**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, 2007

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 (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.                                                                  [X]                                                                                                                                                                                                                                                                                            |
| Indicate by check mark whether the registrant is a shell company (as        defined in Rule 12b-2 of the Exchange Act).                                                                                                           Yes [ ]      No [X ]                                                                                                                                                                                                                                                                                         |
| State issuer's revenues for its most        recent fiscal year.                                                $2,369,745                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 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        28, 2008, being $0.35 per share: $6,556,905. ** **The        number of shares of the issuer's common stock outstanding on March 28,        2008, was 34,050,203. 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 34,050,203as of March 28, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **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. The        Company filed Form SB2 on September 18, 2007, for the registration of        shares originally issued in the private placement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Transitional Small Business Disclosure Format (Check one):                        Yes [  ]      No        [X]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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###### TABLE OF CONTENTS

| **PART I**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  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| ITEM 1.  DESCRIPTION OF BUSINESS3
ITEM 2.  DESCRIPTION OF PROPERTY10
ITEM 3. LEGAL PROCEEDINGS10
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS10  **PART II**11
ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS11
ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION13
ITEM 7.  FINANCIAL STATEMENTS18
ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE41
ITEM 8A.   CONTROLS AND PROCEDURES41
ITEM 8B. OTHER INFORMATION41  **PART III**42
ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE  GOVERNANCE; COMPLIANCE WITH  SECTION 16(A) OF THE EXCHANGE ACT42
ITEM 10.   EXECUTIVE COMPENSATION45
ITEM 11.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED    STOCKHOLDERS MATTERS47
ITEM 12.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS49
ITEMS  13.  EXHIBITS49
ITEM  14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES50SIGNATURES50CERTIFICATIONS52CERTIFICATION  PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THESARBANES-OXLEY ACT OF 200254EXHIBIT LIST56
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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 Internet based games  played by individuals plus other forms of entertainment, including an online  community, chat rooms, contests, sweepstakes, tournaments, and more. Using our  bingo.com domain name and incorporating a variety of games and content to  attract and retain a large number of subscribers, we have built one of the  leading bingo-based portals on the Internet. Our website has attracted  millions of visitors of which over 1,800,000 have gone through a detailed  sign-up process and become registered users. The levels of Internet traffic  have a direct impact on our revenues as, generally, the greater the Internet  traffic, the greater the amount of gaming or advertising revenue received.  

We  generate revenue from players depositing funds into their account on our  website and then playing games for money. An additional source of revenue  comes from selling advertising on our portal to other companies who wish to  advertise their products to our user demographic. We obtained a gaming license  and commenced gaming operations from Curacao, Netherlands Antilles in May  2005. We are currently in the process of applying for an Alderney gaming  license to enable us to advertise in the United Kingdom.  

Our  website provides players the ability to purchase bingo cards online for cash,  with the winner of each bingo game winning a percentage of the total cards  purchased for that particular bingo game. In addition, we provide  entertainment content to our players in the form of either free-to-play, or  pay-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 players other forms of entertainment such as chat  rooms and member profiles.  

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We  intend to continue to build on the success of the existing business by  offering a greater depth and variety of content that we expect will hold  existing subscribers as well as attract new subscribers and allow us to  generate more revenue.  

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 ("English  Bay"); through Bingo.com (UK) plc ("Bingo UK"), through Bingo.com  Services Limited ("Bingo Services") 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.  

On  February 5, 2007, Bingo.com Services Limited was incorporated under the laws  of England and Wales.  

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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.  

-    Bingo.com Operations Limited, incorporated in Malta on September 25,  2007.  

All  four 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.  

Subsequent  to the year ended December 31, 2007, the following companies were  incorporated:  

-      Bingo.com (Alderney) Limited, incorporated in Alderney, Channel Islands  on January 15, 2008.  

-      Coral Reef Marketing Inc., incorporated in Anguilla, British West Indies  on January 21, 2008.  

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, 2007, we made payments totaling $94,790 (2006  $101,659) 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 which provides a variety of games,  both free and for money. We have focused our website around our core  competency of bingo and related soft games but have also included other forms  of entertainment which are appreciated by our demographic. This enhanced  content currently includes chat rooms, and   

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 communities and will be continually  developed to build customer loyalty. 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.  

**Gaming Revenue Business**

During the quarter ended June 30,  2005, Bingo.com, N.V., a subsidiary of Bingo.com, Ltd. commenced gaming for  cash whereby players purchase bingo cards and wager on other soft games such  as video poker, hi-lo, and slots with the target audience being the United  States and the games played in US dollars.  

On September 30, 2006, the United  States Senate passed the Unlawful Internet Gambling Enforcement Act 2006 ("UIGEA"),  which was signed into law by President Bush, on October 13, 2006. The  legislation aimed to prohibit the funding of illegal online gambling to United  States citizens and residents. Effective October 12, 2006, in response to the  UIGEA we sold our United States player database and related assets to an  unrelated company. The asset disposition included the registered online gaming  players, the gaming servers, and the complete database of real money players.  The asset disposition price was $1,200,050 payable at a variable rate over the  subsequent period until fully paid.  As  at December 31, 2007, $300,000 of the $1,200,050 had been paid.  

During the quarter ended June 30,  2007, we launched our United Kingdom focused website, with games targeted to  the United Kingdom audience and the games played in British pounds sterling.  Gaming revenue from the Bingo.com website accounted for approximately 94% of  our revenue for the year ended December 31, 2007. Moving forward we will focus  our marketing on attracting additional players from jurisdictions such as the  United Kingdom where Internet gambling is regulated and considered legal.  

**Advertising  Revenue Business**

Our  entertainment portal includes a variety of free bingo and other soft 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  bingo based games and entertainment as well as online video poker and 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 section of the website, which was our primary revenue  source. During the quarter ended June 30, 2005, we commenced offering  traditional bingo and other pay-for-play games to our players, which replaced  advertising as our main source of revenue. Advertising revenue from the  bingo.com website accounted for approximately 6% of our revenue for the year  ended December 31, 2007. Although many of our games are free to play, players  are required to register to receive points and to 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, in order to  strengthen our search engine rankings and rebuild our advertising revenue  stream.  

**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   

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 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 providing premium online bingo games and  bingo related entertainment.  We also believe that the continued development of a  personalized community atmosphere on the website will 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.  

**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:  

**Revenue streams**

In  2007, we generated 94% of our revenue from gaming revenue and 6% of our  revenue from advertising revenue. We earned these revenues from our portal  through a variety of ways, such as the following:  

-     Offering bingo and other similar games, such  as slots, for money to our players.  

-      Banner and button advertisements on our website;  

-      Sponsorships of email newsletters or parts of our site;  

-     Exchanging links with other websites.  

Throughout 2007 we were focused primarily on increasing our gaming  revenue at the expense of our advertising revenue. During the year ended  December 31, 2005, we suspended the majority of the sale of advertising and  focused entirely on the gaming revenue component of the business.  With the passing of the United States Unlawful Internet Gambling Act in  October of 2006, we again began to serve advertising in North America and from  that point only market directly to those jurisdictions in the world where  Internet gaming is regulated and legalized.  

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 2007 was  calculated on a Cost Per Acquisition ("CPA") basis.****

**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 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 500 and 1,000 new  players a day are registering with www.bingo.com. There has been in excess of  10,000 visitor sessions per day, with an average visitor session length of  more than 30 minutes. It is our belief that, if current traffic rates can be  maintained, we will continue to maintain our status as a premier, bingo  centric, online gaming destination.  

**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 playing preferences. We  believe the value of this demographic data will assist us in generating  revenue from our portal.   

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

We  believe that establishing a readily recognizable world-wide brand name is  critical to attracting a larger player base and generating 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. In  targeted markets, we intend to pursue online and offline marketing strategies,  promotional opportunities, and strategic alliances to make the 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 the United Kingdom 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 bingo for  money, 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 continue to be the most recognized and  most visited bingo entertainment destination 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 both  advertising and gaming revenues.  

Advertising  focused on promoting the Bingo.com website in the United Kingdom and in  targeted international markets through affiliate programs, strategic  partnerships, co-branding and other promotional activities with a variety of  companies is under consideration. 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.  

**Continue to enhance content**

Registered  players are provided with a variety of free games, and other forms of  entertainment such as chat, sweepstakes, 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.  

**Need  for Government Approval of Principal Products or Services and Effect of  Existing or Probable Governmental Regulations on our Business**

On  September 30, 2006, the United States Congress passed the Unlawful Internet  Gambling Enforcement Act 2006 ("UIGEA"), which was signed into law by  President Bush, on October 13, 2006. The legislation aimed to prohibit the  funding of illegal online gambling to United States citizens and residents.  This law had a major effect on our business and industry. Effective October  12, 2006, in response to the UIGEA, we sold our United States player database  and related assets to an unrelated company.  

We are focused on the United Kingdom market and  therefore we are subject to  the new Gambling Law in the United Kingdom. As a result, how we operate a  broad spectrum of our business may be affected, including how and what we  market and where our gaming licence and servers must be located. As we look to  expand into other markets, it is likely we will be subject to further local  laws and regulations which may require other changes to how we operate our  games and website.  

Current  anti-Internet gambling sentiment in the United States appears to be expanding  to include taking action against "publisher" websites based in the United  States.  Any website which accepts  advertising from Internet gambling websites is potentially at risk.   In 2003, the United States government started a grand jury  investigation, led by the United States attorney's office in St. Louis,   

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 to  look into American companies working with offshore casinos.   In April 2004, United States marshals seized approximately $3 million  in advertising proceeds paid by an offshore casino to Discovery Networks under  an "aiding and abetting" legal theory.   Many of our advertisers will be affected by this bill and therefore our revenue stream may be affected.  

