$MDWK
MDWerks, Inc.

2023 Q4 Form 10-Q Financial Statement

#000149315223040848 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $104.1K $0.00 $0.00
YoY Change
Cost Of Revenue $28.55K
YoY Change
Gross Profit $75.52K
YoY Change
Gross Profit Margin 72.57%
Selling, General & Admin $278.3K $129.1K $49.65K
YoY Change 254.92% 160.08% 355.09%
% of Gross Profit 368.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.13K $360.00
YoY Change
% of Gross Profit 20.03%
Operating Expenses $293.5K $129.1K $49.65K
YoY Change 274.22% 160.07% 355.11%
Operating Profit -$217.9K -$129.1K -$49.65K
YoY Change 160.07% 354.98%
Interest Expense -$550.00 $4.232K
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.530K $164.6K
YoY Change
Pretax Income -$216.0K $35.49K -$49.65K
YoY Change 175.39% -171.48% 355.09%
Income Tax
% Of Pretax Income
Net Earnings -$216.0K $35.49K -$49.65K
YoY Change 175.39% -171.48% 355.11%
Net Earnings / Revenue -207.51%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 127.5M shares 125.1M shares 18.01M shares
Diluted Shares Outstanding 125.6M shares 18.01M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.1K $166.1K
YoY Change 385.29%
Cash & Equivalents $115.1K $166.0K $0.00
Short-Term Investments
Other Short-Term Assets $28.63K
YoY Change
Inventory $201.2K
Prepaid Expenses $28.63K
Receivables $106.7K
Other Receivables $97.54K
Total Short-Term Assets $549.2K $241.0K
YoY Change 2215.42%
LONG-TERM ASSETS
Property, Plant & Equipment $496.9K $61.86K
YoY Change
Goodwill $466.6K
YoY Change
Intangibles $18.86K
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $2.684M $175.7K
YoY Change -11414.72%
TOTAL ASSETS
Total Short-Term Assets $549.2K $241.0K
Total Long-Term Assets $2.684M $175.7K
Total Assets $3.233M $416.8K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $668.8K $6.640K $0.00
YoY Change 1839.64% -100.0%
Accrued Expenses $249.2K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $203.5K $0.00
YoY Change -100.0%
Long-Term Debt Due $96.40K
YoY Change
Total Short-Term Liabilities $1.067M $210.1K $49.65K
YoY Change 733.19% 323.24% -78.29%
LONG-TERM LIABILITIES
Long-Term Debt $92.83K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $912.9K
YoY Change
Total Long-Term Liabilities $1.006M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.067M $210.1K $49.65K
Total Long-Term Liabilities $1.006M $0.00 $0.00
Total Liabilities $2.073M $210.1K $49.65K
YoY Change 1518.47% 323.23% -78.29%
SHAREHOLDERS EQUITY
Retained Earnings -$739.4K -$523.4K -$352.3K
YoY Change 71.66% 48.57%
Common Stock $198.7K $127.5K $18.01K
YoY Change 62.54% 607.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.160M $206.6K -$49.65K
YoY Change
Total Liabilities & Shareholders Equity $3.233M $416.8K
YoY Change

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$216.0K $35.49K -$49.65K
YoY Change 175.39% -171.48% 355.11%
Depreciation, Depletion And Amortization $15.13K $360.00
YoY Change
Cash From Operating Activities -$253.0K -$128.8K -$49.65K
YoY Change 363.74% 159.38% 358.87%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $121.5K $25.00K
YoY Change
Cash From Investing Activities $121.5K $25.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.50K 264.9K 49.65K
YoY Change 47.57% 433.49% 358.87%
NET CHANGE
Cash From Operating Activities -253.0K -128.8K -49.65K
Cash From Investing Activities 121.5K 25.00K
Cash From Financing Activities 80.50K 264.9K 49.65K
Net Change In Cash -50.93K 161.1K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$253.0K -$128.8K -$49.65K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$253.0K -$128.8K
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zFecp2im51Hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zfKmBBwDCAFi">Use of Estimates and Assumptions</span> </b>- The preparation of financial statements in accordance with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results can, and in many cases will, differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Net Income Loss
NetIncomeLoss
-75712 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-523428 usd
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
6640 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
34478 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
118748 usd
CY2023Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05 pure
CY2023Q3 MDWK Imputed Interest Percentage
ImputedInterestPercentage
0.05 pure
us-gaap Interest Expense
InterestExpense
9908 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
19449 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
127491518 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
127491518 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5231310 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
392349 usd
us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
The shares were issued as a unit consisting of 1 share of common stock, a warrant for the purchase of 1 share of common stock for $1 with a 5 year term and a second warrant for the purchase of 1 share of common stock for $2 with a 5 year term.
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
132521 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0176 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
3.5500 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Common Stock Conversion Features
CommonStockConversionFeatures
Each share of Series A Convertible Preferred Stock is convertible into 100 shares of common stock, and each share of Series A Preferred Stock has the same number of common share votes prior to conversion as it would if fully converted to be used in voting on any company matter requiring a vote of shareholders.
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
8957500 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
8957500 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
10462620 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
10462620 shares
MDWK Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageExercisePrice
1.50
MDWK Sharebased Compensation Arrangement By Sharebased Payment Award Non Option Equity Instruments Weighted Average Remaining Contractual Term Granted
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionEquityInstrumentsWeightedAverageRemainingContractualTermGranted
P4Y8M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10462620 shares
CY2023Q3 MDWK Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
1.50
MDWK Sharebased Compensation Arrangement By Sharebased Payment Award Non Option Equity Instruments Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm2
P4Y8M12D
CY2023Q3 MDWK Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
10462620 shares
CY2023Q3 MDWK Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableWeightedAverageExercisePrice
1.50
MDWK Sharebased Compensation Arrangement By Sharebased Payment Award Non Option Equity Instruments Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionEquityInstrumentsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M12D
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88000 usd
CY2023Q2 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P7Y
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
195000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
100000 usd
CY2023Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
95000 usd
us-gaap Proceeds From Loans
ProceedsFromLoans
168855 usd
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2029-08-25
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
75000 usd
CY2023Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
75000 usd
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
195000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
100000 usd
CY2023Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
95000 usd
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2029-08-25
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2023Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
95000 usd

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