2024 Q1 Form 10-K Financial Statement
#000149315224011912 Filed on March 29, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $0.00 | ||
YoY Change | |||
Cost Of Revenue | $0.00 | ||
YoY Change | |||
Gross Profit | $0.00 | ||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $204.9K | $191.3K | $838.7K |
YoY Change | -11.01% | -4.44% | -95.09% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $400.00 | $1.600K |
YoY Change | -100.0% | 0.0% | 0.0% |
% of Gross Profit | |||
Operating Expenses | $204.9K | $191.3K | $838.7K |
YoY Change | -11.01% | -4.44% | -95.09% |
Operating Profit | -$204.9K | -$191.3K | -$838.7K |
YoY Change | -11.01% | -4.44% | -95.09% |
Interest Expense | -$20.00K | -$20.00K | -$76.14K |
YoY Change | -190.83% | -9.17% | 50.59% |
% of Operating Profit | |||
Other Income/Expense, Net | -$20.00K | -$76.14K | |
YoY Change | -9.17% | -99.45% | |
Pretax Income | -$224.9K | -$211.3K | -$914.8K |
YoY Change | -10.85% | -4.91% | -97.05% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$224.9K | -$211.3K | -$914.8K |
YoY Change | -10.85% | -4.91% | -97.05% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | -$0.01 | |
Diluted Earnings Per Share | $0.00 | $0.00 | -$0.01 |
COMMON SHARES | |||
Basic Shares Outstanding | 158.3M shares | 158.3M shares | 151.7M shares |
Diluted Shares Outstanding | 151.7M shares |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $170.00 | $170.00 | $170.00 |
YoY Change | -95.83% | -5.56% | -5.56% |
Cash & Equivalents | $170.00 | $170.00 | |
Short-Term Investments | |||
Other Short-Term Assets | $12.20K | $500.00 | $500.00 |
YoY Change | -10.16% | 0.0% | 0.0% |
Inventory | |||
Prepaid Expenses | $12.20K | $498.00 | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $12.37K | $668.00 | $670.00 |
YoY Change | -29.96% | -1.18% | -1.47% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Goodwill | |||
YoY Change | |||
Intangibles | $0.00 | ||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $1.00 | $0.00 | $0.00 |
YoY Change | -99.97% | -100.0% | -100.0% |
TOTAL ASSETS | |||
Total Short-Term Assets | $12.37K | $668.00 | $670.00 |
Total Long-Term Assets | $1.00 | $0.00 | $0.00 |
Total Assets | $12.37K | $668.00 | $670.00 |
YoY Change | -40.56% | -85.55% | -85.5% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $22.87K | $24.98K | $24.98K |
YoY Change | -56.55% | -43.66% | -43.66% |
Accrued Expenses | $3.302M | $3.118M | $3.118M |
YoY Change | 26.82% | 29.82% | 29.82% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $1.284M | $1.229M | $1.229M |
YoY Change | 722.43% | 1169.94% | 1169.94% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $4.609M | $4.372M | $4.372M |
YoY Change | 63.89% | 71.91% | 71.91% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | -100.0% |
Other Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | -100.0% |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | -100.0% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.609M | $4.372M | $4.372M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $4.609M | $4.372M | $4.372M |
YoY Change | 17.77% | 19.95% | 19.95% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$43.36M | -$43.14M | |
YoY Change | 2.09% | 2.17% | |
Common Stock | $15.83K | $15.83K | |
YoY Change | 13.13% | 13.13% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$4.596M | -$4.371M | -$4.371M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $12.37K | $668.00 | $670.00 |
YoY Change | -40.57% | -85.55% | -85.5% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$224.9K | -$211.3K | -$914.8K |
YoY Change | -10.85% | -4.91% | -97.05% |
Depreciation, Depletion And Amortization | $0.00 | $400.00 | $1.600K |
YoY Change | -100.0% | 0.0% | 0.0% |
Cash From Operating Activities | -$55.56K | -$3.500K | -$131.9K |
YoY Change | 0.12% | -86.2% | -24.58% |
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 | $55.56K | 3.500K | $131.9K |
YoY Change | -6.46% | -86.12% | -24.47% |
NET CHANGE | |||
Cash From Operating Activities | -$55.56K | -3.500K | -$131.9K |
Cash From Investing Activities | |||
Cash From Financing Activities | $55.56K | 3.500K | $131.9K |
Net Change In Cash | 0.000 | -$8.00 | |
YoY Change | -100.0% | -96.93% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$55.56K | -$3.500K | -$131.9K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
178 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
439 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
170 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
178 | usd |
CY2023 | WBSR |
Conversion Of Convertible Note Payable And Accrued Interest Related Party Into Common Stock
ConversionOfConvertibleNotePayableAndAccruedInterestRelatedPartyIntoCommonStock
|
183710 | usd |
CY2022 | WBSR |
Reclassifications Of Accrued Salary And Related Expenses And Advances Due To Related Party To Additional Paidincapital Upon Settlement
ReclassificationsOfAccruedSalaryAndRelatedExpensesAndAdvancesDueToRelatedPartyToAdditionalPaidincapitalUponSettlement
|
530283 | usd |
CY2022 | WBSR |
