MDWerks, Inc. Files 2023 Annual Report

TL;DR

MDWerks filed its 2023 10-K. Check financials.

AI Summary

MDWerks, Inc. filed its 10-K for the fiscal year ending December 31, 2023, on June 28, 2024. The company, previously known as WESTERN EXPLORATION INC. and MDwerks, Inc., is incorporated in Delaware and operates in the beverages sector. Its principal business address is in Green Cove Springs, Florida.

Why It Matters

This filing provides a comprehensive overview of MDWerks, Inc.'s financial performance and operational status for the 2023 fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a header for a 10-K filing and does not contain substantive financial or operational details that would indicate a specific risk level.

Key Players & Entities

• MDWerks, Inc. (company) — Filer
• WESTERN EXPLORATION INC. (company) — Former Company Name
• 2023-12-31 (date) — Fiscal Year End
• 20240628 (date) — Filing Date
• Green Cove Springs, FL (location) — Business Address

FAQ

Key Financial Figures

• $0.0001 — 0,000 shares of common stock, par value $0.0001 per share, of which 9,999,604.69 shares
• $104,066 — operations. We generated revenues of $104,066 for the year ended December 31, 2023 fr
• $0 — perations of the business acquired, and $0, during the year ended December 31, 202
• $291,672 — ince our inception. Our net losses were $291,672 and $153,713 for the years ended Decemb
• $153,713 — ption. Our net losses were $291,672 and $153,713 for the years ended December 31, 2023 a
• $739,388 — mber 31, 2023 and December 31, 2022 was $739,388 and $447,716, respectively. If we are u
• $447,716 — and December 31, 2022 was $739,388 and $447,716, respectively. If we are unable to achi
• $115,111 — ember 31, 2023 and 2022, we had cash of $115,111 and $23,715, respectively. We do not ex
• $23,715 — 3 and 2022, we had cash of $115,111 and $23,715, respectively. We do not expect that ou
• $5.00 — ty that has a market price of less than $5.00 per share or with an exercise price of

Filing Documents

• form10-k.htm (10-K) — 869KB
• ex4-1.htm (EX-4.1) — 25KB
• ex19-1.htm (EX-19.1) — 75KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 6KB
• form10-k_001.jpg (GRAPHIC) — 7KB
• 0001493152-24-025571.txt ( ) — 4937KB
• mdwk-20231231.xsd (EX-101.SCH) — 41KB
• mdwk-20231231_cal.xml (EX-101.CAL) — 58KB
• mdwk-20231231_def.xml (EX-101.DEF) — 150KB
• mdwk-20231231_lab.xml (EX-101.LAB) — 368KB
• mdwk-20231231_pre.xml (EX-101.PRE) — 299KB
• form10-k_htm.xml (XML) — 500KB

BUSINESS

BUSINESS 4 ITEM 1A. RISK FACTORS 8 ITEM 1B. UNRESOLVED STAFF COMMENTS 11 ITEM 1C. CYBERSECURITY 11 ITEM 2.

PROPERTIES

PROPERTIES 11 ITEM 3. LEGAL PROCEEDINGS 12 ITEM 4. MINE SAFETY DISCLOSURES 12 PART II 12 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 12 ITEM 6. RESERVED 13 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 15 ITEM 8. FINANCIAL F-1 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 16 ITEM 9A. CONTROLS AND PROCEDURES 16 ITEM 9B. OTHER INFORMATION 17 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 17 PART III 17 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 17 ITEM 11. EXECUTIVE COMPENSATION 19 ITEM 12. SECURITY 21 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 22 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 23 PART IV 24 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 24 ITEM 16. FORM 10-K SUMMARY 24

SIGNATURES

SIGNATURES 25 2 Forward-Looking Various laws. Forward-looking statements are based on current expectations and are indicated by words or phrases such as "believe," "expect," "may," "will," "should," "seek," "plan," "intend" or "anticipate" or the negative thereof or comparable terminology, or by discussion of strategy. Forward-looking statements represent as of the date of this report our judgment relating to, among other things, future results of operations, growth plans, sales, capital requirements and general industry and business conditions applicable to us. Such forward-looking statements are based largely on our current expectations and are inherently subject to risks and uncertainties. Our actual results could differ materially from those that are anticipated or projected as a result of certain risks and uncertainties, including, but not limited to, a number of factors, such as: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and the other risks and uncertainties that are set forth in our filings with the Securities and Exchange Commission (the "SEC"), including in Item 1A, "Risk Factors." These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC's rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, w

Business

Business Overview MDwerks, Inc. (the "Company," "MDwerks," "we," "us," or "our"), a Delaware corporation, was focused on effecting a "reverse merger," capital exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more unrelated businesses (a "Business Combination") that would benefit from the Company's public reporting status. In December 2023, the Company completed two acquisitions of business as outlined below. The Company is a forward-thinking company that is leading the charge in the world of sustainable technology. As a leading provider of energy wave technologies, MDwerks is dedicated to creating innovative solutions that help businesses reduce their energy costs while also increasing speed to market. Our expertise in radio wave technologies and microwave technologies has led to multiple breakthroughs with applications both industrial and commercial. Acquisitions Two Trees On February 13, 2023, we entered into a Merger Agreement (the "Merger Agreement"), by and between the Company, MD-TT Merger Sub, Inc., a wholly owned subsidiary of the Company ("Merger Sub"), and Two Trees Beverage Co. ("Two Trees"). The Company, Merger Sub and Two Trees may be referred to herein collectively as the "Parties" and separately as a "Party." In consideration of the Merger Agreement, at the effective time of the Merger, each of the holders of Two Trees stock, subject to certain exceptions set forth in the Merger Agreement, had the right to convert all of the shares of Two Trees stock into a total of 60,000,000 shares of Company common stock, which shall be apportioned between the Two Trees stockholders, pro rata, based on the number of shares of Two Trees stock held by each of the Two Trees stockholders as of the closing of the Merger (the "Merger Consideration"). 4 Amendment No. 1 to Two Trees Merger Agreement On February 16, 2023, the Company, Merger Sub and Two Trees entered into Amendment No. 1 to Merger

View Full Filing

View this 10-K filing on SEC EDGAR