Edgemode, Inc. Files Q1 2024 10-Q

TL;DR

Edgemode Inc. (FORMERLY FOURTH WAVE ENERGY, INC.) filed its Q1 2024 10-Q.

AI Summary

Edgemode, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as Wadena Corp., Pierre Corp., and Fourth Wave Energy, Inc., is incorporated in Nevada and operates in the home health care services sector. Its principal business address is in Fort Lauderdale, Florida.

Why It Matters

This filing provides investors with an update on Edgemode, Inc.'s financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing that primarily contains financial and operational data without significant new disclosures.

Key Players & Entities

• Edgemode, Inc. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• 110 E. BROWARD BLVD. SUITE 1700 (address) — Business and mailing address
• FT. LAUDERDALE (location) — City of business address
• NV (state) — State of incorporation
• FOURTH WAVE ENERGY, INC. (company) — Former company name
• PIERRE CORP. (company) — Former company name
• Wadena Corp. (company) — Former company name

FAQ

Key Financial Figures

• $1.00 — $ 0.001 par value and a stated value of $1.00 per share. The Series B Convertible Pre
• $15 million — able to close on a purchase of at least $15 million of crypto mining equipment as describe

Filing Documents

• edgemode_i10q-0033124.htm (10-Q) — 403KB
• edgemode_ex3101.htm (EX-31.1) — 7KB
• edgemode_ex3102.htm (EX-31.2) — 7KB
• edgemode_ex3201.htm (EX-32.1) — 4KB
• edgemode_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-003765.txt ( ) — 2867KB
• edgm-20240331.xsd (EX-101.SCH) — 25KB
• edgm-20240331_cal.xml (EX-101.CAL) — 32KB
• edgm-20240331_def.xml (EX-101.DEF) — 83KB
• edgm-20240331_lab.xml (EX-101.LAB) — 243KB
• edgm-20240331_pre.xml (EX-101.PRE) — 191KB
• edgemode_i10q-0033124_htm.xml (XML) — 291KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Stockholders' Equity (Deficit) 5 Consolidated Statements of Cash Flows 6 Notes to the Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 19

– OTHER INFORMATION

PART II – OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 20

Signatures

Signatures 21 Exhibit Index 22 Unless the context otherwise indicates, when used in this report, the terms the "Company," "Edgemode", "we," "us, "our" and similar terms refer to Edgemode, Inc. and our wholly owned subsidiary, EdgeMode, a Wyoming corporation. Our corporate website is www.edgemode.io. There we make available copies of Edgemode documents, news releases and our filings with the U.S. Securities and Exchange Commission including

financial statements

financial statements. Unless specifically set forth to the contrary, the information that appears on our website is not part of this report. 2

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Edgemode, Inc. Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash $ – $ 298 Prepaid expenses and other current assets 20,258 20,258 Total current assets 20,258 20,556 Intangible assets – cryptocurrencies 32 32 Total assets $ 20,290 $ 20,588 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 782,001 $ 721,780 Accrued payroll 961,701 661,201 Equipment notes payable 1,179,972 1,179,972 Convertible notes payable 35,000 35,000 Notes payable 16,000 16,000 Notes payable – related parties 342,501 342,501 Derivative liabilities 287,275 197,090 – Total current liabilities 3,604,450 3,153,544 Total liabilities 3,604,450 3,153,544 Commitments and contingencies – – Stockholders' deficit: Preferred shares, $ 0.001 par value, 4,999,000 shares authorized March 31, 2024 and December 31, 2023; none issued and outstanding – – Common shares, $ 0.001 par value, 950,000,000 shares authorized March 31, 2024 and December 31, 2023; 390,687,459 shares issued and outstanding, March 31, 2024 and December 31, 2023 390,687 390,687 Additional paid-in capital 35,142,231 35,142,231 Accumulated deficit ( 39,117,078 ) ( 38,665,874 ) Stockholders' deficit ( 3,584,160 ) ( 3,132,956 ) Total liabilities and stockholders' deficit $ 20,290 $ 20,588 See accompanying notes to the unaudited consolidated

