**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, 2006

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.                                                $2,543,461                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 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 30, 2007, being        $0.52 per share: $9,733,367. ** **The        number of shares of the issuer's common stock outstanding on April 2,        2007, was 33,749,703. 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 33,749,703as of April 2, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **DOCUMENTS        INCORPORATED BY REFERENCE**

The merger of Bingo.com, Inc. with Bingo.com, Ltd.,        which was approved by the Securities Exchange Commission on March 8,        2005, and is effective on April 7, 2005, is described in the prospectus        filed under Rule 424(b) of the Securities Act and the Form S-4, which        were filed on March 9, 2005, and March 4, 2005, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Transitional Small Business Disclosure Format (Check one):                        Yes [  ]      No        [X]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

###### TABLE OF CONTENTS

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

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

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

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

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

PART  II...........................................................................................................................................  10

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER    MATTERS...................................................................................................................................10

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION..11

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

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL  DISCLOSURE............................................................................................  42

ITEM 8A.   CONTROLS AND  PROCEDURES.........................................................................  42

ITEM 8B. OTHER  INFORMATION...........................................................................................42

PART  III...........................................................................................................................................43

ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE  GOVERNANCE; COMPLIANCE WITH  SECTION 16(A) OF THE EXCHANGE  ACT............................................................................................................................................  43

ITEM 10.   EXECUTIVE  COMPENSATION............................................................................  .45

ITEM 11.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED    STOCKHOLDERS MATTERS .........................................47

ITEM 12.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.........................49  

ITEMS  13.  EXHIBITS...............................................................................................................  49

ITEM  14.  PRINCIPAL ACCOUNTANT FEES ANDSERVICES............................................49

SIGNATURES............................................................................................................................    50

CERTIFICATIONS.....................................................................................................................51

CERTIFICATION  PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THESARBANES-OXLEY ACT OF 2002................................................. 53

EXHIBIT  LIST...........................................................................................................................  55

2

**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 1,700,000 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.  

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.  

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.  

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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") and through Bingo.com N.V.  

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

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

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

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

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

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

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

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

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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, 2006, we made payments totaling $101,659 (2005  $79,260) 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, sweepstakes, and 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. signed a software  license agreement with Chartwell Games (Malta) Limited ("Chartwell"), a  subsidiary of Chartwell Technology Inc. The software license agreement  entitles Bingo.com the use of Chartwell's gaming software to enable the  Bingo.com players to play bingo and other soft games like hi-lo or video poker  for money. In addition, the agreement entitles Bingo.com to use Chartwell's  Cyberboss (the Gaming System Management) and Chartwell's CyberBanx (the  ability to accept payments). The license agreement contains mutually agreeable  cancellation terms; is renewable after five years; and was agreed according to  standard industry terms.  

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

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 includes the registered online gaming  players, the gaming servers, and the complete database of real money players.  The asset disposition price is $1,200,050 payable at a variable rate over the  coming months.  

Gaming revenue from the bingo.com website accounted  for approximately 94% of our revenue for the year ended December 31, 2006.  Moving forward we will increase our focus on attracting additional players  from jurisdictions such as the United Kingdom where Internet gambling is  considered legal. We expect to launch the United Kingdom focused website in  the second quarter of 2007.  

**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 site, 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, 2006.  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 rebuild our advertising  revenue stream in North America.  

**The Niche**

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

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

We  believe that our future success will be dependent on a number of factors.   These include focusing on 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   

6

 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  2006, 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 video poker or slots, for money to our players.  

-      Banner and button advertisements on our website;  

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

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

-      Sponsorships of email newsletters or parts of our site;  

-     Exchanging of links with other websites.  

Throughout 2006 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 on earn gaming revenue from only 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 2006 was  calculated on a Cost Per Thousand ("CPM") 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 the 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.  

**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 deriving additional revenue.  We believe that our bingo.com website has inherent value as a brand name and  we intend to aggressively expand our player base by promoting   

7

 that name. 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.  

**Employees**

As  of December 31, 2006, we had eleven 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 chat host monitors to a recognized chat host 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 2006, the majority of our equipment was located in Curacao,  Netherlands Antilles with the remainder in Canada.  

**Seasonality**

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

**Competition**

We  face competition primarily from other 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   

8

 attracting users from  these sites or generating new users from the overall bingo community that are  not yet focused on playing bingo online.  

**Trademarks and Intellectual Property Protection**

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

**ITEM 2. DESCRIPTION OF  PROPERTY.**

Our  executive office is located in The Valley, Anguilla, 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 occupies approximately 2,480 square feet.  We entered into a new lease on September 30, 2005, for a term  of sixty months and ending September 30, 2010. The monthly rental is  approximately $4,800.  

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

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

**ITEM  3. LEGAL PROCEEDINGS.**

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

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

We  are not currently a party to any legal proceeding, other than the case listed  above, and were not a party to any other legal proceeding during the fiscal  year ended December 31, 2006. Other than the case listed above 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 September 19, 2006.  There were no submissions during the fourth quarter of 2006.  

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**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, 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       |
| December        31, 2005  | $0.80        | $0.53       |
| September        30, 2005 | $0.90        | $0.47       |
| June        30, 2005      | $1.65        | $0.61       |
| March        31, 2005     | $1.10        | $0.40       |

1.              Prices  as per Yahoo! Finance  

On April 2, 2007, the last reported sale price of our common stock, as reported  by the OTCBB, was $0.52 per share.  

As  of April 2, 2007, we believe there are approximately 2,292 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.  

**Recent  Sales of Unregistered Securities**

There  were no sales of unregistered securities during the year ended December 31,  2006.  

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**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 992,000 stock purchase options (2005 -  1,100,000) outstanding at December 31, 2006. During the year ended December  31, 2006, the holders of the stock options exercised 108,000 of their options,  issued under the 1999 plan, whose options prices ranged between $0.05 and  $0.10.  

We have reserved a total of 5,424,726 common shares  for issuance pursuant to grants under the 2001 stock option plan.   Pursuant to this plan we have 2,017,450 stock purchase options (2005  - 2,767,850) outstanding as at December 31, 2006. 1,717,450 of the stock  options outstanding at December 31, 2006, 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, 2006, the holders of the stock options  exercised 498,400 of their options, issued under the 2001 plan, whose options  prices ranged between $0.05 and $0.30. In addition 252,000 shares were  exercised during the year ended December 31, 2005, but only issued during the  year ended December 31, 2006. Subsequent to the year ended December 31, 2006,  the holders of the stock options exercised 109,150 of their options, issued  under the 2001 plan, whose options prices ranged between $0.05 and $0.10.  

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 1,195,942 stock purchase options (2005 :  835,000) outstanding at December 31, 2006. 933,750 of the stock options  outstanding at December 31, 2006, 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, 2006, the holders of the stock options exercised  6,250 of their options, issued under the 2005 plan, whose option price was  $0.60.  

