MeritValue

GOOD GAMING, INC.

GMERdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

GOOD GAMING, INC. earns about -160% on equity, but has diluted owners by 25% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$374,8811$9,6092$3,4433$4334—
Net income$338,4085−$2.11M6−$864,9797−$962,9638−$235,6748
Operating cash flow−$755,2009−$1.51M10−$783,87911−$281,21612−$1,02212
Capital expenditure$1,95313————
Free cash flow (derived)−$757,1539————
Total debt—————
Cash & equivalents$2.41M14$931,86815$304,22516$14,49917$13,47717
Diluted shares103.5M110.9M119.8M122.5M129.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.09
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.09 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-160% avg · 5y
FY21 14%FY22 -335%FY23 —FY24 —FY25 —

It earned an average -160% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+25% shares · 5y

Share count is up 25% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-043418 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012092 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001868 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-015189 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-043418 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012092 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001868 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-015189 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-043418 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012092 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001868 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-015189 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-043418 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-043418 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-012092 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-001868 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-015189 (CashAndCashEquivalentsAtCarryingValue)