Quantum Computing Inc. Files 2023 Annual Report Amendment

TL;DR

Quantum Computing Inc. filed an amendment to its 2023 10-K. Check for updates.

AI Summary

Quantum Computing Inc. filed an amendment (10-K/A) on September 11, 2024, for its fiscal year ending December 31, 2023. The company, incorporated in Delaware, is based in Hoboken, NJ, and operates in the pre-packaged software services sector. The filing is related to its annual report and is assigned SEC file number 001-40615.

Why It Matters

This amendment provides updated or corrected information for Quantum Computing Inc.'s 2023 annual performance, which is crucial for investors to assess the company's financial health and strategic direction.

Risk Assessment

Risk Level: medium — As a company filing an amendment to its annual report, there may be material changes or corrections that could impact its financial standing or business operations.

Key Numbers

• 001-40615 — SEC File Number (Identifies the specific filing for Quantum Computing Inc.)
• 20231231 — Fiscal Year End (Indicates the period the annual report covers.)

Key Players & Entities

• Quantum Computing Inc. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• Hoboken, NJ (location) — Principal executive offices
• 001-40615 (filing_id) — SEC File Number
• December 31, 2023 (date) — Fiscal year end
• September 11, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $1.18 — ,073,808 based on the closing price of $1.18 per share of Quantum Computing Inc. com
• $2.7 million — operations was to decrease net loss by $2.7 million and $12.6 million and loss per share, b
• $12.6 million — o decrease net loss by $2.7 million and $12.6 million and loss per share, basic and diluted,
• $0.04 — d loss per share, basic and diluted, by $0.04 and $0.04 for the years ended December
• $4.6 million — nts as of December 31, 2023 and 2022 is $4.6 million and $9.8 million, respectively, as set
• $9.8 m — r 31, 2023 and 2022 is $4.6 million and $9.8 million, respectively, as set forth below
• $358 thousand — the year ended December 31, 2023, were $358 thousand compared to $136 thousand for the year
• $136 thousand — 1, 2023, were $358 thousand compared to $136 thousand for the year ended December 31, 2022, a
• $222 — ended December 31, 2022, an increase of $222 thousand, or 163%. Revenue was derived
• $196 thousand — onent parts of finished goods sold, was $196 thousand for the year ended December 31, 2023 co
• $61 thousand — ear ended December 31, 2023 compared to $61 thousand for the prior year, an increase of $135
• $135 — sand for the prior year, an increase of $135 thousand, or 221%. Cost of revenues for
• $162 thousand — or the year ended December 31, 2023 was $162 thousand compared to $75 thousand for the prior
• $75 thousand — 31, 2023 was $162 thousand compared to $75 thousand for the prior year, an increase of $87
• $87 — sand for the prior year, an increase of $87 thousand, or 116%. On a percentage basi

Filing Documents

• ea0213439-10ka1_quantum.htm (10-K/A) — 1414KB
• ea021343901ex23-1_quantum.htm (EX-23.1) — 2KB
• ea021343901ex31-1_quantum.htm (EX-31.1) — 5KB
• ea021343901ex31-2_quantum.htm (EX-31.2) — 5KB
• ea021343901ex32-1_quantum.htm (EX-32.1) — 4KB
• ea021343901ex32-2_quantum.htm (EX-32.2) — 4KB
• 0001213900-24-077754.txt ( ) — 9369KB
• qubt-20231231.xsd (EX-101.SCH) — 64KB
• qubt-20231231_cal.xml (EX-101.CAL) — 76KB
• qubt-20231231_def.xml (EX-101.DEF) — 362KB
• qubt-20231231_lab.xml (EX-101.LAB) — 615KB
• qubt-20231231_pre.xml (EX-101.PRE) — 379KB
• ea0213439-10ka1_quantum_htm.xml (XML) — 1874KB

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The discussion and analysis set forth below in this Item 7 has been amended and restated to reflect the restatement of our consolidated financial statements as described in the Explanatory Note and in Note 3 of the Notes to Consolidated Financial Statements included elsewhere in this Amendment. The following discussion and analysis of the results of operations and financial condition for the years ended December 31, 2023 and 2022 should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements that are included elsewhere in this Amendment. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. See "Forward-Looking Statements." Overview QCi is a development stage company with limited operations and revenue. The Company is developing quantum and ancillary non-quantum products for high-performance computing applications based on proprietary photonics technology. QCi's products are designed to operate at room temperature and low power at an affordable cost in the areas of high-performance computing, sensing and imaging, and quantum cybersecurity. The Company has generated some revenue based on sales of products and related services to date and is expanding its sales and marketing efforts. The Company's development team includes optical engineers, mathematicians, physicists, and software developers. Results of Operations The following table summarizes the Company's consolidated net loss (in thousands, except percentages). Year Ended December 31, $ % 2023 2022 Change Change (Restated) (1) (Restated) (1) Revenu

financial statements for additional information

financial statements for additional information. Gain on change in value of warrant liability is primarily comprised of mark-to-market adjustments for the QPhoton Warrants, as defined below, which have no carrying value as of December 31, 2023. Future mark-to-market adjustments may result in losses if the Company's stock price increases above the exercise price of the Underlying Options, as defined below. See Note 12, Stock-based Compensation , for additional information on the QPhoton Warrants. 3 Liquidity and Capital Resources We have incurred net losses and experienced negative cash flows from operations since inception. Through December 31, 2023, the Company has raised $57.4 million through private placements of equity and $12.6 million through private placements of convertible promissory notes and other debt for a total of $70.0 million. The Company has no lines of credit, and $2.1 million in short-term debt obligations outstanding when excluding the remaining debt issuance costs. We expect to incur additional losses and higher operating expenses for the foreseeable future as we continue to invest in research and development and go-to-market programs. We have determined that additional financing will be required to fund our operations for the next 12 months and our ability to continue as a going concern is dependent upon obtaining additional capital and financing. As of December 31, 2023, the Company had cash and cash equivalents of $2.1 million. Our primary uses of cash are to fund our operations as we continue to grow our business. We will require a significant amount of cash for expenditures to fund business operations and continue to invest in ongoing research and development for our non-linear quantum optical products and photonics chips. Until such time as we can generate significant revenue from sales or subscriptions of our hardware offerings, we expect to finance our cash needs through public and/or private equity and/or debt financings or oth

View Full Filing

View this 10-K/A filing on SEC EDGAR