QS Energy Files Q2 2024 10-Q

TL;DR

QS Energy's Q2 10-Q is in: financials updated, check convertible notes & common stock.

AI Summary

QS Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The company, operating in the Oil & Gas Field Machinery & Equipment sector, reported financial data for Q2 2024 and the first six months of the year. Key financial figures and balance sheet items, such as convertible notes payable and common stock, were detailed for various reporting dates throughout 2023 and 2024.

Why It Matters

This filing provides investors with an update on QS Energy's financial performance and position for the second quarter of 2024, crucial for assessing the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant operational and financial risks for the company.

Key Numbers

• 20240630 — Reporting Period End Date (Latest balance sheet date)
• 20231231 — Previous Year End Date (Prior year balance sheet date)
• 2024-01-01 — Fiscal Year Start Date (Beginning of current fiscal year)
• 2024-06-30 — Fiscal Year End Date (Six Months) (End of six-month period)

Key Players & Entities

• QS Energy, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240809 (date) — Filing date
• OIL & GAS FILED MACHINERY & EQUIPMENT [3533] (industry) — Standard Industrial Classification
• NV (state) — State of Incorporation
• TOMBALL (city) — Business and Mail Address City
• TX (state) — Business and Mail Address State
• SAVE THE WORLD AIR INC (company) — Former Company Name

FAQ

Key Financial Figures

• $0.03 — shares of the Company's common stock at $0.03 to $0.05 per share. In addition, the C
• $0.05 — the Company's common stock at $0.03 to $0.05 per share. In addition, the Company gr
• $0 — rm of 1.0 year, stock price of $0.03 to $0.08, exercise price of $0.04 to $0.07, v
• $0.04 — ce of $0.03 to $0.08, exercise price of $0.04 to $0.07, volatility of 156% to 174%, r
• $0.02 — stock at conversion rates ranging from $0.02 to $0.48 per share. As of June 30, 2024
• $0.48 — conversion rates ranging from $0.02 to $0.48 per share. As of June 30, 2024, a total

Filing Documents

• qsenergy_i10q-063024.htm (10-Q) — 558KB
• qsenergy_ex3101.htm (EX-31.1) — 8KB
• qsenergy_ex3102.htm (EX-31.2) — 8KB
• qsenergy_ex3200.htm (EX-32) — 4KB
• 0001683168-24-005414.txt ( ) — 3424KB
• qsep-20240630.xsd (EX-101.SCH) — 25KB
• qsep-20240630_cal.xml (EX-101.CAL) — 30KB
• qsep-20240630_def.xml (EX-101.DEF) — 132KB
• qsep-20240630_lab.xml (EX-101.LAB) — 269KB
• qsep-20240630_pre.xml (EX-101.PRE) — 231KB
• qsenergy_i10q-063024_htm.xml (XML) — 376KB

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," "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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations, Unaudited 5 Condensed Consolidated Statement of Stockholders' Deficit, Unaudited 6 Condensed Consolidated Statements of Cash Flows, Unaudited 8 Notes to Condensed Consolidated Financial Statements, Unaudited 9

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 27

SIGNATURES

SIGNATURES 28 3 PART I – FINANCIAL INFORMATION

Unaudited Condensed Consolidated

Item 1. Unaudited Condensed Consolidated

Financial Statements

Financial Statements QS ENERGY, INC. Condensed Consolidated Balance Sheets June 30, 2024 December 31, (unaudited) 2023 ASSETS Current assets: Cash $ 132,000 $ 70,000 Prepaid expenses 12,000 12,000 Total current assets 144,000 82,000 Property and equipment, net of accumulated depreciation of $ 101,000 and $ 99,000 at June 30, 2024 and December 31, 2023, respectively 1,000 2,000 Total assets $ 145,000 $ 84,000 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable-license agreements - past due $ 2,315,000 $ 2,198,000 Accounts payable and accrued expenses 1,032,000 972,000 Convertible notes payable, net of discounts of $ 74,000 and $ 25,000 , respectively; includes $ 2,200,000 and $ 2,022,000 , respectively, past due 2,302,000 2,101,000 PPP loan payable 38,000 57,000 Total current liabilities 5,687,000 5,328,000 Total liabilities 5,687,000 5,328,000 Commitments and contingencies – – Stockholders' deficit Common stock, $ 0.001 par value: 500,000,000 shares authorized, 402,081,800 and 392,586,471 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 402,082 392,587 Additional paid-in capital 120,203,918 119,729,413 Accumulated deficit ( 126,148,000 ) ( 125,366,000 ) Total stockholders' deficit ( 5,542,000 ) ( 5,244,000 ) Total liabilities and stockholders' deficit $ 145,000 $ 84,000 See notes to condensed consolidated financial statements. 4 QS ENERGY, INC. Condensed Consolidated Statements of Operations, Unaudited Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Revenues $ – $ – $ – $ – Costs and Expenses Operating expenses 201,000 158,000 527,000 344,000 Research and development expenses 48,000 47,000 95,000 101,000 Loss from operations ( 249,000 ) ( 205,000 ) ( 622,000 ) ( 445,000 ) Other income (expense) Gain on partial forgiveness of PPP note payable – – –

View Full Filing

View this 10-Q filing on SEC EDGAR