Company: GVSE
Filing Date: 2025-04-17
Form Type: S-1/A
Source: 0001641172-25-005196
Chunk: 35

Company: Gameverse Interactive Corp
Filing Date: 2025-04-17
Form: S-1/A
Chunk 35
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 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 exchange for 500,000 shares of
restricted common stock in an unrelated third-party, SRM Enterprises. In aggregate through the first quarter of 2025, the Company issued
1,000,000 shares of common stock through the friends and family round and received $1,736,000 in cash and 500,000 shares of restricted
stock in SRM Enterprises, for a total value received of $2,000,000.

In anticipation of the initial public offering,
we enhanced our capabilities in the gaming sector by adding new board members who bring expertise to our company with their unique perspectives
on how to launch gaming platforms on a global scale and we have begun to build management team with extensive industry experience to
assist the Company in preparing for the initial public offering and to operate and function as a public company. We will also continue
to utilize consultants to supplement our management team as needed. Through 2024, the Company primarily operated with only two full-time
employees and a small number of consultants. During this period the primary activities included: technology evaluation, creation, and
programming of the TruWorlds platform, capital raising, and business development activities which, in aggregate, support the eventual
launch of the TruWorlds platform.

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