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Gemaxel Inc. reported results for the quarter and nine months ended September 30, 2025, showing no revenue and continued operating losses. The company recorded a net loss of $65,355 for the quarter and $321,022 for the nine-month period, slightly improved from the prior year as operations largely ceased in 2025.
At September 30, 2025, Gemaxel had $4,629 in cash, total assets of $6,817, current liabilities of $3,981,384, and a stockholders’ deficit of $3,974,567, leading management to state there is “substantial doubt” about its ability to continue as a going concern. The company has 57,112,506 common shares outstanding, no revenue, relies on loans from its CEO, and carries old notes and accruals it does not expect to repay. Subsequent to the period, long-time CEO and Chairman Thom Kidrin passed away and director Leonard Toboroff became acting CEO and Chairman, while the company later changed its name to Gemaxel Inc. and continues to seek capital to monetize its legacy virtual worlds and non-fungible token-related intellectual property.
Gemaxel Inc. reports no revenue and a net loss of $255,668 for the six months ended June 30, 2025, slightly higher than the $227,742 loss a year earlier. The company continues to operate with minimal activity and has not generated operating revenue.
At June 30, 2025, Gemaxel held only $4,629 of cash, down from $84,335 a year before, and showed total liabilities of $3,918,217 and a stockholders’ deficit of $3,909,213. Management discloses a working capital deficiency of the same amount and states there is “substantial doubt” about the company’s ability to continue as a going concern.
The company is funding operations through related-party support, including a new loan of $61,610 from its CEO and growing accrued salary and consulting fees. It still owns approximately 350,000 shares of MariMed Inc. stock but made no sales in the period. Subsequent to the period, long-time CEO Thom Kidrin passed away and director Leonard Toboroff became acting CEO. Disclosure controls and procedures were concluded to be not effective as of June 30, 2025.
Gemaxel Inc. reports unaudited quarterly results for the three months ended March 31, 2025, showing no revenue and a net loss of $116,601, similar to the prior year. Operating expenses were modest, with selling, general and administrative costs of $37,365 and salaries of $60,498.
The balance sheet is highly strained. Cash and cash equivalents were only $3,396, against current liabilities of $3,780,105, producing a working capital and stockholders’ deficit of $3,770,146. Management states this raises substantial doubt about the company’s ability to continue as a going concern and says survival depends on raising additional capital and executing its plan to monetize patents and other intellectual property.
Notes payable of $773,279 and legacy accruals where statutes of limitations have expired remain on the books, though the company does not expect repayment. Related-party obligations are significant, including $288,577 of accrued salary to the CEO and a $4,500 loan from him. As of May 8, 2026, 57,112,506 common shares were outstanding. Subsequent to the quarter, long-time CEO Thom Kidrin passed away and director Leonard Toboroff became acting CEO and chairman. Management concludes disclosure controls and procedures were not effective as of March 31, 2025.
Gemaxel Inc., formerly known as Worlds Inc., reported a corporate name change. On March 26, 2026, the company amended ARTICLE FIRST of its Certificate of Incorporation to change its legal name from Worlds Inc. to Gemaxel Inc.
The filing also notes the company’s principal executive offices at 4775 Collins Avenue, Miami Beach, Florida 33140 and confirms it has no securities registered under Section 12(b) of the Exchange Act.