2023 Q2 Form 10-Q Financial Statement

#000149315223017075 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $155.00 $3.261K $1.270K
YoY Change -67.57% 156.77% -81.02%
Cost Of Revenue $76.95K $128.3K $6.990K
YoY Change -31.23% 1735.82% 78.32%
Gross Profit -$76.80K -$125.1K -$5.720K
YoY Change -31.07% 2086.42% -306.5%
Gross Profit Margin -49547.74% -3835.11% -450.39%
Selling, General & Admin $258.7K $245.6K $471.0K
YoY Change -40.28% -47.87% 367.13%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $540.00 $540.00 $1.030K
YoY Change -47.42% -47.57% 90.74%
% of Gross Profit
Operating Expenses $259.2K $246.1K $472.0K
YoY Change -40.3% -47.87% 365.66%
Operating Profit -$336.0K -$371.2K -$477.8K
YoY Change -38.42% -22.31% 384.54%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$25.00 $12.09K
YoY Change -99.98%
Pretax Income -$336.1K -$371.2K -$467.1K
YoY Change -52.71% -20.54% -456.11%
Income Tax
% Of Pretax Income
Net Earnings -$336.0K -$371.2K -$467.1K
YoY Change -52.71% -20.54% -456.11%
Net Earnings / Revenue -216803.23% -11381.48% -36779.92%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$4.512K
COMMON SHARES
Basic Shares Outstanding 113.9M shares 112.4M shares 103.5M shares
Diluted Shares Outstanding 115.4M shares 113.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $295.1K $600.4K $1.917M
YoY Change -81.0% -68.68% 118228.4%
Cash & Equivalents $295.1K $600.4K $1.917M
Short-Term Investments
Other Short-Term Assets $2.370K $15.63K $26.80K
YoY Change -90.04% -41.68%
Inventory
Prepaid Expenses $2.370K $15.63K
Receivables $16.50K
Other Receivables $0.00
Total Short-Term Assets $314.0K $616.1K $1.944M
YoY Change -80.09% -68.31% 119882.72%
LONG-TERM ASSETS
Property, Plant & Equipment $478.00 $1.018K $4.640K
YoY Change -86.77% -78.06% -13.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $113.6K $113.6K $279.6K
YoY Change 2.86% -59.38%
Total Long-Term Assets $114.2K $115.1K $284.2K
YoY Change 0.13% -59.52% 5222.85%
TOTAL ASSETS
Total Short-Term Assets $314.0K $616.1K $1.944M
Total Long-Term Assets $114.2K $115.1K $284.2K
Total Assets $428.2K $731.1K $2.228M
YoY Change -74.68% -67.18% 31910.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $376.2K $395.5K $273.3K
YoY Change -15.78% 44.71% 58.05%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $376.2K $395.5K $273.3K
YoY Change -15.78% 44.71% -92.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $376.2K $395.5K $273.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $376.2K $395.5K $273.3K
YoY Change -15.78% 44.71% -92.2%
SHAREHOLDERS EQUITY
Retained Earnings -$10.45M -$10.12M $8.106M
YoY Change 18.57% -224.82%
Common Stock $115.4K $113.1K
YoY Change 11.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.93K $335.6K $1.955M
YoY Change
Total Liabilities & Shareholders Equity $428.2K $731.1K $2.228M
YoY Change -74.68% -67.18% 31910.92%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$336.0K -$371.2K -$467.1K
YoY Change -52.71% -20.54% -456.11%
Depreciation, Depletion And Amortization $540.00 $540.00 $1.030K
YoY Change -47.42% -47.57% 90.74%
Cash From Operating Activities -$307.5K -$333.2K -$519.9K
YoY Change -16.48% -35.92% 478.13%
INVESTING ACTIVITIES
Capital Expenditures $20.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$460.00 $36.72K
YoY Change -100.0% -101.25%
Cash From Investing Activities -$10.00 -$495.00 $35.49K
YoY Change -100.24% -101.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.220K $2.219K -6.630K
YoY Change -133.47% -107.43%
NET CHANGE
Cash From Operating Activities -307.5K -$333.2K -519.9K
Cash From Investing Activities -10.00 -$495.00 35.49K
Cash From Financing Activities 2.220K $2.219K -6.630K
Net Change In Cash -305.3K -$331.4K -491.1K
YoY Change -16.13% -32.5%
FREE CASH FLOW
Cash From Operating Activities -$307.5K -$333.2K -$519.9K
Capital Expenditures $20.00
Free Cash Flow -$307.6K -$333.2K -$519.9K
YoY Change -16.47% -35.92% 478.13%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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1916915 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
629610 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
77146 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-371150 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
335607 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
2421752 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-467105 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
1954647 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80D_eus-gaap--NatureOfOperations_zLdLl5SviV9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82C_zyjXOtqvK211">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 Esports 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. 