U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(Mark One)
[x]     ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For The Fiscal Year Ended: December 31, 2001

                                       or

[ ]       TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

 For the transition period from _____________ to _______________

 Commission file number  000-21991______

                        ADVANCED GAMING TECHNOLOGY, INC.
                 (Name of small business issuer in its charter)

         Wyoming                                            98-0152226
State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization                       Identification No.)

                     P  O  Box  46855,  Las  Vegas,  Nevada  89114
(Address  of principal executive offices)                (Zip code)

Issuer's telephone number             (702) 227-6668

Securities registered under Section 12(b) of the Act: NONE

Securities registered under Section 12(g) of the Act:

                          Common Stock Par Value $.005

                                (Title of Class)

                                        1

<PAGE>

         Check whether the issuer: (1) filed all reports required to be filed by
Section 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 required for the past 90 days. Yes X No

                                                        Total pages: 20
                                                 Exhibit Index Page: 18


         Check if there is no disclosure of delinquent  filers  pursuant to Item
405 of Regulation S-B is not 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]


     State issuer's revenues for its most recent fiscal year: $ 87,184


         As  of  February  28,  2001,  there  were  21,430,587   shares  of  the
Registrant's  common  stock,  par value  $0.005,  issued  and  outstanding.  The
aggregate market value of the Registrant's  voting stock held by  non-affiliates
of the Registrant was  approximately  $ 214,305  computed at the average bid and
asked price as of February 28, 2001.

                         ISSUERS INVOLVED IN BANKRUPTCY

                      PROCEEDING DURING THE PAST FIVE YEARS

         Check whether the issuer filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court. Yes X No

                       DOCUMENTS INCORPORATED BY REFERENCE

         If the following  documents  are  incorporated  by  reference,  briefly
describe them and identify the part of the Form 10-KSB  (e.g.,  Part I, Part II,
etc.) Into which the document is incorporated: (1) any annual report to security
holders;(2)  any proxy or information  statement;  and (3) any prospectus  filed
pursuant to Rule 424(b) or (c) of the Securities Act of 1933 ("Securities Act"):

     None

     Transitional Small Business Disclosure Format (check one): Yes___ NO X


                                        2

<PAGE>

                                TABLE OF CONTENTS

Item Number and Caption                                             Page


PART I

Item 1 Description of Business....................................... 4

Item 2 Description of Property.......................................11

Item 3 Legal Proceedings.............................................11

Item 4 Submission of Matters to a Vote of Security Holders...........11

PART II

Item 5 Market for Common Equity and Related Stockholder Matters......12

Item 6 Management's Discussion and Analysis or Plan of Operations ...13

Item 7 Financial Statements..........................................14

Item 8 Changes in and Disagreements with Accountants on Accounting and
       Financial Disclosure..........................................14

PART III

Item 9 Directors,  Executive Officers, Promoters and Control Persons;
       Compliance with Section 16(a) of the Exchange Act.............15

Item 10 Executive Compensation.......................................15

Item 11 Security Ownership of Certain Beneficial Owners and
         Management                                                  17

Item 12 Certain Relationships and Related Transactions...............17

Item 13 Exhibits and Reports on form 8-K ............................18



                                        3


<PAGE>

                                     PART I

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                         ITEM I DESCRIPTION OF BUSINESS

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GENERAL

         Advanced  Gaming   Technology,   Inc.,  a  Wyoming   corporation   (the
"Company"),  is a provider of technology to the casino and hospitality industry.
The company's  principal  product is an electronic  bingo system.  The Company's
common stock is traded on the National  Association of Securities Dealers,  Inc.
(the "NASD") OTC Bulletin Board Under the symbol "ADVI."

         The  Company  has the  following  wholly  owned  subsidiaries  that are
currently  inactive:  Executive  Video  Systems,  Inc.,  a Maryland  corporation
("Executive Video"), Palace Entertainment Limited, a company organized under the
laws of the British Virgin Islands  ("Palace"),  Prisms,  Inc., a North Carolina
corporation  ("Prisms"),  Pleasure  World  Ltd.,  ("Pleasure  World"),  and  its
subsidiary Prisms (Bahamas) Ltd. ("Prisms  Bahamas"),  both companies  organized
under the laws of the Bahamas, and A.G.T. Acceptance Corp., a Nevada Corporation
("A.G.T. Acceptance Corp.").

         The company also owns twenty two percent of TravelSwitch, LLC, a Nevada
Limited  Liability  Company.  TravelSwitch,  LLC is an Internet  travel  service
provider.

         The Company liquidated the following subsidiaries pursuant to a plan of
reorganization confirmed by the U. S. Bankruptcy Court in the District of Nevada
on June  30,  1999:  Branson  Signature  Resorts,  Inc.,  a  Nevada  corporation
("Branson"),  River Oaks Holdings,  Inc., a Missouri corporation ("River Oaks"),
Branson Bluffs Resorts, Inc. ("Branson Bluffs") a Missouri  corporation,  Allied
Resorts, Inc. ("Allied") a Missouri corporation,  River Oaks Resorts and Country
Club, Inc ("River Oaks Resort") a Texas corporation.

The principal office of the Company is located in Las Vegas, Nevada.



                                        4

<PAGE>



         On  August  26,  1998  Advanced  Gaming  Technology,  Inc  and  Branson
Signature Resorts filed for  reorganization in Las Vegas under chapter 11 of The
U. S.  bankruptcy  code.  The  cases  were  jointly  administered.  The  company
continued to operate as "debtor in possession" during the reorganization effort.
The  company  filed  a plan of  reorganization  with  the  bankruptcy  court  in
December,  1998. The company's plan and disclosure statement was approved by the
court on March 22, 1998. The plan was confirmed by the bankruptcy  court on June
29, 1999.  The plan became  effective  on August 19,  1999.  The final decree to
close the bankruptcy  cases was approved by the bankruptcy court on February 15,
2000.

         OPERATING  LOSSES.   The  Company  incurred  net  losses  of  $411,670,
$564,441,$394,895,$3,628,887, and $9,575,512 for the fiscal years ended December
31, 2001, 2000, 1999, 1998 and 1997,  respectively.  Substantial cost reductions
were made in conjunction with the plan of reorganization.  However,  the company
has  generated  minimal  revenue  from  product   distribution.   The  Company's
operations  are subject to numerous  risks  associated  operating  any business,
including  unforeseen  expenses,  delays  and  complications.  There  can  be no
assurance that the Company will achieve or sustain profitable operations or that
it will be able to remain in business.

