High Wire Networks Inc

OTCQB:HWNIUnited States

Apr 19, 2024

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• Press Release: High Wire Reports 2023 Revenue of $27.0 Million, with Annualized Recurring Revenue at $12.0 Million, from 5:39PM ET on Friday Apr 19, 2024 by Dow Jones

  5:39PM ET on Friday Apr 19, 2024 by Dow Jones
  Companies Mentioned: HWNI
  escrow shares (1,222,000) -- Warrant expense (484,818) -- Gain on sale of asset 204,081 -- Gain on change in fair value of warrant liabilities 67,465 -- Exchange loss (8,368) (846) Loss on settlement of debt -- (260,932) Amortization of premiums on convertible debentures and loans payable to related parties -- 1,031,353 Initial derivative expense -- (1,289,625) Gain (loss) on settlement of warrants -- 176,735 Other income 37,500 281,132 ----------- ----------- Total other (expense) income (145,356) 1,843,657 ----------- ----------- Net loss from continuing operations before income taxes (13,148,288) (11,258,263) Provision for income taxes -- -- ----------- ----------- Net loss from continuing operations (13,148,288) (11,258,263) Net loss from discontinued operations, net of tax (1,337,712) (7,905,312) Less: net loss from discontinued operations attributable to noncontrolling interest -- 128,487 ----------- ----------- Net loss attributable to High Wire Networks, Inc. common shareholders $(14,486,000) $(19,035,088) =========== =========== Loss per share attributable to High Wire Networks, Inc. common shareholders, basic and diluted: Net loss from continuing operations $ (0.06) $ (0.16) =========== =========== Net loss from discontinued operations, net of taxes $ (0.01) $ (0.12) =========== =========== Net loss per share $ (0.06) $ (0.28) =========== =========== Weighted average common shares outstanding, basic and diluted 226,708,549 68,713,880 =========== =========== High Wire Networks, Inc. Consolidated balance sheets December 31, --------------------------- 2023 2022 ------------ ------------ ASSETS Current assets: Cash $ 333,357 $ 649,027 Accounts receivable, net of allowances of $311,610 and $36,000, respectively, and unbilled revenue of $99,916 and $225,415, respectively 2,294,324 3,925,504 Prepaid expenses and other current assets 117,030 883,858 Current assets of discontinued operations - 5,211,442 ----------- ----------- Total current assets 2,744,711 10,669,831 ----------- ----------- Property and equipment, net of accumulated depreciation of $477,763 and $294,763, respectively 1,026,293 1,549,609 Goodwill 3,162,499 8,028,106 Intangible assets, net of accumulated amortization of $2,350,059 and $1,670,556, respectively 3,620,256 4,738,134 Operating lease right-of-use assets 277,995 57,408 Noncurrent assets of discontinued operations - 7,551,883 ----------- ----------- Total assets $ 10,831,754 $ 32,594,971 =========== =========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities 6,417,525 6,525,226 Contract liabilities 382,576 1,665,831 Current portion of loans payable to related parties, net of debt discount of $10,968 and $0, respectively 254,032 209,031 Current portion of loans payable, net of debt discount of $96,552 and $658,838, respectively 2,995,803 1,928,964 Current portion of convertible debentures, net of debt discount of $614,556 and $0, respectively 326,005 1,598,894 Factor financing 1,361,656 -- Warrant liabilities 833,615 -- Current portion of derivative liabilities -- 4,720,805 Operating lease liabilities, current portion 89,318 74,266 Current liabilities of discontinued operations -- 4,836,776 ----------- ----------- Total current liabilities 12,660,530 21,559,793 ----------- ----------- Long-term liabilities: Loans payable to related parties, net of current portion, net of debt discount of $25,297 44,703 -- Loans payable, net of current portion -- 185,513 Convertible debentures, net of current portion, net of debt discount of $464,839 and $0, respectively 685,161 1,625,000 Operating lease liabilities, net of current portion 190,989 -- Derivative liabilities, net of current portion -- 3,324,126 Noncurrent liabilities of discontinued operations -- 152,102 ----------- ----------- Total long-term liabilities 920,853 5,286,741 ----------- ----------- Total liabilities 13,581,383 26,846,534 ----------- ----------- Commitments and contingencies Series A preferred stock; $0.00001 par value; 8,000,000 shares authorized; 0 and 300,000 issued and outstanding as of December 31, 2023 and 2022, respectively -- 722,098 Series B preferred stock; $3,500 stated value; 1,000 shares authorized; 1,000 issued and outstanding as of December 31, 2023 and 2022 -- -- Series D preferred stock; $10,000 stated value; 1,590 shares authorized; 1,405 issued and outstanding as of December 31, 2022 -- 11,641,142 Series E preferred stock; $10,000 stated value; 650 shares authorized; 526 issued and outstanding as of December 31, 2022 -- 5,104,658 ----------- ----------- Total mezzanine equity -- 17,467,898 Stockholders' deficit: Common stock; $0.00001 par value; 1,000,000,000 shares authorized; 239,876,900 and 164,488,370 issued and outstanding as of December 31, 2023 and 2022, respectively 2,399 1,645 Series D preferred stock; $10,000 stated value; 1,590 shares authorized; 943 issued and outstanding as of December 31, 2023 7,745,643 -- Series E preferred stock; $10,000 stated value; 650 shares authorized; 311 issued and outstanding as of December 31, 2023 4,869,434 -- Additional paid-in capital 31,178,365 20,338,364 Accumulated deficit (46,545,470) (32,059,470) ----------- ----------- Total stockholders' deficit (2,749,629) (11,719,461) Total liabilities and stockholders' deficit $ 10,831,754 $ 32,594,971 =========== ===========
  

