Tue, Feb 4, 4:54 PM (13 days ago)
For the quarter ending June 30, 2022, Midnight Gaming Corporation (MHGI) reported no revenue, maintaining its status as a development-stage company. The company incurred a net loss of $106,742, an improvement from a loss of $275,434 in the same period of the previous year. Operating expenses totaled $90,593, a significant decrease from $263,368 year-over-year, primarily due to reduced marketing and consulting costs. As of June 30, 2022, total assets increased to $133,143, driven by a substantial rise in notes receivable from a related party, totaling $118,324. Current liabilities remained stable at $27,097, while long-term liabilities rose to $485,183, reflecting increased notes payable. The company reported a stockholders' deficit of $379,137, an improvement from $427,394 at the end of the previous year. Cash and cash equivalents increased to $14,819, indicating a positive cash flow trend from financing activities, which included proceeds from notes payable. Despite these improvements, the company faces substantial uncertainty regarding its ability to continue operations without raising additional capital. Future operations may be impacted significantly by the need for further financing and the lack of current revenue generation.