

Management  evaluates long-lived assets for impairment in accordance with Statement of  Financial Accounting Standards ("SFAS") No. 144 "Accounting for the  Impairment or Disposal of Long-Lived Assets" and SFAS No. 142 "Accounting  for Goodwill and Other Intangible Assets". These assets comprise mainly  property and equipment, and the bingo.com domain name. The impairment review  is performed by management, whenever events and circumstances indicate that  the assets may be impaired. In performing this review, we estimate the future  net cash flows from the assets and compare this amount to the carrying value.  If this review indicates the carrying value may not be recoverable, impairment  losses are measured and recognized based on the difference between the  estimated discounted cash flows over the remaining life of the assets and the  assets' carrying value. Changes in our future net cash flow estimates may  impact our assessment as to whether a particular long-lived asset has been  impaired.   

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We  generate our revenue from the sale of advertising on our website and from cash  bingo. For advertising revenue, we recognize as revenues the amount paid to us  upon the delivery and fulfillment of advertising in the form of banner and  button ads, email, rich media and newsletters, provided that the collection of  the resulting receivable is probable. For cash bingo, we recognize revenue on  the basis of total dollars wagered on all games less all winnings payable to  players.  

**SUPPLEMENTARY FINANCIAL INFORMATION**

#### Quarterly Results of  Operations

The  following tables present our unaudited consolidated quarterly results of  operations for each of our last eight quarters.   This data has been derived from unaudited consolidated financial  statements that have been prepared on the same basis as the annual audited  consolidated financial statements and, in our opinion, include all normal  recurring adjustments necessary for the fair presentation of such information.  These unaudited quarterly results should be read in conjunction with our  audited consolidated financial statements for the year ended December 31,  2005, included in Item 7 of this report.  

|                                                     |   |                  |   | Three        Months Ended |   |
|----------------------------------------------------------|--------|-----------------------|--------|---------------------------|--------|
|                                                     |   | March        31

2005 |   | June        30

2005      |   | September        30 2005 |   | December        31, 2005 |
|                                                     |   | (Unaudited)           |   | (Unaudited)               |   | (Unaudited) |   | (Unaudited) |
| Revenue                                                  |   |                  |   |                      |   |   |   |   |
|       Advertising revenue       | $      | 403,551               | $      | 413,978                   | $      | 267,860 | $ | 301,090 |
|       Cash bingo revenue        |   | -                     |   | 43,361                    |   | 197,873 |   | 353,348 |
| Total Revenue                                            |   | 403,551               |   | 457,339                   |   | 465,733 |   | 654,438 |
|                                                     |   |                  |   |                      |   |   |   |   |
| Cost of revenue                                          |   | 100,281               |   | 111,313                   |   | 113,140 |   | 160,685 |
| Gross profit                                             |   | 303,270               |   | 346,026                   |   | 352,593 |   | 493,753 |
| Operating        expenses and other (income) / expenses  |   | 271,061               |   | 344,504                   |   | 305,628 |   | 453,658 |
| Net income from continuing        operations             | $      | 32,209                | $      | 1,522                     | $      | 46,965 | $ | 40,095 |
| Basic        and diluted net income per share            | $      | 0.00                  | $      | 0.00                      | $      | 0.00 | $ | 0.00 |
| Weighted        average common shares, Basic and diluted |   | 24,500,808            |   | 26,224,310                |   | 26,732,425 |   | 26,775,903 |

|                                                     |   |                  |   | Three        Months Ended |   |
|----------------------------------------------------------|--------|-----------------------|--------|---------------------------|--------|
|                                                     |   | March        31

2004 |   | June        30

2004      |   | September        30 2004 |   | December        31, 2004 |
|                                                     |   | (Unaudited)           |   | (Unaudited)               |   | (Unaudited) |   | (Unaudited) |
| Revenue                                                  | $      | 246,189               | $      | 247,752                   | $      | 274,758 | $ | 389,921 |
| Cost of revenue                                          |   | 46,964                |   | 53,446                    |   | 64,291 |   | 80,893 |
| Gross profit                                             |   | 199,225               |   | 194,306                   |   | 210,467 |   | 309,028 |
| Operating        expenses and other (income) / expenses  |   | 237,704               |   | 331,474                   |   | 170,051 |   | 245,437 |
| Net gain (loss) from        continuing operations        | $      | (38,479)              | $      | (137,168)                 | $      | 40,416 | $ | 63,591 |
| Basic        and diluted net loss per share              | $      | (0.00)                | $      | (0.01)                    | $      | 0.00 | $ |  0.00 |
| Weighted        average common shares, Basic and diluted |   | 11,104,608            |   | 21,132,386                |   | 24,266,546 |   | 24,318,317 |

Our  financial statements and related schedules are described under "Item 7.  Financial Statements".   

15

**RESULTS OF  OPERATIONS**

**Years Ended December 31,  2005 and 2004**

             **Revenue**

Total  Revenue increased to $1,981,061 for the year ended December 31, 2005, an  increase of 71% over revenue of $1,158,620 for the same period in the prior  year. Advertising Revenue increased to $1,386,479 for the year ended December  31, 2005, an increase of 20% over revenue of $1,158,620 for the same period in  the prior year.  We increased our  advertising rates by approximately 10% overall and obtained a greater number  of individual advertisers, thereby providing a more diverse and increased  revenue stream. During the year ended December 31, 2005, we introduced  traditional bingo for cash to our players. Our revenue from cash bingo  amounted to $594,582 for the year ended December 31, 2005.  

            **Cost  of revenue**

We  recorded cost of revenue of $485,419 during the year ended December 31, 2005,  an increase of $239,825 or 98% compared to costs of $245,594 for the same  period in the prior year. The gross margin reduced to 75% in 2005 from 79% in  2004.  

Cost  of revenue consists of commissions paid on the sale of advertising, the cost  of hosting the website, payment processing fees in relation to deposits on the  cash bingo site, software license fees, and the domain name purchase payments.  During the year ended December 31, 2005 we commenced offering traditional cash  bingo to our players. This increase in the cost of revenue is due to the set-up and commencement of cash bingo, especially software license fees.  

             **Sales and marketing expenses**

Sales  and marketing expenses increased to $429,255 for the year ended December 31,  2005, an increase of $377,803 over 2004 selling and marketing expenses of  $51,452. Sales and marketing expenses include principally costs for marketing,  prizes for our free game site and bonuses and incentives offered to players to  encourage them to play more on the cash bingo site. This increase in sales and  marketing expenses in 2005 compared to the prior year is due to the  commencement of cash bingo, especially bonuses and incentives offered to  players.  

We  expect to continue to incur sales and marketing expenses to further our  efforts to increase traffic and deposits to our web portal. These costs will  include bonuses and incentives, commissions, salaries, advertising, and other  promotional expenses intended to increase our subscriber base and improve  revenue. There can be no assurances that these expenditures will result in  increased traffic or significant new revenue sources.  

            **General  and administrative expenses**

General  and administrative expenses consist primarily of  premises costs for our office,  legal and professional fees, and other general corporate and office expenses.  General and administrative expenses increased to $421,162 for the year ended  December 31, 2005, an increase of 97% over costs of $213,766 for the previous  year. General and administrative expenses have increased in comparison to the  prior year due to the expenses incurred in operating the new cash bingo site and an increase in legal expenses on  legal advise on merging the Company with its subsidiary in Anguilla, British  West Indies, and the filing of the Form S-4 with the Securities Exchange  Commission.  In addition, the  general and administrative expenses have increased due to the weakness of the  United States dollar in comparison with the Canadian dollar.  

We  expect to continue to incur general and administrative expenses to support the  business, and there can be no assurances that we will be able to generate  sufficient revenue to cover these expenses.

16

**Salaries, wages, consultants and  benefits**

Salaries,wages, consultants and benefits increased to $532,654 during the year endedDecember 31, 2005, an increase of 33% over costs of $400,521 for the previousyear. This increase is due to the employment of additional staff to assist withthe cash bingo operations.

**Depreciation  and amortization**

Depreciation  and amortization includes depreciation of our equipment, as well as  amortization of intangible asset relating to the email list. Equipment is  depreciated using the declining balance method over the useful lives of the  assets, ranging from three to five years.   Depreciation increased to $45,942 during the year ended December 31,  2005, an increase of 74% over costs of $26,347 during the prior year. During  the year ended December 31, 2004, we acquired equipment, especially servers,  to enable us to run the cash bingo site.

**Other  income and expenses**

Interest  expense consists of accrued interest on the convertible debentures and other  debt instruments, such as leases and the amortization of the Debenture  discount issued with Debenture "A" and Debenture "B". Interest expense  decreased to $2,218 for 2005, a decrease of $53,188 (96%) over the prior  year's expense of $55,406. This decrease in interest expense in 2005,  compared to the prior year is due to the conversion of Debenture "A" and  the accrued interest into common stock of the Company during the second  quarter of 2004 and the conversion of Debenture "B" and the accrued  interest into common stock of the Company during the third quarter of 2004.  During the year ended December 31, 2004, we incurred Interest expense - Warrant  - Debenture Discount of $259,823 in the write off of the unamortized  portion of the Warrant - Debenture Discount, due to the conversion of  Debenture "A" into shares of the Company and the expiration of Warrant  "A" for 4,800,000 shares of the Company during the second quarter of 2004  and the conversion of Debenture "B" into shares of the Company during the  third quarter of 2004.   

During  the year ended December 31, 2005, we made gains of $60,482 (2004 - $42,933)  from the settlement of debts with creditors.  

During  the year ended December 31, 2005, we incurred foreign exchange losses of  $25,296 (2004 - $27,474) due to balances held in Canadian dollars, which were  affected by the weakness of the US Dollar in relation to the Canadian Dollar.  

          **   Income taxes**

No  income taxes were payable in 2005 or in 2004, as a result of the operating  losses recorded in previous years. During the year ended December 31, 2005,  the Bingo.com, Inc. merged with its subsidiary Bingo.com, Ltd. in Anguilla,  British West Indies. Anguilla is a zero tax jurisdiction and therefore  accordingly, we have not booked an income tax benefit at December 31, 2005 and  2004. All losses incurred can be carried forward for seven years for Canadian  income tax purposes.  

             **Net income / loss and income /  loss per share**

We  ended the year with a net income of $120,790, a basic income per share of  $0.00, which is an improvement over the prior year's net loss and loss per  share of $71,640 and $0.00, respectively. This increase in profits is due to our  management's continued efforts to control operating costs and to increase  revenue streams, especially the commencement of cash bingo.  

             **Merger**

During  the year ended December 31, 2005, Bingo.com, Inc. completed a merger with its  wholly- owned subsidiary Bingo.com, Ltd. All of the outstanding common shares  of Bingo.com, Ltd. were registered by Bingo.com, Inc. and Bingo.com, Ltd.  under an S-4 registration statement dated March 3, 

17

2005.  The Form S-4 registration statement became effective on March  8, 2005. The principal reason for Bingo.com, Inc.'s merger with its  subsidiary Bingo.com, Ltd. was to facilitate Bingo.com, Inc.'s  reincorporation under the International Business Companies Act of Anguilla,  B.W.I. Effective Thursday, April 7, 2005, the shares of Bingo.com, Ltd. began  trading under the new ticker symbol "BNGOF".   

The  merger was accounted for as a reverse merger transaction, with Bingo.com Ltd.  being the surviving Company for financial reporting purposes.  As a result the consolidated financial statements will be  issued under the name of Bingo.com Ltd., but are considered a continuation of  the consolidated financial statements of Bingo.com, Inc. and therefore the  assets and liabilities are recorded in Bingo.com Ltd. financial statements at  their historical value.  

**LIQUIDITY AND CAPITAL  RESOURCES**

We  had cash of $1,071,088 and positive working capital of $581,855 at December  31, 2005. This compares to cash of $74,032 and working capital deficiency of ($625,376) at December 31, 2004. This increase is due to the proceeds from the  private placement during the year ended December 31, 2005 and improved  profitability.  

During  the year ended December 31, 2005, we used cash of $51,722 in operating  activities compared to generating cash of $190,884 in the prior year. The  reduction in cash flow from operating activities in 2005 is due to the  commencement of cash bingo during the year ended December 31, 2005.  

