Doing a bit more work on the balance sheet for EN1. Notes to the Financial Information section highlights the 'potential realisation of engageBDR's equity holding in LottoGopher Holdings. Then it references the engageBDR LLCs 31 December 2016 accounts & Note 30 in particular. This states that enagageBDR LLC had a '23% equity stake' in Galaxy Group LLC which subsequently merged with LottoGopher. LG is listed on the CSE among others - a secondary Canadian exchange - under the code LOTO (www.thecse.com).
Anyway, cutting a long story short, Note 30 suggests that while the equity stake was carried at nil value in the books, it had a fair value of $2.5m.
I have gone on the CSE web-site & LOTO is there and trading @ 25c (CAD). Has traded as high as 75c. But it is hard to work out what % engageBDR own in the merged entity. They must've been diluted to some extent.
Nonetheless, LOTO seems in interesting proposition even though it is also very early stage. CSE describes it as such:
'LottoGopher is a lottery messenger service that allows users to easily order and manage their state lottery tickets online using a debit or credit card. By allowing consumers to choose their numbers and safely order tickets for the official lottery drawings in California, LottoGopher makes it simple for users to keep track of their tickets and winnings. Customers can either play alone with a single ticket or create and join online public and private groups to pool winnings from California lotteries, including MEGA Millions, Powerball and Super Lotto Plus. LottoGopher also enables users to stay up to date on the latest drawings, track their tickets and collect winnings, while members have exclusive access to expert player strategies, jackpot alerts, lottery news, lucky number pickers and winners' financial resources.'
It's also got a new initiative - GopherChain - described as: 'GopherChain, LottoGopher's blockchain platform. GopherChain will bring greater trust and transparency to traditional and digital lotteries.'
EN1 Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