         FUTURE CAPITAL NEEDS AND UNCERTAINTY OF ADDITIONAL FUNDING. The Company
will require additional financing to continue operations.  There is no assurance
that such  financing will be available.  Management is  considering  all options
including sale, merger,  reverse merger or dissolution of the Company.  Any such
transaction could have a significant impact on current shareholders.

         GOVERNMENT REGULATION.  Some of the Company's operations are subject to
gaming laws,  which vary according to the  jurisdiction in which each product is
marketed.  The state and local laws in the United  States  that govern the lease
and use of gaming products vary widely and change  frequently due to legislative
and administrative actions and judicial interpretations. If any changes occur in
gaming laws through  statutory  enactment  or  amendment,  judicial  decision or
administrative  action restricting the manufacture,  distribution or use of some
or all of the Company's  products,  the Company's  present and proposed business
could be  adversely  affected.  The  operation  of  gaming  on  Native  American
reservations is subject to the Indian Gaming  Regulatory Act ("IGR").  Under IGR
certain types of gaming  activities are classified as Class I, Class II or Class
III. The  Company's  business  will be impacted  based upon how its products are
ultimately  classified.  See "Business - Government  Regulation"  and "Business-
-Native American Bingo Operations."

         RISK OF LOW-PRICED STOCKS.  Rules 15g-1 through 15g-9 promulgated under
the Securities  Exchange Act of 1934 (the "Exchange  Act") impose sales practice
and disclosure requirements on certain brokers and dealers who engage in certain
transactions involving "a penny stock."


                                        5


<PAGE>

         Currently,  the Company's  Common Stock is considered a penny stock for
purposes of the  Exchange  Act. The  additional  sales  practice and  disclosure
requirements imposed on certain brokers and dealers could impede the sale of the
Company's  Common  Stock  in the  secondary  market.  In  addition,  the  market
liquidity and price for the Company's securities may be adversely affected.

         Under the penny stock  regulations,  a broker or dealer  selling  penny
stock  to  anyone   other   than  an   established   customer   or   "accredited
investor"'(generally,  an individual with a net worth in excess of $1,000,000 or
annual  incomes  exceeding  $200,000,  or  $300,000  together  with  his  or her
spouse)must make a special suitability  determination for the purchaser and must
receive the purchaser's written consent to the transaction prior to sale, unless
the broker or dealer or the transaction is otherwise exempt.

         In addition,  the penny stock regulations  require the broker or dealer
to deliver,  prior to any  transaction  involving a penny  stock,  a  disclosure
schedule prepared by the Securities and Exchange Commission (the "SEC") relating
to the penny stock market,  unless the broker,  or dealer, or the transaction is
otherwise exempt. A broker,  or dealer is also required to disclose  commissions
payable to the broker or dealer and the  registered  representative  and current
quotations for the  Securities.  In addition,  a broker or dealer is required to
send monthly statements  disclosing recent price information with respect to the
penny stock held in a  customer's  account and  information  with respect to the
limited market in penny stocks.

         TRADEMARK AND PATENT PROTECTION. The Company relies on a combination of
patent,  copyright and trademark law and technical  security measures to protect
certain  products.   Notwithstanding  these  safeguards,   it  is  possible  for
competitors  of the  Company  to imitate it  products.  Furthermore,  others may
independently develop products similar or superior to those developed or planned
by the Company.  While the Company may obtain patents with respect to certain of
its  products,  the Company  may not have  sufficient  resources  to defend such
patents;  such patents may not afford all necessary  protection and  competitors
may develop equivalent or superior products that may not infringe such patents.
See "Business - Patents and Trademarks."

PRODUCTS

MAX BINGO SYSTEMS

     The Company's MAX Bingo Systems currently include three different products:

         [i]  MAXPLUS.  The MAXPLUS is a fixed based  Electronic  Bingo  System.
MAXPLUS is designed to increase bingo revenue at bingo halls, reduce





                                        6
<PAGE>

administration  costs and increase the excitement of play. MAXPLUS gives players
the opportunity to electronically play up to 300 bingo cards simultaneously.  In
addition,  the System tracks necessary  financial and analytical  information by
providing a fully integrated accounting package.

         [ii]  Max  Lite(TM).  The Max  Lite(TM)  Bingo  system  is a  portable,
hand-held  electronic bingo unit that allows users to play up to 300 bingo cards
per game.  The unit offers  many of the  advantages  of the MAXPLUS  system in a
lightweight wireless package. The Max Lite(TM) utilizes patented radio frequency
technology to communicate with the caller console in a bingo hall. This feature,
known as "autodaub",  instantly marks the numbers on all bingo cards as they are
called.

         [iii] TurboMAX.  TurboMAX is a pari-mutuel electronic bingo system that
has five  progressive  jackpots  with five  different  patterns for each game. A
percentage of player purchases can be allocated toward a jackpot, which allows a
jackpot to be offered on every game.  This  high-speed  bingo game can be played
every 45 to 60 seconds.


INVESTMENT IN TRAVELSWITCH

         In  January,   2000  the   company   acquired  a  22%   investment   in
TravelSwitch,LLC an Internet travel services provider. The company provides room
reservations   for  the  Las  Vegas  market   through  the  Internet   addresses
www.TravelSwitch.com and www.PlayVegas.com.  TravelSwitch also operates Speedway
Travel,  a travel agency  specializing in NASCAR events and Imperial  Travel,  a
full service travel agency.

         TravelSwitch has incurred substantial losses since inception.  The book
value and  perceived  fair market value of this  investment is 0 at December 31,
2001.  Management does not expect that this investment will produce cash flow in
the near future.

OTHER PRODUCTS

         Based on the age and ineffectiveness of the Company's  electronic bingo
systems  Management is considering  any and all options  regarding the future of
the Company.  A sale,  merger,  reverse  merger or other  transaction  is likely
during  2002.  Such  transactions  could  result  in  significant   dilution  of
shareholder interests.


SALES AND MARKETING

         MAX Bingo  Systems  are leased to  distributors  or  directly  to bingo
halls.  The Company's MAX Bingo Systems  complement  paper-based  bingo play. No
systems were in use at December 31, 2001.


                                        7

<PAGE>


         MARKET SEGMENTS.  Native American,  charity,  military and casino bingo
operations  are  considered  by the  Company to be  prospective  markets for the
Company's electronic bingo systems. Currently, the Company is focusing marketing
efforts on the Native American and charity markets.


