Good Gaming Inc. Announces Record Revenues in 2021 and Elimination of All Outstanding Debts
The company successfully removed $16 million in derivative liabilities from its consolidated balance sheet and entered 2022 with positive working capital of $2.1 million
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 delighted to report record revenues for the fiscal year ended December 31, 2021, positive working capital of $2,111,665 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 compared to $26,215 for the previous year ending in 2020, representing a 1,300% increase in total revenues for 2021. The increase in revenue was attributed to sales of Nano Factory Tokens for the company’s first NFT game on the market, MicroBuddies, which successfully launched 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 reduced its total debt by $2,929,189 in 2021, eliminating all outstanding debt through 2022. The debt elimination was due to a strategic debt conversion using newly created and will prevent the Company from showing more than $16,000,000 in derivatives. liabilities in its consolidated balance sheets in the future. The Company recorded a net loss of $137,791 in 2021 compared to $965,885 for the year ended December 31, 2020. The decrease in net loss is attributable to the increase in income and the change in the value of liabilities derivatives of the Company, as well as a gain on its digital assets.
In November 2021, Good Gaming successfully completed a fundraising round from several institutional and accredited investors, with gross proceeds for the company totaling $3,100,000. As of December 31, 2021, the Company’s working capital was positive at $2,111,655 compared to the working capital deficit of $3,635,160 for the year ending December 31, 2020.
David B. Dorwart, President and CEO of Good Gaming, said, “2021 marked a banner year for our company as we successfully launched our first NFT game to market, MicroBuddies, while significantly strengthening our consolidated balance sheets through 2022.” He added, “Entering 2022 with zero debt and positive working capital, we have the ability to implement multiple strategies and game upgrades, fund our operations and to attract the kind of talent this particular industry needs. 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 of the space since 2008. Starting with our roots as a collaborative space for gamers to share knowledge, we then established 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 fully 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 gaming communities of all our games. The constant communication and resulting feedback further expands our exclusive content, and we continue to be influencers in the field. Good Gaming continues to find exciting and innovative ways to branch out into 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 platforms to large scale.
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 several places in this release and include all statements that are not statements of historical fact regarding the current intention, beliefs or expectations of Good Gaming Inc., its directors or officers regarding, among other: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operational strategy. The words “may”, “would”, “will”, “expect”, “estimate”, “may”, “believe”, “potential”, and similar expressions and variations thereof are intended to identify forward-looking statements . Investors are cautioned that these 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 forecasts. – forward-looking statements due to various factors. Further information about potential factors that could affect business and financial results is and will be included in Good Gaming, Inc.’s filings with the Securities and Exchange Commission, including those defined as “risk factors” in these documents.
Investor contacts:
Dave Gentry, CEO
Companies RedChip Inc.
407-491-4498
Dave@redchip.com
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