Net  cash generated by financing activities was $1,063,544 in 2005, which compares  to cash used of $11,316 in 2004. This increase in cash generated is due to the  cash raised in the private placement during the year ended December 31, 2005.  

We  used cash of $14,7662 in investing activities in 2005, compared to using cash  of $139,582 in the prior year. In the year ending December 31, 2005, cash of  $14,976 (2004 - $90,146) was invested in the capital assets, especially  servers for operating the cash bingo site and of $nil (2004 - $49,436) was  invested in the acquisition of the email list in accordance with the  settlement with Roger Ach and Lottery.com.  

Our  future capital requirements will depend on a number of factors, including  costs associated with development of our Web portal, the success and  acceptance of our cash bingo site and the possible acquisition of  complementary businesses, products and technologies.  

**AUDIT COMMITTEE**

Our audit committee is the Board of Directors. The audit committee  meets regularly throughout the year and met with the independent auditors on March  27, 2006, and approved the financials statements for the year ended  December 31, 2005.

**ITEM 7. FINANCIAL STATEMENTS.**

18

**BINGO.COM,  LTD.**

(Formerly Bingo.com, Inc.)

Consolidated  Financial Statements  

Years  ended December 31, 2005 and 2004  

   

| Report        of Independent Registered Public Accounting Firm                                                      | 20
Consolidated  Financial Statements  

 
Balance        Sheets                                                                                                                        

21
Statements        of Operations                                                                                                       

22
Statements        of Stockholders' Equity (Deficit)                                                                              

23
Statements        of Cash Flows                                                                                                      

24
Notes        to Consolidated Financial Statements                                                                              

25
19

**Dohan  and Company                                                  7700 North  Kendall Drive, #200**

**Certified  Public Accountants                                      Miami, Florida 33156-7578**

**A  Professional Association                                        Telephone        (305) 274-1366**

**                                                                                     Facsimile          (305) 274-1368**

**                                                                                     Email                info@uscpa.com**

**                                                                                     Internet            www.uspca.com**

   

**REPORT  OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Board of Directors and Stockholders

Bingo.com, Ltd. and Subsidiaries(formerly Bingo.com, Inc. and Subsidiaries)

The Valley, Anguilla,B.W.I.

We haveaudited the accompanying consolidated balance sheets of Bingo.com, Ltd. andSubsidiaries as of December 31, 2005 and 2004, and the related consolidatedstatements of operations, stockholders equity (deficit) and cash flows for theyears then ended December 31, 2005 and 2004. These financial statements are theresponsibility of the Company's management. Our responsibility is to express anopinion on these consolidated financial statements based on our audits.

Weconducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the consolidated financial statements arefree of material misstatement.  TheCompany is not required to have, nor were we engaged to perform, an audit of itsinternal control over financial reporting. Our audit included consideration of internal control over financialreporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control over financial reporting.  Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the consolidated financial statements. An auditalso includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for ouropinion.

In ouropinion, the consolidated financial statements referred to above present fairly,in all material respects, the financial position of Bingo.com, Ltd. andSubsidiaries as of December 31, 2005 and 2004, and the results of theiroperations and their cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.

***/s/Dohanand Company, CPA's***

Miami, Florida

March 16, 2006

20

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Consolidated  Balance Sheets  

December        31,

 

 

         

2005

 

 

         

2004

Assets

 

 

 

 

 

 

Current        assets:

 

 

 

 

 

 

          Cash

 

$

1,071,088

 

$

74,032

          Accounts receivable

 

 

166,540

 

 

56,588

          Inventory

 

 

559

 

 

864

          Prepaid expenses

 

 

102,040

 

 

19,083

Total        Current Assets

 

 

1,340,227

 

 

150,567

 

 

 

 

 

 

 

Equipment,        net (Note 3)

 

 

96,273

 

 

118,933

 

 

 

 

 

 

 

Other        assets

 

 

17,310

 

 

7,659

 

 

 

 

 

 

 

Domain        name rights and intangible assets (Note 4)

 

 

1,284,842

 

 

1,294,730

 

 

 

 

 

 

 

Deferred        tax asset, less valuation allowance of $1,004,060 (2004 - $3,140,726)        (Note 8)

 

 

- 

 

 

- 

 

 

 

 

 

 

 

Total        Assets

 

$

2,738,652

 

$

1,571,889

 

 

 

 

 

 

Liabilities        and Stockholders' Equity

 

 

 

 

Current        liabilities:

 

 

 

 

 

 

          Accounts payable

 

$

487,226

 

$

466,864

          Accrued liabilities

 

 

64,657

 

 

74,319

          Accounts payable and accrued liabilities - related

          party (Note        9)

 

 

71,237

 

 

119,260

          Unearned revenue

 

 

135,252

 

 

115,500

Total        Current Liabilities

 

 

758,372

 

 

775,943

 

 

 

 

 

 

 

Long        term loan payable - related party (Note 9)

 

 

9,403

 

 

157,042

 

 

 

 

 

 

 

Total        Liabilities

 

 

767,775

 

 

932,985

 

 

 

 

 

 

 

Commitments (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders'        equity (Note 6):

 

 

 

 

 

 

          Common stock, no par value, unlimited shares authorized,

          26,775,903 shares issued and outstanding

          (December 31, 2004 - 24,399,086)

 

 

11,284,281

 

 

10,095,698

          Stock options exercised - subscription shares

 

 

22,600

 

 

-

          Accumulated deficit

 

 

(9,360,584)

 

 

(9,481,374)

          Accumulated other comprehensive loss:

            Foreign currency translation adjustment

 

 

24,580

 

 

24,580

Total        Stockholders' Equity

 

 

1,970,877

 

 

638,904

 

 

 

 

 

 

 

Total        Liabilities and Stockholders Equity 

 

$

2,738,652

 

$

1,571,889

See accompanying notes to consolidated  financial statements.  

21

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Consolidated Statements of Operations   

Years        ended December 31,

 

 

         

2005

 

 

         

2004

 

 

 

 

 

 

 

Advertising        revenue

 

$

1,386,479

 

$

1,158,620

Cash        bingo revenue

 

 

594,582

 

 

-

Total        revenue

 

 

1,981,061

 

 

1,158,620

 

 

 

 

 

 

 

Cost        of producing revenue

 

 

485,419

 

 

245,594

 

 

 

 

 

 

 

Gross        profit

 

 

1,495,642

 

 

913,026

 

 

 

 

 

 

 

Operating        expenses:

 

 

 

 

 

 

          Depreciation and amortization

 

 

45,942

 

 

26,347

          General and administrative

 

 

421,162

 

 

213,766   Salaries, wages, consultants and benefits                              
532,654                              
400,521
          Selling and marketing

 

 

429,255

 

 

51,452

Total        operating expenses

 

 

1,429,013

 

 

692,086

 

 

 

 

 

 

 

Income        before other income (expense) and taxes

 

 

66,629

 

 

220,940

 

 

 

 

 

 

 

Other        income (expense):

 

 

 

 

 

 

          Foreign exchange losses

 

 

(25,296)

 

 

(27,213)

          Gain on settlement of debt

 

 

60,482

 

 

42,933

          Loss on disposal of equipment

 

 

(1,372)

 

 

- 

          Interest expense

 

 

(2,218)

 

 

(55,406)

          Interest expense - warrants

 

 

-

 

 

(259,823)

          Interest income

 

 

12,662

 

 

6,879

          Other income

 

 

9,903

 

 

50

 

 

 

 

 

 

 

Income        (loss) before income taxes

 

 

120,790

 

 

(71,640)

 

 

 

 

 

 

 

Income        tax expense

 

 

- 

 

 

- 

 

 

 

 

 

 

 

Net        income (loss)

 

$

120,790

 

$

(71,640)

 

 

 

 

 

 

 

Net        income (loss) per common share, basic(Note        2)

 

$

0.00

 

$

(0.00)

Net        income (loss) per common share, diluted(Note        2)

 

$

0.00

 

$

(0.00)

 

 

 

 

 

 

 

Weighted        average common shares outstanding, basic (Note 2)

 

 

26,066,441

 

 

20,183,438

Weighted        average common shares outstanding, diluted (Note 2)

 

 

29,447,967

 

 

20,183,438

See  accompanying notes to consolidated financial statements.  

22

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Consolidated  Statements of Stockholders' Equity (Deficit)  
Years ended December 31, 2005 and 2004  

 

Common stock

 

 

Accumulated Other Comprehensive loss

 

 

Shares

Amount

Subscription shares

Accumulated         (Deficit)

Foreign currency translation        adjustment

Total Stockholders' Equity        (Deficit)

Balance,        December 31, 2003

11,104,608

$        8,242,636

- 

$ (9,409,734)

$ 24,580

$ (1,142,518)

 

 

 

 

 

 

 

          Conversion        of Debenture

          "A" and accrued interest

12,003,334

1,650,667

- 

- 

- 

1,650,667

 

 

 

 

 

 

 

          Conversion        of Debenture

          "B" and accrued interest

1,141,144

179,895

- 

- 

- 

179,895

 

 

 

 

 

 

 

          Exercise        of stock options

150,000

22,500

- 

- 

- 

22,500

 

 

 

 

 

 

 

          Net loss

- 

- 

- 

(71,640)

- 

(71,640)

Balance,        December 31, 2004

24,399,086

$        10,095,698

- 

$ (9,481,374)

$ 24,580

$ 638,904

 

 

 

 

 

 

 

          Exercise of stock options

457,150

38,833

- 

-

-

38,833

 

 

 

 

 

 

 

          Private placement

1,339,667

1,004,750

- 

-

-

1,004,750

 

 

 

 

 

 

 

          Exercise of warrant "B"

580,000

145,000

- 

-

-

145,000

 

 

 

 

 

 

 

          Exercise of stock options

          -subscription shares

- 

 

22,600

 

 

22,600

 

 

 

 

 

 

 

          Net Income

-

-

 

120,790

 

120,790

Balance,        December 31, 2005

26,775,903

$        11,284,281

22,600

$ (9,360,584)

$ 24,580

$ 1,970,877

See  accompanying notes to consolidated financial statements.  

23

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Consolidated  Statements of Cash Flows  

Years        ended December 31,

 

 

2005

 

2004

Cash        flows from operating activities:

 

 

 

 

 

          Net income (loss)

 

$

120,790

$

(71,640)

          Adjustments to reconcile net loss to net cash provided by

          operating activities:

 

 

 

 

 

             Depreciation and amortization

 

 

45,942

 

26,347

             Gain on settlement of debt

 

 

(60,482)

 

(42,933)

             Amortization of warrants - debenture discount

 

 

- 

 

259,823

             Loss on disposal of equipment

 

 

1,372

 

- 

          Changes in operating assets and liabilities:

 

 

 

 

 

             Accounts receivable

 

 

(109,952)

 

10,986

             Prepaid expenses

 

 

(82,957)

 

(4,854)

             Inventory

 

 

305

 

(201)

             Other assets

 

 

(9,651)

 

3,138

             Accounts payable and accrued liabilities

 

 

23,159

 

(80,771)

             Unearned revenue

 

 

19,752

 

90,989

          Net cash (used in) provided by operating activities

 

 

(51,722)

 

190,884

 

 

 

 

 

 

Cash        flows from investing activities:

 

 

 

 

 

          Acquisition of equipment

 

 

(14,976)

 

(90,146)

          Acquisition of intangible asset

 

 

- 

 

(49,436)

         Proceeds on disposal of equipment

 

 

210

 

-

          Net cash used in investing activities

 

 

(14,766)

 

(139,582)

 

 

 

 

 

 

Cash        flows from financing activities:

 

 

 

 

 

          Exercise of warrant "B"

 

 

145,000

 

- 

          Exercise of stock options

 

 

38,833

 

22,500

          Exercise of stock options - subscription shares

 

 

22,600

 

- 

          Private placement

 

 

1,004,750

 

- 

          Repayment of loans and notes payable

 

 

(147,639)

 

(33,816)

          Net cash provided by (used in) financing activities

 

 

1,063,544

 

(11,316)

 

 

 

 

 

 

Net        increase in cash

 

 

997,056

 

39,986

 

 

 

 

 

 

Cash,        beginning of year

 

 

74,032

 

34,046

Cash,        end of year

 

$

1,071,088

$

74,032

 

 

 

 

 

 

Supplementary information:

 

 

 

 

 

          Interest paid

 

$

2,218

$

         2,662

          Income taxes paid

 

$

- 

$

- 

 

 

 

 

 

 

See accompanying notes to consolidated  financial statements.  

