Financial Position - Total assets as of September 30, 2022, amounted to $503,682, compared to $1,860 as of December 31, 2021[10] - Total liabilities as of September 30, 2022, were $520,653, up from $429,254 as of December 31, 2021[10] - Cash and cash equivalents increased to $288,308 as of September 30, 2022, from $1,860 at the beginning of the period[10] - As of September 30, 2022, the Company reported an accumulated deficit of $2,216,272[42] - The Company is due $215,374 from a major shareholder, representing an unsecured note payable bearing interest at 5% per annum[38] - The Company entered into three notes payable during 2020 with an aggregate amount of $53,000, accruing interest of $11,901 as of September 30, 2022[39] Operating Performance - The company reported a net loss of $845,576 for the nine months ended September 30, 2022, compared to a net loss of $362,219 for the same period in 2021[13] - Total operating expenses for the nine months ended September 30, 2022, were $821,053, significantly higher than $344,635 for the same period in 2021, reflecting an increase of approximately 138%[13] - The company has no revenue reported for the period from January 1, 2022, to September 30, 2022[12] - The loss per share for the nine months ended September 30, 2022, was $0.037, compared to $0.016 for the same period in 2021[13] - The Company had no income tax expense since inception until September 30, 2022, with a blended Federal and State tax rate of 0% applicable to income before taxes[41] Capital and Financing - The company issued warrants valued at $1,246,000 during the period, contributing to the increase in additional paid-in capital[16] - The Company anticipates needing to raise additional capital to fund operations in the next 3 months, with no current commitments for financing[44] - The Company has issued 20,000 shares of Common Stock at a par value of $0.0001 to a shareholder during Q3 2022[48] - The Company has entered into multiple warrant agreements, allowing investors to purchase a total of 1,091,000 shares at a strike price between $0.50 and $0.75 per share[57] Development Stage - The company is still in the development stage and has not generated any revenue to date[22] - The Company is evaluating the impact of new accounting pronouncements on its financial position and operations[35] Miscellaneous - The Company incurred $520,000 of Media Production Expenses during the quarter, related to the production of a documentary[64] - No relevant financial data or performance summary was extracted from the provided documents[70] - No user data or metrics were mentioned in the provided content[71] - No future outlook or performance guidance was available in the documents[72] - No information regarding new products or technology development was found[70] - No details on market expansion or acquisitions were included in the content[71] - No new strategies or initiatives were discussed in the provided documents[72]
Midnight Gaming Corp(MDHT) - 2022 Q3 - Quarterly Report