MDWerks Inc
For the period ended Dec 31, 2023. Filed Jun 28, 2024.
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FY2023 · Filed Jun 28, 2024
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended | ||||
|---|---|---|---|---|
| December 31, 2023 · December 31, 2022 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net loss | $(291,672) | $(153,713) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization | 15,126 | - | ||
| Gain on sale of assets | (168,855) | - | ||
| Imputed interest | 5,507 | - | ||
| Allowance for credit losses | 20,420 | - | ||
| Interest income | (2,533) | - | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | (11,494) | - | ||
| Prepaid expense | 1,429 | - | ||
| Inventory | 1,277 | - | ||
| Right-of-use asset | 9,881 | - | ||
| Accounts payable | (82,061) | 33,339 | ||
| Deferred revenue | (7,288) | - | ||
| Right-of-use liability | (9,527) | - | ||
| NET CASH USED IN OPERATING ACTIVITIES | (519,790) | (120,374) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchase of intangible assets | (19,500) | - | ||
| Proceeds from sale of property and equipment | 100,000 | - | ||
| Net assets acquired from acquisitions | 46,541 | - | ||
| Purchase of property and equipment | (88,000) | - | ||
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 39,041 | - | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds from advances payable | - | 113,989 | ||
| Contributed capital | - | 30,100 | ||
| Repayment of advances payable | (104,204) | - | ||
| Proceeds from subscription agreements | 676,349 | - | ||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 572,145 | 144,089 | ||
| NET CHANGE IN CASH | 91,396 | 23,715 | ||
| CASH - BEGINNING OF YEAR | 23,715 | - | ||
| CASH - END OF PERIOD | $115,111 | $23,715 | ||
| Supplemental disclosures of cash flow information: | ||||
| Cash paid for interest | $ | - | $ | - |
| Cash paid for taxes | $ | - | $ | - |
| Supplemental disclosure of non-cash investing and financing activities | ||||
| Forgiveness of debt as capital contribution | $ | - | $239,444 | |
| Note receivable issued for asset sale | $95,000 | $ | - | |
| Common stock issued for acquisitions | $885,000 | $ | - | |
| Conversion of preferred stock | $ | - | $104,250 | |
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