• High Wire Reports 2023 Revenue of $27.0 Million, with Annualized Recurring Revenue at $12.0 Million, from 5:11PM ET on Friday Apr 19, 2024 by GlobeNewswire

  5:11PM ET on Friday Apr 19, 2024 by GlobeNewswire
  Companies Mentioned: S, HWNI

• High Wire Reports 2023 Revenue of $27.0 Million, with Annualized Recurring Revenue at $12.0 Million, from 5:10PM ET on Friday Apr 19, 2024 by Dow Jones

  5:10PM ET on Friday Apr 19, 2024 by Dow Jones
  Companies Mentioned: HWNI
  escrow shares (1,222,000) -- Warrant expense (484,818) -- Gain on sale of asset 204,081 -- Gain on change in fair value of warrant liabilities 67,465 -- Exchange loss (8,368) (846) Loss on settlement of debt -- (260,932) Amortization of premiums on convertible debentures and loans payable to related parties -- 1,031,353 Initial derivative expense -- (1,289,625) Gain (loss) on settlement of warrants -- 176,735 Other income 37,500 281,132 ----------- ----------- Total other (expense) income (145,356) 1,843,657 ----------- ----------- Net loss from continuing operations before income taxes (13,148,288) (11,258,263) Provision for income taxes -- -- ----------- ----------- Net loss from continuing operations (13,148,288) (11,258,263) Net loss from discontinued operations, net of tax (1,337,712) (7,905,312) Less: net loss from discontinued operations attributable to noncontrolling interest -- 128,487 ----------- ----------- Net loss attributable to High Wire Networks, Inc. common shareholders $(14,486,000) $(19,035,088) =========== =========== Loss per share attributable to High Wire Networks, Inc. common shareholders, basic and diluted: Net loss from continuing operations $ (0.06) $ (0.16) =========== =========== Net loss from discontinued operations, net of taxes $ (0.01) $ (0.12) =========== =========== Net loss per share $ (0.06) $ (0.28) =========== =========== Weighted average common shares outstanding, basic and diluted 226,708,549 68,713,880 =========== =========== High Wire Networks, Inc. Consolidated balance sheets December 31, --------------------------- 2023 2022 ------------ ------------ ASSETS Current assets: Cash $ 333,357 $ 649,027 Accounts receivable, net of allowances of $311,610 and $36,000, respectively, and unbilled revenue of $99,916 and $225,415, respectively 2,294,324 3,925,504 Prepaid expenses and other current assets 117,030 883,858 Current assets of discontinued operations - 5,211,442 ----------- ----------- Total current assets 2,744,711 10,669,831 ----------- ----------- Property and equipment, net of accumulated depreciation of $477,763 and $294,763, respectively 1,026,293 1,549,609 Goodwill 3,162,499 8,028,106 Intangible assets, net of accumulated amortization of $2,350,059 and $1,670,556, respectively 3,620,256 4,738,134 Operating lease right-of-use assets 277,995 57,408 Noncurrent assets of discontinued operations - 7,551,883 ----------- ----------- Total