Financial Performance - The company reported a net loss of $74,208 for the three months ended March 31, 2023, compared to a net loss of $41,473 for the same period in 2022, indicating an increase in losses of approximately 78.8%[14] - Total operating expenses for the first quarter of 2023 were $65,903, up from $33,606 in the same quarter of 2022, reflecting an increase of approximately 96%[14] - The net cash used in operating activities for the first quarter of 2023 was $74,208, compared to $41,473 in the same period of 2022, indicating a worsening cash flow situation[20] - The Company reported an accumulated deficit of $2,370,064 as of March 31, 2023[45] - The report does not provide specific financial performance metrics or future guidance, indicating a lack of detailed earnings summary in the available content[75] Assets and Liabilities - As of March 31, 2023, total assets increased to $476.843 million from $447.547 million as of December 31, 2022, representing a growth of approximately 6.3%[11] - Total liabilities increased to $537.407 million as of March 31, 2023, compared to $529.102 million as of December 31, 2022, marking a rise of approximately 1.5%[11] - Cash and cash equivalents decreased to $131,972 from $184,875, a decline of approximately 28.6%[11] Shareholder and Capital Information - The weighted average number of shares outstanding for the first quarter of 2023 was 23,020,000, slightly up from 23,000,000 in the same quarter of 2022[14] - The company issued warrants valued at $95,200 during the first quarter of 2023, contributing to additional paid-in capital[19] - The Company anticipates needing to raise additional capital to fund operations in the next 3 months, with no current commitments for financing[47] - The Company is due $344,872 from a major shareholder, representing an unsecured note payable bearing interest at 5% per annum[40] - The Company entered into three notes payable during 2020 with an aggregate amount of $53,000, which have accrued interest of $15,112 as of March 31, 2023[41] Tax and Compliance - The Company had no income tax expense since inception until March 31, 2023, with a blended Federal and State tax rate of 0% applicable to income before taxes[44] - The Company has not taken any significant uncertain tax positions on its tax returns for the period ended March 31, 2023[34] - The company has filed certifications pursuant to the Sarbanes-Oxley Act, ensuring compliance with financial reporting standards[73] Future Outlook and Development - Midnight Gaming Corporation continues to focus on acquiring income-producing business entities to enhance revenue and valuation, although it remains in the development stage with no revenue generated to date[23] - The Company is evaluating the impact of new accounting pronouncements, including ASU 2016-02 and ASU 2014-09, on its financial statements[37][38] Reporting and Documentation - The Annual Report on Form 10-K was signed by the Chief Executive Officer, Kinney McGraw, and the Chairman of the Board, Paul K. Danner, on August 1, 2024[72] - The report includes various exhibits related to the Articles of Incorporation and amendments, filed between December 23, 2016, and July 20, 2021[73] - The Inline XBRL documents have been filed to enhance the accessibility and usability of financial data for investors[73] - There have been no significant subsequent events since the balance sheet date[68]
Midnight Gaming Corp(MDHT) - 2023 Q1 - Quarterly Report