2022 Q3 Form 10-Q Financial Statement

#000149315222022749 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $3.244K $478.00 $1.270K
YoY Change -98.8% -99.11% -81.02%
Cost Of Revenue $96.12K $111.9K $6.990K
YoY Change 839.61% 1877.01% 78.32%
Gross Profit -$92.88K -$111.4K -$5.720K
YoY Change -135.84% -331.27% -306.5%
Gross Profit Margin -2863.07% -23309.83% -450.39%
Selling, General & Admin $389.0K $433.2K $471.0K
YoY Change -13.88% 190.93% 367.13%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.028K $1.027K $1.030K
YoY Change 90.37% 90.19% 90.74%
% of Gross Profit
Operating Expenses $390.0K $434.2K $472.0K
YoY Change -13.75% 190.56% 365.66%
Operating Profit -$482.9K -$545.6K -$477.8K
YoY Change 150.14% 438.83% 384.54%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$483.0K -$165.0K $12.09K
YoY Change -96.02% -95.06%
Pretax Income -$483.0K -$710.6K -$467.1K
YoY Change -96.08% -79.36% -456.11%
Income Tax
% Of Pretax Income
Net Earnings -$483.0K -$710.6K -$467.1K
YoY Change -96.08% -79.36% -456.11%
Net Earnings / Revenue -14888.84% -148667.36% -36779.92%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share -$4.443K -$6.864K -$4.512K
COMMON SHARES
Basic Shares Outstanding 103.5M shares 103.5M shares 103.5M shares
Diluted Shares Outstanding 108.7M shares 103.5M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.206M $1.553M $1.917M
YoY Change 31375.2% 30053.2% 118228.4%
Cash & Equivalents $1.206M $1.553M $1.917M
Short-Term Investments
Other Short-Term Assets $21.23K $23.80K $26.80K
YoY Change 65.47%
Inventory
Prepaid Expenses $21.23K $23.80K
Receivables
Other Receivables
Total Short-Term Assets $1.227M $1.577M $1.944M
YoY Change 7258.91% 30515.38% 119882.72%
LONG-TERM ASSETS
Property, Plant & Equipment $2.585K $3.613K $4.640K
YoY Change -39.32% -24.67% -13.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $113.5K $110.4K $279.6K
YoY Change -64.87%
Total Long-Term Assets $116.1K $114.0K $284.2K
YoY Change -64.54% 101.57% 5222.85%
TOTAL ASSETS
Total Short-Term Assets $1.227M $1.577M $1.944M
Total Long-Term Assets $116.1K $114.0K $284.2K
Total Assets $1.343M $1.691M $2.228M
YoY Change 290.22% 2639.34% 31910.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.4K $446.7K $273.3K
YoY Change 51.94% 121.08% 58.05%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $388.3K $446.7K $273.3K
YoY Change -98.0% -93.6% -92.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $388.3K $446.7K $273.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $388.3K $446.7K $273.3K
YoY Change -98.0% -93.6% -92.2%
SHAREHOLDERS EQUITY
Retained Earnings -$9.300M -$8.817M $8.106M
YoY Change
Common Stock $108.7K $103.5K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $954.5K $1.244M $1.955M
YoY Change
Total Liabilities & Shareholders Equity $1.343M $1.691M $2.228M
YoY Change 290.22% 2639.34% 31910.92%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$483.0K -$710.6K -$467.1K
YoY Change -96.08% -79.36% -456.11%
Depreciation, Depletion And Amortization $1.028K $1.027K $1.030K
YoY Change 90.37% 90.19% 90.74%
Cash From Operating Activities -$349.3K -$368.2K -$519.9K
YoY Change 738.3% 363.0% 478.13%
INVESTING ACTIVITIES
Capital Expenditures -$3.240K $0.00
YoY Change -98.81% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.200K $36.72K
YoY Change
Cash From Investing Activities -$3.240K $4.190K $35.49K
YoY Change -98.81% -108.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.180K 0.000 -6.630K
YoY Change -98.34% -100.0% -107.43%
NET CHANGE
Cash From Operating Activities -349.3K -368.2K -519.9K
Cash From Investing Activities -3.240K 4.190K 35.49K
Cash From Financing Activities 5.180K 0.000 -6.630K
Net Change In Cash -347.4K -364.0K -491.1K
YoY Change 26417.56% -10412.46%
FREE CASH FLOW
Cash From Operating Activities -$349.3K -$368.2K -$519.9K
Capital Expenditures -$3.240K $0.00
Free Cash Flow -$346.1K -$368.2K -$519.9K
YoY Change -250.63% 1226.92% 478.13%