Due  to the increasing popularity and use of the Internet, it is possible that laws  and regulations may be adopted, covering issues such as user privacy,  defamation, pricing, taxation, content regulation, quality of products and  services, and intellectual property ownership and infringement.  Such legislation could expose  us to substantial  liability as well as dampen the growth in use of the Internet, decrease the  acceptance of the Internet as a communications and commercial medium, or  require us to incur significant expenses in complying with any new  regulations.    

The  applicability to the Internet of existing laws governing issues such as  gambling, property ownership, copyright, defamation, obscenity and personal  privacy is uncertain.  We may be subject to claims that our services violate such laws.   Any new legislation or regulation in the United States, Canada or  elsewhere or the application of existing laws and regulations to the Internet  could damage our business.  In  addition, because legislation and other regulations relating to online games  vary by jurisdiction, from state to state and from country to country, it is  difficult for us to ensure that our players are accessing our portal from a  jurisdiction where it is legal to play our games.   We therefore, cannot ensure that we will not be subject to enforcement  actions as a result of this uncertainty and difficulty in controlling access.  

In  addition, our business may be indirectly affected by our suppliers or  customers who may be subject to such legislation.   Increased regulation of the Internet may decrease the growth in the use  of the Internet or hamper the development of Internet commerce and online  entertainment, which could decrease the demand for our services, increase our  cost of doing business or otherwise have a material adverse effect on our  business, results of operations and financial condition.  

**Costs  and Effects of Compliance with Environmental Laws**

Our  company is in the business of developing and operating an entertainment and  service based website designed to provide a variety of free bingo games and  other forms of entertainment focused on the game of bingo.  To the best of our knowledge, no federal, state or local environmental  laws are applicable to our business.  

**Employees**

As  of December 31, 2007, we had fourteen 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 customer support, including in-game chat, email and phone  support, to an established support company. 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 2007, 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.** **

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**Competition**

We  face competition primarily from other large bingo focused websites, e.g. Gala  Bingo, Mecca Bingo, 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 or generating new users from the overall bingo community that are  not yet focused on playing bingo online.  

**ITEM 2. DESCRIPTION OF  PROPERTY.**

Our  executive office is located in The Valley, Anguilla, British West Indies. 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 comprises approximately 2,480 square feet.  We entered into this  lease on September 30, 2005, for a term  of sixty months and ending September 30, 2010. The monthly rental is  approximately $5,900.  

During  the year ended December 31, 2007, we opened an office in London, United  Kingdom, where we rent space on a monthly basis for 1,500 pounds sterling per month from a  current director of the Company.  

We  believe that these facilities will be adequate to meet our requirements for  the near 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 was  related to non-payment of invoices of CAD$57,556.02, plus interest, for  services rendered prior to August 17, 2001. During the year ended December 31,  2007, the Company's offer to settle the suit for the sum of CAD$10,000 was  accepted by Campney & Murphy. Further to such settlement, a Consent  Dismissal Order was filed in the Supreme Court of British Columbia dismissing  both the suit brought by Campney & Murphy and the counterclaim brought by  the Company, without costs to either party.  

We  are not currently a party to any legal proceedings and were not a party to any  other legal proceeding, other than the case listed above, during the fiscal  year ended December 31, 2007. We are currently not aware of any other legal  proceedings proposed to be initiated against us. 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 Vancouver on July 26, 2007. There  were no submissions of matters to a vote of security holders during the fourth quarter of 2007.  

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, 2007        

$0.40        

$0.30        

September        30, 2007        

$0.40        

$0.28        

June        30, 2007        

$0.55        

$0.27        

March        31, 2007        

$0.52        

$0.26        

December        31, 2006        

$0.77        

$0.26        

September        30, 2006        

$0.97        

$0.75        

June        30, 2006        

$0.97        

$0.70        

March        31, 2006        

$0.95        

$0.58        

1.              Prices  as per Yahoo!*TM* Finance  

On March 28, 2008, the last reported sale price of our  common stock, as reported by the OTCBB, was $0.35 per share.  

As  of March 28, 2008, we  believe there are approximately 2,087  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.  

11

**Recent  Sales of Unregistered Securities**

On  March 21, 2007, we issued 6,000,000 common shares at $0.25 per share to two subscribers.  We also issued  3,000,000 warrants which are exercisable into 3,000,000 common shares at $0.35  per share.  400,000 of these  shares were issued under Regulation S and 5,600,000 of these shares were  issued under Rule 506 of Regulation D.  None  of the subscribers who received shares under Regulation S are U.S. Persons as  defined in Rule 902(k) of Regulation S, and no sales efforts were conducted in  the U.S., in accordance with Rule 903(c).   The subscriber to the offering under Regulation S acknowledged that the  securities purchased must come to rest outside the U.S., and the certificates  will contain a legend restricting the sale of such securities until the  Regulation S holding period is satisfied.   The subscriber who received shares under Rule 506 of Regulation D  warranted their eligibility as an "Accredited Investor" as that term is  defined in Regulation D.  

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

We have reserved a total of 1,895,000 common shares  for issuance under our 1999 stock option plan.   Pursuant to this plan we have 986,500 stock purchase options (2006 - 992,000) outstanding at December 31, 2007. During the year ended December 31,  2007, there were no options exercised, issued under the 1999 plan. During the  year ended December 31, 2007, 5,500 options issued under the 1999 plan,  expired unexercised.  

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 1,823,300 stock purchase options (2006 - 2,017,450) outstanding as at December 31, 2007. 1,373,300 of the stock  options outstanding at December 31, 2007, 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, 2007, the holders of the stock options  exercised 385,150 of their options, issued under the 2001 plan, whose options  prices ranged between $0.05 and $0.10. During the year ended December 31,  2007, 59,000 options issued under the 2001 plan, expired unexercised.  Subsequent to the year ended December 31, 2007, the holders of the stock  options exercised 24,500 of their options, issued under the 2001 plan, whose  options price was $0.10 and 300 stock options issued under the 2001 plan,  expired unexercised.  

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 1,800,942 stock purchase options (2006 :  1,195,942) outstanding at December 31, 2007. 1,463,750 of the stock options  outstanding at December 31, 2007, 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, 2007, there were no stock options, issued under  the 2005 plan, exercised, however 95,000 stock options issued under the 2005  plan expired unexercised.  

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        and rights

Weighted average exercise price of outstanding options and rights

        Number of securities remaining available for future issuance

 

(a)

(b)

(c)

Equity compensation plans approved by security holders

4,610,742

$0.28

3,002,034

Equity compensation plans not approved by security holders

0

0

0

Total

4,610,742

$0.28

3,002,034

12

**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 I.  
OVERVIEW  
Since  1999, we have been focused on providing online bingo games over the Internet  to players around the world. We began to experience revenue growth from the  advertising contained in these games in fiscal 2000. In early 2005 we expanded  our entertainment offering to include bingo games for money as well as soft  games such as video poker, slots and hi-lo.   

Ninety-four  percent of our revenue in 2007 was derived from gaming revenues and six  percent from the sale of Internet advertising. We expect that in the future,  gaming revenue, focused on bingo, will continue to contribute the majority of  our total 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, 2007, had an accumulated deficit of $11,106,763.  

Moving  forward, we will continue to control operating costs and expansion costs with  the objective to operate profitably and efficiently.  

The  consolidated statement of operations data for the years ended December 31,  2007, and 2006, and the consolidated balance sheet data as of December 31,  2007, and 2006, 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, 2005, 2004, and 2003 and the  consolidated balance sheet data as of December 31, 2005, 2004, and 2003, 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,

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

Advertising        revenue

$

143,646

$

149,696

$

1,386,479

$

1,158,620

$

888,888

Gaming        revenue

 

2,226,099

 

2,393,765

 

594,582

 

-

 

-

Total        revenue

 

2,369,745

 

2,543,461

 

1,981,061

 

1,158,620

 

888,888

 

 

 

 

 

 

 

 

 

 

 

Cost        of revenue

 

1,404,851

 

842,724

 

485,419

 

245,594

 

211,253

Gross        profit

 

964,894

 

1,700,737

 

1,495,642

 

913,026

 

677,635

Operating        expenses excluding interest and other income (expenses)

 

2,430,418

 

2,042,697

 

1,397,417

 

991,595

 

974,887

Interest        and other income

 

33,181

 

28,124

 

22,565

 

6,929

 

61,761

Net        (loss) income

 

(1,432,343)

$

(313,836)

$

120,790

$

(71,640)

$

(235,491)

 

 

 

 

 

 

 

 

 

 

 

Basic        and diluted net (loss) income per share

$

(0.04)

$

(0.01)

$

0.00

$

(0.00)

$

(0.02)

Weighted        average common shares Outstanding

 

32,784,405

 

27,275,700

 

26,066,441

 

20,183,438

 

11,104,608

13

** **

 

 

 

 

Year        Ended December 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

**Consolidated Balance Sheet Data:**

 

 

 

 

 

 

 

 

Cash

$

744,596

$

521,203

$

1,071,088

$

74,032

$

34,046

Total        assets

 

2,516,749

 

2,359,587

 

2,738,652

 

1,571,889

 

1,477,173

Total        liabilities

 

363,112

 

434,576

 

767,775

 

932,985

 

2,619,691

Long        term obligations

 

-

 

1,457

 

9,403

 

157,042

 

1,585,858

Total stockholders'        equity (deficit)

 

2,153,637

 

1,925,011

 

1,970,877

 

638,904

 

(1,142,518)

Working capital (deficit)

 

648,123

 

475,824

 

581,855

 

(625,376)

 

(1,177,144)
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  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  
The Company generates the majority of its revenue from gaming revenue.  Gaming revenues have been recognized on the basis of total dollars wagered,  including bonus wagered, on all games less all winnings payable to players.  

