2024 Q1 Form 10-K Financial Statement

#000149315224013400 Filed on April 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.057M $962.8K $6.096M
YoY Change -44.74% -67.09% -48.28%
% of Gross Profit
Research & Development $364.4K $1.311M $5.209M
YoY Change -82.82% -26.26% -23.81%
% of Gross Profit
Depreciation & Amortization $4.500K $4.500K
YoY Change -91.49% -97.05%
% of Gross Profit
Operating Expenses $1.422M $2.274M $11.30M
YoY Change -73.17% -51.65% -58.38%
Operating Profit -$1.422M -$11.30M
YoY Change -61.5% -49.03%
Interest Expense $68.00K -$235.8K -$1.525M
YoY Change -112.49% 456.02% 5621.28%
% of Operating Profit
Other Income/Expense, Net -$609.2K $663.1K $2.074M
YoY Change 5.35% -693.03% 135.28%
Pretax Income -$2.031M -$2.472M -$12.48M
YoY Change -52.45% -71.91% -41.41%
Income Tax $1.786K -$4.790K -$4.790K
% Of Pretax Income
Net Earnings -$2.033M -$2.450M -$13.42M
YoY Change -47.15% -61.55% -28.02%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.35 -$0.47 -$2.64
COMMON SHARES
Basic Shares Outstanding 6.307M shares 5.181M shares 5.073M shares
Diluted Shares Outstanding 5.944M shares 5.073M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.22K $401.8K $401.8K
YoY Change -97.86% -94.29% -94.29%
Cash & Equivalents $93.22K $401.8K
Short-Term Investments
Other Short-Term Assets $910.0K $765.0K $765.0K
YoY Change 7382.86% 5958.61% -53.95%
Inventory
Prepaid Expenses
Receivables $538.6K
Other Receivables
Total Short-Term Assets $1.003M $1.167M $1.167M
YoY Change -86.69% -89.22% -89.22%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $866.5K $866.5K
YoY Change 4626.08% 3507.33%
Total Long-Term Assets $0.00 $866.5K $866.5K
YoY Change -100.0% -89.51% -89.51%
TOTAL ASSETS
Total Short-Term Assets $1.003M $1.167M $1.167M
Total Long-Term Assets $0.00 $866.5K $866.5K
Total Assets $1.003M $2.033M $2.033M
YoY Change -93.7% -89.35% -89.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.801M $2.223M $2.223M
YoY Change 100.16% 159.3% 159.3%
Accrued Expenses $819.0K $527.0K $527.0K
YoY Change -56.75% -65.14% -72.67%
Deferred Revenue
YoY Change
Short-Term Debt $1.023M $1.299M $1.299M
YoY Change 6.67% 36.66% 36.66%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.525M $4.137M $4.137M
YoY Change -45.12% -51.94% -51.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.525M $4.137M $4.137M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.525M $4.137M $4.137M
YoY Change -53.42% -59.9% -65.08%
SHAREHOLDERS EQUITY
Retained Earnings -$118.8M -$116.8M
YoY Change 10.82% 12.96%
Common Stock $44.40K $43.26K
YoY Change 3.37% 2.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.522M -$2.104M -$2.104M
YoY Change
Total Liabilities & Shareholders Equity $1.003M $2.033M $2.033M
YoY Change -93.7% -89.35% -89.35%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.033M -$2.450M -$13.42M
YoY Change -47.15% -61.55% -28.02%
Depreciation, Depletion And Amortization $4.500K $4.500K
YoY Change -91.49% -97.05%
Cash From Operating Activities -$783.6K -$5.672M -$10.30M
YoY Change -69.86% 153.45% -21.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $235.4K $4.216M
YoY Change 3014.84%
Cash From Investing Activities $235.4K $4.216M
YoY Change -196.33% -2394.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $475.0K -110.0K -550.0K
YoY Change -103.79% -118.9%
NET CHANGE
Cash From Operating Activities -$783.6K -5.672M -10.30M
Cash From Investing Activities 235.4K 4.216M
Cash From Financing Activities $475.0K -110.0K -550.0K
Net Change In Cash -$800.0K -5.546M -6.638M
YoY Change -71.75% -1416.6% -36.9%
FREE CASH FLOW
Cash From Operating Activities -$783.6K -$5.672M -$10.30M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Profit Loss
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CY2022 us-gaap Profit Loss
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Income Taxes Paid Net
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CY2022 QLGN Fair Value Of Warrant Liabilities On Date Of Exercise
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CY2022 QLGN Fair Value Of Warrant Modifications Pursuant To Securities Purchase Agreeement
FairValueOfWarrantModificationsPursuantToSecuritiesPurchaseAgreeement
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CY2022 QLGN Fair Value Of Warrant Modifications For Business Acquisition
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33543 usd
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
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These warrants were subsequently exercised on September 13, 2022.
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_z4xRxysj5w3b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zxiaUaiQGjf3">Accounting Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management uses estimates and assumptions in preparing its consolidated financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The most significant estimates relate to the estimated fair value of in-process research and development, goodwill, warrant liabilities, and stock-based compensation. Actual results could vary from the estimates that were used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q3 QLGN Purchase Price
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CY2022Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
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CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
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