2023 Q3 Form 10-Q Financial Statement

#000121390023067059 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $50.44K $112.2K
YoY Change 33.97% 71.32%
Cost Of Revenue $23.72K $51.16K
YoY Change -4.7% 877.58%
Gross Profit $26.71K $61.03K
YoY Change 109.44% 1.3%
Gross Profit Margin 52.97% 54.4%
Selling, General & Admin $2.365M -$325.4K
YoY Change -13.09% -115.64%
% of Gross Profit 8853.83% -533.1%
Research & Development $1.698M $1.585M
YoY Change 34.1% 86.34%
% of Gross Profit 6357.71% 2596.48%
Depreciation & Amortization $610.0K $60.32K
YoY Change -59.7% -76.27%
% of Gross Profit 2283.45% 98.83%
Operating Expenses $7.694M $3.920M
YoY Change 12.38% -19.48%
Operating Profit -$7.668M -$3.859M
YoY Change 12.2% -19.74%
Interest Expense -$390.0K -$568.2K
YoY Change -23.85% 677.44%
% of Operating Profit
Other Income/Expense, Net -$608.4K -$783.4K
YoY Change -17.26% 164.46%
Pretax Income -$8.280M -$4.642M
YoY Change 9.39% -9.05%
Income Tax
% Of Pretax Income
Net Earnings -$8.276M -$4.642M
YoY Change 9.34% -9.05%
Net Earnings / Revenue -16409.08% -4138.02%
Basic Earnings Per Share -$0.11 -$0.07
Diluted Earnings Per Share -$0.09 -$0.05
COMMON SHARES
Basic Shares Outstanding 74.30M shares 61.51M shares
Diluted Shares Outstanding 96.65M shares 88.94M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.380M $7.197M
YoY Change -28.91% 6.73%
Cash & Equivalents $7.379M $7.197M
Short-Term Investments
Other Short-Term Assets $17.34K $11.57K
YoY Change -98.98% -97.88%
Inventory
Prepaid Expenses $167.2K $202.2K
Receivables $2.435K $121.4K
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.110M $8.037M
YoY Change -33.38% 9.02%
LONG-TERM ASSETS
Property, Plant & Equipment $2.958M $1.451M
YoY Change 878.53% 804.9%
Goodwill $64.92M $65.11M
YoY Change 9.8% 10.12%
Intangibles $12.10M $12.81M
YoY Change -49.0% -49.21%
Long-Term Investments
YoY Change
Other Assets $78.26M $79.16M
YoY Change
Total Long-Term Assets $81.22M $80.61M
YoY Change -2.32% -4.61%
TOTAL ASSETS
Total Short-Term Assets $8.110M $8.037M
Total Long-Term Assets $81.22M $80.61M
Total Assets $89.33M $88.65M
YoY Change -6.29% -3.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.131M $935.4K
YoY Change 27.32% 23.62%
Accrued Expenses $1.030M $2.828M
YoY Change 52.97% 854.82%
Deferred Revenue
YoY Change
Short-Term Debt $4.510M $6.516M
YoY Change 741.92%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.089M $11.74M
YoY Change 123.07% 803.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.089M $11.74M
Total Long-Term Liabilities
Total Liabilities $8.089M $11.74M
YoY Change -27.42% 803.51%
SHAREHOLDERS EQUITY
Retained Earnings -$141.4M -$133.1M
YoY Change 39.73% 42.19%
Common Stock $7.510K $6.724K
YoY Change 121.53% 130.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $81.24M $76.91M
YoY Change
Total Liabilities & Shareholders Equity $89.33M $88.65M
YoY Change -6.29% -3.52%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$8.276M -$4.642M
YoY Change 9.34% -9.05%
Depreciation, Depletion And Amortization $610.0K $60.32K
YoY Change -59.7% -76.27%
Cash From Operating Activities -$4.850M -$5.072M
YoY Change 62.01% 15.87%
INVESTING ACTIVITIES
Capital Expenditures $1.580M $202.6K
YoY Change -1111.98% -100.34%
Acquisitions
YoY Change
Other Investing Activities -$60.00K -$508.6K
YoY Change -95.22% -97.91%
Cash From Investing Activities -$1.640M -$711.2K
YoY Change 16.29% -99.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.670M 6.216M
YoY Change -17.07% -92.53%
NET CHANGE
Cash From Operating Activities -4.850M -5.072M
Cash From Investing Activities -1.640M -711.2K
Cash From Financing Activities 6.670M 6.216M
Net Change In Cash 180.0K 431.9K
YoY Change -95.05% -109.05%
FREE CASH FLOW
Cash From Operating Activities -$4.850M -$5.072M
Capital Expenditures $1.580M $202.6K
Free Cash Flow -$6.430M -$5.275M
YoY Change 126.61% -109.61%

