Fri, Aug 16, 10:03 AM (151 days ago)
Good Gaming, Inc. reported significant challenges in its financial performance for Q2 2024, ending June 30, 2024. Total revenues fell by 90% year-over-year to $331, attributed to a strategic shift away from marketing in favor of pre-loading mobile games. Operating expenses increased to $532,163, reflecting higher costs related to advertising and game development. The net loss improved slightly to $675,048 from $707,194 in the prior year. As of June 30, 2024, the company faced a working capital deficit of $744,422, with total liabilities rising to $814,485. Cash reserves dwindled to $33,966, down from $295,098 a year prior. The ongoing liquidity issues have raised substantial doubt about the company's ability to continue as a going concern without additional financing. The company has exited the blockchain and Roblox gaming spaces, selling related assets for $12,500. Future operations will focus on mobile gaming, particularly through a partnership with ViaOne Services, aiming to embed games in mobile devices. The company is actively exploring financing options to sustain operations amid these transitions.