$GXAI
GAXOS.AI INC.

2024 Q3 Form 10-Q Financial Statement

#000121390024068298 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.704K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $655.9K
YoY Change 6.62%
% of Gross Profit
Research & Development $252.7K $249.3K
YoY Change -2.22% -6.83%
% of Gross Profit
Depreciation & Amortization $14.19K $14.15K
YoY Change 1927.14% 124.96%
% of Gross Profit
Operating Expenses $908.6K $854.5K
YoY Change 4.0% 11.18%
Operating Profit -$905.9K -$854.5K
YoY Change 3.69% 11.18%
Interest Expense $41.46K
YoY Change 149.76%
% of Operating Profit
Other Income/Expense, Net $41.46K $45.27K
YoY Change 150.4% 210.95%
Pretax Income -$864.4K
YoY Change 0.85%
Income Tax
% Of Pretax Income
Net Earnings -$864.4K -$809.2K
YoY Change 0.86% 7.32%
Net Earnings / Revenue -31967.83%
Basic Earnings Per Share -$0.61 -$0.72
Diluted Earnings Per Share -$0.61 -$0.72
COMMON SHARES
Basic Shares Outstanding 1.197M shares 1.094M shares
Diluted Shares Outstanding 1.419M shares 1.120M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.844M $4.671M
YoY Change 57.84% -10.48%
Cash & Equivalents $5.228M $2.372M
Short-Term Investments $1.616M $2.299M
Other Short-Term Assets $86.61K $216.8K
YoY Change 8.67% 85.94%
Inventory
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $6.931M $4.888M
YoY Change 56.96% -8.37%
LONG-TERM ASSETS
Property, Plant & Equipment $56.38K $63.07K
YoY Change 135.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $188.9K $203.1K
YoY Change 663.33%
TOTAL ASSETS
Total Short-Term Assets $6.931M $4.888M
Total Long-Term Assets $188.9K $203.1K
Total Assets $7.119M $5.091M
YoY Change 60.34% -4.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $329.3K $297.7K
YoY Change 83.09% 63.17%
Accrued Expenses $73.24K $94.45K
YoY Change 238.32% -0.11%
Deferred Revenue $2.376K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $404.9K $392.1K
YoY Change 100.95% 41.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $404.9K $392.1K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $404.9K $392.1K
YoY Change 100.95% 41.57%
SHAREHOLDERS EQUITY
Retained Earnings -$7.967M -$7.103M
YoY Change 73.94% 90.76%
Common Stock $189.00 $120.00
YoY Change -84.25% -90.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.715M $4.699M
YoY Change
Total Liabilities & Shareholders Equity $7.119M $5.091M
YoY Change 60.34% -4.57%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$864.4K -$809.2K
YoY Change 0.86% 7.32%
Depreciation, Depletion And Amortization $14.19K $14.15K
YoY Change 1927.14% 124.96%
Cash From Operating Activities -$674.3K -$738.5K
YoY Change -22.83% -48.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.010K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $695.0K -$200.0K
YoY Change -94.27%
Cash From Investing Activities $695.0K -$202.0K
YoY Change -2913.77% -94.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.835M 90.00
YoY Change -11262.44% -100.0%
NET CHANGE
Cash From Operating Activities -674.3K -738.5K
Cash From Investing Activities 695.0K -202.0K
Cash From Financing Activities 2.835M 90.00
Net Change In Cash 2.856M -940.4K
YoY Change -409.12% -193.19%
FREE CASH FLOW
Cash From Operating Activities -$674.3K -$738.5K
Capital Expenditures $0.00 $2.010K
Free Cash Flow -$674.3K -$740.5K
YoY Change -24.94%

Facts In Submission

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dei Document Type
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dei Document Period End Date
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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">Gaxos.ai Inc. (formerly The NFT Gaming Company, Inc.) (the “Company”) was incorporated in the state of Wyoming on October 27, 2021 (“Inception”). On March 30, 2022, the Company reincorporated to the State of Delaware pursuant to a Plan of Conversion approved by the Board of Directors and a majority of the shareholders. On January 5, 2024, the Company changed its name from The NFT Gaming Company, Inc. to Gaxos.ai Inc. 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 February 28, 2024, 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 12 shares of the Company’s common stock then issued and outstanding (the “Reverse Stock Split”). On March 7, 2024, 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-12 reverse stock split with respect to the outstanding shares of the Company’s common stock. The Certificate of Amendment and the reverse stock split became effective on March 7, 2024. 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>
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us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 unaudited 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 unaudited financial statements include the valuation of investments, valuation of intangible assets and other long-lived assets, estimates of deferred tax valuation allowances and the fair value of stock options issued for services.</p>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
The options vest as to (i) 28,333 of such options on February 14, 2023; and (ii) the remaining 5,000 options vest quarterly (417 each quarter) beginning on May 14, 2023 and each quarter thereafter through February 14, 2026.
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CY2024Q1 us-gaap Stock Option Exercise Price Increase
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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us-gaap Stock Issued During Period Value Share Based Compensation
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CY2024Q2 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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us-gaap Realized Investment Gains Losses
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