BINGO NATION INC company history: the story so far

History

A Nevada shell that began as a mining explorer moved into cannabis farmland, then bingo-themed software, funding itself through share issues and debt conversions, with no revenue reported.

2011-2012: Mining beginnings

The company began as Viking Minerals Inc. In January 2011 it signed an option with Sundance Gold Ltd. to earn 70% of 20 mineral claims in Nevada, the Dolly Varden claims. It paid $25,000 on signing and committed to issue 20,000,000 shares and spend $2,000,000 on a work program over two years. Sundance would keep a 5% royalty on metal sales. The filings do not say how the option ended.

In July 2012 Viking agreed to take over a 60% stake in a planned Peruvian venture with GMM Global Multi-Mining, holding a ten-year lease on three mining concessions. It would provide the $500,000 GMM owed the project and issue 131,000,000 restricted shares to GMM. Shares on issue stood at 108,000,000 at the end of 2011 and 2012. The record then goes quiet until 2014.

2014-2015: A turn to cannabis

In April 2014 the company, by then renamed Indie Growers Association Inc., signed a share exchange to buy Indie Growers Union LLC of Washington State for 87,500,000 shares, sending $185,000 as a good-faith payment. It also applied for a 1-for-200 reverse split. The earlier mining deals were not mentioned.

On June 30, 2014 it closed the purchase of River Ridge Sunshine Farms LLC from Ricardo Esparza for 62,000,000 restricted shares. The company held a 10-year renewable farmland lease in Prosser, Washington, subleased to Cannabliss Organic Gardens, a licensed medical marijuana grower. Shares on issue reached 140,881,967 at the end of 2014.

2016-2017: New names and a bingo deal

By April 2016 the company was Nexgen Applied Solutions Inc. and ended a planned Teascom UK Limited share exchange because of uncertainty over a lawsuit against Teascom. Days later it agreed in principle to issue 50 million restricted shares to Bingo Nation Technologies Inc. for a bingo-themed game license and TV broadcast rights, which would give that company about 95% of voting control. The filings seen do not confirm completion. Shares on issue fell to 27,633,027 at the end of 2016, with 52,632,739 outstanding in April 2016.

On February 18, 2017 five buyers of the Ramsay Capital Corp. convertible loan converted $469,370 of debt at $0.02 per share into 23,468,500 new shares. The company, filing as Bingo Nation Inc. in Las Vegas, still had going-concern doubt and no reported revenue as of March 8, 2017.

Written from the 7 story beats below (2011 to 8 Mar 2017), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

201727.6m shares · US$13.5m market cap

8 Mar
On February 18, 2017, Ramsay Capital Corp. sold its convertible loan to the company to five buyers, who settled at $0.02 per share instead of the original $0.001 and converted. This wiped out $469,370 of debt and created 23,468,500 new shares, which dilutes existing shareholders. The filing is under the name Bingo Nation Inc. at a Las Vegas address; it does not say how this relates to the earlier Lexington Ridge debt or the Bingo Nation Technologies agreement.
capital raising announcement
27.6m shUS$13.5m

20162.6m shares · US$88k market cap

19 Apr
Days after the Teascom deal was terminated, the company (Nexgen Applied Solutions) agreed in principle on April 18, 2016 to give 50 million restricted shares to Bingo Nation Technologies Inc. for a business development contract, an exclusive software license to a bingo-themed Class II game and related TV broadcast rights. The parties have 30 days for due diligence and to negotiate final contracts, so it is not yet final; the filing says Bingo Nation would hold 95% of voting control, on 52,632,739 shares outstanding, which would sharply dilute existing holders.
material agreement
2.6m shUS$88k
14 Apr
The company, now named Nexgen Applied Solutions Inc. (formerly Indie Growers Association), and Teascom UK Limited mutually terminated, effective April 13, 2016, a share exchange agreement to acquire all of Teascom, which was expected to close April 15, 2016. The reason given is uncertainty over a lawsuit filed April 7, 2016 by Secure Channels Inc. against Teascom and others; the court dismissed it April 11 but allowed the plaintiff to re-file.
material agreement termination
2.6m shUS$88k

201423.2m shares · US$19.2m market cap

2 July
On June 30, 2014 the company closed the River Ridge Sunshine Farms LLC acquisition from Ricardo Esparza for 62,000,000 restricted shares, resolving the extension thread. The company holds a 10-year renewable lease on farmland in Prosser, Washington, subleased to Cannabliss Organic Gardens, a licensed medical marijuana grower expecting a Tier 3 license; the company plans to sublease adjacent properties to other licensees.
material agreement
23.2m shUS$19.2m
10 Apr
On April 8, 2014 the company signed a share exchange to acquire all of Indie Growers Union LLC (Washington State) for 87,500,000 shares by April 30, 2014, and has sent $185,000 as a good-faith payment. It also reports a March 11, 2014 name-change merger into Indie Growers Association Inc. and has applied to FINRA for the name change and a 1-for-200 reverse split, pending approval. This marks a move away from the earlier mining deals, which the filing does not mention.
material agreement
1.2m shUS$125k

2012108m shares

24 Aug
Effective July 10, 2012, Viking agreed with private company GMM Global Multi-Mining to take over GMM's 60% stake in a planned Peruvian entity that would hold a ten-year lease on the RECA I, RECA II and RIO ROJO mining concessions (about 800 hectares, Lima province); Corizona Mining Partners LLC would hold the other 40%. Viking is to provide the $500,000 GMM owes the project and issue 131,000,000 restricted shares to GMM (stated price $0.001 per share), a large increase in the share count. The filing does not mention the Dolly Varden option.
capital raising announcement
108m sh

2011

21 Jan
The company, filing as Viking Minerals Inc., signed an option agreement with Sundance Gold Ltd. on January 10, 2011 to earn 70% of 20 mineral claims (the Dolly Varden claims, about 200 acres) in Nevada. It paid $25,000 on signing, must issue 20,000,000 shares to Sundance within two years, and must spend $2,000,000 on a work program over two years ($500,000 within the first six months); Sundance keeps a 5% Net Smelter Return.
material agreement