2024 Q1 Form 10-K Financial Statement

#000149315224011912 Filed on March 29, 2024

View on sec.gov

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

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<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>
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<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>
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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%

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