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

**Equity  Compensation Plan Information**

| Plan category ****                                              | Number of securities to be issued upon exercise of outstanding        options, warrants and rights **** | Weighted average exercise price of outstanding options, warrants and        rights **** | Number of securities remaining available for future issuance **** |
|-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------|
|  ****                                                      | (a) ****                                                                                                | (b) ****                                                                                | (c) ****                                                          |
| Equity compensation plans approved by security holders ****     | 4,205,392                                                                                               | $0.27                                                                                   | 3,792,534                                                         |
| Equity compensation plans not approved by security holders **** | 0                                                                                                       | 0                                                                                       | 0                                                                 |
| Total                                                           | 4,205,392                                                                                               | $0.27                                                                                   | 3,792,534                                                         |

**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   

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  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 2006 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 a significant  portion 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, 2006, had an accumulated deficit of $9,674,420.  

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,  2006, and 2005, and the consolidated balance sheet data as of December 31,  2006, and 2005, 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, 2004, 2003, and 2002 and the  consolidated balance sheet data as of December 31, 2004, 2003, and 2002, 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, |   |
|--------------------------------------------------------------------------|--------|------------|--------|--------------------------------|--------|
|                                                                     |   | 2006       |   | 2005                           |   | 2004 |   | 2003 |   | 2002 |
|                                                                     |   |       |   |                           |   |   |   |   |   |   |
| Revenue                                                                  |   |       |   |                           |   |   |   |   |   |   |
| Advertising        revenue                                               | $      | 149,696    | $      | 1,386,479                      | $      | 1,158,620 | $ | 888,888 | $ | 717,192 |
| Gaming        revenue                                                    |   | 2,393,765  |   | 594,582                        |   | - |   | - |   | - |
| Total        revenue                                                     |   | 2,543,461  |   | 1,981,061                      |   | 1,158,620 |   | 888,888 |   | 717,192 |
|                                                                     |   |       |   |                           |   |   |   |   |   |   |
| Cost        of revenue                                                   |   | 842,724    |   | 485,419                        |   | 245,594 |   | 211,253 |   | 351,207 |
| Gross        profit                                                      |   | 1,700,737  |   | 1,495,642                      |   | 913,026 |   | 677,635 |   | 365,985 |
| Operating        expenses excluding interest and other income (expenses) |   | 2,042,697  |   | 1,397,417                      |   | 991,595 |   | 974,887 |   | 1,334,728 |
| Interest        and other income                                         |   | 28,124     |   | 22,565                         |   | 6,929 |   | 61,761 |   | 35 |
| Net        (loss) income                                                 |   | (313,836)  | $      | 120,790                        | $      | (71,640) | $ | (235,491) | $ | (968,708) |
|                                                                     |   |       |   |                           |   |   |   |   |   |   |
| Basic        and diluted net (loss) income  per        share        | $      | (0.01)     | $      | 0.00                           | $      | (0.00) | $ | (0.02) | $ | (0.09) |
| Weighted        average common shares Outstanding                        |   | 27,275,700 |   | 26,066,441                     |   | 20,183,438 |   | 11,104,608 |   | 10,953,238 |
|                                                                          |        |            |        |                                |        |  |  |  |  |  |  |

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|                                        |   |      |   | Year        Ended December 31, |   |      |   |
|---------------------------------------------|--------|-----------|--------|--------------------------------|--------|-----------|--------|
|                                        |   | 2006      |   | 2005                           |   | 2004      |   | 2003 |   | 2002 |
| **Consolidated Balance Sheet Data:**        |   |      |   |                           |   |      |   |   |
| Cash                                        | $      | 521,203   | $      | 1,071,088                      | $      | 74,032    | $      | 34,046 | $ | 14,682 |
| Total        assets                         |   | 2,359,587 |   | 2,738,652                      |   | 1,571,889 |   | 1,477,173 |   | 1,469,185 |
| Total        liabilities                    |   | 434,576   |   | 767,775                        |   | 932,985   |   | 2,619,691 |   | 2,376,212 |
| Long        term obligations                |   | 1,457     |   | 9,403                          |   | 157,042   |   | 1,585,858 |   | 1,395,000 |
| Total stockholders'        equity (deficit) |   | 1,925,011 |   | 1,970,877                      |   | 638,904   |   | (1,142,518) |   | (907,027) |
| Working capital (deficit)                   |   | 475,824   |   | 581,855                        |   | (625,376) |   | (1,177,144) |   | (1,299,148) |

### 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

Gaming revenues  have been recognized on the basis of total dollars 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 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 form of banner and   

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  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        312006 |   | 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 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 |

   

|                                                    |   |                |   | Three        Months Ended |   |
|---------------------------------------------------------|--------|---------------------|--------|---------------------------|--------|
|                                                    |   | March        312005 |   | June        30  2005 |   | September        30 2005 |   | December        31, 2005 |
|                                                    |   | (Unaudited)         |   | (Unaudited)               |   | (Unaudited) |   | (Unaudited) |
| Revenue                                                 |   |                |   |                      |   |   |   |   |
|       Advertising revenue      | $      | 403,551             | $      | 413,978                   | $      | 267,860 | $ | 301,090 |
|       Gaming revenue           |   | -                   |   | 43,361                    |   | 197,873 |   | 353,348 |
| Total Revenue                                           |   | 403,551             |   | 457,339                   |   | 465,733 |   | 654,438 |
|                                                    |   |                |   |                      |   |   |   |   |
| Cost of revenue                                         |   | 100,281             |   | 111,313                   |   | 113,140 |   | 160,685 |
| Gross profit                                            |   | 303,270             |   | 346,026                   |   | 352,593 |   | 493,753 |
| Operating        expenses and other (income) / expenses |   | 271,061             |   | 344,504                   |   | 305,628 |   | 453,658 |
| Net income from continuing        operations            | $      | 32,209              | $      | 1,522                     | $      | 46,965 | $ | 40,095 |
| Basic        and diluted net income per share           | $      | 0.00                | $      | 0.00                      | $      | 0.00 | $ | 0.00 |
| Weighted        average common shares, basic            |   | 24,500,808          |   | 26,224,310                |   | 26,732,425 |   | 26,775,903 |
| Weighted        average common shares, diluted          |   | 30,643,753          |   | 26,224,310                |   | 31,315,383 |   | 31,478,753 |

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

14

**RESULTS OF  OPERATIONS**

**Years Ended December 31,  2006 and 2005**

             **Revenue**

Total  Revenue increased to $2,543,461 for the year ended December 31, 2006, an  increase of 28% over revenue of $1,981,061 for the same period in the prior  year. Gaming revenue increased to $2,393,765 for the year ended December 31,  2006, an increase of 303% over gaming revenue of $594,582 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.  Advertising Revenue decreased to $149,696 for the year ended December 31,  2006, a decrease of 89% over revenue of $1,386,479 for the same period in the  prior year.  During the first  quarter of fiscal 2006, the Company suspended the sale of advertising  available to third parties in order to increase the number of players on our  cash games, thereby increasing gaming revenue.  