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.  
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.   

**SOURCES  OF REVENUE AND REVENUE RECOGNITION**

We  generate our revenue from providing Internet games for money and from the sale  of advertising on our website. For the gaming revenue, we recognize revenue on  the basis of total dollars wagered, including bonus wagered, on all games less  all winnings payable to players. For advertising revenue, we recognize as  revenues the amount paid to us upon the delivery and fulfillment of  advertising in the   

14

form of banner and button ads, email, rich media and  newsletters, provided that the collection of the resulting receivable is  probable.  

**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, included in Item 7 of this report.  

 

 

 

 

Three        Months Ended

 

 

 

March        31

2007

 

June        30

2007

 

September        30 2007

 

December        31, 2007

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenue

 

 

 

 

 

 

 

 

      Advertising revenue

$

6,300

 

12,000

 

34,761

 

90,585

      Gaming revenue

 

-

 

226,025

 

954,815

 

1,045,259

Total Revenue

 

6,300

 

238,025

 

989,576

 

1,135,844

 

 

 

 

 

 

 

 

 

Cost of revenue

 

30,330

 

139,451

 

451,187

 

783,883

Gross profit

 

(24,030)

 

98,574

 

538,389

 

351,961

Operating        expenses and other (income) / expenses

 

304,937

 

632,901

 

934,176

 

525,223

Net loss from continuing        operations

$

(328,967)

 

(534,327)

 

(395,787)

 

(173,262)

Basic        and diluted net loss per share

$

(0.01)

 

(0.02)

 

(0.01)

 

(0.01)

Weighted        average common shares, basic and diluted

 

29,393,291

 

30,678,252

 

33,949,535

 

33,982,103

   

 

 

 

 

Three        Months Ended

 

 

 

March        31

2006

 

June        30

2006

 

September        30 2006

 

December        31, 2006

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenue

 

 

 

 

 

 

 

 

      Advertising revenue

$

116,046

$

13,150

$

11,650

$

8,850

      Gaming revenue

 

593,965

 

883,127

 

821,893

 

94,780

Total Revenue

 

710,011

 

896,277

 

833,543

 

103,630

 

 

 

 

 

 

 

 

 

Cost of revenue

 

209,319

 

303,534

 

292,799

 

37,072

Gross profit

 

500,692

 

592,743

 

540,744

 

66,558

Operating        expenses and other (income) / expenses

 

482,098

 

537,194

 

591,995

 

403,285

Net income (loss) from        continuing operations

$

18,594

$

55,549

$

(51,251)

$

(336,727)

Basic        and diluted net income (loss) per share

$

0.00

$

0.00

$

(0.00)

$

(0.01)

Weighted        average common shares, basic

 

26,783,903

 

27,191,947

 

27,530,229

 

27,640,553

Weighted        average common shares, diluted

 

30,165,429

 

31,535,731

 

27,530,229

 

27,640,553

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

15

**RESULTS OF  OPERATIONS**

**Years Ended December 31,   2007 and 2006**

             **Revenue**

Total  revenue decreased to $2,369,745 for the year ended December 31, 2007, a  decrease of 7% over revenue of $2,543,461 for the same period in the prior  year. Gaming revenue decreased to $2,226,099 for the year ended December 31,  2007, a decrease of 7% over gaming revenue of $2,393,765 for the same period  in the prior year. During the year ended December 31, 2005, we introduced  traditional bingo for cash to our players. Effective October 12, 2006, in  response to the United States Unlawful Internet Gambling Enforcement Act of  2006 we sold our US players and related assets to an unrelated company. During  the second quarter of 2007, we launched a United Kingdom website. Advertising  Revenue decreased to $143,646 for the year ended December 31, 2007, a decrease  of 4% over revenue of $149,696 for the same period in the prior year.   

            **Cost  of revenue**

We  recorded cost of revenue of $1,404,851 during the year ended December 31,  2007, an increase of $562,127 or 67% compared to costs of $842,724 for the  same period in the prior year. The gross margin reduced to 41% in 2007 from  67% in 2006.  

Cost  of revenue consists of bonuses granted on deposits made by players, the cost  of hosting the website, payment processing fees in relation to deposits from  and withdrawals to our players, software license fees, and the domain name  purchase payments. This increase in the cost of revenue in 2007 is due to the  launch of the UK website and the many bonuses granted to players to encourage  them to play on our website (e.g. The deposit bonus). The awarding of deposit  bonuses is required both to be competitive with other bingo-oriented websites  and to build a large customer base as quickly as possible.  

             **Sales and marketing expenses**

Sales  and marketing expenses increased to $1,239,676 for the year ended December 31,  2007, an increase of $343,838 or 38% over fiscal 2006 Sales and marketing  expenses of $895,838. Sales and marketing expenses principally include costs  for signup bonuses, marketing, prizes for our players and other bonuses and  incentives offered to gaming players. This increase in sales and marketing  expenses in fiscal 2007 is due to the launching of the United Kingdom website  and offering greater bonuses to players to attract more play and increase in  promotions and advertising, especially television advertising, to launch the  website in the United Kingdom.  

We  expect to continue to incur sales and marketing expenses to increase traffic  from the United Kingdom and other selected markets and, consequently, 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 gaming revenue. There can be no  assurances that these expenditures will result in increased traffic or  significant additional revenue.  

            **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 $448,646 for the  year ended December 31, 2007, a 6% increase over costs of $423,176 for the  previous year. General and administrative expenses have increased in  comparison to the prior year due to legal advice for the filing of the SB2,  the launch of the United Kingdom website and the establishment of the United  Kingdom office.  

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 $868,120 during the year ended December 31, 2007, an increase of 30% over  costs of $667,122 for the previous year. This increase is due to the  recruitment of additional staff in order to run the expanded business and  regular increases in the rates of pay.  

**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 $61,892 during the year ended December 31,  2007, a decrease over depreciation of $62,003 during the prior year. This  decrease in depreciation and amortization can be explained due to the aging of  assets, which is offset by the acquisition of equipment, especially computers  and servers, to enable us to run the expanded business.  

**Stock based  Compensation**

During  the year ended December 31, 2006, the Company adopted SFAS No. 123R (revised  2004) Share-Based Payments, which requires us to expense stock options  granted. Stock based compensation increased to $122,068 during the year ended  December 31, 2007, an increase over stock based compensation of $113,450  during the prior year. This increase in stock based compensation is due to  stock options granted in 2007.  

             **Provision for doubtful accounts**

During  the year ended December 31, 2007, we collected $107,486 in doubtful accounts,  compared to providing $206,241 for doubtful accounts in the prior year. The  funds collected during the year ended December 31, 2007, related to funds  deposited at the First Curacao International Bank, which has suspended  trading and has been placed under the control of the Central Bank of Curacao  by the Court of the Netherlands Antilles. The Company had fully provided for  these funds in the prior year. In addition, during the year ended December 31,  2006, we provided for the possible inability to collect funds, held with  certain payment processors, which have retained these funds in response to the  passing of the United States Unlawful Internet Gambling Enforcement Act. These  funds have still not been collected.  

**Profit  on sale of US Gaming players**

Effective  October 12, 2006, the Company, in response to the United States Unlawful  Internet Gambling Enforcement Act, sold its United States players and related  assets for $1,200,050, to an arms length third party payable by the purchaser  at a variable rate over the subsequent months until fully paid. We recognize  the profit from the sale of these assets as and when payment is received.  During the year ended December 31, 2007, we collected $120,000 (2006 -  $180,000) of the $1,200,050 due.  

**Other  income and expenses**

During  the year ended December 31, 2007, we made gains of $101,509 (2006 - $158,574)  from the settlement of debts with creditors. The majority of this gain for the  year ended December 31, 2007, resulted from the settlement of the legal  dispute with Campney & Murphy.  

During  the year ended December 31, 2007, we incurred foreign exchange losses of  $19,011 compared to foreign exchange losses of $7,334 in the prior year. These  losses are due to balances held in Canadian dollars, which were affected by  the weakness of the US Dollar in relation to the Canadian Dollar.  

During  the year ended December 31, 2007, we received interest income of $22,083, an  increase of 29% compared to interest income of $17,171 in the prior year. The  interest income is received from   

17

bank term deposits from investing the cash  raised in the private placement during the year ended December 31, 2007.  

During  the year ended December 31, 2007, we received other income of $11,098, an  increase of 1% compared to other income of $10,953 in the prior year. This  other income is received from administration services offered to a company  whose director is a current director of our Company.  

             **Income taxes**

No  income taxes were payable in 2007 or in 2006, 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, 2007 and  2006. All losses incurred can be carried forward for seven years for Canadian  income tax purposes.  

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

We  ended the year with a net loss of ($1,432,343), a basic and diluted loss per  share of ($0.04), compared to prior year's net loss and loss per share of  ($313,836) and ($0.01), respectively. This increase in net loss compared to  the prior year is due to the cessation of our US facing business in the fourth  quarter of 2006, and the subsequent period of significantly reduced revenues  prior to the launch of the UK website during the quarter ended June 30, 2007.  

**LIQUIDITY AND CAPITAL  RESOURCES**

We  had cash of $744,596 and positive working capital of $648,123 at December 31,  2007. This compares to cash of $521,203 and positive working capital of  $475,824 at December 31, 2006. During the year ended December 31, 2007, we  completed private placement offerings of 6 million units at $0.25 per unit.   Total proceeds of the offerings was $1.5 million.   Each unit consists of one common share and one half common share  purchase warrant.  Each whole  warrant is exercisable into one additional common share for a period of two  years at an exercise price of $0.35 per share.  The warrants are non-transferable.  

