Quantum Computing Inc. Files Q1 2024 10-Q

TL;DR

Quantum Computing Inc. filed its Q1 2024 10-Q. Check financials.

AI Summary

Quantum Computing Inc. filed its 10-Q for the quarterly period ended March 31, 2024. The company, incorporated in Delaware with its principal executive offices in Hoboken, NJ, reported its financial status. The filing details its operations and financial performance for the specified quarter.

Why It Matters

This filing provides investors with an update on Quantum Computing Inc.'s financial health and operational progress during the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a technology company in a rapidly evolving field like quantum computing, there are inherent risks associated with development, market adoption, and competition.

Key Players & Entities

• Quantum Computing Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly Period End Date
• Hoboken, NJ (location) — Principal Executive Offices
• Delaware (location) — State of Incorporation
• 82-4533053 (identifier) — IRS Employer Identification No.
• 001-40615 (identifier) — Commission File Number

FAQ

Filing Documents

• ea0215866-10q_quantum.htm (10-Q) — 667KB
• ea021586601ex31-1_quantum.htm (EX-31.1) — 10KB
• ea021586601ex31-2_quantum.htm (EX-31.2) — 10KB
• ea021586601ex32-1_quantum.htm (EX-32.1) — 4KB
• ea021586601ex32-2_quantum.htm (EX-32.2) — 4KB
• 0001213900-24-084716.txt ( ) — 5158KB
• qubt-20240331.xsd (EX-101.SCH) — 49KB
• qubt-20240331_cal.xml (EX-101.CAL) — 39KB
• qubt-20240331_def.xml (EX-101.DEF) — 266KB
• qubt-20240331_lab.xml (EX-101.LAB) — 472KB
• qubt-20240331_pre.xml (EX-101.PRE) — 277KB
• ea0215866-10q_quantum_htm.xml (XML) — 489KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Mezzanine and Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to the 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34 i

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements QUANTUM COMPUTING INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value date) March 31, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 6,101 $ 2,059 Accounts receivable 32 65 Inventory 155 73 Loans receivable, net of provision for credit losses of $ 286 and $ 279 286 279 Prepaid expenses and other current assets 253 180 Total current assets 6,827 2,656 Property and equipment, net 4,381 2,870 Operating lease right-of-use assets 986 1,051 Intangible assets, net 11,300 12,076 Goodwill 55,573 55,573 Other non-current assets 129 129 Total assets $ 79,196 $ 74,355 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,681 $ 1,462 Accrued expenses 605 639 Financial liabilities, net of issuance costs - 1,925 Deferred revenue 8 - Other current liabilities 787 786 Total current liabilities 3,081 4,812 Operating lease liabilities 775 840 Total liabilities 3,856 5,652 Contingencies (see Note 10) Mezzanine equity 7,740 - Stockholders' equity Preferred stock, $ 0.0001 par value, 1,550 shares Series A Preferred authorized; 1,407 and 1,490 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; 3,080 shares of Series B Preferred Stock authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 - - Common stock, $ 0.0001 par value, 250,000 shares authorized; 91,345 and 77,451 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 9 8 Additional paid-in capital 205,967 200,635 Accumulated deficit ( 138,376 ) ( 131,940 ) Total stockholders' equity 67,600 68,703 Total liabilities and mezzanine and stockholders' equity $ 79,196 $ 74,355 The accompanying notes are an integral part of these unaudited condensed consolidated financial stateme

financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S

financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as determined by the Financial Accounting Standards Board (the "FASB"), including Accounting Standards Codification ("ASC") 810, Consolidation . The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company's fiscal year end is December 31. 5 Reclassifications Certain reclassifications have been made to the fiscal year 2023 audited consolidated financial statements to conform to the presentation in the three months ended March 31, 2024. The reclassifications had no impact on consolidated net loss, total consolidated assets, total consolidated liabilities, or consolidated stockholders' equity. Risk and Uncertainties The Company is subject to certain risks and uncertainties and believes changes in any of the following areas could have a material adverse effect on the Company's future consolidated financial position or consolidated results of operations or cash flows: new product development, including market receptivity; litigation or claims against the Company based on intellectual property, patent, product regulation or other factors; competition from other products; general economic conditions; the ability to attract and retain qualified employees; and, ultimately, to sustain profitable operations. Use of Estimates: These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by managemen

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