GOOD GAMING, INC. (GMER) — 10-K

Filed 2026-04-03 · Period ending 2025-12-31 · 21,581 words · SEC EDGAR

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# GOOD GAMING, INC. (GMER) — 10-K

**Filed:** 2026-04-03
**Period ending:** 2025-12-31
**Accession:** 0001493152-26-015189
**Source:** [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1454742/000149315226015189/)
**Origin leaf:** 9e646c279cd7dba2bcec0101f6848b2dfe19d8385cac47725534fb533741ea7f
**Words:** 21,581



---

**
UNITED
STATES**
**SECURITIES
AND EXCHANGE COMMISSION**
**Washington,
D. C. 20549**
**Form
10-K**
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended December 31, 2025,
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File Number: 000-53949
**Good
Gaming, Inc.**
(Exact
name of registrant as specified in its charter)
| 
Nevada | 
| 
37-1902603 | |
| 
(State
or other jurisdiction
of
incorporation) | 
| 
(IRS
Employer
Identification
Number) | |
415
McFarlan Road, Suite 108
Kennett
Square, PA 19348
(Address
of principal executive offices and Zip Code)
(844)
419-7445
Registrants
telephone number, including area code
(Former
name, former address and former fiscal year, if changed since last report)
| 
Securities
registered pursuant to Section 12(b) of the Act: | 
| 
Securities
registered pursuant to section 12(g) of the Act: | |
| 
NONE | 
| 
COMMON
STOCK | |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. **YES NO **
Indicate
by check mark if the registrant is required to file reports pursuant to Section 13 or Section 15(d) of the Act: **YES NO **
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. **YES NO **
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). **YES NO **
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company
in Rule 12b-2 of the Exchange Act.
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Large
Accelerated Filer | 
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Accelerated
Filer | 
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Non-accelerated
Filer | 
| 
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Smaller
Reporting Company | 
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| |
| 
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| 
Emerging
Growth Company | 
| 
| |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ****
Indicate
by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ****
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. 
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b). 
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). **YES NO **
State
the aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was sold, or the average bid and asked price of such common equity, as of **June 30, 2025: $1,192,529.**Shares of common
stock held by each officer and director of the registrant on June 30, 2025 have been excluded in that such persons may be deemed to be
affiliates.
State
the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date: **129,119,273
as of April 3, 2026.**
| | |
**FORWARD
LOOKING STATEMENTS**
This
Annual Report on Form 10-K contains express or implied forward-looking statements within the meaning of the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange
Act, all of which are subject to risks and uncertainties. Forward-looking statements can be identified by the use of words such as expects,
plans, will, forecasts, projects, intends, estimates,
and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts.
These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully
consider any such statement and should understand that many factors could cause actual results to differ from our forward looking statements.
These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known
and some that are not. No forward looking statement can be guaranteed and actual future results may vary materially.
These
risks and uncertainties, many of which are beyond our control, include, and are not limited to:
| 
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| 
our
growth strategies; | |
| 
| 
| 
our
anticipated future operations and profitability; | |
| 
| 
| 
our
future financing capabilities and anticipated need for working capital; | |
| 
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the
anticipated trends in our industry; | |
| 
| 
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acquisitions
of other companies or assets that we might undertake in the future; | |
| 
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current
and future competition. | |
In
addition, factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Annual
Report on Form 10-K, and in particular, the risks discussed under the caption Managements Discussion and Analysis of Financial
Condition and Results of Operations, as well as those discussed in other documents we file with the SEC. We undertake no obligation
to revise or publicly release the results of any revisions to these forward-looking statements, except as required by law. Given these
risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
| 2 | |
**PART
I**
**ITEM
1. BUSINESS**
**General**
The
Company, incorporated on November 3, 2008, under the laws of the State of Nevada, aimed to become a leading tournament gaming provider
and an online destination for over 250 million esports players worldwide looking to compete at the high school or college level. Operating
as a developmental stage business with limited revenues and a history of operating losses, Good Gaming established the Good Gaming platform
in early 2014 to address the need for a structured organization for amateur gamers.
Good
Gaming became the first company to offer multi-game, multi-console services at the amateur esports level. The company completed its first
closed public beta testing of its 2.0 tournament platform on May 4, 2016, and on February 18, 2016, acquired the assets of Good Gaming,
Inc. from CMG Holdings Group, Inc.
David
B. Dorwart became the Chairman and CEO on June 27, 2017, bringing over 35 years of start-up entrepreneurism and executive-level management.
The Board further expanded with additions like Domenic Fontana and Jordan Axt, enhancing expertise in finance and branding. Eric Brown
joined as the Chief Operating Officer on August 29, 2017.
In
March 2019, the company discontinued Minecade and Olimpo servers, deciding to concentrate on core Good Gaming servers. Notably, in March
2021, the company formulated a plan for a new game, MicroBuddies, combining Ethereum ERC721 NFTs and ERC20 tokens,
launching the beta version in May 2021 and officially on December 17, 2021.
Several
corporate changes occurred in 2021, including uplisting to OTCQB, a private placement to institutional investors, and amendments to the
Articles of Incorporation.
In
2022, the Company diversified its development efforts by entering the Roblox gaming platform. As the year concluded, the Company launched
Roblox adaptations of well-received Minecraft titles, namely Treasure Island, incorporating the unique elements of MicroBuddies.
The strategic release allowed the Company to collect valuable player feedback, aiding in the ongoing refinement of both titles
features and functionality.
The
beta version of Treasure Island, a Microbuddies-themed Simulator game on Roblox. The Company has embarked on a robust development
schedule, unveiling beta versions of its Super Smash Brothers Brawl franchise on both the Minecraft PC platform and Roblox, a
Prison variant for Minecraft PC, and various Microbuddies themed games on the Roblox platform.
However,
the Company encountered substantial challenges related to developers, leading to missed updates, development complexities, and postponed
product launches. In July 2024, the Company sold all assets related to MicroBuddies, all owned Minecraft Servers, and Roblox because
those assets failed to generate revenue and were not actively maintained by the Company. This asset sale formally exited the Company
from the blockchain, Minecraft, and Roblox gaming spaces.
| 3 | |
In
response to these challenges, the Company initiated an in-depth business development research project, exploring opportunities in the
mobile gaming industry. Following the review, the Company forged a multi-year strategic partnership with ViaOne Services Inc. to distribute
Good Gaming mobile games to the Assist Wireless and enTouch Wireless customer bases. Simultaneously, the Company plans to release
its new mobile gaming experiences on popular platforms like the Apple App Store and Google Play Store.
A
significant development partnership with Arcadia Studios, a division of the Coeus Group of Companies, was also announced. Coeus Solutions,
a leading German software development group, collaborated with the Company in this endeavor. The first mobile game resulting from this
partnership, titled Galactic Acres, launched on February 16, 2024. This asset was
impaired as of December 31, 2024 due to lack of acceptance in the market.
To
broaden its mobile game distribution, the Company is actively seeking to establish new partnerships with telecommunications providers,
device manufacturers, and game publishers.
**Technology**
Expanding
its development portfolio in 2022, the Company ventured into the Roblox gaming platform, releasing Roblox versions of popular Minecraft
titles. Development partnerships with Meraki Studios and multiple releases were completed in 2023, featuring updates to the Minecraft
1.19 software version.
In
2024, the Company entered the mobile gaming market, focusing on creating character and story-driven experiences. In Q1 2024, the Company
launched a new intellectual property on mobile called Galactic Acres. In Q2, the Company began preparing the game
for pre-installation in mobile devices. In Q2 Galactic Acres saw more than 10,000 downloads. By the end of Q4 the Company made the decision
to fully impair this intellectual property because of limited market response to this game.
In
Q3 2024, the Company sold all assets and proprietary technology related to MicroBuddies, all owned Minecraft Servers, and Roblox
because those assets failed to generate revenue and were not actively maintained by the Company. They were sold for $12,500, when offset
by their carrying value resulted in a gain of $12,253.
**Business
Strategy**
In
the past, our management teams business strategy was to be a full-service company providing best-in-class Esports gaming tournaments
and Minecraft experiences. With the Covid-19 pandemic, the Esports industry suffered a considerable amount of lost business opportunities,
including for us. In addition, the size of the PC-based Minecraft gaming community has shrunk considerably. We have taken a hard look
at both the Esports and Minecraft business verticals and determined that both strategies are no longer in the best interest of the company
and our shareholders. Consequently, the Company decided to halt Roblox and Minecraft development.
With
the rise in the popularity of cryptocurrency and blockchain technologies, the Company decided to invest in the creation of its new game,
MicroBuddies, which combined Ethereum ERC721 NFTs (Non-fungible tokens), non-standard ERC20 tokens (GOO),
and strategic, long-tail web browser gameplay to replicate and create unique and collectible NFTs. ERC20 GOO tokens
are limited to use as in-game currency only.
| 4 | |
In
2023, the Company announced a strategic partnership with ViaOne Services Inc. to distribute Good Gaming mobile games to the Assist Wireless
and enTouch Wireless. Our initial strategic partnership with ViaOne Services allows us to embed our mobile games on thousands of
phones per month. Player acquisition is the most challenging aspect of game publishing. Our partnership with ViaOne Services will produce
considerable exposure for game developers to a new player base and intends to enhance player acquisition efforts significantly.
The
Company is focused on creating partnerships with other game developers and partners to broker agreements that generate revenue by preloading
their already successful games on ViaOne Services telecommunication company devices. The Company will also look to partner with other
niche mobile telecommunications companies and device manufacturers to expand its footprint.
**Intellectual
Property**
In
February 2024 we announced Galactic Acres as a new intellectual property for our first mobile game. Galactic
Acres included new characters, settings and stories to be featured throughout our mobile game releases and connected Web3
experiences. As previously mentioned this intellectual property has been fully impaired as of December 31, 2025.
**Insurance
Policies**
We
have an insurance policy through American International Group with the insurance coverage of up to $1,000,000.
**Employees**
In
shifting the focus toward pre-loading games, the full-time leased positions, Chief Operating Officer, Gaming Director, and Operations
Manager, were eliminated in July 2024, as were certain other external consultant positions. Pursuant to our Management Services Agreement
with ViaOne Services LLC, certain ViaOne employees are considered consultants of the Company. ViaOne Services will continue day-to-day
operations until it becomes necessary to create additional positions for the Company.
**Offices**
Our
executive offices are at 415 McFarlan Rd, Suite 108, Kennett Square, PA 19501. Our phone is (844) 419-7445.
**Corporate
Information**
Good
Gaming, Inc. was incorporated in the State of Nevada on November 3, 2008. Our principal business address is 415 McFarlan Rd, Suite 108,
Kennett Square, PA 19501. Our website address is www.good-gaming.com. The references to our website in this annual report are inactive
textual references only. The information on our website is neither incorporated by reference into this annual report nor intended to
be used in connection with this annual report.
**Available
Information**
We
file annual, quarterly, and current reports, proxy statements and other information with the U.S. Securities Exchange Commission (the
SEC). These filings are available to the public through the SECs website at http://www.sec.gov. All statements made
in any of our securities filings, including all forward-looking statements or information, are made as of the date of the document in
which the statement is included unless otherwise specified, and we do not assume or undertake any obligation to update any of those statements
or documents unless we are required to do so by law.
| 5 | |
**ITEM
1A. RISK FACTORS**
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
item.
