Tue, Feb 4, 4:49 PM (7 days ago)
Midnight Gaming Corporation (MHGI) reported its Q1 2022 financials, reflecting significant challenges. The company recorded no revenue, consistent with its ongoing development stage. Operating expenses totaled $33,606, down from $201,729 in Q1 2021, primarily due to reduced marketing and administrative costs. The net loss narrowed to $41,473 compared to $201,729 in the prior year, leading to a basic and diluted loss per share of $0.002. As of March 31, 2022, total assets surged to $35,126, driven by a notable increase in notes receivable. However, total liabilities also rose to $503,995, largely due to a substantial increase in notes payable. This resulted in an accumulated deficit of $1,412,169, raising concerns about the company's ability to sustain operations without additional capital. Cash flow analysis indicated a net increase in cash to $6,002, attributed to financing activities despite the operating loss. The company faces uncertainties regarding future financing and operational viability, emphasizing the need for significant capital infusion to continue its business strategy.