Webstar Technology Group Inc. SEC 10-Q Report

Webstar Technology Group Inc., a company initially focused on licensed and purchased software solutions and now expanding into commercial real estate development and acquisitions, has released its Form 10-Q report for the first quarter of 2025. The report provides insights into the company's financial performance and recent business developments.

Financial Highlights

• Net Revenues: $0 million. The company reported no revenues for the three months ended March 31, 2025, and 2024.
• Gross Profit: Not applicable, as there were no revenues.
• Operating Expenses: $41,378. Operating expenses decreased by 79.8% compared to the same period in 2024, primarily due to decreases in compensation costs, consulting fees, and travel costs.
• Net Loss Before Income Taxes: $61,378. The net loss decreased significantly from $224,941 in the same period in 2024, reflecting reduced operating expenses.
• Net Income Per Share: Not provided.

Business Highlights

• Company Overview: Webstar Technology Group, Inc. was incorporated in Wyoming on March 10, 2015, initially focusing on licensed and purchased software solutions. In June 2024, the company expanded into the commercial real estate development and acquisitions space.
• Management Changes: As a result of the sale of the Preferred Stock, the company's management team was restructured on June 14, 2024, with Mr. Ricardo Haynes appointed as Chairman/CEO and other key positions filled by new appointees.
• Recent Developments: The company entered into several material definitive agreements in 2024, including the acquisition of contracts from Electrical and Compression Optimization, Inc., and licenses from Webnet Technologies Incorporated.
• Asset Acquisition: On June 24, 2024, the company agreed to acquire assets and intellectual property associated with Bear Village, Inc. family resort developments, issuing shares as consideration.
• New Subsidiary Formation: On April 29, 2025, Webstar formed Forge Atlanta Asset Management LLC, a special purpose vehicle for a mixed-use real estate development project in Downtown Atlanta, holding an 80% ownership stake.
• Convertible Notes: In January and May 2025, the company issued convertible promissory notes, which were converted into common shares, indicating a strategic move to manage capital and potentially increase shareholder value.
• Operational Challenges: The company reported no revenues for the three months ended March 31, 2025, and highlighted the need for additional capital to support operations and business expansion.
• Future Outlook: Management intends to raise additional funds through public offerings or asset sales to support business operations and expansion plans, although there is no assurance of success in these endeavors.

SEC Filing: Webstar Technology Group Inc. [ WBSR ] - 10-Q - Jul. 11, 2025