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Qualis Innovations, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues for the three and nine months ended September 30, 2024, consistent with the same periods in 2023.
Operating expenses for the quarter were $21,438, a decrease from $28,572 in the same quarter the previous year. The decrease is attributed to reductions in depreciation costs and professional fees.
For the nine months ended September 30, 2024, operating expenses totaled $67,473, a significant decrease from $1,748,244 in the same period of 2023. The decrease is primarily due to reduced stock-based compensation costs.
The company reported a net loss of $22,676 for the quarter, compared to a net loss of $28,572 in the previous year. For the nine-month period, the net loss was $70,064, compared to $1,748,244 in 2023.
Qualis had total assets of $46,704 as of September 30, 2024, primarily consisting of cash. Total liabilities were $39,724, including accounts payable and accrued expenses.
The company issued 2,000,000 common shares for $100,000 in January 2024 and settled a dispute by issuing 10,000,000 shares valued at $500,000.
Qualis continues to face challenges as a going concern, with an accumulated deficit of $4,500,372 and no revenue since inception. Management plans to raise additional funds to support operations.
The company has not finalized development of its planned SOLACE device, a non-invasive medical device for pain management, and has not generated cash flows from operations.
The filing notes that Qualis is evaluating potential acquisitions and investments to expand its business, though no agreements are currently in place.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Qualis Innovations Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.