**ITEM
1B. UNRESOLVED STAFF COMMENTS**
Not
applicable.
**ITEM
1C. CYBERSECURITY**
To
ensure compliance with industry standards and safeguard sensitive customer data, the Company mandates that all employees, regardless
of department or role, participate in annual Payment Card Industry Data Security Standard (PCI DSS) training. This training is designed
to educate staff on best practices for handling payment card information securely, identifying potential security risks, and mitigating
vulnerabilities. By reinforcing the importance of PCI compliance, we aim to foster a culture of cybersecurity awareness throughout the
organization, reduce the risk of data breaches, and maintain the highest level of protection for our customers financial information.
Failure to complete the required training may result in disciplinary actions, underscoring the critical importance of this initiative
in protecting both the Company and its customers.
**ITEM
2. PROPERTIES**
We
do not currently rent, lease, or own any real property.
**ITEM3.
LEGAL PROCEEDINGS**
We
are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business,
financial condition or operating results. From time to time, we may become involved in various lawsuits and legal proceedings, which
arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters
may arise from time to time that may harm our business.
**ITEM
4. MINE SAFETY DISCLOSURES**
Not
Applicable.
**PART
II**
**ITEM
5. MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**
Our
common stock commenced trading on the over-the-counter Bulletin Board on October 7, 2009. On closing of the OTCBB, the Company has been
trading on the OTCQB marketplace, and currently trades under the symbol GMER. You should be aware that over-the-counter
market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual
transactions. Following is a table of the high bid price and the low bid price for each quarter during the last two years.
| 
2024 | | 
High Bid | | | 
Low Bid | | |
| 
First Quarter, Ending March 31 | | 
$ | 0.0360 | | | 
$ | 0.0102 | | |
| 
Second Quarter, Ending June 30 | | 
$ | 0.0229 | | | 
$ | 0.0087 | | |
| 
Third Quarter, Ending September 30 | | 
$ | 0.0125 | | | 
$ | 0.0083 | | |
| 
Fourth Quarter, Ending December 31 | | 
$ | 0.0112 | | | 
$ | 0.0056 | | |
| 
2025 | | 
High Bid | | | 
Low Bid | | |
| 
First Quarter, Ending March 31 | | 
$ | 0.0127 | | | 
$ | 0.0121 | | |
| 
Second Quarter, Ending June 30 | | 
$ | 0.0103 | | | 
$ | 0.0100 | | |
| 
Third Quarter, Ending September 30 | | 
$ | 0.0087 | | | 
$ | 0.0077 | | |
| 
Fourth Quarter, Ending December 31 | | 
$ | 0.0074 | | | 
$ | 0.0063 | | |
| 6 | |
**Holders**
As
of April 3, 2026, we have 129,119,273 shares of our common stock issued and outstanding held by 57 stockholders of record.
As
of April 3, 2026, we had 7,500 shares of Series A Preferred Stock issued and outstanding, 19,296 shares of Series B Preferred Stock
issued and outstanding, 1 share of Series C Preferred Stock issued and outstanding, 0 share of Series D Preferred Stock issued and outstanding,
and 57,663 shares of Series E Preferred Stock issued and outstanding.
**Dividends**
We
have never declared or paid cash dividends. We currently intend to retain all future earnings for the operation and expansion of our
business and do not anticipate paying cash dividends on the common stock in the foreseeable future. Any payment of cash dividends in
the future will be at the discretion of our Board of Directors and will depend upon our results of operations, earnings, capital requirements,
contractual restrictions and other factors deemed relevant by our directors. Moreover, our Series D shares have cumulative dividend preference.
**Securities
Authorized for Issuance Under Equity Compensation Plans**
The
information required by this item with respect to securities authorized for issuance under equity compensation plans is set forth in
Part III, Item 12 of this Annual Report on Form 10-K, and is incorporated herein by reference.
**Penny
Stock Regulations and Restrictions on Marketability**
The
SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a market price below $5. Securities are registered on certain national securities exchanges or quoted on the NASDAQ
system which provides the current price and volume information. The penny stock rules require a broker-dealer, prior to a transaction
in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature
and level of risk in the market for penny stocks in both public offerings and secondary trading, (b) contains a description of the brokers
or dealers duties to the customer and of the rights and remedies available to the customer with respect to a violation of such
duties or other requirements of the securities laws, (c) contains a brief, clear, narrative description of a dealer market, including
bid and ask prices for penny stocks and the significance of the spread between the bid and ask price, (d) contains a toll-free telephone
number for inquiries on disciplinary actions, (e) defines significant terms in the disclosure document or in the conduct of trading in
penny stocks, and (f) contains such other information and is in such form, including language, type size and format, as the SEC shall
require by rule or regulation.
The
broker-dealer must also provide, prior to effecting any transaction in a penny stock, the customer with (a) bid and offer quotations
for the penny stock, (b) the compensation of the broker-dealer and its salesperson in the transaction, (c) the number of shares to which
such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock, and
(d) a monthly account statement showing the market value of each penny stock held in the customers account.
In
addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer
must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchasers
written acknowledgment of the receipt of a risk disclosure statement, a written agreement as to transactions involving penny stocks,
and a signed and dated copy of a written suitability statement.
These
disclosure requirements may have the effect of reducing the trading activity for our common stock. Therefore, stockholders may have difficulty
selling their shares of our common stock.
**Common
Stock**
Our
Articles of Incorporation authorize the Company to issue up to 100,000,000 shares of common stock, $0.001 par value. On May 3, 2018,
the Company increased its authorized common shares from 100,000,000 to 200,000,000. Each holder of our common stock is entitled to one
(1) vote for each share held on record on all voting matters we present for a vote of stockholders, including the election of directors.
Holders of common stock have no cumulative voting rights or preemptive rights to purchase or subscribe for any stock or other securities,
and there are no conversion rights or redemption or sinking fund provisions with respect to our common stock. All shares of the Companys
common stock are entitled to share equally in dividends from sources legally available when, and if, declared by the Companys
Board of Directors.
| 7 | |
Our
Board of Directors is authorized to issue additional shares of common stock not to exceed the amount authorized by the Articles of Incorporation,
on such terms and conditions and for such consideration as the Board may deem appropriate without further stockholder action.
In
the event of our liquidation or dissolution, all shares of the Companys common stock are entitled to share equally in our assets
available for distribution to stockholders. However, the rights, preferences and privileges of the holders of our common stock are subject
to, and may be adversely affected by, the rights of the holders of shares of preferred stock that have been issued or shares of preferred
stock that our Board of Directors may decide to issue in the future.
**Preferred
Stock**
Our
Articles of Incorporation initially authorized us to issue up to 2,250,350 shares of preferred stock, $0.001 par value. On December 21,
2021, the Company filed the amendment to increase the authorized shares of preferred stock to 5,000,000 shares. Of the 5,000,000 authorized
shares of preferred stock, the total number of shares of Series A Preferred Stock the Corporation shall have the authority to issue is
2,000,000, with a stated par value of $0.001 per share, the total number of shares of Series B Preferred Stock the Corporation shall
have the authority to issue is 249,999, with a stated par value of $0.001 per share, the total number of shares of Series C Preferred
Stock the Corporation shall have the authority to issue is 1, with a stated par value of $0.001 per share, the total number of shares
of Series D Preferred Stock the Corporation shall have the authority to issue is 350, with a stated par value of $0.001 per share, and
the total number of shares of Series E Preferred Stock the Corporation shall have the authority to issue is 2,750,000, with a stated
par value of $0.001 per share. Our Board of Directors is authorized, without further action by the shareholders, to issue shares of preferred
stock and to fix the designations, number, rights, preferences, privileges and restrictions thereof, including dividend rights, conversion
rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms. We believe that the Board of Directors
power to set the terms of, and our ability to issue preferred stock, will provide flexibility in connection with possible financing or
acquisition transactions in the future. The issuance of preferred stock, however, could adversely affect the voting power of holders
of common stock and decrease the amount of any liquidation distribution to such holders. The presence of outstanding preferred stock
could also have the effect of delaying, deterring or preventing a change in control of our company.
As
of April 3, 2026, we had 7,500 shares of our Series A preferred stock, 19,296 shares of Series B preferred stock, 1 share of Series
C preferred stock, 0 share of Series D preferred stock, and 57,663 shares of Series E preferred stock issued and outstanding.
The
7,500 issued and outstanding shares of Series A Preferred Stock are convertible into shares of common stock at a rate of 20 common shares
for each Series A Preferred Share. The 19,296 issued and outstanding shares of Series B Preferred Stock are convertible into shares of
common stock at a rate of 200 common shares for each Series B Preferred Share. The 57,663 issued and outstanding shares of Series E Preferred
Stock are convertible into shares of common stock at a rate of 1,000 common shares for each Series E Preferred Share. If all our Series
A, B and E Preferred Stock are converted into shares of common stock, the number of issued and outstanding shares of our common stock
will increase by 61,672,201 shares.
The
one issued and outstanding shares of Series C Preferred Stock has voting rights equivalent to 51% of all shares entitled to vote and
is held by ViaOne Services LLC, a Company controlled by our CEO.
The
Series D Preferred Stock can be 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. We did
not have any shares of Series D preferred stock issued and outstanding as of April 3, 2026.
Holders
of Series A, Series B, Series C, Series D and Series E have liquidation preference over common shareholders.
**Options**
We
have not issued and do not have any outstanding options to purchase shares of our common stock.
| 8 | |
**Registration
Rights**
As
of December 31, 2025, there are no other outstanding registration rights or similar agreements.
**Related
Party Transactions**
On
September 30, 2021, the Company entered into a new Employee Services Agreement with ViaOne effective as of September 1, 2021 (the Effective
Date). For a monthly management fee of $42,000 (the Monthly Management Fee), ViaOne shall provide to the Company
services related to the Companys human resources, payroll, marketing, advertising, accounting, and financial services for a period
of one year beginning on the Effective Date and automatically renewing for successive terms of one year each unless either party provides
90 days notice. ViaOne has the right to convert part or all of the Monthly Management Fee into shares of the Companys common
stock, par value $0.001 per share at a Conversion Rate equal to 125% of the Conversion Amount, divided by the Conversion Price. The Conversion
Price means, with respect to the Management Fee, 85% of the volume weighted average price (VWAP) for the 5 trading days
immediately prior to the date of the notice of conversion.
