Thu, Nov 14, 2:25 PM (29 days ago)
Webstar Technology Group, Inc. (WBSR) reported no revenue for Q3 2024, consistent with the same period in 2023. The company incurred a net loss of $41.6K for the quarter, down from $219.4K in Q3 2023, primarily due to reduced operating expenses following the resignation of key executives. For the nine months ending September 30, 2024, the net loss ballooned to $4.47M from $703.5K, largely driven by a significant loss on extinguishment of debt related to shares issued to settle liabilities with a related party. Current assets increased to $7.2M, while liabilities decreased to $1.05M, leading to a working capital deficit of $1.05M. The company has significant accumulated deficits totaling $47.6M. Cash used in operations was $87.5K, a decrease from $128.4K in the prior year. Liquidity remains a concern, with management indicating that existing cash will not sustain operations for the next 12 months without additional financing. Overall, the company faces substantial uncertainties regarding its ability to continue as a going concern, hinging on its capacity to secure further funding and successfully implement its business strategies.