Thu, Jul 18, 10:03 AM (51 days ago)
Qualis Innovations, Inc. filed its first amendment to the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Key changes include: 1. **Emerging Growth Company Status**: The company clarified it is not an emerging growth company and is not required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. 2. **Item 9A Amendment**: Updates were made to Item 9A regarding internal controls. 3. **Board Appointment**: Mr. Conte was appointed to the Board of Directors on December 7, 2023. Financial Highlights: - **Net Loss**: $805,021 for 2023, down from $920,515 in 2022. - **Operating Expenses**: Decreased by 75% to $230,241. - **Impairment of Assets**: $76,008 due to issues with the SOLACE device manufacturer. - **Revenue**: No revenue generated. - **Cash Position**: $2,431 at year-end 2023, down from $69,858 in 2022. - **Accumulated Deficit**: $4,430,308. Future Outlook: - The company continues to focus on developing its SOLACE medical device and anticipates FDA clearance via the 510(k) process. - There are substantial doubts about the company's ability to continue as a going concern due to recurring losses and a working capital deficit. Risk Factors: - Significant risks include the ability to raise additional capital, regulatory approvals, market competition, and reliance on a single product under development.