$GXAI
GAXOS.AI INC.

2023 Q3 Form 10-Q Financial Statement

#000121390023066981 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $615.2K $448.6K $227.2K
YoY Change 482.3% 97.42%
% of Gross Profit
Research & Development $258.4K $267.6K $237.4K
YoY Change 16.98% 12.74%
% of Gross Profit
Depreciation & Amortization $700.00 $6.290K
YoY Change -33.33%
% of Gross Profit
Operating Expenses $873.6K $768.6K $464.6K
YoY Change 167.53% 65.43%
Operating Profit -$873.6K -$768.6K -$464.6K
YoY Change 167.53% 65.43%
Interest Expense $16.60K $14.56K $520.00
YoY Change 4642.86% 2700.0%
% of Operating Profit
Other Income/Expense, Net $16.56K $14.56K $517.00
YoY Change 4577.12% 2715.67%
Pretax Income -$857.1K -$754.0K -$464.1K
YoY Change 162.75% 62.48%
Income Tax
% Of Pretax Income
Net Earnings -$857.1K -$754.0K -$464.1K
YoY Change 162.74% 62.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.06 -$0.04
Diluted Earnings Per Share -$0.07 -$0.06 -$0.04
COMMON SHARES
Basic Shares Outstanding 12.07M shares 12.10M shares 10.42M shares
Diluted Shares Outstanding 12.07M shares 12.10M shares 10.42M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.336M $5.218M $1.382M
YoY Change 343.11% 277.49%
Cash & Equivalents $765.0K $1.689M $1.382M
Short-Term Investments $3.571M $3.529M
Other Short-Term Assets $79.70K $116.6K $150.3K
YoY Change -53.62% -22.4%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.416M $5.335M $1.533M
YoY Change 283.85% 248.09%
LONG-TERM ASSETS
Property, Plant & Equipment $23.94K
YoY Change
Goodwill
YoY Change
Intangibles $0.00 $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $24.75K $0.00 $0.00
YoY Change -59.95%
TOTAL ASSETS
Total Short-Term Assets $4.416M $5.335M $1.533M
Total Long-Term Assets $24.75K $0.00 $0.00
Total Assets $4.440M $5.335M $1.533M
YoY Change 266.32% 248.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $179.9K $182.4K $189.5K
YoY Change -7.75% -3.73%
Accrued Expenses $21.65K $94.55K $8.080K
YoY Change 158.34% 1070.16%
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 $201.5K $277.0K $197.6K
YoY Change -0.91% 40.2%
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 $201.5K $277.0K $197.6K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $201.5K $277.0K $197.6K
YoY Change -0.91% 40.2%
SHAREHOLDERS EQUITY
Retained Earnings -$4.581M -$3.724M
YoY Change
Common Stock $1.200K $1.207K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.239M $5.058M $1.335M
YoY Change
Total Liabilities & Shareholders Equity $4.440M $5.335M $1.533M
YoY Change 266.32% 248.09%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$857.1K -$754.0K -$464.1K
YoY Change 162.74% 62.48%
Depreciation, Depletion And Amortization $700.00 $6.290K
YoY Change -33.33%
Cash From Operating Activities -$873.8K -$1.434M -$402.1K
YoY Change 175.35% 256.57%
INVESTING ACTIVITIES
Capital Expenditures $24.60K
YoY Change -60.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$3.491M
YoY Change
Cash From Investing Activities -$24.70K -$3.491M
YoY Change -60.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.40K 5.934M -64.71K
YoY Change 7.81% -9270.5%
NET CHANGE
Cash From Operating Activities -873.8K -1.434M -402.1K
Cash From Investing Activities -24.70K -3.491M
Cash From Financing Activities -25.40K 5.934M -64.71K
Net Change In Cash -923.9K 1.009M -466.8K
YoY Change 128.84% -316.16%
FREE CASH FLOW
Cash From Operating Activities -$873.8K -$1.434M -$402.1K
Capital Expenditures $24.60K
Free Cash Flow -$898.4K
YoY Change 136.31%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
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dei Document Quarterly Report
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true
dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Fiscal Year Focus
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2023
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
001-41620
dei Entity Registrant Name
EntityRegistrantName
The NFT Gaming Company, Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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101 Eisenhower Pkwy, Suite 300
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Roseland
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dei Security12b Title
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span style="text-decoration:underline">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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”).</span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity</i></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 June 30, 2023, the Company had a cash balance of $1,688,910, had short-term investments of $3,529,047, and had working capital of $5,057,592. On February 17, 2023, the Company completed an initial public offering (“IPO”) and sold 1,686,755 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 $5,958,470 which is net of offering related expenses paid with proceeds of $1,041,530. The Company also reclassified $202,559 of deferred offering costs as of December 31, 2022 to additional paid in capital upon completing the IPO which resulted in total net proceeds, after equity issuance costs, of $5,755,871. During the six months ended June 30, 2023, the Company used net cash in operations of $1,433,858 and purchased liquid short-term investments of $3,491,242. 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 cash on hand 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.</span></p>
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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.
