MDWerks, Inc. Files Q2 2024 10-Q

TL;DR

MDWerks Q2 10-Q is in. Financials for June 30, 2024, are out.

AI Summary

MDWerks, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the company, which operates in the beverages sector. Specific financial figures and balance sheet details for various equity accounts and subscription payables are provided for periods including June 30, 2024, March 31, 2024, December 31, 2023, and December 31, 2022.

Why It Matters

This filing provides investors with a quarterly update on MDWerks, Inc.'s financial health and operational status, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial data, not indicating immediate operational or financial distress.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• MDWerks, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of the reporting period
• 20240814 (date) — Filing date
• BEVERAGES [2080] (industry) — Company's Standard Industrial Classification

FAQ

Filing Documents

• form10-q.htm (10-Q) — 615KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-032204.txt ( ) — 4227KB
• mdwk-20240630.xsd (EX-101.SCH) — 36KB
• mdwk-20240630_cal.xml (EX-101.CAL) — 54KB
• mdwk-20240630_def.xml (EX-101.DEF) — 154KB
• mdwk-20240630_lab.xml (EX-101.LAB) — 331KB
• mdwk-20240630_pre.xml (EX-101.PRE) — 286KB
• form10-q_htm.xml (XML) — 466KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 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-6 F-1 MDwerks, Inc. Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 Assets Current Assets Cash $ 47,650 $ 115,111 Note receivable 101,333 97,533 Accounts receivable, net 54,594 106,734 Inventory 152,079 201,207 Prepaid expenses and other current assets 16,010 28,632 Total Current Assets 371,666 549,217 Fixed assets, net of accumulated depreciation of $ 123,866 and $ 10,787 , respectively 695,216 496,890 Intangible assets, net of accumulated amortization of $ 32,541 and $ 4,339 , respectively 586,959 615,161 Right-of-use asset 997,550 1,105,152 Goodwill 466,648 466,648 Total Assets $ 3,118,039 $ 3,233,068 Liabilities and Stockholders' Equity (Deficit) Current Liabilities Accounts payable and accrued expenses $ 652,303 $ 668,748 Notes payable, current portion 279,513 96,404 Deferred revenue 301,148 52,779 Right-of-use liability, current portion 320,672 249,175 Total Current Liabilities 1,553,636 1,067,106 Notes payable, net of current portion 279,092 92,830 Right-of use liability, net of current portion 786,598 912,915 Total Liabilities 2,619,326 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 June 30, 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 ( 1,805,892 ) ( 739,388 ) Total Stockholders' Equity 498,713 1,160,217 Total Liabilities and Stockholders' Equity $ 3,118,039 $ 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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