$GXAI
GAXOS.AI INC.

2023 Q1 Form 10-K Financial Statement

#000121390023025417 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $77.50K $109.0K $599.6K
YoY Change -50.86% 10901.28%
% of Gross Profit
Research & Development $104.6K $215.8K $824.5K
YoY Change -30.53% 3068.28% 12007.53%
% of Gross Profit
Depreciation & Amortization $3.140K $3.140K $4.190K
YoY Change
% of Gross Profit
Operating Expenses $1.542M $324.7K $1.424M
YoY Change 400.42% 2549.69% 11515.79%
Operating Profit -$1.542M -$1.424M
YoY Change 400.42%
Interest Expense $6.300K $1.680K $2.920K
YoY Change 1602.7%
% of Operating Profit
Other Income/Expense, Net $6.301K $2.924K
YoY Change 1598.38%
Pretax Income -$1.536M -$323.0K -$1.421M
YoY Change 398.97% 11491.92%
Income Tax
% Of Pretax Income
Net Earnings -$1.536M -$323.0K -$1.421M
YoY Change 398.97% 2535.99% 11491.94%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14 -$0.14
Diluted Earnings Per Share -$0.14 -$0.06 -$0.14
COMMON SHARES
Basic Shares Outstanding 12.10M shares 10.42M shares
Diluted Shares Outstanding 11.26M shares 10.42M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.723M $679.8K $679.8K
YoY Change 209.48% -67.29%
Cash & Equivalents $2.213M $679.8K
Short-Term Investments $3.509M
Other Short-Term Assets $165.5K $203.0K $203.0K
YoY Change 86.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.888M $882.8K $882.8K
YoY Change 203.87% -57.52% -57.52%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $55.51K $58.65K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $55.51K $58.65K $58.65K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $5.888M $882.8K $882.8K
Total Long-Term Assets $55.51K $58.65K $58.65K
Total Assets $5.944M $941.4K $941.4K
YoY Change 206.74% -54.7% -54.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.6K $245.0K $245.0K
YoY Change 0.08% 3820.18% 3820.16%
Accrued Expenses $23.66K $10.68K
YoY Change 80.64% 329.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $149.3K $255.7K $255.7K
YoY Change 7.69% 2826.9% 2825.51%
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 $149.3K $255.7K $255.7K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $149.3K $255.7K $255.7K
YoY Change 7.69% 2826.9% 2825.51%
SHAREHOLDERS EQUITY
Retained Earnings -$2.969M -$1.433M
YoY Change 11596.67%
Common Stock $1.210K $1.042K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.794M $685.7K $685.7K
YoY Change
Total Liabilities & Shareholders Equity $5.944M $941.4K $941.4K
YoY Change 206.74% -54.7% -54.7%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.536M -$323.0K -$1.421M
YoY Change 398.97% 2535.99% 11491.94%
Depreciation, Depletion And Amortization $3.140K $3.140K $4.190K
YoY Change
Cash From Operating Activities -$933.9K -$355.5K -$1.260M
YoY Change 403.67% 10003.72% 35707.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $62.84K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$3.491M
YoY Change
Cash From Investing Activities -$3.491M $0.00 -$62.84K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.958M 56.81K -$75.10K
YoY Change -13753.69% -97.27% -103.61%
NET CHANGE
Cash From Operating Activities -$933.9K -355.5K -$1.260M
Cash From Investing Activities -$3.491M 0.000 -$62.84K
Cash From Financing Activities $5.958M 56.81K -$75.10K
Net Change In Cash $1.533M -298.7K -$1.398M
YoY Change -769.45% -114.38% -167.29%
FREE CASH FLOW
Cash From Operating Activities -$933.9K -$355.5K -$1.260M
Capital Expenditures $0.00 $62.84K
Free Cash Flow -$355.5K -$1.323M
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 – <span style="text-decoration:underline">NATURE OF OPERATIONS </span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The NFT Gaming Company, Inc. (the “Company”) was incorporated in the state of Wyoming on October 27, 2021 (“Inception”). The Company develops, designs, acquires, and manages games that offer affordable non-fungible tokens (NFTs) for unique and exclusive features, rewards, and opportunities. In addition to developing proprietary games, the Company’s platform will onboard third-party game publishers and provide access to blockchain and NFT architecture, product experiences, exclusive content, and revenue opportunities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On March 29, 2022, the Board of Directors of the Company approved, subject to shareholder approval, a Plan of Conversion, pursuant to which the Company will convert from a corporation incorporated under the laws of the State of Wyoming to a corporation incorporated under the laws of the State of Delaware (the “Reincorporation”), and such approval includes the adoption of the Certificate of Incorporation (the “Delaware Certificate”) and the Bylaws (the “Delaware Bylaws”) for the Company under the laws of the State of Delaware, under the name, “The NFT Gaming Company, Inc.,” to become effective with the effectiveness of the Reincorporation. On March 29, 2022, we received majority shareholder approval. On March 30, 2022, the Company completed the Reincorporation by filing the Delaware Certificate with the State of Delaware.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On September 7, 2022, a majority of the Company shareholders granted discretionary authority to the Company’s Board of Directors to amend the Company’s Certificate of Incorporation to effect one or more consolidations of the Company’s issued and outstanding shares of common stock, pursuant to which the shares of common stock would be combined and reclassified into on the basis of one share of common stock for each 1.33 shares of the Company’s common stock then issued and outstanding (the “Reverse Stock Split”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On November 4, 2022, the Company filed a Certificate of Amendment to the Amended and Restated Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-1.33 Reverse Stock Split with respect to the outstanding shares of the Company’s common stock. The Certificate of Amendment became effective on November 4, 2022. The Reverse Stock Split was deemed effective at the open of business on November 4, 2022. All share and per share data in the accompanying financial statements have been retroactively adjusted to reflect the effect of the reverse stock split.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquidity</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. On December 31, 2022, the Company had a cash balance of $679,781 and working capital of $627,086. The Company reported a net decrease in cash for the year ended December 31, 2022 of $1,398,360 primarily as a result of the use of cash used for the payment of deferred offering costs of $112,599, cash used to purchase intangible assets of $62,836, and cash used in operations of $1,260,425, offset by cash proceeds received from subscription receivables of $37,500. During the year ended December 31, 2021, the Company received proceeds from the sale of common stock of $2,081,660. The proceeds were used for working capital purposes and for research and development.