Gamer Pakistan (US:GPAK)2023-11-20 19:54Financial Performance - The company has not generated any revenue to date, and anticipates organizing approximately 12 or more esports tournaments in 2023 to begin generating revenue [64][65]. - The net loss for the three months ended September 30, 2023, was $(171,066), representing a 17% increase compared to a net loss of $(145,763) for the same period in 2022 [70]. - General and administrative expenses for the three months ended September 30, 2023, were approximately $166,000, an increase of 14% compared to $146,000 for the same period in 2022 [71]. - For the nine months ended September 30, 2023, general and administrative expenses were approximately $297,000, a significant increase of 104% compared to $146,000 for the same period in 2022 [72][70]. - Net cash used in operating activities increased by approximately $162,000 for the nine months ended September 30, 2023, compared to the same period in 2022 [80]. IPO and Funding - The company raised gross proceeds of approximately $6,800,000 through its initial public offering (IPO) in October 2023, with net proceeds of approximately $5,435,000 after deducting underwriting discounts and commissions [66]. - The company intends to use the net proceeds from the IPO for operating expenses, marketing, event expenses, technology development, and potential acquisitions [76]. - The company has financed its operations primarily through the issuance of common stock, with no cash investing activities reported for the nine months ended September 30, 2023 [81][82]. Cash Position - The company had cash and cash equivalents of approximately $72,000 as of September 30, 2023, down from $90,000 as of December 31, 2022 [74]. Future Plans - The company plans to expand its esports offerings and potentially consider live sports in the future, focusing initially on opportunities in Pakistan [63].