Quantum Computing Inc. initiates commercialization during
first half of 2023 and commenced multiple product launches
year-to-date, including:
- Dirac Series Entropy Quantum computer.
- Zero-Trust Cyber Security Protection solution.
- Non-repeatable Quantum Random Number Generator.
- Reservoir Photonics computing (machine learning/predictive) –
AI enhancing.
- Quantum Sensing products including QLiDAR and the Photonic
Vibrometer – first to market to discern highly obscured and
non-line-of-sight objects.
LEESBURG, Va., Aug. 14,
2023 /PRNewswire/ -- Quantum Computing Inc. ("QCi",
"we", "our" or the "Company") (Nasdaq: QUBT), a first-to-market
nanophotonic-based quantum technology company, today
announced its financial results for the three and six-months
periods ended June 30,
2023.
"The conclusion of the second quarter 2023 marks the one-year anniversary of our merger
with QPhoton. I am pleased to report that the full
integration with QPhoton has been successfully completed. In
one year's time we have seamlessly doubled the size of the Company
in terms of personnel, facilities, assets, and scope of our
business. Together, combining QCi's quantum software platform
and data scientist expertise with QPhoton's highly sophisticated
quantum hardware intellectual property, we have redefined ourselves
as a nanophotonic-based quantum technology company, focused on the
democratization of quantum technologies. In one year, we have
laid the foundation for our core technology, designed advanced
quantum photonic chips to miniaturize key product
components, and have begun commercialization with the release
of certain first-to-market, photonic-based, quantum-enabled
products and services," commented Robert
Liscouski, co-Founder, CEO & Chairman of QCi.
"The second quarter report illustrates that we have consistently
maintained tight financial controls during a significant
consolidation period, while rolling out a business development,
marketing and sales plan to facilitate a multi-product release
effort. To sum up, QCi has in one year accomplished what it
has taken industry participants several years to achieve, and we
believe we deliver greater quantum capability. To produce
this high level of activity, we are fortunate to have secured
cost-effective funding sources, entering the third quarter with
sufficient cash on our balance sheet to ensure continuous funding
of our operations, expanding of our business plan and fulfillment
of our financing obligations. We have attracted accomplished
thought leaders, scientists, engineers and financial experts to our
management and professional staff, Board of Directors, Technical
Advisory Board, and Advisory Team. We anticipate during the
second half of 2023 that we will deliver the Company's first
meaningful revenue."
Second Quarter and First Half 2023 Financial
Highlights
P&L
Revenue:
- Second quarter 2023 revenues totaled approximately $112,000 (54.4% gross margin) compared to
$65,000 (92.0% gross margin)
generated in the second quarter 2022 and $121,000 (53.3% gross margin) revenue for the
first quarter 2023. The increase in revenues is primarily due to
changes in the number and size of active customer contracts and the
level of completion accomplished. As the Company's gross margin is
mainly a function of direct labor cost, revenue generated on
current projects required higher skill-sets, reducing the gross
margin level from the previous year. While the company's revenue
will include the sale of hardware and the rendering of professional
services, revenue during the first half of the year was driven by
professional services provided to multiple government and
commercial customers under multi-month contracts.
- For the six months of 2023, revenues totaled approximately
$233,000, an increase of 141% over
prior year's six-month period. As the Company has only recently
entered its commercialization phase, revenues were expected to be
minimal during the first half of 2023; however, as contracted
testing and a backlog of proof-of-concept projects demonstrate
positive results, the Company anticipates increasing revenue
sequentially as the year progresses and into 2024.
Operating Expenses:
- Second quarter 2023 operating expenses totaled $3.9 million compared to the previous year's
second quarter operating expenses of $4.9
million and $7.9 million for
the first quarter 2023. The roughly $1.0
million year-over-year decrease in expenses is due in large
part to the $2.4 million decrease in
other SG&A costs driven by QPhoton merger-related expenditures
for legal expenses and intangible asset adjustments, partly offset
by an increase of $734,000 in R&D
for additional technical labor and parts required to design and
test new hardware products, and an increase of $795,000 in overall compensation expense. The
increase in compensation expenses is partly offset by reduced
reliance on consulting and professional services as the Company
shifts core responsibilities in-house.