24

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**1.   Introduction:**

**       Nature of business**

Bingo.com, Ltd. (the "Company") was incorporated  on January 12, 1987, under the laws of the State of Florida as Progressive  General Lumber Corp. On January 22, 1999, the Company changed its name to  Bingo.com, Inc. On April 7, 2005, Bingo.com, Inc. completed a merger with its  wholly- owned subsidiary Bingo.com, Ltd. The surviving corporation of the  merger is Bingo.com, Ltd. which is domiciled in Anguilla, British West Indies.   All of the outstanding common shares of Bingo.com, Ltd. were registered  by Bingo.com, Inc. and Bingo.com, Ltd. under an S-4 registration statement  dated March 3, 2005.  The S-4 registration statement became effective on March 8,  2005. The principal reason for Bingo.com, Inc.'s merger with its subsidiary  Bingo.com, Ltd. was to facilitate Bingo.com, Inc.'s reincorporation under  the International Business Companies Act of Anguilla, B.W.I. Anguilla, B.W.I.  is a corporate tax-free jurisdiction.  Effective  Thursday, April 7, 2005, the shares of Bingo.com, Ltd. began trading under the  new ticker symbol "BNGOF".  

The Company is in the business of providing games and  entertainment based on the game of bingo through its  internet portal, www.bingo.com and earns revenue from  advertising placed on the portal and offering traditional cash bingo to its  players.  

**2.     Summary of significant accounting policies:**

(a)   Basis  of presentation:  

These consolidated financial  statements have been prepared in accordance with accounting principles  generally accepted in the United States of America. The financial statements  include the accounts of the Company's wholly-owned subsidiaries, English  Bay Office Management Limited (previously Bingo.com (Canada) Enterprises  Inc.), Bingo.com N.V. (registered in Curacao, Netherlands Antilles), Bingo.com  (Antigua) Inc., Bingo.com (Wyoming) Inc., Bingo Acquisition Corp and the 99%  owned subsidiary, Bingo.com (UK) plc. All material intercompany  balances and transactions have been eliminated in the consolidated financial  statements.  

(b) Use  of estimates:  

The preparation of consolidated  financial statements in conformity with generally accepted accounting  principles of the United States of America, requires management to make  estimates and assumptions that affect the reported amounts of assets and  liabilities and the disclosure of contingent assets and liabilities at the  date of the financial statements and recognized revenues and expenses for the  reporting periods.  Significant  areas requiring the use of estimates include the valuation of long-lived  assets, the collectibility of accounts receivable and the valuation of  deferred tax assets.  Actual  results may differ significantly from these estimates.****

25

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.    Summary of significant  accounting policies (Continued)**

(c)    Revenue  recognition:  

Advertising  revenues have been recognized as the advertising campaign or impressions and  clicks are made on the website and when collection of the amounts are  reasonably assured. Cash received in advance of the advertising campaigns or  impressions and clicks are recorded under unearned revenue.  

Cash Bingo revenues have been recognized on the basis of total dollars  wagered on all games less all winnings payable to players.

(d)   Foreign  currency:  

The  consolidated financial statements are presented in United States dollars, the  functional currency of the Company. The Company accounts for foreign currency  transactions and translation of foreign currency financial statements under  Statement of Financial Accounting Standards ("SFAS") No. 52, "Foreign  Currency Translation" ("SFAS 52"). Transaction amounts denominated in  foreign currencies are translated at exchange rates prevailing at the  transaction dates. Carrying values of monetary assets and liabilities are  adjusted at each balance sheet date to reflect the exchange rate at that date.  Non-monetary assets and liabilities are translated at the exchange rate on the  original transaction date.  

Gains and  losses from restatement of foreign currency monetary and non-monetary assets  and liabilities are included in income. Revenues and expenses are translated  at the rates of exchange prevailing on the dates such items are recognized in  earnings.  

(e)   Accounts  receivable:  

Trade and other accounts  receivable are reported at face value less any provisions for uncollectible  accounts considered necessary. Accounts receivable includes trade receivables  from customers, and receivables from payment processors. The Company estimates  doubtful accounts on an item-by-item basis and includes over-aged accounts as  part of allowance for doubtful accounts, which are generally ones that are  ninety-days overdue.  Bad debt  expense for the year ended December 31, 2005, was $2,560 (2004 - $9,200).  

(f)    Inventory:  

Inventory is stated at the lower of cost or market  value. It consists of products, such as t-shirts, which are sold from our  online store.  

(g)   Equipment:  

Equipment  is recorded at cost less accumulated depreciation. Depreciation is provided  for annually on the declining balance method over the following periods :  

                         Equipment and computers                       3 years  

                         Furniture and fixtures                              5 years  

26

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.   Summary  of significant accounting policies (Continued):**

(g)  Equipment: (Continued)  

Expenditures for maintenance and repairs are charged to  expenses as incurred. Major improvements are capitalized. Gains and losses on  disposition of equipment are included in income or expenses as realized.  

      (h)   Advertising:  

The  Company expenses the cost of advertising in the period in which the  advertising space or airtime is used. Advertising costs charged to  selling and marketing expenses in 2005 totaled $70,150 (2004 - $18,254).   

(i)   Stock-based compensation:  

The Company accounts for its stock-based compensation arrangements with employees in accordance with  Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to  Employees" ("APB 25") and related interpretations. As such, compensation  expense under fixed term option plans is recorded at the date of grant only to  the extent that the market value of the underlying stock at the date of grant  exceeds the exercise price.  In  accordance with SFAS No. 123 "Accounting for Stock-Based  Compensation" ("SFAS 123"), since the Company has continued to apply  the principles of APB 25 to employee stock compensation, pro forma loss and  pro forma loss per share information has been presented as if the options had  been valued at their fair values.  The  Company recognizes compensation expense for stock options, common stock and  other equity instruments issued to non-employees for services received based  upon the fair value of the services or equity instruments issued, whichever is  more  reliably  determined.  Stock compensation  expense is recognized as the stock option is earned, which is generally over  the vesting period of the underlying option.  

In March 2000, the FASB issued  FASB Interpretation No. 44, "Accounting for Certain Transactions  Involving Stock Compensation." ("FIN 44")   The Company adopted FIN 44, effective July 1, 2000, with respect to  certain provisions applicable to new awards, option repricings, and changes in  grantee status.  FIN 44 addresses  practice issues related to the application of APB 25.  The Company accounts for  stock-based compensation issued to non-employees and consultants in accordance with the provisions of SFAS 123  and SFAS 148 and EITF No. 96-18, "Accounting for Equity Instruments that  are issued to Other Than Employees for Acquiring or in Conjunction with  Selling, Goods or Services". The measurement date used is the earlier of  either the performance commitment date or the date at which the equity  instrument holder's performance is complete.  

As required by SFAS No. 148, the  following provides pro forma net income and pro forma net income per common  share disclosures for stock-based awards as if the fair-value-based method  defined in SFAS No. 123 had been applied.   

27

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.    Summary of significant accounting policies (Continued):**

(i)    Stock-based compensation: (Continued)  

 

 

2005

 

2004

Net        income (loss) for the year - as reported

$

120,790

$

(71,640)

Add:          Total stock-based compensation expense included in net loss, as        reported determined under APB 25, net of related tax effects

 $

-  

$

-  

Deduct:          Total stock-based compensation expense determined under fair        value based method for all awards, net of related tax effects

 $

(149,332)

$

(168,075)

Net        loss for the year - pro forma

$

(28,542)

$

(239,715)

Basic        net income (loss) per share - as reported

$

0.00

$

(0.00)

Basic        net loss per share - pro forma

$

(0.00)

$

(0.01)

Weighted        average fair value of

   options granted during the year

$

0.39

$

0.09

 

 

 

 

 

The fair value of each option grant has  been estimated on the date of the grant using the Black-Scholes option-pricing  model with the following assumptions:  

 

 

2005

 

2004

Expected        dividend yield

 

- 

 

- 

Expected        stock price volatility

 

148 - 184%

 

146 - 175%

Risk-free        interest rate

 

0.98 - 3.19%

 

0.98 - 1.52%

Expected        life of options

 

2.5 - 3.56 years

 

5        years

Block        discount applied

 

40%

 

40%

In  December 2004, the FASB issued SFAS No. 123R (revised 2004) Share-Based  Payment, This statement replaces SFAS No. 123, Accounting for Stock-Based  Compensation, and supersedes Accounting Principles Board ("APB") Opinion  No. 25, Accounting for Stock Issued to Employees. This statement requires that  the cost resulting from all share-based payment transactions be recognized in  the financial statements. Pro forma disclosure is no longer an alternative.  This statement establishes fair value as the measurement objective in  accounting for share-based payment arrangements and requires all entities to  apply a fair-value-based measurement method in accounting for share-based  payment transactions with employees. This statement uses the terms  compensation and payment in their broadest senses to refer to the  consideration paid for goods or services, regardless of whether the supplier  is an employee.  

Upon  adoption of SFAS No. 123R, we will begin recognizing the cost of stock options  using the modified prospective application method whereby the cost of new  awards and awards modified, repurchased or cancelled after the required  effective date and the portion of awards for which the requisite service has  not been rendered (unvested awards) that are outstanding as of the required  effective date shall be recognized as the requisite service is rendered on or  after the required effective date. Because we historically accounted for  

28

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.    Summary of significant accounting policies (Continued):**

(i)    Stock-based compensation: (Continued)  

share-based  payment arrangements under the intrinsic value method of accounting, we will  continue to provide the disclosures required by Statement of Financial  Accounting Standards No. 123 until the effective date of SFAS No. 123R,  regarding pro-forma net earnings and basic and diluted earnings per share, had  compensation expense for our stock options been recognized based upon the fair  value for awards granted. SFAS No. 123R becomes effective from January 1,  2006. The Company expects the adoption of this standard will have a material  impact on its financial statements assuming employee stock options are granted  in the future. For fiscal year 2006, we estimate the incremental increase to  compensation costs related to the expensing of stock options will be  approximately $91,736, net of income tax.  

In  accordance with SFAS No. 123R the Company has calculated the estimate of the  expected term based on the "plain vanilla" employee stock option  approach. Under this approach, the expected term would be presumed to be the  mid-point between the vesting date and the life of the option.  

(j)  Impairment  of long-lived assets and long-lived assets to be disposed of:  

The Company accounts for long-lived assets in accordance with the provisions of SFAS No. 144  "Accounting for the Impairment or Disposal of Long-Lived Assets" and SFAS  No. 142 "Accounting for Goodwill and Other Intangible Assets" ("SFAS  142"). During the years presented, the only long-lived assets reported on  the Company's consolidated balance sheet are equipment, intangible assets  and domain name rights.  These  provisions require that long-lived assets and certain identifiable recorded  intangibles be reviewed for impairment whenever events or changes in  circumstances indicate that the carrying amount of an asset may not be  recoverable.  Recoverability of  assets to be held and used is measured by a comparison of the carrying amount  of an asset to future net cash flows expected to be generated by the asset.   If such assets are considered to be impaired, the impairment to be  recognized is measured by the amount by which the carrying amount of the  assets exceed the fair value of the assets.   Assets to be disposed of are reported at the lower of the carrying  amount and the fair value less costs to sell.  

(k)  Income  taxes:  

The Company follows the asset  and liability method of accounting for income taxes.  Under this method, current income taxes are recognized for  the estimated income taxes payable for the current period.   Deferred income taxes are provided based on the estimated future tax  effects of temporary differences between financial statement carrying amounts  of assets and liabilities and their respective tax bases, as well as the  benefit of losses available to be carried forward to future years for tax  purposes.  

