Thu, Nov 14, 7:27 PM (247 days ago)
Good Gaming, Inc. (GMER) reported significant challenges in its quarterly financial results for the period ending September 30, 2024. Revenues increased to $174, a 596% rise year-over-year, but total revenues for the nine months decreased by 85% to $506, reflecting a strategic pivot toward mobile game distribution and halting previous gaming projects. Operating expenses decreased by 26% to $171,833 for the quarter, contributing to a reduced net loss of $178,269, down 35% from the prior year. As of September 30, 2024, GMER's total assets plummeted to $125,391 from $484,394, and it reported a working capital deficit of $886,565. The company’s cash reserves dwindled to $8,302, raising concerns about its ability to sustain operations without additional financing. The management is actively seeking partnerships to enhance game distribution and is focused on reducing costs to improve cash flow. The ongoing financial uncertainties and dependence on shareholder support highlight the urgent need for strategic financial management and capital acquisition to ensure operational continuity.