Greenwave Technology Solutions(GWAV) - 2021 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2021, the company generated revenues of $1,527, an increase from $0 in the same period in 2020, primarily due to the relaunch of product placements on social media channels [157]. - Operating expenses for the three months ended March 31, 2021, were $303,275, an increase of 43.51% from $211,328 in the same period in 2020, driven by higher advertising and general administrative expenses [159]. - The company incurred a loss from operations of $301,748 for the three months ended March 31, 2021, compared to a loss of $211,328 in the same period in 2020, reflecting an increase of 42.79% [160]. - Net income (loss) available to common stockholders for the three months ended March 31, 2021, was a loss of $47,193,938, a significant improvement from a loss of $126,955,829 in the same period in 2020, representing a 62.83% reduction in losses [162]. Cash Flow and Liquidity - As of March 31, 2021, the company had cash of $204 and a working capital deficit of $63,249,469, raising substantial doubt about its ability to continue as a going concern [165]. - Net cash used in operations for the three months ended March 31, 2021, was $225,541, an increase from $109,352 in the same period in 2020, primarily due to a decrease in accounts payable [163]. - Net cash provided by financing activities for the three months ended March 31, 2021, was $224,260, compared to $109,082 in the same period in 2020, mainly from the issuance of preferred shares and non-convertible notes [164]. - The company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future, relying on additional capital to sustain operations [165]. Strategic Initiatives - The company plans to monetize its social media accounts, including a YouTube channel with 273,000 subscribers and an Instagram account with 378,000 followers, through product placements and sponsorships [152]. - The company is exploring strategic opportunities, including a letter of intent to acquire Empire Services, Inc., while discontinuing earlier acquisition plans with Herbfluence, Inc. [153].