0001017386-16-000505.txt : 20160815 0001017386-16-000505.hdr.sgml : 20160815 20160815163627 ACCESSION NUMBER: 0001017386-16-000505 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Newgioco Group, Inc. CENTRAL INDEX KEY: 0001080319 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330823179 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50045 FILM NUMBER: 161833318 BUSINESS ADDRESS: STREET 1: 130 ADELAIDE STREET, WEST STREET 2: SUITE 701 CITY: TORONTO STATE: A6 ZIP: M5H 2K4 BUSINESS PHONE: 647-229-0136 MAIL ADDRESS: STREET 1: 130 ADELAIDE STREET, WEST STREET 2: SUITE 701 CITY: TORONTO STATE: A6 ZIP: M5H 2K4 FORMER COMPANY: FORMER CONFORMED NAME: EMPIRE GLOBAL CORP. DATE OF NAME CHANGE: 20051004 FORMER COMPANY: FORMER CONFORMED NAME: TRADESTREAM GLOBAL CORP. DATE OF NAME CHANGE: 20050727 FORMER COMPANY: FORMER CONFORMED NAME: VIANET TECHNOLOGY GROUP LTD DATE OF NAME CHANGE: 20050707 10-Q 1 newg_2016jun30-10q.htm JUNE 30, 2016 QUARTERLY REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 10-Q

_________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

 

Commission File Number 000-50045

_________________

NEWGIOCO GROUP, INC.

(Exact name of registrant as specified in its charter)

_________________

Delaware   33-0823179
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)

 

130 Adelaide Street, West, Suite 701

Toronto, Ontario, Canada M5H 2K4

(Address of Principal Executive Offices) (Zip Code)

 

(647) 229-0136

(Registrant’s telephone number, including area code)

 

Empire Global Corp.

(Former name or former address and former fiscal year, if changed since last report)

_________________

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company þ

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ

Indicate the number of shares outstanding of the issuer's common stock, as of the latest practicable date:

There were 34,928,173 shares of Common Stock outstanding as of August 15, 2016.

 


 
 

 

 

 

TABLE OF CONTENTS

 

 

PART I - FINANCIAL INFORMATION PAGE
     
Item 1 Financial Statements 4
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operation 19
Item 3 Quantitative and Qualitative Disclosures About Market Risk 24
Item 4 Controls and Procedures 24
     
PART II - OTHER INFORMATION  
     
Item 1 Legal Proceedings 25
Item 1A Risk Factors 25
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 25
Item 3 Defaults Upon Senior Securities 25
Item 4 Mine Safety Disclosures 25
Item 5 Other Information 25
Item 6 Exhibits 25
     
SIGNATURES 26

 

 

 

 

 

2


 
 

 

 

PART I

 

ITEM 1. FINANCIAL STATEMENTS

 

 

NEWGIOCO GROUP, INC.

(Formerly Known as Empire Global Corp.)

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

CONTENTS PAGE
   
Consolidated Balance Sheets 4
   
Consolidated Statements of Comprehensive Loss 5
   
Consolidated Statements of Cash Flows 6
   
Notes to Consolidated Financial Statements 7

 

 

 

 

 

 

 

 

3


 
 

 

 NEWGIOCO GROUP, INC.

(Formerly Known as Empire Global Corp.)

Consolidated Balance Sheets

(Unaudited)

 

       
   June 30,
2016
  December 31,
2015
Assets      
Current Assets      
Cash and cash equivalents  $121,130   $157,363 
Gaming accounts receivable, net of allowance for doubtful accounts of $408,430 and $349,374 on June 30, 2016 and December 31, 2015   252,898    178,151 
Prepaid expenses   221,683    310,407 
Other current assets   30,944    36,725 
Total Current Assets   626,655    682,646 
           
Non-current Assets          
Restricted cash   263,877    232,013 
Property, Plant, and Equipment   85,710    88,705 
Intangible assets   2,139,321    2,376,540 
Goodwill   260,318    260,318 
Investment in non-consolidated entities   6,848    6,729 
Total Non-current Assets   2,756,074    2,964,305 
Total Assets  $3,382,729   $3,646,951 
           
Liabilities and Stockholders’ Equity          
Current Liabilities          
Line of credit - bank  $289,614   $312,483 
Accounts payable and accrued liabilities   446,731    571,501 
Gaming accounts balances   252,174    274,942 
Taxes payable   175,441    165,166 
Advances from stockholders   92,572    191,675 
Liability in connection with acquisition   131,931    327,536 
Debentures, net of discount   240,931    107,589 
Derivative liability   269,415    28,375 
Promissory notes payable – other   115,980    108,135 
Promissory notes payable – related party   318,078    186,233 
Other current liabilities   —      1,450 
Total Current Liabilities   2,332,867    2,275,085 
           
Long term liabilities   82,478    67,532 
Total Liabilities   2,415,345    2,342,617 
           
Stockholders’ Equity          
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 24,376,473 and 24,126,088 issued and outstanding at June 30, 2016 and December 31, 2015   2,438    2,413 
Additional paid-in capital   10,803,077    10,472,501 
Accumulated other comprehensive income   113,988    124,265 
Accumulated deficit   (9,952,119)   (9,294,845)
Total Stockholders’ Equity   967,384    1,304,334 
Total Liabilities and Stockholders’ Equity  $3,382,729   $3,646,951 
           

 

See notes to consolidated financial statements

 

4


 
 

 

NEWGIOCO GROUP, INC.

(Formerly Known as Empire Global Corp.)

Consolidated Statements of Comprehensive Loss

(Unaudited)

 

   Three Months Ended
June 30,
  Six Months Ended
June 30,
   2016  2015  2016  2015
             
Revenue  $1,525,658   $966,644   $3,272,844   $2,193,775 
                     
Costs and Expenses                    
Selling expenses   1,086,240    703,058    2,314,460    1,600,029 
General and administrative expenses   777,102    585,936    1,647,948    1,163,238 
Total Costs and Expenses   1,863,342    1,288,994    3,962,408    2,763,267 
                     
Loss from Operations   (337,684)   (322,350)   (689,564)   (569,492)
                     
Other Expenses (Income)                    
Interest expense, net of interest income   206,951    26,652    305,495    32,473 
Changes in fair value of derivative liabilities   (363,788)   (4,313)   (368,216)   80 
Imputed interest on related party advances   948    963    2,568    1,946 
Allowance for deposit on acquisition   —      54,000    —      94,952 
Total Other Expenses   (155,889)   77,302    (60,153)   129,451 
                     
Loss Before Income Taxes   (181,795)   (399,652)   (629,411)   (698,943)
Income tax provision (credit)   22,428    26,545    27,863   26,545 
Net Loss   (204,223)   (426,197)   (657,274)   (725,488)
                     
Other Comprehensive Income (Loss)                    
Foreign currency translation adjustment   6,938    290,831    (10,277)   187,394 
                     
Comprehensive Loss  $(197,285)  $(135,366)  $(667,551)  $(538,094)
                     
Basic and fully diluted loss from operations  $(0.008)  $(0.02)  $(0.03)  $(0.03)
Weighted average number of common shares outstanding basic and diluted   24,347,022    23,264,800    24,244,264    23,264,800 

 

 

See notes to consolidated financial statements

 

5


 
 

NEWGIOCO GROUP, INC.

(Formerly Known as Empire Global Corp.)

Consolidated Statements of Cash Flows

(Unaudited)

   Six Months Ended,
June 30,
Cash Flows from Operating Activities   2016  2015
Net loss  $(657,274)  $(725,488)
           
Adjustments to reconcile net loss to net cash used in operating activities          
Depreciation and amortization   248,208    198,185 
Amortization of deferred costs   90,791    6,681 
Non-cash interest   231,779    6,646 
Imputed interest on advances from stockholders   2,568    1,946 
Changes in fair value of derivative liabilities   (368,216)   80 
Impairment of assets   —      94,952 
Stock-based compensation   220,361    250,000 
Bad debt expense   53,020    —   
           
Changes in Operating Assets and Liabilities          
Prepaid expenses   (139,019)   17,131 
Accounts payable and accrued liabilities   (131,180)   147,264 
Gaming accounts receivable   (124,826)   (80,621)
Gaming accounts liabilities   (27,731)   (63,517)
Taxes payable   7,366   139,332 
Other current assets   6,449    (159,552)
Other current liabilities   (1,481)   (16,882)
Long term liability   13,792    —   
Net Cash Used in Operating Activities   (575,393)   (183,843)
           
Cash Flows from Investing Activities          
Acquisition of property, plant, and equipment, and intangible assets   (12,849)   (20,929)
Cash acquired on acquisition   —      14,340 
Cash paid for acquisition   (202,032)   (70,829)
Deposit on acquisition   —      (94,952)
Proceeds from matured corporate bond   —      132,804 
Increase in restricted cash   (27,832)   —   
Net Cash Used in Investing Activities   (242,713)   (39,566)
           
Cash Flows from Financing Activities          
Repayment of bank credit line, net of repayment   (28,501)   (82,345)
Repayment of bank loan   —      (51,172)
Proceeds from promissory notes, net of repayment   131,845    (165,941)
Proceeds from convertible notes and debentures, net of advances   614,900    175,474 
Advances from stockholders, net of repayment   38,174    71,084 
Advances to affiliates   —      (596)
Net Cash Provided by (Used in) Financing Activities   756,418    (53,496)
           
Effect of change in exchange rate   25,455    (2,780)
           
Net decrease in cash   (36,233)   (279,685)
Cash – beginning of the period   157,363    422,276 
Cash – end of the period  $121,130   $142,591 
           
Supplemental disclosure of cash flow information          
Cash paid during the period for:          
Interest  $73,737   $5,773 
Income Tax  $13,887   $—   
Supplemental cash flow disclosure for non-cash activities          
Common shares issued to related parties for repayment of debt   138,228    —   

See notes to consolidated financial statements

6


 
 

 

NEWGIOCO GROUP, INC.

(Formerly Known as Empire Global Corp.)

Notes to Consolidated Financial Statements

(Unaudited)

 

1. Basis of Presentation and Nature of Business

 

Basis of Presentation

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the period ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our Annual Report on form 10-K.

 

Nature of Business

 

Newgioco Group, Inc. (“Newgioco Group” or the “Company”), formerly known as Empire Global Corp., was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On July 20, 2016, the Company changed its name to Newgioco Group, Inc. The Company maintains its principal executive offices in Toronto, Canada.

 

The Company provides web-based and land-based gaming services through its four wholly owned subsidiaries  in Italy. The Company’s subsidiaries include: Multigioco Srl (“Multigioco”) which was acquired on August 15, 2014, Rifa Srl (“Rifa”) which was acquired on January 1, 2015, and two additional companies which were acquired on July 1, 2016 for which the names have been omitted pursuant to a confidential treatment request filed with the Securities and Exchange Commission. See Note 15 for an overview of the July 1, 2016 acquisitions.

 

Newgioco Group, is now a vertically integrated company offering a complete suite of gaming services including a variety of online and offline lottery and casino gaming, as well as sports betting through locations situated throughout Italy, in addition to operating its proprietary Betting Operating System (“BOS”).

 

 

2. Going concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company had a working capital deficit of $1,706,212 as of June 30, 2016, and reported operating losses for the past two years. There are no assurances that management will be successful in achieving sufficient cash flows to fund the Company's working capital needs, or whether the Company will be able to refinance or renegotiate its obligations when they become due or raise additional capital through future debt or equity. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying value of assets or liabilities as a result of this uncertainty.

 

Management plans to mitigate its losses in future years by significantly reducing its operating expenses, seeking out new business opportunities and attempting to raise debt or equity financing. However, there is no assurance that the Company will be able to obtain additional financing, reduce its operating expenses or be successful in maintaining a viable business.

 

 

7


 
 

 

3. Summary of Significant Accounting Policies

 

a) Basis of consolidation

 

The consolidated financial statements include the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions are eliminated upon consolidation.

 

Certain amounts of prior periods were reclassified to conform with current period presentation.

 

b) Use of estimates

 

The preparation of the financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include valuing equity securities issued in share based payment arrangements, determining the fair value of our common stock, the collectability of receivables and advances and deferred taxes and related valuation allowances. Certain estimates, including evaluating the collectability of receivables and advances, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record adjustments when necessary.

 

c) Goodwill

 

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being amortized, but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter.

 

We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.

 

d) Business Combinations

 

We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

 

Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

 

e) Long-Lived Assets

 

We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.

 

Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.

 

 

8


 
 

 

f) Derivative Financial Instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

 

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

 

g) Earnings Per Share

 

FASB ASC 260, "Earnings Per Share" provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation of loss per share for the three and six months ended June 30, 2016 and 2015, thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented.

 

h) Currency translation

 

Since the Company's subsidiaries operates in Italy, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized in current operations.

 

i) Revenue Recognition

 

Revenues from sports-betting, casino, cash and skill games; slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less gaming taxes and payouts to customers. Revenues are recorded when the game is closed. In addition, the Company receives commissions from the sale of scratch tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.

 

j) Gaming accounts receivable & allowance for doubtful accounts

 

Gaming accounts receivable represents gaming deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted method through one of our websites or indirectly in cash at the cashier of a betting shop but not yet credited to our bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that an allowance EUR 367,029 (approximately U.S. $408,430) and EUR 319,530 (approximately U.S. 349,374) for doubtful accounts was needed for the gaming accounts receivable balances as of June 30, 2016 and December 31, 2015, respectively. The Company does not require collateral to support customer receivables. 

 

9


 
 

 

k) Gaming account balances

 

Gaming account balances represent customer balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest bearing.

 

l) Fair Value Measurements

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.

 

Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

The carrying value of the Company's short term investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.

 

The derivative liability in connection with the conversion feature of the convertible debt and warrants is classified as a level 3 liability, and is the only financial liability measured at fair value on a recurring basis.

 

The change in the Level 3 financial instrument is as follows:

 

Balance at December 31, 2015   $ 28,375  
Issued during the six months ended June 30, 2016     609,256  
Exercised during the six months ended June 30, 2016     —    
Change in fair value recognized in operations     (368,216 )
Balance at June 30, 2016   $ 269,415  

 

m) Income Taxes

 

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense.

 

10


 
 

 

In Italy, tax years beginning 2010 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

 

n) Recent Accounting Pronouncements

 

In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The Company adopted this guidance with the annual and the interim period beginning January 1, 2016, and applied the standard on a retrospective basis as of December 31, 2015. As of June 30, 2016, and December 31, 2015, we had $51,205 and $5,259, respectively, of unamortized debt issuance costs that were reclassified from prepaid expenses to a reduction in the carrying amount of the debentures and convertible notes payable. The adoption of this standard did not have a material impact on our financial position and did not impact our results of operations or cash flows.

 

There are no other recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows.

 

4) Intangible Assets

 

Intangible assets consist of the following:

          June 30,
2016
   December 31,
2015
  Life
(years)
 
Licenses   $ 958,580     $ 956,632       1.5 - 7  
Location contracts     1,000,000       1,000,000       5 - 7  
Customer relationships     786,931       786,931       15  
Trademarks/names     110,000       110,000       14  
Website     40,000       40,000       5  
      2,895,511       2,893,563          
Accumulated amortization     (756,190 )     (517,023 )        
Balance   $ 2,139,321     $ 2,376,540          
                                   

 

The Company evaluates intangible assets for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value. The amortization expense was $122,582 and $244,082 for the three and six months ended June 30, 2016, respectively.

 

 

5. Line of Credit – Bank

 

The Company currently maintains an operating line of credit for a maximum amount of EUR 450,000 (approximately U.S. $500,760) for Multigioco and EUR 50,000 (approximately U.S. $55,640) for Rifa from Banca Veneto in Italy. The line of credit is secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company and bears a fixed rate of interest at 5% per annum on the outstanding balance and is fully open with no minimum payment, maturity or due date.

 

 

6. Liability in connection with acquisition

 

Liability in connection with acquisition represent non-interest bearing amount due by the Company’s subsidiaries toward the purchase price per purchase agreement between Newgioco Srl and the Company’s subsidiaries. The Company’s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl. During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl.

 

 

11


 
 

 

7. Related party transactions and balances

 

Advances from stockholders represent non-interest bearing loans that are due on demand. Interest was imputed at 5% per annum. Balances of Advances from stockholders are as follows:

 

    June 30,
2016
  December 31,
2015
Gold Street Capital Corp.   $ 38,043     $ 138,228  
Doriana Gianfelici     54,529       53,447  
Total advances from stockholders   $ 92,572     $ 191,675  

 

During the six months ended June 30, 2016, Gold Street Capital Corp. ("Gold Street"), the major stockholder of the Company, advanced $38,043 net of repayment of $53,000. On March 31, 2016, the Company issued 145,500 shares to Gold Street to pay $138,228 of the debt at the market price of $0.95 per share.

 

Also, Doriana Gianfelici advanced EUR 250 (approximately U.S. $280) to the Company during the six months ended June 30, 2016.

 

On January 13, 2016, the Company issued a Promissory Note for $90,750 to Braydon Capital Corp., a company owned by Claudio Ciavarella, the brother of our CEO, that bears interest at a rate of 1% per month due in full on the maturity date of January 13, 2017. On April 29, 2016, the Note was amended to add $41,095 in funds issued to the Company from Braydon Capital Corp. for a total of $131,845. The balance due to Braydon Capital Corp. was $115,980 and $108,135 as of June 30, 2016 and December 31, 2015, respectively.

 

The Company currently maintains an operating line of credit for its subsidiaries secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company. See also Note 5 Line of Credit - Bank.

 

During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl. The Company’s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl.

 

8. Stockholders’ Equity

 

On March 8, 2016, the Company entered into a non-exclusive advisory agreement with Newbridge Securities Corp. (“Newbridge”). As consideration for these services, the Company agreed to pay Newbridge advisory fees of $15,000 and issue 50,000 restricted shares of common stock upon signing the agreement and 50,000 restricted shares of common stock upon the presentation of a Term Sheet. The Company paid a fee of $15,000, and on March 8, 2016 issued 50,000 shares of common stock which were valued at the market price of $0.97 per share and amortized over the service period of two months.

 

On March 14, 2016, the Company entered into a Mutual Release Agreement with Typenex Co-Investment, LLC to extinguish future “true-up” provisions contained within the Convertible Note dated June 18, 2015 and the Transfer Agent Reserve shares related to the Note. Pursuant to the agreement, the Company issued 14,885 shares of common stock to Typenex Co-Investment, LLC. Those shares were valued at market price on issuance date of $0.97 per share and recorded as an expense.

 

On June 6, 2016, the Company issued an aggregate of 40,000 shares of the Company’s common stock to two consultants (20,000 shares each) for services provided to the Company.

 

Please see Note 7 for additional common share transactions in repayment of debt.

 

 

12


 
 

 

9. Debentures and Convertible Notes

 

Debentures and convertible notes outstanding include the following:

 

   June 30,
2016
  December 31,
2015
       
April 2, 2015 Debentures, net of discount of $0 and $2,687  $—     $40,336 
April 27, 2015 Debentures, net of discount of $0 and $2,816   —      31,602 
July 9, 2015 Debentures net of discount of $0 and $14,090   —      40,910 
February 29, 2016 Convertible Note, net of discount of $353,783   246,217    —   
March 31, 2016 Convertible Note, net of discount of $104,082   45,919    —   
    292,136    112,848 
Less: unamortized debt issuance costs   (51,205)   (5,259)
   $240,931   $107,589 

 

April 2, 2015 Debentures

 

On April 2, 2015, the Company issued debentures to a group of accredited investors to purchase 5 unsecured Debenture Units for gross proceeds of $25,000 and 5 Debenture Units for gross proceeds of CDN $25,000 (approximately U.S. $18,400). Each Debenture Unit is comprised of (i) a $5,000 and CDN $5,000 debenture, respectively, bearing interest at a rate of 15% per annum, maturing one year from the date of issuance and (ii) 500 warrants to receive one common share per warrant prior to April 2, 2017, which may be exercised at the lower of (a) $1.25 and CDN $1.25, respectively, and (b) a 25% discount to the offering price of common shares of the Company in the next equity financing of the Company. On April 2, 2016, the maturity date, the Company paid the amounts due in full of $28,770 and CDN $28,770 (approximately US $22,141) including principle and accrued interest.

 

April 27, 2015 Debentures

 

On April 27, 2015, the Company issued debentures to a group of accredited investors to purchase 4 unsecured Debenture Units for gross proceeds of $20,000 and 4 unsecured Debenture Units for gross proceeds of CDN$20,000 (approximately U.S. $15,224). Each Debenture Unit is comprised of (i) a $5,000 and CDN$5,000 debenture, respectively, bearing interest at a rate of 15% per annum, maturing one year from the date of issuance and (ii) 500 warrants to receive one common share per warrant prior to April 27, 2017, which may be exercised at the lower of (a) $1.25 and CDN$1.25, respectively, and (b) a 25% discount to the offering price of common shares of the Company in the next equity financing of the Company.  On April 27, 2016, the maturity date, the Company paid the amounts due in full of $23,088 and CDN $23,088 (approximately U.S. $18,200) including principle and accrued interest.

 

July 9, 2015 Convertible Promissory Note

 

On July 9, 2015, the Company issued a convertible promissory note (the “Note”) bearing an interest of 10% per annum to purchase a gross amount of $220,000 which includes an Original Issue Discount (“OID”) of 10% to an accredited investor. The Note was convertible to shares of common stock of the Company at a price equal to the lower of $0.80 or 60% of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which the Investor elects to convert all or part of the Note. On July 21, 2015, the closing date, the Company received an initial consideration of $55,000, which includes an OID of $5,000. This initial consideration is a debenture. The Note was pre-paid on January 14, 2016. The total amount of pre-payment was $90,750, including interest and penalties.

 

February 29, 2016 and March 31, 2016 Convertible Promissory Notes

 

On February 29, 2016, the Company closed a Securities Purchase Agreement with an unaffiliated private investor, to raise up to $750,000. The Company received gross proceeds from the initial private placement of $600,000. Subsequently, on March 31, 2016, the Company received the second tranche of gross proceeds of $150,000, less legal expenses of $15,000. The convertible promissory notes bear an interest rate of 12% per annum and are due in one year. The Notes are convertible to shares of common stock of the Company at the price of $0.85 per share with certain price adjustment clauses. The convertible promissory notes were guaranteed by Confidi Union Impresa, an unrelated party. As part of the purchase agreement, the Company also issued a warrant to purchase 163,044 shares of Company’s common stock at $1.15 per share. (See Note 11).

