2024 Q1 Form 10-K Financial Statement

#000121390024028799 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $27.33K $74.89K $358.1K
YoY Change -77.33% 5750.78% 163.96%
Cost Of Revenue $15.92K $64.52K $195.6K
YoY Change -71.69% 235.34% 221.07%
Gross Profit $11.41K $10.37K $162.4K
YoY Change -82.25% -157.74% 117.38%
Gross Profit Margin 41.75% 13.85% 45.36%
Selling, General & Admin $5.035M $6.288M $20.94M
YoY Change 88.58% -62.55% 139.93%
% of Gross Profit 44124.19% 60631.92% 12890.82%
Research & Development $1.409M $1.630M $6.448M
YoY Change -8.16% 14.77% 41.34%
% of Gross Profit 12351.53% 15718.42% 3970.01%
Depreciation & Amortization $895.6K $1.778M $1.958M
YoY Change -42.0% 16.2% -40.69%
% of Gross Profit 7849.52% 17143.39% 1205.45%
Operating Expenses $6.444M $7.918M $27.38M
YoY Change -17.93% -56.52% -25.29%
Operating Profit -$6.432M -$7.907M -$27.22M
YoY Change -17.4% -56.62% -25.58%
Interest Expense -$473.9K -$183.9K -$1.648M
YoY Change -5.77% -45.64% 46.5%
% of Operating Profit
Other Income/Expense, Net $0.00 -$215.1K -$861.1K
YoY Change -100.0% -2.15% -57.25%
Pretax Income -$6.906M -$8.306M -$29.73M
YoY Change -18.81% -55.79% -22.96%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.906M -$8.306M -$29.73M
YoY Change -18.81% -55.79% -22.96%
Net Earnings / Revenue -25270.33% -11091.16% -8303.5%
Basic Earnings Per Share -$0.08 -$0.38
Diluted Earnings Per Share -$0.08 -$0.10 -$0.38
COMMON SHARES
Basic Shares Outstanding 91.36M shares 75.10M shares 77.45M shares
Diluted Shares Outstanding 81.93M shares 95.90M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.101M $2.059M $2.059M
YoY Change -9.82% -61.21% -61.21%
Cash & Equivalents $6.101M $2.059M $2.059M
Short-Term Investments
Other Short-Term Assets $498.5K $427.6K $427.6K
YoY Change 1076.04% 915.51% -74.16%
Inventory $155.3K $72.65K $72.65K
Prepaid Expenses $138.5K
Receivables $603.7K $622.2K $622.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.358M $3.182M $3.182M
YoY Change 3.72% -43.06% -54.39%
LONG-TERM ASSETS
Property, Plant & Equipment $5.116M $3.670M $3.670M
YoY Change 290.84% 276.3% 276.3%
Goodwill $55.60M $60.36M
YoY Change -5.96% 2.09%
Intangibles $11.39M
YoY Change -48.76%
Long-Term Investments
YoY Change
Other Assets $129.1K $129.1K $129.1K
YoY Change -99.84% -99.84%
Total Long-Term Assets $75.71M $75.55M $75.55M
YoY Change -8.16% -9.75% -8.23%
TOTAL ASSETS
Total Short-Term Assets $7.358M $3.182M $3.182M
Total Long-Term Assets $75.71M $75.55M $75.55M
Total Assets $83.06M $78.73M $78.73M
YoY Change -7.22% -11.84% -11.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.681M $1.462M $1.462M
YoY Change 82.32% 67.63% 67.63%
Accrued Expenses $549.5K $195.9K $195.9K
YoY Change -68.03% -94.5% -96.02%
Deferred Revenue $8.000K
YoY Change
Short-Term Debt $535.7K $2.496M $2.496M
YoY Change -93.54% 366.04% 366.04%
Long-Term Debt Due $2.496M $1.925M
YoY Change 366.04%
Total Short-Term Liabilities $3.026M $4.620M $4.620M
YoY Change -75.93% -29.42% -29.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $775.1K $840.1K $840.1K
YoY Change 9889.69% 272.91% 272.91%
Total Long-Term Liabilities $775.1K $840.1K $840.1K
YoY Change 6428.26% -89.31% -89.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.026M $4.620M $4.620M
Total Long-Term Liabilities $775.1K $840.1K $840.1K
Total Liabilities $3.801M $5.460M $5.460M
YoY Change -69.8% -62.09% -62.09%
SHAREHOLDERS EQUITY
Retained Earnings -$138.4M -$149.7M
YoY Change 7.71% 24.78%
Common Stock $9.000K $7.745K
YoY Change 48.78% 38.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.26M $73.27M $73.27M
YoY Change
Total Liabilities & Shareholders Equity $83.06M $78.73M $78.73M
YoY Change -7.22% -11.84% -11.84%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$6.906M -$8.306M -$29.73M
YoY Change -18.81% -55.79% -22.96%
Depreciation, Depletion And Amortization $895.6K $1.778M $1.958M
YoY Change -42.0% 16.2% -40.69%
Cash From Operating Activities -$4.442M -$5.301M -$19.94M
YoY Change -5.82% -11.54% 13.57%
INVESTING ACTIVITIES
Capital Expenditures $1.579M -$42.01K $2.118M
YoY Change 316.79% -99.93% 143.53%
Acquisitions
YoY Change
Other Investing Activities $70.00K -$500.0K
YoY Change -99.73% -63.17%
Cash From Investing Activities -$1.579M $112.0K -$2.618M
YoY Change 316.79% -99.87% 17.54%
