2024 Q4 Form 10-Q Financial Statement
#000121390024084727 Filed on October 02, 2024
Income Statement
Concept | 2024 Q4 | 2024 Q2 | 2023 Q4 |
---|---|---|---|
Revenue | $183.0K | $74.89K | |
YoY Change | 63.12% | 5750.78% | |
Cost Of Revenue | $125.0K | $64.52K | |
YoY Change | 144.35% | 235.34% | |
Gross Profit | $58.00K | $10.37K | |
YoY Change | -4.97% | -157.74% | |
Gross Profit Margin | 31.69% | 13.85% | |
Selling, General & Admin | $2.802M | $6.288M | |
YoY Change | -961.19% | -62.55% | |
% of Gross Profit | 4831.03% | 60631.92% | |
Research & Development | $2.094M | $1.630M | |
YoY Change | 32.14% | 14.77% | |
% of Gross Profit | 3610.34% | 15718.42% | |
Depreciation & Amortization | $71.00K | $1.778M | |
YoY Change | 17.71% | 16.2% | |
% of Gross Profit | 122.41% | 17143.39% | |
Operating Expenses | $5.325M | $7.918M | |
YoY Change | 35.84% | -56.52% | |
Operating Profit | -$5.267M | -$7.907M | |
YoY Change | 36.48% | -56.62% | |
Interest Expense | $73.00K | -$183.9K | |
YoY Change | -112.85% | -45.64% | |
% of Operating Profit | |||
Other Income/Expense, Net | -$215.1K | ||
YoY Change | -2.15% | ||
Pretax Income | -$5.194M | -$8.306M | |
YoY Change | 11.88% | -55.79% | |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$5.194M | -$8.306M | |
YoY Change | 11.88% | -55.79% | |
Net Earnings / Revenue | -2838.25% | -11091.16% | |
Basic Earnings Per Share | -$0.06 | ||
Diluted Earnings Per Share | -$0.06 | -$0.10 | |
COMMON SHARES | |||
Basic Shares Outstanding | 91.35M shares | 93.55M shares | 75.10M shares |
Diluted Shares Outstanding | 93.55M shares |
Balance Sheet
Concept | 2024 Q4 | 2024 Q2 | 2023 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $2.526M | $2.059M | |
YoY Change | -64.9% | -61.21% | |
Cash & Equivalents | $2.500M | $2.059M | |
Short-Term Investments | |||
Other Short-Term Assets | $272.0K | $427.6K | |
YoY Change | 2251.52% | 915.51% | |
Inventory | $266.0K | $72.65K | |
Prepaid Expenses | $138.5K | ||
Receivables | $56.00K | $622.2K | |
Other Receivables | $0.00 | $0.00 | |
Total Short-Term Assets | $3.415M | $3.182M | |
YoY Change | -57.51% | -43.06% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $5.387M | $3.670M | |
YoY Change | 271.17% | 276.3% | |
Goodwill | $55.60M | $60.36M | |
YoY Change | -14.6% | 2.09% | |
Intangibles | $11.39M | ||
YoY Change | -48.76% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $133.0K | $129.1K | |
YoY Change | -99.83% | -99.84% | |
Total Long-Term Assets | $72.54M | $75.55M | |
YoY Change | -10.01% | -9.75% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $3.415M | $3.182M | |
Total Long-Term Assets | $72.54M | $75.55M | |
Total Assets | $75.96M | $78.73M | |
YoY Change | -14.32% | -11.84% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.672M | $1.462M | |
YoY Change | 78.76% | 67.63% | |
Accrued Expenses | $327.0K | $195.9K | |
YoY Change | -88.44% | -94.5% | |
Deferred Revenue | $104.0K | ||
YoY Change | |||
Short-Term Debt | $0.00 | $2.496M | |
YoY Change | -100.0% | 366.04% | |
Long-Term Debt Due | $2.496M | ||
YoY Change | 366.04% | ||
Total Short-Term Liabilities | $2.893M | $4.620M | |
YoY Change | -75.35% | -29.42% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Other Long-Term Liabilities | $708.0K | $840.1K | |
YoY Change | 272.91% | ||
Total Long-Term Liabilities | $708.0K | $840.1K | |
YoY Change | -89.31% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.893M | $4.620M | |
Total Long-Term Liabilities | $708.0K | $840.1K | |
Total Liabilities | $3.601M | $5.460M | |
YoY Change | -69.31% | -62.09% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$143.6M | -$149.7M | |
YoY Change | 7.86% | 24.78% | |
Common Stock | $9.000K | $7.745K | |
YoY Change | 33.85% | 38.4% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $65.53M | $73.27M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $75.96M | $78.73M | |
YoY Change | -14.32% | -11.84% |
Cashflow Statement
Concept | 2024 Q4 | 2024 Q2 | 2023 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$5.194M | -$8.306M | |
YoY Change | 11.88% | -55.79% | |
Depreciation, Depletion And Amortization | $71.00K | $1.778M | |
YoY Change | 17.71% | 16.2% | |
Cash From Operating Activities | -$4.014M | -$5.301M | |
YoY Change | -20.87% | -11.54% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $1.077M | -$42.01K | |
YoY Change | 431.64% | -99.93% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $70.00K | ||
YoY Change | -99.73% | ||
Cash From Investing Activities | -$1.077M | $112.0K | |
YoY Change | 51.43% | -99.87% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 1.516M | -130.7K | |
YoY Change | -75.61% | -99.84% | |
NET CHANGE | |||
Cash From Operating Activities | -4.014M | -5.301M | |
Cash From Investing Activities | -1.077M | 112.0K | |
Cash From Financing Activities | 1.516M | -130.7K | |
Net Change In Cash | -3.575M | -5.319M | |
YoY Change | -927.72% | 4.85% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$4.014M | -$5.301M | |
Capital Expenditures | $1.077M | -$42.01K | |
Free Cash Flow | -$5.091M | -$5.259M | |
YoY Change | -3.49% | -110.01% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
87185000 | shares | |
CY2024Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
93550000 | shares |
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2024-06-30 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | ||
dei |
Document Transition Report
DocumentTransitionReport
|
false | ||
dei |
Entity File Number
EntityFileNumber
|
001-40615 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
QUANTUM COMPUTING INC. | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
82-4533053 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
5 Marine View Plaza | ||
dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
Suite 214 | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Hoboken | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
NJ | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
07030 | ||
dei |
City Area Code
CityAreaCode
|
(703) | ||
dei |
Local Phone Number
LocalPhoneNumber
|
436-2121 | ||
dei |
Security12b Title
Security12bTitle
|
Common Stock, par value $.0001 | ||
dei |
Trading Symbol
TradingSymbol
|
QUBT | ||
dei |
Security Exchange Name
SecurityExchangeName
|
NASDAQ | ||
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Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
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Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | ||
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Entity Filer Category
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|
Non-accelerated Filer | ||
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Entity Small Business
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true | ||
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2059000 | usd |
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|
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Inventory Net
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266000 | usd |
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Goodwill
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Goodwill
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Temporary Equity Carrying Amount Attributable To Parent
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|
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Research And Development Expense
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us-gaap |
