Good Gaming, Inc.: Form 10-Q for the period ended Mar 31, 2025

Forward-Looking Statements and Associated Risks.

This form 10-Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate, or “continue” or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from much larger competitors; technological advances and failure to successfully develop business relationships.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Our auditors have issued a going concern opinion on the financial statements for the year ended December 31, 2024. This means that our auditors believe there is substantial doubt that we can continue as an ongoing business for the next twelve months from the date of issuance of these financial statements unless we obtain additional capital to pay our bills. This is because we have generated little revenue. Accordingly, we must raise cash from sources other than operations. Our only other source for cash at this time is investments by others in our company and the revenue we generate from the sales of our products. We must raise cash to continue our project and build our operations.

Plan of Operation – Milestones

We are at an early stage of our new business operations focusing on pre-installing games on mobile devices through our partnership with ViaOne Services. Over the next twelve months, our primary target milestones include:

1. Create a partnership with a game developer and preinstall a game on thousands of ViaOne Services devices.

2. Measure the results of pre-installing games through a series of controlled tests. Make adjustments as a result of the test.

3. Seek additional game developers and publishers seeking player acquisition through having their game pre-installed on tens of thousands of devices.

Limited operating history and need for additional capital

There is limited historical financial information about us upon which to base an evaluation of our performance relating to our new business direction. We have generated little revenue. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

Results of Operations

The three months ended March 31, 2025 as compared to March 31, 2024

• Working Capital

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• Operating Revenues

We have generated $0 and $183 in revenue in the three months ended March 31, 2025 and 2024, respectively which reflects a decrease of $183 or 100%. The decrease in revenue was attributed to the decision to halt Minecraft development.

• Operating Expenses and Net Loss

Operating expenses for the three months ended March 31, 2025 and 2024 were $80,005 and $282,984, respectively, which reflects a decrease of $202,979 or 253.71%. The decrease in expenses was attributable to a change in general administrative fees and professional fees.

During the three months ended March 31, 2025 and 2024, the Company recorded a net loss of $81,000 and $355,165, respectively, which reflects a decrease of $274,165 or 338.48%. The decrease in net loss was attributed to a decrease in operating expenses.

• Liquidity and Capital Resources

As of March 31, 2025 and 2024, the Company’s cash balance consisted of $2,159 and $158,316, respectively. The decrease in the cash balance was attributed to the expenses paid for day to day activities. As of March 31, 2025 and 2024, the Company had $55,530 and $332,936 in total assets, respectively. The decrease in total assets was attributed to cash paid for daily operations.

As of March 31, 2025 and 2024, the Company had total liabilities of $1,008,547 and $716,217, respectively. The increase in liabilities was attributable to the operating expenses to be paid in coming months.

As of March 31, 2025 and 2024, the Company has a working capital of ($953,017) and ($492,996), respectively. The increase in working capital is due to a decline in cash expended for day to day activity resulting in an increase in accounts payable.

Cash flow from Operating Activities

During the three months ended March 31, 2025 and 20244, the Company used $12,340 and $119,789 of cash for operating activities, respectively, which reflects a decrease of $107,449 or 89.70%. The decrease in the use of cash for operating activities was attributed to the company’s decrease in operating expenses.

Cash flow from Investing Activities

The Company used $0 and $26,860 in cash in investing activities during the quarter ended March 31, 2025 and 2024, respectively. The decrease of $26,380 in cash used in investing activities was attributed to the Company’s acquisition of intangible assets in 2024.

Cash flow from Financing Activities

During the quarters ended March 31, 2025 and 2024, the Company received $0 and $740 of proceeds from financing activities, respectively, which reflects a decrease of $740. The decrease was due to the lack of financing activity in 2025.

Going Concern

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern for a period of one year from the issuance of these financial statements without further financing.

Off-Balance Sheet Arrangements

As of March 31, 2025, we had no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Future Financings

We will continue to rely on equity sales of our preferred shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders.

There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We regularly evaluate the accounting policies and estimates we use to prepare our consolidated financial statements. Management’s estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

Evaluation of Disclosure Controls and Procedures

Based on the evaluation of our disclosure controls and procedures (as defined in Rule 13a-15e under the Securities Exchange Act of 1934 the “Exchange Act”), our principal executive officer and principal financial officer have concluded that as of the end of the three-month period ended March 31, 2025 covered by this quarterly report on Form 10-Q, such disclosure controls and procedures were not effective due to the lack of segregation of duties and lack of a formal review process that includes multiple levels of review to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms because of the identification of a material weakness in our internal control over financial reporting which we view as an integral part of our disclosure controls and procedures. The material weakness relates to the lack of segregation of duties in financial reporting, as our financial reporting and accounting functions were performed by an external consultant with no oversight by a professional with accounting expertise. Our Chief Executive Officer and Chief Financial Officer did not possess accounting expertise and our company does not have an audit committee. This weakness was due to the Company’s lack of working capital to hire additional staff. Subsequently, with the completion of transition in the management and Board, the financial management will be led by a certified public accountant with extensive accounting experience who follows the standards of U.S. generally accepted accounting principles and internal controls procedures to ensure the faithful representation of the financial statements, including the results of operations, financial position, and cash flows of the reporting entity.

Changes in Internal Control over Financial Reporting

Except as noted above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.