 

13


 
 

 

 

The Company has determined that the conversion feature embedded in the notes constitutes a derivative and has been bifurcated from the note and recorded as a derivative liability, with a corresponding discount recorded to the associated debt, on the accompanying balance sheet, and revalued to fair market value at each reporting period. (See Note 12).

 

The Company paid commissions of $8,000, $4,000, $60,000, and $15,000 for the June 18, July 9, 2015, February 29, 2016, and March 31, 2016 Notes, respectively. The Company also paid commissions of 7,500 shares of common stock at a price of $0.80 per share or $6,000 and 4,000 shares of common stock at a price of $0.75 per share or $3,000 related to the June 18 and July 9, 2015 Notes, respectively. The commissions related to the notes were amortized over the life of the notes. The Company also issued warrants to purchase 62,220 shares of the Company to the placement agent in relation to the February 29, 2016 and March 31, 2016 Notes.

 

Warrants issued in relation to the debentures and promissory notes are discussed in Note 11.

 

 

10. Promissory Notes Payable - Other

 

On December 9, 2014, the Company obtained a promissory note for CDN $500,000 (approximately U.S. $436,796) Paymobile Inc., a subsidiary of 2336414 Ontario Inc. (“2336414”) of which the Company owns 666,664 common shares, that bears interest at a rate of 1% per month on the outstanding balance:

 

As of the date of this filing, the final payment of CDN $150,000 (approximately U.S. $115,000) which was due on February 28, 2015 plus accrued interest. The Company and 2336414 have agreed to extend the due date indefinitely by mutual consent.  Interest expense of $3,367 and $6,735 was recorded for the three and six months ended June 30, 2016, respectively.

 

 

 

14


 
 

 

11. Warrants

 

On February 29, 2016, as per a Securities Purchase Agreement, the Company issued a warrant to purchase 130,435 shares of the Company’s common stock at $1.15 per share which may be exercised by the warrant holder between August 28, 2016 and February 28, 2019 (see Note 9). The fair value of the warrants of $106,583 was calculated using the Black-Scholes model on the date of issuance and was recorded as a debt discount, which has been amortized as interest expense over the life of the debt.

 

The following assumptions were used to calculate the fair value of warrants at February 29, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.90  
Volatility     200.38 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

On March 31, 2016 the Company issued a warrant to purchase 32,609 shares of the Company’s common stock at $1.15 per share which may be exercised by the warrant holder until March 31, 2019 (see Note 9). The warrant was issued in connection with the March 31, 2016 Convertible Promissory Note. The fair value of the warrants of $27,901 was calculated using the Black-Scholes model on the date of issuance and was recorded as a debt discount, which has been amortized as interest expense over the life of the debt.

 

The following assumptions were used to calculate the fair value of warrants at March 31, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.95  
Volatility     194.79 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

  

On April 1, 2016 the Company issued a warrant to purchase 62,220 shares of the Company’s common stock at $1.15 per share which may be exercised by the warrant holder until April 1, 2019 (see Note 9). The warrant was issued to the placement agent in relation to securing the February 29, 2016 and March 31, 2016 convertible Promissory Notes. The fair value of the warrants of $53,236 was calculated using the Black-Scholes model on the date of issuance, and was recorded as a deferred loan cost, which has been amortized over the life of the debt.

 

The following assumptions were used to calculate the fair value of warrants at April 1, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.95  
Volatility     194.79 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

A summary of warrant transactions during the six months ended June 30, 2016 is as follows:

 

    Warrant
Shares
  Weighted Average
Exercise Price
Per Common Share
  Weighted
Average
Life
             
Outstanding at December 31, 2015     30,700     $ 1.32       1.02  
Issued     225,264     $ 1.15       3.00  
Exercised     —         —         —    
Expired     —         —         —    
Outstanding June 30, 2016     255,964     $ 1.17       2.4  

 

15


 
 

 

12. Derivative Liability and Fair Value

 

The Company has evaluated the application of ASC 815 Derivatives and Hedging and ASC 815-40-25 to the warrants to purchase common stock issued with the convertible notes and debentures. Based on the guidance in ASC 815 and ASC 815-40-25, the Company concluded these instruments were required to be accounted for as derivatives due to the down round protection feature on the conversion price and the exercise price. The Company records the fair value of these derivatives on its balance sheet at fair value with changes in the values of these derivatives reflected in the statements of operations as “Gain (loss) on derivative liabilities.” These derivative instruments are not designated as hedging instruments under ASC 815 and are disclosed on the balance sheet under Derivative Liabilities.

 

The Company accounted for the issuance of the convertible promissory note on February 29, 2016 and March 31, 2016 in accordance with ASC 815” Derivatives and Hedging.” The note is convertible into an indeterminate number of shares for which the Company cannot determine if it has sufficient authorized shares to settle the transaction with. Accordingly, the embedded conversion option is a derivative liability and is marked to market through earnings at the end of each reporting period.

 

The gross proceeds from the sale of the debentures are recorded net of $556,020 related to the conversion feature of the embedded conversion option and $114,031 allocated to the warrants issued.

 

The following assumptions were used to calculate the fair value of derivative liabilities at June 30, 2016:

 

Exercise price     $1.00-$1.50  
Common stock price per share     $0.30  
Volatility     476.5 %
Weighted average life     2.4  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

13. Revenues

 

The following table sets forth the breakdown of net gaming revenues for the three and six months ended June 30, 2016 and 2015:

 

   Three Months Ended  Six Months Ended
   June 30,
2016
  June 30,
2015
  June 30,
2016
  June 30,
2015
Turnover            
Turnover web-based  $25,202,864   $14,494,745   $51,666,022   $31,249,690 
Turnover land-based   1,858,540    712,918    3,330,738    1,347,728 
Total Turnover  $27,061,404   $15,207,663   $54,996,760   $32,597,418 
                     
Winnings/Payouts                    
Winnings web-based   23,647,221    13,451,247    48,265,514    28,903,766 
Winnings land-based   1,562,512    536,184    2,709,898    1,010,883 
Total Winnings/payouts   25,209,733    13,987,431    50,975,412    29,914,649 
                     
Gross Gaming Revenues  $1,851,671   $1,220,232   $4,021,348   $2,682,769 
                     
Less: ADM Gaming Taxes   373,635    253,588    828,095    488,994 
Net Gaming Revenues   1,478,036    966,644    3,193,253    2,193,775 
Add: Commission Revenues   47,622    —      79,591    —   
Total Revenues  $1,525,658   $966,644   $3,272,844   $2,193,775 

 

Turnover represents the total bets processed for the period.

 

 

16


 
 

 

14. Income Taxes

 

The Company is incorporated in the United States of America and is subject to United States federal taxation. No provisions for income taxes have been made as the Company had no U.S. taxable income for the three and six months ended June 30, 2016 and 2015.

 

The Company's Italian subsidiaries are governed by the income tax laws of Italy. The corporate tax rate in Italy is 32.32% (IRES at 27.5% plus IRAP ordinary at 4.85%) on income reported in the statutory financial statements after appropriate tax adjustments.

 

The reconciliation of income tax expense at the U.S. statutory rate of 35% to the Company’s effective tax rate is as follows:

 

    June 30,
2016
  June 30,
2015
         
U.S. Statutory rate   $ (220,294 )   $ (270,324 )
Tax rate difference between Italy and U.S.     18,358       (4,977 )
Change in Valuation Allowance     222,857       286,100  
Permanent difference     6,762       15,746  
Effective tax rate   $ 27,863     $ 26,545  

 

The Company has accumulated a net operating loss carry forward ("NOL") of approximately $9.7 million as of June 30, 2016 in the U.S. This NOL may be offset against future taxable income through the year 2035. The use of these losses to reduce future income taxes will depend on the generation of sufficient taxable income prior to the expiration of the NOL. The Company periodically evaluates whether it is more likely than not that it will generate sufficient taxable income to realize the deferred income tax asset. At the present time, management cannot presently determine when the Company will be able to generate sufficient taxable income to realize the deferred tax asset; accordingly, a 100% valuation allowance has been established to offset the asset.

 

Utilization of NOLs are subject to limitation due to any ownership change (as defined under Section 382 of the Internal Revenue Code of 1986) which resulted in a change in business direction. Unused limitations may be carried over to future years until the NOLs expire. Utilization of NOLs may also be limited in any one year by alternative minimum tax rules.

 

Under Italian tax law, the operating loss carryforwards available for offset against future profits can be used indefinitely. Operating loss carryforwards are only available for offset against national income tax, in the limit of 80% of taxable annual income (this restriction does not apply to the operating loss incurred in the first three years of the Company's activity, which are therefore available for 100% offsetting).

 

The provisions for income taxes consist of currently payable Italian income tax.

 

The tax effects of temporary differences that give rise to the Company’s net deferred tax asset are as follows:

 

   June 30,
2016
  June 30,
2015
       
Net loss carryforward - Foreign  $22,606     $5,683 
Net loss carryforward - US   3,377,995    2,843,484 
Less valuation allowance   (3,400,601)   (2,849,167)
Deferred tax assets  $—     $—   

 

 

17


 
 

 

15. Subsequent Events

 

  a. On June 30, 2016 the Company entered into a Share Exchange Agreement, which closed on July 1, 2016, with the shareholders of a company organized under the laws of Austria. The target company operates a proprietary Betting Operating System. Pursuant to the agreement, the Company issued 4,386,100 shares of common stock in consideration for 100% of the issued and outstanding shares of the target company. As a result of this acquisition, the sellers now hold approximately 12.56% of the issued and outstanding shares of common stock of the Company.

 

  b. On June 30, 2016 the Company entered into a Share Exchange Agreement, which closed on July 1, 2016, with the shareholders of a company organized under the laws of Austria. The target company operates an existing network of 107 land-based Agency locations. Pursuant to the agreement, the Company issued 1,665,600 shares of common stock in consideration for 100% of the issued and outstanding shares of the target company. As a result of this acquisition, the sellers now hold approximately 4.77% of the issued and outstanding shares of common stock of the Company.
  c. On July 1, 2016 the Company issued an aggregate of 4,500,000 shares of common stock as a performance based restricted stock award contingent on the closing of the July 1, 2016 acquisitions. The Company granted 1,500,000 shares each to Beniamino Gianfelici, a director of the Company, Alessandro Marcelli, a director of the Company, and Gold Street Capital, a related party. The restricted stock award was granted in lieu of a formalized equity incentive plan.
  d. On July 20, 2016 the Company changed its name to “Newgioco Group, Inc.”.

 

 

 

 

 

 

 

 

 

18


 
 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Overview

 

Except as expressly stated, the financial condition and results of operations discussed throughout Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") are those of Newgioco Group, Inc. and its consolidated subsidiaries.

 

The MD&A is intended to provide the reader of our consolidated financial statements with a narrative explanation from the perspective of management of our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A is provided as a supplement to, and should be read in conjunction with, our interim unaudited consolidated financial statements and related notes on this Form 10-Q and the audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The inclusion of supplementary analytical and related information herein may require us to make appropriate estimates and assumptions to enable us to fairly present, in all material respects, our analysis of trends and expectations with respect to our results of operations and financial position taken as a whole.

 

General Plan of Operation

 

Newgioco Group, Inc. (“Newgioco Group” or the “Company”), formerly known as Empire Global Corp., was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On July 20, 2016 the Company has changed its name to Newgioco Group Inc. The Company maintains its principal executive offices in Toronto, Canada.

 

On August 15, 2014, we completed the acquisition of 100% ownership in Multigioco, a corporation organized under the laws of the Republic of Italy, and is now a wholly owned subsidiary of the Company. As a result of the acquisition of Multigioco, our principal business became a licensed online gaming operator offering web-based gambling and sports betting.

 

On January 1, 2015, we completed the acquisition of Rifa, and Multigioco purchased offline gaming assets, from Newgioco Srl, which included a Bersani license along with 3 corner rights to operate under Multigioco and Rifa purchased 1 agency right from Newgioco Srl to operate under Rifa's Monti license. Pursuant to the agreement, Rifa assumed the lease on the premises and also acquired the equipment assets within the agency. On June 1, 2015, the Company opened its second agency location in Rome under Rifa.

 

Subsequent to this report, on July 1, 2016 the Company acquired two additional companies for which the names have been omitted pursuant to a confidential treatment request filed with the Securities and Exchange Commission. One company is a software developer with a proprietary Betting Operating System (“BOS”) and a complete development team. The other company maintains a network of 107 land-based Agency locations. See Note 15 for an overview of the July 1, 2016 acquisitions.

 

As of the date of this report, our subsidiaries owned and operated 1,067 web-based shops, 5 corners, and 2 agencies.

 

Newgioco Group is now a vertically integrated company offering a complete suite of gaming services including a variety of online and offline lottery and casino gaming, as well as sports betting through locations situated throughout Italy, in addition to operating its proprietary BOS.

 

COMPARISON OF THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2016 AND 2015.

 

Overall Results of Operations

 

As a result of the acquisition of Multigioco and Rifa, our business operations have changed. Accordingly, comparisons of our results of operations and cash flows periods prior to these acquisitions are generally not meaningful.

 

The Company has incurred substantial costs related to the acquisition of our new businesses and is subject to risks inherent in the establishment of a new business venture, including limited capital resources, possible delays in the decision and implementation of a new business plan. Our primary focus is on increasing revenues by capturing a larger market share by acquiring new clients and gaming locations.

 

 

19


 
 

 

Revenues

 

The Company generated revenues of $1,525,658 and $3,272,844 for the three and six months ended June 30, 2016, respectively, compared to $966,644 and $2,193,775 in revenues for the three and six months ended June 30, 2015, respectively. The revenues are comprised of Net Gaming Revenues derived from providing online and offline gaming products and services in Italy.

 

The increase in revenues in the three and six months ended June 30, 2016 over the same period ended June 30, 2015 was attributed to the growth in web-based locations and the addition of land-based gaming operations. The Company had 1,067 web-based shops, 5 corners and 2 agencies as of June 30, 2016, compared to 850 web-based shops, 3 corners and 2 agencies as at June 30, 2015.

 

The following table represents a detailed breakdown of revenue from our gaming operations for the three and six months ended June 30, 2016 and June 30, 2015:

  

   Three Months Ended  Six Months Ended
   June 30,
2016
  June 30,
2015
  June 30,
2016
  June 30,
2015
Turnover            
Turnover web-based  $25,202,864   $14,494,745   $51,666,022   $31,249,690 
Turnover land-based   1,858,540    712,918    3,330,738    1,347,728 
Total Turnover  $27,061,404   $15,207,663   $54,996,760   $32,597,418 
                     
Winnings/Payouts                    
Winnings web-based   23,647,221    13,451,247    48,265,514    28,903,766 
Winnings land-based   1,562,512    536,184    2,709,898    1,010,883 
Total Winnings/payouts   25,209,733    13,987,431    50,975,412    29,914,649 
                     
Gross Gaming Revenues  $1,851,671   $1,220,232   $4,021,348   $2,682,769 
                     
Less: ADM Gaming Taxes   373,635    253,588    828,095    488,994 
Net Gaming Revenues   1,478,036    966,644    3,193,253    2,193,775 
Add: Commission Revenues   47,622    —      79,591    —   
Total Revenues  $1,525,658   $966,644   $3,272,844   $2,193,775 

 

Turnover represents the total bets processed for the period.

 

General and Administrative Expenses

 

The Company incurred general and administrative expenses of $777,102 and $1,647,948 for the three and six months ended June 30, 2016, respectively, compared to general and administrative expenses of $585,936 and $1,163,238 for the three and six months ended June 30, 2015, respectively.

 

The Company's major general and administrative expenses for the six months ended June 30, 2016 were salaries of $256,837, cash and non-cash professional fees of $451,764, depreciation and amortization expenses of $312,712, and management fees of $60,000.  The Company’s major general and administrative expenses for the six months ended June 30, 2015 were salaries of $185,472, cash and non-cash professional fees of $381,002, depreciation and amortization expense of $198,185 and management fees of $60,000.

 

Direct Selling Costs

 

Direct selling costs represent the fees we pay to our network service provider, ADM license fees, and commissions for field agents and promoters which is essentially considered an ongoing marketing cost. During the three and six months ended June 30, 2016 our selling expenses were $1,086,240 and $2,314,460, respectively, compared to $703,058 and $1,600,029 for the three and six months ended June 30, 2015, respectively. The increase was due to the expansion of operations from 850 web-based, 3 corner, and 2 agency locations during the period ended June 30, 2015 to 1,067 web-based, 5 corner, and 2 agency locations during the period ended June 30, 2016.

 

20


 
 

 

Interest Expenses, net of interest income

 

The Company had incurred interest expenses, net of interest income, of $206,951 and $305,495 for the three and six months ended June 30, 2016, respectively, compared to $26,652 and $32,473 in interest expense, net of interest income, for the three and six months ended June 30, 2015, respectively.

 

The increase in interest expense incurred is related to non-cash interest of $64,023 and $231,779 for the three and six months ended June 30, 2016, respectively, relating to the issuance of convertible debentures and interest accrued on debentures and promissory notes. Please see Note 9 and 10 of the consolidated financial statements.

 

The Company had recorded an imputed interest expense of $948 and $2,568 for the three and six months ended June 30, 2016, respectively, compared to an imputed interest expense of $963 and $1,946 for the three and six months ended June 30, 2015, respectively. Advances from stockholders are non-interest bearing and are due on demand. Interest was imputed at 5% per annum.

 

Change in Fair Value of Derivative Liability

 

Changes in fair value of derivative liabilities generated a gain of $363,788 and $368,216 for the three and six months ended June 30, 2016, respectively, compared to a gain of $4,313 and a loss of $80 for the three and six months ended June 30, 2015, respectively. The gain is attributed to the decrease of the Company’s share price from $0.95 on March 31, 2016 to $0.30 on June 30, 2016.

 

Net Loss

 

The Company had a net loss of $204,223, or $0.008 per share (basic and diluted) and $657,274, or $0.03 per share (basic and diluted) for the three and six months ended June 30, 2016, respectively, compared to a net loss of $426,197, or $0.02 per share (basic and diluted) and $725,488, or $0.03 per share (basic and diluted) for the three and six months ended June 30, 2015 respectively.

 

Other Comprehensive Income

 

Our other comprehensive income consists of foreign currency translation adjustments related to the effect of foreign exchange on our operations.

 

The Company's reporting currency is the U.S. dollar while the functional currency of our subsidiaries is the Euro, the local currency in Italy. The financial statements of our subsidiaries are translated into United States dollars in accordance with ASC 830, using year-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for equity. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining other comprehensive income.

 

The Company experienced a foreign currency translation adjustment gain of $6,938 and a loss of $10,277 for the three and six months ended June 30, 2016, respectively, compared to a foreign currency translation adjustment income of $290,831 and $187,394 for the three and six months ended June 30, 2015, respectively.

 

Cash Flows from Operating Activities

 

The net cash used in operating activities was $575,393 for the six months ended June 30, 2016, compared to $183,843 in net cash used by operating activities in the six months ended June 30, 2015. The change was due primarily to the increase in prepaid expenses, changes in fair value of derivative liabilities, and decrease in accounts payable and accrued liabilities.

 

Cash Flows from Investing Activities

 

The net cash used in investing activities was $242,713 for the six months ended June 30, 2016, compared to $39,566 in net cash used by investing activities for the six ended June 30. 2015. The change was due primarily to an increase in cash paid for acquisitions and an increase in restricted cash.

 

21


 
 

  

Cash Flows from Financing Activities

 

Net cash provided by financing activities was $756,418 for the six months ended June 30, 2016, compared to $53,496 in net cash used in financing activities for the six months ended June 30, 2015. The change was due to the issuance of a convertible promissory note and a promissory note.

 

Liquidity and Capital Resources

 

Assets

 

At June 30, 2016, we had a total of $3,382,729 in assets compared to $3,646,951 in assets at December 31, 2015.

 

Liabilities

 

At June 30, 2016, we had $2,332,867 in current liabilities and $82,478 in long term liabilities, compared to current liabilities of $2,275,085 and long term liabilities of $67,532 at December 31, 2015.

 

 

Working Capital

 

The Company had $121,130 in cash and cash equivalents at June 30, 2016, compared to $157,363 cash and cash equivalents at December 31, 2015. As of June 30, 2016, we have not generated revenues to cover our expenses, and we have a total accumulated deficit of $9,952,119.

 

We had $2,332,867 in current liabilities and $626,655 in current assets, as such we are left with a working capital deficit of $1,706,212 as of June 30, 2016.

 

We cannot assure you that we will be able to achieve a profitable level of operations sufficient to meet our ongoing cash needs.

 

During the past several years, we generally sustained recurring losses and negative cash flows from operations. We currently do not generate sufficient revenue from operations. Our operations most recently have been funded through a combination of the sale of debentures, convertible and promissory notes, as well as through the issuance of our common stock. We are pursuing potential equity and/or debt investors and have engaged placement agents to assist us in this initiative. While we are pursuing the opportunities and actions described above, there can be no assurance that we will be successful in our efforts.

 

The Company currently maintains an operating line of credit for a maximum amount of EUR 500,000 (approximately U.S. $556,400) from Banca Veneto in Italy. The line of credit is guaranteed by certain shareholders of the Company and bears a fixed rate of interest at 5% per annum on the outstanding balance and is fully open with no minimum payment, maturity or due date. In addition, in March 2011, the Company obtained a bank loan held with Banca Veneto in the amount of $634,260 which was paid off in May 2015.

 

Although we intend to maintain our lending relationships with Banca Veneto, we believe that our focus should be on obtaining additional capital through the private placement and/or the sale of our securities. Any additional equity financing may result in substantial dilution to the percentage ownership of our stockholders.

 

Contractual Obligations

 

Current accounting standards require disclosure of material obligations and commitments to make future payments under contracts, such as debt, lease agreements, and purchase obligations. Please refer to Notes 5, 6, 9, 10, and 11 of the Notes to the Consolidated Financial Statements for information related to debt obligations.