On
September 30, 2021, the Company and ViaOne entered into a revolving convertible promissory note (the Revolving Note). The
Company agrees to pay ViaOne the principal sum of $1,000,000 or such a smaller amount as ViaOne may advance to the Company from time
to time under the Revolving Note, which is subject to a simple interest rate of 8% per annum and will expire earlier on demand or the
third anniversary of the Original Issue Date. The Company granted ViaOne warrants to purchase the 1,000,000 shares of Common Stocks at
an exercise price of $0.42, a premium of 20% to the closing bid price of the Common Stock the trading day prior to the execution of the
Revolving Note. Payment of all obligations under the Revolving Note is secured by a security interest granted to ViaOne by the Company
in all of the right, title and interest of the Company in all assets of the Company currently owned or acquired hereafter. The Revolving
Note (and any unpaid interest or liquidated damages amount) may be converted into shares of Common Stock at a conversion price of eighty-five
percent (85%) of the VWAP for the five (5) trading days immediately prior to the date of the notice of conversion. The Revolving Note
contains customary events of default, including, among others, the failure by the Company to make a payment of principal or interest
when due. Following an event of default, ViaOne is entitled to accelerate the entire indebtedness under the Revolving Note. The restrictions
are also subject to certain additional qualifications and carve-outs, as set forth in the Revolving Note.
On
December 31, 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 Companys Series E Preferred Stocks. Effective
December 31, 2021, the original Employee Service Agreement was converted into 24,540 shares of the Companys Series E Preferred
Stocks and the new Employee Service Agreement was converted into 1,557 shares of the Companys Series E Preferred Stocks. Additionally,
the Secured Promissory Note and Revolving Convertible Note were converted into 24,836 and 6,730 shares of the Companys Series
E Preferred Stocks, respectively.
| 9 | |
As
of December 31, 2025, the Company owes ViaOne Services a total of $1,129,790, comprising $337,432 as part of the employee service
agreement and $278,432 as operational funding.
The
Companys Chairman and Chief Executive Officer are the same as the Chairman of ViaOne.
**Shares
Eligible for Future Sale**
As
of April 3, 2026, we had 129,119,274 shares of our common stock issued and outstanding, a breakdown of which follows:
| 
| 
110,023,832
shares are freely tradable without restrictions (commonly referred to as the public float) | |
| 
| 
19,095,442
shares are currently subject to the restrictions and sale limitations imposed by Rule 144. | |
From
time to time, certain of our stockholders may be eligible to sell some or all of their restricted shares of our common stock by means
of ordinary brokerage transactions in the open market pursuant to Rule 144, promulgated under the Securities Act, subject to certain
volume restrictions and restrictions on the manner of sale. In general, pursuant to Rule 144, non-affiliate stockholders may sell freely
after six months subject only to the current public information requirement. Affiliates may sell after six months subject to the Rule
144 volume, manner of sale, current public information and notice requirements.
The
eventual availability for sale of substantial amounts of our common stock under Rule 144 could adversely affect prevailing market prices
for our securities and cause you to lose most, if not all, of your investment in our business.
**Transfer
Agent**
Our
transfer agent is Securities Transfer Corporation with its principal address at 2901 N Dallas Parkway, Suite 380, Plano, TX 75093. Their
phone number is (469) 633-0101. Investors may reach our transfer agent at info@stctransfer.com.
**Recent
Sales of Unregistered Securities**
On
July 26, 2022, William Crusoe converted 1,000 Class B shares into common stock.
**Purchases
of Equity Securities by the Issuer and Affiliated Purchases**
During
each month within the fourth quarter of the fiscal year ended December 31, 2025, neither we nor any affiliated purchaser,
as that term is defined in Rule 10b-18(a)(3) under the Exchange Act, repurchased any of our common stock or other securities.
**ITEM
6. [Reserved]**
| 10 | |
**ITEM
7. Managements Discussion and Analysis of Financial Condition and Results of Operations**
This
Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For
this purpose, any statements contained in this Form 10-K that are not statements of historical fact including, without limitation, statements
under Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations regarding the
Companys financial position, business strategy and the plans and objectives of management for future operations, may be deemed
to be forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made
by, and information currently available to, the Companys management. Actual results could differ materially from those contemplated
by the forward-looking statements as a result of certain factors detailed in our filings with the SEC.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the notes thereto contained elsewhere in this Report. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties.
Our
auditors have issued a going concern opinion on the financial statements for the year ended December 31, 2025. This means that our auditors
believe there is substantial doubt that we can continue as an ongoing business for the next twelve months from the date of issuance of
these financial statements unless we obtain additional capital to pay our bills. This is because we have generated little revenue. Accordingly,
we must raise cash from sources other than operations. Our only other source for cash at this time is investments by others in our company
and the revenue we generate from the sales of our products. We must raise cash to continue our project and build our operations.
**Plan
of Operation Milestones**
We
are at an early stage of our new business operations focusing on pre-installing games on mobile devices through our partnership with
ViaOne Services. Over the next twelve months, our primary target milestones include:
| 
1. | 
Create
a partnership with a game developer and preinstall a game on thousands of ViaOne Services devices. | |
| 
2. | 
Measure
the results of pre-installing games through a series of controlled tests. Make adjustments as a result of the test. | |
| 
3. | 
Seek
additional game developers and publishers seeking player acquisition through having their game pre-installed on tens of thousands
of devices. | |
**Limited
operating history and need for additional capital**
There
is limited historical financial information about us upon which to base an evaluation of our performance relating to our new business
direction. We have generated little revenue. We cannot guarantee we will be successful in our business operations. Our business is subject
to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due
to price and cost increases in services and products.
**Results
of Operations**
December
31, 2025 as compared to December 31, 2024
| 
| 
| 
Working
Capital | |
| 
| | 
December 31, 2025 | | | 
December 31, 2024 | | |
| 
Current Assets | | 
$ | 91,115 | | | 
$ | 91,857 | | |
| 
Current Liabilities | | 
| 1,198,806 | | | 
| 977,539 | | |
| 
Working Deficit | | 
$ | (1,107,691 | ) | | 
$ | (885,682 | ) | |
| 
| 
| 
Operating
Revenues | |
We
have generated $0 in revenue in 2025 and $443 in revenue in the fiscal year of 2024, which reflects a decrease of $433 or 100.00%. The
decline in revenue is attributable to the Companys focus on developing a new game, Galactic Acres, and reduced activity on the
Microbuddies game by customers. In Q3 2024, the Company sold all assets and proprietary technology related to MicroBuddies, all
owned Minecraft Servers, and Roblox because those assets failed to generate revenue and were not actively maintained by the Company.
| 11 | |
| 
| 
| 
Operating
Expenses and Net Loss | |
Operating
expenses for the year ended December 31, 2025 were $231,854 compared with $949,434 for the year ended December 31, 2024. The decrease
in operating expenses in the amount of $717,147 or -309.31% is primarily attributed to a decrease in general and administrative fees
of approximately $122,000, a decrease in depreciation and amortization of approximately $20,000, offset by a decrease in
software development costs of $168,000, and a decrease, in professional fees of approximately $403,000, attributed to reduced legal fees
and reduced leased employee services.
During
the year ended December 31, 2025, the Company recorded a net loss of $235,674 compared with a net loss of $962,963 for the year
ended December 31, 2024. The decrease in net loss in the amount of $727,289 or -308.60% is attributed to a decrease in operating
expenses of $717,147 as discussed above, a decrease in other income of approximately $10,000. The decrease in other income is
attributed to other income of approximately $70,000 due to the write off of liabilities past the statute of limitations in 2024
compared to other income of $0 in 2025. In addition, we had a decrease in the impairment charge of approximately $88,000 due to the
write off of intangible assets in 2024 compared to $0 in 2025. The Company directed its efforts toward the development of a new
game, Galactic Acres, for which the internally developed software recorded as an intangible asset, was deemed impaired as of
December 31, 2024. Additionally, the Company had a realized gain from the sale of digital assets and the selling off of all assets
and proprietary technology related to MicroBuddies, all owned Minecraft Servers, and Roblox because those assets failed to
generate revenue and were not actively maintained by the Company.
| 
| 
| 
Liquidity
and Capital Resources | |
As
of December 31, 2025, the Companys cash balance consisted of $13,477 compared to cash balance of $14,499 as of December 31,
2024. The decrease in cash balance of $1,022 is primarily attributed to the continued decrease in day-to-day activities. As of
December 31, 2025, the Company had $91,115 in total assets compared to total assets of $91,857 as at December 31, 2024. The slight
decrease in total assets of $742 is primarily attributed to the decrease in the Companys operations in 2025.
As
of December 31, 2025, the Company had total liabilities of $1,198,906 compared with total liabilities of $977,539 as of December 31, 2024.
The increase in liabilities is primarily attributed to the increase in the amounts due to related party for the shared services agreement.
As
of December 31, 2025, the Company has a working deficit of $1,107,691 compared with a working deficit of $885,682 as of December 31,
2024. The increase in the working deficit is ascribed to the utilization of cash for operational needs and an increase in the due to
related party for the shared services.
**Cash
flow from Operating Activities**
During
the year ended December 31, 2025, the Company used $1,022 of cash for operating activities as compared to the cash usage of $281,217
for operating activities during the year ended December 31, 2024. The cash used during the year is attributed to the decrease in stock
based compensations as well as the increase in accounts payable and accrued expenses and the amounts due to related party for the shared
services.
**Cash
flow from Investing Activities**
During
the years ended December 31, 2025, the Company had $0 in cash used in investing activities compared to $8,510 in cash provided by investing
activities for the year ended December 31, 2024. The decrease of $8,510 in cash used in investing activities is due to the lack of investing
activities in 2025.
| 12 | |
**Going
Concern**
We
have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities.
For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will
be able to continue as a going concern for a period of one year from the issuance of these financial statements without further financing.
**Off-Balance
Sheet Arrangements**
As
of December 31, 2025, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures
or capital resources that are material to stockholders.
**Future
Financings**
We
will continue to rely on equity sales of our shares to continue to fund our business operations. Issuance of additional shares will cause
dilution to existing stockholders. Additionally, we will continue to rely on our related Company to provide services to us with flexible
payment terms.
There
is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our
operations and other activities.
**Critical
Accounting Policies**
Our
financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles
applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting
periods.
We
regularly evaluate the accounting policies and estimates we use to prepare our financial statements. Managements estimates are
based on historical experience, on information from third party professionals, and on various other assumptions that are believed to
be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.
**Recently
Issued Accounting Pronouncements**
We
have implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial
statements unless otherwise disclosed. We do not believe that there are any other new accounting pronouncements that have been issued
that might have a material impact on its financial position or results of operations.
**Smaller
Reporting Company Status**
We
are a smaller reporting company, meaning that the market value of our stock held by non-affiliates plus the aggregate amount
of gross proceeds to us as a result of the IPO is less than $700 million and our annual revenue was less than $100 million during the
most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our stock held
by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed
fiscal year and the market value of our stock held by non-affiliates is less than $700 million. We may continue to rely on exemptions
from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company
we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K, and
have reduced disclosure obligations regarding executive compensation.
**ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**
The
Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information under
this item.
| 13 | |
**ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**
**REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
*
To
the Board of Directors and Stockholders
Good
Gaming, Inc.
**Opinion
on the Financial Statements**
We
have audited the accompanying balance sheets of Good Gaming, Inc. (the Company) as of December 31, 2025, and December 31,
2024, and the related statements of operations, stockholders deficit, and cash flows for each of the two years in the period ended
December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and December 31,
2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity
with accounting principles generally accepted in the United States of America.
