Hoboken, NJ, September 11, 2024 /PRNewswire/ — Quantum Computing Inc . (“QCi” or the “Company”) (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, announced on September 11, 2024The company filed its Form 10-K/A for the year just ended December 31, 2023with the United States Securities and Exchange Commission (SEC). This filing contains a restatement of the Company’s previously issued consolidated financial statements for the fiscal years then ended. December 31, 2023 And 2022.
A re-audit and re-statement of the company was made in conjunction with the change of auditor previously announced. Useful May 3, 2024The Company has dismissed BF Borgers CPA PC (“BF Borgers”) as its independent registered public accounting firm, pursuant to the SEC’s order that BF Borgers appear before the SEC and be suspended from practicing as an accountant. June 6, 2024BPM LLP (“BPM”) has been appointed as the Company’s independent registered public accounting firm.
The adjustments in the restated financial statements had no material impact on the Company’s cash balances or operating cash flows. The revised funds contain the following material adjustments:
- Amendments in accounting for related purchases June 2022 Merger with QPhoton, LLC
- Amendments to the Accounting for Series A Preferred Dividends and Warrants
- Adjustment to share-based compensation expense and related prior period retained earnings to reflect election change in accounting policy
- Amendments to historical and subsequent accounting for debt and equity issue costs
- Reserve for collection risk for notes receivable
- Adjusting the recognition period for certain operating expenses
The tables below outline some of the non-cash restatements in detail (in thousands, excluding per share information):
|
2023 |
Increase / (decrease) |
2022 |
Increase / (decrease) |
|||
|
sum |
$ |
% |
Amount |
$ |
% |
|
|
revenue |
$358 |
– |
– |
$136 |
– |
– |
|
Gross profit |
$162 |
– |
– |
$75 |
– |
– |
|
Operating expenses |
$26,405 |
($979) |
(4 %) |
$28,720 |
($7,934) |
(22 %) |
|
Other income and |
($779) |
($1,730) |
(69 %) |
$2,667 |
$4,682 |
232 % |
|
Expenses |
||||||
|
Net loss |
($27,022) |
$2,709 |
(9 %) |
($25,978) |
$12,616 |
(33 %) |
|
A net loss will be obtained |
($27,833) |
$1,848 |
(6 %) |
($26,867) |
$11,727 |
(30 %) |
|
Common |
||||||
|
Partners |
||||||
|
loss per share |
($0.42) |
$0.04 |
11 % |
($0.73) |
$0.04 |
(6 %) |
|
weighted average |
66,611 |
(10,840) |
(14 %) |
36,680 |
(19,283) |
(34 %) |
|
Outstanding Shares |
||||||
|
Shares outstanding |
77,451 |
– |
– |
55,963 |
– |
– |
|
Money |
$2,059 |
– |
– |
$5,308 |
– |
– |
|
Total assets |
$74,355 |
($4,373) |
(6 %) |
$78,511 |
($10,790) |
(12 %) |
|
Total liabilities |
$5,652 |
$193 |
4 % |
$13,387 |
($1,017) |
(7 %) |
|
Total shareholders |
$68,703 |
($4,566) |
(6 %) |
$65,124 |
($9,773) |
(13 %) |
|
equity |
||||||
The Company expects to file Form 10-Qs for the periods ended March 31, 2024And June 30, 2024 Nasdaq listing with the SEC as soon as possible to implement compliance with Rule 5250(c)(1).
About Quantum Computing Inc
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an innovative, integrated photonics company that provides accessible and affordable quantum machines to the world today. QCi products are designed to operate at room temperature and low power at an affordable cost. The company’s portfolio of core technologies and products offers unique capabilities in high-performance computing, artificial intelligence, cyber security and remote sensing applications.
Source: Quantum Computing Inc.
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