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MDWK on OTC

MDWerks, Inc.

MDWerks, Inc. is an American beverages company that raised $1.2 million in 2025 (SEC Form D).1 It is headquartered in Green Cove Springs, Florida.1 Its shares trade on OTC under the symbol MDWK.1

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Last updated Oct 21, 2026.

Overview

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  • TickerMDWK on OTC1
  • IndustryBeverages1
  • HeadquartersGreen Cove Springs, Florida1
  • Incorporated inDE2
  • Business address411 Walnut Street,, Suite 20125, Green Cove Springs, Fl 320432
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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United States. To retain exclusivity, the Fund is required to deploy at least one SRAS unit annually in each of the three countries.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-15.8%Gross margin4
-168.7%Operating margin4
-171.5%Net margin4
-6.3%Revenue growth, 20254
-378.9%Return on equity4
0.37×Debt to equity4
-$2.4MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Two Trees Distilling brought in 61% of the revenue MDWerks, Inc. broke down this way in fiscal 2025.

  1. Two Trees Distilling$1.4M461%up 2% from 2024
  2. RF Specialties$864.4K439%down 17% from 2024
Business segments by year
Business segments20242025
Two Trees Distilling$1.3M$1.4M
RF Specialties$1.0M$864.4K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue53¢$2.6M
  • Selling, general and admin47¢$2.3M

Out of $2.2M in revenue.4 The company lost money this year.

Financial statements

Revenue54$2.2M in 2025+2028% since 2023
0$1.0M$2.0M$3.0M2023: $104.1K$104.1K20232024: $2.4M$2.4M2024+2172%2025: $2.2M$2.2M2025−6%
Gross profit54-$350.3K in 2025
-$500.0K0$500.0K$1.0M2023: $22.4K$22.4K20232024: $874.0K$874.0K2024+3800%2025: -$350.3K-$350.3K2025
Operating income67854-$3.7M in 2025+27117% since 2020
-$4.0M-$3.0M-$2.0M-$1.0M02020: -$13.7K-$13.7K20202021: -$20.8K-$20.8K2021+52%2022: -$153.7K-$153.7K2022+639%2023: -$452.6K-$452.6K2023+194%2024: -$1.5M-$1.5M2024+232%2025: -$3.7M-$3.7M2025+149%
Net income67854-$3.8M in 2025+18379% since 2020
-$4.0M-$3.0M-$2.0M-$1.0M0$1.0M2020: -$20.6K-$20.6K20202021: $38.0K$38.0K20212022: -$153.7K-$153.7K20222023: -$291.7K-$291.7K2023+90%2024: -$1.6M-$1.6M2024+456%2025: -$3.8M-$3.8M2025+134%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues$2.2M$2.4M
Cost of revenues$2.6M$1.5M
Gross (loss) profit-$350.3K$874.0K
Selling, general and administrative expenses$2.3M$1.9M
Salaries and wages$763.9K$175.8K
Depreciation and amortization expense$319.8K$289.6K
Loss on sale of assets, related party$57.9K
Total operating expenses$3.4M$2.4M
Operating loss-$3.7M-$1.5M
Loss on impairment of note receivable-$97.5K
Other income$200$2.5K
Interest expense, net-$61.8K-$23.4K
Total other income (expense)-$61.6K-$118.5K
Net loss-$3.8M-$1.6M
Net loss per common share basic-$0.02-$0.01
Net loss per common share diluted-$0.02-$0.01
Basic221.4M shares201.5M shares
Diluted221.4M shares201.5M shares

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What it owns

What MDWerks, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.8M4 Dec 31, 2025$780.6K4 Dec 31, 2024+126.0%
Accumulated depreciation$495.7K4 Dec 31, 2025$232.2K4 Dec 31, 2024+113.4%
Property and equipment, net$1.3M4 Dec 31, 2025$585.0K4 Dec 31, 2024+116.8%
Operating-lease assets (leased space)$628.1K4 Dec 31, 2025$915.8K4 Dec 31, 2024−31.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$466.6K4 Dec 31, 2025$466.6K4 Dec 31, 20240%
Finite-lived intangibles, gross$619.5K4 Dec 31, 2025$619.5K4 Dec 31, 20240%
Accumulated amortization$117.1K4 Dec 31, 2025$60.7K4 Dec 31, 2024+92.9%
Finite-lived intangibles, net$502.4K4 Dec 31, 2025$558.8K4 Dec 31, 2024−10.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$821.0K4 Dec 31, 2025$236.9K4 Dec 31, 2024+246.6%
Raw materials$832.3K4 Dec 31, 2025$38.2K4 Dec 31, 2024+2079.4%
Finished goods$124.3K4 Dec 31, 2025$198.7K4 Dec 31, 2024−37.4%

