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Gamer Pakistan Inc. (GPAK0.00%) has submitted its Form 10-Q filing for the fiscal quarter ended September 30, 2024.
The filing reports minimal revenue of $2,189 for the nine months ended September 30, 2024. The company recorded a net loss of $1,950,200 for the same period, compared to no revenue and a net loss of $311,546 for the nine months ended September 30, 2023.
General and administrative expenses increased significantly to $1,972,389 for the nine months ended September 30, 2024, from $297,752 in the same period of the previous year. The increase was primarily due to higher consulting fees, professional and legal fees, and payroll expenses.
The company raised gross proceeds of approximately $6,800,000 through its initial public offering in October 2023, with net proceeds of approximately $5,835,000. These funds are intended for operating expenses, marketing, and other corporate purposes.
Gamer Pakistan Inc. has decided to cease operations in Pakistan due to ongoing political and economic uncertainty. The company plans to reduce overhead expenses while seeking alternative opportunities.
As of September 30, 2024, the company had cash and restricted cash of approximately $1,337,000, down from $3,771,000 at the end of 2023. Management estimates this cash balance is sufficient to continue operations over the next 12 months.
The filing notes that the company is not currently subject to any legal proceedings but may become involved in such matters in the normal course of business.
The company identified material weaknesses in its internal controls over financial reporting, including inadequate segregation of duties and ineffective risk assessment processes.
Gamer Pakistan Inc. was delisted from the Nasdaq Stock Market on August 5, 2024, due to non-compliance with listing requirements, including a minimum bid price and filing requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gamer Pakistan Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.