Company: GMER
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001868
Chunk: 10

Company: GOOD GAMING, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 10
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2021, the Company amended both the original and new Employee Service Agreements, Secured Promissory Note, and Revolving
Convertible Promissory Note to allow for the conversion of Notes into shares of the Company’s Series E Preferred Stocks. Effective
December 31, 2021, the original Employee Service Agreement was converted into 24,540 shares of the Company’s Series E Preferred
Stocks and the new Employee Service Agreement was converted into 1,557 shares of the Company’s Series E Preferred Stocks. Additionally,
the Secured Promissory Note and Revolving Convertible Note were converted into 24,836 and 6,730 shares of the Company’s Series
E Preferred Stocks, respectively.

As
of December 31, 2024, the Company owes ViaOne Services a total of $972,381,
comprising $792,358
as part of the employee service agreement and
$180,023
as vendor payment.

The
Company’s Chairman and Chief Executive Officer are the Chairman of ViaOne.

10.
Income Taxes

The
Company has a net operating loss carried forward of approximately $7,207,158 available to offset taxable income in future years which
commence expiring in fiscal 2031.

Deferred
tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities.
Deferred tax assets or liabilities at the end of each period are determined using the tax rate expected to be in effect when taxes are
actually paid or recovered.

A
valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized.
A review of all available positive and negative evidence needs to be considered, including a company’s current and past performance,
the market environment in which the company operates, length of carryback and carryforward periods, and existing contracts that will
result in future profits. After reviewing all the evidence, the Company has recorded a full valuation allowance against its deferred
tax assets.

    25

The
significant components of deferred income tax assets and liabilities at December 31, 2024 and 2023 are as follows:

Schedule of Deferred Tax Assets and Liabilities  

    2024  
    2023 
  
    Net Operating Loss Carryforward 
    $1,691,713  
    $1,513,503 
  
    Valuation allowance 
     (1,691,713) 
    $(1,513,503)