            **Cost  of revenue**

We  recorded cost of revenue of $842,724 during the year ended December 31, 2006,  an increase of $357,305 or 74% compared to costs of $485,419 for the same  period in the prior year. The gross margin reduced to 67% in 2006 from 75% in  2005.  

Cost  of revenue consists of commissions paid on the sale of advertising, the cost  of hosting the website, payment processing fees in relation to deposits from  our players, software license fees, and the domain name purchase payments. The  cost of producing gaming revenue is higher than the cost of producing  advertising revenue. We did not provide gaming for money to our players until  May 2005, This increase in the cost of revenue in 2006 is due to providing  gaming for the entire year and the increase in the number of players during  the year.  

             **Sales and marketing expenses**

Sales  and marketing expenses increased to $895,838 for the year ended December 31,  2006, an increase of $466,583 over fiscal 2005 selling and marketing expenses  of $429,255. Sales and marketing expenses include principally costs for  marketing, prizes for our players and bonuses and incentives offered to gaming  players. This increase in sales and marketing expenses in fiscal 2006 is due  to the increase in the number of players on our site, especially bonuses and  incentives offered to players and greater marketing of the website.  

We  expect to continue to incur sales and marketing expenses to increase traffic,  especially with the launch of the United Kingdom website and deposits to our  web portal. These costs will include bonuses and incentives, commissions,  salaries, advertising, and other promotional expenses intended to increase our  subscriber base and improve 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 $423,176 for the  year ended December 31, 2006, a slight increase over costs of $421,162 for the  previous year. General and administrative expenses have increased in  comparison to the prior year due to the expenses incurred in operating the  expanded web site. This increase in costs is offset by a decrease in legal  expenses on legal advise on merging the Company with its subsidiary in  Anguilla, British West Indies, and the filing of the Form S-4 with the  Securities Exchange Commission during the year ended December 31, 2005.  

15

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.****

**Salaries, wages, consultants and benefits**

Salaries, wages, consultants and benefits increased  to $667,122 during the year ended December 31, 2006, an increase of 25% over  costs of $532,654 for the previous year. This increase is due to the  employment of additional staff to handle the expanded operations.  

**Depreciation  and amortization**

Depreciation  and amortization includes depreciation of our equipment, as well as  amortization of intangible asset relating to the email list. Equipment is  depreciated using the declining balance method over the useful lives of the  assets, ranging from three to five years.   Depreciation increased to $62,003 during the year ended December 31,  2006, an increase of 35% over depreciation of $45,942 during the prior year.  This increase in depreciation is due to acquisitions of equipment, especially  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. The Company incurred stock option expense of $113,450 during the year  ended December 31, 2006.  

             **Provision for doubtful accounts**

The  Company has provided $206,241 for doubtful accounts. These doubtful accounts  relate, mostly, 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. We have  submitted all documents required by the Central Bank of Curacao to release  our funds but, due to the uncertainty of collection, we have provided for  these funds in full. In addition, we have 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.  

**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 coming months. We recognize the profit from the  sale of these assets as and when payment is received. During the year ended  December 31, 2006, we collected $180,000 of the $1,200,050 due.  

**Other  income and expenses**

During  the year ended December 31, 2006, we made gains of $158,574 (2005 - $60,482)  from the settlement of debts with creditors.  

During  the year ended December 31, 2006, we incurred foreign exchange losses of  $7,334 compared to foreign exchange losses of $25,296 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, 2006, we received interest income of $17,171, an  increase of 36% compared to interest income of $12,662 in the prior year. The  interest income is received from bank term deposits from investing the cash  raised in the private placement during the year ended December 31, 2005.  

16

During  the year ended December 31, 2006, we received other income of $10,953, an  increase of 11% compared to other income of $9,903 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 2006 or in 2005, 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, 2006 and  2005. 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 ($313,836), a basic and diluted loss per  share of ($0.01), compared to prior year's net income and income per share  of $120,790 and $0.00, respectively. This increase in losses is primarily due  to the provision for the uncertainty of collecting our funds held in First  Curacao International Bank and certain payment processors and the expensing of  stock options granted in accordance with SFAS No. 123R (revised 2004)  Share-Based Payments.  

             **Merger**

During  the year ended December 31, 2005, Bingo.com, Inc. completed a merger with its  wholly- owned subsidiary Bingo.com, Ltd. All of the outstanding common shares  of Bingo.com, Ltd. were registered by Bingo.com, Inc. and Bingo.com, Ltd.  under an S-4 registration statement dated March 3, 2005.  The Form S-4 registration statement became effective on March  8, 2005. The principal reason for Bingo.com, Inc.'s merger with its  subsidiary Bingo.com, Ltd. was to facilitate Bingo.com, Inc.'s  reincorporation under the International Business Companies Act of Anguilla,  B.W.I. Effective Thursday, April 7, 2005, the shares of Bingo.com, Ltd. began  trading under the new ticker symbol "BNGOF".****

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

**LIQUIDITY AND CAPITAL RESOURCES**

We  had cash of $521,203 and positive working capital of $475,824 at December 31,  2006. This compares to cash of $1,071,088 and positive working capital of  $581,855 at December 31, 2005. This decrease in cash and working capital is  primarily due to the provision for the uncertainty in collecting funds held at  First Curacao International Bank and certain payment processors.  

During  the year ended December 31, 2006, we used cash of $582,033 in operating  activities compared to using cash of $51,722 in the prior year. The increase  in cash outflow from operating activities in 2006 is due to reduced  profitability especially due to the Companies response to the United States  Unlawful Internet Gambling Enforcement Act, whereby we sold our United States  players and related assets.  

Net  cash generated by financing activities was $139,500 in the year ended December  31, 2006, which compares to cash generated of $1,063,544 in 2005. This  decrease in cash generated is due to the cash raised in the private placement  during the year ended December 31, 2005. The cash generated in the year ended  December 31, 2006, relates to the exercise of employee stock options by the  staff.  

We  used cash of $107,352 in investing activities in 2006, compared to using cash  of $14,766 in the prior year. This increase in cash used in investing  activities, was the acquisition of equipment, especially servers for operating  the expanded business.  

17

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

Subsequent  to the year ended December 31, 2006, we completed a private placement offering  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 for a period of two  years at an exercise price of $0.35 per share.  The warrants are non-transferable.  

**Audit Committee**

Our  audit committee is the Board of Directors. The audit committee meets regularly  throughout the year and met with the independent auditors on March 30, 2007,  and approved the financials statements for the year ended December 31, 2006.  