         HIGH STAKES NATIVE AMERICAN  BINGO.  There are presently over 200 bingo
operations  located on Native  American  reservations  in the United  States and
Canada. It is believed that the largest bingo games in the United States are run
on Native American  reservations.  The bingo halls located on these reservations
typically seat between 300 and 2,000 players. Bingo games are conducted three to
seven days per week, playing up to 28 bingo sessions per week.

         CHARITY BINGO.  Charity bingo sessions are conducted on a regular basis
by parochial,  private and public  schools,  churches,  and other  organizations
across the United States and Canada.  Although this is a major market source for
electronic  systems,  many of these  operations  are too small to  consider  for
permanent electronic installations. In addition, most States limit the amount of
payouts that can be made by charitable organizations.

NATIVE AMERICAN BINGO OPERATIONS

         THE INDIAN  GAMING  REGULATORY  ACT. IGR  classifies  games that may be
played on Native  American land into three  categories.  Class I gaming includes
traditional Native American social and ceremonial games and is regulated only by
the tribes.  Class II gaming includes  bingo,  pull tabs,  lotto,  punch boards,
instant bingo,  certain card games played under limited  circumstances and other
games  similar  to bingo if those  games are played at the same  location  where
bingo is played.  Class III gaming  consists of all forms of gaming that are not
Class I or Class II, such as video casino games, slot machines, most table games
such as black jack, craps and keno. Generally,  Class II gaming may be conducted
on Native American lands if the state in which the Native  American  reservation
is located  permits such gaming for any purpose by any person.  Class III gaming
may only be conducted  pursuant to a compact reached between the Native American
tribe and the state in which the tribe is located.

GOVERNMENT REGULATION

         In the United  States,  bingo is legal in the  District of Columbia and
all states,  except Utah and Hawaii.  In 46 of those states, it must be operated
either by, or in association with, a not-for-profit organization. The two states
where it may be played under private ownership for profit are Nevada and certain
parts of Maryland. In any of the 48 states where bingo and other forms of gaming
are legal,  bingo may be played on tribal lands under tribal  ordinance and with
licensing approval by the tribes without state regulation. In each of the states
where bingo is legal, the opening and operation of a game requires a license. In
some states licensing is controlled at the state level and in other states it is
controlled and issued at the local level.

                                        8
<PAGE>

         Some states have formed and  maintain  formal  gaming  commissions.  In
several states, the gaming commissions require that distributors,  manufacturers
and  suppliers  of  bingo   products  and  equipment  as  well  as  their  sales
representative  obtain  licenses.  State  regulations  may limit  the  amount of
revenues  that the Company can  generate  by  limiting  the number of  sessions,
revenues  per  session,  number of  locations  which may be  operated,  or other
matters.

         The state and local laws in the United States that govern the lease and
use of gaming  products are widely  disparate  and  continually  changing due to
legislative  and  administrative  actions and judicial  interpretations.  If any
changes occur in gaming laws through statutory enactment or amendment,  judicial
decision or administrative  action restricting the manufacture,  distribution or
use of some or all of the Company's products, the Company's present and proposed
business could be adversely affected.

         Under IGR certain types of gaming activities are classified as Class I,
Class II or Class  III.  Class I gaming  includes  traditional  Native  American
Social and ceremonial games and is regulated only by the tribes. Class II gaming
includes bingo,  pull-tabs,  lotto,  punch boards,  instant bingo,  certain card
games played under  limited  circumstances  and other games  similar to bingo if
those games are played at the same  location  where  bingo is played.  Class III
gaming consists of all forms of gaming that are not Class I or Class II, such as
video casino games,  slot machines,  most table games such as black jack,  craps
and keno.  Generally,  Class II gaming may be conducted on Native American lands
if the state in which the Native  American  reservation is located  permits such
gaming for any purpose by any person.  Class III gaming,  on the other hand, may
only be  conducted  pursuant to a compact  reached  between the Native  American
tribe and the state in which the tribe is located.  The Company's  business will
be impacted based upon how its products are ultimately classified.

COMPETITION

         The Company has many competitors for electronic  bingo systems,  all of
which  have  substantially   greater  financial,   marketing  and  technological
resources than the Company.

         The company's  investment in TravelSwitch.com is subject to substantial
competition in the global  Internet travel  industry.  Travel  reservations  and
services is among the fastest growing segments of electronic commerce.




                                        9
<PAGE>

PATENTS AND TRADEMARKS

         The Company relies on a combination of patent, trade secret,  copyright
and trademark law,  nondisclosure  agreements and technical security measures to
protect its  products.  Notwithstanding  these  safeguards,  it is possible  for
competitors of the Company to imitate its products.

         Furthermore,  others  may  independently  develop  products  similar or
superior to those  developed  or planned by the  Company.  While the Company may
obtain patents with respect to certain of its products, the Company may not have
sufficient  resources  to defend such  patents,  such patents may not afford all
necessary protection and competitors may develop equivalent or superior products
which may not infringe such patents.

RESEARCH AND MARKET DEVELOPMENT

         There were no  expenditures  for  research and  development  during the
years ended December 31, 2001 and 2000.

EMPLOYEES

         As of March 1, 2002, the Company had 1 employee.  This employee was not
represented by a labor union.




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                         ITEM 2. DESCRIPTION OF PROPERTY
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     The Company's principal executive offices are located in Las Vegas, Nevada.



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                            ITEM 3. LEGAL PROCEEDINGS
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         In addition to ordinary routine  litigation  incidental to its business
operations,  which the Company does not believe,  in the aggregate,  will have a
material  adverse  effect on the  Company,  or its  operations,  the  Company is
engaged in the following lawsuits:

         Planet Bingo, an electronic  bingo systems  provider  commenced  action
against  the  Company in 2001  alleging  patent  infringement.  This  matter was
resolved in March of 2001.

         In July 1997,  the Company  commenced a lawsuit  against G&J Production
Trust, of Victorville,  California, for delinquent payments related to the lease
of an electronic  bingo system.  In January of 2000 the company received $15,000
in full settlement of this matter.



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                       ITEM 4. SUBMISSION OF MATTERS TO A
                            VOTE OF SECURITY HOLDERS
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         There were no matters  submitted to a vote of security  holders  during
the years ended December 31, 2001 and 2000.

         During the year ended December 31, 1999 shareholders were asked to vote
on the company's  plan of  reorganization.  The measure  passed and the plan was
confirmed by the  Bankruptcy  Court in Las Vegas,  Nevada on June 29, 1999.  The
plan became effective on August 19, 1999.






