OTC: WAST
WASTE ENERGY CORP.CIK 0001515139 · SIC 7389 · Miscellaneous Business Services NEC
Waste Energy Corp. (“Waste Energy,” “we,” “us,” “our,” or the “Company”) is an early-stage clean-energy company focused on converting non-recyclable waste tires and plastics into usable fuel, reusable commodities, and renewable energy products. We are engaged in the development and commercial… About this business →
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Latest financial statements
From 10-Q filed Aug 14, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statement 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 | ||||
| Consulting services | 12,500 | 125,000 | 95,833 | 166,667 |
| Recyclable material intake | 10,000 | - | 10,000 | - |
| Total revenues | 22,500 | 125,000 | 105,833 | 166,667 |
| Cost of goods sold | - | - | 30,000 | - |
| Gross margin | 22,500 | 125,000 | 75,833 | 166,667 |
| Operating expenses | ||||
| General and administrative expenses | 60,473 | 82,252 | 426,312 | 129,111 |
| Service costs | - | - | - | - |
| Total operating expenses | 60,473 | 82,252 | 426,312 | 129,111 |
| Net income (loss) from operations | (37,973) | 42,748 | (350,479) | 37,556 |
| Other income (expense) | ||||
| Interest expense and charges note payable | (265,535) | (21,199) | (739,453) | (39,076) |
| Change in fair value of derivative liability | 2,019,659 | (1,560,506) | 453,592 | (1,560,506) |
| Gain (loss) on new derivatives | (466,647) | - | (466,647) | - |
| Gain (loss) on settled derivatives | 597,259 | - | 512,593 | - |
| Net other income (loss) | 1,884,736 | (1,581,705) | (239,915) | (1,599,582) |
| Provision for taxes | - | - | - | - |
| Net income (loss) | 1,846,763 | (1,538,957) | (590,394) | (1,562,024) |
| Net profit (loss) from non-controlling interest | - | - | - | - |
| Net income (loss) attributable to Waste Energy | 1,846,763 | (1,538,957) | (590,394) | (1,562,024) |
| Income (loss) per common share Basic and diluted | 0.01 | (0.01) | (0.00) | (0.01) |
| Weighted average number of common shares outstanding, basic | 160,510,600 | 138,036,826 | 156,023,936 | 136,130,129 |
| Weighted average number of common shares outstanding, diluted | 254,541,716 | 138,036,826 | 156,023,936 | 136,130,129 |
Condensed Consolidated Balance Sheets (Unaudited)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | 26,422 | 68,244 |
| Accounts receivable, net | 17,500 | 7,500 |
| Prepaid expenses | 12,000 | 12,000 |
| Security deposit | 12,000 | 12,000 |
| Total Current Assets | 67,922 | 99,744 |
| Long-Term Assets | ||
| Right-of-use asset | 219,132 | 272,797 |
| Property, plant and equipment / Capital investment | 764,326 | 653,250 |
| Total Long-Term Assets | 983,458 | 926,047 |
| Total Assets | 1,051,380 | 1,025,791 |
| Liabilities and Stockholders’ Equity | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | 709,279 | 646,597 |
| Accounts payable and accrued expenses, related party | 851,170 | 851,170 |
| Deferred revenue | 37,500 | 83,333 |
| Deposits payable | 77,700 | 77,700 |
| Lease liability | 139,500 | 135,000 |
| Notes payable in default | 117,000 | 117,000 |
| Derivatives liability | 2,045,395 | 1,828,934 |
| Convertible notes payable other | 1,084,179 | 857,353 |
| Total Current Liabilities | 5,061,723 | 4,597,087 |
| Non-current Liabilities | ||
| Lease liabilities | 122,075 | 170,878 |
| Total Non-current Liabilities | 122,075 | 170,878 |
| Total Liabilities | 5,183,798 | 4,767,965 |
| Commitments and Contingencies | - | - |
| Stockholders’ Equity (Deficit) | ||
| Common stock, $0.001 par value, 400,000,000 shares authorized; 149,220,840 and 138,036,826 shares issued and outstanding as at June 30, 2026 and December 31, 2025, respectively | 149,221 | 138,037 |
| Additional paid-in-capital | 47,132,761 | 46,943,795 |
| Stock subscriptions payable | 372,476 | 372,476 |
| Accumulated deficit | (51,625,618) | (51,035,224) |
| Total Waste Energy Stockholders’ Equity (Deficit) | (3,971,160) | (3,580,916) |
| Non-controlling interest | (161,258) | (161,258) |
| Total Stockholders’ Equity (Deficit) | (4,132,418) | (3,742,174) |
