Webstar Technology Group, Inc. reported its financial results for the six months ending June 30, 2025, revealing a net loss of $153,776, a significant reduction from the $4,425,220 loss recorded during the same period in 2024. The company has not generated any revenue since its inception, and its accumulated deficit has reached $47,791,160. Operating expenses for the first half of 2025 were $107,776, down 70.3% from $363,310 in the prior year, primarily due to reduced compensation and consulting costs. The company’s cash position improved slightly, with cash on hand increasing to $5,576 from $20 at the end of 2024.
In terms of operational changes, Webstar has undergone significant restructuring since June 2024, when a new management team took control. This team has shifted the company's focus from software solutions to real estate development, particularly through the establishment of a subsidiary, Forge Atlanta Asset Management LLC. This subsidiary aims to manage a mixed-use real estate project in Atlanta, with plans to acquire land for $33 million. The company has made initial payments related to this project, totaling $100,000.
The company’s balance sheet as of June 30, 2025, shows total assets of $152,557, primarily consisting of cash, amounts due from related parties, and deposits related to the Forge Atlanta project. Total liabilities increased to $1,254,444, driven by convertible notes and accrued interest. The company has also issued convertible promissory notes totaling $175,330 during the reporting period, which can be converted into shares of common stock pending SEC approval of a Regulation A offering.
Webstar's management has expressed concerns regarding the company's ability to continue as a going concern, citing a working capital deficit of $1,201,887 and the need for additional capital to fund operations. The company is actively pursuing financing options, including potential public offerings and asset sales, but there are no guarantees that such funding will be secured. The management's outlook remains cautious, emphasizing the necessity of raising funds to support ongoing operations and strategic initiatives.
Overall, Webstar Technology Group is navigating a transitional phase, with a new focus on real estate development and significant changes in management and strategy. The company continues to face challenges related to its financial health and operational viability, underscoring the importance of securing additional capital to sustain its business objectives.
About Webstar Technology Group Inc.
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