In This Story
Mdwerks, Inc. (MDWK0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $1,058,707, primarily from liquor sales and product and service income following the acquisition of Two Trees Beverage Co. and RF Specialties, LLC.
Cost of sales for the quarter was $325,839, resulting in a gross profit of $732,868.
The company reported operating expenses of $569,938, which included legal, accounting, payroll, and general business-related expenses.
Net income for the quarter was $157,024, with total other expenses amounting to $5,906, primarily from interest expenses.
As of September 30, 2024, Mdwerks had cash of $62,478 and a working capital deficit of $762,357.
The company anticipates the need for additional funding to meet its ongoing obligations and future liquidity needs.
Mdwerks completed two acquisitions in December 2023, acquiring Two Trees Beverage Co. and RF Specialties, LLC, which contributed to the revenue for the quarter.
The filing details the company's revenue recognition policies, goodwill impairment testing, and the impact of recent accounting standards.
The company identified challenges in its ability to continue as a going concern, citing the need for additional capital and potential risks to its financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mdwerks, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.