Company: GVSE
Filing Date: 2025-03-24
Form Type: S-1
Source: 0001641172-25-000381
Chunk: 30

Company: Gameverse Interactive Corp
Filing Date: 2025-03-24
Form: S-1
Chunk 30
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 13, 2024, and is based in Boca Raton, Florida. The Company is a software and video game development company that specializes
in technologies with a focus on creating immersive and engaging experiences for players and developers of all ages around the world.
Further, the Company uses virtual reality support, which is built into our Unreal engine and GoDot engine, meaning the Company will be
using these tools to integrate this into our game client, which is still in development. The heart of the Company is two brothers who
want to change the world of gaming through innovative ideas where they see the sector lacking in today’s gaming world.

The Company is currently in the pre-operation, development phase, and
has no customers or users, and has not generated any revenue to date.

Results of Operations

For the years ended December 31, 2024 and 2023

Through December 31, 2024, the Company has not
generated any revenue and has an accumulated deficit of approximately $2.5 million. Net loss from operations in 2024 and 2023 was $421,262
and $2,016,070, respectively. The 2023 net loss from operations includes $1,719,341 in stock based compensation expense in connection
with the below market sale of common stock during that year. Excluding the 2023 stock based compensation expense, operating expenses
increased in 2024 compared to 2023 due to the costs of programmers utilized in the continued build out of the TruWorlds platform, as
well as engaging advisors and consultants and other costs associated with readying the Company for the IPO, including the costs related
to auditing the Company’s historical financial statements. Cash used in operations in 2024 was $369,515 compared to $79,674 in
2023. This increase is due to the higher level of non-stock based compensation expense in 2024 as noted above.

Liquidity and Capital Resources

In 2024 and 2023, the Company received proceeds
of $1,024,000 and $422,760, respectively, from the sale of common stock in a friends and family round priced at $2.00 per share. In the
first quarter of 2025, the Company received an additional $325,000 from the sale of common stock at these same terms. Also in the first
quarter of 2025, the Company issued 132,000 shares of common stock in the friends and family round in