Company: GVSE
Filing Date: 2025-03-28
Form Type: S-1/A
Source: 0001641172-25-001287
Chunk: 89

Company: Gameverse Interactive Corp
Filing Date: 2025-03-28
Form: S-1/A
Chunk 89
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 periods within fiscal years beginning afterDecember 15, 2024. Early adoption is permitted, and retrospective application is required. The Company retroactively adopted the required segment disclosures pursuant to ASU 2023-07 for the year ended December 31, 2023. Such adoption did not have an impact on our financial condition, results of operations, or cash flows.

| F-9 |

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued Accounting Standard Update No. 2024-03, Income Statement – Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard requires additional disclosures over certain expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and other specific expense categories. This standard also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact this update will have on our annual disclosures; however, it will not impact our financial condition, results of operations or cash flows.

Note 3 – Concentrations

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash and accounts receivable. The Company maintains its cash balances in bank deposit and money market accounts which, at times, may exceed federally insured limits.

Cash and Cash Equivalents

The Company maintains its cash in accounts at financial institutions, which may, at times, exceed federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant risk with respect to cash. Cash balances exceeding federally insured limits as of December 31, 2024, and 2023 were $743,333 and $93,086, respectively.

Note 4 – Commitments and Contingencies

Litigation

There was no on-going litigation for the years ended December 31, 2024, and 2023. However, the Company may be party to various claims or actions arising out of the ordinary course of business. While any proceeding or litigation contains an element of uncertainty, management believes no matter exists that would have a material impact on the Company’s financial position, liquidity, or results of operations.

Note 5 – Accrued Expenses