Webstar Technology Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Webstar Technology Group Inc. has filed its 2023 10-K report detailing its financial and operational status.</b>

AI Summary

Webstar Technology Group Inc. (WBSR) filed a Annual Report (10-K) with the SEC on March 29, 2024. Webstar Technology Group Inc. filed its 2023 Form 10-K on March 29, 2024. The company is incorporated in Wyoming (WY) and its fiscal year ends on December 31. Its principal business address is 4231 Walnut Bend, Jacksonville, FL 32257. The SIC code for Webstar Technology Group Inc. is 7372 (SERVICES-PREPACKAGED SOFTWARE). The filing includes data related to Series A Preferred Stock and Convertible Notes.

Why It Matters

For investors and stakeholders tracking Webstar Technology Group Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Webstar Technology Group Inc.'s financial performance and business operations for the fiscal year ending December 31, 2023, which is crucial for investors to assess the company's health and future prospects. The inclusion of specific financial instruments like Series A Preferred Stock and Convertible Notes, along with related party transactions, offers insights into the company's capital structure and potential financial obligations.

Risk Assessment

Risk Level: low — Webstar Technology Group Inc. shows low risk based on this filing. The filing is a standard 10-K report with no immediate red flags, indicating a routine disclosure process.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Webstar Technology Group Inc.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-29 — Filing Date (As of Date)
• 7372 — SIC Code (Standard Industrial Classification)
• 000-56268 — SEC File Number (Filing Values)

Key Players & Entities

• Webstar Technology Group Inc. (company) — Filer
• 7372 (dollar_amount) — Standard Industrial Classification
• WY (company) — State of Incorporation
• 32257 (dollar_amount) — Business Address ZIP
• 8006086344 (dollar_amount) — Business Phone
• Mr James Owens (person) — Related Party Member
• Mr Michael Hendrickson (person) — Related Party Member
• Convertible Note (company) — Financial Instrument

FAQ

Key Dates

• 2024-03-29: 10-K Filing — Filing of the annual report for fiscal year 2023.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health and operations over the past fiscal year.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize the company's primary business activity within the broader economy.)

Series A Preferred Stock

A class of preferred stock with specific rights and privileges, often issued before common stock. (Indicates a specific type of equity financing and associated shareholder rights.)

Convertible Note

A debt instrument that can be converted into a predetermined amount of equity. (Represents potential future dilution of common stock and a form of financing.)

Key Financial Figures

• $0.0001 — 1,000 shares of common stock, par value $0.0001 per share and 1,000 shares of Series A

Filing Documents

• form10-k.htm (10-K) — 963KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 8KB
• form10-k_001.jpg (GRAPHIC) — 6KB
• form10-k_002.jpg (GRAPHIC) — 4KB
• form10-k_003.jpg (GRAPHIC) — 6KB
• form10-k_004.jpg (GRAPHIC) — 7KB
• audit_001.jpg (GRAPHIC) — 6KB
• form10-k_005.jpg (GRAPHIC) — 16KB
• audit_003.jpg (GRAPHIC) — 26KB
• audit_004.jpg (GRAPHIC) — 14KB
• 0001493152-24-011912.txt (&nbsp;) — 3657KB
• wbsr-20231231.xsd (EX-101.SCH) — 19KB
• wbsr-20231231_cal.xml (EX-101.CAL) — 33KB
• wbsr-20231231_def.xml (EX-101.DEF) — 133KB
• wbsr-20231231_lab.xml (EX-101.LAB) — 199KB
• wbsr-20231231_pre.xml (EX-101.PRE) — 170KB
• form10-k_htm.xml (XML) — 277KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II 21 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6.

Selected Financial Data

Selected Financial Data 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 29 Item 9A.

Controls and Procedures

Controls and Procedures 30 Item 9B. Other Information 30 PART III 31 Item 10. Directors, Executive Officers and Corporate Governance 31 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 41 Item 14. Principal Accountant Fees and Services 43 PART IV 41 Item 15. Exhibits, Financial Statement Schedules 44

SIGNATURES

SIGNATURES 47 i CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements". Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "anticipate," "predict," "project," "forecast," "potential," "continue" negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. We cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this Annual Report on Form 10-K and include information concerning possible or assumed future results of our operations, including of management; any other statements regarding future acquisitions, future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts. These forward-looking statements represent our intentions, plans, expe

View Full Filing

View this 10-K filing on SEC EDGAR