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Waste Energy Corp. (WAST-1.43%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reveals that the company did not generate any revenue during the nine months ended September 30, 2024, compared to $530,082 in the same period the previous year. This decrease is attributed to a strategic shift in business focus.
General and administrative expenses were reported at $1,105,884, down from $2,270,276 in the previous year. The decrease is primarily due to a reduction in project-related activities.
The company reported a net loss from operations of $2,737,682 for the nine months ended September 30, 2024, compared to a net loss of $1,589,824 in the same period of 2023.
Waste Energy Corp. has a working capital deficit of $3,014,199 as of September 30, 2024, compared to a deficit of $2,452,883 at the end of 2023.
The filing also indicates that Waste Energy Corp. is pursuing new business opportunities in the waste-to-energy sector, following the acquisition of certain assets from Fogdog Energy Solutions Inc.
The company's management acknowledges the substantial doubt about the ability to continue as a going concern, citing the need for additional financing to meet future obligations.
Waste Energy Corp. is involved in legal proceedings with LarCo Holdings, LLC, which has filed a claim for $1,321,382, of which $752,500 is attributed to Waste Energy Corp. The company intends to file a motion to dismiss the claim.
The filing details various financial agreements, including convertible notes and promissory notes issued during the period, which are part of the company's financing activities.
Waste Energy Corp. plans to focus on developing waste-to-energy technology and integrating new technologies such as Web3 and AI into its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Waste Energy Corp. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.