Quest Patent Research Corp. Withdraws Prior Financial Statements
Ticker: QPRC · Form: 8-K · Filed: May 2, 2024 · CIK: 824416
| Field | Detail |
|---|---|
| Company | Quest Patent Research Corp (QPRC) |
| Form Type | 8-K |
| Filed Date | May 2, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1,371,109, $2,278,473, $0.43, $3,649,582, $0.68 |
| Sentiment | bearish |
Sentiment: bearish
Topics: financial-restatement, accounting-issue, disclosure
TL;DR
Quest Patent Research Corp. is ditching old financials - expect restatements and investor jitters.
AI Summary
Quest Patent Research Corporation is filing an 8-K on May 2, 2024, to report that it will not rely on previously issued financial statements or related audit reports or interim reviews. This decision impacts financial reporting and investor confidence.
Why It Matters
This filing indicates potential issues with Quest Patent Research Corp.'s historical financial reporting, which could lead to restatements and affect investor trust.
Risk Assessment
Risk Level: high — The non-reliance on previously issued financial statements suggests significant accounting or reporting issues that could lead to restatements and negatively impact the company's valuation and investor confidence.
Key Players & Entities
- Quest Patent Research Corporation (company) — Registrant
- May 2, 2024 (date) — Filing Date
- April 30, 2024 (date) — Earliest Event Date
FAQ
What is the primary reason Quest Patent Research Corporation is filing this 8-K?
Quest Patent Research Corporation is filing this 8-K because it will not rely on previously issued financial statements or a related audit report or completed interim review.
What is the filing date of this 8-K?
The filing date of this 8-K is May 2, 2024.
What is the earliest event date reported in this filing?
The earliest event date reported in this filing is April 30, 2024.
Under which section of the Securities Exchange Act is this Current Report filed?
This Current Report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the principal executive office address for Quest Patent Research Corporation?
The principal executive office address for Quest Patent Research Corporation is 411 Theodore Fremd Ave., Suite 206S, Rye, NY 10580-1411.
Filing Stats: 549 words · 2 min read · ~2 pages · Grade level 11.8 · Accepted 2024-05-02 16:31:08
Key Financial Figures
- $1,371,109 — ed December 31, 2023 was understated by $1,371,109 as a result of the failure to include a
- $2,278,473 — for the year ended December 31, 2023 of $2,278,473, or $0.43 per share. The Company had re
- $0.43 — ded December 31, 2023 of $2,278,473, or $0.43 per share. The Company had reported net
- $3,649,582 — The Company had reported net income of $3,649,582, or $0.68 per share. On May 1, 2024, t
- $0.68 — d reported net income of $3,649,582, or $0.68 per share. On May 1, 2024, the Company
Filing Documents
- ea0205151-8k_quest.htm (8-K) — 22KB
- 0001213900-24-039164.txt ( ) — 185KB
- qprc-20240430.xsd (EX-101.SCH) — 3KB
- qprc-20240430_lab.xml (EX-101.LAB) — 33KB
- qprc-20240430_pre.xml (EX-101.PRE) — 22KB
- ea0205151-8k_quest_htm.xml (XML) — 3KB
02. Non-Reliance on Previously Issued Financial Statements
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On April 30, 2024, the Company's chief executive officer determined that the litigation and licensing expenses for the year ended December 31, 2023 was understated by $1,371,109 as a result of the failure to include accrued legal fees due in connection with the settlement of litigation during the fourth quarter of 2023. As a result, the Company's gross margin, income from operations, income before income taxes and net income were overstated by $1,371,109, resulting in net income for the year ended December 31, 2023 of $2,278,473, or $0.43 per share. The Company had reported net income of $3,649,582, or $0.68 per share. On May 1, 2024, the Company advised the Company's independent registered public accounting firm, Rosenberg Rich Baker Berman, P.A., of the error and provided such firm with the records relating to the correction, and, after reviewing the Company's records, such firm concurred in the Company's conclusion. On May 1, 2024, the Company's board of directors determined that the financial statements for the year ended December 31, 2023 included in the Company's Form 10-K for the year ended December 31, 2023 should not be relied upon and should be restated, and an amendment to the Company's Form 10-K for the year ended December 31, 2023 should be filed. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. QUEST PATENT RESEARCH CORPORATION (Registrant) Date: May 2, 2024 By: /s/ Jon C. Scahill Jon C. Scahill Title: Chief Executive Officer 2