2022 Q4 Form 10-Q Financial Statement

#000121390022072147 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $54.19K $275.0K
YoY Change -97.36%
Cost Of Revenue $33.00K
YoY Change
Gross Profit $127.6K -$5.825K
YoY Change -2290.68% -100.17%
Gross Profit Margin 46.4%
Selling, General & Admin $219.7K $476.8K $363.4K
YoY Change -40.01% 31.21% 20.39%
% of Gross Profit 373.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $198.5K $198.3K $138.6K
YoY Change 36.81% 43.01% 0.27%
% of Gross Profit 155.37%
Operating Expenses $417.7K $476.8K $363.4K
YoY Change 14.06% 31.21% 20.39%
Operating Profit -$349.2K -$369.2K
YoY Change -5.42% -111.9%
Interest Expense -$59.02K $452.9K -$485.1K
YoY Change -126.43% -193.35% 734.97%
% of Operating Profit
Other Income/Expense, Net $0.00 $452.9K $1.726M
YoY Change -100.0% -73.76% 172497.0%
Pretax Income -$488.7K $103.7K $871.6K
YoY Change -159.38% -88.11% 1656.59%
Income Tax -$14.14K
% Of Pretax Income
Net Earnings -$474.6K $103.7K $871.6K
YoY Change -157.67% -88.11% 1656.59%
Net Earnings / Revenue -875.81% 37.7%
Basic Earnings Per Share $0.02 $0.16
Diluted Earnings Per Share -$0.09 $0.02 $1.323K
COMMON SHARES
Basic Shares Outstanding 5.333M shares 5.332M shares 5.333M shares
Diluted Shares Outstanding 5.333M shares 6.587M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.60K $75.97K $213.9K
YoY Change -65.79% -64.48% 132.78%
Cash & Equivalents $90.60K $75.97K $213.9K
Short-Term Investments
Other Short-Term Assets $5.321K $13.09K $15.53K
YoY Change -56.76% -15.7% 60.93%
Inventory
Prepaid Expenses $5.321K
Receivables $215.6K $670.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $95.92K $304.6K $230.1K
YoY Change -65.39% 32.4% -88.21%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $1.131M $1.330M
YoY Change 109.67%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.131M $1.330M $1.786M
YoY Change 109.67% -25.56% -23.65%
TOTAL ASSETS
Total Short-Term Assets $95.92K $304.6K $230.1K
Total Long-Term Assets $1.131M $1.330M $1.786M
Total Assets $1.227M $1.634M $2.016M
YoY Change 50.26% -18.94% -53.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $148.5K $193.1K $112.3K
YoY Change 14.76% 71.99% -95.86%
Accrued Expenses $904.6K $787.7K $413.8K
YoY Change 83.87% 90.35% -57.03%
Deferred Revenue
YoY Change
Short-Term Debt $5.591M $5.422M $3.288M
YoY Change -9.02% 64.89% 2136.73%
Long-Term Debt Due $2.797M $2.804M $2.805M
YoY Change -0.3% -0.05% -39.97%
Total Short-Term Liabilities $9.586M $9.410M $10.48M
YoY Change 14.08% -10.22% 10.65%
LONG-TERM LIABILITIES
Long-Term Debt $150.0K $147.6K $150.0K
YoY Change 0.0% -1.6% -13.28%
Other Long-Term Liabilities $53.67K $190.0K $190.0K
YoY Change -71.75% 0.0% -83.9%
Total Long-Term Liabilities $203.7K $337.6K $340.0K
YoY Change -40.1% -0.71% -74.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.586M $9.410M $10.48M
Total Long-Term Liabilities $203.7K $337.6K $340.0K
Total Liabilities $9.790M $9.748M $10.82M
YoY Change 11.97% -9.92% -0.04%
SHAREHOLDERS EQUITY
Retained Earnings -$26.19M -$25.71M
YoY Change 2.96%
Common Stock $160.00 $160.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.563M -$8.114M -$8.805M
YoY Change
Total Liabilities & Shareholders Equity $1.227M $1.634M $2.016M
YoY Change 50.26% -18.94% -53.02%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$474.6K $103.7K $871.6K
YoY Change -157.67% -88.11% 1656.59%
Depreciation, Depletion And Amortization $198.5K $198.3K $138.6K
YoY Change 36.81% 43.01% 0.27%
Cash From Operating Activities -$150.2K -$260.2K -$146.9K
YoY Change -122.75% 77.18% -80.94%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$442.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$442.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.8K 550.0K 200.0K
YoY Change -377.51% 175.0%
NET CHANGE
Cash From Operating Activities -150.2K -260.2K -146.9K
Cash From Investing Activities 0.000 -442.0K 0.000
Cash From Financing Activities 164.8K 550.0K 200.0K
Net Change In Cash 14.63K -152.2K 53.15K
YoY Change -71.29% -386.34% -106.9%
FREE CASH FLOW
Cash From Operating Activities -$150.2K -$260.2K -$146.9K
Capital Expenditures $0.00 -$442.0K $0.00
Free Cash Flow -$150.2K $181.8K -$146.9K
YoY Change -112.41% -223.81% -80.94%

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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
215571 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1032219 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
787 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
9597 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
63709 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-1053766 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
295705 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
142128 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-763971 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-710031 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1502000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
600000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1502000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-600000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-3850 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-1750000 usd
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-9000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
2103000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3150000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