Properties, in its own words

The Company does not own any real estate or other properties. The Company maintains an operating lease for its office space and operating facility for the Two Trees business in Fletcher, North Carolina, which has a remaining term of 2 months as of December 31, 2025, which the Company renewed in January 2026 through February 28, 2029. The Company also maintains an operating lease for its RF Specialties facility in Mills River, North Carolina, with a remaining term of 4.5 years. We believe these facilities to be sufficient to meet our needs for the foreseeable future and that any additional space we may require will be available on commercially reasonable terms.

Item 2 of the 10-K filed Mar 31, 2026.3

Leadership

Who has led MDWerks, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph R. Ragazzo2023
  2. Steven C. Laker2023–2024

Chief operating officer

  1. Michael Nordlicht2023
2025
Board members and other officers (8)

Former names

  • WESTERN EXPLORATION INC.Aug 12, 2004 to Oct 13, 20052

Timeline

  1. Aug 25, 20268-K Regulation FD disclosure20
  2. Aug 3, 20268-K Regulation FD disclosure21
  3. Jul 10, 20268-K Executive or director change; Regulation FD disclosure22
  4. Feb 17, 20268-K Executive or director change; Regulation FD disclosure23
  5. Jul 30, 20258-K Regulation FD disclosure24
  6. Jul 22, 20258-K Regulation FD disclosure25
  7. Jul 9, 20258-K Regulation FD disclosure26
  8. May 29, 20258-K Regulation FD disclosure; Other events27
  9. May 13, 20258-K Regulation FD disclosure28
  10. Mar 10, 20258-K Executive or director change; Regulation FD disclosure29
  11. Feb 19, 20258-K Regulation FD disclosure30
  12. Feb 18, 20258-K Regulation FD disclosure31
  13. Dec 27, 2023New chief executive Steven C. Laker becomes CEO12
  14. Dec 27, 2023New chief executive Joseph R. Ragazzo becomes CEO11

Filings

110 filings to the SEC since October 2021: 7 annual reports, 16 quarterly reports, 38 major events, 34 insider forms, 7 private raises, 8 other. The latest 20:

  1. Aug 25, 20268-K EDGAR
  2. Aug 24, 20264 EDGAR
  3. Aug 24, 20264 EDGAR
  4. Aug 24, 20264 EDGAR
  5. Aug 24, 20264 EDGAR
  6. Aug 21, 20263 EDGAR
  7. Aug 19, 202610-Q EDGAR
  8. Aug 14, 2026NT 10-Q EDGAR
  9. Aug 3, 20268-K EDGAR
  10. Jul 10, 20268-K EDGAR
  11. May 29, 20264 EDGAR
  12. May 29, 20264 EDGAR
  13. May 29, 20264 EDGAR
  14. May 15, 202610-Q EDGAR
  15. Apr 22, 20263 EDGAR
  16. Mar 31, 202610-K EDGAR
  17. Feb 27, 20264 EDGAR
  18. Feb 27, 20264 EDGAR
  19. Feb 17, 20268-K EDGAR
  20. Dec 9, 20254 EDGAR

The 110 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$1.2M 2023–2025
Money received by yearMoney received by year, 2023–2025: $1.2M in all. Private raises (Form D) $1.2M.$0$200K$400K$600K$800K2023 · Private raises (Form D): $742.7K202320242025 · Private raises (Form D): $500.0K2025
Figures by year
YearPrivate raises (Form D)Total
2025$500.0K$500.0K
2023$742.7K$742.7K

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Sep 11, 2025Raised $500,000 in a private offering of equity32 Form D: $3.5 million offered in all Form D
  2. Aug 1, 2025Filed a private offering of equity33 Form D: $4 million offered in all Form D
  3. Dec 26, 2024Filed a private offering of equity34 Form D: $7 million offered in all Form D
  4. Jul 18, 2024Filed a private offering of equity35 Form D: $7 million offered in all Form D
  5. Dec 22, 2023Filed a private offering of equity36 Form D: $7 million offered in all Form D
  6. Dec 7, 2023Raised $660,000 in a private offering of equity37 Form D: 57 investors so far Form D
  7. Mar 14, 2023Raised $82,708 in a private offering of equity38 Form D: $2 million offered in all Form D