- Operating expenses for the six months ended June 30, 2023, totaled $11.8 million, an increase of approximately
$175,000 over prior year's six-month
period principally due to an increase in R&D of $1.2 million to design and test new hardware
products partially offset by a $873,000 reduction in costs associated with the
QPhoton merger.
- The Company's average monthly cash burn during second quarter
2023 was approximately $1.69 million,
an increase of $106,000 over the
prior year's second quarter results, or roughly 6.7%, and an
increase of approximately $119,000,
or 7.5%, compared to the average monthly cash burn for the first
quarter 2023. The increase in monthly cash burn is primarily
due to additional quantum engineering hires and building out
operational support for the increase in product launches. The
level of monthly cash expenditure is expected to hold relatively
steady for the foreseeable future.
Net Results:
- The Company reported a net loss of $4.6
million, or $(0.07) per basic
share for the second quarter of 2023, compared to a net loss of
$5.1 million or $(0.17) per basic share for the same period of
the previous year. The $462,000
year-over-year decrease is primarily due to a decrease in operating
expenses offset by an increase of $487,000 in financings costs related to interest
on the company's promissory notes and fees for At-the-Market (ATM)
facility. The Company's second quarter losses declined
approximately $3.9 million compared
to first quarter 2023 due largely to adjustments related to the
QPhoton acquisition, as well as the final payment of non-recurring,
merger-related costs that occurred in the first quarter 2023.
- For the first six months of 2023, the net loss totaled
$13.1 million, or $(0.20) per basic share, compared to a net loss
of $12.2 million, or $(0.42) per basic share in the prior year's
six-month period. The increase in net loss is largely due to the
decreased operating expenses for QPhoton merger-related costs,
offset by an increase of $781,000 in
other expenses related predominately to interest on short-term
promissory notes and an increase in financing costs related to
first time use of the ATM facility. As of June 30, 2023, the Company's tax loss carry
forwards was approximately $11.7
million.
Balance Sheet
Assets:
- As of June 30, 2023, cash and
cash equivalents increased $1.9
million to $7.2 million from
the beginning of 2023, which is net of the note receivable of
approximately $505,000 invested to
secure the Company's right of first refusal to potentially
acquire millionways, Inc. ("millionways") and a reduction of
$668,655 in account payable and
accrued expenses. The net increase in cash and cash equivalents
reflects the $14.7 million in capital
secured from the Company's ATM offering during the first six months
of 2023.
- Total assets declined $653,000 to
$88.6 million on June 30, 2023, primarily driven by a reduction of
Goodwill for forfeitures of QPhoton merger warrants totaling
$3.6 million, offset by the
$1.9 million net increase in cash and
cash equivalents, the $505,000
investment in millionways, and net property and plant additions of
$476,000.
Liabilities:
- Total liabilities decreased $2.7
million to approximately $11.7
million compared to year-end 2022, driven by the Company's
continued repayment of its debt, which began March 2023, as well as payment of final expenses
related to the QPhoton merger. As of June
30, 2023, the Company held no long-term debt and
approximately $6.5 million in
unsecured short-term promissory notes.
Shareholders' Equity:
- As of June 30, 2023, the Company
had positive shareholder equity totaling $76.9 million, a 2.7% increase from December 31, 2022.
Capitalization:
- As of June 30, 2023, the Company
had approximately 67.2 million shares of common stock outstanding,
an increase of approximately 6.7 million shares during the second
quarter. This increase is attributed to the sale of shares
through the ATM facility and shares issued as compensation for
services related to the QPhoton merger. As of August 10, 2023, the Company has approximately
$77.5 million remaining on its shelf
registration that went effective November 8,
2022. The Company's current shares outstanding totals
approximately 74.3 million shares of common stock
outstanding.
- As of June 30, 2023, the
Company's fully diluted shares totaled approximately 88.9 million,
which included 13.7 million stock options of which approximately
54% have vested (average exercise price $3.33), 1.6 million warrants (average exercise
price $6.93), 4.9
million cashless warrants to pre-merger shareholders
of QPhoton, and 1.6 million shares underlying Series A
Preferred stock (on an as converted basis). In the event that all
options and cash warrants were to be exercised, the Company would
receive an additional $56.7 million
in cash.
