Waste Energy Corp. reported no revenue for the fiscal year ending December 31, 2024, maintaining the same status as the previous year. The company incurred operating expenses of $1.19 million, a significant decrease from $2.36 million in 2023, primarily due to reduced consulting fees and stock-based compensation. The net loss for the year was $2.88 million, down from $5.65 million in 2023, reflecting a decrease of approximately 49% in losses. This improvement is attributed to the company's strategic shift towards the waste-to-energy sector, which has led to a reduction in operational costs.
In 2024, Waste Energy Corp. made a decisive move to discontinue its previous business lines, including blockchain consulting and digital asset platforms, to focus exclusively on the waste-to-energy industry. The company has ceased operations for its subsidiaries EnderbyWorks LLC and Motoclub LLC, redirecting its resources towards developing technologies that convert plastic and tire waste into usable energy. This strategic pivot is expected to position Waste Energy as a player in addressing the growing global waste crisis.
Operationally, the company has not yet commenced revenue-generating activities in its new focus area. However, it is actively negotiating off-take agreements for its anticipated products, which include clean diesel fuel and carbon black derived from waste conversion processes. As of December 31, 2024, Waste Energy's current assets totaled $35,682, a decline from $127,884 in the previous year, while current liabilities increased to $3.21 million from $2.58 million. The company's working capital deficit widened to $3.17 million, indicating ongoing financial challenges.
Looking ahead, Waste Energy Corp. anticipates requiring approximately $900,000 to fund its operations over the next twelve months, which it plans to secure through equity or debt financing. The company faces significant risks, including regulatory challenges, market adoption of its waste-to-energy solutions, and the need for additional financing. Management has expressed that the ability to continue as a going concern is contingent upon successfully raising capital and generating profits from its new business model.
In summary, Waste Energy Corp. is in a transitional phase, having shifted its focus to the waste-to-energy sector while grappling with financial constraints and operational challenges. The company aims to establish itself in a market that is increasingly relevant due to the global waste crisis, although it has yet to generate revenue from its new initiatives.
About WASTE ENERGY CORP.
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