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the Company completed an initial public offering (“IPO”) and sold 1,686,747 shares of its common stock at a price to the public of $4.15 per share for gross proceeds of $7,000,000. The Company received net proceeds of $5,896,158 which is net of offering expenses of $1,103,842. Until such time that the Company implements its growth strategy, it expects to continue to generate operating losses in the foreseeable future, mostly due to corporate overhead and costs of being a public company. The Company believes that its existing working capital and its future cash flows from operating activities will provide sufficient cash to enable the Company to meet its operating needs and debt requirements for the next twelve months from the issuance date of this report.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Capitalized Software Costs</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs incurred to develop internal-use software including game development, are expensed as incurred during the preliminary project stage. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the function intended. Capitalization ceases at the point the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of the internal-use software development costs and related upgrades and enhancements. When existing software is replaced with new software, the unamortized costs of the old software are expensed when the new software is ready for its intended use. Through December 31, 2022, no development costs have been capitalized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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0.05 pure
CY2022 nftg Net Sales Percentage
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0.025 pure
CY2022 us-gaap Payments To Acquire Royalty Interests In Mining Properties
PaymentsToAcquireRoyaltyInterestsInMiningProperties
25000 usd
CY2022 us-gaap Legal Fees
LegalFees
30704 usd
CY2022 us-gaap Professional Fees
ProfessionalFees
7132 usd
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500000 usd
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P15Y
CY2022 us-gaap Amortization Of Intangible Assets
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4189 usd
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12567 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
12567 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
12567 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
12567 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
8379 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
58647 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
7218048 shares
CY2021Q4 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
960 usd
CY2021 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
3199798 shares
CY2021 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
2080700 usd
CY2021Q4 us-gaap Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
37500 usd
CY2022Q1 us-gaap Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
37500 usd
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2500000 shares
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
190123 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3370 usd
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
204069 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
394192 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3370 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
394192 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3370 usd
CY2022 us-gaap Revenues
Revenues
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.065 pure
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.065 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.275 pure
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.275 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0 pure
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
691356 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
691356 usd
CY2022 nftg Taxable Income Percentage
TaxableIncomePercentage
0.80 pure
CY2022 nftg Effective Income Tax Rate Reconciliations At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationsAtFederalStatutoryIncomeTaxRate
0.275 pure
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
394192 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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390822 usd
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
202599 usd
CY2022 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Revenues
Revenues
usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
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CY2021Q4 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2021Q4 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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CY2021Q4 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2021Q4 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2021Q4 us-gaap Payments Of Debt Issuance Costs
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2021Q4 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2021Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2021Q4 us-gaap Offering Costs Partnership Interests
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CY2022 us-gaap Stock Issued1
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CY2021Q4 nftg License
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001895618
CY2022Q2 dei Entity Public Float
EntityPublicFloat
0 usd

Files In Submission

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0001213900-23-025417.txt Edgar Link pending
0001213900-23-025417-xbrl.zip Edgar Link pending
ex3-4_001.jpg Edgar Link pending
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f10k2022ex31-1_nftgaming.htm Edgar Link pending
f10k2022ex31-2_nftgaming.htm Edgar Link pending
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image_001.jpg Edgar Link pending
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nftg-20221231.xsd Edgar Link pending
R1.htm Edgar Link pending
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nftg-20221231_cal.xml Edgar Link unprocessable
nftg-20221231_lab.xml Edgar Link unprocessable
nftg-20221231_def.xml Edgar Link unprocessable
nftg-20221231_pre.xml Edgar Link unprocessable
f10k2022_nftgaming_htm.xml Edgar Link completed
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