Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. GOOD GAMING, INC. (1454742) 10-Q published on May 15, 2020 at 8:13 am
The 0 issued and outstanding shares of Series D Preferred Stock were convertible into shares of common stock at the lower of the Fixed Conversion Price ($.06 per share) or at the VWAP which shall be defined as the average of the five (5) lowest closing prices during the 20 days prior to conversion.
As of March 31, 2020, the Company finalized its infrastructure overhaul for use in upcoming releases. A new, experimental version of Prison, Prison MMO, was launched as an early access game mode in February. Prison MMO is designed to be a self-sustaining Minecraft game mode which incorporates elements of the Massively Multiplayer Online video game genre. The Company expects steady growth from this mode as it continues to be developed.
We have generated $782 in revenue in the three months ended March 31, 2020 and $20,781 in revenue in the three months ended March 31, 2019, which reflects a decrease of $19,999 or 96.24%. The decrease in revenue was attributed to the issues the Company had with the servers when they launched the new version of the game modes.
Operating expenses for the three months ended March 31, 2020 were $102,112 compared with $249,700 for the three months ended March 31, 2019, which reflects a decrease of $147,588 or 59.11%. The decrease in expenses was attributable to the complete amortization of the assets purchased during the acquisition of Good Gaming, Inc. in 2019.
The Company had $0 in cash used in investing activities during the quarter ended March 31, 2020 and March 31, 2019. The Company decided not to buy any new servers at this point.