Company: GVSE
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0001493152-25-003624
Chunk: 37

Company: Gameverse Interactive Corp
Filing Date: 2025-01-24
Form: DRS/A
Chunk 37
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 is defined in Item 303(a)(4) of Regulation S-K.

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Financial operations overview

Revenue

We did not produce any revenues through March 2024, and we do anticipate generating our first revenues in late 2024 from our services related to the launch of our TruWorlds platform and sale of our TruCoins tokens.

Operating Expenses

To date, the majority of our operating expenses relate to the salaries and wages as well as contract services related to: technology evaluation, creation, and programming of the TruWorlds platform, capital acquisition and business development. These activities and related expenditures have been recorded and reported as General and Administrative in our Financial Statements.

General and Administrative Expenses

In anticipation of the initial public offering, a management team with deep industry experience has been identified and engaged as employees and consultants to assist the Company in preparing for the initial public offering and subsequently, to operate and function as a public company. Through 2023, the Company primarily operated with only two full time employees and some consultants. In 2023, one of the consultants became an employee of the Company. During this period, the primary activities included: technology evaluation, creation, and programming of the TruWorlds platform, capital acquisition and business development activities The Company’s financial statements reflect an accumulated deficit of approximately $2,078,524 as of December 31, 2023, as a result of these activities. Our 2023 Statement of Operations reflects approximately $2,016,070 in operating expenses in 2023 versus approximately $62,000 in 2022. For the period ended March 31, 2024, the Statement of Operation reflects approximately $95,000 in operating expenses versus $70 in the 2023 period The increase reflects the Company’s preparation for its IPO including legal and accounting costs related to the audit of the Company’s 2022 – 2023 financial statements. The 2024 Consolidated Statement of Operations reflects Salaries of approximately $61,000, Consulting and other professional fees of approximately $29,000 For the 2023 three-month period these amounts were approximately $0, and $0. We anticipate that our general and administrative expenses will increase in the future to support our launch of the 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