On January 31, 2008, we acquired all of the outstanding capital stock of World Series of Golf, Inc., a privately-held Nevada corporation (“WSG-NV”) engaged in the sports entertainment industry that conducted golf tournament events under a proprietary method of play format and produced its own content for television and online applications. We immediately ceased prior business and began devoting all resources to the acquired business of WSG-NV.
The acquisition was consummated pursuant to an Agreement and Plan of Merger, dated January 31, 2008, among our company, WSG-NV, and WSG Acquisition, Inc. (“Acquisition Sub”), a newly formed wholly-owned Nevada subsidiary, whereby WSG-NV merged with and into Acquisition Sub. This transaction is commonly referred to as a “reverse acquisition” in which all of the outstanding capital stock of WSG-NV was effectively exchanged for a controlling interest in our company, which was a publicly-held “shell” corporation at the time of the transaction. This was considered a capital transaction (a recapitalization) rather than a business combination. Accordingly, no goodwill or other intangible assets were recorded. On February 1, 2008, we merged with Acquisition Sub in a short form merger under Nevada law and changed our name to “World Series of Golf, Inc.”
Business of Predecessor
WSG-NV, in which we acquired a 100% interest on January 31, 2008, was formed in 2003. As indicated above, WSG-NV was engaged in sports entertainment. Since WSG-NV was considered to be the acquirer for financial reporting purposes, our historical financial statements for any period prior to January 31, 2008, are those of WSG-NV.
We also sell sponsorships for our live tournaments and television coverage. Due to our funding constraints we delayed the development and launch of a planned multi-player online video game that we were building with The World Golf Tour, operator of www.wgt.com.
We still plan to offer one or more virtual gaming options, which may be delivered online through our website, www.worldseriesofgolf.com ,
This will take advantage of the Company’s Patent No. 7,841,933, which was issued by the United States Patent Office on November 30, 2010 which incorporates the combination of Texas Hold’em Poker style wagering with other activities, including golf, in a virtual environment. The virtual game is based on our unique method of play and is tied into a social network/web community where interested players can not only play the online version of The World Series of Golf but will also be able to communicate with each other, share information and buy related products online.
We filed a U.S. utility patent application (Application No. 10/958,933) for the invention, entitled “Method for Conducting Sports Tournaments With Wagering” with respect to our unique World Series of Golf method of play. The patent was granted as it pertains to virtual method of play on November 30, 2010 and issued under US Patent No. 7,841,933. The application is currently pending as it relates to live method of play events.
We have a registered trademark for the name “World Series of Golf” and its related logo. We have applied for registration for the following marks: “World Series of Professional Men’s Golf”, “World Series of Professional Ladies Golf”, and “World Series of Amateur Golf” and “World Series of Golf Club Championship.” We also have a registered trademark in Japan and Canada for the name “World Series of Golf”.
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