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Midas Edge

Greenwave Technology Solutions Inc

For the period ended Sep 30, 2024. Filed Nov 15, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 15, 2024

GWAV$1.96-4.4%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,December 31,
20242023
(Unaudited)
ASSETS
Current assets:
Cash$15,199,655$1,546,159
Inventories2,145,278200,428
Accounts receivable1,894,630646,413
Prepaid expenses527,522296,761
Total current assets19,767,0852,689,761
Property and equipment, net21,400,83316,569,125
Property and equipment, net - purchased from related-party9,568,3516,926,315
Operating lease right of use assets, net - related party26,948103,822
Operating lease right of use assets, net1,106,799198,558
Licenses, net14,891,80016,487,350
Intellectual property, net1,214,4001,669,800
Customer List, net1,567,3001,735,225
Security deposit31,89331,893
Total assets$69,575,409$46,411,849
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Bank overdraft$366,605$118,763
Accounts payable and accrued expenses5,750,5966,100,449
Accrued payroll and related expenses3,991,6994,089,836
Non-convertible notes payable, current portion, net of unamortized debt discount of $660,954 and $774,308, respectively2,550,4572,623,561
Convertible notes payable, current portion, net of unamortized debt discount of $- and $3,934,506, respectively-8,065,494
Due to related parties-2,070,402
Operating lease obligations, current portion - related party27,810111,240
Operating lease obligations, current portion313,19489,731
Total current liabilities13,000,36123,269,476
Operating lease obligations, less current portion831,04694,943
Related party note payable-17,218,350
Convertible notes payable, net of unamortized debt discount of $- and $1,967,253, respectively-4,032,747
Non-convertible notes payable, net of unamortized debt discount of $1,158,336 and $1,739,260, respectively4,469,7316,250,481
Total liabilities18,301,13850,865,997
Commitments and contingencies (See Note 13)--
Stockholders’ equity (deficit):
Preferred stock - 10,000,000 shares authorized
Common stock, $0.001 par value, 1,200,000,000 and 500,000,000 shares authorized; 22,378,762 and 113,096 shares issued and outstanding, respectively22,379113
Additional paid in capital529,183,742391,411,896
Accumulated deficit(477,931,850)(395,866,157)
Total stockholders’ equity (deficit)51,274,271(4,454,148)
Total liabilities and stockholders’ equity (deficit)$69,575,409$46,411,849

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Revenues$8,505,187$8,181,948$24,891,859$26,641,644
Cost of Revenues4,959,9085,251,00115,798,46415,685,232
Gross Profit3,545,2792,930,9479,093,39510,956,412
Operating Expenses:
Advertising1,016395,0003,390410,851
Payroll and related expense2,273,9851,473,1315,717,8364,921,669
Rent, utilities and property maintenance ($402,720 and $337,617; $1,208,160 and $1,476,002, to related party)671,178643,5501,959,3102,700,777
Hauling and equipment maintenance1,785,388604,0324,161,2232,424,165
Depreciation and amortization expense1,926,1731,562,2215,217,2204,181,802
Consulting, accounting and legal246,034939,3452,480,1791,414,592
Loss on asset9,850,8509,850,850
Stock based compensation for services-171,2403,004,909171,240
Stock based compensation20,709-62,375-
Other general and administrative expenses1,057,392777,1352,696,4462,391,476
Total Operating Expenses7,981,87516,416,50425,302,88828,467,422
Loss From Operations(4,436,596)(13,485,557)(16,209,493)(17,511,010)
Other Income (Expense):
Interest expense and amortization of debt discount(361,070)(3,672,861)(5,053,210)(6,730,214)
Gain on lease termination108,863108,863
Gain on tax credit---717,064
Shares issued for financing(52,182)
Other gain (loss)--1,351-
Equity issued for warrant inducement--(3,029,927)-
Loss on extinguishment of debt--(16,351,827)-
Change in fair value of derivative liabilities--48,314,949-
Gain (loss) on conversion of convertible notes--(14,213,480)-
Gain on settlement of non-convertible notes payable and advances-557,5351,056,962632,540
Total Other Income (Expense)(361,070)(3,006,463)10,672,636(5,271,747)
Net Loss Before Income Taxes(4,797,666)(16,492,020)(5,536,857)(22,782,757)
Provision for Income Taxes (Benefit)----
Net Loss(4,797,666)(16,492,020)(5,536,857)(22,782,757)
Deemed dividend for the reduction of exercise price of warrants-(1,638,952)(52,574,896)(1,638,952)
Deemed dividend for the reduction of the conversion price of a debt note-(5,022,200)(23,953,940)(5,022,200)
Net Loss Available to Common Stockholders$(4,797,666)$(23,153,172)$(82,065,693)$(29,443,909)
Net Loss Per Common Share:
Basic$(0.26)$(262.70)$(10.32)$(371.12)
Diluted$(0.26)$(262.70)$(10.32)$(371.12)
Weighted Average Common Shares Outstanding:
Basic18,363,11288,1357,948,75779,338
Diluted18,363,11288,1357,948,75779,338