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InvestmentIncomeInterest
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|
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NetIncomeLoss
|
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|
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|
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|
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|
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|
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Weighted Average Number Of Shares Outstanding Basic
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|
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us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
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us-gaap |
Weighted Average Number Of Shares Outstanding Basic
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|
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Stockholders Equity
StockholdersEquity
|
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Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
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Stock Issued During Period Value New Issues
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Stockholders Equity
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CY2023Q2 | us-gaap |
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DividendsPreferredStockCash
|
215000 | usd |
CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
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Stock Issued During Period Shares Share Based Compensation For Services
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|
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Net Income Loss
NetIncomeLoss
|
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Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
StockholdersEquity
|
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Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
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us-gaap |
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|
1000 | usd | |
us-gaap |
Dividends Preferred Stock Cash
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|
431000 | usd | |
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1920000 | usd | |
qubt |
Stock Issued During Period Shares Share Based Compensation For Services
StockIssuedDuringPeriodSharesShareBasedCompensationForServices
|
2429000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-13554000 | usd | |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
69716000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-11630000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-13554000 | usd | |
us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
1691000 | usd | |
us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
1657000 | usd | |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
138000 | usd | |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
488000 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-370000 | usd | |
us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-16000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1917000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2118000 | usd | |
qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
19000 | usd | |
qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
281000 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-9000 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
109000 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
193000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
124000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
79000 | usd | |
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-124000 | usd | |
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-90000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
210000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
63000 | usd | |
us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
104000 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-11000 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
834000 | usd | |
us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-132000 | usd | |
us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-340000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-7862000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-8921000 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2656000 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
581000 | usd | |
us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
500000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2656000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1081000 | usd | |
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
2063000 | usd | |
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
1901000 | usd | |
us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
215000 | usd | |
us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
435000 | usd | |
us-gaap |
Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
|
1366000 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
14629000 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
14227000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
10985000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
11891000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
467000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
1889000 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2059000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5308000 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2526000 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
7197000 | usd |
us-gaap |
Interest Paid Net
InterestPaidNet
|
31000 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
599000 | usd | |
qubt |
Reclassification Of Series A Preferred Stock To Mezzanine Equity
ReclassificationOfSeriesAPreferredStockToMezzanineEquity
|
8195000 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. Nature of the Organization and Business </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Corporate History</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 LLC. 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: 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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nature of Business</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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 and ancillary products for high-performance computing applications based on patented and proprietary photonics technology. QCi’s products are designed to operate at room temperature and at very low power levels beyond the capabilities of other systems in the market. Our core photonics technology enables the execution of a go-to-market strategy which emphasizes accessibility and affordability. Our quantum machines enable subject matter experts (SMEs) and end users to deliver critical business solutions today in working with highly complex optimization problems.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, ancillary products and services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The core of our quantum offerings 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, enables our clients to solve complex optimization problems. In addition, our engineering teams are using our leading-edge photonics technology to continue to enhance and further develop quantum LIDAR sensing and imaging systems, quantum-secured network solutions, and photonic chips.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets, and the satisfaction of liabilities in the normal course of business. Cash and cash equivalents on hand were $2.5 million as of June 30, 2024. The Company has historically incurred losses and negative cash flows from operations. As of June 30, 2024, the Company also had an accumulated deficit of $143.6 million and working capital of $522 thousand. Furthermore, we have not achieved a level of sales adequate to support the Company’s cost structure and may need to raise additional funds in the next twelve months by selling additional equity or incurring debt. It is management’s opinion that these conditions raise substantial doubt about our ability to continue as a going concern.</p> | ||
dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2001-07-25 | ||
CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2500000 | usd |
CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-143600000 | usd |
qubt |
Working Capital Deficit
WorkingCapitalDeficit
|
522000 | usd | |
us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassifications</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain reclassifications have been made to the fiscal year 2023 audited consolidated financial statements to conform to the presentation in the three and six months ended June 30, 2024. The reclassifications had no impact on consolidated net loss, total consolidated assets, total consolidated liabilities, or consolidated stockholders’ equity.</span></p> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include the valuation of goodwill and intangible assets, deferred tax assets, equity-based transactions and liquidity assessment. Actual results may differ from these estimates.</p> | ||
CY2024Q2 | us-gaap |
Deposits Money Market Deposits
DepositsMoneyMarketDeposits
|
1900000 | usd |
CY2023Q4 | us-gaap |
Deposits Money Market Deposits
DepositsMoneyMarketDeposits
|
2100000 | usd |
CY2024Q2 | us-gaap |
Other Assets
OtherAssets
|
1900000 | usd |
CY2023Q4 | us-gaap |
Other Assets
OtherAssets
|
793000 | usd |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5194000 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7417000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-11630000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-13554000 | usd | |
CY2023Q2 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
215000 | usd |
us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
431000 | usd | |
CY2024Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-5194000 | usd |
CY2023Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-7632000 | usd |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-11630000 | usd | |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-13985000 | usd | |
CY2024Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
93550000 | shares |
CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
62667000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
87185000 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
60832000 | shares | |
CY2024Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.06 | |
CY2023Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.12 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.13 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.23 | ||
CY2024Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
19858000 | shares |
CY2023Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18135000 | shares |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18771000 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
16902000 | shares | |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
14900000 | usd |
us-gaap |
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
|
0.26 | pure | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
11500000 | usd |
CY2024Q2 | us-gaap |
Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
|
2100000 | usd |
CY2024Q2 | us-gaap |
Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
|
900000 | usd |
us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
2300000 | usd | |
CY2024Q2 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
250000000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16991000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
6467000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
10524000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16991000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
4915000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
12076000 | usd |
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
800000 | usd | |
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
1600000 | usd | |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
1552000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
2472000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
2021000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
1903000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
1819000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
757000 | usd |
CY2024Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
10524000 | usd |
CY2024Q2 | us-gaap |
Goodwill
Goodwill
|
55600000 | usd |
CY2024Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
5798000 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
3142000 | usd |
CY2024Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
411000 | usd |
CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
272000 | usd |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
5387000 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2870000 | usd |
CY2024Q2 | us-gaap |
Depreciation
Depreciation
|
71000 | usd |
CY2023Q2 | us-gaap |
Depreciation
Depreciation
|
60000 | usd |
us-gaap |
Depreciation
Depreciation
|
139000 | usd | |
us-gaap |
Depreciation
Depreciation
|
203000 | usd | |
CY2024Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
usd | |
CY2024Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2023Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
188000 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
341000 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
350000 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
267000 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
1146000 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
183000 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
963000 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
255000 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
708000 | usd |
CY2024Q2 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
91000 | usd |
CY2023Q2 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
124000 | usd |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
156000 | usd | |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
218000 | usd | |
CY2024Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3Y3M18D | |
CY2023Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P4Y2M12D | |
CY2024Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3Y3M18D | |
CY2023Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P4Y2M12D | |
CY2024Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | pure |
CY2023Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | pure |
CY2024Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | pure |
CY2023Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | pure |
CY2023Q4 | qubt |
Loan Balances
LoanBalances