Subsequent Financial Developments:
- The Company repaid $1.5 million
of principal and accrued interest on the Company's unsecured Note
for a cumulative total repayment of $4.0
million as of August 10, 2023.
The Company's remaining principal and accrued interest on the Note
totals approximately $4.9
million.
- In preparation for its entry into quantum chip manufacturing,
the Company placed deposits totaling approximately $1.3 million to secure long-lead equipment for
its planned fabrication facility in Arizona where it will produce Lithium Niobate
optical chips for quantum information processing and other single
photon detection and sensing applications. The purchase of these
long lead items is expected to enable the Company to enter quantum
chip manufacturing in the first half of 2024.
- The Company issued 1.5 million shares of restricted common
stock with a five-year vesting period to five key technical staff
employees as long-term incentive bonuses. These shares will vest in
equal amounts over the 5-year term and are subject to the grantee
continuing to perform services for the Company in the capacity in
which the grant was received.
- The Company secured approximately $7.8
million in gross proceeds through the sale of common stock
via its ATM facility at an average price of $1.40 during the period July 1, 2023 through August 9, 2023. As of August 10, 2023, the Company's cash and cash
equivalents total approximately $10.1
million.
Second Quarter 2023 Operational Highlights
Leadership Appointments:
- The Company appointed Chris
Boehmler as its Chief Financial Officer. Mr. Boehmler brings
20 years of extensive financial expertise and a strong background
in strategic financial management, including investment banking,
planning & analysis, accounting operations, financial and SEC
reporting, systems integration and financial risks & controls.
Prior to joining QCi in early 2022 as the Company's Controller, Mr.
Boehmler began his career at Credit Suisse and Booz Allen Hamilton, followed by holding various
senior financial positions at technology companies and financial
institutions, including Bridgewater Associates, LP and Intelsat,
where he successfully drove financial strategy and managed complex
financial operations in high-demand environments. As CFO, Mr.
Boehmler assumed a crucial role in overseeing the Company's
financial operations, strategy, and planning as QCi enters material
commercialization. Mr. Boehmler received his BA (Economics) from
the University of Chicago. He replaces
Chris Roberts who remains a General
Counsel and a strategic advisor to the Company as a consultant.
- Lewis Shepherd, an emerging and
disruptive technologies specialist within both Silicon Valley
(VMware, Microsoft) and government service (U.S. Department of
Defense, Federal Communications Commission, Intelligence Committee
of AFCEA International, Defense Intelligence Agency), joined the
QCi Technical Advisory Board to provide industry advice, market
intelligence, and QCi product visibility into his extensive
network.
Contract Announcement:
- In May 2023, the Company received
an expansion to its subcontract award from SSAI to support NASA by
using the Company's reservoir quantum computer to remove solar
background noise (sunlight) from LiDAR image data sets, thereby
enabling daytime operation of spaceborne LiDAR systems. Heretofore,
high quality data was nearly impossible to achieve in daylight.
Under the initial subcontract awarded February 2023, QCi was tasked to test and
evaluate an existing LiDAR system designed to remotely measure the
physical properties of different types of snowpacks, including the
density, particle size and depth. With the additional award, NASA
expanded the contract to include quantum machine learning
processing of the data collected. Upon successful completion of
this testing, NASA may authorize QCi to proceed with airborne
testing with the ultimate goal to use the quantum LiDAR units on
satellites.
New Product Launch:
- The Company announced its reprogrammable and non-repeatable
Quantum Random Number Generator (QRNG), a patented technology that
is crucial to mitigate security vulnerabilities and provides
customers with trustworthy data, contributing more effective key
production for encryption. The core QRNG technology provides
arbitrary and correlated random number distribution which has
unique advantages in cybersecurity and big data analyses. The QRNG
is available through a cloud-based subscription on the Company
website followed by an option to purchase the hardware later in
2023.
- The Company launched its first-in-a-series Reservoir Computer
(RC), a type of machine learning edge device that is
photonic-inspired, FPGA-based, and optimized for recurrent neural
network applications. The QCi Reservoir Computer's advantage of
being deployed at the edge of a computer network, allows data
analysis to occur at the sensors or collection point, reducing
latency, dependency on network connections, and allows for more
real-time processing of data, thereby delivering superior
performance in time dependent tasks, such as chaotic time series
prediction, radar signal classification, and speech recognition.
