Quest Patent Research Corp Files 10-Q for Q3 2024

TL;DR

Quest Patent Research Corp filed its Q3 2024 10-Q. Check financials.

AI Summary

Quest Patent Research Corporation filed its 10-Q for the quarterly period ended September 30, 2024. The filing details the company's financial performance and operational status. Specific financial figures and operational highlights for this period are not detailed in the provided excerpt, but the report covers the company's activities up to that date.

Why It Matters

This 10-Q filing provides investors and stakeholders with an update on Quest Patent Research Corporation's financial health and business operations for the third quarter of 2024.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing cover page and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Numbers

• 20240930 — Quarterly Period End Date (The report covers financial activities up to this date.)
• 20241114 — Filing Date (The date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• QUEST PATENT RESEARCH CORP (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 11-2873662 (dollar_amount) — IRS Employer Identification No.
• 411 Theodore Fremd Ave ., Suite 206S Rye , NY 10580-1411 (company) — Principal executive offices address
• 33-18099-NY (company) — Commission File Number

FAQ

Filing Documents

• ea0220513-10q_quest.htm (10-Q) — 540KB
• ea022051301ex31-1_quest.htm (EX-31.1) — 12KB
• ea022051301ex32-1_quest.htm (EX-32.1) — 4KB
• 0001213900-24-098482.txt ( ) — 4013KB
• qprc-20240930.xsd (EX-101.SCH) — 39KB
• qprc-20240930_cal.xml (EX-101.CAL) — 28KB
• qprc-20240930_def.xml (EX-101.DEF) — 201KB
• qprc-20240930_lab.xml (EX-101.LAB) — 372KB
• qprc-20240930_pre.xml (EX-101.PRE) — 213KB
• ea0220513-10q_quest_htm.xml (XML) — 401KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II – OTHER INFORMATION Item 5. Other Information 25 Item 6. Exhibits 25

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 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 Statements

Item 1. Financial Statements QUEST PATENT RESEARCH CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 136,782 $ 563,484 Accounts receivable, net of allowance for credit losses of $ 0 and $ 0 , respectively 908,250 3,015,295 Other current assets 87,907 28,121 Total current assets 1,132,939 3,606,900 Patents, net of accumulated amortization of $ 2,901,699 and $ 2,412,397 , respectively 3,185,301 3,674,603 Total assets $ 4,318,240 $ 7,281,503 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities ($ 432,253 and $ 1,378,154 due to related parties at September 30, 2024 and December 31, 2023, respectively) $ 547,785 $ 1,674,690 Loans payable 138,000 138,000 Funding liability 7,134,381 7,325,502 Loan payable - related party 2,796,500 2,796,500 Warrant liability 173,242 281,809 Accrued interest 1,024,378 1,096,985 Total current liabilities 11,814,286 13,313,486 Non-current liabilities Loan payable – SBA 150,000 150,000 Purchase price of patents 53,665 53,665 Total liabilities $ 12,017,951 $ 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 September 30, 2024 and December 31, 2023; 5,331,973 shares issued and outstanding at September 30, 2024 and December 31, 2023 160 160 Additional paid-in capital 17,680,793 17,674,985 Accumulated deficit ( 25,380,892 ) ( 23,911,021 ) Total Quest Patent Research Corporation stockholders' deficit ( 7,699,939 ) ( 6,235,876 ) Non-controlling interest in subsidiary 228 228 Total stockholders' deficit ( 7,699,711 ) ( 6,235,648 ) Total liabilities and stockholders' defic

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1. DESCRIPTION OF BUSINESS The Company is a Delaware corporation, incorporated on July 17, 1987 and has been engaged in the intellectual property monetization business since 2008. As used herein, "we", "us", "our", the "Company" refer to Quest Patent Research Corporation and its wholly and majority-owned operating subsidiaries unless the context indicates otherwise. All intellectual property acquisition, development, licensing and enforcement activities are conducted by the Company's wholly and majority-owned operating subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and notes required by GAAP for complete financial statements. All adjustments (consisting of normal recurring items) necessary to present fairly the Company's consolidated financial position have been included. These interim financial no.1 to the Company's annual report on Form 10-K/A for the year ended December 31, 2023. Operating results for the interim periods presented herein are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Financial The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") and present the consolidated financial statements of the Company and its wholly owned and majority owned subsidiaries as of September 30, 2024. The consolidated financial statements inclu

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