**ITEM  7. FINANCIAL STATEMENTS.**

18

**BINGO.COM,  LTD.**

(Formerly Bingo.com, Inc.)

Consolidated  Financial Statements  

Years  ended December 31, 2006 and 2005  

   

| 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, 2006 and 2005, and the related consolidated  statements of operations, stockholders equity (deficit) and cash flows for the  years then ended December 31, 2006 and 2005. 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, 2006 and 2005, 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/Dohanand Company, CPA's***

Miami, Florida

March 8, 2007

20

**BINGO.COM, LTD.**

Consolidated  Balance Sheets  

December        31,

 

 

         

2006

 

 

         

2005

Assets

 

 

 

 

 

 

Current        assets:

 

 

 

 

 

 

          Cash

 

$

521,203

 

$

1,071,088

          Accounts receivable, less allowance for doubtful 

          accounts$206,241 (2005 $nil) (Note 4)

 

 

218,876

 

 

166,540

          Inventory

 

 

-

 

 

559

          Prepaid expenses

 

 

168,864

 

 

102,040

Total        Current Assets

 

 

908,943

 

 

1,340,227

 

 

 

 

 

 

 

Equipment,        net (Note 5)

 

 

145,402

 

 

96,273

 

 

 

 

 

 

 

Other        assets

 

 

30,287

 

 

17,310

 

 

 

 

 

 

 

Domain        name rights and intangible assets (Note 6)

 

 

1,274,955

 

 

1,284,842

 

 

 

 

 

 

 

Deferred        tax asset, less valuation allowance of $976,167 (2005 - $1,004,060)        (Note 9)

 

 

- 

 

 

- 

 

 

 

 

 

 

 

Total        Assets

 

$

2,359,587

 

$

2,738,652

 

 

 

 

 

 

Liabilities        and Stockholders' Equity

 

 

 

 

Current        liabilities:

 

 

 

 

 

 

          Accounts payable

 

$

359,806

 

$

487,226

          Accrued liabilities

 

 

56,936

 

 

64,657

          Accounts payable and accrued liabilities - related party

           (Note        10)

 

 

16,377

 

 

71,237

          Unearned revenue

 

 

-

 

 

135,252

Total        Current Liabilities

 

 

433,119

 

 

758,372

 

 

 

 

 

 

 

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

 

 

1,457

 

 

9,403

 

 

 

 

 

 

 

Total        Liabilities

 

 

434,576

 

 

767,775

 

 

 

 

 

 

 

Commitments (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders'        equity (Note 7):

 

 

 

 

 

 

          Common stock, no par value, unlimited shares authorized,

          27,640,553 shares issued and outstanding

          (December 31, 2005 - 26,775,903)

 

 

11,574,851

 

 

11,284,281

          Stock options exercised - subscription shares

 

 

-

 

 

22,600

          Accumulated deficit

 

 

(9,674,420)

 

 

(9,360,584)

          Accumulated other comprehensive loss:

            Foreign currency translation adjustment

 

 

24,580

 

 

24,580

Total        Stockholders' Equity

 

 

1,925,011

 

 

1,970,877

 

 

 

 

 

 

 

Total        Liabilities and Stockholders Equity 

 

$

2,359,587

 

$

2,738,652

See accompanying notes to consolidated  financial statements.  

21

**BINGO.COM, LTD.**

Consolidated Statements of Operations   

Years        ended December 31,

 

 

         

2006

 

 

         

2005

 

 

 

 

 

 

 

Advertising        revenue

 

$

149,696

 

$

1,386,479

Gaming        revenue

 

 

2,393,765

 

 

594,582

Total        revenue

 

 

2,543,461

 

 

1,981,061

 

 

 

 

 

 

 

Cost        of producing revenue

 

 

842,724

 

 

485,419

 

 

 

 

 

 

 

Gross        profit

 

 

1,700,737

 

 

1,495,642

 

 

 

 

 

 

 

Operating        expenses:

 

 

 

 

 

 

          Depreciation and amortization

 

 

62,003

 

 

45,942

          General and administrative

 

 

423,176

 

 

421,162

          Provision for doubtful accounts

 

 

206,241

 

 

-

          Salaries, wages, consultants and benefits

 

 

667,122

 

 

532,654

          Stock based compensation

 

 

113,450

 

 

-

          Selling and marketing

 

 

895,838

 

 

429,255

Total        operating expenses

 

 

2,367,830

 

 

1,429,013

 

 

 

 

 

 

 

(Loss)        income before other income (expense) and taxes

 

 

(667,093)

 

 

66,629

 

 

 

 

 

 

 

Other        income (expense):

 

 

 

 

 

 

          Foreign exchange losses

 

 

(7,334)

 

 

(25,296)

          Gain on settlement of debt

 

 

158,574

 

 

60,482

          Loss on disposal of equipment

 

 

(6,107)

 

 

(1,372)

          Interest expense

 

 

-

 

 

(2,218)

          Interest income

 

 

17,171

 

 

12,662

          Other income

 

 

10,953

 

 

9,903

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

 

 

180,000

 

 

-

 

 

 

 

 

 

 

(Loss)        income before income taxes

 

 

(313,836)

 

 

120,790

 

 

 

 

 

 

 

Income        tax expense

 

 

- 

 

 

- 

 

 

 

 

 

 

 

Net        (loss) income

 

$

(313,836)

 

$

120,790

 

 

 

 

 

 

 

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

 

$

(0.01)

 

$

0.00

 

 

 

 

 

 

 

Weighted        average common shares outstanding, basic (Note 2)

 

 

27,275,700

 

 

26,066,441

Weighted        average common shares outstanding, diluted (Note 2)

 

 

27,275,700

 

 

29,447,967

See  accompanying notes to consolidated financial statements.  

22

**BINGO.COM, LTD.**

Consolidated Statements of Stockholders' Equity  (Deficit)   
Years ended December 31, 2006 and 2005  

 

Common stock

 

 

Accumulated Other Comprehensive loss

         

 

Shares

Amount

Subscription shares

Accumulated  (Deficit)

Foreign currency translation        adjustment

Total Stockholders' Equity

Balance,        December 31, 2004

24,399,086

$        10,095,698

- 

$ (9,481,374)

$ 24,580

$ 638,904

 

 

 

 

 

 

 

          Exercise of stock options

457,150

38,833

- 

-

-

38,833

 

 

 

 

 

 

 

          Private placement

1,339,667

1,004,750

- 

-

-

1,004,750

 

 

 

 

 

 

          Exercise of warrant "B"

580,000

145,000

- 

-

-

145,000

 

 

 

 

 

 

 

          Exercise of stock options

          -subscription shares

- 

 

22,600

 

 

22,600

 

 

 

 

 

 

 

          Net Income

-

-

 

120,790

 

120,790

Balance,        December 31, 2005

26,775,903

$        11,284,281

22,600

$ (9,360,584)

$ 24,580

$ 1,970,877

 

 

 

 

 

 

 

          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

See  accompanying notes to consolidated financial statements.  

