Waste Energy Corp Reports No Revenue and Increased Losses in Latest 10-Q Filing

Waste Energy Corp, formerly known as MetaWorks Platforms, Inc., reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company recorded no revenue during this period, a stark contrast to the $530,082 generated in the same quarter of the previous year. This decline is attributed to a strategic pivot away from its previous business model focused on digital assets and consulting services, as the company shifts its focus towards waste-to-energy technology.

The financial performance of Waste Energy Corp reflects a net loss of $2,737,682 for the nine months ended September 30, 2024, compared to a loss of $1,589,824 for the same period in 2023. This increase in losses is primarily due to reduced revenues and ongoing operational expenses, which totaled $1,105,884 for the current period, down from $2,270,276 in the prior year. The decrease in operating expenses is attributed to a reduction in project work and associated costs.

In terms of operational metrics, the company reported current assets of $45,712, a significant decrease from $127,884 at the end of 2023. Current liabilities increased to $3,059,911, resulting in a working capital deficit of $3,014,199. The company’s cash and cash equivalents dwindled to $712, down from $3,076 at the end of the previous fiscal year. The decline in cash reserves and the increase in liabilities raise concerns about the company's liquidity and ability to sustain operations without additional financing.

Strategically, Waste Energy Corp has been restructuring its operations to focus on waste-to-energy technology, which management believes can be commercialized by 2025. The company has acquired an 11% equity stake in Fogdog, a company involved in waste-to-energy conversion technology, and has exchanged debt for certain assets of Fogdog. This strategic shift is part of a broader effort to address the challenges posed by plastic waste and to develop sustainable energy solutions.

Looking ahead, Waste Energy Corp anticipates requiring approximately $1,200,000 to fund its operations over the next twelve months. The company plans to raise these funds through the issuance of equity or debt securities. However, management has expressed concerns regarding the ability to secure necessary financing, which could impact the company's ability to continue as a going concern. The filing indicates that the company has incurred losses since inception, leading to an accumulated deficit of $49,815,952 as of September 30, 2024, further emphasizing the need for strategic financial planning and operational adjustments.