2022 was a year of growth for our Company. In response to the crypto winter that began in early 2022 and continues today, the Company launched a series of new business development strategies. In mid-2022, the Company launched beta versions of its Minecraft Super Craft Brothers Brawl (“SCBB”) franchise on the Roblox platform. In 2023, the Company plans to launch the full game version of SCBB on Roblox after a great deal of feedback from the community. In late 2022, the Company also launched the beta version of “Treasure Island ‘‘; a Microbuddies themed Simulator game on Roblox. In 2023, the Company will also launch a full game version of Treasure Island after receiving a substantial amount of community feedback from the beta version launch. The company has announced two initiatives for the Roblox™ platform for 2023. The Company will focus on publishing games for the “All Ages” segment on Roblox. The Company also announced the “Extreme” themed game segment. These titles will focus on offering a great deal of challenge to more advanced Roblox™ players. In 2023, the Company will return to its roots by hosting on-platform gaming tournaments on the Roblox™ platforms. Our gaming tournaments will usher in the beginning of our advertising and sponsorship efforts on the platform. More to come on this initiative in the near future.</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">For the Minecraft™ vertical, the Company has all new and updated versions of their SCBB titles and Prison games in production with our development partnership with Meraki Studios.. Meraki Studios is considered one of the top Minecraft™ design studios in the world. Our new releases will feature the most up to date versions of the Minecraft™ software (v1.19) which will enable new and exciting gameplay and revenue generating opportunities.</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">As mentioned above, 2023 will be a year of multi-faceted business development for the Company. In 2023, the Company signed its first publishing agreement with a popular Roblox™ creator to develop and publish Roblox™ titles based on their intellectual properties. The Company plans to continue signing agreements with well established creators to bring their properties to Roblox™ and other platforms as part of the publishing effort. In addition to Roblox™, Minecraft™ and WEB3, the Company is researching other platforms for our gaming products. The Company plans to announce new initiatives throughout 2023.</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">These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated minimal revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of March 31, 2023, the Company had a working capital of $<span id="xdx_90D_ecustom--WorkingCapital_iI_c20230331_z3of0f0wJZ12" title="Working capital">220,553</span> and accumulated deficit of $<span id="xdx_908_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230331_z4FMYgKz0C6h" title="Accumulated deficit">10,118,010</span> compared to $<span id="xdx_903_ecustom--WorkingCapital_iI_c20220331_ztjJ45vvxvm2" title="Working capital">838,384</span> and $<span id="xdx_90A_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_c20220331_zUZYJTFfsny1">8,106,064</span> during the quarter ended March 31, 2022. 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></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"><b> </b></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>
CY2023Q1 GMER Working Capital
WorkingCapital
220553 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10118010 usd
CY2022Q1 GMER Working Capital
WorkingCapital
838384 usd
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8106064 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zvVj2XPIzKda" 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><span id="xdx_865_zCMgntOCQubj">Use of Estimates</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">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>
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10000000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10000000 shares
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35 pure
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2023Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
34102 usd
CY2022Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
113226 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22285 usd
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21217 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21267 usd
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16576 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1018 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4641 usd
CY2023Q1 us-gaap Depreciation
Depreciation
540 usd
CY2022Q1 us-gaap Depreciation
Depreciation
1028 usd
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
113586 usd
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
279605 usd
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1426 usd
CY2021Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1065760 usd
CY2022 GMER Derivative Gain Loss On Derivatives Net
DerivativeGainLossOnDerivativesNet
-1065760 usd
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q1 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
CY2023Q1 us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
61672201
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
5339247 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1121242 usd
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
769450 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1121242 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
769450 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
77941 usd
CY2022Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
98092 usd
CY2023Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
77941 usd
CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
98092 usd

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