|
2063000 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
138000 | usd |
CY2023Q4 | qubt |
Financial Liabilities Current Net Of Issuance Costs
FinancialLiabilitiesCurrentNetOfIssuanceCosts
|
1925000 | usd |
CY2024Q2 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
14000 | usd |
CY2023Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
14000 | usd |
CY2024Q2 | us-gaap |
Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
|
295000 | usd |
CY2023Q4 | us-gaap |
Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
|
279000 | usd |
us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10. Contingencies </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indemnification Arrangements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We enter into standard indemnification arrangements in our ordinary course of business. Pursuant to these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties (generally our business partners or customers) in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to our products. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments we could be required to make under these agreements is not determinable. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have entered into indemnification agreements with our directors and officers that may require us to indemnify our directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of a culpable nature. These agreements also require us to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified and to make good faith determination whether or not it is practicable for us to obtain directors and officers insurance. We currently have directors and officers liability insurance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal Proceedings</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, we may be involved in legal proceedings arising in the ordinary course of business. In general, management believes that ordinary course of business matters will not have a material adverse effect on our consolidated financial position or results of operations and are adequately covered by our liability insurance. However, it is possible that consolidated cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one of more of these contingencies or because of the diversion of management’s attention and the incurrence of significant expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Part II, Item 1, Legal Proceedings, in this Form 10-Q for additional details on the status of motions on the following proceedings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">BV Advisory v. QCi Breach Lawsuit</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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">As part of our business combination with QPhoton in June 2022, we acquired a payable to BV Advisory based on a Note Purchase Agreement that QPhoton had entered into with BV Advisory on March 1, 2021. The Company has recorded an estimated payable (the “BV Advisory Payable”), recognized as other current liabilities on the unaudited condensed consolidated financial statements, based on best available information in the amount of $536 thousand as of June 30, 2024 and December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 16, 2022, BV Advisory filed a complaint in the Court of Chancery of the State of Delaware (the “DE Chancery Court”) naming the Company and certain of its directors and officers (among others) as defendants seeking, among other relief, monetary damages. The Company believes that BV Advisory’s claims have no merit and intends to defend itself vigorously. BV Advisory’s claims are not covered by the Company’s liability insurance, nor does the Company believe it is necessary to accrue an amount in addition to the BV Advisory Payable at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">BV Advisory v. QCi Appraisal Action</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BV Advisory Partners, LLC (“BV Advisory”) was purportedly a shareholder of QPhoton, Inc., the predecessor in interest to QPhoton, LLC, a wholly owned subsidiary of the Company (both referred to as “QPhoton” in this Legal Proceedings discussion). BV Advisory, rejected the Merger Consideration and on October 13, 2022, commenced litigation by filing a petition in the DE Chancery Court seeking appraisal rights on the shares of QPhoton it allegedly owned (which shares represented 10% of the shares of QPhoton outstanding immediately prior to the Company’s acquisition of QPhoton). The Company included BV Advisory’s purported ownership of QPhoton in the purchase price accounting for the QPhoton Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s total purchase price of QPhoton was approximately $71.0 million, or $69.9 million net of cash acquired, consisting of Company common stock, Series B Preferred Stock and QPhoton Warrants. While the total shares of the Company’s common stock on an as-converted basis offered in the QPhoton Merger was 36,600,823 (the “Merger Consideration”), the fair market valuation contemplated 31,299,417 of the shares, which assumed full conversion of the 2,377,028 shares of Series B Preferred Stock to common stock at the 10:1 ratio, and that only 1,726,931 of the warrants to purchase up to 7,028,337 shares of the Company’s common stock (the “QPhoton Warrants”) would eventually be exercised (specifically only the QPhoton Warrants for which the associated Company options and/or warrants had an exercise price at or below $2.27 at the time of the Transaction).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, as of June 30, 2024 and 2023, the Company has neither issued 2,957,251 shares of the Company’s common stock on an as converted basis (the “Unissued QPhoton Shares”) nor 702,834 warrants to purchase shares of the Company’s common stock (the “Unissued QPhoton Warrants”) that were included in the Merger Consideration. The Unissued QPhoton Shares are included in the statement of stockholder’s equity as additional paid in capital as of as of June 30, 2024 and 2023, and the Unissued QPhoton Warrants have no carrying value as a liability on the Company’s consolidated balance sheet as of June 30, 2024.</span></p> | ||
CY2024Q2 | qubt |
Fair Market Valuation Contemplated Shares
FairMarketValuationContemplatedShares
|
31299417 | shares |
CY2024Q2 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
2377028 | shares |
CY2024Q2 | us-gaap |
Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
|
5.5 | |
CY2023Q2 | us-gaap |
Share Price
SharePrice
|
1.38 | |
CY2022Q2 | us-gaap |
Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
|
6300000 | shares |
CY2022Q2 | us-gaap |
Warrant Exercise Price Increase
WarrantExercisePriceIncrease
|
0.0001 | |
us-gaap |
Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
|
6300000 | usd | |
us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
7000000 | usd | |
qubt |
Forfeited Percentage
ForfeitedPercentage
|
0.56 | pure | |
CY2023Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-17000 | usd |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-370000 | usd | |
CY2023Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
1000000 | shares |
CY2024Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
1000000 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13843499 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.64 | |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P3Y8M12D | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
