High Wire Networks Files Q1 2024 10-Q Report
Ticker: HWNI · Form: 10-Q · Filed: May 20, 2024 · CIK: 1413891
| Field | Detail |
|---|---|
| Company | High Wire Networks, INC. (HWNI) |
| Form Type | 10-Q |
| Filed Date | May 20, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $464,839 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, telecommunications
TL;DR
HWNI filed its Q1 2024 10-Q. Check financials.
AI Summary
High Wire Networks, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, formerly known as HWN, Inc., Spectrum Global Solutions, Inc., and Mantra Venture Group Ltd., is incorporated in Nevada and headquartered in Batavia, Illinois. The filing details its financial performance and operational status for the first quarter of 2024.
Why It Matters
This filing provides investors and stakeholders with an update on High Wire Networks' financial health and business operations for the first quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it represents a standard quarterly update, but the specific financial details and operational context within the report would determine the precise risk level.
Key Players & Entities
- HIGH WIRE NETWORKS, INC. (company) — Registrant
- 0001213900-24-045189 (other) — Accession Number
- March 31, 2024 (date) — Quarterly period end date
- HWN, INC. (company) — Former company name
- Spectrum Global Solutions, Inc. (company) — Former company name
- Mantra Venture Group Ltd. (company) — Former company name
- Nevada (location) — State of incorporation
- 30 North Lincoln Street, Batavia, Illinois (address) — Business and mailing address
FAQ
What is the primary business of High Wire Networks, Inc.?
The filing lists the Standard Industrial Classification as 'TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]', indicating its primary business is in telephone communications.
When was the company formerly known as HWN, Inc.?
The company's name was changed from HWN, Inc. on August 25, 2021.
What is the SEC file number for High Wire Networks, Inc.?
The Commission File Number for High Wire Networks, Inc. is 000-53461.
Where is High Wire Networks, Inc. incorporated?
High Wire Networks, Inc. is incorporated in Nevada.
What is the business address of High Wire Networks, Inc.?
The business address is 30 North Lincoln Street, Batavia, Illinois, 60510.
Filing Stats: 4,447 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-05-20 16:15:45
Key Financial Figures
- $464,839 — ortion, net of debt discount of $ 0 and $464,839, respectively - 685,161 Operating l
Filing Documents
- ea0205312-10q_highwire.htm (10-Q) — 1039KB
- ea020531201ex31-1_high.htm (EX-31.1) — 10KB
- ea020531201ex31-2_high.htm (EX-31.2) — 9KB
- ea020531201ex32-1_high.htm (EX-32.1) — 4KB
- ea020531201ex32-2_high.htm (EX-32.2) — 4KB
- 0001213900-24-045189.txt ( ) — 8011KB
- hwni-20240331.xsd (EX-101.SCH) — 101KB
- hwni-20240331_cal.xml (EX-101.CAL) — 59KB
- hwni-20240331_def.xml (EX-101.DEF) — 409KB
- hwni-20240331_lab.xml (EX-101.LAB) — 748KB
- hwni-20240331_pre.xml (EX-101.PRE) — 418KB
- ea0205312-10q_highwire_htm.xml (XML) — 956KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 1 Item 1.
Financial Statements
Financial Statements 1 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 36 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.
Controls and Procedures
Controls and Procedures 39
- OTHER INFORMATION
PART II - OTHER INFORMATION 40 Item 1.
Legal Proceedings
Legal Proceedings 40 Item 1A.
Risk Factors
Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 40
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements The unaudited interim condensed consolidated financial statements of our company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars, unless otherwise noted. High Wire Networks, Inc. Page Number Condensed consolidated balance sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 (unaudited) 3 Condensed consolidated statements of stockholders' deficit for the three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 (unaudited) 5 Notes to unaudited condensed consolidated financial statements 6 1 High Wire Networks, Inc. Condensed consolidated balance sheets March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 263,619 $ 333,357 Accounts receivable, net of allowances of $ 291,298 and $ 311,610 , respectively, and unbilled revenue of $ 80,000 and $ 99,916 , respectively 4,483,151 2,294,324 Prepaid expenses and other current assets 312,252 117,030 Total current assets 5,059,022 2,744,711 Property and equipment, net of accumulated depreciation of $ 540,409 and $ 477,763 , respectively 977,368 1,026,293 Goodwill 3,162,499 3,162,499 Intangible assets, net of accumulated amortization of $ 2,475,751 and $ 2,350,059 , respectively 3,494,564 3,620,256 Operating lease right-of-use assets 252,521 277,995 Total assets $ 12,945,974 $ 10,831,754 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities 6,816,109 6,417,525 Contract liabilities 384,253 382,576 Current portion of loans payable to related parties, net of debt discount of $ 19,132 and $ 10,968 , respectively 315,868