$WBSR
Webstar Technology Group Inc.

2023 Q2 Form 10-Q Financial Statement

#000149315223016578 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $217.7K $230.3K $329.9K
YoY Change -98.67% -30.19% 6.4%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $400.00 $400.00 $400.00
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $217.7K $230.3K $329.9K
YoY Change -98.67% -30.19% 6.4%
Operating Profit -$217.7K -$230.3K -$329.9K
YoY Change -98.67% -30.19% 6.4%
Interest Expense $14.13K $22.02K
YoY Change -316.64%
% of Operating Profit
Other Income/Expense, Net -$14.13K -$22.02K
YoY Change -99.9%
Pretax Income -$231.8K -$252.3K -$329.9K
YoY Change -99.23% -23.51% 6.4%
Income Tax
% Of Pretax Income
Net Earnings -$231.8K -$252.3K -$329.9K
YoY Change -99.23% -23.51% 6.4%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$2.358K
COMMON SHARES
Basic Shares Outstanding 139.9M shares 139.9M shares 139.9M shares
Diluted Shares Outstanding 149.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $970.00 $4.080K $700.00
YoY Change 64.41% 482.86% -20.45%
Cash & Equivalents $970.00 $4.080K $701.00
Short-Term Investments
Other Short-Term Assets $10.00K $13.58K $10.87K
YoY Change 22.1% 24.93%
Inventory
Prepaid Expenses $9.998K $13.58K
Receivables
Other Receivables
Total Short-Term Assets $10.97K $17.66K $11.57K
YoY Change 24.85% 52.64% 421.17%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $1.950K $3.490K
YoY Change -100.0% -44.13% -29.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $800.00 $3.151K $6.290K
YoY Change -85.5% -49.9% -32.51%
TOTAL ASSETS
Total Short-Term Assets $10.97K $17.66K $11.57K
Total Long-Term Assets $800.00 $3.151K $6.290K
Total Assets $11.77K $20.81K $17.86K
YoY Change -17.72% 16.52% 54.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.84K $52.64K $46.53K
YoY Change -31.94% 13.13% -20.88%
Accrued Expenses $2.715M $2.603M $2.672M
YoY Change 33.32% -2.56% 65.4%
Deferred Revenue
YoY Change
Short-Term Debt $211.5K $156.2K $744.9K
YoY Change 523.74% -79.04% 38.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.952M $2.812M $3.463M
YoY Change 40.03% -18.8% 56.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.101M $0.00
YoY Change -9.17%
Other Long-Term Liabilities $0.00 $290.00 $1.990K
YoY Change -100.0% -85.43% -44.1%
Total Long-Term Liabilities $1.000M $1.101M $1.990K
YoY Change -9.3% 55241.21% -44.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.952M $2.812M $3.463M
Total Long-Term Liabilities $1.000M $1.101M $1.990K
Total Liabilities $3.952M $3.913M $3.465M
YoY Change 23.09% 12.94% 56.35%
SHAREHOLDERS EQUITY
Retained Earnings -$42.71M -$42.47M
YoY Change 2.22%
Common Stock $15.83K $13.99K
YoY Change 13.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.941M -$3.893M -$3.447M
YoY Change
Total Liabilities & Shareholders Equity $11.77K $20.81K $17.86K
YoY Change -17.72% 16.52% 54.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$231.8K -$252.3K -$329.9K
YoY Change -99.23% -23.51% 6.4%
Depreciation, Depletion And Amortization $400.00 $400.00 $400.00
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$58.48K -$55.49K -$66.04K
YoY Change 28.19% -15.97% 135.6%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 55.36K $59.40K 66.30K
YoY Change 21.62% -10.41% 141.97%
NET CHANGE
Cash From Operating Activities -58.48K -$55.49K -66.04K
Cash From Investing Activities
Cash From Financing Activities 55.36K $59.40K 66.30K
Net Change In Cash -3.120K $3.902K 260.0
YoY Change 3020.0% 1400.77% -141.27%
FREE CASH FLOW
Cash From Operating Activities -$58.48K -$55.49K -$66.04K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_806_eus-gaap--NatureOfOperations_zfpAykUfUOO2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_825_z9I1ShvAkd07">DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webstar Technology Group, Inc. (the “Company”) was incorporated in <span id="xdx_902_edei--EntityIncorporationStateCountryCode_c20230101__20230331_zM4re3skZDPd" title="Entity incorporation state">Wyoming</span> on <span id="xdx_901_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230331_zxxnPh0I56Z3" title="Entity incorporation date">March 10, 2015</span>. The Company was established for the operation of certain licensed and purchased software solutions. Since inception, the Company signed two license agreements with a related party to license proprietary software technology solutions, i.e., Gigabyte Slayer and WARP-G. The Company has been focused in large part on organizational activities and the development of its business plans to license the Gigabyte Slayer software application that is designed to deliver live video streams, video downloads and large data files more efficiently by using new proprietary data compression technology and to license the WARP-G software solution that is designed to enable enterprise customers that transmit live video streams, video downloads and large data files to push such data over existing pipelines at higher speeds in less time also by using new proprietary data compression technology. The Company completed the license of Gigabyte Slayer and WARP-G software on April 21, 2020 and is now seeking to sub-license the software.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_84B_eus-gaap--UseOfEstimates_zL6nDdBGX5Va" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zOYmi5dfcBZa">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited condensed financial statements requires 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain of our estimates could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record adjustments when necessary. Significant estimates made by management include the valuation of deferred tax assets and a convertible note payable with a related party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
0 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
0 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 usd
CY2023Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
0 usd
CY2022Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
0 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.287
CY2023Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
31598700 usd
CY2023Q1 us-gaap Convertible Debt
ConvertibleDebt
1101000 usd
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
1101000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
30497700 usd
CY2023Q1 us-gaap Convertible Debt
ConvertibleDebt
1101000 usd
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
1101000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
438 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
438 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1951 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2347 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1337 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
743 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2080 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
94 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1986 usd
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
139900000 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
139900000 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
139900000 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
139900000 shares
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2022 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
30497701 usd

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