 

 

22


 
 

 

Off-Balance-Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that we expect to be material to investors. We do not have any non-consolidated, special-purpose entities.

 

Related-Party Transactions

 

Advances from stockholders represent non-interest bearing loans that are due on demand. Interest was imputed at 5% per annum. Balances of Advances from stockholders are as follows:

 

    June 30,
2016
  December 31,
2015
Gold Street Capital Corp.   $ 38,043     $ 138,228  
Doriana Gianfelici     54,529       53,447  
Total advances from stockholders   $ 92,572     $ 191,675  

 

During the six months ended June 30, 2016, Gold Street Capital Corp. ("Gold Street"), the major stockholder of the Company, advanced $38,043 net of repayment of $53,000. On March 31, 2016, the Company issued 145,500 shares to Gold Street to pay $138,225 of the debt at the market price of $0.95 per share.

 

Also, Doriana Gianfelici advanced EUR 250 (approximately U.S. $280) to the Company during the six months ended June 30, 2016.

 

The amounts due to Gold Street and Doriana Gianfelici at June 30, 2016 were non-interest bearing and due on demand.

 

On January 13, 2016, the Company issued a Promissory Note for $90,750 to Braydon Capital Corp, a company owned by Claudio Ciavarella, the brother of our CEO, that bears interest at a rate of 1% per month due in full on the maturity date of January 13, 2017. On April 29, 2016, the Note was amended to add $41,095 in funds issued to the Company from Braydon Capital Corp. for a total of $131,845. (See Note 10).

 

The Company currently maintains an operating line of credit for its subsidiaries secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company. See also Note 5 Line of Credit - Bank.

 

During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl. The Company’s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl.

 

Inflation

 

We do not believe that general price inflation will have a material effect on the Company's business in the near future.

 

Foreign Exchange

 

Transactions involving the Company are generally denominated in U.S. dollars while the functional currency of our subsidiaries is the Euro. Changes and fluctuations in the foreign exchange rate between the Euro and the U.S. dollar will have an effect on our results of operations.

 

Critical Accounting Policies and Estimates

 

The discussion and analysis of the Company's financial condition and results of operations are based upon the interim financial statements contained elsewhere herein, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements required us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to income taxes, contingencies and litigation. We based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

 

23


 
 

 

The critical accounting estimates that we believe affect the more significant judgments and estimates used in preparation of the financial statements contained elsewhere herein are described in this Management's Discussion and Analysis of Financial Condition and Results of Operations and in the Notes to the Financial Statements included in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2015. There have been no material changes to the critical accounting policies.

 

A summary of critical accounting policies and recent accounting pronouncements is included in Note 3 of this Form 10-Q.

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Newgioco Group is a smaller reporting company (as defined by Rule 12b-2 of the Exchange Act) and is not required to provide the information required under this item.

 

Item 4. Controls and Procedures.

 

We have adopted and maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is gathered and communicated to our management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), who are the same person, to allow for timely decisions regarding required disclosure.

 

As required by SEC Rule 15d-15(b), our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 15d-14 as of the end of the period covered by this report. Based on the foregoing evaluation, our CEO and CFO concluded that due to our limited resources our disclosure controls and procedures are not effective in providing material information required to be included in our periodic SEC filings on a timely basis and to ensure that information required to be disclosed in our periodic SEC filings is accumulated and communicated to our management, including our CEO and CFO, to allow timely decisions regarding required disclosure about our internal control over financial reporting discussed below.

 

Management's Annual Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for our company. Our internal control system was designed to, in general, provide reasonable assurance to our management and board regarding the preparation and fair presentation of published financial statements, but because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2016. The framework used by management in making that assessment was the criteria set forth in the document entitled "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Based on that assessment, our management has determined that as of June 30, 2016, our internal control over financial reporting was not effective due to material weaknesses resulting from our limited resources.

 

Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission. This quarterly report does not include an attestation report of the Company's registered accounting firm regarding internal control over financial reporting.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

24


 
 

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

The Company may be subject to claims arising in the ordinary course of business. We are not a party to, or the subject of, any pending legal proceeding.

 

Item 1A. Risk Factors.

 

Newgioco Group is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

 

Item 4. Mine Safety Disclosures

 

None.

 

 

Item 5. Other Information.

 

During the quarter of the fiscal year covered by this report, Newgioco Group reported all information that was required to be disclosed in a report on form 8-K.

 

 

Item 6. Exhibits

 

(a) Index to and Description of Exhibits

 

All Exhibits required to be filed with the Form 10-Q are included in this quarterly report or incorporated by reference to Newgioco Group's previous filings with the SEC, which can be found in their entirety at the SEC website at www.sec.gov under SEC File Number 000-50045.

 

Exhibit Number   Description
31   Rule 13a-14(a) Certification of Chief Executive Officer and Chief Financial Officer
32   Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101.INS   XBRL Instance Document.
101.SCH   XBRL Taxonomy Extension Schema Document.
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document.
     

 

25


 
 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: August 15, 2016 Newgioco Group, Inc
  By: /s/ Michele Ciavarella
 

Michele Ciavarella

Chairman of the Board, Chief Executive Officer, and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26


 

 

 

EX-31 2 exhibit_31.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Michele Ciavarella, certify that:

 

 

1.I have reviewed this Form 10-Q of Empire Global Corp.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the periodic reports are being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

 

(d) Disclosed in this report any change in the registrant's internal control over financing reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: August 15, 2016 /s/ Michele Ciavarella
  Michele Ciavarella
Principal Executive Officer
Principal Financial Officer

 

 

This certification accompanies each Report pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of ss.18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32 3 exhibit_32.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF SARBANES-OXLEY ACT OF 2002

EXHIBIT 32

 

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

 

 

In connection with the Quarterly Report on Form 10-Q of Empire Global Corp. (the "Company") for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michele Ciavarella, as Principal Executive Officer and Principal Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 15, 2016 /s/ Michele Ciavarella
  Michele Ciavarella
Principal Executive Officer
Principal Financial Officer

 