23

**BINGO.COM, LTD.**

Consolidated Statements  of Cash Flows  

Years        ended December 31,

 

 

2006

 

2005

Cash        flows from operating activities:

 

 

 

 

 

          Net (loss) income

 

$

(313,836)

$

120,790

          Adjustments to reconcile net loss to net cash provided

          byoperating activities:

 

 

 

 

 

             Depreciation and amortization

 

 

62,003

 

45,942

             Gain on settlement of debt

 

 

(158,574)

 

(60,482)

             Loss on disposal of equipment

 

 

6,107

 

1,372

             Stock-based compensation

 

 

113,450

 

-

             Issuance of consultant stock option

 

 

7,074

 

-

             Provision for doubtful accounts

 

 

206,241

 

-

            Profit from the sale of US players and related assets

 

 

(180,000)

 

-

          Changes in operating assets and liabilities:

 

 

 

 

 

             Accounts receivable

 

 

(258,577)

 

(109,952)

             Prepaid expenses

 

 

(66,824)

 

(82,957)

             Inventory

 

 

559

 

305

             Other assets

 

 

(12,977)

 

(9,651)

             Accounts payable and accrued liabilities

 

 

(31,427)

 

23,159

             Unearned revenue

 

 

(135,252)

 

19,752

          Net cash used in operating activities

 

 

(762,033)

 

(51,722)

 

 

 

 

 

 

Cash        flows from investing activities:

 

 

 

 

 

          Acquisition of equipment

 

 

(115,859)

 

(14,976)

           Proceeds from sale of US players and related assets

 

 

180,000

 

-

          Proceeds on disposal of equipment

 

 

8,507

 

210

          Net cash provided by investing activities

 

 

72,648

 

(14,766)

 

 

 

 

 

 

Cash        flows from financing activities:

 

 

 

 

 

          Exercise of warrant "B"

 

 

-

 

145,000

          Exercise of stock options

 

 

147,446

 

38,833

          Exercise of stock options - subscription shares

 

 

-

 

22,600

          Private placement

 

 

-

 

1,004,750

          Repayment of loans and notes payable

 

 

(7,946)

 

(147,639)

          Net cash provided by financing activities

 

 

139,500

 

1,063,544

 

 

 

 

 

 

Change        in cash

 

 

(549,885)

 

997,056

 

 

 

 

 

 

Cash,        beginning of year

 

 

1,071,088

 

74,032

Cash,        end of year

 

$

521,203

$

1,071,088

 

 

 

 

 

 

Supplementary information:

 

 

 

 

 

          Interest paid

 

$

-

$

2,218

          Income taxes paid

 

$

- 

$

- 

 

 

 

 

 

 

See accompanying notes to consolidated  financial statements.  

24

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**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 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.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

**(c)    Revenue  recognition:**

Gaming  revenues have been recognized on the basis of total dollars 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)    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, 2006, was $211,258 (2005 - $2,560),  including a provision for doubtful accounts of $206,241 (2005 - $nil).  

**(f)     Inventory:**

Inventory is stated at the lower  of cost or market value. It consists of products, such as t-shirts, which are  sold from the Company's online store.   

26

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**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 2006 totaled $165,673 (2005 - $70,150).   

**(i)    Stock-based compensation:**

Prior to January 1, 2006, the  Company accounted for its employee stock option plans under the intrinsic  value method in accordance with the provisions of Accounting Principles Board  ("APB") Opinion No. 25, "Accounting for Stock Issued to  Employees" ("APB No. 25") and related interpretations. As such,  compensation expense under fixed term option plans is recorded at the date of  grant only to the extent that the market value of the underlying stock at the  date of grant exceeds the exercise price. Additionally, in periods prior to  January 1, 2006, in accordance with SFAS No. 123 "Accounting for  Stock-Based Compensation" ("SFAS 123"), since the Company has  continued to apply the principles of APB 25 to employee stock compensation,  pro forma loss and pro forma loss per share information has been presented as  if the options had been valued at their fair values.   The Company recognizes compensation expense for stock options, common  stock and other equity instruments issued to non-employees for services  received based upon the fair value of the services or equity instruments  issued, whichever is more reliably determined. Stock compensation expense is  recognized as the stock option is earned, which is generally over the vesting  period of the underlying option.  

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.  

27

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

**(i)    Stock-based compensation: (Continued)**

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. Had an expense been  recognized using the fair value method described in SFAS 123 (R), using the  Black-Scholes option-pricing model, we would have reported the following  results of operations:  

 

 

2005

Net        income for the year - as reported

$

120,790

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

$

-  

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

$

(149,332)

Net        loss for the year - pro forma

$

(28,542)

Basic        net income (loss) per share - as reported

$

0.00

Basic        net loss per share - pro forma

$

(0.00)

Weighted        average fair value ofoptions granted during the year

$

0.39

 

 

 

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:  

 

 

2006

 

2005

Expected        dividend yield

 

- 

 

- 

Expected stock price volatility

 

52 - 175%

 

146 - 184%

Weighted average volatility

 
147%
 

157%

Risk-free interest rate

 
0.98        - 4.93%
 

0.98 - 3.19%

Expected life of options

 
2.5        - 3.56 years
 

2.5 - 3.56 years

Block discount applied

 
40%
 

40%

**(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.   

28

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

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

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. 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 equivalent    because their inclusion would be anti-dilutive.  

29

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

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

The  earnings per share data for the year ended December 31, 2006 and 2005 are  summarized as follows:  

 

 

2006

 

2005

Net        (loss) income for the year - as reported

$

(313,836)

$

120,790

 

 

 

 

 

Basic earnings per share weighted average number        of common shares outstanding

 

27,275,700

 

26,066,441

 

 

 

 

 

Effect        of dilutive securities

 

 

 

 

       Stock Options

 

4,508,053

 

3,381,526

 

 

 

 

 

Diluted        earnings per share weighted average number of common shares outstanding

 

31,783,753

 

29,447,967

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

The  Company has capitalized the cost of the purchase of the domain name Bingo.com  and was amortizing the cost over five years from the date of commencement of  operations. In 2002, the Company suspended  the amortization of the domain name cost in accordance with SFAS 142, where  companies are no longer required to amortize indefinite life assets but  instead test the indefinite intangible asset for impairment at least annually.  The capitalized amount is based on the net  present value of the minimum payments permitted 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 July 2006, the FASB issued  FASB Interpretation No. ("FIN") 48, Accounting for Uncertainty in  Income Taxes--an interpretation of FASB Statement No. 109. FIN 48 clarifies  the accounting for uncertainty in income taxes recognized under SFAS No. 109,  Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and  measurement attribute for financial statement recognition and measurement of a  tax position taken or expected to be taken in a tax return and also provides  guidance on various related matters such as derecognition, measurement and  classification of income tax uncertainties, interest and penalties, and  disclosure. FIN 48 also includes guidance concerning accounting for income tax  uncertainties in interim periods and increases the level of required  disclosures associated with any recorded income tax uncertainties. The  differences between the amounts recognized in the statements of financial  position prior to the adoption of FIN 48 and the amounts reported after  adoption are to be accounted for as a cumulative-effect adjustment recorded to  the beginning balance of retained earnings.  FIN 48 was effective  

30

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

**(n)  New accounting  pronouncements: (Continued)**

beginning in fiscal year 2007 and did not have a  material effect on the Company's consolidated financial position, consolidated  results of operations, or liquidity.  

