Wed, May 15, 11:59 AM (205 days ago)
QS Energy, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reports a net loss of $449,000, compared to a net loss of $334,000 for the same period in 2023. The increase in loss is attributed to higher operating expenses, primarily due to increased non-cash expenses related to stock compensation. The company’s revenue remains at zero, reflecting ongoing challenges in commercializing its Applied Oil Technology (AOT). Research and development expenses slightly decreased to $47,000 from $54,000. The company’s financial position remains precarious with a stockholders' deficit of $5,382,000 and significant liabilities, including past-due notes payable and license agreement payables. Cash on hand was $78,000, sufficient to continue operations only through May 2024. The company is actively seeking additional funding to support its operations and commercialization efforts. The report raises substantial doubt about QS Energy’s ability to continue as a going concern due to recurring losses and negative cash flows.