Company: GMER
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001868
Chunk: 4

Company: GOOD GAMING, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 4
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 Company has been working to create a new game called MicroBuddies™ that will be played online and will use blockchain
technology. Digital Asset prices have been volatile in the past and may continue to be so in the future, owing to a variety of risks
and uncertainties. Under current accounting rules, digital assets are considered indefinite-lived intangible assets. The Company needs
to recognize impairment charges if any decrease in their fair values, whereas the Company may not make any upward revisions for market
price increases until a sale. Thus, the carrying value represents the lowest fair value of the digital assets.

    21

On
July 2, 2024 all USDC digital assets were sold at their carrying value of $5,654.
All remaining digital assets were sold to a former employee on July 24, 2024 for $12,500.

As
of December 31, 2024, the carrying value of the Company’s digital assets was $0, reflecting a $30 impairment charge. As of December
31, 2023, the carrying value of the Company’s digital assets was $4,597, reflecting a $220 impairment charge. 

4.
Intangible assets

Good
Gaming Inc. initiated the development of a new game, Galactic Acres, in 2023 eventually launching it on Google Play on February 17, 2024.
During the preliminary development phase, expenses were recorded as incurred. Subsequently, in the development phase, the Company incurred
costs from third-party services. These expenses were reclassified as Intangible Assets under ASC 350-40-30-1, permitting the capitalization
of costs associated with obtaining computer software from third parties. The capitalized costs are being amortized over an estimated
useful life of 5 years. The Company has not been able to generate advertising revenue associated with the game developed and as such,
Management has deemed the intangible assets to be impaired, resulting in an impairment charge of $88,819 during the year ended December
31, 2024. There was no impairment during the period ending December 31, 2023.

The
following summarizes the activity related to Intangible Assets during the year ended December 31, 2024, and the period ended December
31, 2023:

 Schedule of Intangible Assets 

    2024  
    2023 

    December
    31, 

    2024  
    2023 
  
    Int