QS Energy, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>QS Energy, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

QS Energy, Inc. (QSEP) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. QS Energy, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. QS Energy, Inc. is incorporated in Nevada. The company's business address is in Tomball, Texas. The filing includes data related to convertible notes, stock options, and warrants.

Why It Matters

For investors and stakeholders tracking QS Energy, Inc., this filing contains several important signals. This filing provides investors with an updated view of QS Energy's financial health and operational performance for the first quarter of 2024. The inclusion of data on convertible notes, stock options, and warrants offers insight into the company's capital structure and potential future dilution.

Risk Assessment

Risk Level: — QS Energy, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-Q to understand the company's current financial position and any disclosed risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-15 — Filing Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)

Key Players & Entities

• QS Energy, Inc. (company) — Filer name
• Tomball, TX (location) — Business and mailing address
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date

FAQ

Industry Context

QS Energy, Inc. operates in the Oil & Gas Machinery & Equipment sector. This filing is a standard quarterly report for companies in this industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue and net income trends.
3. Examine the cash flow statement for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year-end report (10-K).

Key Financial Figures

• $0.05 — shares of the Company's common stock at $0.05 per share. In addition, the Company gr
• $0 — pected term of 1.0 year, stock price of $0.07, exercise price of $0.07, volatility
• $0.02 — stock at conversion rates ranging from $0.02 to $0.48 per share. As of March 31, 202
• $0.48 — conversion rates ranging from $0.02 to $0.48 per share. As of March 31, 2024, a tota
• $2,071,000 — nd accrued interest in the aggregate of $2,071,000 have reached maturity and are past due.

Filing Documents

• qsenergy_i10q-033124.htm (10-Q) — 484KB
• qsenergy_ex3101.htm (EX-31.1) — 8KB
• qsenergy_ex3102.htm (EX-31.2) — 8KB
• qsenergy_ex3200.htm (EX-32) — 4KB
• 0001683168-24-003436.txt (&nbsp;) — 3131KB
• qsep-20240331.xsd (EX-101.SCH) — 25KB
• qsep-20240331_cal.xml (EX-101.CAL) — 29KB
• qsep-20240331_def.xml (EX-101.DEF) — 131KB
• qsep-20240331_lab.xml (EX-101.LAB) — 218KB
• qsep-20240331_pre.xml (EX-101.PRE) — 194KB
• qsenergy_i10q-033124_htm.xml (XML) — 349KB

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements include predictions and statements regarding our future: revenues and profits; customers; research and development expenses and efforts; scientific and other third-party test results; sales and marketing expenses and efforts; liquidity and sufficiency of existing cash; technology and products; and the effect of recent accounting pronouncements on our financial condition and results of operations. You can identify these and other

forward-looking statements by the use of words such as "may," "will," "expects," "anticipates,"

forward-looking statements by the use of words such as "may," "will," "expects," "anticipates," "believes," "estimates," "intends," "project," "potential," "forecast" "continues," "strategies," or the negative of such terms, or other comparable terminology, and also include statements concerning plans, objectives, goals, strategies and future events or performance. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth below under the heading "Risk Factors." We cannot assure you that we will achieve or accomplish our expectations, beliefs or projections. All forward-looking statements included in this document are based on information available to us on the date hereof. We assume no obligation to update any forward-looking statements. 2 QS ENERGY, INC. FORM 10-Q INDEX Page

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements 4 Condensed Consolidated Balance Sheets, Unaudited 4 Condensed Consolidated Statements of Operations, Unaudited 5 Condensed Consolidated Statement of Stockholders' Deficit, Unaudited 6 Condensed Consolidated Statements of Cash Flows, Unaudited 7 Notes to Condensed Consolidated Financial Statements, Unaudited 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosure about Market Risk

Item 3. Quantitative and Qualitative Disclosure about Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 3 PART I – FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial

Item 1. Unaudited Condensed Consolidated Financial QS ENERGY, INC. Condensed Consolidated Balance Sheets March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 78,000 $ 70,000 Prepaid expenses 11,000 12,000 Total current assets 89,000 82,000 Property and equipment, net of accumulated depreciation of $ 100,000 and $ 99,000 at March 31, 2024 and December 31, 2023, respectively 1,000 2,000 Total assets $ 90,000 $ 84,000 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable-license agreements-past due $ 2,256,000 $ 2,198,000 Accounts payable and accrued expenses 982,000 972,000 Convertible debentures, net of discounts of $ 30,000 and $ 25,000 , respectively; includes $ 2,071,000 and $ 2,022,000 , respectively, in default 2,184,000 2,101,000 PPP loan payable 50,000 57,000 Total current liabilities 5,472,000 5,328,000 Total liabilities 5,472,000 5,328,000 Commitments and contingencies – – Stockholders' deficit Common stock, $ .001 par value: 500,000,000 shares authorized, 397,931,803 and 392,586,471 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 397,932 392,587 Additional paid-in capital 120,035,068 119,729,413 Accumulated deficit ( 125,815,000 ) ( 125,366,000 ) Total stockholders' deficit ( 5,382,000 ) ( 5,244,000 ) Total liabilities and stockholders' deficit $ 90,000 $ 84,000 See notes to condensed consolidated financial statements. 4 QS ENERGY, INC. Condensed Consolidated Statements of Operations, Unaudited Three months ended March 31, 2024 2023 Revenues $ – $ – Costs and expenses Operating expenses 326,000 186,000 Research and development expenses 47,000 54,000 Loss from operations ( 373,000 ) ( 240,000 ) Other income (expense) Interest and financing expense ( 76,000 ) ( 94,000 ) Net Loss $ ( 449,000 ) $ ( 334,000 ) Net loss per common share, basic

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View this 10-Q filing on SEC EDGAR