Bingo Nation Inc. (fka BLTO)

[baomike]

And here is the prize in the 10-Q:

In July 2014, the company completed a transaction whereby it issued 62,500,000 shares of its common stock for $62,500 of debt. The transaction was accounted for as an extinguishment of debt in accordance with ASC 470-50. The shares were valued at $0.99 per share which was the price of the Company’s common stock on the closing date of July 21, 2014. 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 $61,812,500.

My feeble math skill put the price per share at $0.001/share. And how much are you paying for them.
The person who got this now has the privilege of selling them. I am sure there were/are transaction costs but this looks like a money maker for someone.

And that someone has filed no Form 3 or 4, but assuredly is a major stock holder.

My guess is the $62,500 was what someone paid for lawyer and accounting fees.

Another note: It appears Cannablis does not as yet pay any rent.