assets $ 10,831,754 $ 32,594,971 =========== =========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities 6,417,525 6,525,226 Contract liabilities 382,576 1,665,831 Current portion of loans payable to related parties, net of debt discount of $10,968 and $0, respectively 254,032 209,031 Current portion of loans payable, net of debt discount of $96,552 and $658,838, respectively 2,995,803 1,928,964 Current portion of convertible debentures, net of debt discount of $614,556 and $0, respectively 326,005 1,598,894 Factor financing 1,361,656 -- Warrant liabilities 833,615 -- Current portion of derivative liabilities -- 4,720,805 Operating lease liabilities, current portion 89,318 74,266 Current liabilities of discontinued operations -- 4,836,776 ----------- ----------- Total current liabilities 12,660,530 21,559,793 ----------- ----------- Long-term liabilities: Loans payable to related parties, net of current portion, net of debt discount of $25,297 44,703 -- Loans payable, net of current portion -- 185,513 Convertible debentures, net of current portion, net of debt discount of $464,839 and $0, respectively 685,161 1,625,000 Operating lease liabilities, net of current portion 190,989 -- Derivative liabilities, net of current portion -- 3,324,126 Noncurrent liabilities of discontinued operations -- 152,102 ----------- ----------- Total long-term liabilities 920,853 5,286,741 ----------- ----------- Total liabilities 13,581,383 26,846,534 ----------- ----------- Commitments and contingencies Series A preferred stock; $0.00001 par value; 8,000,000 shares authorized; 0 and 300,000 issued and outstanding as of December 31, 2023 and 2022, respectively -- 722,098 Series B preferred stock; $3,500 stated value; 1,000 shares authorized; 1,000 issued and outstanding as of December 31, 2023 and 2022 -- -- Series D preferred stock; $10,000 stated value; 1,590 shares authorized; 1,405 issued and outstanding as of December 31, 2022 -- 11,641,142 Series E preferred stock; $10,000 stated value; 650 shares authorized; 526 issued and outstanding as of December 31, 2022 -- 5,104,658 ----------- ----------- Total mezzanine equity -- 17,467,898 Stockholders' deficit: Common stock; $0.00001 par value; 1,000,000,000 shares authorized; 239,876,900 and 164,488,370 issued and outstanding as of December 31, 2023 and 2022, respectively 2,399 1,645 Series D preferred stock; $10,000 stated value; 1,590 shares authorized; 943 issued and outstanding as of December 31, 2023 7,745,643 -- Series E preferred stock; $10,000 stated value; 650 shares authorized; 311 issued and outstanding as of December 31, 2023 4,869,434 -- Additional paid-in capital 31,178,365 20,338,364 Accumulated deficit (46,545,470) (32,059,470) ----------- ----------- Total stockholders' deficit (2,749,629) (11,719,461) Total liabilities and stockholders' deficit $ 10,831,754 $ 32,594,971 =========== ===========