| Total Liabilities and Stockholders’ Equity | 1,051,380 | 1,025,791 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities | ||
| Net income (loss) for the period | (590,394) | (1,562,024) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Stock-based compensation | 19,449 | 39,794 |
| Stock-based compensation and forfeitures, related party | 1,407 | - |
| Change in fair value of derivative liability | (453,592) | 1,560,506 |
| Gain on new derivatives | 466,647 | - |
| Loss on settled derivatives | (512,593) | - |
| Non-cash interest | 704,049 | 12,673 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | (10,000) | |
| Accounts payable and accrued expenses | 25,692 | 18,843 |
| Accrued interest on convertible notes payable | - | 18,952 |
| Accounts payable and accrued expenses, related party | - | (160,769) |
| Lease liability | 9,362 | - |
| Deferred revenue | (45,833) | 333,333 |
| Net cash from (used in) operating activities | (385,806) | 261,307 |
| Investing activities | ||
| Capital advance | (111,076) | (468,048) |
| Net cash used in investing activities | (111,076) | (468,048) |
| Financing activities | ||
| Proceeds from the stock to be issued | - | 150,000 |
| Proceeds from issuance of convertible note | 716,000 | 225,000 |
| Payments made on nots payable and convertible note | (260,940) | (78,022) |
| Net cash provided by financing activities | 455,060 | 296,978 |
| Net changes in cash and equivalents | (41,822) | 90,237 |
| Cash and equivalents at beginning of the period | 68,244 | 682 |
| Cash and equivalents at end of the period | 26,422 | 90,919 |
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 WASTE ENERGY CORP.
Source: Item 1 (Business) from the 10-K filed July 14, 2026. Description as filed by the company with the SEC.
ITEM
1. BUSINESS
Corporate
Overview
Waste
Energy Corp. (“Waste Energy,” “we,” “us,” “our,” or the “Company”) is an
early-stage clean-energy company focused on converting non-recyclable waste tires and plastics into usable fuel, reusable commodities,
and renewable energy products. We are engaged in the development and commercial deployment of a waste conversion technology platform
that uses a thermal process operating in an oxygen-restricted environment to break down waste tires and plastic materials at elevated
temperatures, producing valuable byproducts without combustion.
Our planned commercial operations are designed to produce four primary outputs:
● Tire-Derived
Oil (“TDO”) — a liquid fuel product that may be sold directly for industrial
use or further refined through distillation into diesel-like products and other fuel fractions;
● Recovered
Carbon Black (“rCB”) — a reusable carbon material suitable for rubber
products, plastics, pigments, coatings, and other manufacturing applications;
● Recovered
Steel — steel recovered from waste tires that can be sold into scrap and recycling
markets; and
● Synthetic
Gas (“Syngas”) — a gaseous fuel generated during processing that may
be reused internally to help power the system and reduce external energy requirements.
4
In
addition to our core waste conversion operations, we are developing a patent-pending platform for AI-based emissions monitoring, feedstock
analysis, PFAS identification, and automated carbon credit creation and tracking, which we intend to integrate into our facilities and
potentially license to third parties.
Read full description ↓
Our
business is in its early stages. We have generated only limited revenue to date, have incurred significant operating losses since inception,
and have not yet commenced commercial operations at our planned Midland, Texas facility. There can be no assurance that we will achieve
profitability or that our technology will be commercially viable at scale. See “Risk Factors.”
Planned
Revenue Sources
We
expect to generate revenue from five principal sources:
(i) Sales of Tire-Derived Oil. We intend
to sell TDO products to industrial users, refiners, brokers, and commercial buyers. Revenue from these sales will be recognized upon shipment
and delivery of products. In certain cases, buyers may enter into prepayment arrangements for secured supply.