During  the year ended December 31, 2007, we used cash of $1,397,440 in operating  activities compared to using cash of $762,033 in the prior year. The increase  in cash outflow from operating activities in 2007 is due to the launch of the  UK website during the quarter ended June 30, 2007.  

Net  cash generated by financing activities was $1,526,126 in the year ended  December 31, 2007, which compares to cash generated of $139,500 in 2006. This  increase in cash generated is due to the cash raised in the private placements  during the year ended December 31, 2007. The cash generated in the year ended  December 31, 2006, relates to the exercise of employee stock options by our staff.  

We  generated cash of $94,707 in investing activities in 2007, compared to cash  generated of $72,648 in the prior year. This increase in cash generated in  investing activities is due to our response to the United States  Unlawful Internet Gambling Enforcement Act, whereby we sold our United States  players and related assets. In 2006 the cash generated from the sale of US  players was offset by the acquisition of equipment, especially servers for  operating the expanded business.  

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

**AUDIT COMMITTEE**

Our  audit committee consists of two directors and reports to the Board of Directors.  The audit committee meets regularly throughout the year and met with the  independent auditors on March 27, 2008, and approved the financials statements for the year ended  December 31, 2007.  

**ITEM  7. FINANCIAL STATEMENTS.**

18

**BINGO.COM,  LTD. and subsidiaries**

(Formerly Bingo.com, Inc.)

Consolidated  Financial Statements  

Years  ended December 31, 2007 and 2006  

   

Report        of Independent Registered Public Accounting Firm                                                       

20
Consolidated  Financial Statements  

 
Balance        Sheets                                                                                                                        

21
Statements        of Operations                                                                                                       

22
Statements        of Stockholders' Equity                                                                                     

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   

The Valley, Anguilla, B.W.I.  

We have  audited the accompanying consolidated balance sheets of Bingo.com, Ltd. and  Subsidiaries as of December 31, 2007 and 2006, and the related consolidated  statements of operations, stockholders equity and cash flows for the years  then ended December 31, 2007 and 2006. These financial statements are the  responsibility of the Company's management. Our responsibility is to express  an opinion on these consolidated financial statements based on our audits.  

We  conducted our audits in accordance with the standards of the Public Company  Accounting Oversight Board (United States).   Those standards require that we plan and perform the audit to obtain  reasonable assurance about whether the consolidated financial statements are  free of material misstatement.  The  Company is not required to have, nor were we engaged to perform, an audit of  its internal control over financial reporting.   Our audit included consideration of internal control over financial  reporting as a basis for designing audit procedures that are appropriate in  the circumstances, but not for the purpose of expressing an opinion on the  effectiveness of the Company's internal control over financial reporting.  Accordingly, we express no such opinion.   An audit includes examining, on a test basis, evidence supporting the  amounts and disclosures in the consolidated financial statements. An audit  also includes assessing the accounting principles used and significant  estimates made by management, as well as evaluating the overall financial  statement presentation. We believe that our audits provide a reasonable basis  for our opinion.  

In our  opinion, the consolidated financial statements referred to above present  fairly, in all material respects, the financial position of Bingo.com, Ltd.  and Subsidiaries as of December 31, 2007 and 2006, and the results of their  operations and their cash flows for the years then ended in conformity with  accounting principles generally accepted in the United States of America.  

***/s/Dohan  and Company, CPA's***

Miami, Florida  

March 26, 2008  

20

**BINGO.COM, LTD.****and subsidiaries**

Consolidated  Balance Sheets  

December        31,

 

 

         

2007

 

 

         

2006

Assets

 

 

 

 

 

 

Current        assets:

 

 

 

 

 

 

          Cash

 

$

744,596

 

$

521,203

          Accounts receivable, less allowance for doubtful

          accounts$36,778 (2006 $206,241) (Note 4)

 

 

143,186

 

 

218,876

          Prepaid expenses

 

 

123,453

 

 

168,864

Total        Current Assets

 

 

1,011,235

 

 

908,943

 

 

 

 

 

 

 

Equipment,        net (Note 5)

 

 

129,568

 

 

145,402

 

 

 

 

 

 

 

Other        assets

 

 

110,878

 

 

30,287

 

 

 

 

 

 

 

Domain        name rights and intangible assets (Note 6)

 

 

1,265,068

 

 

1,274,955

 

 

 

 

 

 

 

Deferred        tax asset, less valuation allowance of $754,719

(2006        - $976,168) (Note 9)

 

 

- 

 

 

- 

 

 

 

 

 

 

 

Total        Assets

 

$

2,516,749

 

$

2,359,587

 

 

 

 

 

 

Liabilities        and Stockholders' Equity

 

 

 

 

Current        liabilities:

 

 

 

 

 

 

          Accounts payable

 

$

170,833

 

$

359,806

          Accrued liabilities

 

 

67,021

 

 

56,936

          Accounts payable and accrued liabilities - related party

          (Note        10)

 

 

24,772

 

 

16,377

          Unearned revenue

 

 

100,486

 

 

-

Total        Current Liabilities

 

 

363,112

 

 

433,119

 

 

 

 

 

 

 

Long-term        loan payable - related party (Note 10)

 

 

-

 

 

1,457

 

 

 

 

 

 

 

Total        Liabilities

 

 

363,112

 

 

434,576

 

 

 

 

 

 

 

Commitments (Note 8)

 

 

 

 

 

 

Contingent liabilities (Notes        12, 13 and 14)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders'        equity (Note 7):

 

 

 

 

 

 

          Common stock, no par value, unlimited shares authorized,

          34,025,703 shares issued and outstanding

          (December 31, 2006 - 27,640,553)

 

 

13,235,820

 

 

11,574,851

          Accumulated deficit

 

 

(11,106,763)

 

 

(9,674,420)

          Accumulated other comprehensive loss:

            Foreign currency translation adjustment

 

 

24,580

 

 

24,580

Total        Stockholders' Equity

 

 

2,153,637

 

 

1,925,011

 

 

 

 

 

 

 

Total        Liabilities and Stockholders' Equity

 

$

2,516,749

 

$

2,359,587

See accompanying notes to consolidated  financial statements.   

21

**BINGO.COM, LTD.****and subsidiaries**

Consolidated Statements of Operations   

Years        ended December 31,

 

 

         

2007

 

 

         

2006

 

 

 

 

 

 

 

Advertising        revenue

 

$

143,646

 

$

149,696

Gaming        revenue

 

 

2,226,099

 

 

2,393,765

Total        revenue

 

 

2,369,745

 

 

2,543,461

 

 

 

 

 

 

 

Cost        of producing revenue

 

 

1,404,851

 

 

842,724

 

 

 

 

 

 

 

Gross        profit

 

 

964,894

 

 

1,700,737

 

 

 

 

 

 

 

Operating        expenses:

 

 

 

 

 

 

          Depreciation and amortization

 

 

61,892

 

 

62,003

          General and administrative

 

 

448,646

 

 

423,176

          Provision for doubtful accounts

 

 

(107,486)

 

 

206,241

          Salaries, wages, consultants and benefits

 

 

868,120

 

 

667,122

          Stock based compensation

 

 

122,068

 

 

113,450

          Selling and marketing

 

 

1,239,676

 

 

895,838

Total        operating expenses

 

 

2,632,916

 

 

2,367,830

 

 

 

 

 

 

 

Loss        before other income (expense) and income taxes

 

 

(1,668,022)

 

 

(667,093)

 

 

 

 

 

 

 

Other        income (expense):

 

 

 

 

 

 

          Foreign exchange losses

 

 

(19,011)

 

 

(7,334)

          Gain on settlement of debt

 

 

101,509

 

 

158,574

          Loss on disposal of equipment

 

 

-

 

 

(6,107)

          Interest income

 

 

22,083

 

 

17,171

          Other income

 

 

11,098

 

 

10,953

          Profit from sale of US players and related assets (Note 3)

 

 

120,000

 

 

180,000

 

 

 

 

 

 

 

Loss        before income taxes

 

 

(1,432,343)

 

 

(313,836)

 

 

 

 

 

 

 

Income        tax expense

 

 

- 

 

 

- 

 

 

 

 

 

 

 

Net        loss

 

$

(1,432,343)

 

$

(313,836)

 

 

 

 

 

 

 

Net        loss per common share, basic and diluted (Note 2)

 

$

(0.04)

 

$

(0.01)

 

 

 

 

 

 

 

Weighted        average common shares outstanding, basic and diluted (Note 2)

 

 

32,784,405

 

 

27,275,700

See  accompanying notes to consolidated financial statements.  