                                            11
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                                     PART II

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                      ITEM 5. MARKET FOR COMMON EQUITY AND
                           RELATED STOCKHOLDER MATTERS
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         MARKET INFORMATION.  The Company's Common Stock is traded on the NASD's
OTC Bulletin  Board under the symbol  "ADVI." The following  table  presents the
high and low bid  quotations  for the Common  Stock as  reported by the NASD for
each  quarter  during  the last two  years.  Such  prices  reflect  inter-dealer
quotations without adjustments for retail markup, markdown or commission, and do
not necessarily represent actual transactions.

  Year                    Period               Low             High
  2000

                       First Quarter           .01              .40
                       Second Quarter          .05              .25
                       Third Quarter           .05              .10
                       Fourth Quarter          .01              .01
  2001

                       First Quarter           .01              .40
                       Second Quarter          .05              .25
                       Third Quarter           .01              .10
                       Fourth Quarter          .01              .02

         DIVIDENDS.  The  Company  has never  declared  or paid  dividends.  The
Company  does  not  anticipate  paying  dividends  on its  Common  Stock  in the
foreseeable future.


         The number of shareholders  of record of the Company's  Common Stock as
of December 31, 2001 was 608.

         RECENT  SALES  OF  UNREGISTERED  SECURITIES.  There  were no  sales  of
unregistered securities during the past year.



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<PAGE>

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                       ITEM 6. MANAGEMENT'S DISCUSSION AND
                         ANALYSIS OR PLAN OF OPERATIONS
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GENERAL

         The company  experienced  operating  losses of  $3,628,887  in 1998 and
$9,575,512  in  1997.  During  1998  liabilities  of the  company  significantly
exceeded  assets.  The company was in default on debt obligations and was unable
to meet the cash flow needs in the ordinary course of business.  The company had
exhausted  additional  financing sources.  The company brought in new management
for the express  purpose of guiding the company through a  reorganization  under
chapter 11 of the U. S. bankruptcy code. A petition for reorganization was filed
with the  bankruptcy  court in the District of Las Vegas on August 26, 1998. The
company filed a plan of reorganization in December 1998. The bankruptcy plan was
confirmed by the court on June 29, 1999. The plan became effective on August 19,
1999.

RESULTS OF OPERATIONS

         Completion of the plan of  reorganization  allowed the Company to begin
operations with an improved balance sheet.  However,  the extremely  competitive
market for  electronic  bingo  products  combined with  relationships  that were
damaged  as a result of past  practices  have  made it  extremely  difficult  to
develop a significant flow of revenue.

         The company  experienced a loss of $411,670 for the year ended December
31, 2001 compared to a loss of $564,441 in 2000. Operating expenses decreased to
$346,649 in 2001 from  $430,531  in 2000.  Salaries  and wages of $225,000  were
accrued during 2001 and included in the operating expenses. However, no salaries
were paid during 2001 as Management elected to defer payment.

         Interest  expense  was  $83,986  in 2001 and  $93,708  in 2000 due to a
reduction in long term debt. The 2001 results  include a loss on the earnings of
an affiliate of $78,178 compared to a loss of $78,155 in 2000.

         The  competitive  environment  continues  to be a deterrent to building
market share in electronic  bingo.  The  Company's  bingo systems have not found
acceptance  among bingo players or operators.  Management  does not believe that
the  Company's  products  will  produce  revenue  during  2002.   Management  is
considering all options including sale, merger, reverse merger or dissolution of
the Company.  Any such  transaction  could have a significant  impact on current
shareholders.

         In  January of 2000 the  company  invested  in  TravelSwitch,  LLC,  an
Internet  travel  service  provider.  Due to  substantial  operating  losses the
Company's  book value in this  investment  is zero at  December  31,  2001.  The
estimated fair market value of this investment is considered to be zero.

                                       13
<PAGE>

INFLATION AND REGULATION

         INFLATION The Company's  operations have not been, and in the near term
are not expected to be,  materially  affected by  inflation or changing  prices.
This is due in part to the highly  capital  intensive  nature of the majority of
the  business  of the  Company,  thereby  reducing  the  chances of  competition
providing  for sales  price  reductions  while  inflation  in the costs are more
likely to be passed to the customer.

         REGULATION  The  Company's  operations  are  subject to state and local
gaming laws as well as various federal laws and regulations  governing  business
activities with Native American  Tribes.  The State and local laws in the United
States  which govern the lease and use of gaming  products are widely  disparate
and  continually  changing due to  legislative  and  administrative  actions and
judicial interpretations.  If any changes occur in gaming laws through statutory
enactment  or  amendment,   judicial  decision  or  administrative  action,  the
Company's present and proposed business could be adversely affected.

LIQIUDITY AND CAPITAL RESOURCES

         The company  exhausted  financing  sources  during 1998.  The resulting
shortfall in operating capital required the company to seek reorganization under
chapter 11 of the U. S.  Bankruptcy  Code.  The  company's  bankruptcy  plan was
confirmed by the court in June 1999. The plan became effective in August, 1999.

         The  liabilities  of the company were reduced but not eliminated by the
terms of the plan of reorganization.  The company emerged with over $2.6 million
in notes payable.  The current  balance of notes payable is  approximately  $1.4
million at December 31, 2001.

         The company will  require  additional  capital to continue  operations.
There is no assurance  that capital will be  available.  This will  restrict the
growth of the company.  Management is considering  all options  including  sale,
merger, reverse merger or dissolution of the Company. Any such transaction could
have a significant impact on current shareholders.

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                          ITEM 7. FINANCIAL STATEMENTS
-----------------------------------------------------------------------

         The  financial  statements  of the Company and  supplementary  data are
included  immediately  following the signature page to this report.  See Item 13
for a  list  of the  financial  statements  and  financial  statement  schedules
included.

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

         The Company has no changes in or disagreements  with its accountants on
any accounting and financial disclosure.

                                       14
<PAGE>

                                    PART III

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           ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
-----------------------------------------------------------------------

Director

Name, Age and Principal Employment for Past Five Years
-----------------------------------------------------------------------

         Daniel  H.  Scott,  46,  is  currently  Chairman,  President  and Chief
Executive  Officer of the  company.  Prior to joining the company Mr.  Scott was
Senior Vice  President  and Chief  Financial  for MGM Grand  Hotel Corp.  of Las
Vegas,  Nevada, a casino operator,  from September 1995 until August 1997. Prior
to that Mr.  Scott  was  Vice  President  and  Treasurer  during  a  twelve-year
employment with Caesars Palace, a casino operator, in Las Vegas, Nevada.