(ii)
Sales of Recovered Carbon Black and Recovered Steel. We intend to sell rCB and recovered steel into industrial, recycling, and commodity
markets. Revenue will be recognized upon shipment and delivery.
(iii)
Feedstock Processing Fees. We intend to charge tipping or processing fees to municipalities, counties, tire haulers, transfer stations,
waste companies, and industrial generators for accepting waste tires and plastics. Revenue will be recognized at the point in time when
we accept the waste material for processing and the agreed fee becomes due.
(iv)
Environmental Credit Monetization. Our operations are expected to generate environmental credits, including carbon credits, plastic
credits, and other sustainability-linked incentives, which may be sold on regulated and voluntary markets or bundled with our fuel and
carbon black products at a premium for sustainability-focused buyers. Revenue will be recognized upon completion of credit sales on recognized
markets or as part of contractual arrangements with off-takers.
(v)
Consulting, Licensing, and Equipment Sales. We intend to offer consulting services to landfills, waste management firms, and industrial
generators, and we may pursue future revenue from licensing our intellectual property (including our AI-based emissions and carbon credit
platform) and from the sale of proprietary equipment. Revenue will be recognized based on the specific terms of each arrangement.
As
of the date of this Annual Report, we have not finalized any material offtake agreements, although we have entered into agreements that
are subject to output laboratory results. In 2025, we became a registered vendor for Midland County, Texas, which has been an important
early relationship in our feedstock development efforts.
Corporate
History
We
were incorporated under the laws of the State of Nevada on July 20, 2010, under the name Redstone Literary Agents, Inc. Since inception,
we have operated under several successive names and business models as our strategic focus has evolved:
● In
2017, we shifted our focus to blockchain consulting services and formed our subsidiary AppCoin
Innovations (USA) Inc. (subsequently renamed ICOx USA, Inc. and later CurrencyWorks USA,
Inc.).
● On
September 3, 2019, we changed our corporate name from ICOx Innovations Inc. to CurrencyWorks
Inc.
● On
August 24, 2022, we changed our corporate name from CurrencyWorks Inc. to MetaWorks Platforms,
Inc., reflecting a focus on digital asset platforms, metaverse applications, and related
services.
● Between
June and September 2024, our board of directors approved a strategic shift away from our
legacy businesses in blockchain consulting, digital asset platforms, and entertainment content,
and directed the Company’s focus toward the waste-to-energy industry. In connection
with this shift, we ceased operations at our EnderbyWorks, LLC and Motoclub LLC subsidiaries.
● On
September 6, 2024, we changed our corporate name from MetaWorks Platforms, Inc. to Waste
Energy Corp.
● During
2025, we advanced from the development stage toward commercial deployment by securing and
preparing our initial planned commercial deployment site in Midland, Texas; acquiring and
importing our initial 15-ton-per-day waste conversion system and related distillation equipment;
completing substantial site preparation work; and filing a provisional patent application
covering our AI-based emissions monitoring and automated carbon credit creation technology.
5
We
may continue to receive residual revenues from contractual obligations entered into under our former lines of business, but we do not
plan to pursue new projects or contracts in those areas.
Subsidiaries
As
of the date of this Annual Report, we conduct our operations through the following subsidiaries:
● CurrencyWorks
USA, Inc. (Nevada) — wholly owned; formerly used for legacy blockchain consulting operations.
● Energy
Works, Inc. (Florida) — wholly owned; incorporated on May 13, 2024 to support our waste-to-energy
operations.
● EnderbyWorks,
LLC (Delaware) — wholly owned since March 15, 2023; operations were ceased in 2024
as part of our strategic shift. Residual rights under a film distribution agreement may be
retained or transferred to a different entity in the future.
● Motoclub
LLC (Delaware) — 80% owned; operations were ceased in 2024 as part of our strategic
shift.
References
in this Annual Report to “we,” “us,” “our,” “the Company,” and “Waste Energy”
refer to Waste Energy Corp. together with its consolidated subsidiaries, unless otherwise specified.
Market
Opportunity
We
believe the market for waste tire and plastic waste conversion is substantial and growing. Each year, hundreds of millions of waste tires
are generated in the United States alone, and millions of tons of plastic waste continue to be landfilled, stockpiled, or improperly
disposed of. Waste tires in particular create significant environmental concerns, including fire risk, mosquito breeding, landfill overuse,
and long-term contamination.