EX-101.INS 4 emgl-20160630.xml XBRL INSTANCE FILE 0001080319 emgl:GoldStreetCapitalCorpMember 2016-06-30 0001080319 emgl:GoldStreetCapitalCorpMember 2015-12-31 0001080319 2014-12-31 0001080319 2016-08-15 0001080319 emgl:DorianaGianfeliciMember 2016-06-30 0001080319 emgl:GoldStreetCapitalCorpMember 2016-01-01 2016-06-30 0001080319 emgl:Investment2336414OntarioIncMember 2014-12-31 0001080319 us-gaap:WarrantMember 2016-01-01 2016-06-30 0001080319 emgl:Investment2336414OntarioIncMember 2016-01-01 2016-06-30 0001080319 2015-12-31 0001080319 emgl:DorianaGianfeliciMember 2015-12-31 0001080319 emgl:WebBasedMember 2016-04-01 2016-06-30 0001080319 emgl:WebBasedMember 2016-01-01 2016-06-30 0001080319 emgl:LandBasedMember 2015-04-01 2015-06-30 0001080319 emgl:LandBasedMember 2016-01-01 2016-06-30 0001080319 us-gaap:AffiliatedEntityMember 2015-01-01 2015-12-31 0001080319 emgl:February292016WarrantMember 2016-06-30 0001080319 us-gaap:WarrantMember 2015-12-31 0001080319 emgl:April22015Member 2016-01-01 2016-06-30 0001080319 emgl:April22015Member 2015-12-31 0001080319 emgl:April272015Member 2016-01-01 2016-06-30 0001080319 emgl:April272015Member 2015-12-31 0001080319 emgl:June182015Member 2016-01-01 2016-06-30 0001080319 emgl:June182015Member 2016-06-30 0001080319 emgl:April22015Member emgl:CDNMember 2016-01-01 2016-06-30 0001080319 emgl:April22015Member emgl:CDNMember 2016-06-30 0001080319 emgl:April272015Member emgl:CDNMember 2016-01-01 2016-06-30 0001080319 emgl:April272015Member emgl:CDNMember 2016-06-30 0001080319 emgl:BraydonCapitalCorpMember 2016-06-30 0001080319 emgl:WebBasedMember 2015-01-01 2015-06-30 0001080319 emgl:WebBasedMember 2015-04-01 2015-06-30 0001080319 emgl:NewbridgeAdditionalMember 2016-01-01 2016-06-30 0001080319 emgl:July92015Member 2016-01-01 2016-06-30 0001080319 emgl:July92015Member 2015-12-31 0001080319 emgl:Multigioco1Member 2016-06-30 0001080319 emgl:RifaSrlMember 2016-06-30 0001080319 emgl:NewbridgeMember 2016-01-01 2016-06-30 0001080319 emgl:NewbridgeMember 2016-06-30 0001080319 emgl:TypenexMember 2016-01-01 2016-06-30 0001080319 2015-06-30 0001080319 emgl:April22015Member 2016-06-30 0001080319 emgl:April272015Member 2016-06-30 0001080319 emgl:July92015Member 2016-06-30 0001080319 emgl:February292016Member 2016-06-30 0001080319 emgl:February292016Member 2016-01-01 2016-06-30 0001080319 emgl:OntarioIncMember 2015-02-02 2015-02-28 0001080319 emgl:LandBasedMember 2016-04-01 2016-06-30 0001080319 us-gaap:WarrantMember 2016-06-30 0001080319 2016-01-01 2016-06-30 0001080319 2016-06-30 0001080319 us-gaap:LicensingAgreementsMember 2016-06-30 0001080319 us-gaap:LicensingAgreementsMember 2015-12-31 0001080319 us-gaap:ContractualRightsMember 2016-06-30 0001080319 us-gaap:ContractualRightsMember 2015-12-31 0001080319 us-gaap:CustomerRelationshipsMember 2016-01-01 2016-06-30 0001080319 us-gaap:CustomerRelationshipsMember 2016-06-30 0001080319 us-gaap:CustomerRelationshipsMember 2015-12-31 0001080319 us-gaap:TrademarksMember 2016-01-01 2016-06-30 0001080319 us-gaap:TrademarksMember 2016-06-30 0001080319 us-gaap:TrademarksMember 2015-12-31 0001080319 us-gaap:InternetDomainNamesMember 2016-01-01 2016-06-30 0001080319 us-gaap:InternetDomainNamesMember 2016-06-30 0001080319 us-gaap:InternetDomainNamesMember 2015-12-31 0001080319 us-gaap:LicensingAgreementsMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0001080319 us-gaap:LicensingAgreementsMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0001080319 us-gaap:ContractualRightsMember us-gaap:MinimumMember 2016-01-01 2016-06-30 0001080319 us-gaap:ContractualRightsMember us-gaap:MaximumMember 2016-01-01 2016-06-30 0001080319 emgl:TypenexMember 2016-06-30 0001080319 emgl:Investment2336414OntarioIncMember 2014-12-09 0001080319 us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2016-01-01 2016-06-30 0001080319 us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2016-06-30 0001080319 us-gaap:MinimumMember 2016-06-30 0001080319 us-gaap:MaximumMember 2016-06-30 0001080319 emgl:Investment2336414OntarioIncMember 2016-06-30 0001080319 us-gaap:SubsequentEventMember 2016-07-01 2016-07-02 0001080319 emgl:DorianaGianfeliciMember 2016-01-01 2016-06-30 0001080319 2015-01-01 2015-06-30 0001080319 2016-04-01 2016-06-30 0001080319 2015-04-01 2015-06-30 0001080319 emgl:JuliaLesnykhMember 2016-01-01 2016-06-30 0001080319 emgl:AndreiSheptikitaMember 2016-01-01 2016-06-30 0001080319 emgl:March312016Member 2016-06-30 0001080319 emgl:March312016Member 2016-01-01 2016-06-30 0001080319 emgl:Investment2336414OntarioIncMember 2016-04-01 2016-06-30 0001080319 emgl:March312016WarrantMember 2016-06-30 0001080319 emgl:February292016WarrantMember 2016-01-01 2016-06-30 0001080319 emgl:March312016WarrantMember 2016-01-01 2016-06-30 0001080319 emgl:April12016WarrantMember 2016-01-01 2016-06-30 0001080319 emgl:April12016WarrantMember 2016-06-30 0001080319 emgl:LandBasedMember 2015-01-01 2015-06-30 0001080319 emgl:ShareExchangeAgreement1Member 2016-07-01 2016-07-02 0001080319 emgl:ShareExchangeAgreement2Member 2016-07-01 2016-07-02 0001080319 emgl:BeniaminoGianfeliciMember 2016-07-01 2016-07-02 0001080319 emgl:AlessandroMarcelliMember 2016-07-01 2016-07-02 0001080319 emgl:NewgiocoSrlMember 2016-01-01 2016-06-30 0001080319 emgl:BraydonCapitalCorpMember 2016-01-01 2016-06-30 0001080319 emgl:BraydonCapitalCorpMember 2016-01-12 2016-01-13 0001080319 emgl:BraydonCapitalCorpMember 2016-04-28 2016-04-29 0001080319 emgl:BraydonCapitalCorpMember 2015-12-31 iso4217:USD iso4217:EUR xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:CAD 186233 319530 367029 450000 50000 181000 250 318078 24376473 0.05 0.95 0.90 0.97 0.85 0.97 0.30 0.95 0.95 107589 240931 500000 108135 115980 436796 18400 15224 25000 20000 55000 233 38174 280 71084 131845 90750 41095 P15Y P14Y P5Y P1Y6M P7Y P5Y P7Y 5 debentures issued 4 debentures issued 5000 5000 5000 5000 500 500 63044 1.15 0.80 0.75 1.00 1.50 1.15 1.15 4.765 2.0038 1.9479 1.9479 P2Y4M0D P3Y0M0D P3Y0M0D P3Y0M0D 0.00 0.00 0.00 0.00 0.0091 0.0091 0.0091 0.0091 0.00 0.00 0.00 0.00 0.15 0.15 0.12 1304334 967384 1.25 1.25 1.25 1.25 1.15 138225 220000 225264 1.15 30700 255964 1.32 1.17 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> a 25% discount to the offering price of common shares</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> a 25% discount to the offering price of common shares</p> 0.10 112848 40336 31602 40910 246217 292136 45919 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Note is convertible to shares of common stock of the Company at a price equal to the lower of $0.80 or 60% of the lowest trading price of the Company&#146;s common stock during the 20 consecutive trading days prior to the date on which the Investor elects to convert all or part of the Note.</p> 8000 4000 60000 15000 P3Y0M0D P1Y0M2D P2Y4M0D 145500 14885 28375 269415 -368216 609256 500760 55640 0.05 -5259 5000 -51205 28770 23088 22141 18200 90750 150000 115000 -2849167 -3400601 2843484 3377995 600000 150000 750000 NEWGIOCO GROUP, INC. 0001080319 10-Q 2016-06-30 false --12-31 No No Yes Smaller Reporting Company Q2 2016 310407 221683 36725 30944 682646 626655 232013 263877 88705 85710 2376540 2139321 260318 260318 6729 6848 2964305 2756074 3646951 3382729 312483 289614 571501 446731 165166 175441 28375 269415 1450 2275085 2332867 67532 82478 2342617 2415345 2413 2438 10472501 10803077 -9294845 -9952119 178151 252898 274942 252174 327536 131931 124265 113988 3646951 3382729 0.0001 0.0001 80000000 80000000 24126088 24376473 24126088 24376473 1706212 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) Basis of consolidation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions are eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain amounts of prior periods were reclassified to conform with current period presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) Use of estimates</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the financial statements in conformity with Generally Accepted Accounting Principles (&#34;GAAP&#34;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include valuing equity securities issued in share based payment arrangements, determining the fair value of our common stock, the collectability of receivables and advances and deferred taxes and related valuation allowances. Certain estimates, including evaluating the collectability of receivables and advances, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record adjustments when necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) Goodwill</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being amortized, but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">d) Business Combinations</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">e) Long-Lived Assets</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">f) Derivative Financial Instruments</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">g) Earnings Per Share</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB ASC 260, &#34;Earnings Per Share&#34; provides for calculation of &#34;basic&#34; and &#34;diluted&#34; earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation of loss per share for the three and six months ended June 30, 2016 and 2015, thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">h) Currency translation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the Company's subsidiaries operates in Italy, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized in current operatio</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">i) Revenue Recognition</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from sports-betting, casino, cash and skill games; slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less gaming taxes and payouts to customers. Revenues are recorded when the game is closed. In addition, the Company receives commissions from the sale of scratch tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">j) Gaming accounts receivable &#38; allowance for doubtful accounts</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gaming accounts receivable represents gaming deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted method through one of our websites or indirectly in cash at the cashier of a betting shop but not yet credited to our bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that an allowance&#160;EUR 367,029 (approximately U.S. $408,430) and EUR 319,530 (approximately U.S. 349,374) for doubtful accounts was needed for the gaming accounts receivable balances as of June 30, 2016 and December 31, 2015, respectively. The Company does not require collateral to support customer receivables.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">k) Gaming account balances</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gaming account balances represent customer balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest bearing.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">l) Fair Value Measurements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of the Company's short term investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The derivative liability in connection with the conversion feature of the convertible debt and warrants is classified as a level 3 liability, and is the only financial liability measured at fair value on a recurring basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The change in the Level 3 financial instrument is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Balance at December 31, 2015</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">28,375</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Issued during the six months ended June 30, 2016</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">609,256</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during the six months ended June 30, 2016</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Change in fair value recognized in operations</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(368,216</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2016</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">269,415</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">m) Income Taxes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, &#34;Income Taxes.&#34; Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In Italy, tax years beginning 2010 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">n) Recent Accounting Pronouncements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The Company adopted this guidance with the annual and the interim period beginning January 1, 2016, and applied the standard on a retrospective basis as of December 31, 2015. As of June 30, 2016, and December&#160;31, 2015, we had $51,205 and $5,259, respectively, of unamortized debt issuance costs that were reclassified from prepaid expenses to a reduction in the carrying amount of the debentures and convertible notes payable. The adoption of this standard did not have a material impact on our financial position and did not impact our results of operations or cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no&#160;other recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows.</p> 2893563 2895511 958580 956632 1000000 1000000 786931 786931 110000 110000 40000 40000 -517023 -756190 244082 122582 50000 20000 20000 15000 50000 50000 15000 349374 408430 6000 3000 7500 4000 106583 27901 53236 0.3232 0.35 9700000 202000 349374 408340 666664 6735 3367 556020 114031 15000 115980 108135 2687 2816 14090 0 0 0 353783 104082 422276 157363 142591 121130 3272844 2193775 1525658 966644 2314460 1600029 1086240 703058 1647948 1163238 777102 585936 3962408 2763267 1863342 1288994 -689564 -569492 -337684 -322350 305495 32473 206951 26652 368216 -80 363788 4313 2568 1946 948 963 94952 54000 -60153 129451 -155889 77302 -629411 -698943 -181795 -399652 27863 26545 22428 26545 -657274 -725488 -204223 -426197 -10277 187394 6938 290831 -667551 -538094 -197285 -135366 -0.03 -0.03 -0.008 -0.02 24244264 23264800 24347022 23264800 248208 198185 90791 6681 231779 6646 2568 1946 94952 220361 250000 53020 -139019 17131 -131180 147264 -124826 -80621 -27731 -63517 7366 139332 6449 -159552 -1481 -16882 -575393 -183843 12849 20929 14340 202032 70829 94952 -242713 -39566 -28501 -82345 51172 131845 -165941 614900 175474 756418 -53496 -25454 2780 -36233 -279685 73737 5773 13887 138228 13792 27832 132804 596 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Basis of Presentation and Nature of Business</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basis of Presentation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the period ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our Annual Report on form 10-K.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nature of Business</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newgioco Group, Inc. (&#147;Newgioco Group&#148; or the &#147;Company&#148;), formerly known as Empire Global Corp., was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On July 20, 2016, the Company changed its name to Newgioco Group, Inc. The Company maintains its principal executive offices in Toronto, Canada.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides web-based and land-based gaming services through its four wholly owned subsidiaries in Italy. The Company&#146;s subsidiaries include: Multigioco Srl (&#147;Multigioco&#148;) which was acquired on August 15, 2014, Rifa Srl (&#147;Rifa&#148;) which was acquired on January 1, 2015, and two additional companies which were acquired on July 1, 2016 for which the names have been omitted pursuant to a confidential treatment request filed with the Securities and Exchange Commission. See Note 15 for an overview of the July 1, 2016 acquisitions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newgioco Group is now a vertically integrated company offering a complete suite of gaming services including a variety of online and offline lottery and casino gaming, as well as sports betting through locations situated throughout Italy, in addition to operating its proprietary Betting Operating System (&#147;BOS&#148;).</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Going concern</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had a working capital deficit of $1,706,212 as of June 30, 2016, and reported operating losses for the past two years. There are no assurances that management will be successful in achieving sufficient cash flows to fund the Company's working capital needs, or whether the Company will be able to refinance or renegotiate its obligations when they become due or raise additional capital through future debt or equity. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying value of assets or liabilities as a result of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management plans to mitigate its losses in future years by significantly reducing its operating expenses, seeking out new business opportunities and attempting to raise debt or equity financing. However, there is no assurance that the Company will be able to obtain additional financing, reduce its operating expenses or be successful in maintaining a viable business.</p> <p style="margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Summary of Significant Accounting Policies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) Basis of consolidation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions are eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain amounts of prior periods were reclassified to conform with current period presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) Use of estimates</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the financial statements in conformity with Generally Accepted Accounting Principles (&#34;GAAP&#34;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include valuing equity securities issued in share based payment arrangements, determining the fair value of our common stock, the collectability of receivables and advances and deferred taxes and related valuation allowances. Certain estimates, including evaluating the collectability of receivables and advances, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record adjustments when necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) Goodwill</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being amortized, but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">d) Business Combinations</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">e) Long-Lived Assets</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">f) Derivative Financial Instruments</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">g) Earnings Per Share</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB ASC 260, &#34;Earnings Per Share&#34; provides for calculation of &#34;basic&#34; and &#34;diluted&#34; earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation of loss per share for the three and six months ended June 30, 2016 and 2015, thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">h) Currency translation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the Company's subsidiaries operates in Italy, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized in current operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">i) Revenue Recognition</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from sports-betting, casino, cash and skill games; slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less gaming taxes and payouts to customers. Revenues are recorded when the game is closed. In addition, the Company receives commissions from the sale of scratch tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">j) Gaming accounts receivable &#38; allowance for doubtful accounts</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gaming accounts receivable represents gaming deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted method through one of our websites or indirectly in cash at the cashier of a betting shop but not yet credited to our bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that an allowance&#160;EUR 367,029 (approximately U.S. $408,430) and EUR 319,530 (approximately U.S. 349,374) for doubtful accounts was needed for the gaming accounts receivable balances as of June 30, 2016 and December 31, 2015, respectively. The Company does not require collateral to support customer receivables.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">k) Gaming account balances</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gaming account balances represent customer balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest bearing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">l) Fair Value Measurements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of the Company's short term investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The derivative liability in connection with the conversion feature of the convertible debt and warrants is classified as a level 3 liability, and is the only financial liability measured at fair value on a recurring basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The change in the Level 3 financial instrument is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Balance at December 31, 2015</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">28,375</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Issued during the six months ended June 30, 2016</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">609,256</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during the six months ended June 30, 2016</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Change in fair value recognized in operations</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(368,216</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2016</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">269,415</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">m) Income Taxes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, &#34;Income Taxes.&#34; Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In Italy, tax years beginning 2010 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">n) Recent Accounting Pronouncements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The Company adopted this guidance with the annual and the interim period beginning January 1, 2016, and applied the standard on a retrospective basis as of December 31, 2015. As of June 30, 2016, and December&#160;31, 2015, we had $51,205 and $5,259, respectively, of unamortized debt issuance costs that were reclassified from prepaid expenses to a reduction in the carrying amount of the debentures and convertible notes payable. The adoption of this standard did not have a material impact on our financial position and did not impact our results of operations or cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no&#160;other recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Balance at December 31, 2015</td><td style="width: 10%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">28,375</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued during the six months ended June 30, 2016</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">609,256</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised during the six months ended June 30, 2016</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value recognized in operations</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(368,216</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2016</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">269,415</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4) Intangible Assets</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="vertical-align: bottom">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">June 30,<br /> 2016</td> <td colspan="2" style="vertical-align: bottom; text-align: right">&#160;</td> <td colspan="2" style="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-bottom: 1pt; text-align: right">&#160;December 31,<br /> 2015</td> <td colspan="4" style="vertical-align: bottom">&#160;</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">Life<br /> (years)</td> <td style="font-size: 12pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="4">Licenses</td> <td>&#160;</td> <td colspan="2">$</td> <td style="text-align: right">958,580</td> <td>&#160;</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">956,632</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">1.5 - 7</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="4">Location contracts</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td style="text-align: right">1,000,000</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">1,000,000</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">5 - 7</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="4">Customer relationships</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td style="text-align: right">786,931</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">786,931</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">15</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="4">Trademarks/names</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td style="text-align: right">110,000</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">110,000</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">14</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="4" style="padding-bottom: 1pt">Website</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">40,000</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">40,000</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: right">&#160;</td> <td colspan="2" style="text-align: right">5</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="4">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td style="text-align: right">2,895,511</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">2,893,563</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="4" style="padding-bottom: 1pt">Accumulated amortization</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(756,190</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(517,023</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: right">&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="4" style="padding-bottom: 2.5pt">Balance</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,139,321</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,376,540</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr> <td style="width: 57px">&#160;</td> <td style="width: 57px">&#160;</td> <td style="width: 7px">&#160;</td> <td style="width: 57px">&#160;</td> <td>&#160;</td> <td style="width: 1px">&#160;</td> <td style="width: 6px">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="width: 1px">&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates intangible assets for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value. The amortization expense was $122,582 and $244,082 for the three and six months ended June 30, 2016, respectively.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">June 30,<br /> 2016</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">December 31,<br /> 2015</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-size: 10pt">Licenses</td><td style="width: 5%; font-size: 10pt">&#160;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">958,580</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 5%; font-size: 10pt">&#160;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">956,632</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 5%; font-size: 10pt">&#160;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 11%; font-size: 10pt; text-align: right"><font style="font-size: 10pt">1.5 - 7</font></td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Location contracts</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">1,000,000</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">1,000,000</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><font style="font-size: 10pt">5 - 7</font></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Customer relationships</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">786,931</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">786,931</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">15</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Trademarks/names</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">110,000</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">110,000</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Website</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">40,000</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">40,000</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">2,895,511</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">2,893,563</td><td style="font-size: 10pt; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(756,190</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(517,023</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,139,321</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,376,540</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Line of Credit &#150; Bank</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently maintains an operating line of credit for a maximum amount of EUR 450,000 (approximately U.S. $500,760) for Multigioco and EUR 50,000 (approximately U.S. $55,640) for Rifa from Banca Veneto in Italy. The line of credit is secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company and bears a fixed rate of interest at 5% per annum on the outstanding balance and is fully open with no minimum payment, maturity or due date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Liability in connection with acquisition</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Liability in connection with acquisition represent non-interest bearing amount due by the Company&#146;s subsidiaries toward the purchase price per purchase agreement between Newgioco Srl and the Company&#146;s subsidiaries. The Company&#146;s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl. During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Related party transactions and balances</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advances from stockholders represent non-interest bearing loans that are due on demand. Interest was imputed at 5% per annum. Balances of Advances from stockholders are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">June 30, <br /> 2016</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">December 31, <br /> 2015</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; padding-left: 5.4pt; text-align: justify">Gold Street Capital Corp.</td> <td style="width: 8%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">38,043</td> <td style="width: 1%">&#160;</td> <td style="width: 8%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">138,228</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Doriana Gianfelici</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">54,529</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">53,447</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total advances from stockholders</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">92,572</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">191,675</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended June 30, 2016, Gold Street Capital Corp. (&#34;Gold Street&#34;), the major stockholder of the Company, advanced $38,043 net of repayment of $53,000. On March 31, 2016, the Company issued 145,500 shares to Gold Street to pay $138,225 of the debt at the market price of $0.95 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Also, Doriana Gianfelici advanced EUR 250 (approximately U.S. $280) to the Company during the six months ended June 30, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 13, 2016, the Company issued a Promissory Note for $90,750 to Braydon Capital Corp., a company owned by Claudio Ciavarella, the brother of our CEO, that bears interest at a rate of 1% per month due in full on the maturity date of January 13, 2017. On April 29, 2016, the Note was amended to add $41,095 in funds issued to the Company from Braydon Capital Corp. for a total of $131,845. The balance due to Braydon Capital Corp. was $115,980 and $108,135 as of June 30, 2016 and December 31, 2015, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently maintains an operating line of credit for its subsidiaries secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company. See also Note 5 Line of Credit - Bank.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl. The Company&#146;s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2016</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">December 31, <br /> 2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 10pt; text-align: justify; padding-left: 5.4pt">Gold Street Capital Corp.</td><td style="width: 8%; font-size: 10pt">&#160;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">38,043</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 8%; font-size: 10pt">&#160;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">138,228</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Doriana Gianfelici</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">54,529</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">53,447</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total advances from stockholders</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">92,572</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">191,675</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Stockholders&#146; Equity</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 8, 2016, the Company entered into a non-exclusive advisory agreement with Newbridge Securities Corp. (&#147;Newbridge&#148;). As consideration for these services, the Company agreed to pay Newbridge advisory fees of $15,000 and issue 50,000 restricted shares of common stock upon signing the agreement and 50,000 restricted shares of common stock upon the presentation of a Term Sheet. The Company paid a fee of $15,000, and on March 8, 2016 issued 50,000 shares of common stock which were valued at the market price of $0.97 per share and amortized over the service period of two months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 14, 2016, the Company entered into a Mutual Release Agreement with Typenex Co-Investment, LLC to extinguish future &#147;true-up&#148; provisions contained within the Convertible Note dated June 18, 2015 and the Transfer Agent Reserve shares related to the Note. Pursuant to the agreement, the Company issued 14,885 shares of common stock to Typenex Co-Investment, LLC. Those shares were valued at market price on issuance date of $0.97 per share and recorded as an expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 6, 2016, the Company issued an aggregate of 40,000 shares of the Company&#146;s common stock to two consultants (20,000 shares each) for services provided to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please see Note 7 for additional common share transactions in repayment of debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basis of Presentation</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the period ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our Annual Report on form 10-K.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nature of Business</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newgioco Group, Inc. (&#147;Newgioco Group&#148; or the &#147;Company&#148;), formerly known as Empire Global Corp., was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On July 20, 2016, the Company changed its name to Newgioco Group, Inc. The Company maintains its principal executive offices in Toronto, Canada.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides web-based and land-based gaming services through its four wholly owned subsidiaries in Italy. The Company&#146;s subsidiaries include: Multigioco Srl (&#147;Multigioco&#148;) which was acquired on August 15, 2014, Rifa Srl (&#147;Rifa&#148;) which was acquired on January 1, 2015, and two additional companies which were acquired on July 1, 2016 for which the names have been omitted pursuant to a confidential treatment request filed with the Securities and Exchange Commission. See Note 15 for an overview of the July 1, 2016 acquisitions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newgioco Group is now a vertically integrated company offering a complete suite of gaming services including a variety of online and offline lottery and casino gaming, as well as sports betting through locations situated throughout Italy, in addition to operating its proprietary Betting Operating System (&#147;BOS&#148;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. Debentures and Convertible Notes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Debentures and convertible notes outstanding include the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2016</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">December 31, <br /> 2015</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%">April 2, 2015 Debentures, net of discount of $0 and $2,687</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">&#151;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">40,336</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>April 27, 2015 Debentures, net of discount of $0 and $2,816</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">31,602</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>July 9, 2015 Debentures net of discount of $0 and $14,090</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">40,910</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>February 29, 2016 Convertible Note, net of discount of $353,783</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">246,217</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">March 31, 2016 Convertible Note, net of discount of $104,082</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">45,919</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-size: 12pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">292,136</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">112,848</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: unamortized debt issuance costs</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(51,205</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(5,259</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,931</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,589</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">April 2, 2015 Debentures</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 2, 2015, the Company issued debentures to a group of accredited investors to purchase 5 unsecured Debenture Units for gross proceeds of $25,000 and 5 Debenture Units for gross proceeds of CDN $25,000 (approximately U.S. $18,400). Each Debenture Unit is comprised of (i) a $5,000 and CDN $5,000 debenture, respectively, bearing interest at a rate of 15% per annum, maturing one year from the date of issuance and (ii) 500 warrants to receive one common share per warrant prior to April 2, 2017, which may be exercised at the lower of (a) $1.25 and CDN $1.25, respectively, and (b) a 25% discount to the offering price of common shares of the Company in the next equity financing of the Company. On April 2, 2016, the maturity date, the Company paid the amounts due in full of $28,770 and CDN $28,770 (approximately US $22,141)&#160;including principle and accrued interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">April 27, 2015 Debentures</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 27, 2015, the Company issued debentures to a group of accredited investors to purchase 4 unsecured Debenture Units for gross proceeds of $20,000 and 4 unsecured Debenture Units for gross proceeds of CDN$20,000 (approximately U.S. $15,224). Each Debenture Unit is comprised of (i) a $5,000 and CDN$5,000 debenture, respectively, bearing interest at a rate of 15% per annum, maturing one year from the date of issuance and (ii) 500 warrants to receive one common share per warrant prior to April 27, 2017, which may be exercised at the lower of (a) $1.25 and CDN$1.25, respectively, and (b) a 25% discount to the offering price of common shares of the Company in the next equity financing of the Company. &#160;On April 27, 2016, the maturity date, the Company paid the amounts due in full of $23,088 and CDN $23,088 (approximately U.S. $18,200) including principle and accrued interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">July 9, 2015 Convertible Promissory Note</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 9, 2015, the Company issued a convertible promissory note (the &#147;Note&#148;) bearing an interest of 10% per annum to purchase a gross amount of $220,000 which includes an Original Issue Discount (&#147;OID&#148;) of 10% to an accredited investor. The Note was convertible to shares of common stock of the Company at a price equal to the lower of $0.80 or 60% of the lowest trading price of the Company&#146;s common stock during the 20 consecutive trading days prior to the date on which the Investor elects to convert all or part of the Note. On July 21, 2015, the closing date, the Company received an initial consideration of $55,000, which includes an OID of $5,000. This initial consideration is a debenture. The Note was pre-paid on January 14, 2016. The total amount of pre-payment was $90,750, including interest and penalties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">February 29, 2016 and March 31, 2016 Convertible Promissory Notes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 29, 2016, the Company closed a Securities Purchase Agreement with an unaffiliated private investor, to raise up to $750,000. The Company received gross proceeds from the initial private placement of $600,000. Subsequently, on March 31, 2016, the Company received the second tranche of gross proceeds of $150,000, less legal expenses of $15,000. The convertible promissory notes bear an interest rate of 12% per annum and are due in one year. The Notes are convertible to shares of common stock of the Company at the price of $0.85 per share with certain price adjustment clauses. The convertible promissory notes were guaranteed by Confidi Union Impresa, an unrelated party. As part of the purchase agreement, the Company also issued a warrant to purchase 163,044 shares of Company&#146;s common stock at $1.15 per share. (See Note 11).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has determined that the conversion feature embedded in the notes constitutes a derivative and has been bifurcated from the note and recorded as a derivative liability, with a corresponding discount recorded to the associated debt, on the accompanying balance sheet, and revalued to fair market value at each reporting period. (See Note 12).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company paid commissions of $8,000, $4,000, $60,000, and $15,000 for the June 18, July 9, 2015, February 29, 2016, and March 31, 2016 Notes, respectively. The Company also paid commissions of 7,500 shares of common stock at a price of $0.80 per share or $6,000 and 4,000 shares of common stock at a price of $0.75 per share or $3,000 related to the June 18 and July 9, 2015 Notes, respectively. The commissions related to the notes were amortized over the life of the notes. The Company also issued warrants to purchase 62,220 shares of the Company to the placement agent in relation to the February 29, 2016 and March 31, 2016 Notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Warrants issued in relation to the debentures and promissory notes are discussed in Note 11.</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2016</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">December 31, <br /> 2015</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%">April 2, 2015 Debentures, net of discount of $0 and $2,687</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">&#151;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">40,336</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>April 27, 2015 Debentures, net of discount of $0 and $2,816</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">31,602</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>July 9, 2015 Debentures net of discount of $0 and $14,090</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">40,910</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>February 29, 2016 Convertible Note, net of discount of $353,783</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">246,217</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">March 31, 2016 Convertible Note, net of discount of $104,082</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">45,919</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-size: 12pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">292,136</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">112,848</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: unamortized debt issuance costs</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(51,205</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(5,259</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,931</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,589</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10. Promissory Notes Payable&#160;- Other</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 9, 2014, the Company obtained a promissory note for CDN $500,000 (approximately U.S. $436,796) Paymobile Inc., a subsidiary of 2336414 Ontario Inc. (&#147;2336414&#148;) of which the Company owns 666,664 common shares, that bears interest at a rate of 1% per month on the outstanding balance:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this filing, the final payment of CDN $150,000 (approximately U.S. $115,000) which was due on February 28, 2015 plus accrued interest. The Company and 2336414 have agreed to extend the due date indefinitely by mutual consent. &#160;Interest expense of $3,367 and $6,735 was recorded for the three and six months ended June 30, 2016, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11. Warrants</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 29, 2016, as per a Securities Purchase Agreement, the Company issued a warrant to purchase 130,435 shares of the Company&#146;s common stock at $1.15 per share which may be exercised by the warrant holder between August 28, 2016 and February 28, 2019 (see Note 9). The fair value of the warrants of $106,583 was calculated using the Black-Scholes model on the date of issuance and was recorded as a debt discount, which has been amortized as interest expense over the life of the debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of warrants at February 29, 2016:</p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Exercise price</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1.15</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Common stock price per share</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">0.90</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">200.38</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.0</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2016 the Company issued a warrant to purchase 32,609 shares of the Company&#146;s common stock at $1.15 per share which may be exercised by the warrant holder until March 31, 2019 (see Note 9). The warrant was issued in connection with the March 31, 2016 Convertible Promissory Note. The fair value of the warrants of $27,901 was calculated using the Black-Scholes model on the date of issuance and was recorded as a debt discount, which has been amortized as interest expense over the life of the debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of warrants at March 31, 2016:</p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Exercise price</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1.15</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Common stock price per share</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">0.95</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">194.79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.0</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2016 the Company issued a warrant to purchase 62,220 shares of the Company&#146;s common stock at $1.15 per share which may be exercised by the warrant holder until April 1, 2019 (see Note 9).. The warrant was issued to the placement agent in relation to securing the February 29, 2016 and March 31, 2016 convertible Promissory Notes. The fair value of the warrants of $53,236 was calculated using the Black-Scholes model on the date of issuance, and was recorded as a deferred loan cost, which has been amortized over the life of the debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of warrants at April 1, 2016:</p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Exercise price</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1.15</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Common stock price per share</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">0.95</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">194.79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.0</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of warrant transactions during the six months ended June 30, 2016 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">Warrant <br /> Shares</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">Weighted Average <br /> Exercise Price <br /> Per Common Share</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">Weighted <br /> Average <br /> Life</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 39%">Outstanding at December 31, 2015</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right">30,700</td> <td style="width: 1%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1.32</td> <td style="width: 1%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right">1.02</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Issued</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">225,264</td> <td>&#160;</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">1.15</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.00</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#151;&#160;&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding June 30, 2016</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">255,964</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td>$</td> <td style="text-align: right">1.17</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2.4</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of warrants at February 29, 2016:</p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Exercise price</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1.15</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Common stock price per share</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">0.90</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">200.38</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.0</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of warrants at March 31, 2016:</p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Exercise price</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1.15</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Common stock price per share</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">0.95</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">194.79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.0</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of warrants at April 1, 2016:</p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #1F497D">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Exercise price</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1.15</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Common stock price per share</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">0.95</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">194.79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.0</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">Warrant <br /> Shares</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">Weighted Average <br /> Exercise Price <br /> Per Common Share</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">Weighted <br /> Average <br /> Life</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 39%">Outstanding at December 31, 2015</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right">30,700</td> <td style="width: 1%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">1.32</td> <td style="width: 1%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right">1.02</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Issued</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">225,264</td> <td>&#160;</td> <td>&#160;</td> <td>$</td> <td style="text-align: right">1.15</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">3.00</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#151;&#160;&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#151;&#160;&#160;</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding June 30, 2016</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right">255,964</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td>$</td> <td style="text-align: right">1.17</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2.4</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12. Derivative Liability and Fair Value</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated the application of ASC 815 Derivatives and Hedging and ASC 815-40-25 to the warrants to purchase common stock issued with the convertible notes and debentures. Based on the guidance in ASC 815 and ASC 815-40-25, the Company concluded these instruments were required to be accounted for as derivatives due to the down round protection feature on the conversion price and the exercise price. The Company records the fair value of these derivatives on its balance sheet at fair value with changes in the values of these derivatives reflected in the statements of operations as &#147;Gain (loss) on derivative liabilities.