29

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.   Summary of significant accounting policies  (Continued):**

(k)  Income  taxes: (Continued)  

Deferred tax assets and  liabilities are measured using the enacted tax rates that are expected to  apply to taxable income in the years in which those temporary differences are  expected to be recovered and settled.  The  effect on deferred tax assets and liabilities of a change in tax rates is  recognized in operations in the period that includes the enactment date.   A valuation allowance is recorded for deferred tax assets when it is  not more likely than not that such future tax assets will be realized.  

(l)   Net income (loss) per share:  

Statement of Financial  Accounting Standards No. 128, "Earnings per Share", requires  presentation of basic earnings per share ("Basic EPS") and diluted  earnings per share ("Diluted EPS"). Basic earnings (loss) per share  is computed by dividing earnings (loss) available to common stockholders by  the weighted average number of common shares outstanding during the period.  Diluted earnings per share reflects the potential dilution, using the treasury  stock method, that could occur if outstanding options or warrants were  exercised and converted into common stock. In computing diluted earnings per  share, the treasury stock method assumes that outstanding options and warrants  are exercised and the proceeds are used to purchase common stock at the  average market price during the period. Options and warrants will have a  dilutive effect under the treasury stock method only when the average market  price of the common stock during the period exceeds the exercise price of the  options and warrants.  

The earnings per share data  for the year ended December 31, 2005 is summarized as follows:  

 

 

2005

Net        income (loss) for the year - as reported

$

120,790

 

 

 

Basic earnings per share weighted average number        of common shares outstanding

 

26,066,441

 

 

 

Effect        of dilutive securities

 

 

       Stock Options

 

3,381,526

 

 

 

Diluted        earnings per share weighted average number of common shares outstanding

 

29,447,967

(m)   Domain name and intangible assets:  

The  Company has capitalized the cost of the purchase of the domain name Bingo.com  and was amortizing the cost over five years from the date of commencement of  operations. In 2002, the Company suspended  the amortization of the domain name cost in accordance with SFAS 142, where  companies are no longer required to amortize indefinite life assets but  instead test the indefinite intangible asset for impairment at least annually.  The capitalized amount is based on the net  present value of the minimum payments permitted   

30

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.   Summary of significant accounting policies  (Continued):**

(m) Domain name and intangible  assets: (Continued)  

 under the terms of the  purchase agreement. The domain name is tested for impairment by  comparing the future cash flows of the domain name with its carrying value.  The Company determined that no impairment existed for the years presented. The  Company capitalized the cost of the email list as an intangible asset and is  amortizing the cost over the life of the contract (five years).  

(n)  New accounting pronouncements:  

In November 2004, the Financial  Accounting Standards Board ("FASB") issued Statement No. 151, "Inventory  Costs", to amend the guidance in Chapter 4, "Inventory Pricing", of FASB  Accounting Research Bulletin No. 43, "Restatement And Revision Of Accounting  Research Bulletins", which will become effective for the Company in fiscal  year 2006. Statement 151 clarifies the accounting for abnormal amounts of idle  facility expense, freight, handling costs, and wasted material (spoilage). The  Statement requires that those items be recognized as current-period charges.  Additionally, Statement 151 requires that allocation of fixed production  overhead to the costs of conversion be based on the normal capacity of the  production facilities. Management believes that the adoption of SFAS 151 will  not affect the Company's financial position or results of operations.  

In  December 2004, the FASB issued Statement No. 152 "Accounting for Real Estate  Time-Sharing Transactions" an amendment of FASB Statements No. 66 and 67.  Management believes that the adoption of SFAS 152 will not affect the  Company's financial position or results of operations.  

In  December 2004, the FASB issued SFAS No. 153, "Exchanges of Nonmonetary  Assets," an amendment to Opinion No. 29, "Accounting for Nonmonetary  Transactions." Statement No. 153 eliminates certain differences in the  guidance in Opinion No. 29 as compared to the guidance contained in standards  issued by the International Accounting Standards Board.  

The  amendment to Opinion No. 29 eliminates the fair value exception for  nonmonetary exchanges of similar productive assets and replaces it with a  general exception for exchanges of nonmonetary assets that do not have  commercial substance. Such an exchange has commercial substance if the future  cash flows of the entity are expected to change significantly as a result of  the exchange. SFAS No. 153 is effective for nonmonetary asset exchanges  occurring in periods beginning after June 15, 2005. Earlier application is  permitted for nonmonetary asset exchanges occurring in periods beginning after  December 16, 2004. Management does not expect adoption of SFAS No. 153 to have  any impact on the Company's financial statements.  

In December 2004, the FASB  issued SFAS No. 123 (revised 2004) Share-Based Payment.  This  statement replaces SFAS No. 123, Accounting for Stock-Based Compensation, and  supersedes Accounting Principles Board ("APB") Opinion No. 25, Accounting  for Stock   

31

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**2.   Summary of significant accounting policies  (Continued):**

(n)  New accounting pronouncements: (Continued)  

 Issued to Employees. This statement requires that the cost resulting  from all share-based payment transactions be recognized in the financial  statements. This statement establishes fair value as the measurement objective  in accounting for share-based payment arrangements and requires all entities  to apply a fair-value-based measurement method in accounting for share-based  payment transactions with employees except for equity instruments held by  employee share ownership plans. This statement also establishes fair value as  the measurement objective for transactions in which an entity acquires goods or services from nonemployees in  share-based payment transactions. This statement uses the terms compensation  and payment in their broadest senses to refer to the consideration paid for  goods or services, regardless of whether the supplier is an employee. We will  adopt the provisions of SFAS No. 123R in our first fiscal quarter of 2006.  

In May 2005, the FASB issued  Statement of Financial Accounting Standards No. 154, Accounting Changes and  Error Corrections  (SFAS No. 154),  a replacement of APB Opinion No. 20 and FASB Statement No. 3. SFAS No. 154  requires retrospective application to prior-period financial statements of  changes in accounting principles, unless a new accounting pronouncement  provides specific transition provisions to the contrary or it is impracticable  to determine either the period-specific effects or the cumulative effect of  the change. SFAS No. 154 also redefines "restatement" as the revising of  previously issued financial statements to reflect the correction of an error.  This statement is effective for accounting changes and corrections of errors  made in fiscal years beginning after December 15, 2005. We do not expect the  implementation of SFAS No. 154 to have a material impact on our financial  position, results of operations or cash flows.  

 (o)  Financial instruments:  

(i)   Fair values:  

The fair value of cash, accounts  receivable, accounts payable, accrued liabilities, unearned revenue and  amounts due to related parties approximate their financial statement carrying  amounts due to the short-term maturities of these instruments.   

(ii)   Foreign currency risk:  

The Company operates  internationally, which gives rise to the risk that cash flows may be adversely  impacted by exchange rate fluctuations.  The  Company has not entered into any forward exchange contracts or other  derivative instrument to hedge against foreign exchange risk.  

 (p)  Reclassification  

Certain  comparative figures have been reclassified to conform to the presentation  adopted in the current year.  

32

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**3.   Equipment:**

2005

 

Cost

 

Accumulated        depreciation

 

Net        book

Value

 

 

 

 

 

 

 

Equipment        and computers

$

313,272

$

224,139

$

89,133

Furniture        and fixtures

 

10,524

 

3,384

 

7,140

 

$

323,796

$

227,523

$

96,273

   

2004

 

Cost

 

Accumulated        depreciation

 

Net        book

Value

 

 

 

 

 

 

 

Equipment        and computers

$

304,534

$

190,551

$

113,983

Furniture        and fixtures

 

7,452

 

2,502

 

4,950

 

$

311,986

$

193,053

$

118,933

    Depreciation expense was $36,055 (2004 -$16,459) for the year ended December 31, 2005.  

**4.   Domain name rights and intangible asset:**

The rights  to use the domain name bingo.com were acquired in January of 1999 for a cash  payment of $200,000 and the issuance of 500,000 shares of common stock of the  Company at a value of $2.00 per share. The agreement was signed with Bingo,  Inc., an unrelated party at the date of signing of the agreement. Under the  terms of the agreement, the Company is required to make quarterly domain name  purchase payments to the vendor based on 4% of annual gross revenue (as  defined in the agreement), with total minimum payments of $1,100,000 in the  first three years, including the initial cash payment, required over the  99 year period ended December 31, 2098. These minimum payments commitments  were completed on June 30, 2002. During the year ended December 31, 2002, the  agreement was amended so that the remaining domain name purchase payments  to the vendor are made monthly, based on 4% of the preceding month's gross  revenue. During the year ended December 31, 2005, expense payments of $79,260  (2004 - $46,343) was paid in accordance with the amended agreement.   

Domain  name rights have been capitalized on the balance sheet based on the present  value of the future minimum royalty payments. In 2002, the  Company suspended the amortization of the domain name in accordance with SFAS  No. 142, where companies are no longer permitted to amortize indefinite life  intangible assets.  

The intangible asset consists of  an email list of Games, Inc. The Company has capitalized the cost of the legal  settlement with Roger Ach, the Lottery Channel Inc. and Games, Inc.  

33

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**4.   Domain name rights and intangible asset: (Continued)**

2005

 

Cost

 

Accumulated        amortization

 

Net        book

Value

 

 

 

 

 

 

 

Domain        name rights

$

1,934,500

$

677,259

$

1,257,241

Intangible        assets - email list

 

49,436

 

21,835

 

27,601

 

$

1,983,936

$

699,094

$

1,284,842

   

2004

 

Cost

 

Accumulated        amortization

 

Net        book

Value

 

 

 

 

 

 

 

Domain        name rights

$

1,934,500

$

677,259

$

1,257,241

Intangible        assets - email list

 

49,436

 

11,947

 

37,489

 

$

1,983,936

$

689,206

$

1,294,730

   Amortization expense was $9,887 (2004 - $9,887)  for the year ended December 31, 2005.  

**5.    Debenture payable:**

**Debenture  "A"**

On April 16, 2001, the Company  received a loan and issued a secured convertible Debenture "A" for  $1,250,000. Bingo, Inc has subsequently acquired Debenture "A" in its  entirety. A current director and officer of the Company, is the potential  beneficiary of various discretionary trusts that hold approximately 80% of the  shares of Bingo, Inc.  

Under  the terms of the Debenture "A" interest shall accrue on the outstanding  principal amount of Debenture "A" at the rate of 12% per annum from the  issuance date through April 16, 2003, at which time the interest will become  payable.  Thereafter, interest  shall accrue and be payable on the first business day of each succeeding  quarter through and including April 16, 2006.  

The Company has the option to  pay all accrued interest in cash, common stock of the Company, or a  combination of both cash and common stock.   

On April 16, 2004, the holders of Debenture "A"  elected to convert the principal into 10,000,000 shares of the Company at a  rate of $0.125 per share. In addition, Bingo, Inc. elected on April 16, 2004,  to convert the accrued interest of $400,667 on Debenture "A" into  2,003,334 shares of the Company at a rate of $0.20 per share. These  conversions were in accordance with the amended Debenture "A" agreement.  

The common  stock issued upon conversion of the Debenture "A" is subject to certain  resale restrictions, as defined in Rule 144 of the Securities and Exchange Act  of 1933 (the "Exchange Act").  

The lenders of Debenture "A"  received a total of 12,000,000 common stock purchase warrants, with an  exercise price of $0.25 per share, of which 7,200,000 warrants were  surrendered for cancellation by the debenture holder during the year ended  December 31, 2002, in exchange for unused advertising inventory on the  bingo.com website. The remaining 4,800,000 warrants expired unexercised.  

34

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**5.   Debenture payable: (Continued)**

The Company accounted for the  value of the warrants upon issuance of the Debenture "A" in accordance  with APB Opinion No. 14 "Accounting for Convertible Debt and Debt Issued  with Stock Purchase Warrants". Using the Black-Scholes option pricing  model, the warrants have an estimated value of $898,394, using the following  assumptions: no annual dividend, volatility of 137%, risk-free interest rate  of 5.17% and a term of three years. Due to the illiquidity of the Company's  shares, a block discount of 40% ($359,357) was applied to this value providing  a warrant debenture discount of $539,036, which is amortized to  interest expense over five years.  

