The accompanying notes are an integral part
of these interim financial statements.
The accompanying notes are an integral part
of these interim financial statements.
The accompanying notes are an integral part
of these interim financial statements.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2016
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION AND ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
Basis of Presentation and Organization
The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America for interim financial information and with Article 10 of Regulation S-X. Accordingly, they do not include all
of the information and footnotes required by accounting principles generally accepted in the United States of America for annual
financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary
for a fair presentation, have been included, Operating results for the threemonths ended March 31, 2016 are not necessarily indicative
of the results that may be expected for the year ending December 31, 2016 or any other period. For further information, refer to
the financial statements and footnotes thereto, included in the Company’s Annual Report on Form 10K for the year ending December
31, 2015.
As used in these Notes to the Financial Statements,
the terms the "Company", "we", "us", "our" and similar terms refer to Empire Global Gaming,
Inc.
Empire Global Gaming, Inc. (the “Company”)
was incorporated in the State of Nevada on May 11, 2010 in order to acquire certain U.S Patent license agreements pertaining to
roulette and actively engage in the gaming business worldwide and commenced operations in June, 2010. Empire Global
Gaming, Inc. was founded to develop, manufacture and sell Class II & Class III Casino electronic and table games for the general
public and casinos worldwide. The Company owns exclusive rights through license agreements to four U.S. Patents consisting of 14
roulette games patents. EGGI also sells a complete line of public and casino grade gaming products for roulette, blackjack, craps,
baccarat, mini baccarat, pinwheels, Sic Bo, slot machines, poker tables and bingo games. These patents are certified by Gaming
Laboratories International to minimize any unfairness in the multi-number bets in roulette (American double 0 & European single
0) to both players and casinos. One of the patents controlled by the Company is for a “new number pattern and board layout”
that will insure, the various gaming control boards and commissions in the United States and eventually worldwide, that the highest
standards of security and integrity are met.
The Company developed a website (www.lottopick3.com)
which provides analytical data to consumers on several different lottery type games. This program is not a gambling/consulting
program. It is strictly an analysis program. The website does not offer any advice one way or the other. It offers an in depth
breakdown of all the previous numbers that have been drawn in all states that have the pick 3 games. The software breaks things
down into all the possible categories and shows any types of trends that may occur.
NOTE 2. GOING
CONCERN
The accompanying financial statements have
been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going
concern. To date, the Company has generated minimal revenues, has accumulated deficit of $844,675, experienced recurring
net operating losses and had a net loss of $9,444 for the three months ended March 31, 2016. These factors, among others,
raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not
include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification
of liabilities that might result from this uncertainty. We will need to raise funds or implement our business plan to continue
operations.
NOTE 2. GOING CONCERN (Continued)
In order to continue as a going concern, the
Company may need, if revenues do not continue to grow, among other things, additional capital resources. Management’s plan
is to obtain such resources, if needed, for the Company by obtaining capital from management and significant shareholders sufficient
to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances
that the Company will be successful in accomplishing any of its plans.
The ability of the Company to continue as a
going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph. The accompanying
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE 3. RELATED PARTY TRANSACTIONS
The Company had notes payable to stockholders who are our chief
executive officer and chief financial officer. The notes bear interest at 4% per annum and are due on December 31, 2018. The notes
payable had unpaid balance of $111,820 as of March 31, 2016 and $90,620 as of December 31, 2015.
The Company borrowed $21,200 and $10,000 from stockholders during
the three months ended March 31, 2016 and 2015, respectively.
The Company recorded interest expense of $953 and $674 for these
notes payable for the three months ended March 31, 2016 and 2015, respectively and the balances of accrued interest were $6,555
and $5,602 as of March 31, 2016 and December 31, 2015, respectively
.
NOTE 4. SUBSEQUENT EVENTS
The Company has evaluated all activity of the
Company after March 31, 2016 through the issue date of the financial statement and determined that there was no subsequent events
that would require disclosure in the financial statements.