2024 Q1 Form 10-K Financial Statement

#000149315224012092 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $183.00 $0.00 $3.440K
YoY Change -94.39% -100.0% -64.2%
Cost Of Revenue $72.36K $43.54K $293.2K
YoY Change -43.61% -60.01% -4.04%
Gross Profit -$72.18K -$43.54K -$289.8K
YoY Change -42.28% -58.24% -2.09%
Gross Profit Margin -39443.17% -8424.13%
Selling, General & Admin $279.4K -$42.96K $692.8K
YoY Change 13.8% -112.57% -58.1%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.542K $1.560K $1.560K
YoY Change 555.93% 51.46% -62.05%
% of Gross Profit
Operating Expenses $283.0K -$42.57K $694.4K
YoY Change 14.99% -112.42% -58.11%
Operating Profit -$355.2K -$970.00 -$984.2K
YoY Change -4.31% -99.78% -49.62%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.160K -$1.490K
YoY Change -100.96%
Pretax Income -$355.2K $117.8K -$865.0K
YoY Change -4.31% -126.33% -58.96%
Income Tax
% Of Pretax Income
Net Earnings -$355.2K $117.8K -$865.0K
YoY Change -4.31% -126.33% -58.96%
Net Earnings / Revenue -194079.23% -25144.77%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 120.5M shares 118.3M shares 119.8M shares
Diluted Shares Outstanding 120.5M shares 119.8M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.3K $304.2K $304.2K
YoY Change -73.63% -67.35% -67.35%
Cash & Equivalents $158.3K $304.2K $304.2K
Short-Term Investments
Other Short-Term Assets $64.79K $93.63K $93.63K
YoY Change 314.52% 887.66% 887.66%
Inventory
Prepaid Expenses $64.79K $93.63K
Receivables $118.00 $0.00
Other Receivables $0.00
Total Short-Term Assets $223.2K $397.9K $397.9K
YoY Change -63.77% -57.74% -57.74%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.597K $4.597K
YoY Change -95.95% -95.94%
Total Long-Term Assets $109.7K $86.54K $86.54K
YoY Change -4.64% -24.52% -24.52%
TOTAL ASSETS
Total Short-Term Assets $223.2K $397.9K $397.9K
Total Long-Term Assets $109.7K $86.54K $86.54K
Total Assets $332.9K $484.4K $484.4K
YoY Change -54.46% -54.13% -54.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $716.2K $520.3K $520.3K
YoY Change 81.09% 22.02% 22.02%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $716.2K $520.3K $520.3K
YoY Change 81.09% 22.02% 22.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $716.2K $520.3K $520.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $716.2K $520.3K $520.3K
YoY Change 81.09% 22.02% 22.02%
SHAREHOLDERS EQUITY
Retained Earnings -$10.97M -$10.61M
YoY Change 8.39% 8.87%
Common Stock $120.5K $119.8K
YoY Change 6.54% 8.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$383.3K -$35.88K -$35.88K
YoY Change
Total Liabilities & Shareholders Equity $332.9K $484.4K $484.4K
YoY Change -54.46% -54.13% -54.13%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$355.2K $117.8K -$865.0K
YoY Change -4.31% -126.33% -58.96%
Depreciation, Depletion And Amortization $3.542K $1.560K $1.560K
YoY Change 555.93% 51.46% -62.05%
Cash From Operating Activities -$119.8K -$72.90K -$782.9K
YoY Change -64.04% -73.61% -48.28%
INVESTING ACTIVITIES
Capital Expenditures $26.86K $81.80K $81.80K
YoY Change 15630.77%
Acquisitions
YoY Change
Other Investing Activities $228.2K $228.2K
YoY Change 25538.2% 445.75%
Cash From Investing Activities -$26.86K $146.4K $146.4K
YoY Change 5326.26% 39462.16% 297.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.880K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $740.00 -1.120K 8.880K
YoY Change -66.65% -150.45% 1054.75%
NET CHANGE
Cash From Operating Activities -$119.8K -72.90K -782.9K
Cash From Investing Activities -$26.86K 146.4K 146.4K
Cash From Financing Activities $740.00 -1.120K 8.880K
Net Change In Cash -$145.9K 72.36K -627.6K
YoY Change -55.98% -126.44% -57.48%
FREE CASH FLOW
Cash From Operating Activities -$119.8K -$72.90K -$782.9K
Capital Expenditures $26.86K $81.80K $81.80K
Free Cash Flow -$146.6K -$154.7K -$864.7K
YoY Change -55.98% -44.1% -42.87%