The total effect of the issuance of the  warrants relating to Debenture "A" was to increase interest expense by  $31,743 in 2004. At April 16, 2004, the warrant debenture discount of $215,315  remained unamortized. The Company immediately expensed this unamortized  warrant debenture discount as interest expense - Warrant - Debenture  Discount.  

**Debenture  "B"**

On July 2,  2002, the Company issued a convertible debenture for $145,000 of which $50,000  was received from Bingo, Inc. A current director and officer of the Company,  is the potential beneficiary of various discretionary trusts that hold  approximately 80% of the shares of Bingo, Inc.  

Under the  terms of Debenture "B", interest accrues on the outstanding principal  amount of Debenture "B" at the rate of 12% per annum through July 2, 2004,  at which time the interest will become payable. Thereafter, interest shall  accrue and be payable on the first business day of each succeeding quarter  through and including July 2, 2006. All principal, accrued but unpaid interest  and any other amounts due, are due and payable at maturity on July 2, 2006.  

On  July 2, 2004, the holders of Debenture "B" elected to convert the  principal into 966,667 shares of the Company at a rate of $0.15 per share. In  addition, the holders of Debenture "B" elected on July 2, 2004, to convert  the accrued interest of $34,895 on Debenture "B" into 174,477 shares of  the Company at a rate of $0.20 per share. These conversions were in accordance  with the amended Debenture "B" agreement.  

The  common stock issued upon conversion of the Debenture "B" is subject to  certain resale restrictions, as defined in Rule 144 of the Securities and  Exchange Act of 1933 (the "Exchange Act").  

The holders  of the Debenture "B" received a total of 580,000 common stock purchase  warrants with an exercise price of $0.25 per share. During the year ended  December 31, 2005, the holders of warrant "B" elected to convert their  warrant into share of the Company.  

Using the Black-Scholes model, the  warrants have an estimated value of $34,038, using the following assumptions:  no annual dividend, volatility of 161%, risk-free interest rate of 1.72% and a  term of three years. Due to the illiquidity of the Company's shares, a block  discount of 40% ($13,615) was applied to this value providing a warrant  debenture discount of $20,423. The estimated discounted value of the warrants  will be amortized to interest expense over four years.  

35

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**5.   Debenture payable: (Continued)**

The  total effect of the issuance of the warrants relating to Debenture "B" was  to increase interest expense by $2,582 in 2004. At July 2, 2004, the warrant  debenture discount of $10,183 remained unamortized. The Company immediately  expensed this unamortized warrant debenture discount as interest expense - warrant  - debenture discount.  

**6.    Stockholders' equity:**

The  holders of common stock are entitled to one vote for each share held.   There are no restrictions that limit the Company's ability to pay  dividends on its common stock.  The  Company has not declared any dividends since incorporation.   The Company's common stock has a no par value per common stock.  

(a)   Common stock issuances:  

During the year ended December  31, 2005, the Company completed a non-brokered private placement offering of  1,339,667 common shares at $0.75 per share, which raised gross proceeds of  $1,004,750. The private placement was completed under Regulation S.   Proceeds of the private placement will be used for general working  capital and as a reserve for potential future acquisitions.  

During the year ended December  31, 2005, the holders of Warrant B exercised 380,000 warrants in accordance  with the terms of Warrant B at a price of $0.25 per share for $95,000. Bingo,  Inc. exercised 200,000 warrants in accordance with the terms of Warrant B at a  price of $0.25 per share for $50,000. A current director and officer of the  Company, is the potential beneficiary of various discretionary trusts that  hold approximately 80% of the shares of Bingo, Inc.  

During the year ended December  31, 2005, the holders of stock options exercised their options for 457,150  shares for $38,833 at exercise prices ranging from $0.05 to $0.30 per share.  

During the year ended December  31, 2005, the holders of stock options exercised their options for 252,000  shares for $22,600 at exercise prices ranging from $0.05 to $0.15 per share.  These shares were only issued subsequent to the year ended December 31, 2005.  

During the year ended December  31, 2004, a consultant to the Company exercised 150,000 stock options at $0.15  per share.  

(b)   Stock option plans:  

(i)   1999 stock option plan:  

The Company has reserved a total  of 1,895,000 common shares for issuance under its 1999 stock option plan.   The plan provides for the granting of non-qualified stock options to  directors, officers, eligible employees and contractors of the Company. The  Board of Directors determines the terms of the options granted, including the  number of options granted, the exercise price and their vesting schedule.  

36

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**6.   Stockholders' equity (deficit): (Continued)**

As at December 31, 2005, there  were a total of 1,100,000 stock options (2004 - 1,100,000 stock options)  outstanding at exercise prices ranging from $0.05 to $0.15 per share. Of the  options outstanding at December 31, 2005, a total of 200,000 (2004 - 200,000) were issued where 10% vests at the grant date, 15% one year following  the grant date and 2% per month starting 13 months after the grant date.   A total of 99,000 (2004 - 45,500) of these common stock purchase  options had vested at December 31, 2005.  

(ii) 2001 stock option plan:  

During the year ended December  31, 2001, the Company's Board of Directors adopted the 2001 stock option plan.  The Company has reserved a total of 5,424,726 common shares for issuance under  the 2001 stock option plan.  The  plan provides for the granting of incentive and non-qualified stock options to  directors, officers, eligible employees and contractors of the Company. The  Board of Directors determines the terms of the options granted, including the  number of options granted, the exercise price and their vesting schedule.      

As at December 31, 2005, there  were a total of 3,225,000 stock options (2004 - 3,225,000 stock options)  issued, of which 709,150 had been exercised during the year ended December 31,  2005. 252,000 shares of these exercised options were issued after the year  ended December 31, 2005. Therefore as at December 31, 2005, there were  2,767,850 stock options outstanding at exercise prices ranging from $0.05 to  $0.30 per share. Of the options outstanding at December 31, 2005, a total of  2,167,850 (2004 - 2,825,000) were issued where 10% vests at the grant date,  15% one year following the grant date and 2% per month starting 13 months  after the grant date.  A total of  995,650 (2004 - 715,600) of these common stock purchase options had vested  at December 31, 2005.  

(iii) 2005 stock option plan:  

During the year ended December  31, 2005, the Company's Board of Directors adopted the 2005 stock option plan.  The plan was approved by the shareholders at the Annual general meeting held  during the year ended December 31, 2005. The Company has reserved a total of  2,000,000 common shares for issuance under the 2005 stock option plan. The  Plan is intended to provide incentive to employees, directors, advisors and  consultants of the Corporation to encourage proprietary interest in the  Corporation, to encourage such employees to remain in the employ of the  Corporation or such directors, advisors and consultants to remain in the  service of the Corporation, and to attract new employees, directors, advisors  and consultants with outstanding qualifications. The Board of Directors  determines the terms of the options granted, including the number of options  granted, the exercise price and their vesting schedule.      

As at December 31, 2005, there  were a total of 835,000 stock options outstanding at an exercise price of  $0.60 per share. Of the options outstanding at December 31, 2005, a total of  635,000 were issued where 10% vests at the grant date, 15% one year following  

37

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**6.   Stockholders' equity (deficit): (Continued)**

the grant date and 2% per month  starting 13 months after the grant date.   A total of 63,500 of these common stock purchase options had vested at  December 31, 2005.  

A summary of  stock option activity for the stock option plans for the years ended December  31, 2005 and 2004 are as follows:  

 

 

Number        of shares

 

Weighted        average exercise price

Outstanding,        December 31, 2003

 

2,000,000

$

0.47

 

 

 

 

 

Granted        (including repriced options)

 

2,950,000

 

0.11

Exercised

 

(150,000)

 

0.15

Cancelled/forfeited        or repriced

 

(475,000)

 

0.64

Outstanding,        December 31, 2004

 

4,325,000

$

0.12

 

 

 

 

 

Granted        (including repriced options)

 

835,000

 

0.60

Exercised        (includes 252,000 shares issued subsequent to year ended December 31,        2005)

 

(709,150)

 

0.09

Outstanding,        December 31, 2005

 

4,450,850

$

0.22

The  following table summarizes information concerning outstanding and exercisable  stock options at December 31, 2005:  

Range        of exercise prices per share

Number        outstanding

Number        exercisable

Expiry        date

$

0.05

259,450

168,250

July        12, 2007

 

0.05

300,000

300,000

April        25, 2008

 

0.05

48,000

20,000

January        12, 2008

 

0.10

353,500

119,500

January        16, 2009

 

0.10

55,000

1,000

February        9, 2009

 

0.10

300,000

300,000

April        16, 2009

 

0.10

1,092,500

288,500

August        27, 2009

 

0.15

777,500

605,000

September        23, 2009

 

0.30

300,000

300,000

September        21, 2006

 

0.30

129,900

129,900

October        15, 2006

 

0.60

835,000

263,500

July        18, 2010

 

 

4,450,850

2,495,650

 

During the years ended December 31, 2005 and 2004, the  Company did not record any non-cash compensation expense relating to the  issuance of common stock purchase options to certain employees, officers, and  directors of the Company in accordance with FASB 123.  

 (c) Warrants:  

**Warrant  "B"**

During 2002, the Company issued  a total of 580,000 stock purchase warrants in connection with the Debenture  "B" financing described in note 5.  Each  warrant allows the holder  

38

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**6.    Stockholders' equity (deficit): (Continued)**

to purchase 1 common share at a  price of $0.25 per share for a three year period from the date of issuance.   During the year ended December 31, 2005 the holders of warrant "B"  elected to convert their warrants into shares. Bingo, Inc. held 200,000 of  these warrants.  

**7.    Commitments:**

The Company leases office  facilities in Vancouver, British Columbia, Canada and The Valley, Anguilla,  British West Indies. These office facilities are leased under a operating  lease agreements. During the year ended December 31, 2005, the Canadian  operating lease agreement was renewed and expires on September 30, 2010.   During the year ended December 31, 2005, the Company entered into a  lease agreement for office facilities in Anguilla. The lease expires on  September 30, 2008. Minimum lease payments under these operating leases are  approximately as follows:  

 

 

 

2006

$

57,673

2007

 

58,470

2008

 

58,252

2009

 

57,597

2010

 

49,621

 

 

 

The Company paid rent expense  totaling $35,972 for the year ended December 31, 2005 (2004 - $32,839).   

**8.   Income taxes:**

During the year ended December  31, 2005, Bingo.com, Ltd. completed a merger with its wholly-owned subsidiary  Bingo.com, Ltd. The surviving corporation of the merger is Bingo.com, Ltd.  which is domiciled in the tax-free jurisdiction of Anguilla, British West  Indies. The merger is deemed to be a taxable transaction in the United States  of America pursuant to IRC Section 367(a). The computed benefit / expense  differed from the amounts computed by applying the United States of America  federal income tax rate of 34 percent and various other rates for other  jurisdictions to the pretax income / losses from operations as a result of the  following:  

 

 

2005

 

2004

Computed        "expected" tax (expense) benefit

$

(41,068)

$

24,358

Increase        (reduction) in income taxes resulting from income taxes in other tax        jurisdictions

 

(149,614)

 

(521)

Other

 

14,445

 

(67,541)

Change        in taxation rates in other tax jurisdictions

 

-

 

(44,041)

Change        in exchange rates

 

195,933

 

322,946

Merger        of Bingo.com, Inc. with Bingo.com Ltd.

 

(2,156,361)

 

- 

Change        in valuation allowance

 

2,136,665

 

(235,201)

 

$

-   

$

-   

39

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**8.   Income taxes: (Continued)**

The tax effects of temporary  differences that give rise to significant portions of the deferred tax assets  and deferred tax liabilities at December 31, 2005 and 2004 are presented  below:  

 

 

2005

 

2004

Deferred        tax assets:

 

 

 

 

          Net operating loss carry forwards

$

1,004,060

$

3,140,726

 

 

 

 

 

          Valuation Allowance

 

(1,004,060)

 

(3,140,726)

 

$

- 

$

- 

The  valuation allowance for deferred tax assets as of December 31, 2005 and 2004,  was $1,004,060 and $3,140,726, respectively.   The net change in the total valuation allowance for the years ended  December 31, 2005 and 2004, was a decrease of $2,136,665 and an increase of  $235,201, respectively.  In  assessing the realizability of deferred tax assets, management considers  whether it is more likely than not that some portion or all of the deferred  tax assets will not be realized. The ultimate realization of deferred tax  assets is dependent upon the generation of future taxable income during the  periods in which those differences become deductible.   

