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Mdwerks, Inc. (MDWK0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes the company's financial statements, showing total revenue of $2,364,093 for 2024, an increase from $104,066 in 2023. The increase is attributed to the acquisitions of Two Trees Beverage Co. and RF Specialties, LLC.
The company reported a net loss of $1,621,117 for the year, compared to a net loss of $291,672 in the previous year. The increase in net loss is primarily due to higher operating expenses following the acquisitions.
Mdwerks, Inc. has identified substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund operations and meet financial obligations.
The company completed two significant acquisitions in 2023: Two Trees Beverage Co., which utilizes a Spirits Rapid Aging System, and RF Specialties, LLC, which develops sustainable radio frequency applications.
Mdwerks, Inc. reported total assets of $2,916,434 as of December 31, 2024, with liabilities totaling $2,545,406. The company has a working capital deficit of $1,244,697.
The company has implemented a Compensation Recovery Policy to comply with applicable law and to provide for the recovery of certain incentive-based compensation in the event of an accounting restatement.
Mdwerks, Inc. disclosed various risk factors, including its reliance on the availability of additional financing, competition in its market segments, and potential changes in government regulations affecting its business.
The company has identified material weaknesses in its internal control over financial reporting, including inadequate segregation of duties and insufficient written policies and procedures.
Mdwerks, Inc. does not anticipate paying dividends on its common stock in the foreseeable future, as it plans to reinvest earnings to finance business development and growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mdwerks, Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.