Qualis Innovations, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Qualis Innovations, Inc. has filed its 2023 10-K report, detailing its financial standing and corporate activities.</b>

AI Summary

Qualis Innovations, Inc. (FOFA) filed a Annual Report (10-K) with the SEC on April 11, 2024. Qualis Innovations, Inc. filed its 10-K for the fiscal year ending December 31, 2023. The company is incorporated in Nevada and operates in the Surgical & Medical Instruments & Apparatus industry (SIC 3841). Its principal business address is located at 6898 S. University Blvd., Suite 100, Centennial, CO 80122. The filing includes data related to common stock, additional paid-in capital, and retained earnings for fiscal years 2021, 2022, and 2023. Key agreements and events mentioned include Share Exchange Agreements with FDH, MPathix, and CreoMed Inc., as well as an Independent Contractor Services Agreement.

Why It Matters

For investors and stakeholders tracking Qualis Innovations, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Qualis Innovations' financial performance and operational status for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's health and future prospects. The detailed financial data, including equity and retained earnings, along with information on various agreements and potential impairments, offers insights into the company's strategic decisions and risk management.

Risk Assessment

Risk Level: medium — Qualis Innovations, Inc. shows moderate risk based on this filing. The filing does not contain specific financial performance data (revenue, net income, etc.) or detailed risk factors, making a precise risk assessment difficult. However, the nature of a 10-K filing implies a level of regulatory scrutiny and potential for disclosed risks.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to form a complete investment thesis.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-11 — Filing Date (Filed as of date)
• 3841 — SIC Code (Surgical & Medical Instruments & Apparatus)
• 842488498 — IRS Number (Company's IRS number)
• 0001871181 — Central Index Key (Company's SEC identifier)
• 333-260982 — SEC File Number (Company's SEC file number)
• 24839365 — Film Number (SEC film number)
• 80122 — ZIP Code (Business and mailing address ZIP code)

Key Players & Entities

• Qualis Innovations, Inc. (company) — Filer name
• Centennial, CO (location) — Business and mailing address city
• NV (location) — State of incorporation
• 3841 (industry) — Standard Industrial Classification code
• FDH (company) — Mentioned in Share Exchange Agreement
• MPathix (company) — Mentioned in Share Exchange Agreement
• CreoMed Inc. (company) — Mentioned in Share Exchange Agreement
• Dr. Joseph Pergolizzi (person) — Mentioned in relation to MPathix Share Exchange Agreement

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-11: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ction 12(g) of the Act: Common Stock, $0.001 Par Value Indicate by check mark if t
• $0.20 — the Closing (the "Share Exchange"), at $0.20 per share. Mr. Lin Xiangfeng planned,
• $0.50 — he "Share Exchange"), at a valuation of $0.50 per share, and the Company issued warra
• $0 — rse acquisition for a net book value of $0. The acquisition was accounted for as
• $4,430,308 — e Company has an accumulated deficit of $4,430,308. It is anticipated that the total expec
• $250,000 — nt and FDA application is approximately $250,000, combined with operating expenses the C

Filing Documents

• form10-k.htm (10-K) — 958KB
• form10-k_001.jpg (GRAPHIC) — 44KB
• form10-k_002.jpg (GRAPHIC) — 8KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001493152-24-014351.txt (&nbsp;) — 4689KB
• qlis-20231231.xsd (EX-101.SCH) — 36KB
• qlis-20231231_cal.xml (EX-101.CAL) — 44KB
• qlis-20231231_def.xml (EX-101.DEF) — 145KB
• qlis-20231231_lab.xml (EX-101.LAB) — 321KB
• qlis-20231231_pre.xml (EX-101.PRE) — 251KB
• form10-k_htm.xml (XML) — 551KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 10 Item 1C. Cybersecurity 10 Item 2.

Properties

Properties 10 Item 3.

Legal Proceedings

Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for the Registrant's Common Stock, Related Stockholder Matters and Issuer Repurchases of Equity Securities 11 Item 6.

Selected Financial Data

Selected Financial Data 11 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 22 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item 9A

Controls and Procedures

Controls and Procedures 22 Item 9B Other Information 22 PART III Item 10. Directors, Executive Officers and Corporate Governance 22 Item 11.

Executive Compensation

Executive Compensation 25 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 28 Item 13. Certain Relationships and Related Transactions, and Director Independence 29 Item 14. Principal Accounting Fees and Services 30 PART IV Item 15. Exhibits, Financial Statement Schedules 31 2 DISCLOSURE REGARDING FORWARD LOOKING STATEMENTS This report contains forward-looking statements. The forward-looking statements are contained principally in the sections entitled "Description of Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "seeks," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "would" and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, the factors described in the section captioned "Risk Factors" below. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Such statements may include, but are not limited to, information related to: anticipated operating results; licensing arrangements; relationships with our customers; consumer demand; financial resources and condition; changes in revenues; changes in profitability; changes in accounting treatment; cost of sales; selling, general and administrative expenses; interest expense; the ability to s

View Full Filing

View this 10-K filing on SEC EDGAR