22

**BINGO.COM, LTD.****and subsidiaries**

Consolidated Statements of Stockholders' Equity  (Deficit)   
Years ended December 31, 2007 and 2006  

 

Common stock

 

 

  Accumulated Other Comprehensive loss

 

 

Shares

Amount

Subscription shares

Accumulated  (Deficit)

  Foreign currency translation        adjustment

  Total Stockholders' Equity

Balance,        December 31, 2005

  26,775,903

$        11,284,281

  22,600

  $ (9,360,584)

  $ 24,580

  $ 1,970,877

 

 

 

 

 

 

 

          Issuance of shares - 

          subscription shares

  252,000

22,600

  (22,600)

  -

-

-

 

 

 

 

 

 

 

          Exercise of stock options

612,650

147,446

- 

-

-

147,446

 

 

 

 

 

 

 

          Stock-based compensation

-

113,450

- 

- 

- 

113,450

 

 

 

 

 

 

 

          Issuance of consultant

          stockoptions

- 

7,074

- 

- 

- 

7,074

 

 

 

 

 

 

 

          Net loss

-

-

- 

(313,836)

- 

(313,836)

Balance,        December 31, 2006

27,640,553

$        11,574,851

$ - 

$ (9,674,420)

$ 24,580

$1,925,011

 

 

 

 

 

 

 

          Private placement

6,000,000

1,500,000

-

-

-

1,500,000

 

 

 

 

 

 

 

          Exercise of stock options

385,150

27,582

-

-

-

27,582

 

 

 

 

 

 

 

          Stock-based compensation

-

122,068

-

-

-

122,068

 

 

 

 

 

 

 

          Issuance of consultant

          stockoptions

-

11,319

-

-

-

11,319

 

 

 

 

 

 

 

          Net loss

-

-

-

(1,432,343)

-

(1,432,343)

Balance,        December 31, 2007

34,025,703

$13,235,820

$-

$(11,106,763)

$ 24,580

2,153,637

 See  accompanying notes to consolidated financial statements.  

23

**BINGO.COM, LTD.****and subsidiaries**

Consolidated Statements  of Cash Flows  

Years        ended December 31,

 

 

2007

 

2006

Cash        flows from operating activities:

 

 

 

 

 

          Net loss

 

$

(1,432,343)

$

(313,836)

          Adjustments to reconcile net loss to net cash used in

          operating activities:

 

 

 

 

 

             Depreciation and amortization

 

 

61,892

 

62,003

             Gain on settlement of debt

 

 

(101,509)

 

(158,574)

             Loss on disposal of equipment

 

 

-

 

6,107

             Stock-based compensation

 

 

122,068

 

113,450

             Issuance of consultant stock option

 

 

11,319

 

7,074

             Provision for doubtful accounts

 

 

-

 

206,241

            Profit from the sale of US players and related assets

 

 

(120,000)

 

(180,000)

          Changes in operating assets and liabilities:

 

 

 

 

 

             Accounts receivable

 

 

64,812

 

(258,577)

             Prepaid expenses

 

 

45,411

 

(66,824)

             Inventory

 

 

-

 

559

             Other assets

 

 

(80,591)

 

(12,977)

             Accounts payable and accrued liabilities

 

 

(68,984)

 

(31,427)

             Unearned revenue

 

 

100,486

 

(135,252)

          Net cash used in operating activities

 

 

(1,397,439)

 

(762,033)

 

 

 

 

 

 

Cash        flows from investing activities:

 

 

 

 

 

          Acquisition of equipment

 

 

(25,405)

 

(115,859)

           Proceeds from sale of US players and related assets

 

 

120,000

 

180,000

          Proceeds on disposal of equipment

 

 

112

 

8,507

          Net cash provided by investing activities

 

 

94,707

 

72,648

 

 

 

 

 

 

Cash        flows from financing activities:

 

 

 

 

 

          Exercise of stock options

 

 

27,582

 

147,446

          Private placement

 

 

1,500,000

 

-

          Repayment of loans and notes payable

 

 

(1,457)

 

(7,946)

          Net cash provided by financing activities

 

 

1,526,125

 

139,500

 

 

 

 

 

 

Change        in cash

 

 

223,393

 

(549,885)

 

 

 

 

 

 

Cash,        beginning of year

 

 

521,203

 

1,071,088

Cash,        end of year

 

$

744,596

$

521,203

 

 

 

 

 

 

Supplementary information:

 

 

 

 

 

          Interest paid

 

$

-

$

-

          Income taxes paid

 

$

- 

$

- 

 

 

 

 

 

 

Non-cash        transactions:

 

 

 

 

 

          Acquisition of equipment in exchange for settlement of debt

 

$

10,878

$

-

See accompanying notes to consolidated  financial statements.  

24

**BINGO.COM, LTD.  and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**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 selling advertising and  providing games of chance to its registered subscribers.  

**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 (registered in Canada), Bingo.com N.V.  (registered in Curacao, Netherlands Antilles), Bingo.com (Antigua) Inc.,  Bingo.com (Wyoming) Inc., Bingo Acquisition Corp, Bingo.com Operations Limited  (Malta), Bingo.com Services Limited (registered in the Untied Kingdom) and the  99% owned subsidiary, Bingo.com (UK) plc. (registered in the Untied Kingdom) 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.  and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

(c) Revenue  recognition:  

Gaming  revenues have been recognized on the basis of total dollars wagered, including  bonus wagered, on all games less all winnings payable to players.  

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.  

(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)  Cash and cash equivalents:  

Cash and cash equivalents include cash on hand and, on onoccasion, short term investments. The Company considers all highly liquidinstruments purchased with a remaining maturity of less than three months at thetime of purchase as cash equivalents.  

(f)   Accounts receivable:  

Trade and other accounts  receivable are reported at face value less any provisions for uncollectible  accounts considered necessary. Accounts receivable includes receivables from  payment processors and trade receivables from customers. 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, 2007, was $nil (2006 - $211,258),  including a provision for doubtful accounts of $nil (2006 - $206,241). Bad  Debt recovery for the for the year ended December 31, 2007, was $107,486.  

26

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

(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  

                         Leasehold improvements                         duration of the lease  

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 2007 totaled $221,763 (2006 - $165,673).   

(i)   Stock-based compensation:  

Effective January 1, 2006, the  Company adopted SFAS No. 123(R), "Share-Based Payment" ("SFAS  123(R)") and related interpretations which superseded APB No. 25. SFAS  123(R) requires that all stock-based compensation be recognized as an expense  in the financial statements and that such cost be measured at the fair value  of the award. This statement was adopted using the modified prospective  method, which requires the Company to recognize compensation expense on a  prospective basis.  

Therefore, prior period  financial statements have not been restated. Under this method, in addition to  reflecting compensation expense for new share-based awards, an expense is also  recognized to reflect the remaining service period of awards that had been  included in pro-forma disclosures in prior periods.  

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:  

 

 

2007

 

2006

Expected        dividend yield

 

- 

 

- 

Expected stock price volatility

 

90 - 101%

 

52 - 175%

Weighted average volatility

 
134%
 

147%

Risk-free interest rate

 

4.45        - 4.68%

 

0.98        - 4.93%

Expected life of options

 
2.5        - 5 years
 

2.5        - 3.56 years

Block discount applied

 
40%
 

40%

27

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

(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.  

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  (loss) income 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.   

28

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

(l)  Net (loss) income per share: (Continued)  

 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. In periods where losses are reported, the weighted  average number of common shares outstanding excludes common stock equivalents  because their inclusion would be anti-dilutive.  

The  earnings per share data for the year ended December 31, 2007 and 2006 are  summarized as follows:  

 

 

2007

 

2006

Net        loss for the year - as reported

$

(1,432,343)

$

(313,836)

 

 

 

 

 

Basic earnings per share weighted average number        of common shares outstanding

 

32,784,405

 

27,275,700

 

 

 

 

 

Effect        of dilutive securities

 

 

 

 

       Stock Options

 

2,019,328

 

4,508,053

 

 

 

 

 

Diluted        earnings per share weighted average number of common shares outstanding

 

34,803,733

 

31,783,753

(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 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 December  2007 the FASB issued Statement No. 141(R) "Business Combinations" ("FAS  141(R)"). FAS 141(R) requires the acquiring entity in a business combination  to recognize the full fair value of assets acquired and liabilities assumed in  the transaction (whether a full or partial acquisition); establishes the  acquisition-date fair value as the measurement objective for all assets  acquired and liabilities assumed; requires expensing of most transaction and  restructuring costs; and requires the acquirer to disclose to investors and  other users all of the information needed to evaluate and understand the  nature and financial effect of the business combination. FAS 141(R) applies  prospectively to business   

29

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

(n)  New accounting pronouncements: (Continued)  

combinations for which the acquisition date is on or  after January 1, 2009. The impact of FAS No. 141R on the consolidated  financial statements will depend upon the nature, terms and size of the  acquisitions we consummate after the effective date.  

In December  2007, the FASB issued SFAS No. 160. "Noncontrolling Interests in  Consolidated Financial Statements-an Amendment of ARB No. 51" ("SFAS No.  160"). SFAS No. 160  establishes accounting and reporting standards pertaining to ownership  interests in subsidiaries held by parties other than the parent, the amount of  net income attributable to the parent and to the noncontrolling interest,  changes in a parent's ownership interest, and the valuation of any retained  noncontrolling equity investment when a subsidiary is deconsolidated. This  statement also establishes disclosure requirements that clearly identify and  distinguish between the interests of the parent and the interests of the  noncontrolling owners. SFAS No. 160 is effective for fiscal years beginning on  or after December 15, 2008. The Company does not expect SFAS No. 160 to have a  material impact on the Company's consolidated financial statements.

In February 2007, the FASB  issued SFAS No. 159, "The Fair Value Option for Financial Assets and  Liabilities, including an amendment of FASB Statement No. 115" ("SFAS No.  159"). SFAS No. 159 permits entities to choose, at specified election dates,  to measure many financial instruments and certain other items at fair value  that are not currently required to be measured at fair value. Unrealized gains  and losses shall be reported on items for which the fair value option has been  elected in earnings at each subsequent reporting date. SFAS No. 159 is  effective for fiscal years beginning after November 15, 2007. The Company does  not expect the adoption of SFAS No. 159 to have a material impact on its  consolidated financial position, results of operations or cash flows.  

