Bingo Nation Inc. (fka BLTO)

[baomike]

So far this looks like the important item in the 10-Q.

On June2, 2014, the company completed a transaction whereby it issued 2,000,000 shares of its common stock for $2,000 of debt. The transaction was accounted for as an extinguishment of debt, in accordance with ASC 470-50. The shares were valued at $1.52 per share which was the price of the Company’s common stock on June 2, 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 $3,038,000.

Now this looks like the old VKML I have grown to love. Who got these shares?
Obviously someone who did not need to file 3s or 4s.
Well under the percentage limits for reporting and a non officer.

With 83,000,000 shares that are not trade-able, this 2,000,000 bundle
makes up a big percentage of the the remaining (85,160,437 shares of common stock).
Nice small percentage of the outstanding stock, HUGE percentage of the trad- able stock.

A classic manoeuvre: reverse split to shrink exiting shares (200 to 1) then
issue more to sell. The 83,000,000 in camouflage is a nice touch.