Waste Energy Corp. Amends 2023 10-K Filing

TL;DR

Waste Energy Corp. (formerly MetaWorks) filed its amended 2023 10-K, check it for updated financials.

AI Summary

Waste Energy Corp. filed an amendment to its 2023 10-K on December 16, 2024, reporting its fiscal year ending December 31, 2023. The company, formerly known as MetaWorks Platforms, Inc., is incorporated in Nevada and operates in the business services sector. Its principal business address is in Fairfield, California.

Why It Matters

This amendment provides updated financial and operational information for Waste Energy Corp. for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous 10-K and does not appear to introduce new material risks or significant changes.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period for the 10-K filing.)
• 20241216 — Filing Date (Date the amended 10-K was filed with the SEC.)

Key Players & Entities

• WASTE ENERGY CORP. (company) — Filer
• MetaWorks Platforms, Inc. (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20241216 (date) — Filing date
• 7389 (number) — Standard Industrial Classification code

FAQ

Key Financial Figures

• $0.07 — . $ 5,249,764.38 based on a price of $0.07 per share multiplied by 74,996,634 shar

Filing Documents

• form10-ka.htm (10-K/A) — 1429KB
• ex10-106.htm (EX-10.106) — 130KB
• ex10-107.htm (EX-10.107) — 9KB
• ex10-108.htm (EX-10.108) — 10KB
• ex10-109.htm (EX-10.109) — 10KB
• ex21-1.htm (EX-21.1) — 3KB
• ex23-1.htm (EX-23.1) — 4KB
• ex23-2.htm (EX-23.2) — 4KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• audit_001.jpg (GRAPHIC) — 23KB
• ex23-1_001.jpg (GRAPHIC) — 10KB
• ex23-2_001.jpg (GRAPHIC) — 4KB
• 0001493152-24-050075.txt ( ) — 6901KB
• mwrk-20231231.xsd (EX-101.SCH) — 53KB
• mwrk-20231231_cal.xml (EX-101.CAL) — 60KB
• mwrk-20231231_def.xml (EX-101.DEF) — 248KB
• mwrk-20231231_lab.xml (EX-101.LAB) — 405KB
• mwrk-20231231_pre.xml (EX-101.PRE) — 337KB
• form10-ka_htm.xml (XML) — 852KB

RISK FACTORS

ITEM 1A. RISK FACTORS 9

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 16

PROPERTIES

ITEM 2. PROPERTIES 16

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 16

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 16 PART II 17

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 17

[RESERVED]

ITEM 6. [RESERVED] 17

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 20

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 21

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 21

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 21

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 21 PART III 22

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 22

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 25

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 31

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 32

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 33 PART IV 33

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 33

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 38 2 PART I ITEM 1. BUSINESS Forward-Looking This annual report contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases, forward-looking statements can be identified by the use of terminology such as "may", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or "continues" or the negative of these terms or other comparable terminology. Examples of forward-looking statements made in this annual report include or may include, among others, statements about: our proposed plan of operations; our financial and operating objectives and strategies to achieve them; the costs and timing of our services; our use of available funds; our capital and funding requirements; and our other financial or operating performances. The material assumptions supporting these forward-looking statements include, among other things: our future growth potential, results of operations, prospects and opportunities; execution of our business strategy; there being no material variations in current regulatory environments; our operating expenses, including general and administrative expenses; our ability to obtain any necessary financing on acceptable terms; timing and amount of capital expenditures; retention of skilled personnel; continuation of current tax and regulatory regimes; and general economic and financial market conditions. Although management considers these assumptions reasonable based on information currently available to it, they may prove incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: inability to efficiently manage our operations; general economic and business conditions; our negative operating cash flow;

Business

Business Development and Technical Services Earning fees for consulting and development services; Earning fees for business development, program management and strategic planning; Licensing fees on fintech platforms; Transaction fees; and Earned equity stakes in projects. 5 2. Blockchain and Technology Program Management Product vision and road-mapping; Program development and project management; and Product development and testing. 3. Customer Development Customer discovery and scoping (not including any distribution or marketing-related services, or assistance regarding the offer or sale of any tokens or coins); and Product commercialization and support. 4.

Business

Business Launch Services Public relations, business development plans and strategies maximizing physical and digital outreach (not including any distribution or marketing-related services, or assistance regarding the offer or sale of any tokens or coins); Initial community development & management strategy; and Establish digital/social media strategy and presence; 5. Post-Business Launch Support Services Public relations to support (not including any distribution or marketing-related services, or assistance regarding the offer or sale of any tokens or coins); Community development and management; and General support. We do not intend to find or make referrals to, or otherwise solicit, or assist in any way in the solicitation of, investors for investment in any of our clients' coin offerings, act as a placement agent for the sale of our clients' coins, or otherwise engage in any activity that would require us to register under Section 15(b) of the Securities Exchange Act of 1934, or similar provisions under Sales and Marketing We intend to implement our sales and marketing plan to attract new clients to our fintech-as-a-service and consulting business as follows: Direct sales pipeline development and management with management signing and managing qualified business prospects; Maintain an online presence through our website and social media channels by utilizing video, written content and social implementations to create awareness; Speaking engagements at industry conferences; Networking within our established channels; Direct sales channel management programs including both inbound and outbound programs and client referrals; and Public relations campaigns. Competition We are in a novel business of providing services for companies to develop and integrate blockchain and Web3 technologies into their business operations. We compete with the many companies in the Web3 space. Here are some of the larger competitors: Conse

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View this 10-K/A filing on SEC EDGAR