$GPAK
Gamer Pakistan Inc

2024 Q4 Form 10-Q Financial Statement

#000116169724000494 Filed on December 04, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $205.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $205.00
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.00
YoY Change
% of Gross Profit 23.9%
Operating Expenses
YoY Change
Operating Profit -$507.3K
YoY Change 205.95%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$500.8K
YoY Change 192.76%
Income Tax
% Of Pretax Income
Net Earnings -$500.8K
YoY Change 192.77%
Net Earnings / Revenue -244308.29%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 25.58M shares 25.58M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.337M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.647M
YoY Change 642.81%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $231.0K
YoY Change 223.21%
TOTAL ASSETS
Total Short-Term Assets $1.647M
Total Long-Term Assets $231.0K
Total Assets $1.878M
YoY Change 540.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.96K
YoY Change -89.59%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $38.96K
Total Long-Term Liabilities
Total Liabilities $38.96K
YoY Change -89.58%
SHAREHOLDERS EQUITY
Retained Earnings -$4.313M
YoY Change 592.57%
Common Stock $2.558K
YoY Change 7.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.839M
YoY Change
Total Liabilities & Shareholders Equity $1.878M
YoY Change 540.5%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$500.8K
YoY Change 192.77%
Depreciation, Depletion And Amortization $49.00
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Amendment Flag
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2024-09-30
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dei Entity Address Postal Zip Code
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89002
dei City Area Code
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702
dei Local Phone Number
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905-1171
dei Security12b Title
Security12bTitle
Common stock, $0.0001 par value per share
dei Trading Symbol
TradingSymbol
GPAK
dei Security Exchange Name
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dei Entity File Number
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dei Entity Registrant Name
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GAMER PAKISTAN INC.
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dei Entity Incorporation State Country Code
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35 E Horizon Ridge Pkwy
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Suite 110-481
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-307613 usd
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
1168 usd
GPAK Issuance Of Note Receivable
IssuanceOfNoteReceivable
300000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-301168 usd
GPAK Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
56934 usd
GPAK Advances From Related Party
AdvancesFromRelatedParty
89700 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
260000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
292766 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
94 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-2135 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2434113 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16982 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3771123 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88463 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1337010 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71481 usd
CY2024Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.90 pure
GPAK Acquisition Of K2 Gamer Description
AcquisitionOfK2GamerDescription
The Company determined that K2 Gamer was a variable interest entity and it was the primary beneficiary of K2 Gamer prior to acquiring 90% of K2 Gamer in July 2023. However, the activity in K2 Gamer was immaterial prior to July 2023 and the results of K2 Gamer have only been included in the Company’s results since July 2023. K2 Gamer comprised approximately 3.9% and 1.8% of the Company’s total assets as of September 30, 2024 and December 31, 2023, and 0.4% and 0.0% of the Company’s net loss for the three and nine months ended September 30, 2024, respectively.
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_z10yvbeN9nT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86E_z8SNegraGEV7">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. 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. Significant estimates in the accompanying financial statements include valuation allowance on deferred tax assets.</p>
CY2024Q3 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
1224560 usd
CY2023Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
3371123 usd
CY2024Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
112450 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
400000 usd
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1337010 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3771123 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1172 usd
CY2024Q3 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
114 usd
CY2024Q3 us-gaap Depreciation
Depreciation
49 usd
us-gaap Depreciation
Depreciation
114 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zZh5avczdtdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86B_z7lcQr1Y9Eu4">Concentration of Credit Risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and restricted cash. The Company places its cash with high quality financial institutions and at times may exceed the Federal Deposit Insurance Corporation $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_c20240930_zdz50TH3p2T6" title="FDIC insured limit">250,000</span> insurance limit. The Company has not and does not anticipate incurring any losses related to this credit risk.</p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q3 GPAK Warrants And Rights Outstanding Shares
WarrantsAndRightsOutstandingShares
170000 shares
CY2023Q4 GPAK Warrants And Rights Outstanding Shares
WarrantsAndRightsOutstandingShares
170000 shares
CY2023Q3 GPAK Warrants And Rights Outstanding Shares
WarrantsAndRightsOutstandingShares
0 shares
CY2024Q3 GPAK Retained Earning Accumulated Deficit
RetainedEarningAccumulatedDeficit
4313000 usd
CY2023Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
6800000 usd
CY2023Q4 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
5835000 usd
GPAK Maturity Of Time Deposit
MaturityOfTimeDeposit
P12M
CY2024Q3 us-gaap Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
300000 usd
CY2024Q3 GPAK Note Receivable Monthly Payment
NoteReceivableMonthlyPayment
12500 usd
CY2024Q3 GPAK Note Receivable Interest Rate
NoteReceivableInterestRate
0.08 pure
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
35001 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
157338 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2880 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13126 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
37881 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
170464 usd
CY2023Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
260000 usd
CY2023Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2024Q3 GPAK Deposit Liabilities Accrued Interest For Notes Payable
DepositLiabilitiesAccruedInterestForNotesPayable
19500 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
1000 usd
CY2023 us-gaap Increase Decrease In Due To Other Related Parties
IncreaseDecreaseInDueToOtherRelatedParties
28000 usd
CY2023 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
3000 usd
CY2024Q3 us-gaap Professional Fees
ProfessionalFees
15000 usd
us-gaap Professional Fees
ProfessionalFees
123000 usd
CY2023Q3 us-gaap Professional Fees
ProfessionalFees
17000 usd
us-gaap Professional Fees
ProfessionalFees
27000 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
3000 usd
GPAK Rent Description
RentDescription
During 2023, K2 Gamer made an advanced rent payment of approximately $60,000 to the CEO of K2 Gamer for use of a building owned by the CEO. The rent for the building approximates $6,000 per year for the next 10 years starting in January 2024 and the advanced funds are not refundable. At December 31, 2023, approximately $54,000 of this amount was recorded in other long-term assets and $6,000 was included in prepaid expenses and other current assets. The lease commencement date was January 1, 2024 and a right-of-use asset (“ROU asset”) was created at that date for $60,000. The Company recorded lease expense of approximately $2,000 and $5,000 for the three and nine months ended September 30, 2024 and the balance on the ROU asset was approximately $55,000 as of September 30, 2024.
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25579319 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25579319 shares
CY2023Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
6800000 usd
CY2023Q4 GPAK Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
5835000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.047 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.18 pure
GPAK Ceo Interest In Services Amount
CeoInterestInServicesAmount
1 pure
GPAK Business Consulting Fees
BusinessConsultingFees
102000 usd
CY2024Q1 GPAK Intellectual Marketing Fees
IntellectualMarketingFees
43000 usd
CY2024Q2 GPAK Pursuant Agreement Fees
PursuantAgreementFees
75000 usd
CY2024Q3 GPAK Pin Stripe Fees
PinStripeFees
41000 usd
GPAK Pin Stripe Fees
PinStripeFees
190000 usd
CY2024Q3 GPAK Incurred Investor Service
IncurredInvestorService
51000 usd
GPAK Incurred Investor Service
IncurredInvestorService
146000 usd

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