         Robert L.  Hunziker,  57, was  appointed  as a Director  of the Company
effective  January  14,  1998.  Mr.  Hunziker  has been  employed  in  corporate
relations and corporate finance with public companies since 1992. Previously, he
was a limited partner (associate  director)of Bear, Sterns & Company,  Inc., and
he was a principal of Oppenheimer & Company, Inc.

Compliance with Section 16(a) of the Exchange Act

         Based solely upon a review of forms 3, 4, and 5 and amendments thereto,
furnished to the Company during or respecting its last fiscal year, no director,
officer,  beneficial owner of more than 10% of any class of equity securities of
the  Company  or any other  person  known to be  subject  to  Section  16 of the
Exchange  Act of 1934,  as  amended,  failed to file on a timely  basis  reports
required by Section  16(a) of the Exchange Act for the last fiscal year or prior
fiscal years.

-----------------------------------------------------------------------
                         ITEM 10. EXECUTIVE COMPENSATION
-----------------------------------------------------------------------

         The following summary compensation table sets forth certain information
regarding  compensation  paid in each of the Company's  last two fiscal years to
the  Company's  Chief  Executive  Officer  and other  executive  officers  whose
salaries and bonus exceeded $100,000:

SUMMARY COMPENSATION TABLE

Name and Position                          Year        Salary

Daniel H. Scott, Chairman and Chief        2001       $225,000
   Executive officer(1)                    2000        225,000




                                       15
<PAGE>


(1) Mr. Scott elected to defer payment of $187,500 of the 2000  compensation and
$225,000  of the 2001  compensation.  These  amounts  were  consolidated  into a
secured note payable to Mr. Scott in June of 2001.  Mr. Scott receives an annual
salary of $225,000. The actual amount of salary paid during 2001 was $0.

         No bonuses were paid in 2001 or 2000.

Director Compensation

         There are no  arrangements  pursuant to which Directors are compensated
for any services provided as a Director.

Option Grants in Last Fiscal Year

     No options were granted during the years ended December 31, 2001 or 2000.

Aggregate Option Exercises in Last Year, and Year-End Option Values

     No options were exercised during 2001.


Employment Agreements

         On August 4, 1998 the company  entered into an  employment  arrangement
with Daniel H. Scott for Mr.  Scott to serve as  President  and chief  executive
officer.










                                       16
<PAGE>


-----------------------------------------------------------------------
                ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                              OWNERS AND MANAGEMENT
-----------------------------------------------------------------------

         The  following  table  sets  forth  information  as of March  31,  1999
regarding  the  beneficial  ownership  of Common stock of the Company by (i) the
directors of the Company,  (ii) each executive named in the Summary Compensation
Table that appears under "Executive  Compensation-Summary  Compensation  Table,"
(iii) each person who was known by the Company to own beneficially  more than 5%
of the  outstanding  shares of Common Stock of the Company and (iv) all officers
and directors as a group.

Name and address of Beneficial Owner   Number of Shares Owned   Percent
                                                                        of Class

Dr. Kenneth Landow                           2,100,000            9%
P O Box 46855
Las Vegas, NV 89114

Daniel H. Scott
P O Box 46855
Las Vegas, Nevada  89114                    11,909,750            55%

All officers and directors                  11,909,750            55%
As a group




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

         During the fiscal year ended  December 31, 1999, the Board of Directors
held  approximately  4  meetings.  The  Company  does not have a standing  audit
committee, nominating committee or compensation committee.








                                       17


<PAGE>

-----------------------------------------------------------------------
                   ITEM 13. EXHIBITS, AND REPORTS ON FORM 8-K
-----------------------------------------------------------------------

(a)  The following documents are filed as part of this report.

1.   Financial Statements                                        Page

Report of Robison, Hill & Co.,
     Independent Certified Public Accountants                   F - 1

Consolidated Balance Sheets as of
     December 31, 2001 and 2000                                 F - 2

Consolidated Statements of Operations for the years ended
     December 31, 2001 and 2000                                 F - 3

Consolidated Statement of Stockholders' Deficit
     for the year ended December 31, 2001                       F - 4

Consolidated Statement of Stockholders' Deficit for the year ended
     December 31, 2000                                          F - 5

Consolidated Statements of Cash Flows for the years ended
     December 31, 2001 and 2000                                 F - 6

Notes to Financial Statements                                   F - 7

2. Financial Statement Schedules

         The following  financial statement schedules required by Regulation S-X
are included herein.

         All  Schedules  are  omitted  because  they are not  applicable  or the
required information is shown in the financial statements or notes thereto.

 3. Exhibits

         The following exhibits are included as part of this report:

Exhibit
Number                                   Exhibit
2.1       (1) Articles of Amendment to Articles of Incorporation of the Company.
2.2       (1) Articles of Amendment to Articles of Incorporation of the Company.
2.3       (1) Articles of Amendment to Articles of Auto N Corporation.
2.4       (1) Articles of Amendment to Articles of MacTay Investments Co.




                                       18

<PAGE>

2.5      (1) Articles of Incorporation of MacTay Investments Co.
2.6      (1) Bylaws of the Company.
6.20     (1) Financing,  Royalty and Licensing agreement with Bingo Technologies
         Corporation, dated February 9, 1998.

(1) Documents  previously filed and incorporated by reference  herein,  the same
numbered exhibit to Registrant's  Registration  Statement on Form 10-SB filed on
January 16, 1997.

(b) Sales of unregistered securities during the past year were filed pursuant to
8-K on the  following  dates:  none.  The U S Bankruptcy  Court  authorized  the
issuance of 25 million  shares on the  effective  date of the  bankruptcy  plan,
August 19, 1999.

(c) The exhibits listed under Item 14(a)(3) are incorporated by reference.

(d) No financial  statement schedules required by this paragraph are required to
be filed as a part of this form.


                                       19

<PAGE>

-----------------------------------------------------------------------
                                   SIGNATURES

-----------------------------------------------------------------------


         Pursuant to the  requirements  of section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended,  the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly authorized.

                        ADVANCED GAMING TECHNOLOGY, INC.


Dated: March 27, 2002                     By /s/ Daniel H. Scott
       ---------------                    ----------------------------
                                  President and Chief Executive Officer

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities indicated on this 27th day of March, 2002.

