OMNIQ Corp. Files Q2 2024 10-Q
Ticker: OMQS · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 278165
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report, technology
TL;DR
OMNIQ Q2 10-Q is in. Check financials for latest performance.
AI Summary
OMNIQ Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and business segments are presented, reflecting the company's ongoing activities and strategic positioning in the computer integrated systems design sector.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of OMNIQ Corp., crucial for understanding its market position and future prospects.
Risk Assessment
Risk Level: medium — The company operates in the technology sector, which is subject to rapid changes and competitive pressures, and the filing itself may contain forward-looking statements that carry inherent risks.
Key Numbers
- 20240630 — End of Reporting Period (Indicates the close of the fiscal quarter for which financial data is reported.)
- 20240814 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- OMNIQ Corp. (company) — Filer of the 10-Q
- Quest Solution, Inc. (company) — Former company name
- AMERIGO ENERGY, INC. (company) — Former company name
- STRATEGIC GAMING INVESTMENTS, INC. (company) — Former company name
- 20240630 (date) — End of reporting period
- 20240814 (date) — Filing date
FAQ
What was OMNIQ Corp.'s primary business activity during the reporting period?
OMNIQ Corp. is involved in Services-Computer Integrated Systems Design, as indicated by its SIC code [7373].
What is the fiscal year end for OMNIQ Corp.?
The fiscal year end for OMNIQ Corp. is December 31 (1231).
What is the SEC file number for OMNIQ Corp.'s 1934 Act filings?
The SEC file number is 001-40768.
What were the previous names of OMNIQ Corp.?
OMNIQ Corp. was formerly known as Quest Solution, Inc., AMERIGO ENERGY, INC., and STRATEGIC GAMING INVESTMENTS, INC.
What is the physical address of OMNIQ Corp.'s business operations?
The business address is 1865 WEST 2100 SOUTH, SALT LAKE CITY, UT 84119.
Filing Stats: 4,822 words · 19 min read · ~16 pages · Grade level 13.9 · Accepted 2024-08-14 16:25:58
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value OMQS OTCMKTS Indicate b
- $1.00 — quidation value and conversion price of $1.00 per share ($20.00 per 20 shares of pref
- $20.00 — nd conversion price of $1.00 per share ($20.00 per 20 shares of preferred stock which
- $30 — y's common stock has a closing price of $30 per share for 20 consecutive trading da
Filing Documents
- form10-q.htm (10-Q) — 614KB
- ex31-1.htm (EX-31.1) — 18KB
- ex31-2.htm (EX-31.2) — 18KB
- ex32-1.htm (EX-32.1) — 7KB
- 0001493152-24-032247.txt ( ) — 3178KB
- omqs-20240630.xsd (EX-101.SCH) — 24KB
- omqs-20240630_cal.xml (EX-101.CAL) — 49KB
- omqs-20240630_def.xml (EX-101.DEF) — 108KB
- omqs-20240630_lab.xml (EX-101.LAB) — 231KB
- omqs-20240630_pre.xml (EX-101.PRE) — 180KB
- form10-q_htm.xml (XML) — 316KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION F-1
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS F-1 CONDENSED CONSOLIDATED BALANCE SHEETS AT JUNE 30, 2024 AND DECEMBER 31, 2023 F-1 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 F-2 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND DECEMBER 31, 2023 F-3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 F-4 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-5
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 3
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 7
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 7
- OTHER INFORMATION
PART II - OTHER INFORMATION 8
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS. 8
RISK FACTORS
ITEM 1A. RISK FACTORS. 8
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 8
DEFAULTS UPON SENIOR SECURITIES
ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 8
MINE SAFETY DISCLOSURES
ITEM 4. MINE SAFETY DISCLOSURES. 8
OTHER INFORMATION
ITEM 5. OTHER INFORMATION. 8
EXHIBITS
ITEM 6. EXHIBITS. 9
SIGNATURES
SIGNATURES 10 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS OMNIQ CORP. CONDENSED CONSOLIDATED BALANCE SHEETS As of (In thousands, except share and per share data) June 30, 2024 December 31, 2023 ( UNAUDITED ) ASSETS Current assets Cash and cash equivalents $ 1,373 $ 1,678 Accounts receivable, net 21,934 18,654 Inventory 5,787 6,028 Prepaid expenses 1,240 969 Other current assets 42 25 Total current assets 30,376 27,354 Property and equipment, net of accumulated depreciation of $ 1,769 and $ 1,030 respectively 898 1,066 Goodwill 2,831 1,788 Trade name, net of accumulated amortization of $ 4,922 and $ 4,564 , respectively 1,241 1,377 Customer relationships, net of accumulated amortization of $ 12,072 and $ 11,001 , respectively 3,361 3,777 Other intangibles, net of accumulated amortization of $ 1,673 and $ 2,216 , respectively 451 504 Right of use lease asset 1,414 1,862 Other assets 2,043 1,758 Total Assets $ 42,615 $ 39,486 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 59,499 $ 56,741 Line of credit 3,401 240 Accrued payroll and sales tax 3,084 1,537 Notes payable – current portion 8,882 10,196 Lease liability – current portion 715 885 Other current liabilities 3,002 3,106 Total current liabilities 78,583 72,705 Long-term liabilities Accrued interest and accrued liabilities, related party 73 73 Notes payable, less current portion 1,065 265 Lease liability 727 1,011 Other long-term liabilities 525 452 Total liabilities 80,973 74,506 Stockholders' deficit Series A Preferred stock; $ 0.001 par value; 2,000,000 shares designated, 0 shares issued and outstanding - - Series B Preferred stock; $ 0.001 par value; 1 share designated, 0 shares issued and outstanding - - Series C Preferred stock; $ 0.001 par value; 3,000,000 shares designated, 502,000 shares issued