Waste Energy Q2 10-Q: Cash Drops to $26K, Toxic Debt Conversions Accelerate, CFO Resigns
WAST sits 67% above its 52-week low of $0.004.
Summary
Waste Energy's Q2 2026 10-Q shows cash down to $26K, a $5M working capital deficit, and accelerating toxic debt conversions at prices below the current stock price. The CFO resigned and several notes are in default.
Key Events · Earnings and Guidance · WAST
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Cash Drops to $26K
Cash and cash equivalents fell to $26,422 at June 30, 2026, from $68,244 at December 31, 2025. The company states it needs $800,000 to $1,000,000 to fund the next twelve months.
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Toxic Debt Conversions Accelerate
Subsequent to quarter-end, the company converted over 43 million shares of debt at prices ranging from $0.00306 to $0.006565 per share — below the current $0.0065 stock price. Several notes went into default due to late 10-K and 10-Q filings.
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CFO Resigns
Braden Glasbergen resigned as CFO, Treasurer, and Secretary effective June 30, 2026. Scott Gallagher was appointed Interim CFO and W. Scott McBride as Interim Treasurer and Secretary effective July 1, 2026.
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Going Concern Warning Reiterated
The company has an accumulated deficit of $51.6 million, negative working capital of $4.99 million, and substantial doubt about its ability to continue as a going concern.
Analysis · WAST · Trade & Services
Waste Energy's Q2 2026 report confirms the company is in a deepening survival crisis. Cash fell to $26,422 from $68,244 at year-end, while current liabilities swelled to $5.06 million, leaving a working capital deficit of nearly $5 million. The company raised $716,000 in new convertible notes during the quarter, but the terms are toxic: conversion prices as low as 60% of the lowest trading price, and subsequent to quarter-end the company converted over 43 million shares at prices between $0.00306 and $0.006565 — far below the current $0.0065 stock price. The CFO resigned effective June 30, 2026, and several notes went into default due to late filings. The going concern warning remains, and the company states it needs $800,000 to $1,000,000 to fund the next twelve months. This is a critical deterioration from the already dire Q1 2026 report.
At the time of this filing, WAST was trading at $0.01 on OTC in the Trade & Services sector, with a market capitalization of approximately $969.9K. The 52-week trading range was $0.00 to $0.07. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.