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Good Gaming Inc (GMER-0.65%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals a working capital deficit of $885,682 as of December 31, 2024, with total current assets of $91,857 and total current liabilities of $977,539.
The company reported operating revenues of $433 for the year, a decrease from $3,443 in 2023, attributed to a focus on developing a new game, Galactic Acres, and reduced activity on the MicroBuddies game.
Operating expenses for 2024 amounted to $949,434, down from $987,597 in 2023, due to changes in general and administrative fees, software development costs, and professional fees.
Good Gaming recorded a net loss of $962,963 for 2024, compared to a net loss of $864,979 in 2023, with the increase attributed to changes in operating expenses and other income.
Cash flow from operating activities used $281,216 in 2024, compared to $783,879 in 2023, reflecting payments for insurance expenses and professional fees.
Cash flow from investing activities resulted in a net cash use of $8,510 in 2024, compared to $147,360 provided in 2023, due to changes in digital asset sales and intangible asset purchases.
The company did not receive any proceeds from financing activities in 2024, compared to $8,876 in 2023.
Good Gaming's auditors issued a going concern opinion, citing recurring losses and a significant accumulated deficit as factors raising substantial doubt about the company's ability to continue operations.
The company plans to focus on pre-installing games on mobile devices through a partnership with ViaOne Services, with milestones including partnerships with game developers and measuring results from pre-installed games.
Good Gaming's management identified material weaknesses in internal controls over financial reporting, including the lack of an audit committee and appropriate cash controls, which they are addressing with remediation efforts.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.