OTC: MDWK
MDWerks, Inc.CIK 0001295514 · SIC 2080 · Beverages
MDwerks, Inc. (the “Company,” “MDwerks,” “we,” “us,” or “our”), a Delaware corporation, is a technology company pioneering the development of innovative energy wave solutions for industrial and other commercial enterprises. Our expertise in radio wave technologies and microwave technologies has led… About this business →
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Latest financial statements
From 10-Q filed Aug 19, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 524,090 | 420,609 | 958,177 | 934,539 |
| Cost of revenues | 451,674 | 701,906 | 1,022,024 | 1,083,304 |
| Gross profit(loss) | 72,416 | (281,297) | (63,847) | (148,765) |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 323,777 | 589,362 | 811,671 | 1,173,267 |
| Salaries and wages | 164,928 | 375,265 | 310,982 | 469,074 |
| Depreciation and amortization | 93,313 | 78,588 | 160,914 | 151,195 |
| Total operating expenses | 582,018 | 1,043,215 | 1,283,567 | 1,793,536 |
| Operating loss | (509,602) | (1,324,512) | (1,347,414) | (1,942,301) |
| Other income (expense): | ||||
| Other income | - | - | - | 200 |
| Interest expense, net | (20,270) | (12,380) | (29,490) | (24,145) |
| Total other expense | (20,270) | (12,380) | (29,490) | (23,945) |
| Net loss | (529,872) | (1,336,892) | (1,376,904) | (1,966,246) |
| Net loss per common share basic | (0.00) | (0.01) | (0.01) | (0.01) |
| Net loss per common share diluted | (0.00) | (0.01) | (0.01) | (0.01) |
| Weighted average common shares outstanding: | ||||
| Basic | 237,579,115 | 220,395,322 | 236,523,911 | 215,540,647 |
| Diluted | 237,579,115 | 220,395,322 | 236,523,911 | 215,540,647 |
Consolidated Balance Sheets (Unaudited)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash | 13,258 | 211,948 |
| Accounts receivable, net | 96,578 | 43,489 |
| Inventory | 585,007 | 820,956 |
| Prepaid expenses | 141,478 | 90,659 |
| Total Current Assets | 836,321 | 1,167,052 |
| Fixed assets, net | 1,179,841 | 1,268,555 |
| Intangible assets, net | 474,181 | 502,382 |
| Right-of-use asset | 917,944 | 628,125 |
| Goodwill | 466,648 | 466,648 |
| Other non-current assets | 16,010 | 16,010 |
| Total Assets | 3,890,945 | 4,048,772 |
| Liabilities and Stockholders’ Equity (Deficit) | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | 1,603,509 | 1,560,425 |
| Accounts payable related party | - | - |
| Notes payable | 219,768 | 162,110 |
| Notes payable related party | 176,500 | 117,500 |
| Convertible Notes payable related party | 145,000 | - |
| Deferred revenue | 530,585 | 457,178 |
| Right-of-use liability, current portion | 243,050 | 124,856 |
| Total Current Liabilities | 2,918,412 | 2,422,069 |
| Notes payable, net of current portion | - | 38,126 |
| Notes payable related party, net of current portion | - | 50,000 |
| Right-of use liability, net of current portion | 705,057 | 536,253 |
| Total Liabilities | 3,623,469 | 3,046,448 |
| Stockholders’ Equity (Deficit) | ||
| Preferred stock, par value $0.001; 10,000,000 shares authorized, of which 0 were issued and outstanding | - | - |
| Common stock, par value $0.001; 300,000,000 shares authorized, of which 239,849,681 and 234,105,560 shares were issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 239,850 | 234,106 |
| Additional paid in capital | 7,548,025 | 6,911,713 |
| Subscription payable | 15,000 | 15,000 |
| Accumulated deficit | (7,535,399) | (6,158,495) |
| Total Stockholders’ Equity (Deficit) | 267,476 | 1,002,324 |
| Total Liabilities and Stockholders’ Equity (Deficit) | 3,890,945 | 4,048,772 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Net loss | (1,376,904) | (1,966,246) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 160,914 | 151,195 |
| Stock-based compensation | 85,256 | 106,096 |
| Inventory impairment | 99,588 | - |
| Allowance for credit losses | (1,155) | 27,317 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (51,934) | 17,208 |
| Prepaid expense | 97,154 | 73,805 |