Management  considers the scheduled reversal of deferred tax liabilities, projected future  taxable income, and tax planning strategies in assessing the realizability of  deferred tax assets.  In order to  fully realize the deferred tax asset attributable to net operating loss  carryforwards, the Company will need to generate future taxable income of  approximately $2,200,000 in Canada prior to the expiration of the net  operating loss carryforwards. These net operating loss carryforwards begin  expiring in 2007 in Canada.  

**9.    Related party transactions:**

We have received a loan of $9,403 (2004  - $110,871) from a current  director and officer at December 31, 2005. This  loan has no fixed repayment terms and is non-interest bearing. The proceeds of  this loan have been used by us to fund ongoing working capital requirements.  

We  have received a loan (2004 - $46,171) from a company owned by a current  director and officer of the Company. This  loan was repaid in full during the year ended December 31, 2005. Interest  accrued on the outstanding amount at the rate of 7% per annum.  

In  addition we have a liability for $52,946 (2004 - $113,065) to a company owned  by a current director and officer of the Company for payment of services  rendered and expenses incurred by a current director and officer of the  Company.  

A current director and officer  of the Company, is the potential beneficiary of various discretionary trusts  that hold approximately 80% of the shares of Bingo, Inc. Bingo, Inc. was  issued a total of 200,000 common stock purchase warrants in connection with  the Debenture "B".  These  warrants were exercisable at a price of $0.25 per share for a period of three  years  

40

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**9.    Related party transactions: (Continued)**

from the date of issuance  (July 2, 2002) of Debenture "B". During the year ended December 31, 2005,  Bingo, Inc. elected to convert these warrants into share of the Company.  

Payments made to Bingo, Inc. in relation to the domain  name purchase payment totaled $79,260 during the year ended December 31, 2005  (2004 - $46,343).  

**10. Segmented information:**

The  Company operates in one reportable business segment, the business of providing  games and entertainment based on the game of bingo through its internet portal, bingo.com,  supported mainly by selling advertising on the website and receiving deposits  for the cash games.  The revenue for the two  years ended December 31, 2005, has been derived primarily from advertising  business in the United States of America.  

       Equipment  

The  Company's equipment is located as follows:  

Net        Book Value

 

2005

 

2004

 

 

 

 

 

Canada

$

38,572

$

42,661

Curacao,        Netherlands Antilles

 

57,701

 

76,272

 

$

96,273

$

118,933

** **

**11. Concentrations**

      Major  customers  

The  Company has concentrations with respect to the volume of advertising business  conducted with several major customers. For the year ended December 31, 2005,  the Company made advertising sales of $457,050, and $212,150 to two customers,  which were in excess of 10% of total sales. For the year ended December 31,  2004, the Company made advertising sales of $127,476, $133,000 and $204,000 to  three customers, which were in excess of 10% of total sales. These customers  to whom advertising sales represent more than 10% of the total sales for the  last two years are agencies which represent multiple advertising customers who  advertise on the Company's website.  

For  the year ended December 31, 2005, there is no single player on the cash bingo  site who has wagered more than 10% of the total cash bingo revenue. The  Company is reliant on various payment processors who process funds players  have wagered on the cash bingo site. For the year ended December 31, 2005,  there were two processors each receiving funds of  $518,585 and $216,207 respectively who processed funds more than 10% of  the total funds wagered on the cash bingo site.  

41

**BINGO.COM, LTD.**

(Formerly  Bingo.com, Inc.)  

Notes  to Consolidated Financial Statements   

Years ended December 31, 2005 and 2004  

**12. Concentrations of Credit Risk:**

Financial  instruments that potentially subject the Company to concentrations of credit  risk consist primarily of cash and accounts receivable.   The Company places its cash with high quality financial institutions  and limits the amount of credit exposure with any one institution.  

The  Company has concentrations of credit risk with respect to accounts receivable,  as large amounts of its accounts receivable are concentrated geographically in  Canada, Ireland, Israel, the United States and the United Kingdom amongst a  small number of customers.  

As  of December 31, 2005, four customers, totaling $44,014, $27,704, $25,588 and  $23,997 who accounted for greater than 10% of the total accounts receivable.  At December 31, 2004, three customers, totaling $8,945, $14,000 and $17,400  accounted for greater than 10% of the total accounts receivable.  

The  Company controls credit risk through monitoring procedures and receiving  prepayments of cash for services rendered.   The Company performs credit evaluations of its customers but generally  does not require collateral to secure accounts receivable.  

42

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTINGAND FINANCIAL DISCLOSURE.**

Duringthe year ended December 31, 2005, there were no changes or disagreements onaccounting and financial disclosure with the accountants, Dohan and Company,CPA's, P.A. 

**ITEM8A.  CONTROLS AND PROCEDURES**

(a)       Management's responsibility

Ourmanagement acknowledges its responsibility for establishing and maintainingadequate internal control over financial reporting of the Company.

(b)       Evaluation of disclosure controls and procedures.

Ourmanagement, including the Chief Executive Officer and the Chief FinancialOfficer, evaluated the disclosure controls and procedures of the Company within90 days prior to the date of this report, and found them to be operatingefficiently and effectively to ensure that information required to be disclosedby us under the general rules and regulations promulgated under the SecuritiesExchange Act of 1934, is recorded, processed, summarized and reported, withinthe time periods specified by rules of the SEC. These disclosure controls andprocedures include, without limitation, controls and procedures designed toensure that information required to be disclosed by us is accumulated andcommunicated to our management, including our principal executive officer andprincipal financial officer as appropriate to allow timely decisions regardingrequired disclosure.

(c)       Changes in internal controls.

Therewere no significant changes in our internal controls or other factors that couldsignificantly affect our internal controls during the year ended December 31,2005, and to the date of filing this annual report. 

**ITEM8B****-****OTHER INFORMATION**

None

43

** ****PART III**

**ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROLPERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.**

**DIRECTORS AND EXECUTIVE OFFICERS**

Ourdirectors and executive officers as of the date of this Report are as follows: 
NameAgePosition
T.      M. Williams

65

President      and Chief Executive Officer and Chairman of our Board of Directors

P.      A. Crossgrove

68

Director

H.      W. Bromley

36

Chief      Financial Officer

**T. M. Williams**has served as our President and Chief Executive Officer and Chairman sinceAugust 20, 2001. Since 1984, Mr.Williams has served as a principal of Tarpen Research Corporation and T.M.Williams (ROW), Inc., private consulting firms, and since 1993, he has been anAdjunct Professor, Faculty of Commerce and Business Administration at theUniversity of British Columbia.  From1988 to 1991, he was President and Chief Executive Officer of DistinctiveSoftware, Inc. in Vancouver, BC, and, upon the acquisition of that company byElectronic Arts Inc., North America's largest developer of entertainmentsoftware, he became President and Chief Executive Officer of Electronic Arts(Canada) Inc., where he continued until 1993. Mr. Williams is a director of YMBiosciences, Inc. (a biotechnology company), CellStop Systems, Inc. (a securitymanufacturing company) and several other private corporations..

**P.A. Crossgrove** has served as one of our Directors since September 2001. Mr. Crossgrovewas the Chairman of Masonite International Corp. (previously Premdor Inc.) (adoor manufacturing company), a position he has held since June 1997 until it'srecent acquisition by StileAcquisitionCorp., an affiliate of Kohlberg Kravis Roberts & Co. L.P.From 1994 to 1997, he was the President and Chief Executive Officer of SouthernAfrica Minerals (an investment holding company). Mr. Crossgrove was also thePresident and Chief Executive Officer of Itco Properties Ltd. (a real estatedevelopment and management company) from 1982 to 1992 and Vice-Chairman ofPlacer Dome Inc. (a mining company) in 1993 and 1994. Mr. Crossgrove is adirector of a number of other Canadian and U.S. public companies, including: QLTInc. (a biotechnology and pharmaceutical company), American Barrick Gold Corp.(a mining company), Dundee ReIT (a Real Estate Income Trust) and Philex GoldInc. (a gold mining company). In May 2003, he was granted the Order of Canada.Mr. Crossgrove is very active in the community including being the Chairman ofthe Board for Care Canada and for Cancer Care Ontario.

**H. W. Bromley**,has served as our Chief Financial Officer since July 2002. From 2000 to 2001,Mr. Bromley was a Director and the Group Financial Officer for Agroceres &Co. Ltd. From 1995 - 1999, he was an employee of Ernst & Young working inSouth Africa and in the United States of America. Mr. Bromley has in additionworked for CitiBank, Unilever PLC and Gerrard. Mr. Bromley is also the ChiefFinancial Officer for CellStop Systems, Inc. (a security manufacturing company).Mr. Bromley is a Chartered Accountant.

**COMPOSITION OF OUR BOARD OF DIRECTORS**

Wecurrently have two directors. Alldirectors currently hold office until the next annual meeting of stockholders oruntil their successors have been elected and qualified. Our officers areappointed annually by the Board of Directors and hold office until theirsuccessors are appointed and qualified. Pursuant to the Company's by-laws, thenumber of directors shall be increased 

44

 or decreased from time to time byresolution of the Board of Directors or the shareholders. There are no familyrelationships between any of the officers and directors of the Company.

**COMMITTEES OF OUR BOARD  OF DIRECTORS**

Wecurrently do not have any committees of our Board of Directors. The full Boardof Directors fulfills the role of the Audit Committee, and meets quarterly toreview and approve the quarterly financial statements and to discuss the affairsof the company with the auditors. Mr. P. A. Crossgrove is an independentdirector and meets the qualifications of a "financial expert" in terms ofSabannes Oxley Act of 2002.

**BOARD OFDIRECTORS MEETINGS**

Our Board of Directors met in person once during the last fiscal year onJune 8, 2005, and it regularly approves all actions required by consentresolutions. The Board also meets regularly by telephone and met 6 times in2005.

**CODE OF ETHICS**

During the year ended December 31, 2005, the Company commenced theimplementation of a code of ethics for the Company. The Company expects to haveit fully documented  and operational during the second quarter of 2006. 

**DIRECTOR COMPENSATION**

Directorscurrently do not receive cash compensation for their services as members of theBoard of Directors, although membersare reimbursed for expenses in connection with attendance at Board of Directorsmeetings and specific business meetings.  Directorsare eligible to participate in our stock option plans. Option grants todirectors are at the discretion of the Board of Directors. 

**SECTION16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE**

Section 16(a) of the Securities Exchange Act of 1934 requires ourdirectors and executive officers, and persons who own more than ten percent of aregistered class of the Company's equity securities, to file with the Securitiesand Exchange Commission (the "SEC") initial reports of ownership and reportsof changes in ownership of common stock and other equity securities of theCompany. Officers, directors and greater than ten percent stockholders arerequired by SEC regulation to furnish us with copies of all Section 16(a) formsthey file.

Our officers, directors and greater than ten percent beneficial ownersfiled in a timely manner in accordance with Section 16(a) filing requirements.

45

**ITEM 10. EXECUTIVE COMPENSATION**

Thefollowing table describes the compensation we paid to our Chief ExecutiveOfficer (the "Named Executive Officer"). ****

**SUMMARY COMPENSATION TABLE**

 

 

Annual      Compensation

Long-term      Compensation

 

Name      and Principal Position

Year

Salary

Bonus

Other Annual

Compensation

Restricted Stock      Awards

Securities      Underlying Options /

All      Other

Compensation

 

 

$

$

$

$

SARs       (#)

$

T.M.      Williams -

2005

25,301

- 

- 

- 

100,000

- 

President      and CEO (1)

2004

29,227

- 

- 

- 

450,000

- 

CEO (1)

2003

21,169

- 

- 

- 

150,000

- 
 
(1)  All of the compensation paid to the Named Executive Officer is paid toT.M. Williams (Row), Ltd. for the services of Mr. T. M. Williams. See additional discussion in Employment Arrangements section of Item 11of this report.