financial statements

financial statements. 3 Edgemode, Inc. Consolidated Statements of Operations (unaudited) For the three months ended March 31, 2024 March 31, 2023 Operating expenses: General and administrative expenses $ 336,599 $ 1,705,525 Loss on cryptocurrencies – – Total operating expenses 336,599 1,705,525 Loss from operations ( 336,599 ) ( 1,705,525 ) Other expense: Interest expense ( 24,420 ) ( 7,274 ) Penalty on redemption of Preferred B shares – ( 51,859 ) Other expense – ( 3,378 ) Change in fair value of derivatives ( 90,185 ) – Loss on settlement – ( 9,975 ) Total other expense, net ( 114,605 ) ( 72,486 ) Loss before provision for income taxes ( 451,204 ) ( 1,778,011 ) Provision for income taxes – – Net loss $ ( 451,204 ) $ ( 1,778,011 ) Loss per common share - basic $ ( 0.00 ) $ ( 0.00 ) Loss per common share - diluted $ ( 0.00 ) $ ( 0.00 ) Weighted average shares outstanding - basic 390,687,459 390,440,237 Weighted average shares outstanding - diluted 390,687,459 390,440,237 See accompanying notes to the unaudited consolidated

financial statements

financial statements. 4 Edgemode, Inc. Consolidated Statements of Stockholders' Equity (Deficit) For the three months ended March 31, 2024 and 2023 (Unaudited) Total Common Additional Stockholders' Common Stock Paid-In Accumulated Equity/ Shares Amount Capital Deficit (deficit) Balance December 31, 2023 390,687,459 $ 390,687 $ 35,142,231 $ ( 38,665,874 ) $ ( 3,132,956 ) Net Loss – – – ( 451,204 ) ( 451,204 ) Balance March 31, 2024 390,687,459 $ 390,687 $ 35,142,231 $ ( 39,117,078 ) $ ( 3,584,160 ) Balance December 31, 2022 390,437,459 $ 390,437 $ 33,896,019 $ ( 35,880,128 ) $ ( 1,593,672 ) Common shares issued for settlement of claims 250,000 250 9,725 – 9,975 Stock-based compensation – – 1,236,487 – 1,236,487 Net Loss – – – ( 1,778,011 ) ( 1,778,011 ) Balance March 31, 2023 390,687,459 $ 390,687 $ 35,142,231 $ ( 37,658,139 ) $ ( 2,125,221 ) See accompanying notes to the unaudited consolidated

financial statements

financial statements. 5 Edgemode, Inc. Consolidated Statements of Cash Flows (unaudited) For the three months ended March 31, 2024 March 31, 2023 Operating Activities: Net loss $ ( 451,204 ) $ ( 1,778,011 ) Adjustments to reconcile net loss to net cash used in operating activities: Amortization of discounts – 7,274 Penalty on redemption of Preferred B shares – 51,859 Loss on settlement – 9,975 Stock-based compensation – 1,236,487 Change in fair value of derivative liabilities 90,185 – Changes in operating assets and liabilities: Prepaid expenses and other current assets – 901,735 Accounts payable and accrued expenses 60,221 ( 98,338 ) Accrued payroll 300,500 ( 49,395 ) Net cash provided by (used in) operating activities ( 298 ) 281,586 Investing Activities: Proceeds from sale of cryptocurrencies – 2,598 Net cash provided by investing activities – 2,598 Financing Activities: Payments on preferred B shares – ( 270,549 ) Net cash used in financing activities – ( 270,549 ) Net change in cash ( 298 ) 13,635 Cash - beginning of period 298 70 Cash - end of period $ – $ 13,705 Supplemental Disclosures: Interest paid $ – $ – Income taxes paid $ – $ – See accompanying notes to the unaudited consolidated

financial statements

financial statements. 6 Edgemode, Inc. Notes to the Consolidated Financial Statements (Unaudited) NOTE 1 – Basis of Presentation The accompanying unaudited interim financial statements of Edgemode, Inc. ("we", "our", "Edgemode" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2023, as reported in the Form 10-K for the fiscal year ended December 31, 2023 of the Company, have been omitted. NOTE 2 – Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term. Principals of consolidation The accompanying consolidated financial statements include the accounts of Edgemode, Inc., the accounts of its 100% owned subsidiaries, EdgeMode and Edgemode Mine Co UK Limited. All intercompany transacti

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View this 10-Q filing on SEC EDGAR