Also the Elimination of All Outstanding Debt
Company successfully removed $16M in Derivative Liabilities From its Consolidated Balance Sheet and entered 2022 with positive working capital of $2.1M
Kennett Square, PA, April 18, 2022 (GLOBE NEWSWIRE) — Good Gaming, Inc. (OTCQB: GMER) (the “Company”), an innovative brand leading the gaming industry across multiple segments in the space since 2008, is pleased to announce record revenues for the year ended December 31, 2021, $2,111,665 in positive working capital, and a strengthened balance sheet with the removal of $2,929,189 of outstanding debt. For the year ending December 31, 2021, the Company recorded revenues of $374,881 vs. $26,215 for the prior year ending 2020, representing a 1,300% increase in total revenues for 2021. The increase in revenues was attributed to the sales of Nano Factory Tokens for the Company’s first-to-market NFT game, MicroBuddies, which launched successfully in December 2021.
MicroBuddies™ is a new game that combines Ethereum ERC721 NFTs (Non-Fungible Tokens), non-standard ERC20 tokens (GOO™), and strategic gameplay to replicate and create unique and collectible NFTs.
The Company also decreased its total debt by $2,929,189 in 2021, eliminating all outstanding debt going into 2022. The debt elimination was due to a strategic conversion of debt utilizing newly created Series E convertible preferred shares and will save the Company from showing over $16,000,000 in derivative liabilities on its consolidated balance sheets going forward. The Company recorded a net loss of $137,791 in 2021 vs $965,885 for the year ended December 31, 2020. The decrease in net loss was attributed to the increase in revenues and the change in the value of the Company’s derivative liabilities, along with a gain on its digital assets.
In November 2021, Good Gaming successfully completed a capital raise with several institutional and accredited investors with gross proceeds to the Company totaling $3,100,000. As of December 31, 2021, the Company’s working capital was a positive $2,111,655 compared to the working capital deficit of $3,635,160 for the year ending December 31, 2020.
David B. Dorwart, Chairman and CEO of Good Gaming, stated, “2021 marked a banner year for our Company as we successfully launched our first-to-market NFT game MicroBuddies, while significantly strengthening our consolidated balance sheets going into 2022.” He added, “By entering 2022 with zero debt and positive working capital, we have the ability to implement several gaming strategies and upgrades, fund our operations, and bring on the type of talent this particular industry requires. We look forward to a bright future in the NFT gaming space.”
About Good Gaming, Inc.Good Gaming is an innovative brand leading the gaming industry across multiple segments in the space since 2008. Beginning with our roots as a collaborative space for gamers to share their knowledge, we went on to establish ourselves as one of the leaders in hosting Hearthstone tournaments. In 2016, we expanded our reach to establish multiple Minecraft servers with some of the most popular versions of Prison and SkyBlock, then developed our completely custom-developed digital collectibles game powered by the Polygon blockchain, MicroBuddies™, in 2021. The Good Gaming advantage comes from our development team’s close relationship with the player communities of all of our games. The constant communication and resulting feedback further expand our proprietary content, and we continue to be influencers in the realm. Good Gaming continues to find exciting and innovative ways to branch across the gaming industry. As a staff and community, our goal is to develop comprehensive interactive entertainment experiences around our intellectual properties across a wide variety of large-scale platforms.
For more information about Good Gaming, please visit our website: https://www.good-gaming.com
Safe Harbor: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Good Gaming Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Good Gaming Inc.’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Good Gaming, Inc.’s filings with the Securities and Exchange Commission, including those set forth as “Risk Factors” in such filings.
