10-Q Filing

GAXOS.AI INC. CIK: 1895618 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-066981`
Period End Date	20230630
Filing Date	20230814
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	f10q0623_nftgaming_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 68 Cash Flow Statement 56 Stockholders Equity 25

Balance Sheet 58 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`	$1.69M	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Short-term investments, at fair value	`ShortTermInvestments`	-	USD	Point-in-time
Short-term investments, at fair value	`ShortTermInvestments`	$3.53M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$116.61K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$400.00	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	-	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$202.60K	USD	Point-in-time
Common stock, share issued	`CommonStockSharesIssued`	12.07M	shares	Point-in-time
Common stock, share issued	`CommonStockSharesIssued`	10.42M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$5.33M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$882.78K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.07M	shares	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$58.65K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.42M	shares	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$5.33M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$941.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$245.01K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$182.43K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$10.68K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$94.55K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$276.98K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$255.69K	USD	Point-in-time
Total Liabilities	`Liabilities`	$255.69K	USD	Point-in-time
Total Liabilities	`Liabilities`	$276.98K	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
Preferred stock; par value $0.0001; 5,000,000 shares authorized; No shares issued and outstanding on June 30, 2022 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock; par value $0.0001; 5,000,000 shares authorized; No shares issued and outstanding on June 30, 2022 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock; par value $0.0001: 50,000,000 shares authorized; 12,072,553 and 10,417,846 share issued and outstanding on June 30, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.21K	USD	Point-in-time
Common stock; par value $0.0001: 50,000,000 shares authorized; 12,072,553 and 10,417,846 share issued and outstanding on June 30, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.04K	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 (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$37.80K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.72M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$685.73K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.33M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$2.07M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$5.06M	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`	$5.33M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$941.43K	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Diluted	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	2 Qtrs
REVENUES	`Revenues`	-	USD	1 Quarter
REVENUES	`Revenues`	-	USD	2 Qtrs
REVENUES	`Revenues`	-	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.20	USD	2 Qtrs
REVENUES	`Revenues`	-	USD	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.69M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.10M	shares	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$387.86K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$267.62K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$372.17K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$237.37K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.89M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$448.62K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$384.96K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$227.24K	USD	1 Quarter
Impairment loss	`GoodwillImpairmentLoss`	$52.36K	USD	1 Quarter
Impairment loss	`GoodwillImpairmentLoss`	-	USD	1 Quarter
Impairment loss	`GoodwillImpairmentLoss`	-	USD	2 Qtrs
Impairment loss	`GoodwillImpairmentLoss`	$52.36K	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$772.82K	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$768.60K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$464.61K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.31M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-768.60K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-772.82K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.31M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-464.61K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$20.86K	USD	2 Qtrs
Interest income	`InterestAndOtherIncome`	$517.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$888.00	USD	2 Qtrs
Interest income	`InterestAndOtherIncome`	$14.56K	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$14.56K	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$517.00	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$20.86K	USD	2 Qtrs
Total other income	`OtherNonoperatingIncomeExpense`	$888.00	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-2.29M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-464.09K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-754.04K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-771.93K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.29M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-464.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-754.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-771.93K	USD	2 Qtrs
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	-	USD	2 Qtrs
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	$19.65K	USD	1 Quarter
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	$37.80K	USD	2 Qtrs
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-734.39K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-464.09K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.25M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-771.93K	USD	2 Qtrs
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.20	USD	2 Qtrs
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.07	USD	2 Qtrs
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.69M	shares	2 Qtrs
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.10M	shares	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.29M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-464.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-754.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-771.93K	USD	2 Qtrs
Amortization expense	`CostOfGoodsAndServicesSoldAmortization`	-	USD	2 Qtrs
Amortization expense	`CostOfGoodsAndServicesSoldAmortization`	$6.28K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$892.50K	USD	2 Qtrs
Impairment loss	`GoodwillImpairmentLoss`	$52.36K	USD	1 Quarter
Impairment loss	`GoodwillImpairmentLoss`	-	USD	1 Quarter
Impairment loss	`GoodwillImpairmentLoss`	-	USD	2 Qtrs
Impairment loss	`GoodwillImpairmentLoss`	$52.36K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.43K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$116.21K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-62.58K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$183.24K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$5.59K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$83.87K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-587.54K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	2 Qtrs
Purchase of short-term investments	`PaymentsToAcquireIntangibleAssets`	$3.49M	USD	2 Qtrs
Purchase of short-term investments	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.49M	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Proceeds from the sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from the sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$5.96M	USD	2 Qtrs
Proceeds from subscriptions receivable	`ProceedsFromSubscriptionsReceivable`	$37.50K	USD	2 Qtrs
Proceeds from subscriptions receivable	`ProceedsFromSubscriptionsReceivable`	-	USD	2 Qtrs
Payment of deferred offering costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Payment of deferred offering costs	`PaymentsOfDebtIssuanceCosts`	$145.85K	USD	2 Qtrs
Purchase and cancellation of treasury shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Purchase and cancellation of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$24.24K	USD	2 Qtrs
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-108.35K	USD	2 Qtrs
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$5.93M	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.01M	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-695.88K	USD	2 Qtrs
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.08M	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.38M	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.69M	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$679.78K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.08M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.38M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.69M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$679.78K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	2 Qtrs
Interest	`InterestPaidNet`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Reclassification of deferred offering costs to equity	`ReclassificationOfDeferredOfferingCostsToEquity`	-	USD	2 Qtrs
Reclassification of deferred offering costs to equity	`ReclassificationOfDeferredOfferingCostsToEquity`	$202.60K	USD	2 Qtrs
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	-	USD	2 Qtrs
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	$19.65K	USD	1 Quarter
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	$37.80K	USD	2 Qtrs
Unrealized gain on short-term investments	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$685.73K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.80M	USD	Point-in-time
Common shares issued for cash	`StockIssuedDuringPeriodValueNewIssues`	$5.76M	USD	1 Quarter
Purchase and cancellation of treasury stock	`PurchaseAndCancellationOfTreasuryStock`	$-24.24K	USD	1 Quarter
Accretion of stock option expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$21.93K	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
Accumulated other comprehensive gain - short-term investments	`OtherComprehensiveIncomeLossNetOfTax`	$19.65K	USD	1 Quarter
Proceeds from subscriptions receivable	`StockIssuedDuringPeriodValueOther`	$37.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.29M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-307.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-464.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-754.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-771.93K	USD	2 Qtrs
Balance	`StockholdersEquity`	$685.73K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.06M	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.