70219 | shares | |
qubt |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm1
|
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us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
1664271 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
4.19 | ||
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
12249447 | shares |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.42 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P3Y3M18D | ||
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
|
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CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
2.93 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P3Y | ||
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
1.35 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
1.35 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
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CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.048 | pure |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.345 | pure |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.345 | pure |
CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
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CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
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us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
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us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
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CY2024Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2023Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
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us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
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CY2024Q2 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
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CY2024Q2 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
7957 | shares |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
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us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
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CY2024Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
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CY2023Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1426000 | usd |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1917000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2118000 | usd | |
us-gaap |
Stockholders Equity Other
StockholdersEquityOther
|
31000 | usd | |
us-gaap |
Stockholders Equity Other
StockholdersEquityOther
|
198000 | usd | |
us-gaap |
Other Expenses
OtherExpenses
|
1900000 | usd | |
us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
23900 | shares | |
CY2024Q2 | qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
-40000 | usd |
CY2023Q2 | qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
128000 | usd |
qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
19000 | usd | |
qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
281000 | usd | |
qubt |
Realization Of Stock Based Compensation Expense
RealizationOfStockBasedCompensationExpense
|
113000 | usd | |
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 thousand within 30 days of execution of the agreement, (ii) $28 thousand 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. | ||
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Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
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CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
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Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
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CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
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CY2024Q2 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
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CY2024Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
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CY2024Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
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CY2024Q2 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
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CY2024Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.06 | |
CY2023Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.12 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.13 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.23 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
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|
60832000 | shares | |
CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
62667000 | shares |
CY2024Q2 | us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
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us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2023Q2 | us-gaap |
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|
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Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
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Gain Loss On Investments
GainLossOnInvestments
|
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us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
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us-gaap |
Increase Decrease In Contract With Customer Liability
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|
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Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
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Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
|
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qubt |
Reclassification Of Series A Preferred Stock To Mezzanine Equity
ReclassificationOfSeriesAPreferredStockToMezzanineEquity
|
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Net Income Loss Available To Common Stockholders Diluted
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|
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us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
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CY2024Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
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CY2023Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-7634000 | usd |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
60832000 | shares | |
CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
62667000 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
87185000 | shares | |
CY2024Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
93550000 | shares |
CY2024Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.06 | |
CY2023Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.12 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.13 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.23 | ||
us-gaap |
Commercial Paper Average Outstanding
CommercialPaperAverageOutstanding
|
usd | ||
CY2024Q2 | us-gaap |
Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
|
P2Y | |
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 Weighted Average Remaining Contractual Life Years Exercised
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageRemainingContractualLifeYearsExercised
|
|||
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 |