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

Preferred Stock Series D to be Issued · Common Stock · Additional Paid · Accumulated
Shares · Amount · Shares · Amount · In Capital · Deficit · Total
Balance at December 31, 2023-$-113,096$113$391,411,896$(395,866,157)$(4,454,148)
Exchange of non-convertible note of related party into shares of Series D Preferred1,000$1--$9,999,999-$10,000,000
Common stock issued for the cashless exchange of warrants--9,628,134$9,628$(9,628)-
Common stock and warrants issued for cash, net of fees--8,149,250$8,149$40,360,966-$40,369,115
Common stock issued for the conversion of convertible debt notes--2,478,4592,479$30,713,920-$30,716,399
Common stock issued for the conversion of convertible debt notes (Related Party)--412,359$412$7,236,493-$7,236,905
Common stock issued for the exercise of warrants for cash, net of fees--108,515$109$2,834,632-$2,834,741
Stock based compensation for services----$3,004,909-$3,004,909
Equity issued for warrant inducement----$3,029,927-$3,029,927
Modification of conversion feature on convertible debt----$12,388,229-$12,388,229
Deemed dividend for the reduction of the conversion price of a debt note----$23,953,940$(23,953,940)-
Deemed dividend for the reduction of the exercise price of warrants----$52,574,896$(52,574,896)-
Exchange of Series D Preferred into Common(1,000)$(1)1,333,333$1,333$(1,332)--
Establishment of derivative liabilities due to authorized share shortfall----$(64,951,789)-$(64,951,789)
Settlement of derivative liabilities upon stock split----$16,636,840-$16,636,840
Rounding for share adjusted in reverse split--155,616$156$(156)--
Net loss-----$(5,536,857)$(5,536,857)
Balance at September 30, 2024-$-22,378,762$22,379$529,183,742$(477,931,850)$51,274,271
Preferred Stock Series D to be Issued · Common Stock · Additional Paid · Accumulated
Shares · Amount · Shares · Amount · In Capital · Deficit · Total
Balance at June 30, 2024-$-12,750,628$12,751$529,193,370$(473,134,184)$56,071,937
Common stock issued for the cashless exchange of warrants--9,628,134$9,628$(9,628)--
Net income-----$(4,797,666)$(4,797,666)
Balance at September 30, 2024-$-22,378,762$22,379$529,183,742$(477,931,850)$51,274,271

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023

Preferred Stock Series Z · Common Stock · Additional Paid · Accumulated
Shares · Amount · Shares · Amount · In Capital · Deficit · Total
Balance at December 31, 2022322$-73,082$73$377,606,507$(362,269,015)$15,337,565
Issuance of common stock upon conversion of Series Z Preferred(322)-8,680$9$(9)-$-
Common stock issued for cash, net issuance costs--16,741$17$2,841,165-$2,841,182
Common stock issued for services rendered and to be rendered--1,840$2$254,446-$254,448
Common stock issued for the exercise of warrants for cash--4,529$5$8,235-$8,240
Common stock issued for the exercise of warrants pursuant to cashless exercise provisions--1,000$1$(1)-$-
Debt discount for warrants issued in senior secured debt placement----$3,279,570-$3,279,570
Debt discount for warrants issued as commission for senior secured debt placement----$753,567-$753,567
Deemed dividend for the reduction of the conversion price of a debt note----$5,022,200$(5,022,200)$-
Deemed dividend for the reduction of the exercise price of warrants----$1,638,952$(1,638,952)$-
Net loss-----$(22,782,757)$(22,782,757)
Balance at September 30, 2023$-$-$105,872$107$391,404,632$(391,712,924)$(308,185)
Preferred Stock Series Z · Common Stock · Additional Paid · Accumulated
Shares · Amount · Shares · Amount · In Capital · Deficit · Total
Balance at June 30, 2023250$-75,005$75$377,606,506$(368,559,752)$9,046,829
Issuance of common stock upon conversion of Series Z Preferred(250)-6,757$7$(7)-$(0)
Common stock issued for cash, net issuance costs--16,741$17$2,841,164-$2,841,181
Common stock issued for services rendered and to be rendered--1,840$2$254,446-$254,448
Common stock issued for the exercise of warrants for cash--4,529$5$8,235-$8,240
Common stock issued for the exercise of warrants pursuant to cashless exercise provisions--1,000$1$(1)-$(0)
Debt discount for warrants issued in senior secured debt placement----$3,279,570-$3,279,570
Debt discount for warrants issued as commission for senior secured debt placement----$753,567-$753,567
Deemed dividend for the reduction of the conversion price of a debt note----$5,022,200$(5,022,200)$-
Deemed dividend for the reduction of the exercise price of warrants----$1,638,952$(1,638,952)$-
Net loss-----$(16,492,020)$(16,492,020)
Balance at September 30, 2023-$-$105,872$107$391,404,632$(391,712,924)$(308,185)
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.