22051 usd
qprc Payments To Acquire Purchase Price Of Patents
PaymentsToAcquirePurchasePriceOfPatents
114951 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2077099 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1276049 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-188872 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-33982 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
264840 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
247862 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
75968 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
213880 usd
qprc Shares Issued For Conversion Of Debt
SharesIssuedForConversionOfDebt
555556 usd
qprc Interest Added To Principal
InterestAddedToPrincipal
4208 usd
qprc Interest Added To Principal
InterestAddedToPrincipal
4208 usd
qprc Options Granted For Settlement Of Debt
OptionsGrantedForSettlementOfDebt
598188 usd
us-gaap Interest Paid Net
InterestPaidNet
12884 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
13000 usd
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
2000 usd
us-gaap Revenue Recognition Allowances
RevenueRecognitionAllowances
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Revenue Recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Patent Licensing Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. Revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Under Topic 606, revenue is recognized when there is a contract which has commercial substance which is approved by both parties and identifies the rights of the parties and the payment terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the periods presented, revenue contracts executed by the Company primarily provided for the payment of contractually determined, one-time, paid-up license fees in consideration for the grant of certain intellectual property rights for patented technologies owned or controlled by the Company’s operating subsidiaries as part of the settlement of litigation commenced by the Company’s subsidiaries. Intellectual property rights granted included the following, as applicable: (i) the grant of a non-exclusive, retroactive and future license to manufacture and/or sell products covered by patented technologies, (ii) a covenant-not-to-sue, (iii) the release of the licensee from certain claims, and (iv) the dismissal of any pending litigation. The intellectual property rights granted were perpetual in nature, extending until the legal expiration date of the related patents. The individual intellectual property rights are not accounted for as separate performance obligations, as (a) the nature of the promise, within the context of the contract, is to transfer combined items to which the promised intellectual property rights are inputs and (b) the Company’s promise to transfer each individual intellectual property right described above to the customer is not separately identifiable from other promises to transfer intellectual property rights in the contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the promised intellectual property rights are not individually distinct, the Company combined each individual IP right in the contract into a bundle of IP rights that is distinct, and accounted for all of the intellectual property rights promised in the contract as a single performance obligation. The intellectual property rights granted were “functional IP rights” that have significant standalone functionality. The Company’s subsequent activities do not substantively change that functionality and do not significantly affect the utility of the IP to which the licensee has rights. The Company’s subsidiaries have no further obligation with respect to the grant of intellectual property rights, including no express or implied obligation to maintain or upgrade the technology, or provide future support or services. The contracts provide for the grant (i.e. transfer of control) of the licenses, covenants-not-to-sue, releases, and other significant deliverables upon execution of the contract. Licensees legally obtain control of the intellectual property rights upon execution of the contract. As such, the earnings process is complete and revenue is recognized upon the execution of the contract, when collectability is probable and all other revenue recognition criteria have been met. Revenue contracts generally provide for payment of contractual amounts within 30 to 90 days of execution of the contract. Contractual payments made by licensees are generally non-refundable. The Company does not have any significant payment terms, as payment is received shortly after goods are delivered or services are provided, therefore there is no significant financing component or consideration payable to the customer in these transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
qprc Warrants Granted
WarrantsGranted
962463 shares
qprc Purchase Agreement Stock Options
PurchaseAgreementStockOptions
500000 shares
qprc Stock Options Granted To Officers And Consultants
StockOptionsGrantedToOfficersAndConsultants
600000 usd
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1150000 usd
CY2021Q3 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
1726000 usd
CY2021Q4 us-gaap Due To Other Related Parties Current And Noncurrent
DueToOtherRelatedPartiesCurrentAndNoncurrent
138000 usd