| Inventory | 243,161 | (85,351) |
| Right-of-use asset | 161,047 | 123,288 |
| Accounts payable | 67,418 | 711,556 |
| Accounts payable related party | - | (46,812) |
| Deferred revenue | 73,407 | 196,913 |
| Right-of-use liability | (163,868) | (140,121) |
| NET CASH USED IN OPERATING ACTIVITIES | (605,916) | (831,152) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of property and equipment | (38,333) | (707,454) |
| NET CASH USED IN INVESTING ACTIVITIES | (38,333) | (707,454) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from convertible notes payable, related parties | 115,000 | - |
| Proceeds from related party notes payable | 9,000 | 150,000 |
| Repayment of related party notes payable | - | (105,500) |
| Repayment of notes payable | (128,441) | (152,723) |
| Proceeds from subscription agreements | 450,000 | 1,649,000 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 445,559 | 1,540,777 |
| NET CHANGE IN CASH | (198,690) | 2,171 |
| CASH BEGINNING OF YEAR | 211,948 | 11,159 |
| CASH END OF PERIOD | 13,258 | 13,330 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | 4,482 | 276 |
| Cash paid for taxes | - | - |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Right of use asset, operating lease | 450,866 | - |
| Property and equipment additions in accounts payable | 5,667 | 64,350 |
| Common stock issued for inventory | 106,800 | 850,000 |
| Insurance premium financed with a note payable | 147,973 | 171,050 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About MDWerks, Inc.
Source: Item 1 (Business) from the 10-K filed March 31, 2026. Description as filed by the company with the SEC.
ITEM
1. BUSINESS
Business
Overview
MDwerks,
Inc. (the “Company,” “MDwerks,” “we,” “us,” or “our”), a Delaware corporation,
is a technology company pioneering the development of innovative energy wave solutions for industrial and other commercial enterprises.
Our expertise in radio wave technologies and microwave technologies has led to multiple breakthroughs with applications both industrial
and commercial. Our patented energy wave technology introduces a revolutionary approach to industrial processes by specific molecular
targeting, which can be applied at precise and multiple locations in a system in ways that conventional single point heat sources cannot,
resulting in improved efficiency, higher quality, and reduced processing time. In December 2023, we completed the acquisition of RF Specialties,
LLC (“RFS”) and Two Trees Beverage Co. and its subsidiaries (“Two Trees”).
RFS,
is engaged in the business of developing sustainable radio frequency (“RF”) applications, and for over 14 years, has addressed
a variety of challenges faced by companies by implementing automated radio frequency technology. One of these applications is a method
for the rapid aging of distilled spirits using RF energy. This proprietary Spirits Rapid Aging System (“SRAS”) reduces energy
and production costs and increases the speed to market for distilled beverages when compared to traditional methods. .
Our
wholly-owned subsidiary, Two Trees Beverage Company, utilizes the SRAS, validating the use of this patented energy wave technology within
the premium craft spirits industry. Our proprietary and patented molecular targeting system swiftly and sustainably transforms distillate
to maturity, delivering traditional flavors in a fraction of the time with greatly reduced environmental impact and cost. Precision engineered
to match traditional aging flavors and aromas, it has been used to produce over 50 SKUs and many award-winning products.
Read full description ↓
Overview
of the Business of Two Trees
Our
Two Trees spirits business produces a variety of aged alcoholic beverages using our innovative rapid-aging system. This scalable technology
results in all-natural, high-quality products, quickly and efficiently produced, with a reduced environmental impact. Our products are
nearly indistinguishable from those that are traditionally aged.