In September 2006, the FASB  issued SFAS No. 157, Fair Value Measurements. This Statement defines fair  value, establishes a framework for measuring fair value while applying  generally accepted accounting principles, and expands disclosures about fair  value measurements. SFAS No. 157 establishes a fair value hierarchy that  distinguishes between (1) market participant assumptions based on market data  obtained from independent sources and (2) the reporting entity's own  assumptions developed based on unobservable inputs. The Company is still  evaluating the impact of SFAS No. 157 on its financial statements, which is  effective beginning in fiscal year 2008, but does not expect its adoption to  have a material impact on its consolidated financial statements.  

In September  2006, the Securities and Exchange Commission ("SEC") issued Staff  Accounting Bulletin No. 108, " Considering the Effects of Prior Year  Misstatements when Quantifying Misstatements in Current Year Financial  Statements " ("SAB 108"). SAB 108 provides interpretive guidance on how  the effects of the carryover or reversal of prior year misstatements should be  considered in quantifying a current year misstatement. The SEC   

30

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

(n)  New accounting pronouncements: (Continued)  

 staff believes  that registrants should quantify errors using both a balance sheet and an  income statement approach and evaluate whether either approach results in  quantifying a misstatement that, when all relevant quantitative and  qualitative factors are considered, is material. The provisions of SAB 108  were effective for the Company's fiscal year ending December 30, 2006. The  adoption of SAB 108 did not have a material impact on the Company's  consolidated financial statements.  

 (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.  

**3.   Sale of US players and related assets:**

Effective October 12, 2006, the  Company, in response to the United States Unlawful Internet Gambling  Enforcement Act, sold its United States players and related assets for  $1,200,050, payable by the arms-length purchaser at a variable rate over the  subsequent months. The Company will recognize the profit from the sale of  these assets as and when payment is received. During the year ended December  31, 2007, the Company collected $120,000 (2006 $180,000) in payment for these  assets.  

 

 

Amount

Sale        of US players and related assets

$

1,200,050

 

 

 

Payments received

 

(180,000)

 

 

 

Balance        December 31, 2006

 

1,020,050

 

 

 

Payments received

 

(120,000)

 

 

 

Balance        remaining December 31, 2007

$

900,050

31

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**4.    Accounts  Receivable:**

The  accounts receivable as at December 31, 2007, is summarized as follows:  

 

 

2007

 

2006

Accounts        receivable

$

179,964

$

425,117

 

 

 

 

 

Provision        for doubtful accounts

 

(36,778)

 

(206,241)

 

 

 

 

 

Net        accounts receivable

 

143,186

 

218,876

The Company has provided $36,778 (2006 $206,241) for  doubtful accounts. These doubtful accounts relate, to the remaining funds held  at the First Curacao International Bank, which has been placed under the  control of the Central Bank of Curacao by the Court of the Netherlands  Antilles. During the year ended December 31, 2007, the Company collected  $109,091 in funds held the First Curacao International Bank, but, due to the  uncertainty of collection, the Company has continued to allow for the remaining funds at  the First Curacao International Bank.  

**5.    Equipment:**   

2007

 

Cost

 

Accumulated        depreciation

 

Net        book

Value

 

 

 

 

 

 

 

Equipment        and computers

$

418,080

 

306,908

 

111,172

Furniture        and fixtures

 

17,854

 

7,750

 

10,104

Leasehold        improvements

 

12,546

 

4,254

 

8,292

 

$

448,480

 

318,912

 

129,568

   

2006

 

Cost

 

Accumulated        depreciation

 

Net        book

Value

 

 

 

 

 

 

 

Equipment        and computers

$

382,510

$

260,523

$

121,987

Furniture        and fixtures

 

17,392

 

5,284

 

12,108

Leasehold        improvements

 

12,546

 

1,239

 

11,307

 

$

412,448

$

267,046

$

145,402

Depreciation expense was $52,005 (2006 - $52,116) for the  year ended December 31, 2007.  

**6.   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 payment commitments were  completed on June 30, 2002. During the year ended December 31, 2002, the  agreement was amended so that the remaining  

32

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

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, 2007, expense payments of $94,790  (2006 - $101,659) were 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 capitalized the cost of the legal  settlement with Roger Ach, the Lottery Channel Inc. and Games, Inc., whereby  the Company will receive free advertising on the Lottery Channel Inc. and  Games, Inc. websites for a period of five years.   

2007

 

Cost

 

Accumulated        amortization

 

Net        book

Value

 

 

 

 

 

 

 

Domain        name rights

$

1,934,500

$

677,259

$

1,257,241

Intangible        asset - email list

 

49,436

 

41,609

 

7,827

 

$

1,983,936

 $

718,868

$

1,265,068

   

2006

 

Cost

 

Accumulated        amortization

 

Net        book

Value

 

 

 

 

 

 

 

Domain        name rights

$

1,934,500

$

677,259

$

1,257,241

Intangible        asset - email list

 

49,436

 

31,722

 

17,714

 

$

1,983,936

$

708,981

$

1,274,955

     Amortization  expense was $9,887 (2006 - $9,887) for the year ended December 31, 2007.  

**7.    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, 2007, Bingo.com, Ltd. completed private  placement offerings of 6 million units at $0.25 per unit.   Total proceeds of the offering are $1.5 million.   Each unit consists of one common share and one half common share  purchase warrant. Each whole warrant is exercisable into one additional common  share of the Company for a period of two years at an exercise price of $0.35  per share.  The warrants are  non-transferable.  

During the year ended December  31, 2007, the holders of stock options exercised their options for 385,150  shares for $27,582 at exercise prices ranging from $0.05 to $0.10 per share.  

33

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**7.   Stockholders' equity: (Continued)**

(a)   Common stock issuances:  

During the year ended December  31, 2006, the holders of stock options exercised their options for 612,650  shares for $147,446 at exercise prices ranging from $0.05 to $0.60 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.  

As at December 31, 2007, there  were a total of 986,500 stock options (2006 - 992,000) stock options)  outstanding at exercise prices ranging from $0.05 to $0.15 per share. During  the year ended December 31, 2007, there were no options exercised or issued,  under the 1999 plan. During the year ended December 31, 2007, 5,500 options  issued under the 1999 plan expired unexercised.  

Of the options outstanding at  December 31, 2007, a total of 86,500 (2006 - 92,000) 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 65,500 (2006 - 35,000) of these common stock purchase  options had vested at December 31, 2007.  

(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, 2007, there  were a total of 3,475,000 stock options (2006 - 3,225,000 stock options)  issued, of which 1,592,700 (2006 - 1,207,550) had been exercised as at  December 31, 2007. During the year ended December 31, 2007, 59,000 stock  options expired unexercised. Therefore as at December 31, 2007, there were  1,823,300 (2006 - 2,017,450) stock options outstanding at exercise prices  ranging from $0.05 to $0.33 per share. Of the options outstanding at December  31, 2007, a total of 1,373,300  (2006  - 1,417,450) 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 1,465,550 (2006 - 1,285,950) of these common stock purchase options had vested at December  31, 2007.  

34

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**7.   Stockholders' equity: (Continued)**

Subsequent to the year ended  December 31, 2007, the holders of the stock options exercised 24,500 of their  options, issued under the 2001 plan, whose options price was $0.05.   In addition, 300 stock options, issued under the 2001 plan, expired  unexercised.   

(iii) 2005 stock option plan:  

During the year ended December  31, 2005, the Company's Board of Directors adopted the 2005 stock option plan,  which was approved by the shareholders at the Annual General meeting. 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, 2007, there  were a total of 1,800,942 (2006 - 1,195,942) stock options outstanding at an  exercise prices ranging between $0.27 and $0.91 per share. Of the options  outstanding at December 31, 2007, a total of 1,463,750 (2006 933,750) 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 829,242 (2006 - 515,042) of these common stock purchase  options had vested at December 31, 2007.  

A summary of  stock option activity for the stock option plans for the years ended December  31, 2007 and 2006 are as follows:****

 

 

Number        of shares

 

Weighted        average exercise price

Outstanding,        December 31, 2005

 

4,702,850

$

0.21

 

 

 

 

 

Granted        (including repriced options)

 

367,192

 

0.91

Exercised        in fiscal 2005, issued in fiscal 2006

 

(252,000)

 

0.09

Exercised

 

(612,650)

 

0.24

Outstanding,        December 31, 2006

 

4,205,392

$

0.27

 

 

 

 

 

Granted        (including repriced options)

 

950,000

 

0.29

Exercised

 

(385,150)

 

0.07

Expired

 

(159,500)

 

0.43

 

 

 

 

 

Outstanding,        December 31, 2007

 

4,610,742

 

0.28

** **

35

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**7.   Stockholders' equity: (Continued)**

The following table summarizes  information concerning outstanding and exercisable stock options at December  31, 2007:

Range        of exercise prices per share

Number        outstanding

Number        exercisable

Expiry        date

$

0.05

24,800

24,800

January        12, 2008

 

0.05

300,000

300,000

April        25, 2008

 

0.10

258,000

242,000

January        16, 2009

 

0.10

55,000

49,000

February        9, 2009

 

0.10

300,000

300,000

April        16, 2009

 

0.10

844,500

640,250

August        27, 2009

 

0.15

777,500

725,000

September        23, 2009

 

0.60

753,750

529,750

July        18, 2010

 

0.91

62,192

62,192

May        18, 2011

 

0.91

285,000

108,300

June        13, 2011

 

0.27

590,000

194,000

February        28, 2012

 

0.33

275,000

95,000

March        5, 2012

 

0.30

85,000

8,500

October        22, 2012

 

 

4,610,742

3,278,792

 

During the years ended December 31, 2007, the Company  recorded stock compensation expense of $122,068 (2006 - $113,450) 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:  

During the year ended December  31, 2007, the Company issued 3,000,000 warrants which are exercisable into  3,000,000 common shares at $0.35 per share over a period of two years. The  warrants are non-transferable.  