&#148; These derivative instruments are not designated as hedging instruments under ASC 815 and are disclosed on the balance sheet under Derivative Liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounted for the issuance of the convertible promissory note on February 29, 2016 and March 31, 2016 in accordance with ASC 815&#148; Derivatives and Hedging.&#148; The note is convertible into an indeterminate number of shares for which the Company cannot determine if it has sufficient authorized shares to settle the transaction with. Accordingly, the embedded conversion option is a derivative liability and is marked to market through earnings at the end of each reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The gross proceeds from the sale of the debentures are recorded net of $556,020 related to the conversion feature of the embedded conversion option&#160;and $114,031 allocated to the warrants issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to calculate the fair value of derivative liabilities at June 30, 2016:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercise price</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">$1.00-$1.50</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 77%">Common stock price per share</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: right">$0.30</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">476.5</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Weighted average life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">2.4</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr></table> <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercise price</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">$1.00-$1.50</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 77%">Common stock price per share</td> <td style="width: 3%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 18%; text-align: right">$0.30</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Volatility</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">476.5</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Weighted average life</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">2.4</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Dividend yield</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Interest rate</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0.91</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeiture risk</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">0</td> <td>%</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13. Revenues</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the breakdown of net gaming revenues for the three and six months ended June 30, 2016 and 2015:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="7" style="text-align: center">Three Months Ended</td><td>&#160;</td> <td colspan="7" style="text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br /> 2016</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br />2015</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br />2016</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br />2015</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Turnover</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 15.25pt">Turnover web-based</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,202,864</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">14,494,745</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">51,666,022</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">31,249,690</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Turnover land-based</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,858,540</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">712,918</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,330,738</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,347,728</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Total Turnover</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">27,061,404</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">15,207,663</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">54,996,760</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">32,597,418</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Winnings/Payouts</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 15.25pt">Winnings web-based</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">23,647,221</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">13,451,247</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">48,265,514</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">28,903,766</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Winnings land-based</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,562,512</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">536,184</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,709,898</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,010,883</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total Winnings/payouts</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">25,209,733</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">13,987,431</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">50,975,412</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">29,914,649</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Gross Gaming Revenues</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,851,671</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,220,232</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4,021,348</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,682,769</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Less: ADM Gaming Taxes</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">373,635</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">253,588</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">828,095</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">488,994</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Net Gaming Revenues</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,478,036</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">966,644</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,193,253</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,193,775</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Add: Commission Revenues</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">47,622</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-size: 12pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">79,591</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-size: 12pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total Revenues</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,525,658</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">966,644</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,272,844</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,193,775</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Turnover represents the total bets processed for the period.</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="7" style="text-align: center">Three Months Ended</td><td>&#160;</td> <td colspan="7" style="text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br /> 2016</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br />2015</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br />2016</td><td>&#160;</td> <td colspan="3" style="text-align: right">June 30, <br />2015</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Turnover</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 15.25pt">Turnover web-based</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,202,864</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">14,494,745</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">51,666,022</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">31,249,690</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Turnover land-based</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,858,540</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">712,918</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,330,738</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,347,728</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Total Turnover</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">27,061,404</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">15,207,663</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">54,996,760</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">32,597,418</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Winnings/Payouts</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 15.25pt">Winnings web-based</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">23,647,221</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">13,451,247</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">48,265,514</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">28,903,766</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Winnings land-based</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,562,512</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">536,184</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,709,898</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,010,883</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Total Winnings/payouts</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">25,209,733</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">13,987,431</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">50,975,412</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">29,914,649</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Gross Gaming Revenues</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,851,671</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,220,232</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">4,021,348</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">2,682,769</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Less: ADM Gaming Taxes</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">373,635</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">253,588</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">828,095</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">488,994</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Net Gaming Revenues</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,478,036</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">966,644</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,193,253</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,193,775</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 15.25pt">Add: Commission Revenues</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">47,622</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-size: 12pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">79,591</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-size: 12pt; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total Revenues</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,525,658</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">966,644</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,272,844</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,193,775</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> 25202864 51666022 712918 3330738 31249690 14494745 1858540 54996760 32597418 27061404 15207663 1347728 23647221 48265514 536184 2709898 28903766 13451247 1562512 50975412 29914649 25209733 13987431 1010883 -4021348 -2682769 -1851671 -1220232 828095 488994 373635 253588 3193253 2193775 1478036 966644 79591 47622 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">14. Income Taxes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is incorporated in the United States of America and is subject to United States federal taxation. No provisions for income taxes have been made as the Company had no U.S. taxable income for the three and six months ended June 30, 2016 and 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's Italian subsidiaries are governed by the income tax laws of Italy. The corporate tax rate in Italy is 32.32% (IRES at 27.5% plus IRAP ordinary at 4.85%) on income reported in the statutory financial statements after appropriate tax adjustments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The reconciliation of income tax expense at the U.S. statutory rate of 35% to the Company&#146;s effective tax rate is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">June 30, <br /> 2016</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">June 30, <br /> 2015</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; padding-left: 5.4pt; text-align: justify">U.S. Statutory rate</td> <td style="width: 8%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(220,294</td> <td style="width: 1%">)</td> <td style="width: 8%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(270,324</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Tax rate difference between Italy and U.S.</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">18,358</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">(4,977</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Change in Valuation Allowance</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">222,857</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">286,100</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Permanent difference</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">6,762</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">15,746</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Effective tax rate</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">27,863</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">26,545</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has accumulated a net operating loss carry forward (&#34;NOL&#34;) of approximately $9.7 million as of June 30, 2016 in the U.S. This NOL may be offset against future taxable income through the year 2035. The use of these losses to reduce future income taxes will depend on the generation of sufficient taxable income prior to the expiration of the NOL. The Company periodically evaluates whether it is more likely than not that it will generate sufficient taxable income to realize the deferred income tax asset. At the present time, management cannot presently determine when the Company will be able to generate sufficient taxable income to realize the deferred tax asset; accordingly, a 100% valuation allowance has been established to offset the asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Utilization of NOLs are subject to limitation due to any ownership change (as defined under Section 382 of the Internal Revenue Code of 1986) which resulted in a change in business direction. Unused limitations may be carried over to future years until the NOLs expire. Utilization of NOLs may also be limited in any one year by alternative minimum tax rules.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Italian tax law, the operating loss carryforwards available for offset against future profits can be used indefinitely. Operating loss carryforwards are only available for offset against national income tax, in the limit of 80% of taxable annual income (this restriction does not apply to the operating loss incurred in the first three years of the Company's activity, which are therefore available for 100% offsetting).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provisions for income taxes consist of currently payable Italian income tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The tax effects of temporary differences that give rise to the Company&#146;s net deferred tax asset are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2016</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2015</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 6.95pt">Net loss carryforward - Foreign</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,606&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,683</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 6.95pt">Net loss carryforward - US</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,377,995</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,843,484</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 6.95pt">Less valuation allowance</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3,400,601</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,849,167</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 6.95pt">Deferred tax assets</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="margin: 0pt">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">June 30, <br /> 2016</td> <td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: right">June 30, <br /> 2015</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td> <td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; padding-left: 5.4pt; text-align: justify">U.S. Statutory rate</td> <td style="width: 8%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(220,294</td> <td style="width: 1%">)</td> <td style="width: 8%">&#160;</td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(270,324</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Tax rate difference between Italy and U.S.</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">18,358</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">(4,977</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Change in Valuation Allowance</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">222,857</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">286,100</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Permanent difference</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">6,762</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">15,746</td> <td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Effective tax rate</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">27,863</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">26,545</td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2016</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">June 30, <br /> 2015</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="3" style="text-align: right">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 6.95pt">Net loss carryforward - Foreign</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">22,606&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,683</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 6.95pt">Net loss carryforward - US</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,377,995</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,843,484</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 6.95pt">Less valuation allowance</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3,400,601</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,849,167</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 6.95pt">Deferred tax assets</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 5683 22606 -220294 -270324 18358 -4977 222857 286100 6762 15746 27863 26545 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">15. Subsequent Events</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px">a.</td> <td style="text-align: justify">On June 30, 2016 the Company entered into a Share Exchange Agreement, which closed on July 1, 2016, with the shareholders of a company organized under the laws of Austria. The target company operates a proprietary Betting Operating System. Pursuant to the agreement, the Company issued 4,386,100 shares of common stock in consideration for 100% of the issued and outstanding shares of the target company. As a result of this acquisition, the sellers now hold approximately 12.56% of the issued and outstanding shares of common stock of the Company.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px">b.</td> <td style="text-align: justify; padding-bottom: 10pt">On June 30, 2016 the Company entered into a Share Exchange Agreement, which closed on July 1, 2016, with the shareholders of a company organized under the laws of Austria. The target company operates an existing network of 107 land-based Agency locations. Pursuant to the agreement, the Company issued 1,665,600 shares of common stock in consideration for 100% of the issued and outstanding shares of the target company. As a result of this acquisition, the sellers now hold approximately 4.77% of the issued and outstanding shares of common stock of the Company.</td></tr> <tr style="vertical-align: top"> <td style="font-size: 12pt">&#160;</td> <td>c.</td> <td style="text-align: justify; padding-bottom: 10pt">On July 1, 2016 the Company issued an aggregate of 4,500,000 shares of common stock as a performance based restricted stock award contingent on the closing of the July 1, 2016 acquisitions. The Company granted 1,500,000 shares each to Beniamino Gianfelici, a director of the Company, Alessandro Marcelli, a director of the Company, and Gold Street Capital, a related party. The restricted stock award was granted in lieu of a formalized equity incentive plan.</td></tr> <tr style="vertical-align: top"> <td style="font-size: 12pt">&#160;</td> <td>d.</td> <td style="text-align: justify">On July 20, 2016 the Company changed its name to &#147;Newgioco Group, Inc.&#148;.</td></tr></table> 4386100 1665600 0.1256 0.0477 4500000 1500000 1500000 38043 138228 54529 191675 53447 92572 53000 202000 IRES at 27.5% plus IRAP ordinary at 4.85% The Companys shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl. EX-101.SCH 5 emgl-20160630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidted Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidted Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Comprehensive Loss link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Basis of Presentation and Nature of Business link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Going Concern link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Line of Credit-Bank link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Liability in connection with acquisition link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Acquisition of Offline (Land-based) Gaming Assets link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Deposits on Acquisitions link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Investment in Non-consolidated Entities link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Restricted Cash link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Investment in Corporate Bond link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Long Term Debt link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Related party transactions and balances link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Stockholders Equity link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Other Equity Transactions link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Debentures and Convertible Notes link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Promissory Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Warrants link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Derivative Liability and Fair Value link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Revenues link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Subsequent events link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Basis of Presentation and Nature of Business (Policies) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Acquisition of Offline (Land-based) Gaming Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Investment in Non-consolidated Entities (Tables) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Deposits on Acquisitions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Related party transactions and balances (Tables) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Debentures and Convertible Notes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Promissory Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Warrants (Tables) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Derivative Liability and Fair Value (Tables) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Revenues (Tables) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Going Concern (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Summary of Significant Accounting Policies (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Intangible Assets - Intangibles (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Intangible Assets - Useful life (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Line of Credit-Bank (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Liability in connection with acquisition (Details) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Related party transactions and balances - Related party (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Related party transactions and balances (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Stockholders Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Investment in Non-consolidated Entities - Non-consolidated entities (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Due from affiliates (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Debentures and Convertible Notes (Details) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - Debentures and Convertible Notes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - Debentures and Convertible Notes(Details Narrative) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - Promissory Notes Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000060 - Disclosure - Warrants - Assumptions (Details) link:presentationLink link:calculationLink link:definitionLink 00000061 - Disclosure - Fair Value Warrant (Details) link:presentationLink link:calculationLink link:definitionLink 00000062 - Disclosure - Warrants (Details) link:presentationLink link:calculationLink link:definitionLink 00000063 - Disclosure - Derivative Liability and Fair Value - Derivative Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000064 - Disclosure - Derivative Liability and Fair Value (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000065 - Disclosure - Revenues (Details) link:presentationLink link:calculationLink link:definitionLink 00000066 - Disclosure - Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000067 - Disclosure - Income Taxes (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000068 - Disclosure - Income Taxes (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000069 - Disclosure - Income Taxes (Details 3) link:presentationLink link:calculationLink link:definitionLink 00000070 - Disclosure - Subsequent events (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 emgl-20160630_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 emgl-20160630_def.xml XBRL DEFINITION FILE EX-101.LAB 8 emgl-20160630_lab.xml XBRL LABEL FILE Gold Street Capital Corp. [Member] Related Party [Axis] Doriana Gianfelici [Member] 2336414 Ontario Inc. Investment, Name [Axis] Warrant [Member] Class of Warrant or Right [Axis] Minimum [Member] Range Member [Axis] Bersani license and Corner rights [Member] gaap:Investments In And Advances To Affiliates Categorization [Axis] Web-based [Member] Principal Transaction Revenue, Description of Reporting Category [Axis] Land-based [Member] Related Party [Member] Bersani License [Member] Finite-Lived Intangible Assets by Major Class [Axis] Monti License [Member] February 29, 2016 Warrant [Member] April 2, 2015 [Member] Debt Instrument [Axis] April 27, 2015 [Member] June 18, 2015 [Member] CDN Currency [Axis] Braydon Capital Corp. [Member] Newbridge Addtional [Member] July 9, 2015 [Member] Multgioco [Member] Short-term Debt, Type [Axis] Rifa [Member] Newbridge [Member] Typenex [Member] JH Darbie [Member] February 29, 2016 [Member] December 17, 2014 [Member] 2336414 Ontario Inc. [Member] July 9, 2014 Warrant [Member] Banca Veneto Licenses [Member] Location contracts [Member] Customer relationships [Member] Trademarks/names [Member] Website [Member] Maximum [Member] Derivative Liability [Member] Derivative, by Nature [Axis] Subsequent Event [Member] Subsequent Event Type [Axis] Julia Lesnykh [Member] Andrei Sheptikita [Member] March 31, 2016 [Member] March 31, 2016 Warrant [Member] April 1, 2016 Warrant [Member] Share Exchange Agreement #1 [Member] Share Exchange Agreement #2 [Member] Beniamino Gianfelici [Member] Alessandro Marcelli [Member] Newgioco Srl [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Amendment Statement of Financial Position [Abstract] Current Assets Cash and cash equivalents Gaming accounts receivable, net of allowance for doubtful accounts of $408,430 and $349,374 on June 30, 2016 and December 31, 2015 Prepaid expenses Other current assets Total Current Assets Non-current Assets Restricted cash Property, Plant, and Equipment Intangible assets Goodwill Investment in non-consolidated entities Total Non-current Assets Total Assets Current Liabilities Line of credit - bank Accounts payable and accrued liabilities Gaming accounts balances Taxes payable Advances from stockholders Liability in connection with acquisition- due to Newgioco Debentures, net of discount Derivative liability Promissory notes payable - other Promissory notes payable-related party Other current liabilities Total Current Liabilities Long term liabilities Total Liabilities Stockholders' Equity Common Stock, $0.0001 par value, 80,000,000 shares authorized; 24,376,473 and 24,126,088 issued and outstanding at June 30, 2016 and December 31, 2015 Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total Stockholders' Equity Total Liabilities and Stockholders' Equity Debt Discount STOCKHOLDERS' EQUITY Preferred stock - par value Preferred stock - authorized Preferred stock - issued Capital stock - par value Capital stock - authorized Capital stock - issued Capital stock - outstanding Income Statement [Abstract] Revenue Costs and Expenses Selling expenses General and administrative expenses Total Costs and Expenses Loss from Operations Other Expenses (Income) Interest expense, net of interest income Changes in fair value of derivative liabilities Imputed interest on related party advances Allowance for deposit on acquisition Total Other Expenses Loss Before Income Taxes Income tax provision (credit) Net Loss Other Comprehensive Income (Loss) Foreign currency translation adjustment Comprehensive Loss Basic and fully diluted loss from operations Weighted average number of common shares outstanding basic and diluted Statement of Cash Flows [Abstract] Cash Flows from Operating Activities Net loss Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization Amortization of deferred costs Non-cash interest Imputed interest on advances from stockholders Impairment of assets Stock-based compensation Bad debt Changes in Operating Assets and Liabilities Prepaid expenses Accounts payable and accrued liabilities Gaming accounts receivable Gaming accounts liabilities Taxes payable Other current assets Other current liabilities Long term liability Net Cash Used in Operating Activities Cash Flows from Investing Activities Acquisition of property, plant, and equipment, and intangible assets Cash acquired on acquisition Cash paid for acquisition Deposit on acquisition Proceeds from matured corporate bond Increase in restricted cash Net Cash Used in Investing Activities Cash Flows from Financing Activities Repayment of bank credit line, net of advances Repayment of bank loan Proceeds from promissory notes, net of repayment Proceeds from convertible notes and debentures, net of repayment Advances from stockholders, net of repayment Advances to affiliates Net Cash Provided by (Used in) Financing Activities Effect of change in exchange rate Net (decrease) in cash Cash- beginning of the period Cash- end of the period Supplemental disclosure of cash flow information Cash paid during the year for: Interest Cash paid during the year for: Income Taxes Supplemental cash flow disclosure for non-cash activities Common shares issued to related parties for repayment of debt Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation and Nature of Business Going Concern Accounting Policies [Abstract] Summary of Significant Accounting Policies Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Debt Disclosure [Abstract] Line of Credit-Bank Payables and Accruals [Abstract] Liability in connection with acquisition Notes to Financial Statements Acquisition of Offline (Land-based) Gaming Assets Deposits on Acquisitions Investments, All Other Investments [Abstract] Investment in Non-consolidated Entities Receivables [Abstract] Restricted Cash Schedule of Investments [Abstract] Investment in Corporate Bond Long Term Debt Related Party Transactions [Abstract] Related party transactions and balances Equity [Abstract] Stockholders Equity Equity Method Investments and Joint Ventures [Abstract] Other Equity Transactions Debentures and Convertible Notes Promissory Notes Payable Warrants Derivative Liability and Fair Value Revenues Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Income Tax Disclosure [Abstract] Income Taxes Subsequent Events [Abstract] Subsequent events Basis Of Presentation And Nature Of Business Policies Basis of Presentation Nature of Business Basis of consolidation Use of estimates Goodwill Business Combinations Long-Lived Assets Investments in non-consolidated entities Derivative Financial Instruments Advances from stockholders Earnings Per Share Currency translation Revenue Recognition Cash and Cash Equivalents Gaming accounts receivable & allowance for doubtful accounts Gaming balances Fair Value Measurements Property, plant and equipment Intangible Assets Fair Value of Financial Instruments Leases Income Taxes Promotion, Marketing, and Advertising Costs Comprehensive Income (Loss) Recent Accounting Pronouncements Property, plant and equipment useful life Intangible assets useful life Level 3 Fair Value Measurements Intangibles Preliminary Purchase Price allocation: Multigioco Srl. Preliminary Purchase Price allocation: Rifa Srl. And Newgioco Srl Unaudited pro forma Non-consolidated entities Deposits On Acquisitions Tables Deposits on acquisitions Related party transactions and balances Debentures And Convertible Notes Tables Debentures outstanding Convertible Promissory Note Debenture Weighted average assumptions Black-scholes modle Warrants Derivative Liabilities Revenue Income Taxes Tables Reconciliation of income tax expense Deferred tax assets Provisions for income taxes Going Concern Details Working capital deficit Dilutive securities Federal Deposit Insurance Corporation Allowance for doubtful accounts Fair Value, Net Asset (Liability) [Abstract] Change in the Level 3 financial instrument [Rollforward] Beginnng Balance Issued during the year Exercised during the year Change in fair value recognized in operations Ending Balance Statement [Table] Statement [Line Items] Intangible assets, gross Accumulated amortization Range [Axis] Useful Life Amortization Expense Line of credit Interest rate Accrued Liabilities, Current [Abstract] Cash paid to Newgioco Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Balance of advances from stockholders Interest rate Promissory note Debt assumed Advance from related party Debt repaid Shares issued for debt, shares Share price Shares issued for debt, amount Retainer fee, shares Retainer fee Shares commitment for advisory fees, shares Advisory fees commitment Shares issue for services, shares Advisory fees paid Unamortized balance prepaid expense Shares issued for cash, shares Shares issued for cash Total investment in non-consolidated entities Less impairment Schedule of Investments [Table] Investments in and Advances to Affiliates [Line Items] Consolidation Items [Axis] Investments in and Advances to Affiliates Categorization [Axis] Due from affiliate Forgiveness of debt Credit payment by New Gioco Debenture Less: unamortized debt issuance costs Debenture, net of discount Debt discount Private Placement Proceeds from private placement Issue Value Proceeds from debentures/convertible notes Original Issue Discount Percentage Original Issue Discount Number of debentures Debenture purchased Warrant per debenture Debt instrument convertible conversion price per share Interest rate Warrants to purchase Warrant price Discount Legal fees Number of notes Commissions Commissions payments Commissions, share issued Price per share Accrued Commissions Repurchase debentures Accrued interest Amortized debt discount Shares issued Payment on debentures Terms Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Promissory Note Promissory note payable Common shares owned Payments on Promissory Note Interest Expense Exercise price Volatility Weighted average life Dividend yield Interest rate Risk of forfeiture Weighted average remaining contractual life for warrants Debt Conversion [Table] Debt Conversion [Line Items] Fair value of Warrant Warrant Shares [Rollforward] Outstanding at beginning of period Issued during the period Excercised during the period Outstanding and exercisable at end of period Weighted Average Exercise Price Per Common Share Outstanding atbeginning of period Issued during the period Exercised during the period Outstanding and exercisable at end of period Weighted Average Life per Warrant Outstanding at beginning of period Issued Outstanding and exercisable at end of period Derivative Instrument [Axis] Derivative Liability [Abstract] Proceeds from the sale of the debentures-conversion feature of the embedded conversion option Proceeds from the sale of the debentures-Warrant Gaming Revenues Total Turnover Less: Winnings/payouts Gross Gaming Revenues Less: ADM Gaming Taxes Net Gaming Revenues Add: Commission Revenues Gaming Percentage Total Turnover Less: Winnings/payouts Gross Gaming Revenues Less: AAMS Gaming Taxes Net Gaming Revenues Net operating loss carryforward Italy corporate tax rate U.S. statutory rate U.S. statutory rate Tax rate difference between Italy and U.S. Change in valuation allowance Permanent difference Effective tax rate Income Taxes Details 2 Current Deferred Income tax expense Net loss carryforward- Foreign Net loss carryforward-US Net loss carryforward Valuation allowance Deferred tax assets Subsequent Event [Table] Subsequent Event [Line Items] Purchase price Share issued for acquisition Ownership Restricted stock award, shares Acquisition Of Offline Landbased Gaming Assets TextBlock April 2,2015 Member April 27,2015 Member Banca Veneto Member Bersani License And Corner Rghts Member Bersani License Member Braydon Capital Corp Member CDN Member Debenture Table Text Block Debentures And Debenture Warrants Text Block Debt Discount December 14,2014 Member Deposits On Acquisitions Text Block Doriana Gianfelici Member February 29,2016 Member February 29,2016 Warrant Member Gaming Account Balances Gaming Percentage Gaming Taxes Percentage Gaming Total Turnover Percentage Gaming Winning Payoffs Percentage Gold Street Capital Corp Member Gross Gaming Percentage Increase Decrease Gaming Account Balances Investment 2336414 Ontario Inc Member JH Darbie Member July 9,2014 Warrant Member July 9, 2015 Member June 18,2015 Member Land Based Member Long Lived Assets Policy Monti License Member Multigioco 1 Member Net Gaming Revenue Percentage Newbridge Additional Member Newbridge Member Nonconsolidated Entities Table Table Text Block Number cf Debentures issued Number Of Notes Ontario Inc Member Retainer Fee Shares Rifa Srl Member Schedule Of Property Plant Equipment Table Text Block Shares Commitment For Advisory Fees,Shares Typenex Member Value Of Debenture Warrant Instrument Issued Term Warrant Shares Warrant Term Beginning Warrant Term ending Warrants Excercised During Period Warrants Issued During Period Warrants Price Excercised During Period Warrants Price, Issued During Period Warrants Text Block Web Based Member Weighted Average Exercise Price Per Common Share Weighted Average Life Per Warrant Abstract Working Capital Deficit Julia Lesnykh Member Andrei Sheptikita Member March 31, 2016 Member March 31, 2016 WarrantMember April 1,2016 WarrantMember Share Exchange Agreement 1 Member Share Exchange Agreement 2 Member Beniamino Gianfelici Member Alessandro Marcelli Member Advances From Stockholders Newgioco Srl Member Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Costs and Expenses [Default Label] Gain (Loss) on Sale of Derivatives Other Expenses Income (Loss) from Continuing Operations before Income Taxes, Domestic Comprehensive Income (Loss), Net of Tax, Attributable to Parent Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable Increase (Decrease) in Other Current Assets Increase (Decrease) in Other Current Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Businesses and Interest in Affiliates Increase (Decrease) in Deposits Outstanding Increase (Decrease) in Restricted Cash Net Cash Provided by (Used in) Investing Activities Payments for Federal Home Loan Bank Advances Payments for Advance to Affiliate Net Cash Provided by (Used in) Financing Activities Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Stockholders' Equity, Policy [Policy Text Block] Intangible Assets, Finite-Lived, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Schedule of Related Party Transactions [Table Text Block] Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Revenue Recognition, Milestone Method [Table Text Block] Financial and Nonfinancial Liabilities, Fair Value Disclosure Related Party Transaction, Rate Debt Instrument, Face Amount Debt Conversion, Original Debt, Interest Rate of Debt Fair Value Assumptions, Risk Free Interest Rate Class of Warrant or Right, Outstanding Temporary Equity, Redemption Price Per Share WarrantsPriceIssuedDuringPeriod Sales Revenue, Goods, Gross Sales Revenue, Goods, Net GamingTotalTurnover GamingWinningPayoffs Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount Current Federal, State and Local, Tax Expense (Benefit) Federal Income Tax Expense (Benefit), Continuing Operations Deferred Tax Assets, Gross, Current EX-101.PRE 9 emgl-20160630_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2016
Aug. 15, 2016
Document And Entity Information    
Entity Registrant Name NEWGIOCO GROUP, INC.  
Entity Central Index Key 0001080319  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   24,376,473
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2016  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidted Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 121,130 $ 157,363
Gaming accounts receivable, net of allowance for doubtful accounts of $408,430 and $349,374 on June 30, 2016 and December 31, 2015 252,898 178,151
Prepaid expenses 221,683 310,407
Other current assets 30,944 36,725
Total Current Assets 626,655 682,646
Non-current Assets    
Restricted cash 263,877 232,013
Property, Plant, and Equipment 85,710 88,705
Intangible assets 2,139,321 2,376,540
Goodwill 260,318 260,318
Investment in non-consolidated entities 6,848 6,729
Total Non-current Assets 2,756,074 2,964,305
Total Assets 3,382,729 3,646,951
Current Liabilities    
Line of credit - bank 289,614 312,483
Accounts payable and accrued liabilities 446,731 571,501
Gaming accounts balances 252,174 274,942
Taxes payable 175,441 165,166
Advances from stockholders 92,572 191,675
Liability in connection with acquisition- due to Newgioco 131,931 327,536
Debentures, net of discount 240,931 107,589
Derivative liability 269,415 28,375
Promissory notes payable - other 115,980 108,135
Promissory notes payable-related party 318,078 186,233
Other current liabilities 1,450
Total Current Liabilities 2,332,867 2,275,085
Long term liabilities 82,478 67,532
Total Liabilities 2,415,345 2,342,617
Stockholders' Equity    
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 24,376,473 and 24,126,088 issued and outstanding at June 30, 2016 and December 31, 2015 2,438 2,413
Additional paid-in capital 10,803,077 10,472,501
Accumulated other comprehensive income 113,988 124,265
Accumulated deficit (9,952,119) (9,294,845)
Total Stockholders' Equity 967,384 1,304,334
Total Liabilities and Stockholders' Equity $ 3,382,729 $ 3,646,951
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidted Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Debt Discount $ 408,430 $ 349,374
STOCKHOLDERS' EQUITY    
Capital stock - par value $ 0.0001 $ 0.0001
Capital stock - authorized 80,000,000 80,000,000
Capital stock - issued 24,376,473 24,126,088
Capital stock - outstanding 24,376,473 24,126,088
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Comprehensive Loss - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]        
Revenue $ 1,525,658 $ 966,644 $ 3,272,844 $ 2,193,775
Costs and Expenses        
Selling expenses 1,086,240 703,058 2,314,460 1,600,029
General and administrative expenses 777,102 585,936 1,647,948 1,163,238
Total Costs and Expenses 1,863,342 1,288,994 3,962,408 2,763,267
Loss from Operations (337,684) (322,350) (689,564) (569,492)
Other Expenses (Income)        
Interest expense, net of interest income 206,951 26,652 305,495 32,473
Changes in fair value of derivative liabilities (363,788) (4,313) (368,216) 80
Imputed interest on related party advances 948 963 2,568 1,946
Allowance for deposit on acquisition 54,000 94,952
Total Other Expenses (155,889) 77,302 (60,153) 129,451
Loss Before Income Taxes (181,795) (399,652) (629,411) (698,943)
Income tax provision (credit) 22,428 26,545 27,863 26,545
Net Loss (204,223) (426,197) (657,274) (725,488)
Other Comprehensive Income (Loss)        
Foreign currency translation adjustment 6,938 290,831 (10,277) 187,394
Comprehensive Loss $ (197,285) $ (135,366) $ (667,551) $ (538,094)
Basic and fully diluted loss from operations $ (0.008) $ (0.02) $ (0.03) $ (0.03)
Weighted average number of common shares outstanding basic and diluted 24,347,022 23,264,800 24,244,264 23,264,800
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows from Operating Activities    
Net loss $ (657,274) $ (725,488)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 248,208 198,185
Amortization of deferred costs 90,791 6,681
Non-cash interest 231,779 6,646
Imputed interest on advances from stockholders 2,568 1,946
Changes in fair value of derivative liabilities (368,216) 80
Impairment of assets 94,952
Stock-based compensation 220,361 250,000
Bad debt 53,020
Changes in Operating Assets and Liabilities    
Prepaid expenses (139,019) 17,131
Accounts payable and accrued liabilities (131,180) 147,264
Gaming accounts receivable (124,826) (80,621)
Gaming accounts liabilities (27,731) (63,517)
Taxes payable 7,366 139,332
Other current assets 6,449 (159,552)
Other current liabilities (1,481) (16,882)
Long term liability 13,792
Net Cash Used in Operating Activities (575,393) (183,843)
Cash Flows from Investing Activities    
Acquisition of property, plant, and equipment, and intangible assets (12,849) (20,929)
Cash acquired on acquisition 14,340
Cash paid for acquisition (202,032) (70,829)
Deposit on acquisition (94,952)
Proceeds from matured corporate bond 132,804
Increase in restricted cash (27,832)
Net Cash Used in Investing Activities (242,713) (39,566)
Cash Flows from Financing Activities    
Repayment of bank credit line, net of advances (28,501) (82,345)
Repayment of bank loan (51,172)
Proceeds from promissory notes, net of repayment 131,845 (165,941)
Proceeds from convertible notes and debentures, net of repayment 614,900 175,474
Advances from stockholders, net of repayment 38,174 71,084
Advances to affiliates (596)
Net Cash Provided by (Used in) Financing Activities 756,418 (53,496)
Effect of change in exchange rate 25,454 (2,780)
Net (decrease) in cash (36,233) (279,685)
Cash- beginning of the period 157,363 422,276
Cash- end of the period 121,130 142,591
Supplemental disclosure of cash flow information    
Cash paid during the year for: Interest 73,737 5,773
Cash paid during the year for: Income Taxes 13,887
Supplemental cash flow disclosure for non-cash activities    
Common shares issued to related parties for repayment of debt $ 138,228
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation and Nature of Business
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Nature of Business