Signatures                                                     Title


/s/ Daniel H. Scott,                       Chairman and Director
                                           (Principal Executive and
                                            Accounting Officer)


/s/ Robert L. Hunziker                     Director




                                       20
<PAGE>

               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

Board of Directors
Advanced Gaming Technology, Inc.

         We  have  audited  the  accompanying  consolidated  balance  sheets  of
Advanced Gaming  Technology,  Inc. and  subsidiaries as at December 31, 2001 and
2000, and the consolidated statements of operations,  stockholders' deficit, and
cash  flows  for the  years  then  ended.  These  financial  statements  are the
responsibility of the Company's Management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards  require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the 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  audit  provides  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in all material  respects,  the financial  position of Advanced  Gaming
Technology,  Inc.  and  subsidiaries  as of  December  31, 2001 and 2000 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.

         The accompanying  financial statements have been prepared assuming that
the  Company  will  continue  as a going  concern.  As  shown  in the  financial
statements,  the  Company  incurred  a net  loss of  $411,670  for  2001 and has
incurred  substantial net losses in recent years. These factors,  and the others
discussed in note 10, raise  substantial  doubt about the  Company's  ability to
continue  as a going  concern.  The  financial  statements  do not  include  any
adjustments  relating  to the  recoverability  and  classification  of  recorded
assets, or the amounts and classification of liabilities that might be necessary
in the event the Company cannot continue in existence.

                                            Respectfully submitted,

                                            /s/ Robison, Hill & Co.
                                            Certified Public Accountants
Salt Lake City, Utah
March 21, 2002




                                       F-1
<PAGE>



                        Advanced Gaming Technology, Inc.
                           CONSOLIDATED BALANCE SHEETS
                                  December 31,
                                     ASSETS

                                                     2001        2000
                                                 ----------   ---------
Current Assets
  Cash and short term investments(note 2(d)) ...   $ 45,709    $171,807
  Inventory (note 2 (b)) .......................      --         20,000
  Prepaid expenses .............................      1,000       1,000
                                                 ----------   ---------
Total current assets ...........................     46,709     192,807

Property and Equipment, net (note 2(c)) ........     66,862     125,753

Other Assets (note 3) ..........................      --         78,178
                                                 ----------   ---------
Total assets ................................... $  113,571  $  396,738
                                                 ==========  ==========


                  LIABILITIES AND STOCKHOLDERS' EQUITY
                                                    2001          2000
                                                ----------    ---------
Current Liabilities
 Accounts payable and accrued liabilities......     10,000      330,798
 Notes Payable (Note 4)                          1,367,424      900,276
                                                ----------    ---------
 Total current liabilities ....................  1,377,424    1,231,074



Commitments and Contingencies (note 9)

Stockholders' Equity (Deficit)
 Preferred stock - 10% cumulative $.10 par value;
 authorized 4,000,000 shares; issued - nil ....       --            --
 Common stock - $.005 par value; authorized
 150 million shares; issued and outstanding
 21,430,587 in 2001 and 25 million in 2000         107,153      125,000
 Additional paid-in capital ...................       --            --
 Accumulated deficit .......................... (1,371,006)   (959,336)
                                                 ----------   ---------
 Net stockholders' equity (deficit)............ (1,263,853)   (834,336)
                                                 ----------   ---------
Total liabilities and stockholders' equity  ...  $ 113,571   $ 396,738
                                                 ==========  ==========

   The accompanying notes are an integral part of these financial statements.
                                       F-2
<PAGE>

                        Advanced Gaming Technology, Inc.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                        For the Years Ended December 31,



                                                     2001         2000
                                                  ----------  ---------

Revenue ......................................   $   87,184   $  20,000


Expenses

 Salaries and Wages  .........................      225,000     225,000
 Service and Support                                 33,031      51,883
 Depreciation and amortization                       82,638      77,935
 Administrative expenses                              5,980      75,713
                                                  ----------  ---------
                                                    346,649     430,531
                                                  ----------  ---------
 Operating income (loss)......................     (259,465)  (410,531)

Other (expense) income
 Interest......................                     (83,986)   (93,708)
 Equity in earnings of Affiliate                    (78,178)   (78,155)
 Interest and other income                            9,959     17,953
                                                  ----------  ---------
Net Loss .....................................    $(411,670) $(564,441)
                                                  ========== ==========

Net loss per common share (note 2(e)) ........    $  (0.02)   $  (0.02)
                                                  ========== ==========
Weighted average common shares
outstanding (note 2 (e)) .....................   21,430,587 25,000,000
                                                 ========== ===========


The accompanying notes are an integral part of these financial statements.


                                       F-3
<PAGE>

                        Advanced Gaming Technology, Inc.
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
                      For the Year Ended December 31, 2001




                               Common Stock        Paid-in  Accumulated
                             Shares      Amount    Capital    Deficit
                           ----------  ----------  --------- ----------
Balance January 1, 2001    25,000,000   $125,000   $   --    $(959,336)

Cancellation of reserve
For approved claims
(Note 11)                  (3,569,413)   (17,847)      --         --

Net Loss                        --          --         --     (411,670)
                          -----------  ---------  ---------- ----------

Balance December 31, 2001  21,430,587   $107,153   $   --  $(1,371,006)
                          ===========  =========  ========== ==========






    The accompanying notes are an integral part of these financial statements

                                       F-4


<PAGE>

                        Advanced Gaming Technology, Inc.
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
                      For the Year Ended December 31, 2000



                               Common Stock        Paid-in  Accumulated
                             Shares      Amount    Capital    Deficit
                           ----------  ----------  --------- ----------
Balance January 1, 2000    25,000,000   $125,000   $   --    $(394,895)

Net Loss                        --          --         --     (564,441)
                          -----------  ---------  ---------- ----------

Balance December 31, 2000  25,000,000   $125,000   $   --  $  (959,336)
                          ===========  =========  ========== ==========







    The accompanying notes are an integral part of these financial statements

                                       F-5

<PAGE>

                        Advanced Gaming Technology, Inc.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                        For the Years Ended December 31,

                                                     2001         2000
                                                  ----------  ---------
Cash flows from operating activities:

 Net loss ......................................  $(411,670) $(564,441)
Adjustments to reconcile net loss to net cash
 used in operating activities:
 Depreciation and amortization .................     82,638     77,935
 Loss from earnings of affiliate                     78,178     78,155
 Cancellation of reserve for common stock           (17,847)       --
Change in operating assets and liabilities:
 Inventory .....................................     20,000       --
 Accounts payable and accrued liabilities.......    153,121    190,288
                                                  ----------  ---------
Net cash (used in)operating activities              (95,580)  (218,063)
                                                  ----------  ---------
Cash flows from investing activities:

