Tue, Apr 15, 7:34 PM (11 days ago)
**FlooidCX Corp. (FLCX) 2023 Annual Report Summary** **Financial Performance:** - **Revenue:** $6.5 million for 2023, up from $0 in 2022. - **Operating Expenses:** $484,429 in 2023, up from $33,506 in 2022. - **Net Income:** $793,677 in 2023, compared to a net loss of $13,006 in 2022. - **Earnings Per Share (EPS):** $0.03 for 2023, compared to -$0.01 in 2022. **Strategic Overview:** - **Name Change:** FlooidCX Corp. changed its name to Quantum Energy Corporation. - **Market Opportunity:** Focus on sustainable and efficient energy solutions, including direct energy systems and rare earth materials recycling. - **Products:** Proprietary technologies in energy harvesting, storage, and distribution, including Photon Lighting Systems, Photon Engines, and Iron-Air batteries. **Future Outlook:** - **Growth Strategy:** Expanding market reach through strategic partnerships and licensing agreements. - **Installation Projects:** Anticipates significant installation fees and recurring revenue from ongoing and future projects. - **Market Position:** Positioning as a leader in the sustainable energy market with a focus on innovation and sustainability. **Risk Factors:** - **Operational Risks:** Dependence on key personnel and strategic partnerships. - **Financial Risks:** Limited liquidity and reliance on customer and investor funding for installations. - **Market Risks:** Competitive pressures and technological evolution in the energy sector. **Financial Condition:** - **Cash Flow:** No cash flows from investing activities; financing activities provided $83,699 in 2022. - **Working Capital:** Increased by $6.3 million in 2023, primarily due to accounts receivable. - **Debt:** Significant notes payable and related party transactions, with adjustments made in 2023. **Market Position Changes:** - **Licensing Agreements:** Sold multiple exclusive and non-exclusive licensed distributorships in 2023. - **Customer Base:** Active customer base includes various commercial, industrial, and governmental entities. - **Installation Projects:** Ongoing and planned installations in multiple states, with significant potential revenue. **Cybersecurity:** - **Risk Management:** Integrated cybersecurity risk management into overall risk management processes. - **Governance:** Board of directors oversees cybersecurity risks; plans to expand board and establish audit committee. **Corporate Governance:** - **Board and Committees:** Plans to expand board of directors and establish audit, compensation, and governance committees. - **Code of Ethics:** Reviewing and adopting a code of ethics for executive officers, directors, and employees. **Executive Compensation:** - **Compensation:** No compensation reported for executive officers in 2023 or 2022. - **Director Compensation:** No compensation for directors in 2023. **Security Ownership:** - **Major Shareholders:** Key shareholders include Dennis M. Danzik, Michael Halverson, and Hinz Family Trust. - **Stock Ownership:** Significant ownership by directors and executive officers, with plans to expand board independence. **Legal and Regulatory:** - **Legal Proceedings:** No legal proceedings contemplated or threatened as of the report date. - **Compliance:** Compliance with SEC regulations and plans to establish necessary committees and governance structures.