Company: GVSE
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0001493152-25-003624
Chunk: 35

Company: Gameverse Interactive Corp
Filing Date: 2025-01-24
Form: DRS/A
Chunk 35
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 Company has not recorded any revenues and has an accumulated deficit of approximately $2,173,982. Net loss from operations for the three months ended March 31, 2024, was approximately $95,458 versus $70 in the 2023 period. The 2024 increase reflects the costs of engaging programmers utilized in the design and creation of the TruWorlds platform, as well as engaging advisors and consultants and other costs associated with readying the Company for the IPO. Cash used in operations in the three months ended March 31, 2024, was approximately $89,000 versus approximately $70 in the same period in 2023.

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For the period end March 31, 2024, our Consolidated Statement of Operations reflects operating expenses of $94,895 versus $70 for the period ended March 31, 2023. The increase reflects the ramp up of operations, expansion of our management team, as well as an increase in professional services related to the intended IPO.

Liquidity and Capital Resources

In 2023, the Company received proceeds of $387,000 from the sale of common stock in a friends and family round at $2.00 a share with a par value of $0.001, and in 2024, the Company received $1,024,000 from the sale of common stock in the friends and family round at $2.00 a share with a par value of $0.001.

In anticipation of the initial public offering, we enhanced our presence in the gaming sector by adding new board members who have experience in the gaming sector who will bring quality knowledge to our company with their unique perspectives on how to launch our platform on a global scale and we are in the process of identifying and engaging a management team with extensive deep industry experience as employees and consultants to assist the Company in preparing for the initial public offering and subsequently, to operate and function as a public company. Through 2023, the Company primarily operated with only two full time employees and a series of consultants. During this period the primary activities included: technology evaluation, creation, and programming of the TruWorlds platform, capital acquisition and business development activities which in general, have readied the Company to launch the TruWorlds platform. The Company expended approximately $62,000 and $262,000 on these activities in 2022 and 2023, respectively. The majority of this was paid to employees and consultants as compensation. In 2023, the Company