QCi's RC can address complex problems in fields of natural language
processing, weather prediction, financial analysis, drug discovery,
optimization, autonomous driving, enhancement of LiDAR
capabilities, and a material boost to performance (speed, accuracy
and data processing volume), affordability, and power-savings to
the AI industry. The Company's current contract with NASA and its
collaboration with millionways, both of which are the first to use
the QCi RC, speak to its ability to solve complex machine learning
problems across different application areas. QCi has begun
accepting orders for the RC and will begin shipment during second
half of 2023.
Collaboration:
- In April 2023, the Company
entered into an MOU with artificial intelligence company
millionways, Inc., creator of the world's first emotionally
intelligent AI platform. The partnership represents an opportunity
for QCi to demonstrate the significant advantages of applying
quantum computing to AI. The collaboration would highlight the
value of processing millionways' AI algorithms through QCi's
existing reservoir computer that can uniquely assess audio files to
produce an emotional scoring capability and demonstrate an enhanced
capability for AI systems in general. If the data processing
project is successful, the companies will develop a joint marketing
and business development plan to pursue commercial
opportunities.
On May 22, 2023, the Company signed
of a non-binding Letter of Intent to acquire up to 100% of
millionways, Inc., pending the completion of due diligence by
independent third-party valuation and fairness opinion firms.
According to the terms of the LOI, QCi will provide a series of
bridge loans (one year term at 10% interest) to millionways
starting at $125,000 and potentially
aggregating up to $2,000,000, at
QCi's discretion. Upon the completion of the first bridge loan, QCi
will have the right of first refusal to purchase millionways for a
one-year period. In the event an acquisition of millionways does
not occur, the capital QCi has invested will be repaid. As of
August 10, 2023, QCi has invested
$500,000 in millionways bridge notes
as the two companies continue their collaborative testing.
Commercial Proof of Concepts, Beta-tests and System Users
Update:
- QCi has begun onboarding 3rd party users to its Dirac-1 and
Dirac-2 Entropy Quantum Computers, who are working on large
quadratic binary optimization problems and use cases for critical
applications using CSample. This program enables end users to
develop operational uses before converting to a subscription. The
first end user was onboarded in the second quarter, three
additional have been added in the third quarter, and six more are
expected by the end of 2023.
- One of the largest US insurance carriers took part in
experiments to determine whether QCi's photonic quantum computing
could detect and/or predict variations in its systems that could
compromise its network, impairing its customer service and
operational efficiency. Currently the insurance carrier is
considering additional use case experiments.
- QCi's Dirac-1 system successfully identified optimal time,
speed and route through varying obstructions for drone aircraft for
Virginia Innovation Partnership Corporation. QCi is currently
working to expand this program toward a field demonstration using
QCi's Dirac-1 system with Unmanned Aerial Vehicles.
- QCi's Dirac-1 fraud detection capabilities
successfully demonstrated four separate machine learning
applications for Rabobank. QCi is now evaluating additional
use cases to support a variety of financial services applications
for banking customers.
- The Company is continuously engaged in a number of beta-tests
use cases to demonstrate the effectiveness of its computing
capabilities, including:
- Inventory purchase optimization in supply
chain
- Optimizing advertising spend across different
media channels
- Machine learning models to classify voice
recording data
- Intrusion detection within security networks,
vehicle routing and payload optimization
Consortium Membership Invitation:
- QI Solutions, a wholly owned subsidiary of QCi focused on
federal government projects, joined the Center for Quantum
Technologies (CQT). CQT is a National Science Foundation sponsored
initiative with engineers and scientists from Purdue University, Indiana
University, the University of Notre
Dame, and Indiana University Purdue
University Indianapolis (IUPUI). QI Solutions and these four
universities are joined by industry leaders, such as Air Force
Research Laboratory, Amazon Web Services, Eli Lilly, Cummins,
Toyota, Northrup Grumman, and IBM
Quantum, to explore novel quantum technologies that address
industry and defense challenges.