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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-467105 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
1954646 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-710630 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
1244017 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-3629286 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-3629286 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-3498119 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-3498119 usd
CY2021Q2 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
17240 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3442183 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3442183 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-6923062 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-6923062 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_805_eus-gaap--NatureOfOperations_zX58gRT1a5E8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_820_zKI5Uiz5qItk">Nature of Operations and Continuance of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Good Gaming, Inc. (Formerly HDS International Corp.) (the “Company”) was incorporated on November 3, 2008 under the laws of the State of Nevada. The Company is a leading tournament gaming platform and online destination targeting over 250 million e-sports players and participants worldwide that want to compete at the high school or college level. A substantial portion of the Company’s activities has involved developing a business plan and establishing contacts and visibility in the marketplace and the Company has not generated any substantial revenue to date. Beginning in 2018, the Company began deriving revenue by providing transaction verification services within the digital currency networks of cryptocurrencies. However, on December 12, 2018, the Company discontinued such transaction verification services by dissolving Crypto Strategies Group, Inc., its wholly-owned subsidiary. In 2021, the Company formulated a new plan to create a new game called “MicroBuddies™” that combines Ethereum ERC721 NFTs (Non-fungible tokens), non-standard ERC20 tokens (GOO™), and strategic gameplay to replicate and create unique and rare NFTs. The game is played online via the MicroBuddies website and blockchain transactions take place on the Polygon Network. The game was launched after beta testing in December of 2021<span style="color: #333333; background-color: white">.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going Concern</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2022, the Company had a working capital of $<span id="xdx_90C_ecustom--WorkingCapital_iI_c20220630_zUBzRPo32iN9" title="Working capital">1,129,988</span>, and an accumulated deficit of $<span id="xdx_90F_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20220630_zug9l8cdtkhj" title="Accumulated deficit">8,816,693</span><span style="background-color: white">. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company’s future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 GMER Working Capital
WorkingCapital
1129988 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8816693 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zdMxBhhV2iYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the fair values of convertible debentures, derivative liability, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain reclassifications have been made to prior-year amounts to conform to the current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4796 usd
CY2022Q2 us-gaap Depreciation
Depreciation
1027 usd
CY2021Q2 us-gaap Depreciation
Depreciation
540 usd
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1582143 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10000000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10000000 shares
CY2021Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
4398750 usd
CY2021Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
4398750 usd
CY2021Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1582143 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
848578 usd
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
80487 usd
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
18225 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21122 usd
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20333 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17509 usd
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15537 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3613 usd
CY2020Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1190730 usd
CY2021 GMER Derivative Gain Loss On Derivatives Net
DerivativeGainLossOnDerivativesNet
3208020 usd
CY2021Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
4398750 usd
CY2022 GMER Derivative Gain Loss On Derivatives Net
DerivativeGainLossOnDerivativesNet
-4398750 usd
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
If all of our Series A, B and E Preferred Stock are converted into shares of common stock, the number of issued and outstanding shares of our common stock will increase by 61,872,201 shares.
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4040846 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
848578 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
149232 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-722859 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
149232 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
722859 usd
CY2022Q2 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
usd
CY2022Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
usd
CY2021Q2 GMER Impairment Cost
ImpairmentCost
usd
CY2022Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2022Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
usd
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
usd
CY2022Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
usd
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
usd

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