OVERVIEW AND OUTLOOK
The Company was formed in the state of
After the takeover by new management on
On
We have established a website (www.glorywinentertainment.com) which set forth general information for the Company.
Based on our current operating plan, we expect that we will be able to generate revenue that is sufficient to cover our expenses for the next twelve months. Our ability to maintain sufficient liquidity is dependent on our ability to raise additional capital.
Recent Developments
The Company is in the process of developing mobile applications to provide gaming to customers where such activity is legal. The software is provided by a third party vendor who is providing the on-line casino platform in selected markets. Development of the mobile application of gaming requires the Company to customize the appearance and branding of the third party software, and establish merchant services to accept payments and facilitate distribution of winnings.
Player acquisition is a key factor for organic growth in the online gaming industry. Players are primarily acquired from affiliates for a fixed fee or percentage of earnings based on negotiated predetermined criteria. Affiliates are websites or individuals that attract players through various means such as player news/interest websites, email campaigns or other relationships. The key is that payment to affiliates takes place only when negotiated criteria are met. The criteria may be player minimum deposit, level of play, or revenue earned. The critical element is that unlike most marketing campaigns, the revenues returned by marketing are generally predictable.
The key elements of player retention are the creation of exciting opportunities to maintain player interest and increase play frequency. Similar to land-based casino's compensation programs, the tools used for this purpose include prizes, "free money," opportunities to play against famous (or infamous) players, and tournament qualifications.
On
On
12
The Company is currently finalizing due diligence on this transaction and incorporated as part of the due diligence will be an assurance that GWIN does not facilitate gaming in any jurisdictions when such activities are illegal and are fully compliant with all laws pertaining to their current operation.
Results of Operations for the Three Months Ended
Sales
Revenue of
General and administrative expenses
General and administrative expenses were
Net Profit / Loss
For the reasons above, net profit for the three months ended
LIQUIDITY AND CAPITAL RESOURCES
We believe that our existing sources of liquidity will be sufficient to fund our operations, anticipated capital expenditures, working capital and other financing requirements for at least the next twelve months.
The following table summarizes total assets, accumulated deficit, stockholder's
equity and working capital at
June 30, 2016 June 30, 2015 Total Assets $ 252$ 1,644,412
Accumulated Profit (Loss)
Stockholders' Equity$ (57,643 ) $ 719,195 Net Working Capital$ (57,643 ) $ 719,195
Net cash provided by operating activities totaled
Satisfaction of Our Cash Obligations for the Next Twelve Months
Our plan for satisfying our cash requirements for the next twelve months is through generating revenue from introduction of junket operations and technical service.
Inflation
The rate of inflation has had little impact on the Company's results of operations and is not expected to have a significant impact on the continuing operations.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
13 Critical Accounting Policies
We have identified the policies outlined below as critical to our business
operations and an understanding of our results of operations. The list is not
intended to be a comprehensive list of all of our accounting policies. In many
cases, the accounting treatment of a particular transaction is specifically
dictated by accounting principles generally accepted in
Revenue Recognition
Revenues from service contracts are recognized as services are performed if collectability is reasonably assured.
The Company is engaged in service of introducing of sub-junkets and information
technology (IT) company to land-based casinos and receiving an agreed percentage
of total bets as revenue. For sub-junkets introduction service and IT
infrastructure introduction service performed, the Company charges 0.2% and
0.05%, respectively, of total bets played by players introduced by sub-junkets
from the casinos located in
Recently Issued Accounting Pronouncements
For information about new accounting pronouncements and the potential impact on
our Consolidated Financial Statements, see Note 3 of the Notes to Consolidated
Financial Statements in our Form 10-K for the year ended
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