Bingo Nation Inc. (fka BLTO)

[baomike]

accumulated deficit of $82,499,744 from inception

More apparent than real.

On May 2, 2014, the Company issued 21,000,000 shares to its directors. At the time of the issue the Company’s shares were valued at $2.30 per share. The compensation expense was $48,300,000.

This a big chunk of that.

On July 12, 2012, the company completed a transaction whereby it issued 96,250 shares of its common stock for $19,950 in debt. The debt was comprised of prior advances from an unrelated third party. This transaction was accounted for as an extinguishment of debt, in accordance with ASC 470-50. The shares were valued at $300.00 per share ($1.50 per share pre-reverse split of 200 to 1), which was the price of the Company’s common stock on July 12, 2012. The difference between the price and the net carrying amount of the extinguished debt was recognized as a loss on extinguishment of debt in the statement of operations, in the amount of $29,905,050.

Another big chunk.

Another quible: The entire compensation expense for the three years was taken
as an expense in one year.

This post also has some deficit non reduction:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=105467633