Tue, Feb 4, 5:04 PM (13 days ago)
Midnight Gaming Corporation (MHGI) reported no revenue for Q1 2023, continuing its trend of limited operational activity since inception. The company incurred a net loss of $74,208, a significant increase from the $41,473 loss in Q1 2022, attributed to higher operating expenses totaling $65,903, which included marketing, legal fees, and administrative costs. Cash and cash equivalents decreased to $131,972 from $184,875 at year-end 2022, reflecting ongoing cash burn. Total assets rose to $476,843, driven by an increase in notes receivable, while total liabilities increased slightly to $537,407. The stockholders’ deficit improved to $60,563 from $81,555, influenced by additional paid-in capital adjustments. The company faces substantial uncertainty regarding its ability to continue as a going concern, relying on future capital raises for operational funding. As of March 31, 2023, there were no significant subsequent events, and management has not yet filed tax returns. Overall, the financial health remains precarious, with the need for strategic financing to sustain operations.