**Substantial
Doubt about the Companys ability to continue as a Going Concern**
The
accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to
the financial statements, the Company has suffered recurring losses from operations, has a significant accumulated deficit and a working
capital deficit of $1,107,691 as of December 31, 2025. These factors raise substantial doubt about the Companys ability to continue
as a going concern. Managements plans in regard to these matters are also described in Note 1. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
**Basis
for Opinion**
These
financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on the Companys
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
**Critical
Audit Matters**
A
critical audit matter is a matter arising from the current period audit of the financial statements that was communicated or required
to be communicated to the Companys governance and that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.
Victor
Mokuolu, CPA PLLC
| 
| |
| 
| 
| |
| 
We
have served as the Companys auditor since 2022. | |
| 
| 
| |
| 
Houston,
Texas | |
| 
| 
| |
| 
April 3, 2026 | 
| |
| 
PCAOB
ID: 6771 | 
| |
| 14 | |
**Good
Gaming, Inc.**
**Balance
Sheets**
**(Expressed
in U.S. Dollars)**
| 
| | 
December 31, 2025 | | | 
December 31, 2024 | | |
| 
ASSETS | | 
| | | | 
| | | |
| 
Current Assets | | 
| | | | 
| | | |
| 
Cash and Cash Equivalents | | 
$ | 13,477 | | | 
$ | 14,499 | | |
| 
Prepaid expenses | | 
| 77,638 | | | 
| 77,358 | | |
| 
Total Current Assets | | 
| 91,115 | | | 
| 91,857 | | |
| 
| | 
| | | | 
| | | |
| 
TOTAL ASSETS | | 
$ | 91,115 | | | 
$ | 91,857 | | |
| 
LIABILITIES & STOCKHOLDERS DEFICIT | | 
| | | | 
| | | |
| 
Current Liabilities | | 
| | | | 
| | | |
| 
Accounts Payable and Accrued Expenses | | 
$ | 11,091 | | | 
$ | 5,158 | | |
| 
Accounts Payable - Related Party | | 
| 1,187,715 | | | 
| 972,381 | | |
| 
Accounts Payable and Accrued Expenses | | 
| 1,187,715 | | | 
| 972,381 | | |
| 
Total Current Liabilities | | 
| 1,198,806 | | | 
| 977,539 | | |
| 
| | 
| | | | 
| | | |
| 
Total Liabilities | | 
| 1,198,806 | | | 
| 977,539 | | |
| 
| | 
| | | | 
| | | |
| 
Stockholders Deficit | | 
| | | | 
| | | |
| 
Class A Preferred Stock | | 
| | | | 
| | | |
| 
Authorized: 2,000,000 Preferred Shares, Par Value $0.001 Per Share Issued and Outstanding: 7,500 Shares | | 
| 8 | | | 
| 8 | | |
| 
Class B Preferred Stock | | 
| | | | 
| | | |
| 
Authorized: 249,999 Preferred Shares, Par Value $0.001 Per Share Issued and Outstanding: 19,296 Shares | | 
| 19 | | | 
| 19 | | |
| 
Class C Preferred Stock | | 
| | | | 
| | | |
| 
Authorized: 1 Preferred Shares, Par Value $0.001 Per Share Issued and Outstanding: 1 Share | | 
| 1 | | | 
| 1 | | |
| 
Class D Preferred Stock | | 
| | | | 
| | | |
| 
Authorized: Authorized: 350 Preferred Shares, Par Value $0.001: No shares Issued and Outstanding | | 
| - | | | 
| - | | |
| 
Class E Preferred Stock | | 
| | | | 
| | | |
| 
Authorized: Authorized: 2,750,000 Preferred Shares, Par Value $0.001 Per Share Issued and Outstanding: 57,663 | | 
| 58 | | | 
| 58 | | |
| 
Preferred stock value | | 
| 58 | | | 
| 58 | | |
| 
Common Stock | | 
| | | | 
| | | |
| 
Authorized: 200,000,000
Common Shares, Par Value $0.001
Per Share Issued and Outstanding December 31, 2025 and December 31, 2024,
respectively:129,119,273and127,929,031 | | 
| 129,117 | | | 
| 127,929 | | |
| 
Additional Paid-In Capital | | 
| 10,573,582 | | | 
| 10,561,105 | | |
| 
Accumulated Deficit | | 
| (11,810,476 | ) | | 
| (11,574,802 | ) | |
| 
Total Stockholders Deficit | | 
| (1,107,691 | ) | | 
| (885,682 | ) | |
| 
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT | | 
$ | 91,115 | | | 
$ | 91,857 | | |
The
accompanying notes are an integral part of these consolidated financial statements
| 15 | |
**Good
Gaming, Inc.**
**Statements
of Operations**
**(Expressed
in U.S Dollars)**
| 
| | 
2025 | | | 
2024 | | |
| 
| | 
For the year ended December 31 | | |
| 
| | 
2025 | | | 
2024 | | |
| 
Revenues | | 
$ | - | | | 
$ | 433 | | |
| 
Cost of Revenues | | 
| - | | | 
| - | | |
| 
Gross Profit | | 
| - | | | 
| 433 | | |
| 
| | 
| | | | 
| | | |
| 
Operating Expenses | | 
| | | | 
| | | |
| 
General and Administrative | | 
| 137,107 | | | 
| 258,856 | ) | |
| 
Contract Labor | | 
| - | | | 
| 5,000 | | |
| 
Software Development | | 
| - | | | 
| 167,702 | | |
| 
Depreciation and Amortization Expense | | 
| - | | | 
| 19,841 | | |
| 
Professional Fees | | 
| 94,747 | | | 
| 498,035 | | |
| 
Total Operating Expenses | | 
| 231,854 | | | 
| 949,434 | | |
| 
Operating Loss | | 
| (231,854 | ) | | 
| (949,001 | ) | |
| 
Other Income (Expense) | | 
| | | | 
| | | |
| 
Gain on Sale of Digital Assets | | 
| - | | | 
| 5,654 | | |
| 
Impairment Cost of Intangible Assets | | 
| - | | | 
| (88,850 | ) | |
| 
Other Income | | 
| - | | | 
| 69,569 | | |
| 
Interest Expense | | 
| (3,820 | ) | | 
| (335 | ) | |
| 
Total Other (Expense) Income | | 
| (3,820 | ) | | 
| (13,962 | ) | |
| 
| | 
| | | | 
| | | |
| 
Net Loss | | 
$ | (235,674 | ) | | 
$ | (962,963 | ) | |
| 
| | 
| | | | 
| | | |
| 
Net Loss Per Share, Basic and Diluted | | 
$ | (0.00 | ) | | 
$ | (0.01 | ) | |
| 
| | 
| | | | 
| | | |
| 
Weighted Average Shares Outstanding | | 
| 129,057,047 | | | 
| 122,518,951 | | |
The
accompanying notes are an integral part of these consolidated financial statements
| 16 | |
**Good
Gaming, Inc.**
**Statements
of Cash Flows**
| 
| | 
2025 | | | 
2024 | | |
| 
| | 
For Year End December 31, | | |
| 
| | 
2025 | | | 
2024 | | |
| 
Operating Activities | | 
| | | | 
| | | |
| 
| | 
| | | | 
| | | |
| 
Net Loss | | 
$ | (235,674 | ) | | 
$ | (962,963 | ) | |
| 
| | 
| | | | 
| | | |
| 
Adjustment To Reconcile Net Loss to | | 
| | | | 
| | | |
| 
Net Cash Used In Operating Activities | | 
| | | | 
| | | |
| 
Adjustment To Reconcile Net Loss to Net Cash Used In Operating Activities | | 
| | | | 
| | | |
| 
Due from Tebex | | 
| - | | | 
| 147 | | |
| 
Depreciation and Amortization | | 
| - | | | 
| 19,841 | | |
| 
Stock based compensation | | 
| 13,665 | | | 
| 105,034 | | |
| 
Gain on Sale of Digital Assets | | 
| - | | | 
| (5,654 | ) | |
| 
Impairment Cost of Intangible Assets | | 
| - | | | 
| 88,850 | | |
| 
Write-off of liabilities past statute of limitations | | 
| - | | | 
| (57,316 | ) | |
| 
Changes in operating assets and liabilities | | 
| | | | 
| | | |
| 
Prepaid expenses | | 
| (280 | ) | | 
| 16,267 | | |
| 
Accounts Payable - Related Party | | 
| 215,334 | | | 
| 496,410 | | |
| 
Accounts Payable and accrued expenses | | 
| 5,933 | | | 
| 18,168 | | |
| 
| | 
| | | | 
| | | |
| 
Net Cash Provided By (Used in) Operating Activities | | 
| (1,022 | ) | | 
| (281,216 | ) | |
| 
| | 
| | | | 
| | | |
| 
Investing Activities | | 
| | | | 
| | | |
| 
| | 
| | | | 
| | | |
| 
Selling Digital Assets | | 
| - | | | 
| 18,350 | | |
| 
Purchase of Intangible Assets | | 
| - | | | 
| (26,860 | ) | |
| 
| | 
| | | | 
| | | |
| 
Net Cash Provided By (Used in) Investing Activities | | 
| - | | | 
| (8,510 | ) | |
| 
| | 
| | | | 
| | | |
| 
Change in Cash and Cash Equivalents | | 
| (1,022 | ) | | 
| (289,726 | ) | |
| 
| | 
| | | | 
| | | |
| 
Cash and Cash Equivalents, Beginning Of Year | | 
| 14,499 | | | 
| 304,225 | | |
| 
| | 
| | | | 
| | | |
| 
Cash and Cash Equivalents, End Of Year | | 
$ | 13,477 | | | 
$ | 14,499 | | |
| 
| | 
| | | | 
| | | |
| 
Supplemental disclosure of cash flow information | | 
| | | | 
| | | |
| 
Cash paid for interest | | 
$ | - | | | 
$ | 335 | | |
| 
Cash paid for taxes | | 
$ | - | | | 
$ | - | | |
The
accompanying notes are an integral part of these consolidated financial statements
| 17 | |
**Good
Gaming, Inc.**
**Statements
of Stockholders Deficit**
| 
| | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Capital | | | 
Deficit | | | 
Total | | |
| 
| | 
Preferred Stock | | | 
| | 
| | | 
| | 
| | | 
Additional | | | 
| | | 
| | |
| 
| | 
Class A | | | 
Class B | | | 
Class C | | | 
Class D | | | 
Class E | | | 
Common Stock | | | 
Warrants | | | 
Paid-in | | | 
Accumulated | | | 
| | |
| 
| | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Shares | | | 
Amount | | | 
Capital | | | 
Deficit | | | 
Total | | |
| 
Balance, December 31, 2023 | | 
| 7,500 | | | 
$ | 8 | | | 
| 19,296 | | | 
$ | 19 | | | 
| 1 | | | 
$ | 1 | | | 
| - | | | 
$ | - | | | 
| 57,663 | | | 
$ | 58 | | | 
| 119,799,453 | | | 
$ | 119,799 | | | 
| 3,333,333 | | | 
$ | 333 | | | 
$ | 10,455,738 | | | 
$ | (10,611,839 | ) | | 
$ | (35,883 | ) | |
| 
| | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | |
| 
Stock-Based Compensation - employees | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| 7,845,864 | | | 
| 7,844 | | | 
| (3,333,333 | ) | | 
$ | (333 | ) | | 
| 100,653 | | | 
| | | | 
$ | 108,164 | | |
| 
Stock Based Compensation | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| 285,714 | | | 
| 286 | | | 
| | | | 
| | | | 
| 4,714 | | | 
| | | | 
5,000 | | |
| 
Net Loss | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| (962,963 | ) | | 
$ | (962,963 | ) | |
| 
| | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | |
| 
Balance, December 31, 2024 | | 
| 7,500 | | | 
$ | 8 | | | 
| 19,296 | | | 
$ | 19 | | | 
| 1 | | | 
$ | 1 | | | 
| - | | | 
$ | - | | | 
| 57,663 | | | 
$ | 58 | | | 
| 127,931,031 | | | 
$ | 127,929 | | | 
| - | | | 
$ | - | | | 
$ | 10,561,105 | | | 
$ | (11,574,802 | ) | | 
$ | (885,682 | ) | |
| 
Balance | | 
| 7,500 | | | 
$ | 8 | | | 
| 19,296 | | | 
$ | 19 | | | 
| 1 | | | 
$ | 1 | | | 
| - | | | 
$ | - | | | 
| 57,663 | | | 
$ | 58 | | | 
| 127,931,031 | | | 
$ | 127,929 | | | 
| - | | | 
$ | - | | | 
$ | 10,561,105 | | | 
$ | (11,574,802 | ) | | 
$ | (885,682 | ) | |
| 
Stock Based Compensation | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| 1,188,242 | | | 
| 1,188 | | | 
| | | | 
| | | | 
| 12,477 | | | 
| | | | 
13,665 | | |
| 
Net Loss | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| - | | | 
| (235,674 | ) | | 
$ | (235,674 | ) | |
| 
Balance, December 31, 2025 | | 
| 7,500 | | | 
$ | 8 | | | 
| 19,296 | | | 
$ | 19 | | | 
| 1 | | | 
$ | 1 | | | 
| - | | | 
$ | - | | | 
| 57,663 | | | 
$ | 58 | | | 
| 129,119,273 | | | 
$ | 129,117 | | | 
| - | | | 
$ | - | | | 
$ | 10,573,582 | | | 
$ | (11,810,476 | ) | | 
$ | (1,107,691 | ) | |
| 
Balance | | 
| 7,500 | | | 
$ | 8 | | | 
| 19,296 | | | 
$ | 19 | | | 
| 1 | | | 
$ | 1 | | | 
| - | | | 
$ | - | | | 
| 57,663 | | | 
$ | 58 | | | 
| 129,119,273 | | | 
$ | 129,117 | | | 
| - | | | 
$ | - | | | 
$ | 10,573,582 | | | 
$ | (11,810,476 | ) | | 
$ | (1,107,691 | ) | |
The
accompanying notes are an integral part of these consolidated financial statements
| 18 | |
Good
Gaming, Inc.