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<p id="xdx_80D_eus-gaap--NatureOfOperations_z6BWjUpW5ssi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_821_zpNMQGDTvVX3">Nature of Operations and Continuance of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 operates as a leading tournament gaming platform and online destination, targeting over 250 million esports players and participants worldwide interested in competing at the high school or college level. While a substantial portion of the Company’s activities has involved developing a business plan, establishing contacts, and gaining visibility in the marketplace, it has not generated substantial revenue to date. Beginning in 2018, the Company started 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2021, we leveraged the rise of NFTs and blockchain technologies, in our “MicroBuddies™ release,” a novel game integrating NFTs, in-game tokens (“GOO™”), and browser-based gameplay. This innovative approach allows us to generate revenue through the sale of “Nano Factory Tokens” for creating first-generation “MicroBuddies™” NFTs, along with ongoing royalties on third-party marketplace sales and fees per NFT replication.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building on our commitment to creating innovative entertainment experiences the Company made a strategic shift to adapt to the evolving gaming landscape by shifting from legacy gaming platforms to connected mobile gaming experiences. After developing and releasing beta versions of our gaming experiences for MineCraft and Roblox in early 2023, we recognized the growth limitations inherent in both platforms. We paused continued development and exited future plans for these platforms. Our focus turned to combining mobile gaming and emerging Web3 technologies within the blockchain gaming segments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2024, the Company takes a significant step forward by entering the mobile gaming market with a focus on creating character and story driven, connected entertainment experiences. Our expansion into blockchain enhanced mobile gaming experiences will allow us to capitalize on potentially immense player bases. In 1Q 2024, the company launched a new intellectual property on mobile called “Galactic Acres™” In addition to “Galactic Acres™”, we are actively expanding the “MicroBuddies™” brand beyond its initial game by creating engaging mobile experiences, but we are not stopping with just “MicroBuddies™. “Galactic Acres™” marks the beginning of a series of mobile games designed to not only offer engaging gameplay but also integrate blockchain experiences, fostering a deeper level of player engagement and exploring innovative revenue models within the mobile gaming space. By combining our existing initiatives with a focus on mobile gaming, and strategic utilization of blockchain technology, the Company is committed to a multi-pronged approach that diversifies our revenue streams across platforms and technologies while building highly recognizable character and story driven gaming experiences for our player base. We believe this proactive strategy will solidify Good Gaming’s position as a leader in the ever-evolving interactive entertainment landscape.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Player acquisition is the greatest challenge faced by any developer/publisher. In 2024, we announced our first strategic distribution partnership with ViaOne Services. As part of our partnership with ViaOne Services, we plan to distribute our mobile games to ViaOne’s large player base. Our strategic partnership with ViaOne Services will allow us to embed our mobile games into the firmware of ViaOne phones so players will not have to spend any time or effort in finding and downloading our games.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 0pt 0pt 9pt; 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 0pt 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, implying 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, has never paid any dividends, and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of December 31, 2023, the Company had a working deficit of $<span id="xdx_902_ecustom--WorkingCapital_iI_c20231231_zKo8OdJLgsV5" title="Working deficit">122,427</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0"><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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 GMER Working Capital
WorkingCapital
122427 usd
CY2023 us-gaap General Insurance Expense
GeneralInsuranceExpense
266775 usd
CY2023 GMER Reduction In Net Loss Per Share
ReductionInNetLossPerShare
0.002
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q4 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2023 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
CY2023 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
If all 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.
CY2023 us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
61672201
CY2023 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
109156 usd
CY2022 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
362390 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22285 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22285 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22285 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20727 usd
CY2023Q4 GMER Property Plant And Equipment
PropertyPlantAndEquipment
-0 usd
CY2022Q4 GMER Property Plant And Equipment
PropertyPlantAndEquipment
1558 usd
CY2023 us-gaap Depreciation
Depreciation
1558 usd
CY2022 us-gaap Depreciation
Depreciation
4111 usd
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4597 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
220 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
113091 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
168027 usd
CY2023Q4 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
81800 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
81800 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
0 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
6263352 usd
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2017Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
80329 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
452708 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
452708 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
452708 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
452708 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
181646 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
442659 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
181646 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
442659 usd

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