MDWerks, Inc. Files Q1 2024 10-Q

TL;DR

**MDWerks Q1 2024 10-Q filed. Check financials.**

AI Summary

MDWerks, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial information and business operations for the first quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and operational updates for MDWerks, Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate, high-impact news.

Key Players & Entities

• MDWerks, Inc. (company) — Filer of the 10-Q report
• 20240331 (date) — End of the reporting period
• 20240709 (date) — Filing date of the report

FAQ

Filing Documents

• form10-q.htm (10-Q) — 529KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-026628.txt ( ) — 3808KB
• mdwk-20240331.xsd (EX-101.SCH) — 34KB
• mdwk-20240331_cal.xml (EX-101.CAL) — 50KB
• mdwk-20240331_def.xml (EX-101.DEF) — 125KB
• mdwk-20240331_lab.xml (EX-101.LAB) — 311KB
• mdwk-20240331_pre.xml (EX-101.PRE) — 258KB
• form10-q_htm.xml (XML) — 412KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION F-1 Item 1.

Financial Statements

Financial Statements F-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 4 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 7 Item 4.

Controls and Procedures

Controls and Procedures 7

—OTHER INFORMATION

PART II—OTHER INFORMATION 8 Item 1.

Legal Proceedings

Legal Proceedings 8 Item 1A.

Risk Factors

Risk Factors 8 Item 2. Unregistered Sales of Securities and Use of Proceeds 8 Item 3. Defaults Upon Senior Securities 8 Item 4. Mine Safety Disclosure 8 Item 5. Other Information 8 Item 6. Exhibits 8

SIGNATURES

SIGNATURES 9 EXHIBIT 31.1 EXHIBIT 31.2 EXHIBIT 32.1 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 generally accepted accounting principles and the other risks and uncertainties that are set forth in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." 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 Securities and Exchange Commission ("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 stateme

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) F-7 F-1 MDwerks, Inc. Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 Assets Current Assets Cash $ 162,894 $ 115,111 Note receivable 99,433 97,533 Accounts receivable, net 205,851 106,734 Inventory 160,392 201,207 Prepaid expenses 33,383 28,632 Total Current Assets 661,953 549,217 Fixed assets, net of accumulated depreciation of $ 74,609 and $ 10,787 , respectively 886,779 496,890 Intangible assets, net of accumulated amortization of $ 18,447 and $ 4,339 , respectively 601,053 615,161 Right-of-use asset 1,051,899 1,105,152 Goodwill 466,648 466,648 Total Assets $ 3,668,332 $ 3,233,068 Liabilities and Stockholders' Equity (Deficit) Current Liabilities Accounts payable and accrued expenses $ 701,739 $ 668,748 Notes payable, current portion 211,080 96,404 Deferred revenue 11,833 52,779 Right-of-use liability, current portion 230,146 249,175 Total Current Liabilities 1,154,798 1,067,106 Notes payable, net of current portion 357,956 92,830 Right-of use liability, net of current portion 892,750 912,915 Total Liabilities 2,405,504 2,072,851 Stockholders' Equity Preferred stock, par value $ 0.001 ; 10,000,000 shares authorized, of which 8,957,500 were issued and outstanding 8,958 8,958 Common stock, par value $ 0.001 ; 300,000,000 shares authorized, of which 200,824,868 and 198,724,868 shares were issued and outstanding at March 31, 2024 and December 31, 2023, respectively 200,825 198,725 Additional paid in capital 2,004,822 1,691,922 Subscription payable 90,000 - Accumulated deficit ( 1,041,777 ) ( 739,388 ) Total Stockholders' Equity 1,262,828 1,160,217 Total Liabilities and Stockholders' Equity $ 3,668,332 $ 3,233,068 The accompanying notes are an integral part of these unaudited consolidated financial statements. F-2 MDwerks, Inc. Consolidated

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View this 10-Q filing on SEC EDGAR