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 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.  

31

**BINGO.COM,    LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**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  coming 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,  2006, the Company collected $180,000 in payment for these assets.  

 

 

2006

Sale        of US players and related assets

$

1,200,050

 

 

 

Payments received

 

180,000

 

 

 

Balance        remaining December 31, 2006

 

820,050

**4.    Accounts Receivable**

The  accounts receivable as at December 31, 2006, is summarized as follows:  

 

 

2006

 

2005

Accounts        receivable

$

425,117

$

166,540

 

 

 

 

 

Provision        for doubtful accounts

 

(206,241)

 

-

 

 

 

 

 

Net        Accounts receivable

 

218,876

 

166,540

The Company has provided $206,241 for doubtful accounts.  These doubtful accounts relate, mostly, to 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. The Company has  submitted all documents required by the Central Bank of Curacao to release  its funds but, due to the uncertainty of collection, the Company has provided  for these funds in full. In addition, the Company has 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.  

**5.   Equipment:**

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

32

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**5.   Equipment: (Continued)**

2005

 

Cost

 

Accumulated        depreciation

 

Net        book

Value

 

 

 

 

 

 

 

Equipment        and computers

$

313,272

$

224,139

$

89,133

Furniture        and fixtures

 

10,524

 

3,384

 

7,140

 

$

323,796

$

227,523

$

96,273

     Depreciation  expense was $52,116 (2005 - $36,055) for the year ended December 31, 2006.  

**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 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, 2006, expense payments of $101,659  (2005 - $79,260) 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 5 years.   

2006

 

Cost

 

Accumulated        amortization

 

Net        book

Value

 

 

 

 

 

 

 

Domain        name rights

$

1,934,500

$

677,259

$

1,257,241

Intangible        assets - email list

 

49,436

 

31,722

 

17,714

 

$

1,983,936

$

708,981

$

1,274,955

33

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

2005

 

Cost

 

Accumulated        amortization

 

Net        book

Value

 

 

 

 

 

 

 

Domain        name rights

$

1,934,500

$

677,259

$

1,257,241

Intangible        assets - email list

 

49,436

 

21,835

 

27,601

 

$

1,983,936

$

699,094

$

1,284,842

     Amortization  expense was $9,887 (2005 - $9,887) for the year ended December 31, 2006.  

**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, 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.  

During  the year ended December 31, 2005, the holders of stock options exercised their  options for 252,000 shares for $22,600 at exercise prices ranging from $0.05  to $0.15 per share. These shares were issued during the year ended December  31, 2006.  

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

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

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

Subsequent to the year ended December 31, 2006, the  Company completed a private placement offering 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.    

 34

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years    ended December 31, 2006 and 2005   

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

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.

** (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, 2006, there  were a total of 992,000 stock options (2005 - 1,100,000 stock options)  outstanding at exercise prices ranging from $0.05 to $0.15 per share. During  the year ended December 31, 2006, the holders of the stock options exercised  108,000 of their options, issued under the 1999 plan, whose options prices  ranged between $0.05 and $0.10. Of the options outstanding at December 31,  2006, a total of 92,000 (2005 - 200,000) were issued where 10% vests at the  grant date, 15% one year following the grant date and 2% per month starting 13  months after the grant date.  A  total of 35,000 (2005 - 99,000) of these common stock purchase options had  vested at December 31, 2006.  

**(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, 2006, there  were a total of 3,225,000 stock options (2005 - 3,225,000 stock options)  issued, of which 498,400 (2005 - 709,150) had been exercised during the year  ended December 31, 2006. In addition, 252,000 shares of exercised options,  which were exercised during the year ended December 31, 2005, were issued  during the year ended December 31, 2006. Therefore as at December 31, 2006,  there were 2,017,450 (2005 - 2,767,850) stock options outstanding at exercise  prices ranging from $0.05 to $0.30 per share. Of the options outstanding at  December 31, 2006, a total of 1,417,450 (2005 - 2,167,850) 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 1,285,950 (2005 - 995,650) of these common stock purchase  options had vested at December 31, 2006.  

Subsequent to the year ended  December 31, 2006, the holders of the stock options exercised 109,150 of their  options, issued under the 2001 plan, whose options prices ranged between $0.05  and $0.10.  

35

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

**(iii) 2005 stock option plan:**

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

As at December 31, 2006, there  were a total of 1,195,942 (2005 - 835,000) stock options outstanding at an  exercise prices ranging between $0.60 and $0.91 per share. Of the options  outstanding at December 31, 2006, a total of 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 515,042 of these common stock purchase options had vested at  December 31, 2006.  

A summary of  stock option activity for the stock option plans for the years ended December  31, 2006 and 2005 are as follows:

 

 

Number        of shares

 

Weighted        average exercise price

Outstanding,        December 31, 2004

 

4,325,000

$

0.12

 

 

 

 

 

Granted        (including repriced options)

 

835,000

 

0.60

Exercised

 

(457,150)

 

0.09

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

   

36

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  
**7.   Stockholders' equity: (Continued)**
The  following table summarizes information concerning outstanding and exercisable  stock options at December 31, 2006:  

Range        of exercise prices per share

Number        outstanding

Number        exercisable

Expiry        date

$

0.05

209,700

209,700

July        12, 2007

 

0.05

300,000

300,000

April        25, 2008

 

0.05

39,250

35,250

January        12, 2008

 

0.10

309,500

183,500

January        16, 2009

 

0.10

55,000

25,000

February        9, 2009

 

0.10

300,000

300,000

April        16, 2009

 

0.10

1,018,500

502,500

August        27, 2009

 

0.15

777,500

665,000

September        23, 2009

 

0.60

828,750

422,350

July        18, 2010

 

0.91

62,192

62,192

May        18, 2011

 

0.91

305,000

30,500

June        13, 2011

 

 

4,205,392

2,735,992

 

During the years ended December 31, 2006, the Company  recorded stock compensation expense of $113,450 (2005 - $nil) relating to the  issuance of common stock purchase options to certain employees, officers, and  directors of the Company in accordance with FASB 123.  