1. Basis of Presentation and Nature of Business

 

Basis of Presentation

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the period ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our Annual Report on form 10-K.

 

Nature of Business

 

Newgioco Group, Inc. (“Newgioco Group” or the “Company”), formerly known as Empire Global Corp., was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On July 20, 2016, the Company changed its name to Newgioco Group, Inc. The Company maintains its principal executive offices in Toronto, Canada.

 

The Company provides web-based and land-based gaming services through its four wholly owned subsidiaries in Italy. The Company’s subsidiaries include: Multigioco Srl (“Multigioco”) which was acquired on August 15, 2014, Rifa Srl (“Rifa”) which was acquired on January 1, 2015, and two additional companies which were acquired on July 1, 2016 for which the names have been omitted pursuant to a confidential treatment request filed with the Securities and Exchange Commission. See Note 15 for an overview of the July 1, 2016 acquisitions.

 

Newgioco Group is now a vertically integrated company offering a complete suite of gaming services including a variety of online and offline lottery and casino gaming, as well as sports betting through locations situated throughout Italy, in addition to operating its proprietary Betting Operating System (“BOS”).

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Going Concern
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2. Going concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company had a working capital deficit of $1,706,212 as of June 30, 2016, and reported operating losses for the past two years. There are no assurances that management will be successful in achieving sufficient cash flows to fund the Company's working capital needs, or whether the Company will be able to refinance or renegotiate its obligations when they become due or raise additional capital through future debt or equity. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying value of assets or liabilities as a result of this uncertainty.

 

Management plans to mitigate its losses in future years by significantly reducing its operating expenses, seeking out new business opportunities and attempting to raise debt or equity financing. However, there is no assurance that the Company will be able to obtain additional financing, reduce its operating expenses or be successful in maintaining a viable business.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

 

a) Basis of consolidation

 

The consolidated financial statements include the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions are eliminated upon consolidation.

 

Certain amounts of prior periods were reclassified to conform with current period presentation.

 

b) Use of estimates

 

The preparation of the financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include valuing equity securities issued in share based payment arrangements, determining the fair value of our common stock, the collectability of receivables and advances and deferred taxes and related valuation allowances. Certain estimates, including evaluating the collectability of receivables and advances, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record adjustments when necessary.

 

c) Goodwill

 

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being amortized, but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter.

 

We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.

 

d) Business Combinations

 

We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

 

Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

 

e) Long-Lived Assets

 

We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.

 

Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.

 

f) Derivative Financial Instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

 

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

 

g) Earnings Per Share

 

FASB ASC 260, "Earnings Per Share" provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation of loss per share for the three and six months ended June 30, 2016 and 2015, thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented.

 

h) Currency translation

 

Since the Company's subsidiaries operates in Italy, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized in current operations.

 

i) Revenue Recognition

 

Revenues from sports-betting, casino, cash and skill games; slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less gaming taxes and payouts to customers. Revenues are recorded when the game is closed. In addition, the Company receives commissions from the sale of scratch tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.

 

j) Gaming accounts receivable & allowance for doubtful accounts

 

Gaming accounts receivable represents gaming deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted method through one of our websites or indirectly in cash at the cashier of a betting shop but not yet credited to our bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that an allowance EUR 367,029 (approximately U.S. $408,430) and EUR 319,530 (approximately U.S. 349,374) for doubtful accounts was needed for the gaming accounts receivable balances as of June 30, 2016 and December 31, 2015, respectively. The Company does not require collateral to support customer receivables.

 

k) Gaming account balances

 

Gaming account balances represent customer balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest bearing.

 

l) Fair Value Measurements

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.

 

Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

The carrying value of the Company's short term investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.

 

The derivative liability in connection with the conversion feature of the convertible debt and warrants is classified as a level 3 liability, and is the only financial liability measured at fair value on a recurring basis.

 

The change in the Level 3 financial instrument is as follows:

 

Balance at December 31, 2015   $ 28,375  
Issued during the six months ended June 30, 2016     609,256  
Exercised during the six months ended June 30, 2016     —    
Change in fair value recognized in operations     (368,216 )
Balance at June 30, 2016   $ 269,415  

 

 

 

m) Income Taxes

 

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense.

 

In Italy, tax years beginning 2010 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

 

n) Recent Accounting Pronouncements

 

In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The Company adopted this guidance with the annual and the interim period beginning January 1, 2016, and applied the standard on a retrospective basis as of December 31, 2015. As of June 30, 2016, and December 31, 2015, we had $51,205 and $5,259, respectively, of unamortized debt issuance costs that were reclassified from prepaid expenses to a reduction in the carrying amount of the debentures and convertible notes payable. The adoption of this standard did not have a material impact on our financial position and did not impact our results of operations or cash flows.

 

There are no other recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows.

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets
6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

4) Intangible Assets

 

Intangible assets consist of the following:

 

          June 30,
2016
   December 31,
2015
  Life
(years)
 
Licenses   $ 958,580     $ 956,632       1.5 - 7  
Location contracts     1,000,000       1,000,000       5 - 7  
Customer relationships     786,931       786,931       15  
Trademarks/names     110,000       110,000       14  
Website     40,000       40,000       5  
      2,895,511       2,893,563          
Accumulated amortization     (756,190 )     (517,023 )        
Balance   $ 2,139,321     $ 2,376,540          
                                   

 

 

The Company evaluates intangible assets for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value. The amortization expense was $122,582 and $244,082 for the three and six months ended June 30, 2016, respectively.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Line of Credit-Bank
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Line of Credit-Bank

5. Line of Credit – Bank

 

The Company currently maintains an operating line of credit for a maximum amount of EUR 450,000 (approximately U.S. $500,760) for Multigioco and EUR 50,000 (approximately U.S. $55,640) for Rifa from Banca Veneto in Italy. The line of credit is secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company and bears a fixed rate of interest at 5% per annum on the outstanding balance and is fully open with no minimum payment, maturity or due date.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Liability in connection with acquisition
6 Months Ended
Jun. 30, 2016
Payables and Accruals [Abstract]  
Liability in connection with acquisition

6. Liability in connection with acquisition

 

Liability in connection with acquisition represent non-interest bearing amount due by the Company’s subsidiaries toward the purchase price per purchase agreement between Newgioco Srl and the Company’s subsidiaries. The Company’s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl. During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions and balances
6 Months Ended
Jun. 30, 2016
Related Party Transactions [Abstract]  
Related party transactions and balances

7. Related party transactions and balances

 

Advances from stockholders represent non-interest bearing loans that are due on demand. Interest was imputed at 5% per annum. Balances of Advances from stockholders are as follows:

 

    June 30,
2016
  December 31,
2015
Gold Street Capital Corp.   $ 38,043     $ 138,228  
Doriana Gianfelici     54,529       53,447  
Total advances from stockholders   $ 92,572     $ 191,675  

 

During the six months ended June 30, 2016, Gold Street Capital Corp. ("Gold Street"), the major stockholder of the Company, advanced $38,043 net of repayment of $53,000. On March 31, 2016, the Company issued 145,500 shares to Gold Street to pay $138,225 of the debt at the market price of $0.95 per share.

 

Also, Doriana Gianfelici advanced EUR 250 (approximately U.S. $280) to the Company during the six months ended June 30, 2016.

 

On January 13, 2016, the Company issued a Promissory Note for $90,750 to Braydon Capital Corp., a company owned by Claudio Ciavarella, the brother of our CEO, that bears interest at a rate of 1% per month due in full on the maturity date of January 13, 2017. On April 29, 2016, the Note was amended to add $41,095 in funds issued to the Company from Braydon Capital Corp. for a total of $131,845. The balance due to Braydon Capital Corp. was $115,980 and $108,135 as of June 30, 2016 and December 31, 2015, respectively.

 

The Company currently maintains an operating line of credit for its subsidiaries secured by restricted cash on deposit at Banca Veneto and guaranteed by certain shareholders of the Company. See also Note 5 Line of Credit - Bank.

 

During the six months ended June 30, 2016, the company paid EUR 181,000 (approximately U.S. $202,000) to Newgioco Srl. The Company’s shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl.

 

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders Equity
6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Stockholders Equity

8. Stockholders’ Equity

 

On March 8, 2016, the Company entered into a non-exclusive advisory agreement with Newbridge Securities Corp. (“Newbridge”). As consideration for these services, the Company agreed to pay Newbridge advisory fees of $15,000 and issue 50,000 restricted shares of common stock upon signing the agreement and 50,000 restricted shares of common stock upon the presentation of a Term Sheet. The Company paid a fee of $15,000, and on March 8, 2016 issued 50,000 shares of common stock which were valued at the market price of $0.97 per share and amortized over the service period of two months.

 

On March 14, 2016, the Company entered into a Mutual Release Agreement with Typenex Co-Investment, LLC to extinguish future “true-up” provisions contained within the Convertible Note dated June 18, 2015 and the Transfer Agent Reserve shares related to the Note. Pursuant to the agreement, the Company issued 14,885 shares of common stock to Typenex Co-Investment, LLC. Those shares were valued at market price on issuance date of $0.97 per share and recorded as an expense.

 

On June 6, 2016, the Company issued an aggregate of 40,000 shares of the Company’s common stock to two consultants (20,000 shares each) for services provided to the Company.

 

Please see Note 7 for additional common share transactions in repayment of debt.

 

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debentures and Convertible Notes
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Debentures and Convertible Notes

9. Debentures and Convertible Notes

 

Debentures and convertible notes outstanding include the following:

 

   June 30,
2016
  December 31,
2015
       
April 2, 2015 Debentures, net of discount of $0 and $2,687  $—     $40,336 
April 27, 2015 Debentures, net of discount of $0 and $2,816   —      31,602 
July 9, 2015 Debentures net of discount of $0 and $14,090   —      40,910 
February 29, 2016 Convertible Note, net of discount of $353,783   246,217    —   
March 31, 2016 Convertible Note, net of discount of $104,082   45,919    —   
    292,136    112,848 
Less: unamortized debt issuance costs   (51,205)   (5,259)
   $240,931   $107,589 

 

April 2, 2015 Debentures

 

On April 2, 2015, the Company issued debentures to a group of accredited investors to purchase 5 unsecured Debenture Units for gross proceeds of $25,000 and 5 Debenture Units for gross proceeds of CDN $25,000 (approximately U.S. $18,400). Each Debenture Unit is comprised of (i) a $5,000 and CDN $5,000 debenture, respectively, bearing interest at a rate of 15% per annum, maturing one year from the date of issuance and (ii) 500 warrants to receive one common share per warrant prior to April 2, 2017, which may be exercised at the lower of (a) $1.25 and CDN $1.25, respectively, and (b) a 25% discount to the offering price of common shares of the Company in the next equity financing of the Company. On April 2, 2016, the maturity date, the Company paid the amounts due in full of $28,770 and CDN $28,770 (approximately US $22,141) including principle and accrued interest.

 

April 27, 2015 Debentures

 

On April 27, 2015, the Company issued debentures to a group of accredited investors to purchase 4 unsecured Debenture Units for gross proceeds of $20,000 and 4 unsecured Debenture Units for gross proceeds of CDN$20,000 (approximately U.S. $15,224). Each Debenture Unit is comprised of (i) a $5,000 and CDN$5,000 debenture, respectively, bearing interest at a rate of 15% per annum, maturing one year from the date of issuance and (ii) 500 warrants to receive one common share per warrant prior to April 27, 2017, which may be exercised at the lower of (a) $1.25 and CDN$1.25, respectively, and (b) a 25% discount to the offering price of common shares of the Company in the next equity financing of the Company.  On April 27, 2016, the maturity date, the Company paid the amounts due in full of $23,088 and CDN $23,088 (approximately U.S. $18,200) including principle and accrued interest.

 

July 9, 2015 Convertible Promissory Note

 

On July 9, 2015, the Company issued a convertible promissory note (the “Note”) bearing an interest of 10% per annum to purchase a gross amount of $220,000 which includes an Original Issue Discount (“OID”) of 10% to an accredited investor. The Note was convertible to shares of common stock of the Company at a price equal to the lower of $0.80 or 60% of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which the Investor elects to convert all or part of the Note. On July 21, 2015, the closing date, the Company received an initial consideration of $55,000, which includes an OID of $5,000. This initial consideration is a debenture. The Note was pre-paid on January 14, 2016. The total amount of pre-payment was $90,750, including interest and penalties.

 

February 29, 2016 and March 31, 2016 Convertible Promissory Notes

 

On February 29, 2016, the Company closed a Securities Purchase Agreement with an unaffiliated private investor, to raise up to $750,000. The Company received gross proceeds from the initial private placement of $600,000. Subsequently, on March 31, 2016, the Company received the second tranche of gross proceeds of $150,000, less legal expenses of $15,000. The convertible promissory notes bear an interest rate of 12% per annum and are due in one year. The Notes are convertible to shares of common stock of the Company at the price of $0.85 per share with certain price adjustment clauses. The convertible promissory notes were guaranteed by Confidi Union Impresa, an unrelated party. As part of the purchase agreement, the Company also issued a warrant to purchase 163,044 shares of Company’s common stock at $1.15 per share. (See Note 11).

 

The Company has determined that the conversion feature embedded in the notes constitutes a derivative and has been bifurcated from the note and recorded as a derivative liability, with a corresponding discount recorded to the associated debt, on the accompanying balance sheet, and revalued to fair market value at each reporting period. (See Note 12).

 

The Company paid commissions of $8,000, $4,000, $60,000, and $15,000 for the June 18, July 9, 2015, February 29, 2016, and March 31, 2016 Notes, respectively. The Company also paid commissions of 7,500 shares of common stock at a price of $0.80 per share or $6,000 and 4,000 shares of common stock at a price of $0.75 per share or $3,000 related to the June 18 and July 9, 2015 Notes, respectively. The commissions related to the notes were amortized over the life of the notes. The Company also issued warrants to purchase 62,220 shares of the Company to the placement agent in relation to the February 29, 2016 and March 31, 2016 Notes.

 

Warrants issued in relation to the debentures and promissory notes are discussed in Note 11.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Promissory Notes Payable
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Promissory Notes Payable

10. Promissory Notes Payable - Other

 

On December 9, 2014, the Company obtained a promissory note for CDN $500,000 (approximately U.S. $436,796) Paymobile Inc., a subsidiary of 2336414 Ontario Inc. (“2336414”) of which the Company owns 666,664 common shares, that bears interest at a rate of 1% per month on the outstanding balance:

 

As of the date of this filing, the final payment of CDN $150,000 (approximately U.S. $115,000) which was due on February 28, 2015 plus accrued interest. The Company and 2336414 have agreed to extend the due date indefinitely by mutual consent.  Interest expense of $3,367 and $6,735 was recorded for the three and six months ended June 30, 2016, respectively.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Warrants

11. Warrants

 

On February 29, 2016, as per a Securities Purchase Agreement, the Company issued a warrant to purchase 130,435 shares of the Company’s common stock at $1.15 per share which may be exercised by the warrant holder between August 28, 2016 and February 28, 2019 (see Note 9). The fair value of the warrants of $106,583 was calculated using the Black-Scholes model on the date of issuance and was recorded as a debt discount, which has been amortized as interest expense over the life of the debt.