SEC filer profile

How MDWerks, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMDWerks, Inc.1
  • CIK0001295514
  • Employer ID (EIN)33-10954113
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2080 Beverages1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address411 Walnut Street,, Suite 20125, Green Cove Springs, FL 320431
  • Phone(252) 501-00191
  • Shares outstanding240,802,096 as of Aug 18, 202610
  • Public float$32.3M as of Jun 30, 20253
  • AuditorM&K CPAS, PLLC, The Woodlands, TX PCAOB ID 2738; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceAug 12, 20041
  • Filings263 in all: 8-K (75), 424B3 (27), 10-Q (21), 4 (20), UPLOAD (16), 3 (11), SB-2/A (11), CORRESP (10)1
    All 31 form types

    10QSB (9), D (7), NT 10-Q (7), 10-K (6), 10KSB/A (5), 10-Q/A (4), 10KSB (4), POS AM (4), 10-K/A (3), EFFECT (3), NT 10-K (3), 10QSB/A (2), 4/A (2), 8-K/A (2), S-1/A (2), SB-2 (2), 10-12G (1), 10-12G/A (1), 15-15D (1), 3/A (1), REGDEX (1), S-1 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 19, 2026
    Latest 8-K (8-K) Aug 25, 2026

Risk factors and legal proceedings

The risks MDWerks, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 29 risks under these headings, as written.3

  • Risks Related to Our Company
  • Risks related to our operations.
  • We have incurred net losses since our inception and expect losses to continue.
  • We may not be able to continue as a going concern if we do not obtain additional financing.
  • Our operations rely on the need for qualified servicers of our specialized microwave technology machinery, as well as on the availability for parts.
  • Changes in consumer preferences and purchases, any decline in the social acceptability of our products, or governmental adoption of policies disadvantageous to beverage alcohol could negatively affect our business results.
  • Production facility disruption could adversely affect our business.
  • Higher costs or unavailability of water, raw materials, product ingredients, or labor could adversely affect our financial results.
  • Product recalls or other product liability claims could materially and adversely affect our sales.
  • Negative publicity could affect our business performance.
  • The requirements of remaining a public company may strain our resources, which could make it difficult to manage our business.
  • We expect to face intense competition, often from companies with greater resources and experience than we have.
The other 18 risks
  • We are growing the size of our organization, and we may experience difficulties in managing any growth we may achieve.
  • If we are unable to develop and maintain our brand and reputation for our service and product offerings, our business and prospects could be materially harmed.
  • Legal and Regulatory Risks
  • National and local governments may adopt regulations or undertake investigations that could limit our business activities or increase our costs.
  • Tax increases and changes in tax rules could adversely affect our financial results.
  • Our ability to market and sell our products depends heavily on societal attitudes toward drinking and governmental policies that both flow from and affect those attitudes.
  • Significant additional labeling or warning requirements or limitations on the availability of our products could inhibit sales of affected products.
  • Counterfeiting or inadequate protection of our intellectual property rights could adversely affect our business prospects.
  • Litigation and legal disputes could expose our business to financial and reputational risk.
  • Unfavorable economic conditions could negatively affect our operations and results.
  • Our success depends in part on our ability to identify, recruit and retain skilled management and technical personnel. If we fail to recruit and retain suitable candidates or if our relationship with our employees changes or deteriorates, there could be a material adverse impact on our business, results of operations or financial condition
  • We have requirements for and there is an uncertainty of access to additional capital.
  • We have negative cash flow from operations and depend on equity financing and shareholder loans for our operations.
  • We expect to incur losses in the future.
  • Our operating results may prove unpredictable.
  • Our common stock is or may become subject to the “penny stock” rules of the SEC and the trading market in the securities is limited, which makes transactions in the stock cumbersome and may reduce the value of an investment in the stock.
  • The Company’s management expects to issue additional shares.
  • We do not anticipate paying dividends.
  • Risks Related to Investing in Our Company
  • We are an early-stage company and lack an operating history.

Legal proceedings

As of the filing date of this Annual Report on Form 10-K, there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we are a party, or of which our property is the subject. In addition, none of our officers, directors, affiliates or 5% stockholders (or any associates thereof) is a party adverse to us, or has a material interest adverse to us, in any material proceeding.

The opening of Item 3, Legal Proceedings.3

Sources

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