Facts In Submission

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Under the 2022 Shelf at the time of effectiveness, the Company had the ability to raise up to $100 million by selling common stock, preferred stock, debt securities, warrants and units. On December 5, 2022, the Company entered into an At-the-Market Issuance Sales Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (“Ascendiant”) relating to the sale of its common stock, and incorporated the ATM Agreement into the 2022 Shelf by amendment that was declared effective January 10, 2023.</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">Under the terms of the ATM Agreement, the Company may, but is not obligated to, offer and sell, from time to time, shares of common stock having an aggregate offering price of up to $25 million through Ascendiant. Sales of common stock, if any, will be made by any method permitted that is deemed an “at the market offering” as defined in Rule 415 under the Securities Act. The Company intends to use any net proceeds from the sale of securities for our operations and for other general corporate purposes, including, but not limited to, capital expenditures, general working capital, and possible future acquisitions. There were 8,910,729 shares of common stock sold under the ATM Agreement during the six months ended June 30, 2023 and no shares of common stock sold under the ATM Agreement during the six months ended June 30, 2022. As of June 30, 2023, the Company has utilized $14.7 million of the 2022 Shelf. The Company has approximately $85.3 million available under the 2022 Shelf and $10.3 million available under the ATM Agreement as of June 30, 2023.</p>
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CY2022Q2 us-gaap Warrant Exercise Price Increase
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0.0001
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
142843 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
344732 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
341081 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
349608 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
267092 usd
CY2023Q2 qubt Imputed Interest
ImputedInterest
307874 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1137480 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
217543 usd
CY2022 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
125238 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
qubt Consideration Agreement Description
ConsiderationAgreementDescription
As consideration for the license and other rights granted under the agreement, QPhoton agreed to pay the following: (i) $35,000 within 30 days of execution of the agreement, (ii) $28,000 within 30 days of each annual anniversary of the effective date, (iii) equity in the Company equivalent to nine percent of the outstanding equity of the Company within 30 days of the execution of the agreement, and (iv) royalties of 3.5% of the net sales price of each licensed product sold or licensed by the company during the quarter then-ended, for which it also received payment, concurrent with the delivery of the relevant quarterly report.
CY2023Q3 qubt Subcontract Received
SubcontractReceived
122200 usd
us-gaap Demutualization By Insurance Entity Securities Issued Gross Cash Proceeds
DemutualizationByInsuranceEntitySecuritiesIssuedGrossCashProceeds
7803061 usd
us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.03 pure
CY2022Q4 us-gaap Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
usd
CY2023Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
usd
CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
usd
CY2023Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
usd
us-gaap Interest Expense Debt
InterestExpenseDebt
usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
usd
CY2022Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
CY2022Q2 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
CY2022Q2 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
usd
CY2023Q1 qubt Merger Consideration
MergerConsideration
usd
CY2023Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
usd
CY2023Q2 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
usd
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
usd
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2021Q4 us-gaap Goodwill Gross
GoodwillGross
usd
CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
usd
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2022Q2 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
53568.44 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
qubt Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercised Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm1
qubt Sharebased Compensation Arrangement By Sharebased Payment Award Options Forfeited Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsForfeitedWeightedAverageRemainingContractualTerm1
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001758009

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0001213900-23-067059-index.html Edgar Link pending
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f10q0623ex32-1_quantum.htm Edgar Link pending
f10q0623ex32-2_quantum.htm Edgar Link pending
f10q0623_quantumcomp.htm Edgar Link pending
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qubt-20230630.xsd Edgar Link pending
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