 

The following assumptions were used to calculate the fair value of warrants at February 29, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.90  
Volatility     200.38 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

On March 31, 2016 the Company issued a warrant to purchase 32,609 shares of the Company’s common stock at $1.15 per share which may be exercised by the warrant holder until March 31, 2019 (see Note 9). The warrant was issued in connection with the March 31, 2016 Convertible Promissory Note. The fair value of the warrants of $27,901 was calculated using the Black-Scholes model on the date of issuance and was recorded as a debt discount, which has been amortized as interest expense over the life of the debt.

 

The following assumptions were used to calculate the fair value of warrants at March 31, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.95  
Volatility     194.79 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

 

On April 1, 2016 the Company issued a warrant to purchase 62,220 shares of the Company’s common stock at $1.15 per share which may be exercised by the warrant holder until April 1, 2019 (see Note 9).. The warrant was issued to the placement agent in relation to securing the February 29, 2016 and March 31, 2016 convertible Promissory Notes. The fair value of the warrants of $53,236 was calculated using the Black-Scholes model on the date of issuance, and was recorded as a deferred loan cost, which has been amortized over the life of the debt.

 

The following assumptions were used to calculate the fair value of warrants at April 1, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.95  
Volatility     194.79 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

A summary of warrant transactions during the six months ended June 30, 2016 is as follows:

 

    Warrant
Shares
  Weighted Average
Exercise Price
Per Common Share
  Weighted
Average
Life
             
Outstanding at December 31, 2015     30,700     $ 1.32       1.02  
Issued     225,264     $ 1.15       3.00  
Exercised     —         —         —    
Expired     —         —         —    
Outstanding June 30, 2016     255,964     $ 1.17       2.4  

 

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liability and Fair Value
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Derivative Liability and Fair Value

12. Derivative Liability and Fair Value

 

The Company has evaluated the application of ASC 815 Derivatives and Hedging and ASC 815-40-25 to the warrants to purchase common stock issued with the convertible notes and debentures. Based on the guidance in ASC 815 and ASC 815-40-25, the Company concluded these instruments were required to be accounted for as derivatives due to the down round protection feature on the conversion price and the exercise price. The Company records the fair value of these derivatives on its balance sheet at fair value with changes in the values of these derivatives reflected in the statements of operations as “Gain (loss) on derivative liabilities.” These derivative instruments are not designated as hedging instruments under ASC 815 and are disclosed on the balance sheet under Derivative Liabilities.

 

The Company accounted for the issuance of the convertible promissory note on February 29, 2016 and March 31, 2016 in accordance with ASC 815” Derivatives and Hedging.” The note is convertible into an indeterminate number of shares for which the Company cannot determine if it has sufficient authorized shares to settle the transaction with. Accordingly, the embedded conversion option is a derivative liability and is marked to market through earnings at the end of each reporting period.

 

The gross proceeds from the sale of the debentures are recorded net of $556,020 related to the conversion feature of the embedded conversion option and $114,031 allocated to the warrants issued.

 

The following assumptions were used to calculate the fair value of derivative liabilities at June 30, 2016:

 

Exercise price     $1.00-$1.50  
Common stock price per share     $0.30  
Volatility     476.5 %
Weighted average life     2.4  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Revenues
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Revenues

13. Revenues

 

The following table sets forth the breakdown of net gaming revenues for the three and six months ended June 30, 2016 and 2015:

 

   Three Months Ended  Six Months Ended
   June 30,
2016
  June 30,
2015
  June 30,
2016
  June 30,
2015
Turnover            
Turnover web-based  $25,202,864   $14,494,745   $51,666,022   $31,249,690 
Turnover land-based   1,858,540    712,918    3,330,738    1,347,728 
Total Turnover  $27,061,404   $15,207,663   $54,996,760   $32,597,418 
                     
Winnings/Payouts                    
Winnings web-based   23,647,221    13,451,247    48,265,514    28,903,766 
Winnings land-based   1,562,512    536,184    2,709,898    1,010,883 
Total Winnings/payouts   25,209,733    13,987,431    50,975,412    29,914,649 
                     
Gross Gaming Revenues  $1,851,671   $1,220,232   $4,021,348   $2,682,769 
                     
Less: ADM Gaming Taxes   373,635    253,588    828,095    488,994 
Net Gaming Revenues   1,478,036    966,644    3,193,253    2,193,775 
Add: Commission Revenues   47,622    —      79,591    —   
Total Revenues  $1,525,658   $966,644   $3,272,844   $2,193,775 

 

Turnover represents the total bets processed for the period.

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes

14. Income Taxes

 

The Company is incorporated in the United States of America and is subject to United States federal taxation. No provisions for income taxes have been made as the Company had no U.S. taxable income for the three and six months ended June 30, 2016 and 2015.

 

The Company's Italian subsidiaries are governed by the income tax laws of Italy. The corporate tax rate in Italy is 32.32% (IRES at 27.5% plus IRAP ordinary at 4.85%) on income reported in the statutory financial statements after appropriate tax adjustments.

 

The reconciliation of income tax expense at the U.S. statutory rate of 35% to the Company’s effective tax rate is as follows:

 

    June 30,
2016
  June 30,
2015
         
U.S. Statutory rate   $ (220,294 )   $ (270,324 )
Tax rate difference between Italy and U.S.     18,358       (4,977 )
Change in Valuation Allowance     222,857       286,100  
Permanent difference     6,762       15,746  
Effective tax rate   $ 27,863     $ 26,545  

 

The Company has accumulated a net operating loss carry forward ("NOL") of approximately $9.7 million as of June 30, 2016 in the U.S. This NOL may be offset against future taxable income through the year 2035. The use of these losses to reduce future income taxes will depend on the generation of sufficient taxable income prior to the expiration of the NOL. The Company periodically evaluates whether it is more likely than not that it will generate sufficient taxable income to realize the deferred income tax asset. At the present time, management cannot presently determine when the Company will be able to generate sufficient taxable income to realize the deferred tax asset; accordingly, a 100% valuation allowance has been established to offset the asset.

 

Utilization of NOLs are subject to limitation due to any ownership change (as defined under Section 382 of the Internal Revenue Code of 1986) which resulted in a change in business direction. Unused limitations may be carried over to future years until the NOLs expire. Utilization of NOLs may also be limited in any one year by alternative minimum tax rules.

 

Under Italian tax law, the operating loss carryforwards available for offset against future profits can be used indefinitely. Operating loss carryforwards are only available for offset against national income tax, in the limit of 80% of taxable annual income (this restriction does not apply to the operating loss incurred in the first three years of the Company's activity, which are therefore available for 100% offsetting).

 

The provisions for income taxes consist of currently payable Italian income tax.

 

The tax effects of temporary differences that give rise to the Company’s net deferred tax asset are as follows:

 

   June 30,
2016
  June 30,
2015
       
Net loss carryforward - Foreign  $22,606     $5,683 
Net loss carryforward - US   3,377,995    2,843,484 
Less valuation allowance   (3,400,601)   (2,849,167)
Deferred tax assets  $—     $—   

 

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent events

15. Subsequent Events

 

  a. On June 30, 2016 the Company entered into a Share Exchange Agreement, which closed on July 1, 2016, with the shareholders of a company organized under the laws of Austria. The target company operates a proprietary Betting Operating System. Pursuant to the agreement, the Company issued 4,386,100 shares of common stock in consideration for 100% of the issued and outstanding shares of the target company. As a result of this acquisition, the sellers now hold approximately 12.56% of the issued and outstanding shares of common stock of the Company.

 

  b. On June 30, 2016 the Company entered into a Share Exchange Agreement, which closed on July 1, 2016, with the shareholders of a company organized under the laws of Austria. The target company operates an existing network of 107 land-based Agency locations. Pursuant to the agreement, the Company issued 1,665,600 shares of common stock in consideration for 100% of the issued and outstanding shares of the target company. As a result of this acquisition, the sellers now hold approximately 4.77% of the issued and outstanding shares of common stock of the Company.
  c. On July 1, 2016 the Company issued an aggregate of 4,500,000 shares of common stock as a performance based restricted stock award contingent on the closing of the July 1, 2016 acquisitions. The Company granted 1,500,000 shares each to Beniamino Gianfelici, a director of the Company, Alessandro Marcelli, a director of the Company, and Gold Street Capital, a related party. The restricted stock award was granted in lieu of a formalized equity incentive plan.
  d. On July 20, 2016 the Company changed its name to “Newgioco Group, Inc.”.
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation and Nature of Business (Policies)
6 Months Ended
Jun. 30, 2016
Basis Of Presentation And Nature Of Business Policies  
Basis of Presentation

Basis of Presentation

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2016 and the results of operations and cash flows for the period ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our Annual Report on form 10-K.

 

Nature of Business

Nature of Business

 

Newgioco Group, Inc. (“Newgioco Group” or the “Company”), formerly known as Empire Global Corp., was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On July 20, 2016, the Company changed its name to Newgioco Group, Inc. The Company maintains its principal executive offices in Toronto, Canada.

 

The Company provides web-based and land-based gaming services through its four wholly owned subsidiaries in Italy. The Company’s subsidiaries include: Multigioco Srl (“Multigioco”) which was acquired on August 15, 2014, Rifa Srl (“Rifa”) which was acquired on January 1, 2015, and two additional companies which were acquired on July 1, 2016 for which the names have been omitted pursuant to a confidential treatment request filed with the Securities and Exchange Commission. See Note 15 for an overview of the July 1, 2016 acquisitions.

 

Newgioco Group is now a vertically integrated company offering a complete suite of gaming services including a variety of online and offline lottery and casino gaming, as well as sports betting through locations situated throughout Italy, in addition to operating its proprietary Betting Operating System (“BOS”).

XML 31 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Basis of consolidation

a) Basis of consolidation

 

The consolidated financial statements include the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions are eliminated upon consolidation.

 

Certain amounts of prior periods were reclassified to conform with current period presentation.

Use of estimates

b) Use of estimates

 

The preparation of the financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include valuing equity securities issued in share based payment arrangements, determining the fair value of our common stock, the collectability of receivables and advances and deferred taxes and related valuation allowances. Certain estimates, including evaluating the collectability of receivables and advances, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record adjustments when necessary.

 

Goodwill

c) Goodwill

 

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being amortized, but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units is determined using an income or market approach incorporating market participant considerations and management's assumptions on revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the fourth quarter.

 

We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.

Business Combinations

d) Business Combinations

 

We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

 

Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

Long-Lived Assets

e) Long-Lived Assets

 

We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.

 

Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.

 

Derivative Financial Instruments

f) Derivative Financial Instruments

 

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

 

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

Earnings Per Share

g) Earnings Per Share

 

FASB ASC 260, "Earnings Per Share" provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation of loss per share for the three and six months ended June 30, 2016 and 2015, thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented

Currency translation

h) Currency translation

 

Since the Company's subsidiaries operates in Italy, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized in current operatio

Revenue Recognition

i) Revenue Recognition

 

Revenues from sports-betting, casino, cash and skill games; slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less gaming taxes and payouts to customers. Revenues are recorded when the game is closed. In addition, the Company receives commissions from the sale of scratch tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.

 

Gaming accounts receivable & allowance for doubtful accounts

j) Gaming accounts receivable & allowance for doubtful accounts

 

Gaming accounts receivable represents gaming deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted method through one of our websites or indirectly in cash at the cashier of a betting shop but not yet credited to our bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that an allowance EUR 367,029 (approximately U.S. $408,430) and EUR 319,530 (approximately U.S. 349,374) for doubtful accounts was needed for the gaming accounts receivable balances as of June 30, 2016 and December 31, 2015, respectively. The Company does not require collateral to support customer receivables.

Gaming balances

k) Gaming account balances

 

Gaming account balances represent customer balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest bearing.

Fair Value Measurements

l) Fair Value Measurements

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.

 

Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

The carrying value of the Company's short term investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.

 

The derivative liability in connection with the conversion feature of the convertible debt and warrants is classified as a level 3 liability, and is the only financial liability measured at fair value on a recurring basis.

 

The change in the Level 3 financial instrument is as follows:

 

Balance at December 31, 2015   $ 28,375  
Issued during the six months ended June 30, 2016     609,256  
Exercised during the six months ended June 30, 2016     —    
Change in fair value recognized in operations     (368,216 )
Balance at June 30, 2016   $ 269,415  

 

 

 

Income Taxes

m) Income Taxes

 

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense.

 

In Italy, tax years beginning 2010 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

Recent Accounting Pronouncements

n) Recent Accounting Pronouncements

 

In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The Company adopted this guidance with the annual and the interim period beginning January 1, 2016, and applied the standard on a retrospective basis as of December 31, 2015. As of June 30, 2016, and December 31, 2015, we had $51,205 and $5,259, respectively, of unamortized debt issuance costs that were reclassified from prepaid expenses to a reduction in the carrying amount of the debentures and convertible notes payable. The adoption of this standard did not have a material impact on our financial position and did not impact our results of operations or cash flows.

 

There are no other recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows.

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Level 3 Fair Value Measurements
Balance at December 31, 2015  $28,375 
Issued during the six months ended June 30, 2016   609,256 
Exercised during the six months ended June 30, 2016   —   
Change in fair value recognized in operations   (368,216)
Balance at June 30, 2016  $269,415 
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles
   June 30,
2016
  December 31,
2015
   
Licenses  $958,580   $956,632    1.5 - 7 
Location contracts   1,000,000    1,000,000    5 - 7 
Customer relationships   786,931    786,931    15 
Trademarks/names   110,000    110,000    14 
Website   40,000    40,000    5 
    2,895,511    2,893,563      
Accumulated amortization   (756,190)   (517,023)     
Balance  $2,139,321   $2,376,540      
                
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions and balances (Tables)
6 Months Ended
Jun. 30, 2016
Related Party Transactions [Abstract]  
Related party transactions and balances
   June 30,
2016
  December 31,
2015
Gold Street Capital Corp.  $38,043   $138,228 
Doriana Gianfelici   54,529    53,447 
Total advances from stockholders  $92,572   $191,675 
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debentures and Convertible Notes (Tables)
6 Months Ended
Jun. 30, 2016
Debentures And Convertible Notes Tables  
Debentures outstanding
   June 30,
2016
  December 31,
2015
       
April 2, 2015 Debentures, net of discount of $0 and $2,687  $—     $40,336 
April 27, 2015 Debentures, net of discount of $0 and $2,816   —      31,602 
July 9, 2015 Debentures net of discount of $0 and $14,090   —      40,910 
February 29, 2016 Convertible Note, net of discount of $353,783   246,217    —   
March 31, 2016 Convertible Note, net of discount of $104,082   45,919    —   
    292,136    112,848 
Less: unamortized debt issuance costs   (51,205)   (5,259)
   $240,931   $107,589 
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants (Tables)
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Black-scholes modle

The following assumptions were used to calculate the fair value of warrants at February 29, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.90  
Volatility     200.38 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

 

The following assumptions were used to calculate the fair value of warrants at March 31, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.95  
Volatility     194.79 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

 

 

The following assumptions were used to calculate the fair value of warrants at April 1, 2016:

 

Exercise price   $ 1.15  
Common stock price per share   $ 0.95  
Volatility     194.79 %
Life     3.0  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %

 

Warrants
    Warrant
Shares
  Weighted Average
Exercise Price
Per Common Share
  Weighted
Average
Life
             
Outstanding at December 31, 2015     30,700     $ 1.32       1.02  
Issued     225,264     $ 1.15       3.00  
Exercised     —         —         —    
Expired     —         —         —    
Outstanding June 30, 2016     255,964     $ 1.17       2.4  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liability and Fair Value (Tables)
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Derivative Liabilities
Exercise price     $1.00-$1.50  
Common stock price per share     $0.30  
Volatility     476.5 %
Weighted average life     2.4  
Dividend yield     0 %
Interest rate     0.91 %
Forfeiture risk     0 %
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Revenues (Tables)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Revenue
   Three Months Ended  Six Months Ended
   June 30,
2016
  June 30,
2015
  June 30,
2016
  June 30,
2015
Turnover            
Turnover web-based  $25,202,864   $14,494,745   $51,666,022   $31,249,690 
Turnover land-based   1,858,540    712,918    3,330,738    1,347,728 
Total Turnover  $27,061,404   $15,207,663   $54,996,760   $32,597,418 
                     
Winnings/Payouts                    
Winnings web-based   23,647,221    13,451,247    48,265,514    28,903,766 
Winnings land-based   1,562,512    536,184    2,709,898    1,010,883 
Total Winnings/payouts   25,209,733    13,987,431    50,975,412    29,914,649 
                     
Gross Gaming Revenues  $1,851,671   $1,220,232   $4,021,348   $2,682,769 
                     
Less: ADM Gaming Taxes   373,635    253,588    828,095    488,994 
Net Gaming Revenues   1,478,036    966,644    3,193,253    2,193,775 
Add: Commission Revenues   47,622    —      79,591    —   
Total Revenues  $1,525,658   $966,644   $3,272,844   $2,193,775 
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2016
Income Taxes Tables  
Reconciliation of income tax expense

 

    June 30,
2016
  June 30,
2015
         
U.S. Statutory rate   $ (220,294 )   $ (270,324 )
Tax rate difference between Italy and U.S.     18,358       (4,977 )
Change in Valuation Allowance     222,857       286,100  
Permanent difference     6,762       15,746  
Effective tax rate   $ 27,863     $ 26,545  

Deferred tax assets

 

   June 30,
2016
  June 30,
2015
       
Net loss carryforward - Foreign  $22,606     $5,683 
Net loss carryforward - US   3,377,995    2,843,484 
Less valuation allowance   (3,400,601)   (2,849,167)
Deferred tax assets  $—     $—   

XML 40 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Going Concern (Details)
Jun. 30, 2016
USD ($)
Going Concern Details  
Working capital deficit $ 1,706,212
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Details)
Jun. 30, 2016
USD ($)
Jun. 30, 2016
EUR (€)
Dec. 31, 2015
USD ($)
Dec. 31, 2015
EUR (€)
Accounting Policies [Abstract]        
Allowance for doubtful accounts $ 408,340 € 367,029 $ 349,374 € 319,530
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Summary of Significant Accounting Policies (Details 1)
6 Months Ended
Jun. 30, 2016
USD ($)
Change in the Level 3 financial instrument [Rollforward]  
Beginnng Balance $ 28,375
Issued during the year 609,256
Exercised during the year
Change in fair value recognized in operations (368,216)
Ending Balance $ 269,415
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets - Intangibles (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Intangible assets, gross $ 2,895,511 $ 2,893,563
Accumulated amortization (756,190) (517,023)
Intangible assets 2,139,321 2,376,540
Licenses [Member]    
Intangible assets, gross 958,580 956,632
Location contracts [Member]    
Intangible assets, gross 1,000,000 1,000,000
Customer relationships [Member]    
Intangible assets, gross 786,931 786,931
Trademarks/names [Member]    
Intangible assets, gross 110,000 110,000
Website [Member]    
Intangible assets, gross $ 40,000 $ 40,000
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets - Useful life (Details)
6 Months Ended
Jun. 30, 2016
Licenses [Member] | Minimum [Member]  
Useful Life 1 year 6 months
Licenses [Member] | Maximum [Member]  
Useful Life 7 years
Location contracts [Member] | Minimum [Member]  
Useful Life 5 years
Location contracts [Member] | Maximum [Member]  
Useful Life 7 years
Customer relationships [Member]  
Useful Life 15 years
Trademarks/names [Member]  
Useful Life 14 years
Website [Member]  
Useful Life 5 years
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Intangible Assets (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization Expense $ 122,582 $ 244,082
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Line of Credit-Bank (Details Narrative)
Jun. 30, 2016
USD ($)
Jun. 30, 2016
EUR (€)
Multgioco [Member]    
Line of credit $ 500,760 € 450,000
Interest rate 5.00% 5.00%
Rifa [Member]    
Line of credit $ 55,640 € 50,000
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Liability in connection with acquisition (Details) - 6 months ended Jun. 30, 2016
USD ($)
EUR (€)
Accrued Liabilities, Current [Abstract]    
Cash paid to Newgioco $ 202,000 € 181,000
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions and balances - Related party (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Related Party Transaction [Line Items]    
Balance of advances from stockholders $ 92,572 $ 191,675
Gold Street Capital Corp. [Member]    
Related Party Transaction [Line Items]    
Balance of advances from stockholders 38,043 138,228
Doriana Gianfelici [Member]    
Related Party Transaction [Line Items]    
Balance of advances from stockholders $ 54,529 $ 53,447
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related party transactions and balances (Details Narrative)
6 Months Ended 12 Months Ended
Apr. 29, 2016
USD ($)
Jan. 13, 2016
USD ($)
Jun. 30, 2016
USD ($)
$ / shares
shares
Jun. 30, 2016
EUR (€)
shares
Jun. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Related Party Transaction [Line Items]            
Advance from related party     $ 38,174   $ 71,084  
Related Party [Member]            
Related Party Transaction [Line Items]            
Interest rate           5.00%
Gold Street Capital Corp. [Member]            
Related Party Transaction [Line Items]            
Advance from related party     233      
Debt repaid     $ 53,000      
Shares issued for debt, shares | shares     145,500 145,500    
Share price | $ / shares     $ 0.95      
Shares issued for debt, amount     $ 138,225      
Doriana Gianfelici [Member]            
Related Party Transaction [Line Items]            
Advance from related party     280 € 250    
Braydon Capital Corp. [Member]            
Related Party Transaction [Line Items]            
Promissory note     115,980     $ 108,135
Advance from related party $ 41,095 $ 90,750 131,845      
Newgioco Srl [Member]            
Related Party Transaction [Line Items]            
Debt repaid [1]     $ 202,000      
[1] The Companys shareholder and director, Beniamino Gianfelici, owns 50% shares of Newgioco Srl.
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stockholders Equity (Details Narrative)
6 Months Ended
Jun. 30, 2016
USD ($)
$ / shares
shares
Newbridge [Member]  
Shares commitment for advisory fees, shares 50,000
Advisory fees commitment | $ $ 15,000
Shares issue for services, shares 50,000
Advisory fees paid | $ $ 15,000
Share price | $ / shares $ 0.97
Newbridge Addtional [Member]  
Shares commitment for advisory fees, shares 50,000
Typenex [Member]  
Shares issued for debt, shares 14,885
Share price | $ / shares $ 0.97
Julia Lesnykh [Member]  
Shares issue for services, shares 20,000
Andrei Sheptikita [Member]  
Shares issue for services, shares 20,000
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debentures and Convertible Notes (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Debenture $ 292,136 $ 112,848
Less: unamortized debt issuance costs (51,205) (5,259)
Debenture, net of discount 240,931 107,589
April 2, 2015 [Member]    
Debenture 40,336
Debt discount 0 2,687
April 27, 2015 [Member]    
Debenture 31,602
Debt discount 0 2,816
July 9, 2015 [Member]    
Debenture 40,910
Less: unamortized debt issuance costs 5,000  
Debt discount 0 $ 14,090
February 29, 2016 [Member]    
Debenture 246,217  
Debt discount 353,783  
March 31, 2016 [Member]    
Debenture 45,919  
Debt discount $ 104,082  
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debentures and Convertible Notes (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Original Issue Discount $ (51,205) $ (5,259)
April 2, 2015 [Member]    
Proceeds from debentures/convertible notes $ 18,400  
Number of debentures 5 debentures issued  
Debenture purchased $ 5,000  
Interest rate 15.00%  
Warrants to purchase 500  
Warrant price $ 1.25  
Discount