Notes
to the Financial Statements
(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, 2025, the Company
had a working capital deficit of $1,107,691.
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 Companys future business. These factors raise
substantial doubt regarding the Companys 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 valuation allowances. The Company bases its estimates and assumptions on current facts, historical
experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent
from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates.
To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
**Cash
Equivalents**
The
Company considers all highly liquid instruments with maturities of three months or less at the time of issuance to be cash equivalents.
Amounts receivable from credit card processors are also considered cash equivalents because they are both short-term and highly liquid
in nature.
| 19 | |
**Intangible
Assets**
Intangible
assets are carried at the purchased cost less accumulated amortization. Amortization is computed over the estimated useful lives of the
respective assets, generally five years.
**Impairment
of Long-Lived Assets**
Long-lived
assets and certain identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted
future cash flows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss for long-lived
assets and certain identifiable intangible assets that management expects to hold and use is based on the fair value of the asset. Long-lived
assets and certain identifiable intangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs
to sell.
**Basic
and Diluted Net Loss Per Share**
The
Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted
earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders
(numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive
potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted
method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased
from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
On December 31, 2025 and December 31, 2024, the Company had 10,000,000 and 10,000,000 potentially dilutive shares from outstanding preferred
stock, respectively.
**Income
Taxes**
Potential
benefits of income tax losses are not recognized in the accounts until realization is more likely than not. Under ASC 740, the Company
is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have
not been recognized in these consolidated financial statements because the Company cannot be assured it is more likely than not it will
utilize the net operating losses carried forward in future years. Unrecognized tax positions, if ever recognized in the consolidated
financial statements, are recorded in the statement of operations as part of the income tax provision. Our policy is to recognize interest
and penalties accrued on uncertain tax positions, if any, as part of the income tax provision. The Company has no liability for uncertain
tax positions. Unrecognized tax positions, if ever recognized in the not consolidated financial statements, are recorded in the statement
of operations as part of the income tax provision. The Companys policy is to recognize interest and penalties accrued on uncertain
tax positions, if any, as part of the income tax provision.
**Financial
Instruments**
ASC
820, Fair Value Measurements and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs
and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent,
objective evidence surrounding the inputs used to measure fair value. A financial instrument categorized within the fair value hierarchy
is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels
that may be used to measure fair value:
Level
1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
| 20 | |
Level
2
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability
such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets
with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are
observable or can be derived principally from, or corroborated by, observable market data.
Level
3
Level
3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities.
The
carrying values of all of our other financial instruments, which include accounts payable and accrued liabilities, and amounts due to
related parties approximate their current fair values because of their nature and respective maturity dates or durations.
**Advertising
Expenses**
Advertising
expenses are included in general and administrative expenses in the Statements of Operations and are expensed as incurred. The Company
incurred $51,694 and $128,511 in advertising and promotion expenses in the years ended December 31, 2025 and 2024, respectively.
**Revenue
Recognition**
Revenue
is recognized in accordance with ASC 606. The Company performs the following five steps: (i) identify the contract(s) with a customer,
(ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price
to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
The Company applies the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is
probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.
At contract inception, once the contract is determined to be within the scope of Topic 606, the Company evaluates the goods or services
promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company
recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the
performance obligation is satisfied. Revenues primarily include revenues from microtransactions. Microtransaction revenues are derived
from selling virtual goods to the Companys players. Proceeds from the sales of virtual goods directly are recognized as revenues
when a player uses the virtual goods.
**Recent
Accounting Pronouncements**
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the not consolidated financial statements unless otherwise disclosed. The Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
**3.
Digital Assets**
In
2021, the Company has been working to create a new game called MicroBuddies that will be played online and will use blockchain
technology. Digital Asset prices have been volatile in the past and may continue to be so in the future, owing to a variety of risks
and uncertainties. Under current accounting rules, digital assets are considered indefinite-lived intangible assets. The Company needs
to recognize impairment charges if any decrease in their fair values, whereas the Company may not make any upward revisions for market
price increases until a sale. Thus, the carrying value represents the lowest fair value of the digital assets.
| 21 | |
On
July 2, 2024 all USDC digital assets were sold at their carrying value of $5,654. All remaining digital assets were sold to a former
employee on July 24, 2024 for $12,500.
As
of December 31, 2025, the carrying value of the Companys digital assets was $0, reflecting a $30 impairment charge. As of December
31, 2024, the carrying value of the Companys digital assets was $4,597, reflecting a $220 impairment charge.
**4.
Intangible assets**
Good
Gaming Inc. initiated the development of a new game, Galactic Acres, in 2023 eventually launching it on Google Play on February 17,
2024. During the preliminary development phase, expenses were recorded as incurred. Subsequently, in the development phase, the
Company incurred costs from third-party services. These expenses were reclassified as Intangible Assets under ASC 350-40-30-1,
permitting the capitalization of costs associated with obtaining computer software from third parties. The capitalized costs are
being amortized over an estimated useful life of 5
years. The Company has not been able to generate advertising revenue associated with the game developed and as such,
Management has deemed the intangible assets to be impaired, resulting in an impairment charge of $88,819
during the year ended December 31, 2024. There were no intangible assets and no
impairment during the year ended December 31, 2025.
The
following summarizes the activity related to Intangible Assets during the year ended December 31, 2025, and the period ended December
31, 2024:
Schedule of Intangible Assets
| 
| | 
| | | 
| | |
| 
| | 
December 31, | | |
| 
| | 
2025 | | | 
2024 | | |
| 
Intangible Assets | | 
$ | - | | | 
$ | 108,691 | | |
| 
Accumulated Amortization | | 
| - | | | 
| (19,841 | ) | |
| 
Impairment | | 
| - | | | 
| (88,819 | ) | |
| 
Intangible Assets, Net | | 
$ | - | | | 
$ | - | | |
**5.
Common Stock**
The
Company issued stock-based compensation for which the fair value on the date of issuance was determined based upon the average trading
value that day.
**Equity
Transactions for the Year Ended December 31, 2024**:
On
January 26, 2024, the Company issued 739,655 Companys common stock to ViaOne employees as stock based compensation.
On
April 18, 2024, the Company issued 2,209,047 Companys common stock to ViaOne employees as stock based compensation.
On
May 3, 2024, the Company issued 641,519 Companys common stock to ViaOne employees as stock based compensation.
On
June 6, 2024, the Company issued 641,519 Companys common stock to ViaOne employees as stock based compensation.
On
June 12, 2024, the Company issued 285,714 Companys common stock to a ViaOne consultant as stock based compensation.
On
July 15, 2024, the Company issued 641,519 Companys common stock to ViaOne employees as stock based compensation.
On
August 7, 2024, the Company issued 594,121 Companys common stock to ViaOne employees as stock based compensation.
On
September 6, 2024, the Company issued 594,121 Companys common stock to ViaOne employees as stock based compensation.
On
October 8, 2024, the Company issued 594,121 Companys common stock to ViaOne employees as stock based compensation.
On
November 6, 2024, the Company issued 596,121 Companys common stock to ViaOne employees as stock based compensation.
On
December 9, 2024, the Company issued 594,121 Companys common stock to ViaOne employees as stock based compensation.
**Equity
Transactions for the Year Ended December 31, 2025**:
On
January 3, 2025, the Company issued 594,121 Companys common stock to ViaOne employees as stock based compensation.
On
February 3, 2025, the Company issued 594,121 Companys common stock to ViaOne employees as stock based compensation.
| 22 | |
**6.
Preferred Stock**
Our
Articles of Incorporation authorize us to issue up to 5,000,350 shares of preferred stock, $0.001 par value. Of the 5,000,350 authorized
shares of preferred stock, the total number of shares of Series A Preferred Stock the Corporation shall have the authority to issue is
2,000,000, with a stated par value of $0.001 per share, the total number of shares of Series B Preferred Stock the Corporation shall
have the authority to issue is 249,999, with a stated par value of $0.001 per share, the total number of shares of Series C Preferred
Stock the Corporation shall have the authority to issue is 1, with a stated par value of $0.001 per share, and the total number of shares
of Series D Preferred Stock the Corporation shall have the authority to issue is 350, with a stated par value of $0.001 per share, and
the total number of shares of Series E Preferred Stock the Corporation shall have the authority to issue is 2,750,000, with a stated
par value of $0.001 per share. Our Board of Directors is authorized, without further action by the shareholders, to issue shares of preferred
stock and to fix the designations, number, rights, preferences, privileges and restrictions thereof, including dividend rights, conversion
rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms. We believe that the Board of Directors
power to set the terms of, and our ability to issue preferred stock, will provide flexibility in connection with possible financing or
acquisition transactions in the future. The issuance of preferred stock, however, could adversely affect the voting power of holders
of common stock and decrease the amount of any liquidation distribution to such holders. The presence of outstanding preferred stock
could also have the effect of delaying, deterring or preventing a change in control of our company.