Deep
in Appalachian Mountain country, we created a proprietary process that mirrors and accelerates the natural aging process that occurs
when alcohol is aged in wooden barrels over time. The true art of our craft spirits lives within the balance between the distillate selection,
local water, and the full-bodied flavors from our wood chip varieties that are toasted to just the right char, bringing rich barrel flavor
profiles to life.
Whiskey-as-a-Service
Among
our accomplishments to start the year, we successfully launched our “Whiskey-as-a-Service” (“WaaS”) business
model, offering use of the SRAS through a flexible technology license structure to enable customers to access this transformative technology
with minimal upfront investment, while securing long-term, predictable revenue streams for the Company. We also offer on-site aging of
bulk spirits.
We
have signed new contracts with two companies for the construction and deployment of our proprietary SRAS and see excellent potential
for multiple additional SRAS deployments by both customers within the next twelve months as well as by other third parties.
The
first of these units is anticipated to be installed on site at one of the largest distilleries in the U.S. in the second quarter of 2026,
with the second unit deployed approximately three months thereafter. The second contract is with a leading U.S. wholesaler and broker
of bulk spirits for one SRAS unit at their facility, which is estimated to be installed in the third quarter of 2026.
Under
both contracts, RFS will manufacture and assemble the SRAS units and provide ongoing machine servicing and maintenance in addition to
the recurring monthly license payments from the customers for use of the SRAS units.
These
contracts validate the economic and sustainability benefits of our SRAS units and provide us with attractive recurring revenue streams
through licensing agreements and ancillary fees for ongoing machine servicing and maintenance.
Building
on the momentum of our first two WaaS contracts, we signed a separate new agreement with an international spirits investment fund (the
“Fund”) providing the Fund with limited exclusivity for the deployment of our SRAS units in three countries outside of the
United States. To retain exclusivity, the Fund is required to deploy at least one SRAS unit annually in each of the three countries.
In
2025, we began aging tanker loads of distillate at our facility for one of our SRAS customers to fill immediate demand for aged spirits.
In early 2026, we completed installation of a higher capacity SRAS at our Two Trees facility in order to increase existing production
across our aging services and brand production.
4
Two
Trees Brands
Using
the SRAS at our own facility, Two Trees has built an award winning portfolio of more than 30 spirit labels including bourbon, whiskey,
flavored whiskeys and vodka that are produced in a fraction of the time it takes to produce traditional aged spirits. Two Trees on site
tasting room has received the Best of Ashville awards in 2023, 2024 and 2025.
Our
new Land of the Sky Straight Bourbon Whiskey received a Gold Award in the 2025 New York International Spirits Competition. Our Two Trees
Snarly Yow Bourbon and Tim Smith Climax Honey Raspberry each won Silver awards at the 2025 SIP Awards, with the Climax Honey Raspberry
winning the 2025 Innovation Award also.
Three
of Two Trees portfolio brands received 2022 SIP Awards, with its Two Trees Carolina Peach Whiskey receiving a Platinum Award, Two Trees
Sea Salted Caramel Whiskey receiving a Gold Award and Two Trees Old Fashioned RTD receiving a Gold Award. Also, two of its portfolio
brands received 2022 50 Best Awards with Two Trees Peanut Butter Whiskey and Two Trees Sea Salted Caramel Whiskey receiving Best Flavored
Whiskey awards.
Our
full current flavored whisky brand portfolio includes the following:
SEA
SALTED CARAMEL – a sweet soft caramel paired with real sea salt and aged in slow toasted Appalachian white oak.
BATCH
314 - A long toasting of Tennessee white oak brings out a soft caramel flavor with notes of vanilla and spice.
CRISP
APPLE - Tart flavors of fresh picked green apples and the sweet charred profile of Appalachian white oak blend easily.
CANDY
APPLE - Vanilla profile of heavy toasted Tennessee white oak adds to the caramel dipped green apple flavor.
