Mon, Aug 19, 7:02 PM (148 days ago)
For the quarter ending June 30, 2024, Gamer Pakistan Inc. reported minimal revenue of $1,984, a significant increase from zero in the same period of 2023. However, the company incurred substantial operating expenses totaling approximately $1.46 million, leading to a net loss of about $1.45 million, compared to a loss of $140,133 in the previous year. The sharp rise in expenses is attributed primarily to increased consulting and professional fees. As of June 30, 2024, the company had cash and restricted cash of approximately $2.29 million, down from $3.77 million at year-end 2023. The decline in cash flow reflects the increased operational costs and a lack of financing activities in the current quarter, contrasting with the previous year’s financing through related party loans. The company faces significant liquidity concerns, with an accumulated deficit of approximately $3.81 million, raising doubts about its ability to continue operations without additional funding. Future operations may be impacted by the need for further capital to support growth and operational activities, particularly in the competitive esports market in Pakistan. The company has also faced delisting from Nasdaq due to compliance issues, which poses additional risks.