**OPTION GRANTS IN THE LAST FISCAL YEAR**

Duringthe fiscal year ended December 31, 2005, we granted to Mr. Williams, Mr.Crossgrove and Mr. Bromley stock options to purchase a total of 100,000 shareseach of our common stock at an exercise price of $0.60 per share until July 18,2010.  242,000 stock options wereexercised by one of our executive officers during the fiscal year ended December31, 2005, however the shares were only issued after the year ended December 31,2005.

**STOCK OPTION PLANS**

Our1999 Stock Option Plan has a total of 1,895,000 shares of our common stockreserved for issuance upon exercises of options under the plan. As of December31, 2005, options to purchase a total 1,100,000 shares remained outstanding atexercise prices ranging from $0.05 to $0.15 per share. Options to purchase795,000 shares remained available for future grant under the 1999 Stock OptionPlan.

Our2001 Stock Option Plan has a total of 5,424,726 shares of our common stockreserved for issuance upon exercises of options under the plan. As at December31, 2005, there were a total of 3,225,000 stock options with exercise pricesranging from $0.05 to $0.30 per share issued, of which 709,150 options had beenexercised during the year ended December 31, 2005. 252,000 shares of theseexercised options were issued after the year ended December 31, 2005. Options topurchase 2,199,726 shares remained available for future grant under the 2001Stock Option Plan as at December 31, 2005.

Duringthe year ended December 31, 2005, the Company's Board of Directors adopted the2005 stock option plan. The plan was approved by the shareholders at the Annualgeneral meeting held during the year ended December 31, 2005. The Company hasreserved a total of 2,000,000 common shares for issuance under the 2005 stockoption plan. As at December 31, 2005, there were a total of 835,000 stockoptions outstanding at an exercise price of $0.60 per share. Options to purchase1,165,000 shares remained available for future grant under the 2005 Stock OptionPlan as at December 31, 2005.

OurBoard of Directors administers the 1999 Stock Option Plan, the 2001 Stock OptionPlan and the 2005 Stock Option Plan (collectively, the "Stock OptionPlans"). Our Board is authorized to construe and interpret the provisions ofthe Stock Option Plans, to select employees, directors and 

46

 consultants to whomoptions will be granted, to determine the terms and conditions of options and,with the consent of the grantee, to amend the terms of any outstanding options.

The 1999 stock option plan may be granted toemployees and to such other persons who are not employees as determined by the1999 stock option plan administrator (the "Administrator"). In determining the number of shares of our Common Stock subject to eachoption granted under the 1999 stock option plan, consideration is given to thepresent and potential contribution by such person to the success of the Company. The exercise price is determined by the Administrator, provided that theexercise price for any covered employee (as that term is defined for thepurposes of Section 162(m) (3) of the Internal Revenue Code of 1986 as amended(the "Code"), may not be less than the fair market value per share of theCommon Stock at the date of grant by the Administrator. Each option is for a term not in excess of ten years except in the caseof the death of an optionee, in which case the option is exercisable for amaximum of twelve months thereafter, or in the case of an optionee ceasing to bea participant under the 1999 stock option plan for any reason other than causeor death, in which case the option is exercisable for a maximum of 30 daysthereafter.  The 1999 stock optionplan does not provide for the granting of financial assistance, whether by wayof a loan, guarantee or otherwise, by us in connection with any purchase ofshares of Common Stock from the Company.

The2001 stock option plan provides for the granting to our employees of incentivestock options and the granting to our employees, directors and consultants ofnon-qualified stock options. 

Duringthe year ended December 31, 2005, the Company adopted the 2005 Stock OptionPlan. The plan provides for the granting of stock options to the employees,directors, advisors and consultants of the Corporation to encourage proprietaryinterest in the Corporation, to encourage such employees to remain in the employof the Corporation or such directors, advisors and consultants to remain in theservice of the Corporation, and to attract new employees, directors, advisorsand consultants with outstanding qualifications.

OurBoard determines the terms and provisions of each option granted under the StockOption Plans, including the exercise price, vesting schedule, repurchaseprovisions, rights of first refusal and form of payment. In the case of incentive options, the exercise price cannot be less than100% (or 110%, in the case of incentive options granted to any grantee who ownsstock representing more than 10% of the combined voting power of the Company orany of our parent or subsidiary corporations) of the fair market value of ourcommon stock on the date the option is granted. The exercise price of non-qualified stock options shall not be less than85% of the fair market value of our common stock. The exercise price of options intended to qualify as performance-basedcompensation for purposes of Code Section 162(m) shall not be less than 100% ofthe fair market value of the stock.  Theaggregate fair market value of the common stock with respect to any incentivestock options that are exercisable for the first time by an eligible employee inany calendar year may not exceed $100,000.

Theterm of options under the Stock Option Plans will be determined by our Board;however, the term of an incentive stock option may not be for more than tenyears (or five years in the case of incentive stock options granted to anygrantee who owns stock representing more than 10% of the combined voting powerof the Company or any of our parent or subsidiary corporations).  Where the award agreement permits the exercise of an option for a periodof time following the recipient's termination of service with us, disability ordeath, that option will terminate to the extent not exercised or purchased onthe last day of the specified period or the last day of the original term of theoption, whichever occurs first.

Ifa third party acquires the Company through the purchase of all or substantiallyall of our assets, a merger or other business combination, except as otherwiseprovided in an individual award agreement, all unexercised options willterminate unless assumed by the successor corporation.

47

**EMPLOYMENT ARRANGEMENTS**

Weentered into a management consulting agreement with T.M. Williams (Row), Inc.,an Anguilla incorporated company and Mr. Williams dated August 20, 2001, (the"Williams Agreement"), amended February 28, 2002, in connection withthe provision of services by Mr. Williams as President and Chief ExecutiveOfficer of the Company.

Theterm of the amended Williams Agreement is for a period of one year, unlessterminated sooner by any of the parties under the terms and conditions containedin the amended Williams Agreement. If the amended Williams Agreement is notterminated by any of the parties, the term may be renewed for a further one yearperiod at the option of T.M. Williams (Row), Ltd., on substantially the sameterms and conditions, by giving three months notice in writing to the Company.The agreement was renewed for a further one year period on August 1, 2005, onsubstantially the same terms and conditions. We will pay to T.M. Williams (Row),Ltd., 10% of the operating profit of the Company, as defined in the amendment,to a maximum of $25,000 per month, in arrears, during the duration of theamended Williams Agreement, as consideration for the provision of the servicesof Mr. Williams as President and Chief Executive Officer of the Company.

**ITEM 11.  SECURITY OWNERSHIP OF CERTAINBENEFICIAL OWNERS AND MANGEMENT AND RELATED STOCKHOLDER MATTERS**

**PRINCIPAL STOCKHOLDERS**

Thefollowing table sets forth certain information known to us with respect tobeneficial ownership of our common stock as of March 29, 2006, by:

-    each person known by us to beneficially own 5% or more of our outstandingcommon stock;

-    each of our directors;

-    each of the Named Executive Officers; and

-    all of our directors and Named Executive Officers as a group.

Ingeneral, a person is deemed to be a "beneficial owner" of a security if thatperson has or shares the power to vote or direct the voting of such security, orthe power to dispose or direct the disposition of such security. In computingthe number of shares beneficially owned by a person and the percentage ownershipof that person, shares of common stock subject to options or debentures held bythat person that are currently exercisable or convertible or exercisable orconvertible within 60 days of March 29, 2006, are deemed outstanding.

Percentageof beneficial ownership is based upon 26,775,903shares of commonstock outstanding at March 29,2006. To our knowledge, except as set forth in the footnotes to this table andsubject to applicable community property laws, each person named in the tablehas sole voting and investment power with respect to the shares set forthopposite such person's name. 

48

 

Name      and Address of Beneficial Owner

Number      of Shares Beneficially Owned

 

Percent      of Class

T.      M. Williams

203      Shakespeare Tower

The      Barbican

London,      England, EC2Y 8DR

2,389,858

(1)

8%

 

 

 

 

Peter      Crossgrove

3769      Escarpment Road

Caledon,      ON

Canada,      L0N 1C0

950,000

(2)

3%

 

 

 

 

Henry      Bromley

2      Heath Villas

64      Cargill Road

Earlsfield

United      Kingdom, SW18 3EA

602,500

(3)

2%

 

 

 

 

All      directors and Named Executive Officers as a group (3 persons)

3,939,858

 

13%

 

 

 

 

Bingo      Inc. P.O. Box 727, Landsome Road

The      Valley,

Anguilla,      B.W.I.

12,896,831

(4)

41%

 

(1)  Includes 150,000 shares of common stock that may be issued upon theexercise of 150,000 stock purchase options with an exercise price of $0.30 pershare, 150,000 shares of common stock that may be issued upon the exercise of150,000 stock purchase options with an exercise price of $0.05 per share,150,000 shares of common stock that may be issued upon the exercise of 150,000stock purchase options with an exercise price of $0.10 per share, 300,000 sharesof common stock that may be issued upon the exercise of 300,000 stock purchaseoptions with an exercise price of $0.15 per share and 100,000 shares of commonstock that may be issued upon the exercise of 100,000 stock purchase optionswith an exercise price of $0.60 per share.  Also includes 1,539,858 shares held directly by Mr. Williams. Mr. Williams is the potential beneficiary of certain discretionary truststhat hold approximately 80% of the shares of a private holding company. If 80% of the shares of common stock beneficially owned by the privateholding company are included here, Mr. William's beneficial ownership changesto 12,707,323 shares, representing 40% of the Class.

(2)  Includes 150,000 shares of common stock that may be issued upon theexercise of 150,000 stock purchase options with an exercise price of $0.30 pershare, 150,000 shares of common stock that may be issued upon the exercise of150,000 stock purchase options with an exercise price of $0.05 per share,150,000 shares of common stock that may be issued upon the exercise of 150,000stock purchase options with an exercise price of $0.10 per share, 300,000 sharesof common stock that may be issued upon the exercise of 300,000 stock purchaseoptions with an exercise price of $0.15 per share and 100,000 shares of commonstock that may be issued upon the exercise of 100,000 stock purchase optionswith an exercise price of $0.60 per share.  Also includes 100,000 shares held directly by Mr. Crossgrove.

(3)  Includes 150,000 shares of common stock that may be issued upon theexercise of 150,000 stock purchase options with an exercise price of $0.05 pershare, 100,000 shares of common stock that may be issued upon the exercise of100,000 stock purchase options with an exercise price of $0.10 per share,250,000 shares of common stock that may be issued upon the exercise of 250,000stock purchase options with an exercise price of $0.15 per share and 100,000shares of common stock that may be issued upon the exercise of 100,000 stockpurchase options with an exercise price of $0.60 per share. Also includes 2,500 shares held directly by Mr. Bromley.

(4)  Includes 12,896,831 shares held directly by Bingo, Inc., a privateholding company.

49

**ITEM12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

We havereceived a loan of $9,403 (2004 - $110,871) from a current director and officeras at December 31, 2005. This loan has no fixed repaymentterms and is non-interest bearing. The proceeds of this loan have been used byus to fund ongoing working capital requirements.

Wehave received a loan (2004 - $46,171) from a company owned by a current directorand officer of the Company. Thisloan was repaid during the year ended December 31, 2005.

Inaddition we have a liability for $52,946 (2004 - $113,065) to a company owned bya current director and officer of the Company for payment of services renderedand expenses incurred by a current director and officer of the Company.

A current director and officerof the Company, is the potential beneficiary of various discretionary truststhat hold approximately 80% of the shares of Bingo, Inc. Bingo, Inc. was issueda total of 200,000 common stock purchase warrants in connection with theDebenture "B".  These warrantswere exercisable at a price of $0.25 per share for a period of three years fromthe dates of issuance (July 2, 2002) of Debenture "B". During the year endedDecember 31, 2005, Bingo, Inc. elected to convert these warrants into share ofthe Company.

Paymentsmade to Bingo, Inc. in relation to the domain name purchase payment totaled$79,260 during the year ended December 31, 2005 (2004 - $46,343).