** (c) Warrants:**

**Warrant  "B"**

During 2002, the Company issued  a total of 580,000 stock purchase warrants in connection with the Debenture  "B" financing described in note 5.  Each  warrant allows the holder to purchase 1 common share at a price of $0.25 per  share for a three year period from the date of issuance.  During the year ended December 31, 2005 the holders of  warrant "B" elected to convert their warrants into shares. Bingo, Inc.  held 200,000 of these warrants.  

**8.   Commitments:**

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

37

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**8.    Commitments:****(Continued)**

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

 

 

 

2007

$

64,637

2008

 

60,572

2009

 

59,916

2010

 

44,937

 

 

 

The Company paid rent expense  totaling $57,942 for the year ended December 31, 2006 (2005 - $35,972).   

**9.   Income taxes:**

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

 

 

2006

 

2005

Computed        "expected" tax (expense) benefit

$

106,704

$

(41,068)

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

 

(108,566)

 

(149,614)

Other

 

3,001

 

14,445

Change        in taxation rates in other tax jurisdictions

 

-

 

-

Change        in exchange rates

 

(29,031)

 

195,933

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

 

-

 

(2,156,361)

Change        in valuation allowance

 

27,892

 

2,136,665

 

$

-   

$

-   

The tax effects of temporary  differences that give rise to significant portions of the deferred tax assets  and deferred tax liabilities at December 31, 2006 and 2005 are presented  below:

 

 

2006

 

2005

Deferred        tax assets:

 

 

 

 

          Net operating loss carry forwards

$

976,168

$

1,004,060

 

 

 

 

 

          Valuation Allowance

 

(976,168)

 

(1,004,060)

 

$

- 

$

- 

The  valuation allowance for deferred tax assets as of December 31, 2006 and 2005,  was $976,168 and $1,004,060, respectively.  The net change in the total valuation allowance for the years ended  December 31, 2006 and 2005, was a decrease of $27,892 and $2,136,665,  respectively.   

38

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

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

In  assessing the realizability of deferred tax assets, management considers  whether it is more likely than not that some portion or all of the deferred  tax assets will not be realized. The ultimate realization of deferred tax  assets is dependent upon the generation of future taxable income during the  periods in which those differences become deductible.   

Management  considers the scheduled reversal of deferred tax liabilities, projected future  taxable income, and tax planning strategies in assessing the realizability of  deferred tax assets.  In order to  fully realize the deferred tax asset attributable to net operating loss  carryforwards, the Company will need to generate future taxable income of  approximately $3,080,000 in Canada prior to the expiration of the net  operating loss carryforwards. These net operating loss carryforwards begin  expiring in 2007 in Canada.  

**10.  Related party transactions:**

The Company has received a loan of $1,457 (2005 - $9,403) from a current  director and officer at December 31, 2006. This  loan has no fixed repayment terms and is non-interest bearing. The proceeds of  this loan have been used to fund ongoing working capital requirements.  

In  addition, the Company has a liability for $2,163 (2005 - $52,946) 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  $101,659 during the year ended December 31, 2006 (2005 - $79,260).  

A current director and officer  of the Company, is the potential beneficiary of various discretionary trusts  that hold approximately 80% of the shares of Bingo, Inc. Bingo, Inc. was  issued a total of 200,000 common stock purchase warrants in connection with  the Debenture "B".  These  warrants were exercisable at a price of $0.25 per share for a period of three  years from the date of issuance (July  2, 2002) of Debenture "B". During the year ended December 31, 2005, Bingo,  Inc. elected to convert these warrants into share of the Company.  

      The Company  supplied administration services of $3,281 (2005 - $9,903) to a company whose  director is acurrent director and officer  of the Company. In addition, the Company incurred administrative expenses in  connection with this related company and as at December 31, 2006, there was a  receivable balance of $12,808 (2005 - $32,303).  

**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, 2006, has been derived primarily from  receiving deposits for the games for money whereas in the year ended December  31, 2005, the revenue was mainly derived from advertising business in the  United States of America.  

39

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**11. Segmented information:****(Continued)**

**       Equipment**

The  Company's equipment is located as follows:  

Net        Book Value

 

2006

 

2005

 

 

 

 

 

Canada

$

68,932

$

38,572

Curacao,        Netherlands Antilles

 

76,470

 

57,701

 

$

145,402

$

96,273

**12.  Concentrations**

   **   Major  customers**

For  the year ended December 31, 2006, there is 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 of  $1,496,543,  $264,215 and $240,733 respectively who processed amounts more than 10% of the  total funds wagered on the gaming site.  

For  the year ended December 31, 2005, there is 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, 2005, there were two  processors each receiving funds of  $518,585  and $216,207 respectively who processed amounts more than 10% of the total  funds wagered on the gaming site.  

During  the year ended December 31, 2006, the Company suspended the majority of  advertising sales. Therefore there was no advertising sales representing more  than 10% of the total sales.   

During  the year ended December 31, 2005, the Company had concentrations with respect  to the volume of advertising business conducted with several major customers.  For the year ended December 31, 2005, the Company made advertising sales of  $457,050, and $212,150 to two customers, which were in excess of 10% of total  sales. These customers to whom advertising sales represent more than 10% of  the total sales, are agencies which represent multiple advertising customers  who advertise on the Company's website.  

**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    a single financial institution. The Company had cash balances of $521,203    (2005 - $1,071,088) as of December 31, 2006, which are in excess of federeal    insured limit.   

40

**BINGO.COM, LTD.**

Notes  to Consolidated Financial Statements   

Years  ended December 31, 2006 and 2005  

**13. Concentrations of Credit Risk:  (Continued)**

 As of December 31, 2006, the Company had  $139,774 (2005 - $712,314), in excess of federally insured limits.   

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

As  of December 31, 2006, three customers, totaling $49,206, $39,576 and $34,804  who accounted for greater than 10% of the total accounts receivable.  As of December 31, 2005, four customers, totaling $44,014,  $27,704, $25,588 and $23,997 who accounted for greater than 10% of the total  accounts receivable.  

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

41

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

Duringthe year ended December 31, 2006, 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 31,2006, and to the date of filing this annual report.

**ITEM8B - OTHER INFORMATION**

None

42

**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: 
Name      Age      Position      
T.      M. Williams      

66      

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

H.      W. Bromley      

37      

Chief      Financial Officer      

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

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

**P. A. Crossgrove**EffectiveSeptember 29, 2006, for personal reasons, Mr Crossgrove retired from the Boardof Directors.

**COMPOSITION OF OUR BOARD OF DIRECTORS**

Wecurrently have one director. 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. There are no familyrelationships between any of the officers and directors of the Company.

**COMMITTEESOF OUR BOARD OF DIRECTORS**

Wecurrently do not have any committees of our Board of Directors. The full Boardof Directors fulfills the role of the Audit Committee, and meets quarterly toreview and approve the quarterly financial statements and to discuss the affairsof the company with the auditors. 

