Company: GMER
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001868
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Company: GOOD GAMING, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
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(expressed
in U.S. dollars)

1.
Nature of Operations and Continuance of Business

Good
Gaming, Inc. (formerly HDS International Corp.) (the “Company”) was incorporated on November 3, 2008, under the laws of the
State of Nevada. The company operates as a distributor of mobile games by pre-installing them on devices sold by mobile phone service
providers. Before adopting its current operating strategy, the Company launched a mobile game titled Galactic Acres, developed a crypto
game named MicroBuddies, created several engaging experiences on Roblox, managed multiple Minecraft servers, provided transaction verification
services within the digital currency networks of cryptocurrencies, and hosted numerous esports tournaments, which business operations
the Company formally exited by selling those assets and related intellectual property. The Company seeks to expand its footprint by creating
additional partnerships with other telecommunications providers, device manufacturers and game publishers.

Going
Concern

These
financial statements have been prepared on a going concern basis, implying that the Company will continue to realize its assets and
discharge its liabilities in the normal course of business. The Company has generated minimal revenues to date, has never paid any
dividends, and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of December
31, 2024, the Company had a working capital deficit of $885,682.

The
continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to
raise equity or debt financing, and the attainment of profitable operations from the Company’s future business. These factors raise
substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year from the issuance of
these financial statements.

These
financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and the classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.

2.
Summary of Significant Accounting Policies

Use
of Estimates

The
preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The
Company regularly evaluates estimates and assumptions related to the fair values of convertible debentures, derivative liability, stock-based
compensation, and deferred income tax asset