CINNAMON
SPICE - Aged in charred and toasted Missouri white oak, with the cinnamon spice and the sweet essence of red hots candy.
MICHIGAN
CHERRY - Made with sweet corn to balance and compliment the tartness of the Montmorency cherry profile.
CAROLINA
PEACH - Made with delicious South Carolina peaches and natural flavors to compliment the sweet charred flavor profile of Appalachian
white oak.
GOLDEN
HONEY - Flavor reminiscent of toasted Appalachian white oak, and the essence of fresh honeycomb and the taste of natural honey.
SCORCHED
BROWN SUGAR - Flavor reminiscent of charred Appalachian white oak, real brown sugar and natural vanilla flavor.
PEANUT
BUTTER - A taste reminiscent of Appalachian white oak with rich smooth notes of peanut butter.
LAND
OF THE SKY BOURBON – Land of the Sky Bourbon represents the first Limited Edition whiskey in our UPLIFTING SPIRITS portfolio.
Crafted from a mash bill of corn, wheat and malted barley. The whiskey rested in hand selected barrels for at least 3 years and then
finished with toasted white oak
Our
ready to drink portfolio includes the following:
OLD
FASHIONED - Plush, dignified cocktail of muddled sugar, whiskey, bitters and Appalachian Mountain spring water blended with toasted
Missouri and Tennessee white oak is sleek and ready to pour.
MANHATTAN
- Austere rye whiskey with a rich touch of both sweet and dry vermouths sculpted with toasted Missouri and Tennessee white oak
creates a glossy, mirror like smoothness, made effortlessly.
Our
Tim Smith product portfolio includes the following:
CLIMAX
MOONSHINE - The original recipe is distilled from corn, rye, and barley malt. Clean and natural tasting with a subtle sweetness
and bold defiance.
5
CLIMAX
WOOD-FIRED WHISKEY - This isn’t your ordinary American bourbon-style whiskey its Tim Smith’s century-old moonshine
recipe aged and filtered with toasted oak and maple wood imparting color and revolutionary flavors. The final process allows the whiskey
to cool in Oak containers, and the result is Tim Smith’s revolutionary Climax Whiskey – Made to be in a Class of its Own.
CLIMAX
FIRE NO. 32 - Cinnamon Spice Moonshine using Tim Smith’s original pot-distilled recipe. Bold, Hot and Smooth. As a volunteer
fire chief in Climax, VA, Tim created this moonshine as a tribute to firefighters across the country.
CLIMAX
HONEY RASPBERRY - This is Climax Wood-Fired Whiskey Made with natural honey produced by bees and raspberries grown in the Appalachian
Mountains.
TIM
SMITH SOUTHERN RESERVE BOURBON - Amber in appearance. Caramelized sugar and vanilla melt into a soft wheat. It finishes with
a sweet honey profile.
TIM
SMITH SOUTHERN RESERVE RYE - Golden amber in appearance. Notes of spicy toasted American oak give way to the gentle warm finish
of sweet rye and caramel.
TIM
SMITH SOUTHERN RESERVE WHISKEY - Reddish amber in appearance. Sweet corn and mild rye blend with smoky, caramelized oak. It finishes
with earthy, nutty notes.
We
also produce a wood crafted portfolio American whiskey. This blend is colored and flavored with Appalachian white oak chips. This brings
out a soft caramel flavor with notes of vanilla and spice. The charred white oak chips soften this spirit to make it smooth and easy
to drink.
Patent
and Trademarks – Two Trees
We,
primarily through our subsidiaries, hold or have rights to use various service marks, trademarks and trade names we use in the operation
of our businesses that we deem particularly important to each of our products. As of the date of this report, we had 12 trademarks for
our products and services as follows:
Trademark
Registration
Date
Reg.