As
of December 31, 2025, we had 7,500 shares of our Series A preferred stock, 19,296 shares of Series B preferred stock, 1 share of Series
C Preferred Stock, and 0 shares of Series D Preferred Stock, and 57,663 shares of Series E preferred stock issued and outstanding.
The
7,500 issued and outstanding shares of Series A Preferred Stock are convertible into shares of common stock at a rate of 20 common shares
for each Series A Preferred Share. The 19,296 issued and outstanding shares of Series B Preferred Stock are convertible into shares of
common stock at a rate of 200 common shares for each Series B Preferred Share. The 57,663 issued and outstanding shares of Series E Preferred
Stock are convertible into shares of common stock at a rate of 1,000 common shares for each Series E Preferred Share. If all of our Series
A, B and E Preferred Stock are converted into shares of common stock, the number of issued and outstanding shares of our common stock
will increase by 61,672,201 shares.
The
1 issued and outstanding share of Series C Preferred Stock has voting rights equivalent to 51% of all shares entitled to vote and is
held by ViaOne Services LLC, a Company controlled by our CEO.
The
Series D Preferred Stock can be 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. We did
not have any share of Series D preferred stock issued and outstanding as of December 31, 2025.
The
holders of Series A, Series B, Series C and Series D have a liquidation preference to the common shareholders.
**7.
Warrant**
As
part of the Private Placement from December 2021, the Company issued new warrants according to the following table:
Schedule
of Private Placement Warrants
| 
| | 
| | | 
Weighted | | |
| 
| | 
Number of | | | 
Average | | |
| 
| | 
Shares | | | 
Exercise Price | | |
| 
Outstanding at December 31, 2023 | | 
| 22,392,004 | | | 
$ | 0.1963 | | |
| 
Issued | | 
| - | | | 
| - | | |
| 
Exercised | | 
| - | | | 
| - | | |
| 
Expired or cancelled | | 
| - | | | 
| - | | |
| 
Outstanding at December 31, 2024 | | 
| 22,392,004 | | | 
| 0.1963 | | |
| 
Issued | | 
| - | | | 
| - | | |
| 
Exercised | | 
| - | | | 
| - | | |
| 
Expired or cancelled | | 
| - | | | 
| - | | |
| 
Outstanding at December 31, 2025 | | 
| 22,392,004 | | | 
$ | 0.1963 | | |
The
following table summarizes warrants outstanding as of December 31, 2025:
Schedule
of Warrants Outstanding
| 
| | 
| | | 
Weighted Average | | | 
| | |
| 
| | 
Number | | | 
Remaining | | | 
Weighted | | |
| 
| | 
Outstanding | | | 
Contractual | | | 
Average | | |
| 
Exercise Price | | 
and Exercisable | | | 
Life (years) | | | 
Exercise price | | |
| 
$0.1495 - $0.2000 | | 
| 22,392,004 | | | 
| 1.33 | | | 
$ | 0.1963 | | |
| 23 | |
**9.
Related Party Transactions**
On
September 30, 2021, the Company entered into a new Employee Services Agreement with ViaOne effective as of September 1, 2021 (the Effective
Date). For a monthly management fee of $42,000 (the Monthly Management Fee), ViaOne shall provide to the Company
services related to the Companys human resources, payroll, marketing, advertising, accounting, and financial services for a period
of one year beginning on the Effective Date and automatically renewing for successive terms of one year each unless either party provides
90 days notice. ViaOne has the right to convert part or all of the Monthly Management Fee into shares of the Companys common
stock, par value $0.001 per share at a Conversion Rate equal to 125% of the Conversion Amount, divided by the Conversion Price. The Conversion
Price means, with respect to the Management Fee, 85% of the volume weighted average price (VWAP) for the 5 trading days
immediately prior to the date of the notice of conversion.
On
September 30, 2021, the Company and ViaOne entered into a revolving convertible promissory note (the Revolving Note). The
Company agrees to pay ViaOne the principal sum of $1,000,000 or such a smaller amount as ViaOne may advance to the Company from time
to time under the Revolving Note, which is subject to a simple interest rate of 8% per annum and will expire earlier on demand or the
third anniversary of the Original Issue Date. The Company granted ViaOne warrants to purchase the 1,000,000 shares of Common Stocks at
an exercise price of $0.42, a premium of 20% to the closing bid price of the Common Stock the trading day prior to the execution of the
Revolving Note. Payment of all obligations under the Revolving Note is secured by a security interest granted to ViaOne by the Company
in all of the right, title and interest of the Company in all assets of the Company currently owned or acquired hereafter. The Revolving
Note (and any unpaid interest or liquidated damages amount) may be converted into shares of Common Stock at a conversion price of eighty-five
percent (85%) of the VWAP for the five (5) trading days immediately prior to the date of the notice of conversion. The Revolving Note
contains customary events of default, including, among others, the failure by the Company to make a payment of principal or interest
when due. Following an event of default, ViaOne is entitled to accelerate the entire indebtedness under the Revolving Note. The restrictions
are also subject to certain additional qualifications and carve-outs, as set forth in the Revolving Note.
On
December 31, 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 Companys Series E Preferred Stocks. Effective
December 31, 2021, the original Employee Service Agreement was converted into 24,540 shares of the Companys Series E Preferred
Stocks and the new Employee Service Agreement was converted into 1,557 shares of the Companys Series E Preferred Stocks. Additionally,
the Secured Promissory Note and Revolving Convertible Note were converted into 24,836 and 6,730 shares of the Companys Series
E Preferred Stocks, respectively.
As
of December 31, 2025, the Company owes ViaOne Services a total of $1,129,790, comprising $337,432 as part of the employee service agreement
and $792,358 as vendor payment.
The
Companys Chairman and Chief Executive Officer is the Chairman of ViaOne.
**10.
Income Taxes**
****
Summary
of Operating Loss Carryforwards
| 
| | 
2025 | | | 
2024 | | |
| 
Federal Net Operating Losses | | 
$ | 8,486,804 | | | 
$ | 8,251,130 | | |
| 
State Net Operating Losses | | 
$ | 7,797,646 | | | 
$ | 7,561,972 | | |
| 
Net Operating Losses | | 
$ | 7,797,646 | | | 
$ | 7,561,972 | | |
As
of December 31, 2025 the Company has federal net operating loss carried forward of available to offset taxable income. Of this total,
$1,453,277 which commence expiring in fiscal 2036. The balance of $7,033,528 has no expiration date but is limited to
80% of taxable income in any given year The Company has a Pennsylvania net operating loss carryforward of $7,797,381. Pennsylvania limits
net operating loss deductions to 40% of taxable income but will phase in an increase in the net operating limits through 2029 after which
time it will conform with federal rules.
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 companys 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.
| 24 | |
The
significant components of deferred income tax assets and liabilities at December 31, 2025 and 2024 are as follows:
Schedule of Deferred Tax Assets and Liabilities
| 
| | 
2025 | | | 
2024 | | |
| 
Federal Net Operating Loss Carryforward | | 
$ | 1,782,229 | | | 
$ | 1,732,737 | | |
| 
State Net-Operating Loss Carryforward | | 
$ | 492,178 | | | 
$ | 477,302 | | |
| 
Valuation allowance | | 
| (2,274,407 | ) | | 
$ | (2,210,039 | ) | |
| 
Net Deferred Tax Asset | | 
$ | - | | | 
$ | - | | |
**11.
Commitments and Contingencies**
None.
**12.
Acquisition and Discontinued Operations**
None.
**13.
Subsequent Events**
None
**ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**
None.
| 25 | |
**ITEM
9A. CONTROLS AND PROCEDURES**
**Disclosure
Controls and Procedures**
We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the
Exchange Act), that are designed to ensure that information required to be disclosed by us in the reports that we file
or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities
and Exchange Commissions rules and forms and that such information is accumulated and communicated to our management, including
our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
We
carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December
31, 2025. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal
controls over financial reporting, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and
procedures were not effective as of December 31, 2025.
We
believe we have applied procedures and processes as necessary to ensure the reliability of our financial reporting regarding this annual
report. Accordingly, the Company believes, based on its knowledge, that: (i) this annual report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
they were made, not misleading with respect to the period covered by this report; and (ii) the financial statements, and other financial
information included in this annual report, fairly present in all material respects our financial condition, results of operations and
cash flows as of and for the periods presented in this annual report.
**Managements
Report on Internal Control Over Financial Reporting**
Management
is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f).
The Companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Under
the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company
conducted an evaluation of the effectiveness of the Companys internal control over financial reporting as of December 31, 2025
using the criteria established in Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
| 26 | |
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Companys annual or interim financial statements will not be prevented
or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31,
2025, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.
| 
| 
1. | 
We
do not have an Audit Committee While not being legally obligated to have an audit committee, it is the managements
view that such a committee, including a financial expert member, is the important entity-level control over the Companys financial
statements. Currently, the Board of Directors acts in the capacity of the Audit Committee and does not include a member that is considered
to be independent of management to provide the necessary oversight over managements activities. | |
| 
| 
| 
| |
| 
| 
2. | 
We
did not maintain appropriate cash controls Until June 30, 2017, we did not maintain sufficient internal controls over
financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require
dual signature on our bank accounts. From June 30, 2017 through December 31, 2025, due to the change in corporate officers and board
of directors, we have implemented appropriate cash controls and enforced separation of accounting functions to appropriately maintain
cash controls. | |
| 
| 
3. | 
We
implemented appropriate information technology controls As of December 31, 2025, we retain copies of all financial data
and material agreements. There is a formal procedure or evidence of normal backup of our data or off-site storage of the data in
the event of theft, misplacement, or loss due to unmitigated factors. | |
Accordingly,
we have concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or
interim financial statements will not be prevented or detected on a timely basis by the Companys internal controls.
Due
to the material weaknesses described above, we did not maintain effective internal control over financial reporting as of December 31,
2025 based on criteria established in Internal ControlIntegrated Framework (2013) issued by COSO.
**Continuing
Remediation Efforts to address deficiencies in Companys Internal Control over Financial Reporting**
The
Company has engaged in a merit business and has sufficient personnel available. Our Board of Directors, in particular, has established
the following remediation measures in connection with the aforementioned deficiencies:
| 
| 
1. | 
Our
Board of Directors has nominated a financial expert on our Board of Directors. | |
| 
| 
| 
| |
| 
| 
2. | 
We
have appointed additional personnel to assist with the preparation of our monthly financial reporting, which includes preparation
of the monthly bank reconciliations. | |
**Changes
in Internal Control over Financial Reporting**
There
are no recent changes in internal controls.
**ITEM
9B. OTHER INFORMATION DATA**
(a)
Disclosure in lieu of reporting on a Current Report on Form 8-K
None.
