Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Gamzio Mobile, Inc. (1391798) 10-Q published on Nov 19, 2014 at 5:05 pm
Reporting Period: Sep 29, 2014
On January 1, 2014 the Company entered into a line of credit agreement with a third party for up to $500,000 with interest at 10% per year. Also on January 1, 2014, this third party assumed $59,000 in Company debt and added it to the outstanding balance of this line of credit. During the nine months ended September 30, 2014, this third party paid expenses of $74,612 on behalf of the Company, which added to the outstanding balance on this line of credit. The Company also received $30,000 in cash from this line of credit during the nine months ended September 30, 2014. The balance owing under this line of credit, at September 30, 2014, was $163,612.
During the three month period ended September 30, 2014, the CEO invoiced the Company for $30,000 for management services. This amount is recorded in “Due to related parties” on the balance sheet.
On May 21, 2014, the Company issued 15,000 shares of common stock for the acquisition of software. These shares were valued using the quoted price of $.42, on that date ($6,300).
The Company operates in the technology industry with its suite of exclusive casino-style games, on the internet and mobile devices. We currently have three casino gaming titles we are working to market and distribute. We advertise on high volume acquisition channels, including Facebook, in order to grow our user-base. In the future, we plan to distribute our games on other high volume distribution channels and partner with proven user acquisition agencies within the casino gaming industry to grow our games and drive overall revenues.
On April 15, 2014, we entered into an agreement with Cashbet, a licensed eGambling company, to provide the licensing, compliance, secure banking, and customer support which allows us to operate in the real-money gaming space in the U.K. Cashbet holds Category 1 and Category 2 gaming licenses from the Alderney Gambling Control Commission in the British Channel Islands.