CY2022Q3 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
103665 usd
CY2021Q3 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
871619 usd
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-278918 usd
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-4977807 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5333347 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5333347 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5333347 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5046016 shares
CY2021Q3 us-gaap Dilutive Securities
DilutiveSecurities
1253820 usd
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5333347 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6587167 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5333347 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5046016 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
CY2021Q3 qprc Outstanding Option
OutstandingOption
1500000 shares
CY2022Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
25715000 usd
qprc Negative Working Capital
NegativeWorkingCapital
9105000 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.10 pure
us-gaap Repayments Of Debt
RepaymentsOfDebt
719000 usd
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
962463 shares
CY2021 qprc Carrying Amount As Of The Restructure Date
CarryingAmountAsOfTheRestructureDate
4672810 usd
CY2021 qprc Net Carrying Amount
NetCarryingAmount
4672810 usd
CY2021 qprc Cash Payment
CashPayment
-1750000 usd
qprc Warrants Description
WarrantsDescription
Exercisability of the warrant is limited if, upon exercise, the holder or any of holder’s affiliates would beneficially own more than 4.99% (the “Maximum Percentage”) of the Company’s common stock, except that by written notice to the Company, the holder may change the Maximum Percentage to any other percentage not in excess of 9.99% provided any such change will not be effective until the 61st day following notice to the Company. The warrant also contains certain minimum ownership percentage antidilution rights pursuant to which the aggregate number of shares of common stock purchasable upon the initial exercise of the warrant shall not be less than 10% of the aggregate number of outstanding shares of capital stock of the Company (determined on a fully diluted basis).
CY2021Q1 qprc Agreement Description
AgreementDescription
On February 26, 2021, the Company entered into an agreement with Peter K. Trzyna (“PKT”) pursuant to which PKT assigned to the Company all right, title, and interest in a portfolio of eight United States patents (the “Peregrin Portfolio”). Under the agreement, the Company paid PKT $350,000 at closing and agreed that upon the realization of gross proceeds, if any, the Company shall make a second installment payment or payments in the aggregate amount of $93,900 representing reimbursement to PKT, as the prosecuting attorney, for legal fees associated with prosecution of the portfolio, such reimbursement shall be due and payable to PKT from time to time as gross proceeds are realized, and paid to PKT along with and in proportion to reimbursement to other third parties of costs incurred in realizing gross proceeds from the Peregrin Portfolio. Thereafter, PKT is entitled to a percentage of gross proceeds realized, if any, from the Peregrin Portfolio. The Company requested and received a capital advance from QFL in the amount of $350,000 pursuant to the Purchase Agreement, which was used to make payment to PKT. 
CY2021Q2 qprc Taasera Licensing Llc Description
TaaseraLicensingLLCDescription
On May 20, 2021, TLL, entered into an agreement with Taasera, Inc. to acquire all right, title, and interest in a portfolio of seven United States patents (the “Taasera Portfolio”) for $250,000. The Company requested and received a capital advance from QFL in the amount of $250,000 pursuant to the Purchase Agreement, which was used to make payment to Taasera, Inc. 
qprc Purchase Agreement
PurchaseAgreement
92000 usd
CY2022Q3 qprc Purchase Price Percentage
PurchasePricePercentage
0.50 pure
CY2022Q3 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
350000 usd
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
35000 usd
us-gaap Notes Issued1
NotesIssued1
250000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
1750000 usd
qprc Loss On Debt Conversion
LossOnDebtConversion
305556 usd
qprc Asset Acquired Description
AssetAcquiredDescription
(v) Pursuant to the MPA-NA, until the TMPO has been paid in full, Intelligent Partners is entitled to receive 10% of the net proceeds realized from new assets acquired by the Company. If, in any calendar quarter, net proceeds realized exceed $1,000,000, Intelligent Partners’ entitlement for that quarter only shall increase to 30% on the portion of net proceeds in excess of $1,000,000 but less than $3,000,000. If in the same calendar quarter, net proceeds exceed $3,000,000, Intelligent Partners’ entitlement for that quarter only shall increase to 50% on the portion of net proceeds in excess of $3,000,000.
qprc Common Stock Description
CommonStockDescription
(vi) The Company granted Intelligent Partners, Fitton and Carper certain registration rights with respect to (i) the 500,000 shares currently owned by Fitton and Carper; (ii) the 462,963 Conversion Shares issued to Fitton and Carper, and (iii) the 500,000 shares of common stock issuable upon exercise of the option. See Note 5. 