FINANCING ACTIVITIES
Cash Dividend Paid $215.0K
YoY Change -2.27%
Common Stock Issuance & Retirement, Net $25.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.06M -130.7K 19.31M
YoY Change 53.58% -99.84% 131.13%
NET CHANGE
Cash From Operating Activities -4.442M -5.301M -19.94M
Cash From Investing Activities -1.579M 112.0K -2.618M
Cash From Financing Activities 10.06M -130.7K 19.31M
Net Change In Cash 4.041M -5.319M -3.249M
YoY Change 177.5% 4.85% -71.57%
FREE CASH FLOW
Cash From Operating Activities -$4.442M -$5.301M -$19.94M
Capital Expenditures $1.579M -$42.01K $2.118M
Free Cash Flow -$6.021M -$5.259M -$22.06M
YoY Change 18.16% -110.01% 19.71%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note 1 – <span style="text-decoration:underline">Nature of the Organization and Business</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Corporate History</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantum Computing Inc. (“QCi” or the “Company”) was formed in the State of Nevada on July 25, 2001, under its prior name, Ticketcart, Inc. The Company redomiciled to Delaware on February 22, 2018 and changed its name to Quantum Computing Inc. Effective July 20, 2018, the trading symbol for the Company’s common stock, par value $0.0001, on the OTC Market changed from “IBGH” to “QUBT”. On July 15, 2021 the Company uplisted to The Nasdaq Stock Market. On June 16, 2022, the Company merged with QPhoton, Inc. (“QPhoton”), a developer of quantum photonic systems and related technologies and applications.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Nature of Business</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QCi is an American company utilizing integrated photonics and non-linear quantum optics to deliver quantum systems for high-performance computing applications. Quantum’s products are designed to operate at room temperature and low power. Our core technology enables the execution of a go-to-market strategy which emphasizes accessibility and affordability. Our quantum systems enable subject matter experts (SMEs) and end users to deliver critical business solutions today.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company initially focused on providing software tools and applications for several commercially available quantum computers. However, following the June 2022 merger with QPhoton and its associated intellectual property and engineering team, the Company now offers integrated high-performance quantum systems and services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The core of our quantum information services today is our Entropy Quantum Computing (“EQC”) technology. We have built room-temperature, photonic quantum information processing systems underpinned by a series of patented and patent pending technologies. Our technology, supported by professional services through our “Quantum Solutions” offering, helps our clients benefit from the technology today. In addition, our leading-edge photonic technology and engineering teams will enable QCi to continue to enhance quantum LIDAR and sensing systems, imaging systems, quantum-secured network solutions, and photonic quantum chips.</span></p>
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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 membership units 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.
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0001213900-24-028799-index.html Edgar Link pending
0001213900-24-028799.txt Edgar Link pending
0001213900-24-028799-xbrl.zip Edgar Link pending
ea0202448-10k_quantum.htm Edgar Link pending
ea020244801ex10-26_quantum.htm Edgar Link pending
ea020244801ex10-27_quantum.htm Edgar Link pending
ea020244801ex10-28_quantum.htm Edgar Link pending
ea020244801ex10-31_quantum.htm Edgar Link pending
ea020244801ex10-32_quantum.htm Edgar Link pending
ea020244801ex21-1_quantum.htm Edgar Link pending
ea020244801ex23-1_quantum.htm Edgar Link pending
ea020244801ex31-1_quantum.htm Edgar Link pending
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qubt-20231231.xsd Edgar Link pending
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ea0202448-10k_quantum_htm.xml Edgar Link completed
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