(b)
Insider Trading Arrangements and Policies.
During
the three months ended December 31, 2025, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement
or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
**ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.**
Not
applicable.
| 27 | |
**PART
III**
**ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**
Our
directors shall serve on the Board of Directors until their successors are elected and qualified. Our Board of Directors appoints our
officers. The following table provides the names, positions and ages of our directors and officers:
| 
Name | 
| 
Age | 
| 
Position | |
| 
David
Dorwart | 
| 
67 | 
| 
CEO,
Director | |
| 
| 
| 
| 
| 
| |
| 
John
D Hilzendager | 
| 
43 | 
| 
CFO,
Director | |
| 
| 
| 
| 
| 
| |
| 
Jordan
Axt | 
| 
44 | 
| 
CMO,
Director | |
We
have no knowledge of any arrangements, including any pledge by any person of our securities, the operation of which may at a subsequent
date cause a change in our control. We are not, to the best of our knowledge, directly or indirectly owned or controlled by another corporation
or foreign government.
David
Dorwart, CEO and Director since June 27, 2017 and chairman since June 21, 2017
David
Dorwart from January 2011 to the present, is the Chairman of the Board of Assist Wireless, a company based in Fort Worth, Texas that
is a leading provider of lifeline phone service for individuals and families who qualify for government assistance. They are one of the
fastest growing wireless providers in the telecommunications industry targeting the unbanked/underbanked and credit-challenged consumer
demographic. In addition, Mr. Dorwart, since 2010, is the President and CEO of Acacia Energy, LLC. A provider of electric service to
Customers in the Texas deregulated areas. Acacia Energy serves residential and small commercial businesses. Also since 2010, David Dorwart
has been the CEO of PayGo Distributors, LLC, a distribution company with over 100 Independent Sales Organizations under their management.
PayGO focuses on distributing prepaid Electric, Home Phone and Wireless Services to residential Customers within the United States. Since
2009, he has been the CEO of Britton & Associates, a full-service Construction Consulting Firm. They specialize in building claims
and construction disputes throughout the United States. From 1999 to 2009, he was the Founder, President & CEO of dPi Teleconnect/dPi
Energy, LLC. He graduated from University of Delaware with a B.S. in Business.
John
D. Hilzendager, CFO and Director since April 19, 2024
John
JD Hilzendager currently serves as the Chief Operating Officer at ViaOne Services and as a board member. With over 20 years
of experience in the wireless industry, he joined ViaOne Services in 2015, bringing with him a deep and comprehensive understanding of
executive leadership and the telecommunications sector. JDs extensive background enables him to drive improvements across sales,
operations, logistics, compliance, systems, and reporting processes. He was honored with the AT&T Summit Award in 2015 and is a three-time
recipient of the Verizon Wireless Winners Circle award. JD graduated from the University of North Texas with a B.S. in Applied
Technology and is passionate about mentoring the generation of young leaders.
Jordan
Axt, CMO and Director since June 21, 2017
Jordan
Axt is a results-producing marketing professional with over 20 years of experience successfully developing marketing and branding strategies.
Executives, colleagues, and journalists have consistently noted him for his specific expertise in bringing products and services online
with a comprehensive digital go-to-market strategy. He has previously held executive level positions as Director of Marketing for ProfitPoint
Inc. and Clutch Holdings LLC. He is Vice President of Marketing of ViaOne Services where he develops all marketing and customer acquisition
strategies for 14 consumer facing brands.
| 28 | |
**Involvement
in Certain Legal Proceedings**
During
the past ten years, David Dorwart, John Hilzendager and Jordan Axt have not been the subject of the following events:
| 
| 
A
petition under the Federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar
officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner
at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer
at or within two years before the time of such filing; | |
| 
| 
| |
| 
| 
Convicted
in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); | |
| 
| 
| |
| 
| 
The
subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction,
permanently or temporarily enjoining him from, or otherwise limiting, the following activities; | |
| 
| 
| |
| 
| 
Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the
foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee
of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice
in connection with such activity; | |
| 
| 
| |
| 
| 
Engaging
in any type of business practice; or | |
| 
| 
| |
| 
| 
Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal
or State securities laws or Federal commodities laws; | |
| 
| 
| |
| 
| 
The
subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring,
suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph
3.i in the preceding paragraph or to be associated with persons engaged in any such activity; | |
| 
| 
| |
| 
| 
Was
found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities
law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated; | |
| 
| 
| |
| 
| 
Was
found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any
Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been
subsequently reversed, suspended or vacated; | |
| 
| 
| |
| 
| 
Was
the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated, relating to an alleged violation of: | |
| 
| 
| |
| 
| 
Any
Federal or State securities or commodities law or regulation; or | |
| 
| 
| |
| 
| 
Any
law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent
injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal
or prohibition order, or | |
| 
| 
| |
| 
| 
Any
law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or | |
| 
| 
| |
| 
| 
Was
the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization
(as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29)
of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary
authority over its members or persons associated with a member. | |
**Audit
Committee**
We
do not have a separately designated audit committee. Accordingly, our board of directors is deemed our audit committee as provided for
under the Sarbanes-Oxley Act of 2002.
| 29 | |
**Code
of Ethics**
We
have adopted a corporate code of ethics. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest
and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws;
ensure prompt internal reporting of code violations; and provide accountability for adherence to the code.
**Insider
Trading Policy**
Our
Insider Trading Policy, included within our code of ethics, governs the purchase, sale and other disposition of our securities by directors,
officers, and employees that is designed to promote compliance with insider trading laws, rules and regulations, and applicable listing
standards, as well as procedures designed to further the foregoing purposes. In addition, it is our intent to comply with applicable
laws and regulations relating to trading in our securities.
**Section
16(a) of the Securities Exchange Act of 1934**
Section
16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who beneficially own more than
10% of our equity securities, to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Officers,
directors and greater than 10% shareholders are required by SEC regulation to furnish the Company with copies of all Section 16(a) forms
they file. Based on our review of the copies of such forms we received, we believe that during the fiscal year ended December 31, 2017,
we have not complied with such filing requirements applicable to our officers and directors. We plan to follow such filing requirements
in the future.
**Director
Independence**
We
do not have any independent directors.
**Family
Relationships**
There
are no family relationships between any of the officers, directors, or consultants.
**Conflicts
of Interest**
Our
officers and directors are also officers/directors of ViaOne Services and therefore, will devote time to projects that do not involve
us.
**Compensation
of Directors**
Members
of our Board of Directors are not compensated for their services as directors. The Board has not implemented a plan to award options
to any directors. There are no contractual arrangements with any Board of Directors member. We have no director service contracts. We
do not currently have any long-term incentive plans that provide compensation intended to serve as incentive for performance.
**Indemnification**
Under
our Articles of Incorporation and Bylaws of the corporation, we may indemnify an officer or director who is made a party to any proceeding,
including a lawsuit, because of his position, if he acted in good faith and in a manner, he reasonably believed to be in our best interest.
We may advance expenses incurred in defending a proceeding. To the extent that the officer or director is successful on the merits in
a proceeding as to which he is to be indemnified, we must indemnify him against all expenses incurred, including attorneys fees.
With respect to a derivative action, indemnity may be made only for expenses actually and reasonably incurred in defending the proceeding,
and if the officer or director is judged liable, only by a court order. The indemnification is intended to be to the fullest extent permitted
by the laws of the State of Nevada.
Regarding
indemnification for liabilities arising under the Securities Act of 1933, which may be permitted to directors or officers under Nevada
law, we are informed that, in the opinion of the Securities and Exchange Commission, indemnification is against public policy, as expressed
in the Act and is, therefore, unenforceable.
We
are not categorized as a shell company as that term is defined in Reg. 405 of the Act. A shell company is
a corporation with no or nominal assets or its assets consist solely of cash, and no or nominal operations.
| 30 | |
**ITEM
11 EXECUTIVE COMPENSATION**
The
following tables set forth, for each of the last two completed fiscal years of us, the total compensation awarded to, earned by or paid
to any person who was a principal executive officer during the preceding fiscal year and every other highest compensated executive officers
earning more than $100,000 during the last fiscal year (together, the Named Executive Officers). The tables set forth below
reflect the compensation of the Named Executive Officers.
**Summary
Compensation Table**
| 
Name and Principal Position | | 
Year | | | 
Salary ($) | | | 
Bonus ($) | | | 
Stock Awards ($) | | | 
Option Awards ($) | | | 
Non-Equity Incentive Plan Compensation ($) | | | 
Nonqualified Deferred Compensation Earnings ($) | | | 
All Other Compensation ($) | | | 
Total ($) | | |
| 
| | 
| | | 
| | | 
| | | 
| | | 
| | | 
| | | 
| | | 
| | | 
| | |
| 
David | | 
| 2024 | | | 
| -0- | | | 
| -0- | | | 
| 22,206 | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| 22,206 | | |
| 
Dorwart, Chairman, CEO | | 
| 2025 | | | 
| -0- | | | 
| -0- | | | 
| 3,049 | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| 3,049 | | |
| 
| | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | |
| 
John | | 
| 2024 | | | 
| -0- | | | 
| -0- | | | 
| 4,772 | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| 4,772 | | |
| 
Hilzendager, CFO | | 
| 2025 | | | 
| -0- | | | 
| -0- | | | 
| 655 | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| 655 | | |
| 
| | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | | 
| | | |
| 
Jordan | | 
| 2024 | | | 
| -0- | | | 
| -0- | | | 
| 4,772 | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| 4,772 | | |
| 
Axt, CMO | | 
| 2025 | | | 
| -0- | | | 
| -0- | | | 
| 655 | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| -0- | | | 
| 655 | | |
**Narrative
Disclosure to Summary Compensation Table**
Other
than set out below, there are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive
officers. Our directors and executive officers may receive share options at the discretion of our board of directors in the future. We
do not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors
or executive officers, except that share options may be granted at the discretion of our board of directors.
**Stock
Option Plan**
On
April 30, 2018, the holder of one (1) share of Series C Preferred Stock of the Company that entitles such holder to vote a majority of
the issued and outstanding voting securities of the Companys approved by written consent that the Company adopts the 2018 Stock
Incentive Plan (the 2018 Plan) under which the Board may decide at its sole discretion to grant equity awards to certain
employees and consultants as set forth in the 2018 Plan. The description of the 2018 Plan does not purport to be complete and is incorporated
herein by reference to a current report on form 8-k filed with the Securities and Exchange Commission on May 4, 2018.
On
March 7, 2022, the holder of one (1) share of Series C Preferred Stock of the Company that entitles such holder to vote a majority of
the issued and outstanding voting securities of the Companys approved by written consent that the Company adopt 2022 Stock Incentive
Plan (the 2022 Plan), which replaced the 2018 Stock Incentive Plan. There are 30,000,000 shares authorized under the 2022
Plan, which is an increase from 10,000,000 authorized under the 2018 Plan. Under the 2022 Plan, the board of directors of the Company
(the Board) may decide at its sole discretion to grant equity awards to certain employees and consultants, including employees
and consultants of ViaOne Services, Inc., who are also deemed consultants of the Company.