Issuance Of Convertible Note Payable For Accrued Salary And Advances Due To Related Party
IssuanceOfConvertibleNotePayableForAccruedSalaryAndAdvancesDueToRelatedParty
|
1101000 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80D_eus-gaap--NatureOfOperations_zTrk4ebjrrAc" 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>NOTE 1 - <span id="xdx_82A_zAhQqeHhNHei">DESCRIPTION OF BUSINESS</span></b></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> <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">Webstar Technology Group, Inc. (the “Company”) was incorporated in <span id="xdx_902_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zgot404Fe6M9" title="Entity incorporation state">Wyoming</span> on <span id="xdx_90D_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231_zt2GAOZ0WT02" 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023 | dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
WY | |
CY2023 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2015-03-10 | |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-43137416 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-131929 | usd |
CY2023Q4 | WBSR |
Working Capital Deficit
WorkingCapitalDeficit
|
4371382 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_847_eus-gaap--UseOfEstimates_zBmhdo7uVJb4" 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><i><span id="xdx_865_z2o6f8bESRt1">Use of Estimates</span></i></b></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> <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">The preparation of the financial statements in conformity with US GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain of the Company’s 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, fair value of preferred stock, and a convertible note payable issued to a related party.</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> | |
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2022Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2023Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
0 | usd |
CY2022Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
0 | usd |
CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
0 | usd |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
0 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.287 | |
CY2023Q4 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P5Y | |
CY2023 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
1600 | usd |
CY2022 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
1600 | usd |
CY2023 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
0 | usd |
CY2022 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
0 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.287 | |
CY2023Q4 | us-gaap |
Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
|
31598700 | usd |
CY2022 | us-gaap |
Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
|
16071084 | usd |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
16071084 | usd |
CY2023Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
228674 | usd |
CY2022Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
96753 | usd |
CY2023Q4 | us-gaap |
Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
|
31598700 | usd |
CY2023 | us-gaap |
Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
|
0 | usd |
CY2022 | us-gaap |
Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
|
16071084 | usd |
CY2022Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
1101000 | usd |
CY2022 | us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
30497701 | usd |
CY2022Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
1101000 | usd |
CY2023 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
430 | usd |
CY2022 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
1752 | usd |
CY2022Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
2347 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
0 | usd |
CY2022Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2389 | usd |
CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
158271000 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
139900000 | shares |
CY2023Q2 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
18371000 | shares |
CY2022 | us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
30497701 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21000 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21000 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.055 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.055 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
|
0.265 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
|
0.265 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.265 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.265 | pure |
CY2023Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
1453000 | usd |
CY2017Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
107000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
|
1346000 | usd |
CY2023 | us-gaap |
Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
|
limitations of 80% |