Purchases of property and equipment .............   (23,747)   (61,948)
Disposal of Land...............................         --   1,750,000
                                                  ---------- ---------
Net cash used in investing activities ..........    (23,747) 1,688,052
                                                  ---------- ---------

Cash flows from financing activities:

Principal payments/retirements of long-term debt     (6,771)(1,738,743)
                                                  ---------- ---------
Net cash provided by financing activities ......     (6,771)(1,738,743)
                                                  ---------- ---------

Net change in cash and cash equivalents ........   (126,098)  (268,754)
Cash and cash equivalents at beginning of year      171,807    440,561
                                                  ---------- ---------
Cash and cash equivalents at end of year .......  $  45,709  $ 171,807
                                                  ========== =========

Supplemental disclosure of cash flow information:

Cash paid during the year for interest .........   $ 35,451  $  93,708



The accompanying notes are an integral part of these financial statements.


                                       F-6
<PAGE>


                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2001 and 2000


NOTE 1 - HISTORY AND ORGANIZATION

         The Company was incorporated  under the laws of the State of Wyoming in
1963under  the name of MacTay  Investment  Co. In 1987,  the name was changed to
Auto N Corporation.  The Company changed its name to Advanced Gaming Technology,
Inc. in 1991. The Company's executive offices are located in Las Vegas,  Nevada.
The  Company  is  principally  engaged  in  the  development  and  marketing  of
technology for the casino and hospitality industry.

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

         A  summary  of  the  significant  accounting  policies  applied  in the
preparation of the accompanying financial statements is as follows:

(a)  Principles of Consolidation

         The consolidated  financial statements include the accounts of Advanced
Gaming  Technology,  Inc. and its  wholly-owned  subsidiaries,  Executive  Video
Systems, Inc., Palace Entertainment Limited,  Prisms, Inc., Pleasure World Ltd.,
Prisms (Bahamas) Ltd., and A.G.T. Acceptance Corp. All significant  intercompany
accounts and transactions have been eliminated.

(b)   Inventory

         Inventory  consists of bingo equipment parts and is carried at lower of
cost (first-in, first-out method) and market value.

(c)    Property and Equipment

         Property and equipment is stated at cost.  Depreciation  is provided in
amounts  sufficient to relate the cost of depreciable  assets to operations over
their estimated service lives,  principally on a straight-line basis from 3 to 5
years.

         Upon sale or other disposition of property and equipment,  the cost and
related  accumulated  depreciation  or amortization is removed from the accounts
and any gain or loss is included in the determination of income or loss.

         Expenditures  for  maintenance  and  repairs  are charged to expense as
incurred.  Major overhauls and betterments are capitalized and depreciated  over
their useful lives.



                                       F-7
<PAGE>

                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2001 and 2000

                                   (Continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued)

(d)  Cash and Cash Equivalents

         For purposes of the Statement of Cash Flows, the Company  considers all
highly  liquid debt  instruments  purchased  with a maturity of three  months or
less, as cash equivalents.

(e)  Net Loss per Common Share

         The effect of outstanding  common stock  equivalents are  anti-dilutive
for 2001 and 2000 and are thus not  considered.  Notes  payable are  convertible
into 1,775,000 shares of common stock. The reconciliations of the numerators and
denominators of the basic EPS computations are as follows:

                             2001                      2000
                  ------------------------  ---------------------------
                            Number                    Number
                              Of      Loss              of       Loss
                   Loss     Shares  Per Share Loss   Shares   Per Share

Basic EPS
Loss to Common
  Shareholders   $411,670  21,430,587 $(.02) $564,441 25,000,000 $(.02)
                  =======  ==========  ====   ======= ==========   ====

(f)  Revenue

         Revenue  is  generated  on  operating  leases and is  recognized  on an
accrual basis.

(g)  Persuasiveness of Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from these estimates.

         Certain   reclassifications  have  been  made  in  the  2000  financial
statements to conform with the 2001 presentation.



                                       F-8

<PAGE>


                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2001 and 2000
                                   (Continued)



NOTE 3 - OTHER ASSETS
                                                    2001        2000
                                                ----------- -----------

Investment in Travel Switch, LLC                      --        78,178
                                                ----------- -----------
                                                 $    --   $    78,178
                                                =========== ===========


NOTE 4 - NOTES PAYABLE


Notes Payable consists of the following:           2001       2000
                                                ----------- -----------
Note payable,  interest at 9%, due in monthly Payments of $7,037 beginning March
 1, 2000. The note is due in July of 2006.  The note is convertible  into common
 stock at a rate of $.53 per share. This note is in default at December 31, 2001
 and has been reclassified
 as current.                                     $ 940,939     900,276
Note payable, interest at prime plus 2% payable
On demand to an officer of the Company, secured
By all assets of the Company.                      426,485        --
                                                 ---------- -----------
Notes payable                                   $1,367,424  $  900,276
                                                 =========== ==========


NOTE 5 - STOCK OPTIONS AND WARRANTS

         All  options  and  warrants  outstanding  were  eliminated  in  1999 in
conjunction with the effective date of the plan of reorganization.


NOTE 6 - SEGMENTED INFORMATION

         The  company  derived  all  revenues  in 2001 and 2000 from  operations
within  the  United  States.  The  company  has no assets  outside of the United
States.


                                       F-9

<PAGE>


                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                      December 31, 2001 and 2000(Continued)




NOTE 7 - SELECTED FINANCIAL DATA (Unaudited)

         The following tables set forth certain  unaudited  quarterly  financial
information:

                              2001 Quarters ended,
                       Mar. 31       Jun. 30       Sep. 30      Dec. 31
                     ---------     ---------     ---------    ---------
 Revenue              $  53,701    $  27,721     $   3,700    $  2,062

 Operating income(loss) (49,615)     (74,984)      (97,763)    (37,103)
 Other income (expense) (16,893)     (40,832)      (50,914)    (43,566)
                      ---------     ---------     ---------   ---------
Net Loss              $ (66,508)   $(115,816)    $(148,677)  $ (80,669)
                      =========     =========     =========   =========

                              2000 Quarters ended,
                       Mar. 31       Jun. 30       Sep. 30      Dec. 31
                      ---------     ---------     ---------   ---------
 Revenue              $  15,163     $    --      $    --     $   4,837

 Operating income(loss) (83,772)    (102,245)      (97,065)   (127,449)
 Other income (expense) (31,358)     (10,831)      (12,879)    (98,842)
                      ---------     ---------     ---------   ---------
 Net Loss             $(115,130)   $(113,076)   $  (109,944) $(226,291)
                      =========     =========     =========   =========


NOTE 8 - INCOME TAXES

         Deferred taxes result from temporary  differences in the recognition of
income and expenses for income tax reporting and financial  statement  reporting
purposes.  Deferred  benefits of $8,500,000  and  $8,500,000 for the years ended
December 31, 2001 and 2000 respectively, are the result of net operating losses.

