Company: GVSE
Filing Date: 2025-07-16
Form Type: S-1/A
Source: 0001641172-25-019925
Chunk: 105

Company: Gameverse Interactive Corp
Filing Date: 2025-07-16
Form: S-1/A
Chunk 105
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 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 March 31, 2025 were $743,333 and $909,783, respectively.

Note 4 – Commitments and Contingencies

Litigation

There was no on-going litigation for the year ended December 31, 2024, and three month period ended March 31, 2025. 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

As of December 31, 2024, and March 31, 2025, respectively, the Company had accrued expenses of $330,409 and $340,976. The accrued expenses include payroll costs of engaging programmers utilized in the design and creation of the Company’s technology platform, as well as engaging advisors and consultants and other costs associated with readying the Company for its initial public offering.

Note 6 – Capital Stock

At December 31, 2024, and March 31, 2025, the Company’s authorized common stock consists of 190,000,000 shares of common stock, par value $0.001 per share. The Company is also authorized to issue 10,000,000 shares of preferred stock, par value of $0.001 per share. The rights, preferences, and privileges of the holders of the preferred stock will be determined by the Board of Directors prior to issuance of such shares. As of the date of this report, the Board has not designated any preferred stock.

Friends and Family Direct Offering

During the three months ended March 31, 2025, the Company issued a total of 162,500 shares of common stock to three individuals for $2 per share. The purchasers of this common stock received a total of 162,500 warrants with a $3.00 strike price and a five-year term. During 2024 seven individuals purchased a total of 512,000 shares of common stock for $2 per share. The purchasers of the common stock in