According
to a report published by the Organisation for Economic Co-operation and Development in 2022, global plastic waste is projected to nearly
triple by 2060. Research published by the Yale School of the Environment has documented the presence of microplastic particles in human
tissue, including brain tissue, underscoring the human-health implications of unmanaged plastic waste. The Ocean Conservancy has reported
that hypoxic “dead zones” — including one in the Gulf of Mexico associated with upstream pollutant discharge —
have expanded substantially in recent years. While we have not independently verified this third-party data and it is subject to the
uncertainties described in “Special Note Regarding Forward-Looking Statements,” we believe these trends reflect a growing
need for scalable waste-conversion solutions of the type we are developing.
We
believe Waste Energy is positioned to address these challenges through a modular deployment model that can be located near waste generation
sources, industrial fuel demand, and regions with limited landfill capacity or significant waste-transportation costs.
Facilities
Our
principal planned operating site is located in Midland, Texas, on approximately four acres of industrial property. The site includes
an approximately 5,000 square foot workshop and office building and is being developed to support the installation and operation of our
initial 15-TPD waste conversion system and related distillation equipment.
The
Midland site is designed to include feedstock receiving and storage areas, processing equipment, distillation equipment, product storage,
office space, and supporting infrastructure. The site has been designed to accommodate future expansion to 30 TPD through the planned
addition of a second processing line, and is capable of further scaling to 60 TPD.
As of the date of this Annual Report, our initial
15-TPD waste conversion system has arrived at the Midland site and is expected to be ready for operation in the third quarter of 2026.
The approximately $653,000 in payments made to acquire this equipment have been classified as a capital advance on our consolidated balance
sheet pending transfer of control and the placement of the equipment into service. See Note 6 to our consolidated financial statements.
We have not yet commenced commercial operations at the Midland site, and there can be no assurance regarding the timing of equipment delivery,
installation, commissioning, or the achievement of steady-state operations.
In
addition to our Midland site, we lease office premises in Fairfield, California, which serve as our principal executive offices. See
Item 2, “Properties.”
Because
we have not yet commenced commercial operations, we have a limited basis to assess the impact of seasonal factors on our business. We
currently expect that severe weather, transportation disruptions, or supply chain issues could impact feedstock deliveries, construction
timelines, or future facility operations.
6
Growth
Strategy
Our
current strategy is centered on the launch of our first commercial facility in Midland, Texas, building on the development milestones
achieved during 2025. We intend to use the Midland site as a proof of concept for our business model, operating strategy, and recurring
revenue generation capabilities. Following successful commissioning, we plan to pursue additional feedstock agreements, offtake agreements,
municipal partnerships, and future facility deployments in other geographic regions.
We
are designing the Midland site to support future expansion from an initial 15 TPD to 30 TPD through the addition of a second processing
line, with further scaling capacity to 60 TPD. Our long-term vision includes establishing a network of modular waste conversion facilities
located near waste generation sources, landfills, transfer stations, industrial hubs, and energy demand centers.
Execution
of this strategy will depend on a number of factors, many of which are outside our control, including the performance of our waste conversion
technology at commercial scale, our ability to secure feedstock and offtake agreements on commercially reasonable terms, our ability
to obtain required permits and approvals, and our ability to raise additional capital. See “Risk Factors” in Item 1A of this
Annual Report.
Risk
Factor Summary
Our
business is subject to numerous risks and uncertainties, any of which could materially and adversely affect our business, financial condition,
results of operations, and prospects. These risks are described in detail under “Risk Factors” in Item 1A of this Annual
Report and include, among others, risks related to our early-stage status and history of operating losses; substantial doubt about our
ability to continue as a going concern; our need for additional capital and potential dilution to our stockholders; the performance,
delivery, installation, and commissioning of our waste conversion equipment; the availability, quality, and cost of feedstock; commodity
price volatility; regulatory and permitting requirements; competition; cybersecurity threats to our operational and information technology
systems; material weaknesses in our internal control over financial reporting; and the limited trading market for our common stock. The
summary above is qualified in its entirety by the more detailed discussion in