qprc Excess Amount
ExcessAmount
Events of Default include (i) a Change of Control of the Company (ii) any uncured default on payment due to Intelligent Partners in an amount totaling in excess of $275,000, which is not the subject of a Dispute or other formal dispute resolution proceeding initiated in good faith pursuant to this Agreement or other Restructure Documents (iii) the filing of a voluntary petition for relief under the United States Bankruptcy Code by Company or any of its material subsidiaries, (iv) the filing of an involuntary petition for relief under the United States Bankruptcy Code against the Company, which is not stayed or dismissed within sixty (60) days of such filing, except for an involuntary petition for relief filed solely by Intelligent Partners, or any Affiliate or member of Intelligent Partners, or (v) acceleration of an obligation in excess of $1,000,000 to another provider of financing following a final determination by arbitration or other judicial proceeding that such obligation is due and owing. 
qprc Loss On Extinguishment Note
LossOnExtinguishmentNote
730378 usd
CY2021 qprc Conversion Of Transferred Note
ConversionOfTransferredNote
-250000 usd
CY2021 qprc Fair Value Of Option Grant
FairValueOfOptionGrant
-598188 usd
CY2021 qprc Undiscounted Future Cash Flows
UndiscountedFutureCashFlows
-2805000 usd
CY2021 qprc Loss On Extinguishment
LossOnExtinguishment
-730378 usd
CY2020Q2 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2020-05-14
CY2020Q1 qprc Deducted Loan Amount
DeductedLoanAmount
100 usd
CY2020Q1 qprc Loan Origination Cost
loanOriginationCost
1000 usd
qprc Acquisition Funding
AcquisitionFunding
95000 usd
qprc Funder Received
FunderReceived
190000 usd
CY2021Q1 us-gaap Shares Issued
SharesIssued
962463 shares
CY2021Q1 qprc Warrant Yield Percentage
WarrantYieldPercentage
0.10 pure
CY2021Q1 qprc Aggregate Number Of Outstanding Shares
AggregateNumberOfOutstandingShares
0.10 pure
CY2022Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
204000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1636000 usd
qprc Fair Value Assumption Expected Volatility Rate
FairValueAssumptionExpectedVolatilityRate
3.75 pure
qprc Fair Value Assumption Expected Volatility Rate
FairValueAssumptionExpectedVolatilityRate
3.73 pure
qprc Fair Value Exercise Price
FairValueExercisePrice
0.54
qprc Fair Value Exercise Price
FairValueExercisePrice
0.54
qprc Fair Value Assumption Risk Free Interest Rate
FairValueAssumptionRiskFreeInterestRate
0.0137 pure
qprc Fair Value Assumption Risk Free Interest Rate
FairValueAssumptionRiskFreeInterestRate
0.0137 pure
qprc Fair Value Assumption Expected Term
FairValueAssumptionExpectedTerm
P8Y4M24D
qprc Fair Value Assumption Expected Term
FairValueAssumptionExpectedTerm
P9Y4M24D
CY2007Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
1636187 usd
CY2008 qprc Gain On Subsequent Measurementin Dollars
GainOnSubsequentMeasurementinDollars
-1432145 usd
CY2008Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
204042 usd
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The amendment (i) decreased the number of authorized shares of common stock from 10,000,000,000 shares to 30,000,000 shares and (ii) effects a one-for-100 reverse split whereby each share of common stock became and was converted into one-hundredth of a share of such common stock, with fractional shares being rounded up to the next higher whole number of shares.
CY2021Q1 qprc Restructure Agreement Description
RestructureAgreementDescription
On February 22, 2021, pursuant to the Restructure Agreement, Intelligent Partners and its controlling members (Fitton and Carper) agreed to extinguish the notes and Transferred Note, and terminate or amend and restate the SPA and Transaction Documents and the Company: (i) issued to Fitton and Carper, as holders of the Transferred Note, pursuant to the Stock Purchase Agreement a total of 462,963 shares of common stock at a purchase price of $0.54 per share, which purchase price was paid by the conversion and in full satisfaction of the Company’s obligation under the Transferred Note and is included in the calculation of the repurchase price of the debt; and (ii) granted Intelligent Partners, pursuant to the Option Grant, an option to purchase a total of 500,000 shares of common stock, with an exercise price of $0.54 per share which vested immediately and may be exercised through September 30, 2025. The Company valued the purchase option at approximately $598,000 using the Black-Scholes pricing model.