**8.    Commitments:**

The Company leases office  facilities in Vancouver, British Columbia, Canada, The Valley, Anguilla,  British West Indies and London, United Kingdom.  These office facilities are leased under a operating lease agreements. The  Canadian operating lease agreement expires on September 30, 2010. The  Anguillian operating lease expires on September 30, 2008. The United Kingdom  lease, is leased from a company owned by a current director and officer of the  Company. This lease is for 30 days and is automatically renewed with a 30 day  notice period.  

Minimum lease payments under  these operating leases are approximately as follows:  

 

 

 

2008

$

75,833

2009

 

71,167

2010

 

53,376

 

 

 

The Company paid rent expense totaling $87,064 for the year ended  December 31, 2007 (2006 - $57,942).  

36

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**8.    Commitments: (Continued)**

TheCompany has a management consulting agreement with T.M. Williams (Row), Inc., anAnguilla 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. The agreement was renewed for a further one year periodon August 1, 2007, on substantially the same terms and conditions, whereby theCompany will pay to T.M. Williams (Row), Ltd., 10% of the operating profit ofthe Company, as defined in the amendment, to a maximum of $25,000 per month, inarrears.  

**9.    Income taxes:**

Bingo.com, Ltd. is domiciled in  the tax-free jurisdiction of Anguilla, British West Indies. 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:  

 

 

2007

 

2006

Computed        "expected" tax (expense) benefit

$

486,997

$

106,704

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

 

(487,543)

 

(108,566)

Other

 

(5,944)

 

3,001

Expiration        of tax asset

 

(333,559)

 

 

Change        in exchange rates

 

118,600

 

(29,031)

Change        in valuation allowance

 

221,449

 

27,892

 

$

-

$

-   

The tax effects of temporary  differences that give rise to significant portions of the deferred tax assets  and deferred tax liabilities at December 31, 2007 and 2006 are presented  below:  

 

 

2007

 

2006

Deferred        tax assets:

 

 

 

 

          Net operating loss carry forwards

$

754,719

$

976,168

 

 

 

 

 

          Valuation Allowance

 

754,719

 

(976,168)

 

$

- 

$

- 

The valuation  allowance for deferred tax assets as of December 31, 2007 and 2006, was  $754,719 and $976,168, respectively.  The  net change in the total valuation allowance for the years ended December 31,  2007 and 2006, was a decrease of $221,449 and $27,892 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.   

37

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

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

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 $1,842,000 in Canada prior to the expiration of the net  operating loss carryforwards. During the year ended December 31, 2007,  $954,138 (2006 - $nil) of these net operating loss carryforwards expired in  Canada.  

**10.  Related party transactions:**

The Company has received a loan of$1,457 in 2006, from a current  director and officer. This  loan had no fixed repayment terms and was non-interest bearing. The proceeds of  this loan were used to fund ongoing working capital requirements. No loanswere received during 2007.  

In  addition, the Company has a liability for $2,306 (2006 - $2,163) 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.  

Payments  made to Bingo, Inc. in relation to the domain name purchase payment totaled  $94,790 during the year ended December 31, 2007 (2006 - $101,659).  

The Company supplied administration  services of $816 (2006 - $3,281) to a company whose director is a current director and officer of the Company. In addition, the Company  incurred administrative expenses in connection with this related company and  as at December 31, 2007, there was a receivable balance of $13,259 (2006 -  $12,808).  

**11. 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 receiving deposits for the games for money and selling  advertising on the website.  The  revenue for the year ended December 31, 2007 and 2006, has been derived  primarily from receiving deposits for the games for money.  

       Equipment  

The  Company's equipment is located as follows:  

Net        Book Value

 

2007

 

2006

 

 

 

 

 

Canada

$

78,588

$

68,932

Curacao,        Netherlands Antilles

 

50,980

 

76,470

 

$

129,568

$

145,402

38

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**12.  Concentrations:**

      Major  customers  

For  the year ended December 31, 2007, there was no single player on the gaming site  who had wagered more than 10% of the total gaming revenue. The Company is  reliant on various payment processors who process funds players have wagered  on the gaming site. For the year ended December 31, 2007, there were two  processors each receiving 90% and 10% respectively of the total funds  processed during the year ended December 31, 2007.  

For  the year ended December 31, 2006, there was no single player on the gaming site  who had wagered more than 10% of the total gaming revenue. The Company is  reliant on various payment processors who process funds players have wagered  on the gaming site.  

For  the year ended December 31, 2006, there were three processors each receiving  funds 52%, 9% and 8% respectively of the funds amounts processed during the  year ended December 31, 2006.  

During  the year ended December 31, 2007 and 2006, the Company offered limited  advertising. Therefore there was no advertising sales representing more than  10% of the total sales.  

**13. 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 currently maintains a substantial portion of its day-to-day operating  cash balances at financial institutions.  At December 31, 2007, the Company had total cash balances of  $665,162 (2006 - $521,203) at financial institutions, where $378,441 (2006 -  $139,774) is in excess of federally insured limit.   

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

As  of December 31, 2007, three customers, totaling $59,500, $26,886 and $25,389  who accounted for greater than 10% of the total accounts receivable.  As of December 31, 2006, three customers, totaling $49,206,  $39,576 and $34,804 who 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.  

39

**BINGO.COM,  LTD. and subsidiaries**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2007 and 2006  

**14. Contingent liabilities:**

The  Company has a contingent liability of $441,916 (2006 - $nil) for player bonus  balances. These balances are not withdrawable but can be wagered. Any winnings  made on these bonus wagers are immediately withdrawable.  

40

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

Duringthe year ended December 31, 2007, 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 31,2007, and to the date of filing this annual report.

**ITEM8B - OTHER INFORMATION**

None

41

**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: 
NameAgePositionAudit      CommitteeGovernance      CommitteeCompensation      Committee
T.      M. Williams

66

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

X*

 

 

J.      M. Williams

32

Vice-President, Business      Development

X

X

X*

C.      M. Devereux

44

Vice-President, Corporate      Affairs

 

X*

X

H.      W. Bromley

38

Chief      Financial Officer

 

 

 

X* - Chairmanof Committee

**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..

**Mr. J. M. Williams**hasserved as Vice President, Business development for the Company since September2001. From January 2000 to September 2001, he was a Business Developmentrepresentative at Blue Zone Inc. (a technology company). From September 1998 toMay 1999 he was a Business Analyst with RBC Dominion Securities. Mr. J. M.Williams has a bachelor of Commerce degree from the University of Victoria. Mr.J. M. Williams is the son of Mr. T. M. Williams the Company's Chief ExecutiveOfficer.****

**Mr. C. M. Devereux**hasserved as Vice-President, Corporate Affairs for the Company since September2001. From May 2000 to September 2001, he was Vice-President, Corporate Affairsat Blue Zone Inc. (a technology company). From 1996 to 2000, he was President ofMill Reef Holdings, a consultancy company. From 1992 to 1997, he practicedcorporate / commercial law in private practice. Mr. Devereux has a law degreefrom Osgoode Hall, Toronto, Canada.****

**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. 

42

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 three 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 or decreased from time-to-time byresolution of the Board of Directors or the shareholders. Mr. J. M. Williams isthe son of Mr. T. M. Williams. There are no other family relationships betweenany of the officers and directors of the Company.

**COMMITTEESOF OUR BOARD OF DIRECTORS**

Wecurrently have three committees of our Board of Directors.

-    Audit Committee - This committee will review the financial statementsof the Company and propose to the board to approved the financial statements.The Committee meets quarterly to review and approve the quarterly financialstatements and to discuss the affairs of the company with the auditors.

-     Governance Committee - This committee review the ethics policy of theCompany and ensure compliance. It will make recommendations to the board forimprovement in Corporate Governance. In addition it will be this committee towhom a whistle blower will report.

-     Compensation Committee - This committee will propose the appointment andremuneration of the Chief Executive Officer including salary, stock options, andbonuses.

**BOARD OFDIRECTORS MEETINGS**

Our Board of Directors met, in person, eight times during the last fiscalyear and it regularly approves all material actions required by consent resolutions.

**CODE OF ETHICS**

OnDecember 21, 2006, the Board of Directors of Bingo.com, Ltd. (the"Board") adopted a new Code of Business Conduct and Ethics (the"Code"), which applies to the Company's directors, officers andemployees. The Code was adopted to further strengthen the Company's internalcompliance program. The Code addresses among other things, honesty andintegrity, fair dealing, conflicts of interest, compliance with laws,regulations and policies, including disclosure requirements under the federalsecurities laws, and administration of the code. The code is available at theCompany's website at http://www.bingo.com/corp/governance.php in the Corporatesection under Corporate Governance. A copy of our Code of Ethics is availableupon request at no charge to any shareholder.

