OVERVIEW AND OUTLOOK
The Company was incorporated in the State of
After being taken over by new management the
We have created a website (www.glorywinentertainment.com) which contains general information about the Company.
Based on our current operating plan, we anticipate that we will be able to generate sufficient revenue to cover our expenses for the next twelve months. Our ability to maintain sufficient liquidity depends on our ability to raise additional capital.
The Company is in the process of developing mobile applications to provide games to customers where such activity is legal. The software is provided by a third party vendor who provides the online casino platform in selected markets. The development of the mobile gaming application requires the Company to customize the appearance and branding of the third-party software, and establish merchant services to accept payments and facilitate the distribution of winnings.
Player acquisition is a key driver of organic growth in the online gaming industry. Players are mainly acquired from affiliates for a fixed fee or a percentage of winnings based on negotiated pre-determined criteria. Affiliates are websites or individuals who attract players through various means, such as player information/interest websites, email campaigns or other relationships. The key is that payment to affiliates only takes place when the negotiated criteria are met. The criteria can be the player’s minimum deposit, level of play or income earned. The critical element is that, unlike most marketing campaigns, marketing revenue is generally predictable.
Key elements of player retention are creating exciting opportunities to maintain player interest and increase the frequency of play. Similar to land-based casino compensation programs, the tools used for this purpose include prizes, ‘free money’, opportunities to play against famous (or infamous) players and tournament qualifiers.
(“Deposit”) and will ensure the full operation of the land-based casino for a total of 12 months. When the trades achieve at least positive revenue during this 12-month period, the transaction is considered complete, with the deposit being the purchase price of the counterparty.
The Company is currently finalizing the due diligence on this transaction and will incorporate as part of the due diligence an assurance that GWIN does not facilitate gambling in any jurisdiction where such activities are illegal and fully compliant with all laws relating to their current operation.
Results of operations for the three months ended
General and administrative expenses
General and administrative expenses were
Net Profit / Loss
For the above reasons, the net profit for the three months ended
CASH AND CAPITAL RESOURCES
We estimate that our existing sources of cash will be sufficient to fund our operations, planned capital expenditures, working capital and other financing needs for at least the next twelve months.
The following table summarizes the total assets, accumulated deficit, shareholders’ equity and working capital at
June 30, 2016 June 30, 2015 Total Assets $ 252
Accumulated profit (loss)
$ (57,643 ) $ 719,195Net Working Capital $ (57,643 ) $ 719,195
Net cash from operating activities amounted to
Meeting our cash obligations for the next twelve months
Our plan to meet our cash requirements for the next twelve months is to generate revenue through the introduction of junket operations and technical services.
The rate of inflation has had little impact on the Company’s results of operations and is not expected to have a material impact on continuing operations.
Off-balance sheet arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or our capital resources that is material to investors.
13 Critical Accounting Policies
We have identified the policies described below as essential to our business activities and to understanding our results of operations. The list is not intended to be an exhaustive list of all of our accounting policies. In many cases, the accounting treatment for a particular transaction is specifically dictated by generally accepted accounting principles in
Revenue from service contracts is recognized as the services are rendered if collection is reasonably assured.
The company is engaged in the service of introducing sub-junkets and an information technology (IT) company to land-based casinos and receives an agreed percentage of total wagers as revenue. For the sub-junket introduction service and the IT infrastructure introduction service performed, the company charges 0.2% and 0.05%, respectively, of the total bets played by the players introduced by the sub-junkets. casino junkets located in
Recently issued accounting pronouncements
For more information about the new accounting pronouncements and the potential impact on our consolidated financial statements, see Note 3 in the Notes to the Consolidated Financial Statements in our Form 10-K for the year ended
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