Tue, Jul 9, 8:07 PM (60 days ago)
MDwerks, Inc.'s Q1 2024 financial report highlights significant changes due to recent acquisitions of Two Trees Beverage Co. and RF Specialties, LLC in December 2023. These acquisitions contributed to the company's revenues of $684,660 for the quarter, compared to $0 in Q1 2023. Operating expenses increased to $809,362 from $41,451, primarily due to legal, payroll, and accounting fees associated with the acquisitions and public company reporting obligations. The company reported a net loss of $302,389, compared to $41,451 in Q1 2023. Cash flow from operations was negative at $280,931, with a working capital deficit of $492,845. The company raised $390,000 from subscription agreements but noted substantial doubt about its ability to continue as a going concern without additional funding. Future operations will depend on successful capital raising and achieving profitability.