Water On Demand, Inc. ("WODI") |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 | |||
| Water On Demand, Inc. ("WODI") | |||
| Water On Demand, Inc. ("WODI") |
Water On Demand, Inc. (“WODI”) is a subsidiary of OriginClear, Inc., which held 12,171,067 of the 22,781,322 outstanding shares of WODI common stock as of March 31, 2026, representing a 53.43% ownership interest. The Company consolidates WODI’s financial results in accordance with ASC 810 (see Note 2).
Strategic Developments
On April 14, 2023, WODI acquired the MWS business unit from OriginClear, Inc. including related assets, patents, and intellectual property. Subsequently, on September 21, 2023, WODI merged with PWT, a Texas-based water solutions provider with a 20-year history in delivering commercial and industrial water treatment solutions. The combined entity operated under the WODI name in preparation for a proposed Nasdaq listing via merger with FRLA.
On December 9, 2024, the proposed business combination with FRLA was terminated due to increasing regulatory costs, extended timelines, and changing market conditions. FLRA subsequently dissolved and returned capital to its shareholders.
On May 8, 2025, WODI’s Board approved the wind-down of the MWS business unit, eliminating overlapping product lines and streamlining operations around PWT’s standardized, financeable systems. WODI no longer pursues new business under the MWS brand. (see note 3).
Restricted-Stock Grant Agreements
Between August 12, 2022, and August 3, 2023, WODI approved restricted-stock grant agreements covering up to 15,550,000 WODI common shares for directors, employees, and consultants. Shares vest upon the earlier of (i) WODI’s common stock being listed on a national securities exchange or (ii) the third anniversary of the grant date, subject in each case to quarterly trading-volume thresholds. No restricted shares vested during the three months ended March 31, 2026, and no compensation expense was recognized because vesting was not considered probable under ASC 718. |