CY2021Q1 qprc Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount Rates
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRates
0.0137 pure
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
2.52 pure
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q1 qprc Shares Currently Owned
SharesCurrentlyOwned
500000 shares
CY2021Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
462963 shares
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
500000 shares
CY2021Q1 us-gaap Restricted Cash Nature Of Restriction Description
RestrictedCashNatureOfRestrictionDescription
(i) Granted restricted stock grants for services rendered and vesting in full upon grant, to:  a.Jon C. Scahill – 490,000 shares   b.Timothy J. Scahill – 100,000 shares   c.Dr. William R. Carroll – 100,000 shares  (ii) Granted Jon Scahill a ten-year option (the “Option”) to purchase 600,000 shares of Common Stock which become exercisable cumulatively as follows:  a.200,000 shares at an exercise price of $1.00 per share becoming exercisable upon the commencement of trading of the Common Stock on the OTCQB.   b.200,000 shares at an exercise price of $3.00 per share, becoming exercisable on the first day on which the Company files with the SEC a Form 10-K or Form 10-Q which reports stockholders’ equity of at least $5,000,000, and   c.200,000 shares at an exercise price of $5.00 per share becoming exercisable on the date on which the Common Stock is listed for trading on the Nasdaq Stock Market or the New York Stock Exchange  (iii) Appointed Ryan T. Logue to the board of directors and granted Mr. Logue a restricted stock grant of 500,000 shares of common stock which vested upon his acceptance of his appointment as a director. The Company recognized compensation expense of $888,000 in conjunction with issuance of common stock to officers and directors. The Company determined the fair value of the options to be approximately $720,000 as of the grant date using the Black-Scholes pricing model. Variables used in the valuation include (1) discount rate of 1.37%; (2) term of 10 years; (3) computed volatility of 252% and (4) zero expected dividends. The Company did not recognize any option expense for the three and nine months ended September 30, 2022. The Company recognized option expense of approximately $0 and $240,000 for the three and
qprc Patent
Patent
2757000 usd
CY2021 qprc Patent
Patent
5617117 usd
qprc Patents Weighted Average Amortization Period
PatentsWeightedAverageAmortizationPeriod
P11Y7D
CY2021 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
-4362117 usd
CY2022Q3 qprc Finite Lived Intangible Assets Total
FiniteLivedIntangibleAssetsTotal
2757000 usd
CY2021Q4 qprc Finite Lived Intangible Assets Total
FiniteLivedIntangibleAssetsTotal
1255000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-1427345 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-715519 usd
CY2022Q3 qprc Finite Lived Intangible Asset Net
FiniteLivedIntangibleAssetNet
1329655 usd
CY2021Q4 qprc Finite Lived Intangible Asset Net
FiniteLivedIntangibleAssetNet
539481 usd
qprc Net Value Of Intangible Assets Weighted Average Amortization Period
NetValueOfIntangibleAssetsWeightedAverageAmortizationPeriod
P2Y8M1D
us-gaap Impaired Intangible Asset Description
ImpairedIntangibleAssetDescription
●patents acquired in October 2015 for a purchase price of $3,000,000, the useful lives of the patents, at the date of purchase, was 6-10 years; these patents were disposed of as of December 31, 2021. ●patents acquired in July 2017 pursuant to an obligation to pay 50% of net revenues to IV 34/37 (see Note 3); the useful lives of the patents, at the date of acquisition, was 5-6 years; these patents were disposed of as of December 31, 2021.   ●patents (which were fully amortized at the date of acquisition) acquired in January 2018 pursuant to an agreement with to Intellectual Ventures Assets 62 LLC and Intellectual Ventures Assets 71 LLC “(IV 62/71”), pursuant to which CXT has an obligation to distribute 50% of net revenues to IV 62/71;   ●patents (which were fully amortized at the date of acquisition) acquired in January 2018 by Photonic Imaging Solutions Inc. (“PIS”) from Intellectual Ventures Assets 64 LLC (“IV 64”) pursuant to which PIS is to pay IV 64 (a) 70% of the first $1,500,000 of net revenue, (b) 30% of the next $1,500,000 of net revenue and (c) 50% of net revenue in excess of $3,000,000;   ●patents acquired in March 2019 pursuant to an obligation to pay 50% of net revenues to IV 113/108 (see Note 3); the useful lives of the patents, at the date of acquisition, was approximately 9 years, these patents were disposed of as of December 31, 2021.   ●patents (which were fully amortized at the date of acquisition) acquired in May 2020 for a purchase price of $95,000 pursuant to an agreement with Texas Technology Ventures 2, LLP (“TTV”), pursuant to which of the Company retains the first $230,000 of net proceeds, as defined in the agreement, after which the company has an obligation to distribute 50% of net proceeds to TTV.   ●patents (which were fully amortized at the date of acquisition) acquired in February 2021 pursuant to an agreement with PKT for a purchase price of $350,000, pursuant to which $350,000 was paid at closing, and upon the realization of gross proceeds, as defined in the agreement, the Company shall make a subsequent or payments in the aggregate amount of $93,900, representing reimbursement to PKT, as the prosecuting attorney, for legal fees associated with prosecution of the portfolio, such reimbursement shall be due and payable to PKT from time to time as gross proceeds are realized, if any, and paid to PKT along with and in proportion to reimbursement to other third parties of costs incurred in realizing gross proceeds. Thereafter, PKT is entitled to a percentage of gross proceeds realized, if any.   ●patents acquired in January 2022 for a purchase price of $1,060,000, the useful lives of the patents, at the date of purchase, was approximately 1-2 years.   ●patents acquired in July 2022 via assignment from Edward D. Ioli Trust for a purchase price of $92,000, the useful lives of the patents, at the date of purchase, was approximately 2-4 years.   ●patents acquired July 2022 pursuant to an agreement with Hewlett Packard Enterprise Development LP and Hewlett Packard Enterprise Company for a purchase price of $350,000. The useful lives of the patents, at the date of purchase, was approximately 2-9 years.  
CY2022Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
198000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
712000 usd
CY2021Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
139000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
1015000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
198501 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
457894 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
218352 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
123730 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
83205 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
247973 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1329655 usd
CY2022Q3 qprc Cost Of Service
CostOfService
33000 usd
qprc Cost Of Service
CostOfService
61000 usd
CY2021Q3 qprc Cost Of Service
CostOfService
0 usd
qprc Cost Of Service
CostOfService
0 usd
CY2021Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
usd
CY2021Q4 us-gaap Notes Payable Current
NotesPayableCurrent
usd
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
us-gaap Revenues
Revenues
usd
CY2022Q3 us-gaap Other Income
OtherIncome
usd
CY2022Q3 qprc Warrant Expenses
WarrantExpenses
usd
CY2022Q3 qprc Loss On Conversion Of Debt
LossOnConversionOfDebt
usd
CY2021Q3 qprc Loss On Conversion Of Debt
LossOnConversionOfDebt
usd
qprc Loss On Conversion Of Debt
LossOnConversionOfDebt
usd
CY2022Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
usd
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
usd
qprc Loss On Conversions Of Debt
LossOnConversionsOfDebt
usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
usd
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
qprc Payments To Acquire Purchase Price Of Patents
PaymentsToAcquirePurchasePriceOfPatents
usd
qprc Shares Issued For Conversion Of Debt
SharesIssuedForConversionOfDebt
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
CY2022Q3 us-gaap Dilutive Securities
DilutiveSecurities
usd
us-gaap Dilutive Securities
DilutiveSecurities
usd
us-gaap Dilutive Securities
DilutiveSecurities
usd
CY2021 qprc Less Unamortized Debt Discount And Issuance Costs
LessUnamortizedDebtDiscountAndIssuanceCosts
usd
CY2021 qprc Reacquisition Price
ReacquisitionPrice
usd
qprc Fair Value Assumption Expected Dividend Rate
FairValueAssumptionExpectedDividendRate
pure
qprc Fair Value Assumption Expected Dividend Rate
FairValueAssumptionExpectedDividendRate
pure
us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000824416

Files In Submission

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qprc-20220930_lab.xml Edgar Link unprocessable
qprc-20220930_pre.xml Edgar Link unprocessable
0001213900-22-072147-index-headers.html Edgar Link pending
0001213900-22-072147-index.html Edgar Link pending
0001213900-22-072147.txt Edgar Link pending
0001213900-22-072147-xbrl.zip Edgar Link pending
f10q0922ex31-1_questpatent.htm Edgar Link pending
f10q0922ex32-1_questpatent.htm Edgar Link pending
f10q0922_questpatent.htm Edgar Link pending
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qprc-20220930.xsd Edgar Link pending
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qprc-20220930_cal.xml Edgar Link unprocessable
f10q0922_questpatent_htm.xml Edgar Link completed
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FilingSummary.xml Edgar Link unprocessable
qprc-20220930_def.xml Edgar Link unprocessable