Esports Market Growth - The global esports audience is projected to grow by +8.7% year-on-year to reach 532 million in 2022, with esports enthusiasts expected to increase from 261 million in 2022 to 318 million by 2025, reflecting a CAGR of +8.1% from 2020 to 2025 [102]. - Esports is anticipated to generate nearly $1.38 billion in revenues globally by the end of 2022, with China accounting for nearly one-third of these revenues [103]. - Digital and streaming revenue streams are the fastest-growing segments in esports, with projected CAGRs of +27.2% and +24.8% respectively from 2020 to 2025 [103]. Company Financial Performance - The company reported no revenue for the year ended December 31, 2021, compared to $1,000 in revenue for the year ended December 31, 2020 [108]. - Total expenses for the year ended December 31, 2021 were $402,796, an increase of $357,177 from $45,619 in 2020, primarily due to increased sales and marketing expenses [110]. - For the six months ended June 30, 2022, the company had expenses of $106,742, a decrease of $168,692 from $275,434 in the same period in 2021 [112]. - Cash used in operating activities for the year ended December 31, 2021 was $(519,050), compared to $(147,611) in 2020 [113]. - The company anticipates needing approximately $1 million to ramp up operations over the next twelve months [106]. - As of December 31, 2020, the accumulated deficit was $881,701, indicating ongoing financial challenges [113]. - The company has incurred negative cash flows from operating activities and net losses, raising substantial doubt about its ability to continue as a going concern [114].
Midnight Gaming Corp(MDHT) - 2023 Q4 - Annual Report