Company: GVSE
Filing Date: 2025-03-24
Form Type: S-1
Source: 0001641172-25-000381
Chunk: 87

Company: Gameverse Interactive Corp
Filing Date: 2025-03-24
Form: S-1
Chunk 87
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3, the balances reported for cash and accrued expenses approximate the fair value because of their short maturities.

We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

| ● | Level                                                                                           
 1, defined as observable inputs such as quoted prices for identical instruments in active       
 markets;                                                                                        |
| ● | Level                                                                                           
 2, defined as inputs other than quoted prices in active markets that are either directly        
 or indirectly observable such as quoted prices for similar instruments in active markets        
 or quoted prices for identical or similar instruments in markets that are not active; and       |
| ● | Level                                                                                           
 3, defined as unobservable inputs in which little or no market data exists, therefore requiring 
 an entity to develop its own assumptions, such as valuations derived from valuation techniques  
 in which one or more significant inputs or significant value drivers are unobservable.          |

Recently Adopted Accounting Pronouncements

In November 2023, the FASB Issued Accounting Standard Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This standard requires disclosure of significant segment expenses, other segment items, and additional information about the chief operating decision maker (“CODM”). This update was effective for fiscal years beginning after December 15, 2023, and interim 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