43

**BOARD OFDIRECTORS MEETINGS**

Our Board of Directors met in person once during the last fiscal year onMay 9, 2006, and it regularly approves all actions required by consentresolutions. The Board also meets regularly by telephone and met 4 times in2006, before the retirement of Mr P. A. Crossgrove.

**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. 

**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 (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 -

2006

9,075

- 

- 

- 

25,000

- 

President      and CEO (1)

2005

25,301

- 

- 

- 

100,000

- 

CEO (1)

2004

29,227

- 

- 

- 

450,000

- 
 
(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, 2006, we granted to Mr. Williams, Mr.Crossgrove and Mr. Bromley stock options to purchase a total of 25,000 shareseach of our common stock at an exercise price of $0.91 per share until June 13,2011.  242,000 stock options wereexercised by one of our executive officers during the fiscal year ended December31, 2005, however the shares were only issued during the year ended December 31,2006. 300,000 stock options were exercised by our executive officers during thefiscal year ended December 31, 2006.

**STOCK OPTION PLANS**

Our1999 Stock Option Plan has a total of 1,895,000 shares of our common stockreserved for issuance upon exercises of options under the plan. As of December31, 2006, options to purchase a total 992,000 shares remained outstanding atexercise prices ranging from $0.05 to $0.15 per share. Options to purchase795,000 shares remained available for future grant under the 1999 Stock OptionPlan.

Our2001 Stock Option Plan has a total of 5,424,726 shares of our common stockreserved for issuance upon exercises of options under the plan. As at December31, 2006, there were a total of 3,225,000 stock options with exercise pricesranging from $0.05 to $0.15 per share issued, of which 498,400 options wereexercised during the year ended December 31, 2006. In addition, 252,000 sharesof exercised options, which were exercised during the year ended December 31,2005, were issued during the year ended December 31, 2006. Options to purchase2,199,726 shares remained available for future grant under the 2001 Stock OptionPlan as at December 31, 2006.

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, 2006, there were a total of 1,195,942 stockoptions outstanding at an exercise price ranging between $0.60 and $0.91 pershare. Options to purchase 797,808 shares remained available for future grantunder the 2005 Stock Option Plan as at December 31, 2006.

45

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 not be less than85% of the fair market value of our common stock. The exercise price of options intended to qualify as performance-basedcompensation for purposes of Code Section 162(m) shall not be less than 100% ofthe fair market value of the stock.  Theaggregate fair market value of the common stock with respect to any incentivestock options that are exercisable for the first time by an eligible employee inany calendar year may not exceed $100,000.

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

46

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, 2006, 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 April 2, 2007, 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 April 2, 2007, are deemed outstanding.

Percentageof beneficial ownership is based upon 33,749,703shares of commonstock outstanding at April 2, 2007. To our knowledge, except as set forth inthe footnotes to this table and subject to applicable community property laws,each person named in the table has sole voting and investment power with respectto the shares set forth opposite such person's name. 

47
 

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%

 

 

 

 

Henry      Bromley

Suite      301

499      Broughton Street

Vancouver      BC

V6G      3K1

Canada

802,500

(2)

2%

 

 

 

 

All      directors and Named Executive Officers as a group (2 persons)

3,962,358

 

10%

 

 

 

 

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

The      Valley,

Anguilla,      B.W.I.

12,896,831

(3)

31%

Praetorian      Capital Management LLC

119      Washington Avenue, Suite 600

Miami      Beach, FL  33139

United      States of America

8,600,000

(4)

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.

(2) Includes 25,500 shares of common stock that may be issued upon theexercise of 25,5000 stock purchase options with an exercise price of $0.05 pershare, 55,000 shares of common stock that may be issued upon the exercise of55,000 stock purchase options with an exercise price of $0.10 per share, 177,500shares of common stock that may be issued upon the exercise of 177,500 stockpurchase options with an exercise price of $0.15 per share, 100,000 shares ofcommon 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 175,000 shares of common stock that may beissued upon the exercise of 175,000 stock purchase options with an exerciseprice of $0.33 per share.  Alsoincludes 244,500 shares held directly by Mr. Bromley.

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

(4)  Includes 3,000,000 shares held directly by Praetorian Capital ManagementLLC a private company and 5,600,000 held by a subsidiary of Praetorian CapitalManagement LLC. In addition, a subsidiary of Praetorian Capital Management LLCholds 2,800,000 shares of common stock that may be issued upon the exercise of2,800,000 warrants with an exercise price of $0.35 per share.

48

**ITEM12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

We have received a loan of $1,457 (2005 - $9,403) from a current directorand officer at December 31, 2006. Thisloan has no fixed repayment terms and is non-interest bearing. The proceeds ofthis loan have been used by us to fund ongoing working capital requirements.

Inaddition we have a liability for $2,163 (2005 - $52,946) to a company owned by acurrent director and officer of the Company for payment of services rendered andexpenses incurred by a current director and officer of the Company.

Paymentsmade to Bingo, Inc. in relation to the domain name purchase payment totaled$101,659 during the year ended December 31, 2006. (2005 - $79,260).

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

The Companysupplied administration services of $3,281 (2005 - $9,903) to a company whosedirector is acurrent director and officerof our Company. In addition, the Company incurred administrative expenses inconnection with this related company and as at December 31, 2006, there was areceivable balance of $12,808 (2005 - $32,303).

**ITEMS 13.   EXHIBITS**

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

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

Duringthe year ended December 31, 2006, the Company incurred fees of $55,846 (2005 -$44,291) from the principal accountant - Dohan and Company, CPA's, P.A.$55,846 of these fees related to audit fees (2005 - $41,911). For the year endedDecember 31, 2005, the Company incurred other fees of $2,380, in relation to themerger between Bingo.com, Inc. and its wholly-owned subsidiary Bingo.com, Ltd.

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

Approximatelyeighty-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.

49

**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

 

Date:   April 2, 2007

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                              April 2, 2007

T. M. Williams                        Executive Officer and

Director(Principal

                                               Executive Officer)

 

By:      *"/s/ H. W. Bromley"              *Chief Financial Officer                           April  2, 2007

H. W. Bromley                        (Principal Financial and

PrincipalAccounting Officer)                           
   
50

**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, 2006, 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:***  April 2, 2007

T.M. Williams, Chairman of the Board,

ChiefExecutive Officer, President and Secretary

(PrincipalExecutive Officer)

51

**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, 2006, 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:***  April 2, 2007

H.W.Bromley,

ChiefFinancial Officer

(PrincipalAccounting Officer)

52

**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, 2006, 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

                                                                      April 2, 2007

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.

 

53

**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, 2006, 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

                                                                      April 2, 2007

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

54

**EXHIBIT 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 April 2, 2007.      

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 April 2, 2007.      

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 April 2, 2007.      

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 April 2, 2007.      

(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.

55 |
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