Quest Patent Research Corp Files 10-Q for Q1 2024

TL;DR

<b>Quest Patent Research Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024, confirming its status as a smaller reporting company.</b>

AI Summary

QUEST PATENT RESEARCH CORP (QPRC) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Quest Patent Research Corp filed its 10-Q for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and has an IRS Employer Identification No. of 11-2873662. Its principal executive offices are located at 411 Theodore Fremd Ave., Suite 206S, Rye, NY 10580-1411. The company has been subject to Section 13 or 15(d) filing requirements for the past 90 days. Quest Patent Research Corp is classified as a smaller reporting company and a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking QUEST PATENT RESEARCH CORP, this filing contains several important signals. The filing provides an update on the company's financial and operational status for the first quarter of 2024. As a smaller reporting company, Quest Patent Research Corp is subject to specific disclosure requirements and may have less stringent reporting obligations compared to larger entities.

Risk Assessment

Risk Level: — QUEST PATENT RESEARCH CORP shows moderate risk based on this filing. The filing is a standard 10-Q report, indicating routine disclosure for a smaller reporting company with no immediate red flags.

Analyst Insight

Monitor future 10-Q filings for any changes in financial performance or strategic direction.

Key Players & Entities

• QUEST PATENT RESEARCH CORPORATION (company) — Exact name of registrant
• March 31, 2024 (date) — Quarterly period ended
• 11-2873662 (other) — IRS Employer Identification No.
• 411 Theodore Fremd Ave ., Suite 206S Rye , NY 10580-1411 (address) — Address of principal executive offices
• 33-18099-NY (other) — Commission File Number

FAQ

Industry Context

The filing is a standard quarterly report (10-Q) for a publicly traded company in the United States, providing an update on its financial condition and operations.

Regulatory Implications

The report is filed under Section 13 or 15(d) of the Securities Exchange Act of 1934, indicating compliance with SEC regulations for public companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track future SEC filings for ongoing operational and financial updates.
3. Assess the company's classification as a smaller reporting company and its implications.

Key Dates

• 2024-03-31: Quarterly period ended — Reporting period for the 10-Q filing
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the quarterly period ended March 31, 2024. Previous filings would cover prior periods.

Filing Documents

• ea0205721-10q_quest.htm (10-Q) — 445KB
• ea020572101ex31-1_quest.htm (EX-31.1) — 12KB
• ea020572101ex32-1_quest.htm (EX-32.1) — 4KB
• 0001213900-24-043795.txt (&nbsp;) — 3618KB
• qprc-20240331.xsd (EX-101.SCH) — 46KB
• qprc-20240331_cal.xml (EX-101.CAL) — 28KB
• qprc-20240331_def.xml (EX-101.DEF) — 202KB
• qprc-20240331_lab.xml (EX-101.LAB) — 405KB
• qprc-20240331_pre.xml (EX-101.PRE) — 213KB
• ea0205721-10q_quest_htm.xml (XML) — 334KB

– FINANCIAL

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements. 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 25 Item 4.

Controls and Procedures

Controls and Procedures. 25

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 6. Exhibits 26

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our report on Form 10-K for the year ended December 31, 2023, in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q and in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. You can also read and copy any materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial

Item 1. Financial QUEST PATENT RESEARCH CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 770,696 $ 563,484 Accounts receivable, net of allowance for credit losses of $ 0 and $ 0 , respectively 3,989,156 3,015,295 Other current assets 84,074 28,121 Total current assets 4,843,926 3,606,900 Patents, net of accumulated amortization of $ 2,579,264 and $ 2,412,397 , respectively 3,507,736 3,674,603 Total assets $ 8,351,662 $ 7,281,503 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities ($ 1,378,154 due to related parties at March 31, 2024 and December 31, 2023) $ 1,999,416 $ 1,674,690 Loans payable 138,000 138,000 Funding liability 8,161,151 7,325,502 Loan payable - related party 2,796,500 2,796,500 Warrant liability 481,231 281,809 Accrued interest 1,232,981 1,096,985 Total current liabilities 14,809,279 13,313,486 Non-current liabilities Loan payable – SBA 150,000 150,000 Purchase price of patents 53,665 53,665 Total liabilities $ 15,012,944 $ 13,517,151 Commitments and contingencies (Note 9) Stockholders' deficit: Preferred stock, par value $ 0.00003 per share - authorized 10,000,000 shares - no shares issued and outstanding — — Common stock, par value $ 0.00003 per share; authorized 30,000,000 at March 31, 2024 and December 31, 2023; 5,331,973 shares issued and outstanding at March 31, 2024 and December 31, 2023 160 160 Additional paid-in capital 17,680,793 17,674,985 Accumulated deficit ( 24,342,463 ) ( 23,911,021 ) Total Quest Patent Research Corporation stockholders' deficit ( 6,661,510 ) ( 6,235,876 ) Non-controlling interest in subsidiary 228 228 Total stockholders' deficit ( 6,661,282 ) ( 6,235,648 ) Total liabilities and stockholders' deficit $ 8,351,662 $ 7,281,503 See the

View Full Filing

View this 10-Q filing on SEC EDGAR