10-Q Filing

GAXOS.AI INC. CIK: 1895618 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-038981`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	f10q0323_nftgaming_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 30 Cash Flow Statement 44 Stockholders Equity 14

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Preferred stock; par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock; par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.21M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$679.78K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Short-term investments, at fair value	`ShortTermInvestments`	$3.51M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$400.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$165.52K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$202.60K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, share issued	`CommonStockSharesIssued`	10.42M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$882.78K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$5.89M	USD	Point-in-time
Common stock, share issued	`CommonStockSharesIssued`	12.10M	shares	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$58.65K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.10M	shares	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$55.51K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.42M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$941.43K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$5.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$125.61K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$245.01K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$10.68K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$23.66K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$149.28K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$255.69K	USD	Point-in-time
Total Liabilities	`Liabilities`	$149.28K	USD	Point-in-time
Total Liabilities	`Liabilities`	$255.69K	USD	Point-in-time
Commitments and Contingencies (See Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
No shares issued and outstanding on March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
No shares issued and outstanding on March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock; par value $0.0001: 50,000,000 shares authorized; 12,104,601 and 10,417,846 share issued and outstanding on March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.04K	USD	Point-in-time
Common stock; par value $0.0001: 50,000,000 shares authorized; 12,104,601 and 10,417,846 share issued and outstanding on March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.21K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.74M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$18.16K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.97M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$2.07M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$685.73K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$5.79M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.80M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$941.43K	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$5.94M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
REVENUES	`Revenues`	-	USD	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.26M	shares	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$150.50K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$104.55K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.44M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$157.71K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$308.21K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.54M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-308.21K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.54M	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$371.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$6.30K	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$6.30K	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$371.00	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	$18.16K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.52M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-307.84K	USD	1 Quarter
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.26M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Amortization expense	`CostOfGoodsAndServicesSoldAmortization`	-	USD	1 Quarter
Amortization expense	`CostOfGoodsAndServicesSoldAmortization`	$3.14K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$870.57K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$165.12K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.45K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$119.26K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-119.40K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$12.98K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$10.62K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-933.86K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-185.41K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireIntangibleAssets`	$3.49M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.49M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from the sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$5.96M	USD	1 Quarter
Proceeds from the sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from subscriptions receivable	`ProceedsFromSubscriptionsReceivable`	-	USD	1 Quarter
Proceeds from subscriptions receivable	`ProceedsFromSubscriptionsReceivable`	$37.50K	USD	1 Quarter
Payment of deferred offering costs	`PaymentsOfDebtIssuanceCosts`	$81.14K	USD	1 Quarter
Payment of deferred offering costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$5.96M	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-43.64K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-229.05K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.53M	USD	1 Quarter
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$679.78K	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.85M	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.08M	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.21M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$679.78K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.85M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.08M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.21M	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Reclassification of deferred offering costs to equity	`ReclassificationOfDeferredOfferingCostsToEquity`	$202.60K	USD	1 Quarter
Reclassification of deferred offering costs to equity	`ReclassificationOfDeferredOfferingCostsToEquity`	-	USD	1 Quarter
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	$18.16K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$2.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$685.73K	USD	Point-in-time
Balance	`StockholdersEquity`	$5.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.80M	USD	Point-in-time
Proceeds from subscriptions receivable	`StockIssuedDuringPeriodValueOther`	$37.50K	USD	1 Quarter
Common shares issued for cash	`StockIssuedDuringPeriodValueNewIssues`	$5.76M	USD	1 Quarter
Accretion of stock option expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$870.57K	USD	1 Quarter
Accumulated other comprehensive gain - short-term investments	`OtherComprehensiveIncomeLossNetOfTax`	$18.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Balance	`StockholdersEquity`	$2.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$685.73K	USD	Point-in-time
Balance	`StockholdersEquity`	$5.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.80M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.