Webstar Technology Group Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company, which focuses on the development and licensing of proprietary software solutions, including Gigabyte Slayer and WARP-G, has not generated any revenue during the three and nine months ended September 30, 2024, consistent with the same periods in 2023.

The company’s total operating expenses for the third quarter of 2024 were $21,578, a substantial decrease from $199,401 in the same quarter of 2023. For the nine-month period, operating expenses totaled $384,888, down from $647,379 in the prior year. This reduction in expenses is attributed to the resignation of key executives, including the former CEO and CFO, and a decrease in salaries and consulting fees.

Despite the decrease in operating expenses, Webstar reported a net loss of $41,578 for the third quarter of 2024, compared to a net loss of $219,401 for the same period in 2023. For the nine months ended September 30, 2024, the net loss increased significantly to $4,466,798, compared to $703,524 in the same period of 2023. This increase is primarily due to a loss on extinguishment of liabilities amounting to $4,021,910, resulting from the settlement of $427,863 in liabilities with shares of common stock.

As of September 30, 2024, the company reported total current assets of $7,215, a notable increase from $668 as of December 31, 2023. Conversely, total current liabilities decreased to $1,055,281 from $4,372,050 in the previous fiscal year. The company’s total stockholders’ deficit improved to $(1,048,066) from $(4,371,382) as of December 31, 2023.

Webstar's cash position as of September 30, 2024, was $154, down from $170 at the end of 2023. The company has relied on advances from related parties for funding, with net cash used in operating activities amounting to $87,475 for the nine months ended September 30, 2024, compared to $128,428 in the same period of 2023.

Strategically, Webstar has engaged in several acquisitions, including the purchase of Series A Preferred Stock for $500,000 and the acquisition of contracts and licenses from various entities, resulting in the issuance of significant common stock. Management changes occurred in June 2024, with new appointments aimed at steering the company through its current challenges.

The company’s ability to continue as a going concern is contingent upon securing additional financing, as current cash balances are deemed insufficient to fund operations for the next twelve months.