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Good Gaming, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $174 from $25 in the same quarter of the previous year, attributed to a shift in strategy towards pre-loading games onto mobile devices.
Operating expenses for the quarter were $171,833, down from $231,628 in the previous year, primarily due to reduced contract labor costs and legal fees.
The company reported a net loss of $178,269 for the quarter, compared to a net loss of $275,547 in the previous year, with the improvement attributed to reduced operating expenses.
Cash and cash equivalents decreased to $8,302 as of September 30, 2024, from $304,225 at the end of 2023, due to expenses paid for daily operations and development.
Good Gaming had a working capital deficit of $886,565 as of September 30, 2024, compared to a deficit of $122,427 at the end of 2023, reflecting a decline in cash and an increase in liabilities.
The filing highlights a strategic partnership with ViaOne Services to distribute mobile games, and the launch of a new game, 'Galactic Acres,' which saw over 10,000 downloads in Q2 2024.
The company has exited operations related to Blockchain/Crypto gaming, Minecraft (MSFT+1.41%), and Roblox (RBLX0.00%), selling related assets for $12,500 in July 2024.
The report identifies a material weakness in internal controls over financial reporting due to a lack of segregation of duties and oversight by a professional with accounting expertise.
The company is actively seeking new partnerships with telecommunications providers, device manufacturers, and game publishers to expand its mobile game distribution.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Good Gaming Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.