Number
Class
TIM
SMITH’S CLIMAX MOONSHINE
3/21/2017
5,166,624
Class
21: portable coolers
Class
25: shirts, caps
Class
33: distilled spirits
CLIMAX
MOONSHINE
10/20/2015
4,834,895
Classes
2, 13, 23, 29, 30, 33, 40 and 50: drinking glasses and drinking flasks
Classes
22 and 39: shirts and hats
Classes
47 and 49: distilled spirits
FIRE
NO 32
2/21/2017
5,147,397
Class
33: distilled spirits
CLIMAX
WHISKEY
8/01/2017
5,257,114
Class
33: distilled spirits
CLIMAX
WOOD-FIRED
8/22/2017
5,272,047
Class
33: distilled spirits
TIM
SMITH SOUTHERN RESERVE
11/26/2019
5,922,109
Class
33: distilled spirits, whiskey
SNARLY
YOW
1/14/2020
5,963,107
Class
33: distilled spirits, whiskey
TWO
TREES
3/24/2020
6,020,545
Class
33: Alcoholic beverages except beers, not wine based; Distilled spirits; Whiskey
OWL
HEAD
6/16/2020
6,079,608
Class
33: distilled spirits; whiskey
WAMPUS
CAT
6/16/2020
6,079,610
Class
33: distilled spirits; whiskey
MOON
CHASERS
6/12/2022
6,785,148
Class
33: alcoholic beverages, namely, ready-to-drink cocktails
SUSTAINABLY
– MATURED
11/14/2023
7219580
Class
40: Alcohol distillery services; Spirits distillery services; Whisky distillery services
6
Two
Trees also has the following patents:
Patent
Issue
date
Patent
Number
Expiration
Date
System
& method for the rapid aging of a distilled ethyl alcohol with rf energy and wood material supporting platform
April
18, 2023
US
11,629,317 B2
January
21, 2034
System
& method for the rapid aging of a distilled ethyl alcohol with rf energy and wood material supporting platform
April
30, 2024
US
11,970,678 B2
January
21, 2034
Overview
of the Business of RF Specialties
RFS
is engaged in the business of developing sustainable radio frequency (RF) applications, and for over 14 years, has addressed the challenges
faced by companies by implementing automated radio frequency technology. RFS has developed a system and method for the rapid aging of
distilled spirits with RF energy that reduces energy and production costs thus increasing the speed to market for distilled beverages
when compared to traditional technologies.
Our
patented energy wave technology introduces a revolutionary approach to industrial processes by specific molecular targeting, which can
be applied at precise and multiple locations in a system in ways that conventional single point heat sources cannot, resulting in improved
efficiency, higher quality, and reduced processing time.
The
Company is currently deploying its first industrial application of our Molecular sawdust drying system with a lumber mill. The system
offers scalable, flexible solutions for any tonnage of sawdust, catering to diverse pellet manufacturing needs. It utilizes patented
technology to adjust moisture content as required, optimizing it to precise specifications. The system features precision automation
for controlling temperature and drying parameters, ensuring consistent high-quality output. This adaptable system enhances safety and
productivity, achieving uniform results with minimal downtime.
The
Company is also targeting applications of this process in engineered wood products, adhesives, wood forest products and food and beverages.
Patent
and Trademarks – RF Specialties
RF
Specialties holds or has the rights to use patents we use in the operation of our businesses that we deem particularly important to each
of our products. As of the date of this report, we had the following patents:
Patent
Issue
Date
Patent
Number
Expiration
Date
Systems,
apparatuses, and methods for molecular targeting and separation of feedstock fluids
June
11, 2019
US
10315126 B2
November
22, 2036
Employees
As
of December 31, 2025, the Company had 13 full-time and 5 part-time employees across all subsidiaries. None of our employees are covered
by collective bargaining agreements and we consider our relations with our employees to be good.
We
believe that hiring a diverse workforce is important to our success. We intend to continue to evaluate our use of human capital measures
and objectives to ensure we have a stable workforce to run our business effectively and provide a comfortable working environment for
our employees.
The
success of our business is fundamentally connected to the well-being of our people. Accordingly, we are committed to the health, safety
and wellness of our employees, and we provide our employees and their families with competitive pay and benefits.
7