Company: GVSE
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0001493152-25-003624
Chunk: 36

Company: Gameverse Interactive Corp
Filing Date: 2025-01-24
Form: DRS/A
Chunk 36
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 used approximately $271,000 on operating activities including approximately $256,000 in salaries and approximately $4,000 on professional services and fees directly related to preparation for the intended IPO. In 2023, one consultant engaged by the Company became an employee and the Company now has three employees. For the three months ended March 31, 2024, the Company used approximately $95,458 on operating activities versus approximately $70 for the same period in 2023. The 2024 cash use included approximately $61,000 in salaries, approximately $29,000 in consulting and professional fees including legal, accounting and auditing fees as well as consulting fees for operational activities.

Through the period ended March 31, 2024, the Company has an accumulated deficit of approximately $2,174,000 and funded its operations through the sale of common stock. We anticipate that our expenses will increase in the future to support our operations and development activities associated with strategic partnering and collaborations as we well as advertising and marketing of our TruWorlds platform and the increased costs of operating as a public company. These increases will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, lawyers and accountants, among other expenses. Additionally, we anticipate increased costs associated with being a public company including expenses related to services associated with maintaining compliance with exchange listing and Securities and Exchange Commission requirements, insurance, and investor relations costs.

We will need additional funds while we develop our services business and to significantly advance development of our platform. The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources, including the proceeds from this offering.

These factors raise substantial doubt about our ability to continue as a going concern.

In the first quarter of 2024, the Company received proceeds of $60,000 from the sale of common stock. The Company continues to seek additional capital to expand and fund operations into the planned IPO which is targeted for this summer.

Critical Accounting Policies

In Footnote 2 of our Audited Financial Statements for the years ended December 31, 2023, and 2022, found elsewhere in this filing, we included a discussion of the most critical accounting policies used in the preparation of our financial statements. There has been no material change in the policies and estimates used in the preparation of our financial statements since the completion of the 2023 and 2022 audit.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements, as such term