Company: GMER
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010826
Chunk: 9

Company: GOOD GAMING, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 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.

    F-7

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 March 31, 2025, the carrying value of the Company’s
digital assets was $0. As of December 31, 2024, the carrying value of the Company’s digital assets was $0, reflecting a $30 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.

The following summarizes the activity related to Intangible
Assets during the three months ended March 31, 2025 and the year ended December 31, 2024:

 Schedule of Intangible Assets 

    2025  
    2024 

    March 31,  
    December 31, 

    2025  
    2024 
  
    Intangible Assets 
    $-  
    $108,660 
  
    Accumulated Amortization 
     -  
     (19,841)
  
    Impair