Financial Position - Total assets as of June 30, 2022, were $133,143,000, a significant increase from $1,860,000 as of December 31, 2021[11] - Total liabilities increased to $512,280,000 as of June 30, 2022, compared to $429,254,000 as of December 31, 2021, reflecting a rise of 19.4%[11] - The company’s stockholders' deficit was $379,137,000 as of June 30, 2022, a slight improvement from $427,394,000 at the end of 2021[11] - Cash and cash equivalents increased to $14,819,000 as of June 30, 2022, compared to $1,860,000 at the beginning of the year[19] - As of June 30, 2022, the Company reported an accumulated deficit of $1,477,438[44] Operating Performance - The company reported a net loss of $106,742 for the six months ended June 30, 2022, compared to a net loss of $275,434 for the same period in 2021, representing a 61.2% improvement[14] - Total operating expenses decreased to $90,593 for the first half of 2022, down from $263,368 in the same period of 2021, indicating a reduction of 65.6%[14] - Interest expense for the first half of 2022 was $16,150,000, compared to $12,066,000 for the same period in 2021, marking a 33.5% increase[14] - The company has no revenue reported for the period from January 1, 2022, to June 30, 2022, consistent with its ongoing development stage[23] Capital and Financing - The Company anticipates needing to raise additional capital to fund operations in the next 3 months[46] - The Company expects to raise capital as a source of financing for its project plan[45] - The Company is due $118,354 from the major shareholder, representing an unsecured note payable bearing interest at 5% per annum[39] - The Company entered into three notes payable during 2020 in the aggregate amount of $53,000, with accrued interest of $10,298 as of June 30, 2022[40] Stock and Shareholder Information - The weighted average number of shares outstanding remained constant at 23,000,000 for both 2022 and 2021[14] - The Company issued 11,000,000 shares of common stock for services rendered by consultants during 2020[49] - The Company had one issuance of Preferred Stock Class D during 2020 at the value of $50,000[51] - The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001[48] Tax and Regulatory Information - The Company had not taken any significant uncertain tax positions on its tax returns for the period ended June 30, 2022[34] - The Company had no income tax expense since inception until June 30, 2022, with a blended Federal and State tax rate of 0% applicable to income before taxes[42] Lack of Information - No relevant financial data or performance summary was extracted from the provided documents[69] - No user data or metrics were mentioned in the provided content[69] - No future outlook or performance guidance was available in the documents[69] - No information regarding new products or technology development was found[69] - No details on market expansion or acquisitions were present in the content[69] - No new strategies or initiatives were discussed in the provided documents[69]
Midnight Gaming Corp(MDHT) - 2022 Q2 - Quarterly Report