Subsequent Operational Developments and Outlook
Contract Announcement:
- The Company received a subcontract award from Bay Area
Environmental Research Institute (BAERI) to build and test an
innovative photonic sensor instrument to provide accurate
measurement of atmospheric particulates such as clouds, aerosols,
smoke flume, volcanic ashes, etc. for NASA Ames. The photon sensor
instrument will be designed to identify physical properties
including size, shape and chemical composition. This award
represents the third distinct task order from NASA and is the
second research center within NASA to subcontract with the Company.
Under the nine-month subcontract, QCi will deliver a compact
system, programmed to process a substantial amount of data that can
support standalone operations for days, and designed to be powered
by a 12-volt battery that consumes no more than 30 watts of power.
The possible long-term objective of this engagement is to position
these instruments for field deployment to create a monitoring
network.
New Product Launch:
- The Company expanded its commercially available product line to
include its first-in-a-series Quantum Photonic Vibrometer, a
proprietary, powerful instrument for remote vibration detection,
sensing and inspection. This device is the first quantum
accelerated photonics vibrometer available in the market today and
offers significant advancements in sensitivity, speed and
resolution. The Quantum Photonic Vibrometer is capable of
discerning – for the first time – highly obscured and
non-line-of-sight objects. Military and commercial applications are
numerous in the areas of material recognition, enhanced
surveillance, infrastructure integrity and preventive industrial
maintenance – all at safe distances and requiring minimal
energy/optical power.
Patent Award:
- On July 25, 2023, the Company's
Chief Quantum Officer (inventor), the Company's Director of Quantum
Hardware (inventor), and the Trustees of the Stevens Institute of Technology (assignee) were
named on a patent that was granted approval in the United States. Quantum Computing Inc. has
perpetual, exclusive rights to utilize the patent. The patent,
which was previously granted early 2023 in Europe and China, addresses unconditional network
security, including a method for quantum authentication. This
breakthrough patent fills a critical security breach vulnerability
by offering a way to effectively protect information in a
zero-trust environment and thereby safeguarding an entire network
at all points of slippage. Designed to be compatible with existing
fiber-based communication infrastructure and satellite-based
networks, the patent is a broad use award based on a fundamental
methodology for secure networking among multiple parties, uniquely
combining authentication and encryption in a single step.
Guidance:
- The Company has transitioned to commercializing applications
through its various product lines, while seamlessly completing the
integration of its QPhoton acquisition and greatly expanding the
scope of its business. During the first half of 2023, the Company
has released several products, secured initial testing contracts
with Government agencies, and has engaged in a growing number of
proof of concepts that it believes will potentially evolve into
contracts in the coming months. The Company anticipates a gradual
revenue increase during the remainder of the year, developing into
heightened growth towards late 2023 and beyond as management
expects to achieve positive results from several early testing
engagements in addition to other initiatives the Company is
pursuing in distribution partnerships as well as government
grants.
For additional information on the Company's suite of solutions,
please visit our website or contact our team directly.
About Quantum Computing Inc. (QCi)
Quantum Computing Inc. is a quantum hardware and software
company on a mission to accelerate the value of quantum computing
for real-world business solutions, delivering the future of quantum
computing, today. The company provides accessible and affordable
solutions with real-world industrial applications, using
nanophotonic-based quantum entropy that can be used
anywhere and with little to no training, operates at normal room
temperatures, low power and is not burdened with unique
environmental requirements. QCi is competitively advantaged
delivering its quantum solutions at greater speed, accuracy and
security at less cost. QCi's core nanophotonic-based
technology is applicable to both quantum computing as well as
quantum sensing and imaging solutions, providing QCi with a unique
position in the marketplace. QCi's core entropy computing
capability, the Dirac series, delivers solutions for both binary
and integer-based optimization problems using over 11,000 qubits
for binary problems and over 1000 (n=64) qubits for integer-based
problems, each of which are the highest number of variables and
problem size available in quantum computing today. Using the
Company's core quantum methodologies, QCi has developed specific
quantum applications for AI, cybersecurity and remote sensing,
including its Reservoir Photonic Computer series, reprogrammable
and non-repeatable Quantum Random Number Generator and LiDAR
products. For more information about QCi,
visit www.quantumcomputinginc.com.