CY2023Q2 us-gaap Other Cash Equivalents At Carrying Value
OtherCashEquivalentsAtCarryingValue
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CY2023Q2 us-gaap Other Short Term Investments
OtherShortTermInvestments
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CY2023Q2 us-gaap Capital Units
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CY2022Q4 us-gaap Deferred Finance Costs Net
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Interest Income Short Term Investment Other
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include valuation of intangible assets, estimates of deferred tax valuation allowances and the fair value of stock options issued for services.</span></p>
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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4189 usd
nftg Proceeds From Subscriptions Receivable
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CY2023Q2 us-gaap Cash
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1171000 usd
CY2023Q2 us-gaap Cash Fdic Insured Amount
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250000 usd
CY2023Q2 us-gaap Unrealized Gain Loss On Investments
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19649 usd
us-gaap Unrealized Gain Loss On Investments
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q3 us-gaap Proceeds From License Fees Received
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us-gaap Legal Fees
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nftg Gross Proceed
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52363 usd
us-gaap Amortization Of Intangible Assets
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us-gaap Advertising Costs Policy Capitalized Direct Response Advertising
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capitalized Software Costs</i></b></span></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 June 30, 2023, no development costs have been capitalized.</span></p>
CY2023Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
us-gaap Goodwill Impairment Loss
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52363 usd
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PreferredStockParOrStatedValuePerShare
0.0001
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37500 usd
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32048 shares
us-gaap Dividends Common Stock Cash
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24241 usd
nftg Warrants
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1686747 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
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460000 shares
nftg Tota Common Stock Equivalents
TotaCommonStockEquivalents
2146747 shares
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
3491242 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
37805 usd
CY2023Q2 us-gaap Debt Securities Available For Sale And Held To Maturity Fair Value
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3529047 usd
CY2023Q2 us-gaap Finite Lived Intangible Asset Useful Life
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CY2022Q4 nftg License
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
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0.756
CY2023Q1 us-gaap Excess Stock Shares Issued
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1686755 shares
CY2023Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
4.15
CY2023Q1 nftg Gross Proceeds
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7000000 usd
CY2023Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
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CY2023Q1 us-gaap Partners Capital Account Public Sale Of Units Net Of Offering Costs
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1041530 usd
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
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202599 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1686747 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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4.565
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
3657258 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.698 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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nftg Holding Period
HoldingPeriod
P5Y
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2500000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
400000 shares
CY2023Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
4.15
CY2023Q1 nftg Stock Options Description
StockOptionsDescription
The options vest as to (i) 340,000 of such options on February 14, 2023; and (ii) the remaining 60,000 options vest quarterly (5,000 each quarter) beginning on May 14, 2023 and each quarter thereafter through February 14, 2026.
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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1023290 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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60000 shares
CY2023Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
4.15
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
33972 usd
us-gaap Allocated Share Based Compensation Expense
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
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164762 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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P2Y5M8D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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0 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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1686747 shares
CY2023Q2 us-gaap Warrants And Rights Outstanding
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4.565 usd
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CY2023Q1 nftg Shares Of Common Stock
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200000 shares
CY2023Q2 us-gaap Sale Of Stock Price Per Share
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1
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q2 nftg License
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CY2023Q2 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 us-gaap Preferred Stock Shares Issued
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dei Current Fiscal Year End Date
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