         The Company has recorded net deferred income taxes in the  accompanying
consolidated balance sheets as follows:

                                                   2001         2000
                                                -----------  -----------
Future deductible temporary differences related
To reserves, accruals, and net operating losses $8,500,000  $8,500,000
Valuation allowance                             (8,500,000) (8,500,000)
                                                ----------- -----------
Net deferred income tax                         $     --    $      --
                                                =========== ===========


                                      F-10
<PAGE>

                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                     December 31, 2001 and 2000 (Continued)


NOTE 8 - INCOME TAXES (continued)

         As  of  December  31,  2000,  the  Company  had a  net  operating  loss
("NOL")carryforward   for  income  tax  reporting   purposes  of   approximately
$25,500,000  available to offset future taxable income.  This net operating loss
carry-forward  expires at various  dates  between  December 31, 2008 and 2015. A
loss generated in a particular  year will expire for federal tax purposes if not
utilized  within 15 years.  Additionally,  the Internal  Revenue  Code  contains
provisions that could reduce or limit the  availability and utilization of these
NOLs if certain  ownership  changes  have  taken  place or will take  place.  In
accordance with SFAS No. 109, a valuation  allowance is provided when it is more
likely than not that all or some  portion of the  deferred tax asset will not be
realized. Due to the uncertainty with respect to the ultimate realization of the
NOLs, the Company  established a valuation allowance for the entire net deferred
income tax asset of $8,500,000  as of December 31, 1999.  Also  consistent  with
SFAS No. 109, an allocation of the income  (provision)  benefit has been made to
the loss from  continuing  operations.  The  differences  between the  effective
income  tax rate and the  federal  statutory  income  tax rate on the loss  from
continuing operations are presented below:

                                                    2001         2000
                                               -----------  -----------
Benefit at the federal statutory rate of 34%      $139,968  $  191,910
Non-deductible expenses                               --          --
Utilization of net operating loss carryforward    (139,968)   (191,910)
Other                                                             --
                                                ----------- -----------
                                                $     --    $     --
                                                =========== ===========


NOTE 9 - CONTINGENCIES

         In addition to ordinary routine  litigation  incidental to its business
operations,  which the Company does not believe,  in the aggregate,  will have a
material  adverse  effect on the  Company,  or its  operations,  the Company was
engaged in the following litigation:

         Planet Bingo vs. Advanced Gaming  Technology - Plantiff  alleged patent
infringement  on the part of the  Company.  The matter was  resolved in March of
2002.



                                      F-11
<PAGE>

                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                     December 31, 2001 and 2000 (Continued)


NOTE 10 - GOING CONCERN

         The accompanying  financial statements have been prepared in conformity
with generally accepted accounting principles,  which contemplates  continuation
of  the  Company  as  a  going  concern.  However,  the  Company  has  sustained
substantial operating losses in recent years. In addition,  the Company has used
substantial amounts of working capital in its operations. On August 26, 1998 the
Company  filed  a  petition  for  reorganization  under  chapter  11 of  the U S
bankruptcy code in Las Vegas, Nevada.

         In view of these matters,  realization of a major portion of the assets
in the accompanying  balance sheet is dependent upon continued operations of the
Company which in turn is dependent  upon the Company's  ability to  successfully
complete the  reorganization  process and meet its  financing  requirements  and
succeed in its future operations.


NOTE 11 - REORGANIZATION UNDER CHAPTER 11

         The company filed a plan of  reorganization  with the court in December
1998. The plan and  disclosure  statement was approved by the court on March 22,
1999. The company's reorganization plan was confirmed by the bankruptcy court on
June 29,1999. The plan became effective on August 19, 1999.

         Pursuant  to  the  plan,   obligations   to  secured   creditors   were
re-negotiated.  The  new  amount  of  secured  debt  on the  effective  date  is
$2,634,000.  All remaining  liabilities of the company have been fully satisfied
through issuance of new common stock.  Other secured creditors received 3 shares
of new common stock for each $1 of allowed  secured claim.  Unsecured  creditors
received 1.88 shares of new common stock for each $1 of allowed claim.

         The company issued 21,430,587 shares of new common stock in conjunction
with the plan. The existing common stock was cancelled. Existing shareholders of
the company on the effective  date received 1 share of new common stock for each
66 shares of common stock currently owned. A reserve of approximately  3,569,413
shares was being  maintained for  additional  allowed  claims.  This reserve was
cancelled in 2001 as no new claims have been presented since the confirmation of
the plan.


                                      F-12

<PAGE>

                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                     December 31, 2001 and 2000 (Continued)



NOTE 12 FRESH START ACCOUNTING


         On June 29, 1999 the bankruptcy  Court  confirmed the Company's plan of
reorganization.  The plan became effective on August 19, 1999. The plan provided
for the following:

         Secured debt- The secured debt was  exchanged for a $1,750,000  secured
note,  payable in monthly  installments of $21,600  commencing on March 1, 2000,
with  interest  at 9% per annum  and a secured  note for  $884,000,  payable  in
monthly installments of $6,200 commencing on March 1, 2000, with interest at 7%.
The $1,750,000 note was dismissed when the Company returned the property secured
by the note to the noteholder  during March of 2000. The $884,000 note is due in
July of 2006. Other secured  creditors  received 3 shares of new common stock in
exchange for each $1 of secured debt.

         Unsecured  creditors- The holders of unsecured  allowed claims received
1.88 shares of new common stock for each $1 of allowed claim.

         Common Stock - The holders of existing  shares of the Company's  common
stock  received,  in exchange for their shares,  1 new share of common stock for
each 66 shares owned.

         The  Company  accounted  for  the   reorganization   using  fresh-start
reporting. Accordingly, all assets and liabilities are restated to reflect their
reorganization   value,   which   approximates   fair   value  at  the  date  of
reorganization.




                                      F-13