About QI Solutions, Inc. (QiS)
QI Solutions, Inc., a wholly owned subsidiary of Quantum
Computing Inc., is a supplier of quantum technology solutions and
services to the government and defense industries. With a team of
qualified and cleared staff, QiS delivers a range of solutions from
entropy quantum computing to quantum communications and sensing,
backed by expertise in logistics, manufacturing, R&D and
training. The company is exclusively focused on delivering tailored
solutions for partners in various government departments and
agencies.
Important Cautions Regarding Forward-Looking
Statements
This press release contains forward-looking statements as
defined within Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. By their nature, forward-looking statements and forecasts
involve risks and uncertainties because they relate to events and
depend on circumstances that will occur in the near future. Those
statements include statements regarding the intent, belief or
current expectations of Quantum Computing Inc. (the "Company"), and
members of its management as well as the assumptions on which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements.
The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed conditions.
Statements in this press release that are not descriptions of
historical facts are forward-looking statements relating to future
events, and as such all forward-looking statements are made
pursuant to the Securities Litigation Reform Act of 1995.
Statements may contain certain forward-looking statements
pertaining to future anticipated or projected plans, performance
and developments, as well as other statements relating to future
operations and results. Any statements in this press release that
are not statements of historical fact may be considered to be
forward-looking statements. Words such as "may," "will," "expect,"
"believe," "anticipate," "estimate," "intends," "goal,"
"objective," "seek," "attempt," "aim to," or variations of these or
similar words, identify forward-looking statements. These risks and
uncertainties include, but are not limited to, those described in
Item 1A in the Company's Annual Report on Form 10-K, which is
expressly incorporated herein by reference, and other factors as
may periodically be described in the Company's filings with the
SEC.
*** Financial Statements Follow ***
Quantum Computing Inc.
Consolidated Balance
Sheet
(Unaudited)
|
|
|
|
|
June 30,
2023
|
|
|
December 31,
2022
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
7,196,795
|
|
$
|
5,308,466
|
Account receivable
|
|
|
121,389
|
|
|
12,774
|
Prepaid expenses
|
|
|
202,168
|
|
|
224,302
|
Loans Receivable
|
|
|
504,668
|
|
|
-
|
Other current assets
|
|
|
11,567
|
|
|
42,105
|
Subtotal current
assets
|
|
|
8,036,587
|
|
|
5,587,647
|
Fixed assets (net of
depreciation)
|
|
|
1,451,364
|
|
|
975,169
|
Other
Assets
|
|
|
|
|
|
|
Lease right-of-use
|
|
|
1,178,933
|
|
|
1,327,746
|
Security deposits
|
|
|
64,218
|
|
|
60,271
|
Intangible assets-net of
amortization
|
|
|
12,810,010
|
|
|
22,223,725
|
Goodwill
|
|
|
65,106,678
|
|
|
59,125,773
|
Subtotal Other
assets
|
|
|
79,159,839
|
|
|
82,737,515
|
Total
Assets
|
|
$
|
88,647,790
|
|
$
|
89,300,331
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
(Deficit)
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
935,351
|
|
$
|
871,887
|
Accrued expenses
|
|
|
2,827,862
|
|
|
3,559,981
|
Lease liability
|
|
|
1,214,640
|
|
|
1,357,924
|
Dividends
payable-preferred
|
|
|
215,119
|
|
|
219,844
|
Loans payable-short
term
|
|
|
6,515,776
|
|
|
535,684
|
Accrued interest – short
term
|
|
|
26,505
|
|
|
-
|
Current liabilities -
subtotal
|
|
|
11,735,253
|
|
|
6,545,320
|
Long term
liabilities
|
|
|
|
|
|
|
Loans payable-long
term
|
|
|
-
|
|
|
7,632,998
|
Accrued interest – long
term
|
|
|
-
|
|
|
225,282
|
Long term liabilities -
subtotal
|
|
|
-
|
|
|
7,858,280
|
Total
Liabilities
|
|
|
11,735,253
|
|
|
14,403,600
|
Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 250,000,000 shares authorized:
|
|
|
|
|
|
|
67,215,159 and 55,963,334 shares
issued and outstanding as of
|
|
|
|
|
|
|
June 30, 2023 and
December 31, 2022, respectively.
