Good Gaming Inc. announced record 3rd quarter revenues and year-to-date (YTD) revenues as it prepares for the launch of its Microbuddies NFT game. For its 3rd quarter, the company posted revenues of $269,355 vs. $2,554 for the prior year’s 3rd quarter results. This represents a $266,801 increase in year-over-year quarterly revenues. Nine-month YTD revenues have increased to $329,885 vs. $7,880. This represents an increase in year-over-year YTD revenues of $322,005.
Overall increases in revenues are attributable to a rise in sales of its limited-edition Nano Factory tokens for its MicroBuddies NFT game, which are now over 90% sold out, as the company draws closer to its anticipated 4th quarter 2021 launch. The company also announced it has finalized its terms of service (TOS) for the MicroBuddies NFT game which can be viewed at microbuddies.io. Good Gaming Inc. expects to make an announcement for the launch of its beta 2.0 which will be the final phase before going into their main net launch.
Good Gaming Inc. also experienced an increase in losses due to derivative liabilities created by a combination of exponential growth in share price and market capitalization which must be calculated into the convertible feature. For the 3rd quarter, the company posted a loss of $12,325,187. $12,110,000 of losses came as a direct result of derivative liabilities. For the nine-month YTD, the company posted losses of $15,636,203, of which $15,205,294 was a direct result of derivative liabilities.
The current share price increase due to the positive market response from the sales efforts of MicroBuddies has allowed this liability to grow and be reflected as a loss. Because derivative liabilities are considered a paper loss and are not reflective of losses due to operations, this loss is expected to fluctuate as it has over the past several quarters, or until the debt gets converted into equity, which would eliminate a significant portion of debt and attributable derivative losses, thereby creating a much healthier financial statement.
(All information was provided by Globenewswire)
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