In This Story
QS Energy, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, including a net loss of $1,147,000 for the nine months ended September 30, 2024, compared to a net loss of $919,000 for the same period in 2023.
Operating expenses increased to $758,000 from $508,000 in the previous year, attributed to higher stock compensation and consulting fees.
Research and development expenses were $143,000, slightly down from $148,000 the previous year, due to reduced prototype development costs.
The company reported a stockholders' deficit of $5,552,000 as of September 30, 2024, with cash on hand amounting to $237,000.
QS Energy highlighted its ongoing efforts to commercialize its Applied Oil Technology (AOT) and its collaboration with VIPS Petroleum, LLC, aiming to deploy AOT on pipeline networks.
The company continues to face substantial doubt about its ability to continue as a going concern, citing the need for additional funding to support operations and contractual commitments.
The filing notes that QS Energy's financial statements have been prepared on a going concern basis, reflecting the company's plans to raise additional funds through debt and equity securities.
QS Energy's management identified material weaknesses in internal controls over financial reporting, specifically inadequate segregation of duties and insufficient personnel with U.S. GAAP knowledge.
The company did not generate any revenues during the reported period and continues to seek opportunities for commercial acceptance of its AOT technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the QS Energy Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.