Quarta-Rad, Inc. Files 2023 10-K Amendment

TL;DR

Quarta-Rad filed its 2023 10-K amendment. Check for updates.

AI Summary

Quarta-Rad, Inc. filed an amendment to its 2023 10-K on August 16, 2024. The filing pertains to the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the industrial instruments sector.

Why It Matters

This amendment provides updated financial and operational information for Quarta-Rad, Inc. for the 2023 fiscal year, which is crucial for investors and stakeholders to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous filing and does not appear to introduce new material risks or significant changes.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-08-16 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• Quarta-Rad, Inc. (company) — Filer
• 2023-12-31 (date) — Fiscal Year End
• 2024-08-16 (date) — Filing Date
• Delaware (location) — State of Incorporation
• 3823 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.0001 — ea code: (732) 887-8511 Common Stock, $0.0001 par value per share None (Title of
• $1 — ur no par value common stock, valued at $1 per share, to our 2 founders, which inc
• $1,200 — ces incurred in our formation valued at $1,200 and $300, respectively. We believe that
• $300 — d in our formation valued at $1,200 and $300, respectively. We believe that our pres
• $70,000 — we believe that we will require between $70,000 to $400,000 in cash in to accomplish th
• $400,000 — that we will require between $70,000 to $400,000 in cash in to accomplish the goals set
• $65,230 — n the fourth quarter of 2016, we raised $65,230 from 34 investors through the issuance
• $170,000 — on the date of issue was approximately $170,000. Sellavir is a video analytics company
• $100,000 — s for EU distribution. We have reserved $100,000 on our balance sheet as accrued expense
• $41,822 — on with this matter. The Company paid $41,822 during 2020, $35,680 during 2021, and $
• $35,680 — The Company paid $41,822 during 2020, $35,680 during 2021, and $3,783 during 2022 tow
• $3,783 — 2 during 2020, $35,680 during 2021, and $3,783 during 2022 towards the estimated liabi
• $18,715 — nt was made of $3,783 and the remaining $18,715 reserve reversed in 2023. There was $ZE
• $22,498 — e reversed in 2023. There was $ZERO and $22,498 due on December 31, 2023 and 2022 respe

Filing Documents

• form10-ka.htm (10-K/A) — 729KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-032737.txt ( ) — 3653KB
• qurt-20231231.xsd (EX-101.SCH) — 26KB
• qurt-20231231_cal.xml (EX-101.CAL) — 51KB
• qurt-20231231_def.xml (EX-101.DEF) — 117KB
• qurt-20231231_lab.xml (EX-101.LAB) — 232KB
• qurt-20231231_pre.xml (EX-101.PRE) — 187KB
• form10-ka_htm.xml (XML) — 423KB

Description of Business

Item 1. Description of Business. 4

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 9

Cybersecurity

Item 1C. Cybersecurity 9

Properties

Item 2. Properties 9

Legal Proceedings

Item 3. Legal Proceedings 9

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 9 PART II 9

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9

Selected Financial Data

Item 6. Selected Financial Data 10

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

Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations 10 For the Year Ended December 31, 2023 compared to the year ended December 31, 2022 13

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 15

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 15 INDEX TO FINANCIAL STATEMENTS Part I – FINANCIAL INFORMATION Balance Sheets F-2

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures. 16

Controls and Procedures

Item 9A. Controls and Procedures. 16

Other Information

Item 9B. Other Information. 18 PART III 18

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 18

Executive Compensation

Item 11. Executive Compensation 21

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 21

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 22

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 23 PART IV 24

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 24

SignatureS

SignatureS 25 2 EXPLANATORY NOTE Quarta-Rad, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-K/A for the year ended December 31, 2023, to amend the Annual Report on Form 10-K that was originally filed on April 1 , 2024 (the "Original 10-K") to include Item 1C. Cybersecurity. No other changes have been made to the Original Report, and this amended Annual Report is presented as of the filing date of the Original Report and does not reflect events occurring after that date or modify or update disclosures in any way other than as described herein. 3 CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS The information contained in this Report includes some statements that are not purely historical and that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, perceived opportunities in the market and statements regarding our mission and vision. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. You can generally identify forward-looking statements as statements containing the words "anticipates," "believes," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "will," "would" and similar expressions, or the negatives of such terms, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking forw

Business

Business We commenced operations in May 2012, by selling products on consignment from a company owned by our majority shareholder. In 2012, we purchased products from a company owned by our minority shareholder and sold them to a company owned by our majority shareholder and to third party resellers. We believe the terms of those sales were arms-length. In 2012, we began use of the Internet as well as the services of an independent sales representative to market the products to homeowners and interested customers in North America and the majority of our sales were from unrelated third parties. We market the products to homebuilders and home renovation contractors. We have had limited operations and have limited financial resources. In 2011, our operations were devoted primarily to start-up, development and operational activities as well as related party and third party sales, which included: 1. Formation of the Company; 2. Development of our business plan; 3. Evaluating various detection devices; 4. Research on marketing channels/strategies for our detection devices and the industry; 5. Secured our website domain www.quartarad.com and beginning the development of our initial online website; and 6. Research on future products to distribute. 7. Consignment sales on behalf of a related party. 8. Sales to third party resellers. In May 2012, we commenced our business operations by selling products on consignment from a related party company and developing our distribution network. In June 2012, we began to utilize our website to market the products we sell on consignment to our potential customers. We also began implementing our business plan by promoting these products for sale on various websites. We also engaged independent, third party distributors to sell the products. In 2013, increased our Internet presence and increased our sales whereby the majority of our sales were from unrelated third parties. From 2014 to the present, we have cont

View Full Filing

View this 10-K/A filing on SEC EDGAR