Financial Position - As of March 31, 2022, Midnight Gaming Corporation reported total assets of $35.126 million, a significant increase from $1.860 million as of December 31, 2021[11] - Total liabilities as of March 31, 2022, were $503.995 million, compared to $429.254 million as of December 31, 2021, representing an increase of approximately 17%[11] - Midnight Gaming Corporation's stockholders' deficit was $468,866 as of March 31, 2022, compared to $427,394 at the end of 2021[11] - The Company reported an accumulated deficit of $1,412,169 as of March 31, 2022[43] Operating Performance - The company recorded a net loss of $41,473 for the three months ended March 31, 2022, compared to a net loss of $201,729 for the same period in 2021, indicating an improvement[14] - Total operating expenses for the first quarter of 2022 were $33,606, down from $201,729 in the same quarter of 2021, reflecting a reduction of approximately 83%[14] - The Company had a net loss before taxes of $41,473 for the period ended March 31, 2022[42] Cash Flow and Financing - Cash and cash equivalents increased to $6.002 million as of March 31, 2022, up from $1.860 million at the beginning of the year[11] - The company engaged in various financing activities, resulting in a net cash provided by financing activities of $45,615 for the first quarter of 2022[19] - The Company is due $29,126 from a major shareholder, representing an unsecured note payable with an interest rate of 5% per annum[39] - The Company entered into a note payable of $100,000 at a 5% interest rate on January 18, 2022, with accrued interest of $1,219 as of March 31, 2022[40] - The Company anticipates needing to raise additional capital within the next 3 months to fund operations[45] Business Strategy and Operations - Midnight Gaming Corporation continues to focus on acquiring income-producing business entities to enhance its business model and increase revenue and valuation[22] - The Company has minimal operations as of March 31, 2022, and there is substantial doubt about its ability to continue as a going concern without significant capital infusion[44] - The Company has not taken any significant uncertain tax positions on its tax returns for the period ended March 31, 2022[34] - The Company has not accrued any interest for the related party note during Q1 2022[46] - The Company issued 11,000,000 shares of common stock for services rendered by consultants during 2020[49] - The Company has not sponsored a gaming team since 2019, leading to a reduction in player's winning expenses[60] Limitations of Information - No relevant financial data or performance metrics were provided in the documents[66] - The documents primarily consist of legal filings and certifications without specific earnings call content[67] - There are no user data or future outlook details mentioned in the provided content[68] - No information on new products, technologies, market expansion, or mergers and acquisitions is available in the documents[66] - The content does not include any performance guidance or strategic initiatives from the company[68]
Midnight Gaming Corp(MDHT) - 2022 Q1 - Quarterly Report