**Grants
of Plan-Based Awards**
There
were no plan-based awards outstanding as of December 31, 2025.
| 31 | |
**OUTSTANDING
EQUITY AWARDS AT FISCAL YEAR-END**
**Compensation
of Directors**
We
do not have any agreements for compensating our directors for their services in their capacity as directors as of December 31, 2026.
**Pension,
Retirement or Similar Benefit Plans**
There
are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have
no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive
officers, except that stock options may be granted at the discretion of the board of directors or a committee thereof. (please advise)
**Employment
Contracts**
There
is no standing employment contract with the Company as of December 31, 2026.
**ITEM
12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**
Beneficial
Owners
The
following table sets forth certain information regarding beneficial ownership of our common stock as of April 3, 2026 (i) each person
(or group of affiliated persons) who is known by us to own more than five percent (5%) of the outstanding shares of our common stock,
(ii) each director, executive officer and director nominee, and (iii) all of our directors, executive officers and director nominees
as a group.
Beneficial
ownership is determined under SEC rules and generally includes voting or investment power with respect to securities. For purposes of
this table, a person or group of persons is deemed to have beneficial ownership of any shares of common stock that such
person has the right to acquire within 60 days of the date of the respective table. For purposes of computing the percentage of outstanding
shares of our common stock held by each person or group of persons named above, any shares that such person or persons has the right
to acquire within 60 days of the date of the respective table is deemed to be outstanding for such person, but is not deemed to be outstanding
for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially
owned does not constitute an admission of beneficial ownership.
Unless
otherwise noted, the business address of each beneficial owner listed is 415 McFarlan Road, Suite 108, Kennett Square, PA 19348. Except
as otherwise indicated, the persons listed below have the sole voting and investment power with respect to all shares of our common stock
owned by them, except to the extent that power may be shared with a spouse.
As
of April 3, 2026, we had 129,119,273 shares of common stock issued and outstanding.
| 
Name of Beneficial Owner | | 
Amount and Nature of Beneficial Ownership | | | 
Percent of Class | | |
| 
David Dorwart(1) | | 
| 10,093,654 | | | 
| 7.82 | % | |
| 
John Hilzendager | | 
| 1,622,054 | | | 
| 1.26 | % | |
| 
Jordan Axt | | 
| 1,622,054 | | | 
| 1.26 | % | |
| 
All officers and directors as a group (four persons) | | 
| 13,337,762 | | | 
| 10.33 | % | |
| 
| 
(1) | 
Held
through ViaOne, SilverLinings Management, and Britton Associates in the respective amounts of 1,375,000 1,500,000 and 1,000,000 shares. | |
| 32 | |
**Securities
Authorized for Issuance under Equity Compensation Plans**
On
July 18, 2012, a Registration Statement on Form S-8 (the Registration Statement) was filed by us together with our 2012
Non-Qualified Stock Option Plan (the Plan) relating to 30,000,000 shares of our common stock, par value $0.001 per share,
to be offered and sold to accounts of eligible persons. The original plan filed on July 18, 2012 is still valid but the Company will
not issue any more securities under the Plan as we have adopted a new plan.
On
April 30, 2018, the holder of one (1) share of Series C Preferred Stock of the Company that entitles such holder to vote a majority of
the issued and outstanding voting securities of the Companys approved by written consent that the Company adopts the 2018 Stock
Incentive Plan (the 2018 Plan) under which the Board may decide at its sole discretion to grant equity awards to certain
employees and consultants as set forth in the 2018 Plan. The description of the 2018 Plan does not purport to be complete and is incorporated
herein by reference to a current report on form 8-K filed with the Securities and Exchange Commission on May 4, 2018.
On
March 7, 2022, the holder of one (1) share of Series C Preferred Stock of the Company that entitles such holder to vote a majority of
the issued and outstanding voting securities of the Companys approved by written consent that the Company adopt 2022 Stock Incentive
Plan (the 2022 Plan), which replaced the 2018 Stock Incentive Plan. There are 30,000,000 shares authorized under the 2022
Plan, which is an increase from 10,000,000 authorized under the 2018 Plan. Under the 2022 Plan, the board of directors of the Company
(the Board) may decide at its sole discretion to grant equity awards to certain employees and consultants, including employees
and consultants of ViaOne Services, Inc., who are also deemed consultants of the Company.
| 
Plan Category | | 
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | | | 
Weighted-average exercise price of outstanding options, warrants and rights (b) | | | 
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a) | | |
| 
Equity compensation plans approved by security holders | | 
| 26,627,348 | | | 
$ | 0.02 | | | 
| 0 | | |
| 
Equity compensation plans not approved by security holders | | 
| - | | | 
$ | - | | | 
| - | | |
| 
Total | | 
| 26,627,348 | | | 
$ | 0.02 | | | 
| 0 | | |
| 33 | |
**ITEM
13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**
The
shares owned by ViaOne and SilverLinings Management are deemed to be beneficially owned by our Chairman and CEO, David Dorwart, as he
owns over 5% of shares. The Companys Chairman and Chief Executive Officer is the Chairman of ViaOne.
No
other companies, directors or executive officers, nor any person who owned of record or was known to own beneficially more than 5% of
our outstanding shares of common stock, nor any associate or affiliate of such persons or companies, have any material interest, direct
or indirect, in any transaction that has occurred during the past fiscal year, or in any proposed transaction, which has materially affected
or will affect us.
With
regard to any future related party transaction, we plan to fully disclose any and all related party transactions in the following manner:
| 
| 
- | 
Disclosing
such transactions in reports where required; | |
| 
| 
- | 
Disclosing
in any and all filings with the SEC, where required; | |
| 
| 
- | 
Obtaining
disinterested directors consent; and | |
| 
| 
- | 
Obtaining
shareholder consent where required. | |
**Director
Independence**
We
currently do not have any directors who are independent.
**ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**
| 
(1) | 
Audit
and Audit Related Fees | |
The
aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for our audit
of annual financial statements and review of interim financial statements included in our quarterly reports on Form 10-Qs or services
that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years
was:
| 
FISCAL YEAR ENDED DECEMBER 31, | | 
AMOUNT | | | 
PRINCIPAL ACCOUNTING FIRM | |
| 
| | 
| | | 
| |
| 
2025 | | 
$ | 15,500 | | | 
Victor Mokuolu CPA, PLLC | |
| 
2024 | | 
$ | 15,500 | | | 
Victor Mokuolu CPA, PLLC | |
| 34 | |
| 
(2) | 
Tax
Fees | |
The
aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance,
tax advice, and tax planning was:
| 
FISCAL YEAR ENDED DECEMBER 31, | | 
AMOUNT | | | 
PRINCIPAL ACCOUNTING FIRM | |
| 
2025 | | 
$ | 4,160 | | | 
Fenstermacher & Company PC | |
| 
2024 | | 
$ | 4,160 | | | 
Fenstermacher & Company PC | |
| 
(3) | 
All
Other Fees | |
The
aggregate fees billed in each of the last two fiscal years for the products and services provided by the principal accountant, other
than the services reported in paragraphs (1) and (2) was:
| 
FISCAL
YEAR ENDED 
DECEMBER
31, | 
| 
AMOUNT | 
| 
| 
PRINCIPAL
ACCOUNTING FIRM | |
| 
2025 | 
| 
$ | 
- | 
| 
| 
Victor
Mokuolu CPA, PLLC | |
| 
2024 | 
| 
$ | 
- | 
| 
| 
Victor
Mokuolu CPA, PLLC | |
| 
(4) | 
Our
audit committees pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were
that the audit committee pre-approved all accounting related activities prior to the performance of any services by any accountant
or auditor. | |
| 
| 
| |
| 
(5) | 
The
percentage of hours expended on the principal accountants engagement to audit our financial statements for the most recent
fiscal year that were attributed to work performed by persons other than the principal accountants full time, permanent employees
was 0%. | |
**Part
IV**
**ITEM
15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**
(1)
List of Financial statements included in Part II hereof:
[Balance Sheets, as of December 31, 2025 and 2024](#lpa_002)
[Statements of Operations for the years ended December 31, 2025 and 2024](#lpa_003)
[Statements of Cash Flows for the years ended December 31, 2025 and 2024](#lpa_004)
[Statements of Stockholders Equity (Deficit) for the years ended December 31, 2025 and 2024](#lpa_005)
[Notes to the Financial Statements](#lpa_006)
(2)
List of Financial Statement schedules included in Part IV hereof: None.
(3)
Exhibits
| 35 | |
The
following exhibits are included herewith:
| 
Exhibit
No. | 
| 
Description | |
| 
3.1 | 
| 
Articles of Incorporation of the Company (1) | |
| 
3.2 | 
| 
Bylaws of the Company (2) | |
| 
14.1 | 
| 
Code of Ethics (3) | |
| 
31.1 | 
| 
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002+ | |
| 
31.2 | 
| 
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002+ | |
| 
32.1 | 
| 
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002+ | |
| 
32.2 | 
| 
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002+ | |
| 
101.INS | 
| 
Inline
XBRL Instance Document | |
| 
101.SCH | 
| 
Inline
XBRL Taxonomy Schema | |
| 
101.CAL | 
| 
Inline
XBRL Taxonomy Calculation Linkbase | |
| 
101.DEF | 
| 
Inline
XBRL Taxonomy Definition Linkbase | |
| 
101.LAB | 
| 
Inline
XBRL Taxonomy Label Linkbase | |
| 
101.PRE | 
| 
Inline
XBRL Taxonomy Presentation Linkbase | |
| 
104 | 
| 
Cover
Page Interactive Data File (embedded within the Inline XBRL document) | |
| 
(1) | 
Incorporated
by reference to Exhibit 3.1 to the Companys Form 8-K filed on May 4, 2018. | |
| 
(2) | 
Incorporated
by reference to Exhibit 3.2 to the Companys Form S-1 filed on March 24, 2009. | |
| 
(3) | 
Incorporated
by reference to Exhibit 14.1 to the Companys Form 10-k filed on March 29, 2011. | |
**ITEM
16.FORM 10-K SUMMARY**
None.
| 36 | |
**SIGNATURES**
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized on April 3, 2026.
| 
| 
Good
Gaming, Inc. | |
| 
| 
| |
| 
| 
By: | 
/s/
David B. Dorwart | |
| 
| 
| 
David
Dorwart | |
| 
| 
| 
Chief
Executive Officer | |
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated:
| 
Signature | 
| 
Title | 
| 
Date | |
| 
| 
| 
| 
| 
| |
| 
/s/
David B. Dorwart | 
| 
| 
| 
| |
| 
David
Dorwart | 
| 
Chief
Executive Officer and Chairman of the Board | 
| 
April 3, 2026 | |
| 
| 
| 
| 
| 
| |
| 
/s/
John D. Hilzendager | 
| 
| 
| 
| |
| 
John
D. Hilzendager | 
| 
Chief
Financial Officer and Director | 
| 
April 3, 2026 | |
| 
| 
| 
| 
| 
| |
| 
/s/
Jordan Axt | 
| 
| 
| 
| |
| 
Jordan
Axt | 
| 
Chief
Marketing Officer and Director | 
| 
April 3, 2026 | |
| 37 | |