|
|
|
6,724
|
|
|
5,596
|
Preferred stock,
$0.0001par value, 1,550,000 shares Series A
convertible
|
|
|
|
|
|
|
Preferred Authorized: 1,490,004
and 1,500,004 shares issued and
|
|
|
|
|
|
|
outstanding as
of June 30, 2023 and December 31, 2022,
|
|
|
|
|
|
|
3,079,864 shares
of Series B Preferred Stock Authorized,
|
|
|
|
|
|
|
0 and 0 shares
issued and outstanding as of June 30, 2023 and
|
|
|
|
|
|
|
December 31,
2022, respectively.
|
|
|
149
|
|
|
150
|
Additional paid-in
capital
|
|
|
161,864,055
|
|
|
151,163,909
|
APIC-Beneficial Conversion
Feature in Equity
|
|
|
4,898,835
|
|
|
4,898,835
|
APIC-Stock Based
Compensation
|
|
|
43,279,140
|
|
|
38,816,022
|
Accumulated deficit
|
|
|
(133,136,366)
|
|
|
(119,987,781)
|
Total Stockholders' Equity
(deficit)
|
|
|
76,912,537
|
|
|
74,896,731
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
88,647,790
|
|
$
|
89,300,331
|
Quantum Computing Inc.
Consolidated Statement of Operations
(Unaudited)
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
March 31,
|
|
March 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
$
|
112,190
|
|
$
|
65,484
|
|
$
|
232,719
|
|
$
|
96,724
|
Cost of revenues
|
|
51,157
|
|
|
5,233
|
|
|
107,395
|
|
|
16,800
|
Gross profit
|
|
61,033
|
|
|
60,251
|
|
|
125,324
|
|
|
79,924
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and benefits
|
|
530,689
|
|
|
1,358,406
|
|
|
1,984,322
|
|
|
2,474,634
|
Consulting
|
|
183,281
|
|
|
255,631
|
|
|
408,322
|
|
|
626,513
|
Research
& development
|
|
1,584,712
|
|
|
850,444
|
|
|
3,119,308
|
|
|
1,875,031
|
Stock
based compensation
|
|
1,946,811
|
|
|
323,859
|
|
|
3,915,625
|
|
|
3,403,662
|
Selling
General and administrative
|
|
(325,364)
|
|
|
2,080,275
|
|
|
2,344,352
|
|
|
3,217,379
|
Total
operating expenses
|
|
3,920,129
|
|
|
4,868,615
|
|
|
11,771,929
|
|
|
11,597,219
|
Loss from operations
|
|
(3,859,096)
|
|
|
(4,808,364)
|
|
|
(11,646,605)
|
|
|
(11,517,295)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
61,136
|
|
|
33,163
|
|
|
92,980
|
|
|
44,027
|
Interest
expense – Promissory Notes
|
|
(185,623)
|
|
|
-
|
|
|
(400,145)
|
|
|
-
|
Interest
expense – Preferred dividends
|
|
(215,119)
|
|
|
(223,125)
|
|
|
(430,833)
|
|
|
(446,250)
|
Interest
expense – Financing expenses
|
|
(443,746)
|
|
|
(106,250)
|
|
|
(763,982)
|
|
|
(318,750)
|
Other income (expenses),
net
|
|
(783,352)
|
|
|
(296,212)
|
|
|
(1,501,980)
|
|
|
(720,973)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Net loss
|
$
|
(4,642,448)
|
|
$
|
(5,104,576)
|
|
$
|
(13,148,585)
|
|
$
|
(12,238,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
Per-share data
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic
|
|
67,215,159
|
|
|
29,204,543
|
|
|
67,215,159
|
|
|
29,204,543
|
Weighted average shares - diluted
|
|
88,937,925
|
|
|
44,949,871
|
|
|
88,937925
|
|
|
44,949,871
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
|
(0.07)
|
|
$
|
(0.17)
|
|
$
|
(0.20)
|
|
$
|
(0.42)
|
Loss per share -
diluted
|
$
|
(0.05)
|
|
$
|
(0.11)
|
|
$
|
(0.15)
|
|
$
|
(0.27)
|
View original content to download
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SOURCE Quantum Computing Inc.