Quest Patent Research Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Quest Patent Research Corporation has filed its 2023 annual report on Form 10-K, detailing its corporate information and filing compliance.</b>

AI Summary

QUEST PATENT RESEARCH CORP (QPRC) filed a Annual Report (10-K) with the SEC on March 28, 2024. Quest Patent Research Corporation filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and has its principal executive offices in Rye, NY. Quest Patent Research Corporation was formerly known as Quest Products Corp. and Phase Out of America Inc. The company is not a well-known seasoned issuer and is not required to file reports pursuant to Section 13 or 15(d) of the Act. The filing confirms that the registrant has submitted electronically every Interactive Data File required by Rule 405 of Regulation S-T.

Why It Matters

For investors and stakeholders tracking QUEST PATENT RESEARCH CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Quest Patent Research Corporation's financial and operational status for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's performance and outlook. The report's adherence to SEC filing requirements, including electronic submission of Interactive Data Files, demonstrates the company's commitment to regulatory compliance and transparency.

Risk Assessment

Risk Level: low — QUEST PATENT RESEARCH CORP shows low risk based on this filing. The filing is a standard 10-K report with no immediate red flags, indicating a low level of risk based solely on this document.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Quest Patent Research Corporation's business performance and future prospects.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240328 — Filing Date (As of date)
• 11-2873662 — IRS Number (Registrant's IRS Employer Identification No.)
• 33-18099-NY — SEC File Number (Commission File Number)

Key Players & Entities

• QUEST PATENT RESEARCH CORP (company) — Filer name
• 2023 (date) — Fiscal year end
• December 31, 2023 (date) — Fiscal year end
• Rye, NY (location) — Principal executive offices
• Quest Products Corp (company) — Former company name
• Phase Out of America Inc (company) — Former company name
• 11-2873662 (identifier) — IRS Employer Identification No.
• 33-18099-NY (identifier) — Commission File Number

FAQ

Industry Context

The company operates within the wholesale - miscellaneous nondurable goods sector.

Regulatory Implications

The filing is made in accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability.
2. Review the 'Risk Factors' section for potential business challenges and uncertainties.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business strategy and performance drivers.

Year-Over-Year Comparison

This is the initial 10-K filing analyzed for Quest Patent Research Corp. for the fiscal year 2023.

Key Financial Figures

• $4,000,000 — o us a financing facility of: (a) up to $4,000,000 for operating expenses; (b) $3,300,000
• $3,300,000 — $4,000,000 for operating expenses; (b) $3,300,000 to fund the cash payment portion of the
• $25,000,000 — ("Tower"); and (c) up to an additional $25,000,000 for the acquisition of mutually agreed
• $2,000,000 — s that we intend to monetize; (b) up to $2,000,000 for operating expenses; and (iii) $1,75
• $1,750,000 — 0,000 for operating expenses; and (iii) $1,750,000 to fund the cash payment portion of the
• $1,000,000 — . During 2021 we requested and received $1,000,000 for working capital. The terms of the P

Filing Documents

• ea0202441-10k_quest.htm (10-K) — 1371KB
• ea020244101ex31-1_quest.htm (EX-31.1) — 10KB
• ea020244101ex32-1_quest.htm (EX-32.1) — 6KB
• 0001213900-24-026933.txt (&nbsp;) — 5743KB
• qprc-20231231.xsd (EX-101.SCH) — 57KB
• qprc-20231231_cal.xml (EX-101.CAL) — 28KB
• qprc-20231231_def.xml (EX-101.DEF) — 265KB
• qprc-20231231_lab.xml (EX-101.LAB) — 491KB
• qprc-20231231_pre.xml (EX-101.PRE) — 263KB
• ea0202441-10k_quest_htm.xml (XML) — 506KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 42 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 42 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 50 Item 9A.

Controls and Procedures

Controls and Procedures 50 Item 9B. Other Information 51 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 51 PART III Item 10. Directors, Executive Officers and Corporate Governance 52 Item 11.

Executive Compensation

Executive Compensation 54 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 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 58 Item 14. Principal Accounting Fees and Services 58 PART IV Item 15. Exhibits and Financial Statement Schedules 59 Item 16. Form 10-K Summary 61 As used in this annual report, the terms "we," "us," "our," and words of like import, and the "Company" refers to Quest Patent Research Corporation and its subsidiaries, unless the context indicates otherwise. i

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contain "forward-looking

Forward-looking statements can be identified by the use of words such as "expects," "plans," "will,"

Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "forecasts," "projects," "intends," "estimates," and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking These risks and uncertainties, many of which are beyond our control, include, and are not limited to: Our ability to generate revenue from our intellectual property rights, including our ability to license our intellectual property rights and our ability to be successful in any litigation which we may commence in order to seek to monetize our intellectual property rights; Our ability or perceived ability to obtain necessary financing for operations and for the monetization of our intellectual property rights; Our ability to remain current with respect to our obligations under patent purchase agreements, the failure of which could result in a default under our agreement with QPRC Finance LLC ("QFL") and/or QPRC Finance III LLC ("QF3") or, even if the failure does not result in a default, it may affect the willingness of QF3 to make advances to us under the funding agreement; Our ability to generate sufficient proceeds from our intellectual property rights to enable us to realize any cash flow after payments to our funding sources, including QFL and QF3 under our financing agreements with QFL and QF3, our restructured agreement with Intelligent Partners, LLC ("In

BUSINESS

ITEM 1. BUSINESS Overview We are an intellectual property asset management company. Our principal operations include the acquisition, licensing and enforcement of intellectual property rights that are either owned or controlled by us or one of our wholly-owned subsidiaries. We currently own, control or manage twenty-two intellectual property portfolios of which we are currently seeking or may seek monetization with respect to twelve, which principally consist of patent rights. As part of our intellectual property asset management activities and in the ordinary course of our business, it has been necessary for us or the intellectual property in patent infringement litigation. We anticipate that our primary source of revenue will come from the grant of licenses to use our intellectual property, including primarily licenses granted as part of the settlement of patent infringement lawsuits. Intellectual property monetization includes the generation of revenue and proceeds from the licensing of patents, patented technologies and other intellectual property rights. Patent litigation is often, and for us has been, a necessary element of intellectual property monetization where a patent owner, or a representative of the patent owner, seeks to protect its patent rights against the unlicensed manufacture, sale, and use of the owner's patent rights or products which incorporate the owner's patent rights. In general, we seek to monetize the bundle of rights granted by the patents through structured licensing and when necessary, enforcement of those rights through litigation, although to date all of our patent license revenues have resulted from litigation. To date all of our revenue from the licensing of our patents has resulted from litigation commenced by us. We intend to develop our business by acquiring intellectual property rights, eit

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View this 10-K filing on SEC EDGAR