**ITEMS 13.   EXHIBITS**

The exhibits required by Item 601 of Regulation S-Bare listed in the accompanying Exhibit Index at the end of this report. Each management contract or compensatory plan or arrangement required tobe filed as an exhibit to this Form 10-KSB has been identified.

**ITEM 14.  PRINCIPAL ACCOUNTANT FEES  AND SERVICES**

Duringthe year ended December 31, 2005, the Company incurred fees of $44,291 from theprincipal accountant - Dohan and Company, CPA's, P.A. $41,911 of these feesrelated to audit fees (2004 - $41,590) and $2,380 to other fees, in relation tothe merger between Bingo.com, Inc. and its wholly-owned subsidiary Bingo.com,Ltd.

OurAudit Committee reviewed the audit and non-audit services rendered by Dohan andCompany, CPA's, P.A. during the periods set forth above and concluded thatsuch services were compatible with maintaining the auditors' independence. Allaudit and non-audit services performed by our independent accountants arepre-approved by our Audit Committee to assure that such services do not impairthe auditors' independence from us.

Approximatelyeighty-four percent of the hours expended on the principal accountant'sengagement to audit our financial statements were attributed to work performedby persons other than the principal accountant's full-time, permanentemployees.  The principal accountant reviewed all work done by suchindividuals.

50

**SIGNATURES**

In accordance withSection 13 or 15(d) of the Exchange Act, the registrant caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.

**BINGO.COM, LTD.**

** **

By:                  ***/s/ T. M. Williams***     

T.M. Williams

Presidentand Chief Executive Officer

 

Date:   March 29, 2006

In accordance with the ExchangeAct, this report has been signed below by the following persons on behalf of theregistrant and in the capacities and on the dates indicated: 

Signature      

Title      

Date      

By:      */s/  T. M. Williams*                 President and Chief                  March 29, 2006

T. M. Williams                        Executive Officer and

Director(Principal

                                               Executive Officer)

 

By:      */s/  P. A. Crossgrove             *Director                                   March 29, 2006

P.A. Crossgrove

 

By:      */s/  H. W. Bromley                 *Chief Financial Officer               March 29, 2006

H. W. Bromley                        (Principal Financial and

PrincipalAccounting Officer)                           

51

**EXHIBIT31.1**

**CERTIFICATIONS**

I,T. M. Williams, certify that:

1.   I have reviewed this annual report on Form  10-KSB of Bingo.com, Ltd.;

2.  Based on my knowledge, this report does not contain any untrue statementof a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements weremade, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial informationincluded in this report, fairly present in all material respects the financialcondition, results of operations and cash flows of Bingo.com, Ltd. as of, andfor, the periods presented in this annual report;

4. Bingo.com, Ltd.'s other certifying officer(s) and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financialreporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for theregistrant and have:

(a)  Designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to Bingo.com, Ltd., including itsconsolidated subsidiaries, is made known to us by others within those entities,particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused suchinternal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles;

(c)  Evaluated the effectiveness of Bingo.com, Ltd.'s disclosure controlsand procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of as of December31, 2005, covered by this annual report based on such evaluation; and

(d)  Disclosed in this report any change Bingo.com, Ltd.'s internal controlover financial reporting that occurred during Bingo.com, Ltd.'s most recentfiscal quarter that has materially affected, or is reasonably likely tomaterially affect, Bingo.com, Ltd.'s internal control over financialreporting; and

5. Bingo.com, Ltd.'s other certifying officer(s) and I have disclosed,based on our most recent evaluation of internal control over financialreporting, to Bingo.com, Ltd.'s auditors and the audit committee of Bingo.com,Ltd.'s board of directors (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design oroperation of internal control over financial reporting which are reasonablylikely to adversely affect Bingo.com, Ltd.'s ability to record, process,summarize and report financial information; and

(b)  Any fraud, whether or not material, that involves management or otheremployees who have a significant role in the registrant's internal control overfinancial reporting.

***Signed*****:** /S/ T. M.  Williams                                                        ***Date:*** March 29,2006

T.M. Williams, Chairman of the Board,

ChiefExecutive Officer, President and Secretary

(PrincipalExecutive Officer)

52

**EXHIBIT31.2**

**CERTIFICATIONS**

I,H. W. Bromley, certify that:

1.   I have reviewed this annual report on Form  10-KSB of Bingo.com, Ltd.;

2.  Based on my knowledge, this report does not contain any untrue statementof a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements weremade, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial informationincluded in this report, fairly present in all material respects the financialcondition, results of operations and cash flows of Bingo.com, Ltd. as of, andfor, the periods presented in this annual report;

4.  Bingo.com, Ltd.'s other certifyingofficer(s) and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financialreporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for theregistrant and have:

(a)   Designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to Bingo.com, Ltd., including itsconsolidated subsidiaries, is made known to us by others within those entities,particularly during the period in which this report is being prepared;

(b)  Designed such internal control over financial reporting, or caused suchinternal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles;

(c)  Evaluated the effectiveness of Bingo.com, Ltd.'s disclosure controlsand procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of as of December31, 2005, covered by this annual report based on such evaluation; and

(d)  Disclosed in this report any change Bingo.com, Ltd.'s internal controlover financial reporting that occurred during Bingo.com, Ltd.'s most recentfiscal quarter that has materially affected, or is reasonably likely tomaterially affect, Bingo.com, Ltd.'s internal control over financialreporting; and

5.  Bingo.com, Ltd.'s other certifyingofficer(s) and I have disclosed,based on our most recent evaluation of internal control over financialreporting, to Bingo.com, Ltd.'s auditors and the audit committee of Bingo.com,Ltd.'s board of directors (or persons performing the equivalent functions):

(a)  All significant deficiencies and material weaknesses in the design oroperation of internal control over financial reporting which are reasonablylikely to adversely affect Bingo.com, Ltd.'s ability to record, process,summarize and report financial information; and

(b)  Any fraud, whether or not material, that involves management or otheremployees who have a significant role in the registrant's internal control overfinancial reporting.

***Signed*****:** /S/ H. W. Bromley                                                    ***Date:*** March 29,2006

H.W.Bromley,

ChiefFinancial Officer

(PrincipalAccounting Officer)

53

**EXHIBIT 32.1**

 **CERTIFICATIONPURSUANT TO**

**18  U.S.C.****SECTION****1350,**

**ASADOPTED PURSUANT TO**

**SECTION906 OF THE SARBANES-OXLEY ACT OF 2002**

Inconnection with the Annual Report of Bingo.com, Ltd. (the "Company") on Form 10-KSB for the period ended December31, 2005, as filed with the Securities and Exchange Commission on the datehereof (the "Report"), I, T. M. Williams, Chief Executive Officer of theCompany, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002, that:

a)    The Report fully complies with the requirements of Section 13(a) or15(d) of the Securities Exchange Act of 1934; and

 

b)   The information contained in this Report fairly presents, in allmaterial respects, the financial condition and results of operations of theCompany.

 

                                                                      */S/ T.M. Williams         *

                                                           T. M. Williams

                                                           President and Chief Executive Officer

                                                                      March 29, 2006

Asigned original of this written statement required by Section 906 has beenprovided to Bingo.com, Ltd. and will be retained by the company and furnished tothe Securities and Exchange Commission or its staff upon request.

 

54

**EXHIBIT 32.2**

 **CERTIFICATIONPURSUANT TO**

**18  U.S.C.****SECTION****1350,**

**ASADOPTED PURSUANT TO**

**SECTION906 OF THE SARBANES****-****OXLEY ACT OF 2002**

Inconnection with the Annual Report of Bingo.com, Ltd. (the "Company") on Form 10-KSB for the period ended December31, 2005 as filed with the Securities and Exchange Commission on the date hereof(the "Report"), I, H. W. Bromley, Chief Financial Officer of the Company,certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002, that:

a)    The Report fully complies with the requirements of Section 13(a) or15(d) of the Securities Exchange Act of 1934; and

 

b)   The information contained in this Report fairly presents, in allmaterial respects, the financial condition and results of operations of theCompany.

 

                                                           *           /S/ H. W. Bromley        *

                                                           H. W. Bromley

                                                           Chief Financial Officer

                                                                      March 29, 2006

Asigned original of this written statement required by Section 906 has beenprovided to Bingo.com, Ltd. and will be retained by the company and furnished tothe Securities and Exchange Commission or its staff upon request. 

55

**EXHIBIT LIST**

Thefollowing instruments are included as exhibits to this Report.  Exhibits incorporated by reference are so indicated.

Exhibit Number      

Description      

4.1      

$1,250,000.00 Secured Convertible Debenture between      the Company, Redruth Ventures Inc, and Bingo, Inc. dated April 16, 2001.      (b)      

4.2      

Common      Stock Purchase Warrant between the Company and Redruth Ventures Inc. a      British Virgin Islands corporation dated April 16, 2001. (b)      

4.3      

Common      Stock Purchase Warrant between the Company and Bingo, Inc. dated April 16,      2001. (b)      

4.4      

Convertible      Debenture between the Company and unrelated parties dated July 2, 2002.      (d)      

4.5      

Common      Stock Purchase Warrant between the Company and unrelated parties dated      July 2, 2002. (d)      

10.2      

Asset      Purchase Agreement by and between Bingo, Inc. and Progressive Lumber,      Corp. dated January 18, 1999. (a)      

10.24      

Amended      Consulting Agreement dated February 28, 2002, between the Company, T.M.      Williams (Row), Ltd., and T.M. Williams. (c)      

10.26      

The      Purchase and Sale Agreement Between Redruth Ventures Inc. and Bingo.com,      Inc. dated May 21, 2002. (c)      

10.27      

Consulting      agreement dated July 2, 2002, between the Company, Bromley Accounting      Services Ltd and Mr. H. W. Bromley. (c)      

10.28      

Share      Purchase agreement between T.M. Williams and Bingo.com, Inc. for the      purchase of shares in Bingo.com (UK) plc. dated August 15, 2002. (d)      

10.29      

Amendment of Asset Purchase Agreement dated July 1, 2002. (e)      

10.30      

Amendment to the restated convertible debenture originally dated April      16, 2001, and restated as at May 21, 2002 dated July 23, 2003. (f)      

10.31      

Settlement agreement between and among Roger Ach, Bingo.com, Inc., the      Lottery Channel, Inc. a/k/a Gamebanc corporation and Games, Inc. and      agreement for cross promotion dated October 17, 2003. (g)      

31.1      

Certificate of Chief Executive Officer pursuant to the Securities      Exchange Act Rules 13a-15(e) and 15d -15(e) as adopted pursuant to      Section 302 of the Sarbanes-Oxley Act of 2002 dated March 29, 2006.      

31.2      

Certificate of Chief Financial Officer pursuant to the Securities      Exchange Act Rules 13a-15(e) and 15d -15(e) as adopted pursuant to      Section 302 of the Sarbanes-Oxley Act of 2002 dated March 29, 2006.      

32.1      

Certification      from the Chief Executive Officer of Bingo.com, Inc. pursuant to 18 U.S.C.      Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002 dated March 29,      2006.      

32.2      

Certification      from the Chief Financial Officer of Bingo.com, Inc. pursuant to 18 U.S.C.      Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002 dated March 29,      2006.      

(a)Previously filed with the Registrant's registration statement on Form 10 onJune 9, 1999.

(b)Previously filed with the Company's quarterly report on Form 10-Q for theperiod ended June 30, 2001, on June 25, 2001.

56

**EXHIBIT LIST(CONTINUED)**

(c)Previously filed with the Company's quarterly report on Form 10-Q for theperiod ended June 30, 2002, on August 14, 2002.

(d)Previously filed with the Company's quarterly report on Form 10-Q for theperiod ended September 30, 2002, on November 14, 2002.

(e)Previously filed with the Company's year end report on Form 10-K/A for theyear ended December 31, 2002, on May 8, 2003.

(f)) Previously filed with the Company's quarterly report on Form 10-Q for theperiod ended June 30, 2003, on August 14, 2003.

(g)) Previously filed with the Company's quarterly report on Form 10-Q for theperiod ended September 30, 2003, on November 12, 2003.

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