a 25% discount to the offering price of common shares

 
Amortized debt discount $ 0 2,687
Payment on debentures 22,141  
April 2, 2015 [Member] | CDN    
Proceeds from debentures/convertible notes 25,000  
Debenture purchased $ 5,000  
Warrant price $ 1.25  
Payment on debentures $ 28,770  
April 27, 2015 [Member]    
Proceeds from debentures/convertible notes $ 15,224  
Number of debentures 4 debentures issued  
Debenture purchased $ 5,000  
Interest rate 15.00%  
Warrants to purchase 500  
Warrant price $ 1.25  
Discount

a 25% discount to the offering price of common shares

 
Amortized debt discount $ 0 2,816
Payment on debentures 18,200  
April 27, 2015 [Member] | CDN    
Proceeds from debentures/convertible notes 20,000  
Debenture purchased $ 5,000  
Warrant price $ 1.25  
Payment on debentures $ 23,088  
June 18, 2015 [Member]    
Commissions 8,000  
Commissions payments $ 6,000  
Commissions, share issued 7,500  
Price per share $ 0.80  
July 9, 2015 [Member]    
Issue Value $ 220,000  
Proceeds from debentures/convertible notes $ 55,000  
Original Issue Discount Percentage 10.00%  
Original Issue Discount $ 5,000  
Commissions 4,000  
Commissions payments $ 3,000  
Commissions, share issued 4,000  
Price per share $ 0.75  
Amortized debt discount $ 0 $ 14,090
Payment on debentures 90,750  
February 29, 2016 [Member]    
Private Placement 750,000  
Proceeds from private placement $ 600,000  
Debt instrument convertible conversion price per share $ 0.85  
Interest rate 12.00%  
Warrants to purchase 63,044  
Warrant price $ 1.15  
Commissions $ 60,000  
Amortized debt discount 353,783  
March 31, 2016 [Member]    
Proceeds from private placement 150,000  
Legal fees 15,000  
Commissions 15,000  
Amortized debt discount $ 104,082  
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debentures and Convertible Notes(Details Narrative) (Parenthetical)
6 Months Ended
Jun. 30, 2016
July 9, 2015 [Member]  
Terms

The Note is convertible to shares of common stock of the Company at a price equal to the lower of $0.80 or 60% of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which the Investor elects to convert all or part of the Note.

XML 54 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
Promissory Notes Payable (Details Narrative)
1 Months Ended 3 Months Ended 6 Months Ended
Feb. 28, 2015
CAD
Jun. 30, 2016
USD ($)
shares
Jun. 30, 2016
USD ($)
shares
Dec. 31, 2015
USD ($)
Dec. 31, 2014
CAD
Dec. 09, 2014
USD ($)
Debt Instrument [Line Items]            
Promissory note payable   $ 115,980 $ 115,980 $ 108,135    
2336414 Ontario Inc.            
Debt Instrument [Line Items]            
Promissory note payable         CAD 500,000 $ 436,796
Common shares owned | shares   666,664 666,664      
Payments on Promissory Note   $ 115,000        
Interest Expense   $ 3,367 $ 6,735      
2336414 Ontario Inc. [Member]            
Debt Instrument [Line Items]            
Payments on Promissory Note | CAD CAD 150,000          
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants - Assumptions (Details)
6 Months Ended
Jun. 30, 2016
$ / shares
February 29, 2016 Warrant [Member]  
Exercise price $ 1.15
Share price $ 0.90
Volatility 200.38%
Weighted average life 3 years
Dividend yield 0.00%
Interest rate 0.91%
Risk of forfeiture 0.00%
March 31, 2016 Warrant [Member]  
Exercise price $ 1.15
Share price $ 0.95
Volatility 194.79%
Weighted average life 3 years
Dividend yield 0.00%
Interest rate 0.91%
Risk of forfeiture 0.00%
April 1, 2016 Warrant [Member]  
Exercise price $ 1.15
Share price $ 0.95
Volatility 194.79%
Weighted average life 3 years
Dividend yield 0.00%
Interest rate 0.91%
Risk of forfeiture 0.00%
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Warrant (Details)
Jun. 30, 2016
USD ($)
February 29, 2016 Warrant [Member]  
Debt Conversion [Line Items]  
Fair value of Warrant $ 106,583
March 31, 2016 Warrant [Member]  
Debt Conversion [Line Items]  
Fair value of Warrant 27,901
April 1, 2016 Warrant [Member]  
Debt Conversion [Line Items]  
Fair value of Warrant $ 53,236
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.5.0.2
Warrants (Details) - Warrant [Member]
6 Months Ended
Jun. 30, 2016
$ / shares
shares
Warrant Shares [Rollforward]  
Outstanding at beginning of period | shares 30,700
Issued during the period | shares 225,264
Excercised during the period | shares
Outstanding and exercisable at end of period | shares 255,964
Weighted Average Exercise Price Per Common Share  
Outstanding atbeginning of period | $ / shares $ 1.32
Issued during the period | $ / shares 1.15
Exercised during the period | $ / shares
Outstanding and exercisable at end of period | $ / shares $ 1.17
Weighted Average Life per Warrant  
Outstanding at beginning of period 1 year 2 days
Issued 3 years
Outstanding and exercisable at end of period 2 years 4 months
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liability and Fair Value - Derivative Liabilities (Details)
6 Months Ended
Jun. 30, 2016
$ / shares
Minimum [Member]  
Exercise price $ 1.00
Maximum [Member]  
Exercise price 1.50
Derivative Liability [Member]  
Share price $ 0.30
Volatility 476.50%
Weighted average life 2 years 4 months
Dividend yield 0.00%
Interest rate 0.91%
Risk of forfeiture 0.00%
XML 59 R50.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Liability and Fair Value (Details Narrative)
6 Months Ended
Jun. 30, 2016
USD ($)
Derivative Liability [Abstract]  
Proceeds from the sale of the debentures-conversion feature of the embedded conversion option $ 556,020
Proceeds from the sale of the debentures-Warrant $ 114,031
XML 60 R51.htm IDEA: XBRL DOCUMENT v3.5.0.2
Revenues (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Gaming Revenues        
Total Turnover $ 27,061,404 $ 15,207,663 $ 54,996,760 $ 32,597,418
Less: Winnings/payouts 25,209,733 13,987,431 50,975,412 29,914,649
Gross Gaming Revenues 1,851,671 1,220,232 4,021,348 2,682,769
Less: ADM Gaming Taxes 373,635 253,588 828,095 488,994
Net Gaming Revenues 1,478,036 966,644 3,193,253 2,193,775
Add: Commission Revenues 47,622 79,591
Revenue 1,525,658 966,644 3,272,844 2,193,775
Web-based [Member]        
Gaming Revenues        
Total Turnover 25,202,864 14,494,745 51,666,022 31,249,690
Less: Winnings/payouts 23,647,221 13,451,247 48,265,514 28,903,766
Land-based [Member]        
Gaming Revenues        
Total Turnover 1,858,540 712,918 3,330,738 1,347,728
Less: Winnings/payouts $ 1,562,512 $ 536,184 $ 2,709,898 $ 1,010,883
XML 61 R52.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Details Narrative)
6 Months Ended
Jun. 30, 2016
USD ($)
Income Tax Disclosure [Abstract]  
Net operating loss carryforward $ 9,700,000
Italy corporate tax rate 32.32% [1]
U.S. statutory rate 35.00%
[1] IRES at 27.5% plus IRAP ordinary at 4.85%
XML 62 R53.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Details 1) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Income Tax Disclosure [Abstract]    
U.S. statutory rate $ (220,294) $ (270,324)
Tax rate difference between Italy and U.S. 18,358 (4,977)
Change in valuation allowance 222,857 286,100
Permanent difference 6,762 15,746
Effective tax rate $ 27,863 $ 26,545
XML 63 R54.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Details 3) - USD ($)
Jun. 30, 2016
Jun. 30, 2015
Income Tax Disclosure [Abstract]    
Net loss carryforward- Foreign $ 22,606 $ 5,683
Net loss carryforward-US 3,377,995 2,843,484
Valuation allowance (3,400,601) (2,849,167)
Deferred tax assets
XML 64 R55.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent events (Details)
Jul. 02, 2016
shares
Share Exchange Agreement #1 [Member]  
Subsequent Event [Line Items]  
Share issued for acquisition 4,386,100
Ownership 12.56%
Share Exchange Agreement #2 [Member]  
Subsequent Event [Line Items]  
Share issued for acquisition 1,665,600
Ownership 4.77%
Subsequent Event [Member]  
Subsequent Event [Line Items]  
Restricted stock award, shares 4,500,000
Beniamino Gianfelici [Member]  
Subsequent Event [Line Items]  
Restricted stock award, shares 1,500,000
Alessandro Marcelli [Member]  
Subsequent Event [Line Items]  
Restricted stock award, shares 1,500,000
EXCEL 65 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 67 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 69 FilingSummary.xml IDEA: XBRL DOCUMENT 3.5.0.2 html 99 228 1 true 40 0 false 6 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://emglcorp.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidted Balance Sheets Sheet http://emglcorp.com/role/ConsolidtedBalanceSheets Consolidted Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidted Balance Sheets (Parenthetical) Sheet http://emglcorp.com/role/ConsolidtedBalanceSheetsParenthetical Consolidted Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Comprehensive Loss Sheet http://emglcorp.com/role/StatementsOfComprehensiveLoss Consolidated Statements of Comprehensive Loss Statements 4 false false R5.htm 00000005 - Statement - Statements of Cash Flows Sheet http://emglcorp.com/role/StatementsOfCashFlows Statements of Cash Flows Statements 5 false false R6.htm 00000006 - Disclosure - Basis of Presentation and Nature of Business Sheet http://emglcorp.com/role/BasisOfPresentationAndNatureOfBusiness Basis of Presentation and Nature of Business Notes 6 false false R7.htm 00000007 - Disclosure - Going Concern Sheet http://emglcorp.com/role/GoingConcern Going Concern Notes 7 false false R8.htm 00000008 - Disclosure - Summary of Significant Accounting Policies Sheet http://emglcorp.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 00000009 - Disclosure - Intangible Assets Sheet http://emglcorp.com/role/IntangibleAssets Intangible Assets Notes 9 false false R10.htm 00000010 - Disclosure - Line of Credit-Bank Sheet http://emglcorp.com/role/LineOfCredit-bank Line of Credit-Bank Notes 10 false false R11.htm 00000011 - Disclosure - Liability in connection with acquisition Sheet http://emglcorp.com/role/LiabilityInConnectionWithAcquisition Liability in connection with acquisition Notes 11 false false R12.htm 00000018 - Disclosure - Related party transactions and balances Sheet http://emglcorp.com/role/RelatedPartyTransactionsAndBalances Related party transactions and balances Notes 12 false false R13.htm 00000019 - Disclosure - Stockholders Equity Sheet http://emglcorp.com/role/StockholdersEquity Stockholders Equity Notes 13 false false R14.htm 00000021 - Disclosure - Debentures and Convertible Notes Notes http://emglcorp.com/role/DebenturesAndConvertibleNotes Debentures and Convertible Notes Notes 14 false false R15.htm 00000022 - Disclosure - Promissory Notes Payable Notes http://emglcorp.com/role/PromissoryNotesPayable Promissory Notes Payable Notes 15 false false R16.htm 00000023 - Disclosure - Warrants Sheet http://emglcorp.com/role/Warrants Warrants Notes 16 false false R17.htm 00000024 - Disclosure - Derivative Liability and Fair Value Sheet http://emglcorp.com/role/DerivativeLiabilityAndFairValue Derivative Liability and Fair Value Notes 17 false false R18.htm 00000025 - Disclosure - Revenues Sheet http://emglcorp.com/role/Revenues Revenues Notes 18 false false R19.htm 00000027 - Disclosure - Income Taxes Sheet http://emglcorp.com/role/IncomeTaxes Income Taxes Notes 19 false false R20.htm 00000028 - Disclosure - Subsequent events Sheet http://emglcorp.com/role/SubsequentEvents Subsequent events Notes 20 false false R21.htm 00000029 - Disclosure - Basis of Presentation and Nature of Business (Policies) Sheet http://emglcorp.com/role/BasisOfPresentationAndNatureOfBusinessPolicies Basis of Presentation and Nature of Business (Policies) Policies http://emglcorp.com/role/SummaryOfSignificantAccountingPolicies 21 false false R22.htm 00000030 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://emglcorp.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://emglcorp.com/role/SummaryOfSignificantAccountingPolicies 22 false false R23.htm 00000031 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://emglcorp.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://emglcorp.com/role/SummaryOfSignificantAccountingPolicies 23 false false R24.htm 00000032 - Disclosure - Intangible Assets (Tables) Sheet http://emglcorp.com/role/IntangibleAssetsTables Intangible Assets (Tables) Tables http://emglcorp.com/role/IntangibleAssets 24 false false R25.htm 00000036 - Disclosure - Related party transactions and balances (Tables) Sheet http://emglcorp.com/role/RelatedPartyTransactionsAndBalancesTables Related party transactions and balances (Tables) Tables http://emglcorp.com/role/RelatedPartyTransactionsAndBalances 25 false false R26.htm 00000037 - Disclosure - Debentures and Convertible Notes (Tables) Notes http://emglcorp.com/role/DebenturesAndConvertibleNotesTables Debentures and Convertible Notes (Tables) Tables http://emglcorp.com/role/DebenturesAndConvertibleNotes 26 false false R27.htm 00000039 - Disclosure - Warrants (Tables) Sheet http://emglcorp.com/role/WarrantsTables Warrants (Tables) Tables http://emglcorp.com/role/Warrants 27 false false R28.htm 00000040 - Disclosure - Derivative Liability and Fair Value (Tables) Sheet http://emglcorp.com/role/DerivativeLiabilityAndFairValueTables Derivative Liability and Fair Value (Tables) Tables http://emglcorp.com/role/DerivativeLiabilityAndFairValue 28 false false R29.htm 00000041 - Disclosure - Revenues (Tables) Sheet http://emglcorp.com/role/RevenuesTables Revenues (Tables) Tables http://emglcorp.com/role/Revenues 29 false false R30.htm 00000042 - Disclosure - Income Taxes (Tables) Sheet http://emglcorp.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://emglcorp.com/role/IncomeTaxes 30 false false R31.htm 00000043 - Disclosure - Going Concern (Details) Sheet http://emglcorp.com/role/GoingConcernDetails Going Concern (Details) Details http://emglcorp.com/role/GoingConcern 31 false false R32.htm 00000044 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://emglcorp.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://emglcorp.com/role/SummaryOfSignificantAccountingPoliciesTables 32 false false R33.htm 00000045 - Disclosure - Summary of Significant Accounting Policies (Details 1) Sheet http://emglcorp.com/role/SummaryOfSignificantAccountingPoliciesDetails1 Summary of Significant Accounting Policies (Details 1) Details http://emglcorp.com/role/SummaryOfSignificantAccountingPoliciesTables 33 false false R34.htm 00000046 - Disclosure - Intangible Assets - Intangibles (Details) Sheet http://emglcorp.com/role/IntangibleAssets-IntangiblesDetails Intangible Assets - Intangibles (Details) Details 34 false false R35.htm 00000047 - Disclosure - Intangible Assets - Useful life (Details) Sheet http://emglcorp.com/role/IntangibleAssets-UsefulLifeDetails Intangible Assets - Useful life (Details) Details 35 false false R36.htm 00000048 - Disclosure - Intangible Assets (Details Narrative) Sheet http://emglcorp.com/role/IntangibleAssetsDetailsNarrative Intangible Assets (Details Narrative) Details http://emglcorp.com/role/IntangibleAssetsTables 36 false false R37.htm 00000049 - Disclosure - Line of Credit-Bank (Details Narrative) Sheet http://emglcorp.com/role/LineOfCredit-bankDetailsNarrative Line of Credit-Bank (Details Narrative) Details http://emglcorp.com/role/LineOfCredit-bank 37 false false R38.htm 00000050 - Disclosure - Liability in connection with acquisition (Details) Sheet http://emglcorp.com/role/LiabilityInConnectionWithAcquisitionDetails Liability in connection with acquisition (Details) Details http://emglcorp.com/role/LiabilityInConnectionWithAcquisition 38 false false R39.htm 00000051 - Disclosure - Related party transactions and balances - Related party (Details) Sheet http://emglcorp.com/role/RelatedPartyTransactionsAndBalances-RelatedPartyDetails Related party transactions and balances - Related party (Details) Details 39 false false R40.htm 00000052 - Disclosure - Related party transactions and balances (Details Narrative) Sheet http://emglcorp.com/role/RelatedPartyTransactionsAndBalancesDetailsNarrative Related party transactions and balances (Details Narrative) Details http://emglcorp.com/role/RelatedPartyTransactionsAndBalancesTables 40 false false R41.htm 00000053 - Disclosure - Stockholders Equity (Details Narrative) Sheet http://emglcorp.com/role/StockholdersEquityDetailsNarrative Stockholders Equity (Details Narrative) Details http://emglcorp.com/role/StockholdersEquity 41 false false R42.htm 00000056 - Disclosure - Debentures and Convertible Notes (Details) Notes http://emglcorp.com/role/DebenturesAndConvertibleNotesDetails Debentures and Convertible Notes (Details) Details http://emglcorp.com/role/DebenturesAndConvertibleNotesTables 42 false false R43.htm 00000057 - Disclosure - Debentures and Convertible Notes (Details Narrative) Notes http://emglcorp.com/role/DebenturesAndConvertibleNotesDetailsNarrative Debentures and Convertible Notes (Details Narrative) Details http://emglcorp.com/role/DebenturesAndConvertibleNotesTables 43 false false R44.htm 00000058 - Disclosure - Debentures and Convertible Notes(Details Narrative) (Parenthetical) Notes http://emglcorp.com/role/DebenturesAndConvertibleNotesdetailsNarrativeParenthetical Debentures and Convertible Notes(Details Narrative) (Parenthetical) Details 44 false false R45.htm 00000059 - Disclosure - Promissory Notes Payable (Details Narrative) Notes http://emglcorp.com/role/PromissoryNotesPayableDetailsNarrative Promissory Notes Payable (Details Narrative) Details http://emglcorp.com/role/PromissoryNotesPayable 45 false false R46.htm 00000060 - Disclosure - Warrants - Assumptions (Details) Sheet http://emglcorp.com/role/Warrants-AssumptionsDetails Warrants - Assumptions (Details) Details 46 false false R47.htm 00000061 - Disclosure - Fair Value Warrant (Details) Sheet http://emglcorp.com/role/FairValueWarrantDetails Fair Value Warrant (Details) Details 47 false false R48.htm 00000062 - Disclosure - Warrants (Details) Sheet http://emglcorp.com/role/WarrantsDetails Warrants (Details) Details http://emglcorp.com/role/WarrantsTables 48 false false R49.htm 00000063 - Disclosure - Derivative Liability and Fair Value - Derivative Liabilities (Details) Sheet http://emglcorp.com/role/DerivativeLiabilityAndFairValue-DerivativeLiabilitiesDetails Derivative Liability and Fair Value - Derivative Liabilities (Details) Details 49 false false R50.htm 00000064 - Disclosure - Derivative Liability and Fair Value (Details Narrative) Sheet http://emglcorp.com/role/DerivativeLiabilityAndFairValueDetailsNarrative Derivative Liability and Fair Value (Details Narrative) Details http://emglcorp.com/role/DerivativeLiabilityAndFairValueTables 50 false false R51.htm 00000065 - Disclosure - Revenues (Details) Sheet http://emglcorp.com/role/RevenuesDetails Revenues (Details) Details http://emglcorp.com/role/RevenuesTables 51 false false R52.htm 00000066 - Disclosure - Income Taxes (Details Narrative) Sheet http://emglcorp.com/role/IncomeTaxesDetailsNarrative Income Taxes (Details Narrative) Details http://emglcorp.com/role/IncomeTaxesTables 52 false false R53.htm 00000067 - Disclosure - Income Taxes (Details 1) Sheet http://emglcorp.com/role/IncomeTaxesDetails1 Income Taxes (Details 1) Details http://emglcorp.com/role/IncomeTaxesTables 53 false false R54.htm 00000069 - Disclosure - Income Taxes (Details 3) Sheet http://emglcorp.com/role/IncomeTaxesDetails3 Income Taxes (Details 3) Details http://emglcorp.com/role/IncomeTaxesTables 54 false false R55.htm 00000070 - Disclosure - Subsequent events (Details) Sheet http://emglcorp.com/role/SubsequentEventsDetails Subsequent events (Details) Details http://emglcorp.com/role/SubsequentEvents 55 false false All Reports Book All Reports emgl-20160630.xml emgl-20160630.xsd emgl-20160630_cal.xml emgl-20160630_def.xml emgl-20160630_lab.xml emgl-20160630_pre.xml true true ZIP 71 0001017386-16-000505-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001017386-16-000505-xbrl.zip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�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�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end