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Webstar Technology Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Webstar Technology Group did not generate any revenue during the three and nine months ended September 30, 2024 and 2023.
Operating expenses for the three months ended September 30, 2024 were $21,578, down from $199,401 in the same period in 2023, primarily due to a reduction in salary and related expenses following the resignation of key executives.
For the nine months ended September 30, 2024, operating expenses were $4,466,798, compared to $703,524 in the same period in 2023, largely due to a loss on extinguishment of debt with a related party.
The company reported a net loss of $41,578 for the three months ended September 30, 2024, compared to a net loss of $219,401 in the same period in 2023.
For the nine months ended September 30, 2024, the net loss was $4,466,798, compared to $703,524 in the same period in 2023, primarily due to a loss on extinguishment of $4,021,910.
Webstar's working capital deficit as of September 30, 2024, was $1,048,066, an improvement from a deficit of $4,371,382 as of December 31, 2023, primarily due to the settlement of liabilities through the issuance of shares and assumption of liabilities by a related party.
The company continues to face liquidity issues and has raised substantial doubt about its ability to continue as a going concern, requiring additional capital to fund its operations.
During the reporting period, Webstar Technology Group underwent significant changes, including the acquisition of assets and intellectual property from Thunder Energies Corporation and the transfer of license agreements to a related party.
The filing also notes changes in the company's executive team, with new appointments following the resignation of former executives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Webstar Technology Gr quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.