**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. 

43

**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.

44

**ITEM 10. EXECUTIVE COMPENSATION**

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

**SUMMARYCOMPENSATION TABLE**

 

 

Annual      Compensation

Long-term      Compensation

 

Name      and Principal Position

Year

Fees

Bonus

Other Annual

Compensation

Restricted Stock      Awards

Securities      Underlying Options /

All      Other

Compensation

 

 

$

$

$

$

SARs       (#)

$

T.M.      Williams -

2007

-

- 

- 

- 

100,000

- 

President      and

2006

9,075

- 

- 

- 

25,000

- 

CEO (1)

2005

25,301

- 

- 

- 

100,000

- 

J. M.      Williams

2007

123,788

-

-

-

175,000

 

C. M.      Devereux

2007

123,788

-

-

-

175,000

-

H. W.      Bromley

2007

123,788

-

-

-

175,000

-

 

2006

88,754

-

-

-

25,000

-

 

2005

88,235

- 

- 

- 

100,000

- 
 
(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, 2007, we granted to Mr. J. M. Williams andMr. C. M. Devereux stock options to purchase a total of 175,000 shares each ofour common stock at an exercise price of $0.27 per share until February 28,2012.  We granted to Mr. T. M.Williams stock options to purchase a total of 100,000 shares of our common stockat an exercise price of $0.33 per share until March 5, 2012. We granted to Mr.T. M. Williams stock options to purchase a total of 175,000 shares of our commonstock at an exercise price of $0.33 per share until March 5, 2012. 71,750 stockoptions were exercised by our executive officers during the fiscal year endedDecember 31, 2007. Subsequent to the year ended December 31, 2007, 24,500 stockoptions were exercised by one of our executive officers

**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 at December31, 2007, there were a total of 1,094,500 stock options with exercise pricesranging from $0.05 to $0.15 per share issued, of which 108,000 options have beenexercised in total as at December 31, 2007. As at December 31, 2007, there werea total 986,500 options outstanding at exercise prices ranging from $0.10 to$0.15 per share. Options to purchase 800,500 shares remained available forfuture grant under the 1999 Stock Option Plan.

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, 2007, there were a total of 3,416,000 stock options with exercise pricesranging from $0.05 to $0.15 per share issued, of which 1,592,700 options havebeen exercised in total as at December 31, 2007. As at December 31, 2007, therewere a total 1,823,300 options outstanding at exercise prices ranging from $0.05to $0.33 per share. Options to purchase 2,008,726 shares remained available forfuture grant under the 2001 Stock Option Plan as at December 31, 2007.

45

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, 2007, there were a total of 1,807,192 stockoptions with exercise prices ranging from $0.27 to $0.91 per share issued, ofwhich 6,250 options have been exercised in total as at December 31, 2007. As atDecember 31, 2007, there were a total of 1,800,942 stock options outstanding atan exercise price ranging between $0.27 and $0.91 per share. Options to purchase192,808 shares remained available for future grant under the 2005 Stock OptionPlan as at December 31, 2007.

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 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 exceptin the case of the death of an optionee, in which case the option is exercisablefor a maximum of twelve months thereafter, or in the case of an optionee ceasingto be a participant under the 1999 stock option plan for any reason other thancause or 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 notbe less than 85% 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 

46

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.

**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, 2007, 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 28, 2008, 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 28, 2008, are deemed outstanding.

47

Percentageof beneficial ownership is based upon 34,025,703 shares of commonstock outstanding at March 28, 2008. To our knowledge, except as set forth in the footnotes to thistable and subject to applicable community property laws, each person named inthe table has sole voting and investment power with respect to the shares setforth opposite such person's name. 

       
Name      and Address of Beneficial Owner

Number      of Shares Beneficially Owned

 

Percent      of Class

T.      M. Williams

203      Shakespeare Tower

The      Barbican

London,      EC2Y 8DR

United      Kingdom

3,159,858

(1)

8%

 

 

 

 

J.      M. Williams

203      Shakespeare Tower

The      Barbican

London,      EC2Y 8DR

United      Kingdom

787,700

(2)

2%

 

 

 

 

C.      M. Devereux

10      - 3036 West 4th Avenue

Vancouver,      BC, V6K 1R4

Canada

702,500

(3)

2%

 

 

 

 

H.      W. Bromley

301      - 499 Broughton Street

Vancouver      BC, V6G 3K1

Canada

802,500

(4)

2%

 

 

 

 

All      directors and Named Executive Officers as a group (4 persons)

5,452,558

 

14%

 

 

 

 

Bingo,      Inc. 

 P.O. Box 727, Landsome Road

The      Valley,

Anguilla,      B.W.I.

12,896,831

(5)

31%

Praetorian      Capital Management LLC

119      Washington Avenue, Suite 600

Miami      Beach, FL  33139

United      States of America

11,937,100

(6)

27%

 

(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 $0.05 pershare, 150,000 shares of common stock that may be issued upon the exercise of150,000 stock purchase options with an exercise price of $0.10 per share,300,000 shares of common stock that may be issued upon the exercise of 300,000stock purchase options with an exercise price of $0.15 per share, 100,000 sharesof common stock that may be issued upon the exercise of 100,000 stock purchaseoptions with an exercise price of $0.60 per share, 25,000 shares of common stockthat may be issued upon the exercise of 25,000 stock purchase options with anexercise price of $0.91 per share and 100,000 shares of common stock that may beissued upon the exercise of 100,000 stock purchase options with an exerciseprice of $0.33 per share. Also includes 2,134,858 shares held directly by Mr.Williams and 200,000 shares of common stock that may be issued upon the exerciseof 200,000 warrants with an exercise price of $0.35 per share. 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.

48

(2) Includes 73,000 shares of common stock that may be issued upon theexercise of 73,000 stock purchase options with an exercise price of $0.10 pershare, 225,000 shares of common stock that may be issued upon the exercise of225,000 stock purchase options with an exercise price of $0.10 per share,100,000 shares of common stock that may be issued upon the exercise of 100,000stock purchase options with an exercise price of $0.60 per share, 25,000 sharesof common stock that may be issued upon the exercise of 25,000 stock purchaseoptions with an exercise price of $0.91 per share and 175,000 shares of commonstock that may be issued upon the exercise of 175,000 stock purchase optionswith an exercise price of $0.27 per share. Also includes 189,700 shares held directly by Mr. J. M. Williams.

(3)  Includes 73,000 shares of common stock that may be issued upon theexercise of 73,000 stock purchase options with an exercise price of $0.10 pershare, 225,000 shares of common stock that may be issued upon the exercise of225,000 stock purchase options with an exercise price of $0.10 per share,100,000 shares of common stock that may be issued upon the exercise of 100,000stock purchase options with an exercise price of $0.60 per share, 25,000 sharesof common stock that may be issued upon the exercise of 25,000 stock purchaseoptions with an exercise price of $0.91 per share and 175,000 shares of commonstock that may be issued upon the exercise of 175,000 stock purchase optionswith an exercise price of $0.27 per share. Also includes 104,500 shares held directly by Mr. C. M. Devereux.

(4)  Includes, 55,000 shares of common stock that may be issued upon theexercise of 55,000 stock purchase options with an exercise price of $0.10 pershare, 177,500 shares of common stock that may be issued upon the exercise of177,500 stock purchase options with an exercise price of $0.15 per share,100,000 shares of common stock that may be issued upon the exercise of 100,000stock purchase options with an exercise price of $0.60 per share, 25,000 sharesof common stock that may be issued upon the exercise of 25,000 stock purchaseoptions with an exercise price of $0.91 per share and 175,000 shares of commonstock that may be issued upon the exercise of 175,000 stock purchase optionswith an exercise price of $0.33 per share. Also includes 270,000 shares held directly by Mr. Bromley.

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

(6)  Includes 8,937,100 shares held by a subsidiary of Praetorian CapitalManagement LLC a private company. In addition, a subsidiary of PraetorianCapital Management LLC holds 2,800,000 shares of common stock that may be issuedupon the exercise of 2,800,000 warrants with an exercise price of $0.35 pershare.

**ITEM12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

TheCompany has received a loan of  $1,457 in 2006, from a current director andofficer. This loan hadno fixed repayment terms and was non-interest bearing. The proceeds of this loanhave been used to fund ongoing working capital requirements. No loans werereceived during 2007.

Inaddition, the Company has a liability for $2,306 (2006 - $2,163) to a companyowned by a current director and officer of the Company for payment of servicesrendered and expenses incurred by a current director and officer of the Company.

Paymentsmade to Bingo, Inc. in relation to the domain name purchase payment totaled$101,780 during the year ended December 31, 2007 (2006 - $101,659).

The Company supplied administrationservices of $816 (2006 - $3,281) to a company whose director is a current director and officer of the Company. In addition, the Companyincurred administrative expenses in connection with this related company and asat December 31, 2007, there was a receivable balance of $13,259 (2006 -$12,808).

**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.

49

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

Duringthe year ended December 31, 2007, the Company incurred fees of $49,484 (2006 -$55,846) from the principal accountant - Dohan and Company, CPA's, P.A.$48,166 of these fees related to audit fees (2006 - $55,846). $1,318 of thesefees related to the review of documents submitted to the Central Bank of Curacaofor retrieval of our funds held at the First Curacao International Bank.

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-eight percent ofthe hours expended on the principal accountant's engagement to audit ourfinancial statements were attributed to work performed by persons other than theprincipal accountant's full-time, permanent employees. The principal accountant reviewed all work done by such individuals.

50

**S****IGNATURES**
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

 

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 28, 2008

T. M. Williams                        Executive Officer and

Director(Principal

                                               Executive Officer)

 

By:      *"/s/ H. W. Bromley"              *Chief Financial Officer                           March 28, 2008

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, 2007, 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 28, 2008

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, 2007, 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 28, 2008

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, 2007, 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 28, 2008

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.

 

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**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, 2007, 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 28, 2008

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      

4.4      

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

4.5      

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

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)      

10.28      

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. (b)      

10.29      

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

10.32      

Code of Business Conduct and Ethics dated December 22, 2006. (e)      

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 28, 2008.      

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 28, 2008.      

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 28, 2008.      

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 28, 2008.      

(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 September 30, 2002, on November 14, 2002.

(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 year end report on Form 10-K/A for theyear ended December 31, 2002, on May 8, 2003.

(e)Previously filed with the Company's report on Form 8-K on December 26,2006.

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