2022 Q3 Form 10-Q Financial Statement

#000149315222032239 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $3.244K $269.4K
YoY Change -98.8% 10463.14%
Cost Of Revenue $96.12K $10.23K
YoY Change 839.61% 218.69%
Gross Profit -$92.88K $259.1K
YoY Change -135.84% -39362.12%
Gross Profit Margin -2863.07% 96.2%
Selling, General & Admin $389.0K $451.6K
YoY Change -13.88% 335.11%
% of Gross Profit 174.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.028K $540.00
YoY Change 90.37% 0.0%
% of Gross Profit 0.21%
Operating Expenses $390.0K $452.2K
YoY Change -13.75% 333.32%
Operating Profit -$482.9K -$193.0K
YoY Change 150.14% 83.83%
Interest Expense -$12.13M
YoY Change -6435.98%
% of Operating Profit
Other Income/Expense, Net -$483.0K -$12.13M
YoY Change -96.02%
Pretax Income -$483.0K -$12.33M
YoY Change -96.08% -14353.72%
Income Tax
% Of Pretax Income
Net Earnings -$483.0K -$12.33M
YoY Change -96.08% -14353.72%
Net Earnings / Revenue -14888.84% -4575.73%
Basic Earnings Per Share $0.00 -$0.15
Diluted Earnings Per Share -$4.443K -$150.7K
COMMON SHARES
Basic Shares Outstanding 103.5M shares 81.79M shares
Diluted Shares Outstanding 108.7M shares

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.206M $3.830K
YoY Change 31375.2% 24.76%
Cash & Equivalents $1.206M $3.830K
Short-Term Investments
Other Short-Term Assets $21.23K $12.83K
YoY Change 65.47% -21.05%
Inventory
Prepaid Expenses $21.23K
Receivables
Other Receivables
Total Short-Term Assets $1.227M $16.67K
YoY Change 7258.91% -13.72%
LONG-TERM ASSETS
Property, Plant & Equipment $2.585K $4.260K
YoY Change -39.32% -33.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $113.5K $323.2K
YoY Change -64.87%
Total Long-Term Assets $116.1K $327.5K
YoY Change -64.54% 5008.58%
TOTAL ASSETS
Total Short-Term Assets $1.227M $16.67K
Total Long-Term Assets $116.1K $327.5K
Total Assets $1.343M $344.1K
YoY Change 290.22% 1237.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.4K $255.6K
YoY Change 51.94% 62.74%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.696M
YoY Change -100.0% 29.91%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $388.3K $19.46M
YoY Change -98.0% 488.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $388.3K $19.46M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $388.3K $19.46M
YoY Change -98.0% 488.61%
SHAREHOLDERS EQUITY
Retained Earnings -$9.300M
YoY Change
Common Stock $108.7K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $954.5K -$19.12M
YoY Change
Total Liabilities & Shareholders Equity $1.343M $344.1K
YoY Change 290.22% 1237.47%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$483.0K -$12.33M
YoY Change -96.08% -14353.72%
Depreciation, Depletion And Amortization $1.028K $540.00
YoY Change 90.37% 0.0%
Cash From Operating Activities -$349.3K -$41.67K
YoY Change 738.3% -56.74%
INVESTING ACTIVITIES
Capital Expenditures -$3.240K -$271.4K
YoY Change -98.81%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$3.240K -$271.4K
YoY Change -98.81%
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 311.8K
YoY Change -98.34% 220.57%
NET CHANGE
Cash From Operating Activities -349.3K -41.67K
Cash From Investing Activities -3.240K -271.4K
Cash From Financing Activities 5.180K 311.8K
Net Change In Cash -347.4K -1.310K
YoY Change 26417.56% -240.86%
FREE CASH FLOW
Cash From Operating Activities -$349.3K -$41.67K
Capital Expenditures -$3.240K -$271.4K
Free Cash Flow -$346.1K $229.8K
YoY Change -250.63% -338.51%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q3 GMER Stock Issued During Period Value Stock Based Compensation Converted To Common Stock
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193486 usd
CY2022Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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StockholdersEquity
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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132250 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Nature Of Operations
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<p id="xdx_80D_eus-gaap--NatureOfOperations_zzGbobq3arYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82D_zjshIMp3pwAc">Nature of Operations and Continuance of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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="background-color: white">.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2022, the Company had a working capital of $<span id="xdx_902_ecustom--WorkingCapital_iI_c20220930_zNVXLvf9VAAg" title="Working capital">838,384</span>, and an accumulated deficit of $<span id="xdx_905_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20220930_z6S3tQlg330l" title="Accumulated deficit">9,299,687</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 GMER Working Capital
WorkingCapital
838384 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9299687 usd
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16077 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2585 usd
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4256 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_z9tnZsq370Tc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zDwZP217fXM9">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; 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; 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
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
CY2021Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
16508750 usd
CY2021Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
16508750 usd
CY2022Q3 us-gaap Depreciation
Depreciation
1028 usd
CY2021Q3 us-gaap Depreciation
Depreciation
540 usd
CY2022Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
103044 usd
CY2021Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
158715 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22285 usd
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20333 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19700 usd
CY2022Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
113541 usd
CY2021Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
323207 usd
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
120 usd
CY2020Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
991322 usd
CY2021 GMER Derivative Gain Loss On Derivatives Net
DerivativeGainLossOnDerivativesNet
15517428 usd
CY2021Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
16508750 usd
CY2022 GMER Derivative Gain Loss On Derivatives Net
DerivativeGainLossOnDerivativesNet
-16508750 usd
CY2022Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
3698274 shares
CY2022Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
739655 shares
CY2022Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
739655 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 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 61,672,201 shares
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4523600 usd
CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
949956 usd
CY2021Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2685827 usd
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
949956 usd
CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2685827 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
101429 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
101429 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
722859 usd

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