HOBOKEN, N.J., Sept. 11, 2024 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, announced that on September 11, 2024, the Company filed its Form 10-K/A for the year ended December 31, 2023, with the United States Securities and Exchange Commission (SEC). The filing contains the restatement of the Company's previously issued consolidated financial statements for the fiscal years ended December 31, 2023 and 2022.
The Company's reaudit and restatement was done in conjunction with the previously announced change of auditor. Effective May 3, 2024, the Company dismissed BF Borgers CPA PC ("BF Borgers") as its independent registered public accounting firm, in parallel with an order by the SEC suspending BF Borgers from appearing and practicing as an accountant before the SEC, and effective June 6, 2024, appointed BPM LLP ("BPM") 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 restated financials contain the following material adjustments:
- Corrections to the purchase accounting relating to the June 2022 merger with QPhoton, LLC
- Corrections to the accounting for the Series A Preferred dividends and warrants
- Adjustments to stock-based compensation expenses and related prior period retained earnings to reflect an election change in accounting policy
- Corrections to the historical and subsequent accounting for debt and equity issuance costs
- Reserving a collection risk for notes receivable
- Adjusting the recognition period for certain operating expenditures
The below tables outline in detail certain non-cash restatements ($ in thousands, excluding per share information):
2023 | Increase / (Decrease) | 2022 | Increase / (Decrease) | |||
Amount | $ | % | 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 %) |
Net loss available to | ($27,833) | $1,848 | (6 %) | ($26,867) | $11,727 | (30 %) |
common | ||||||
stockholders | ||||||
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 %) |
shares outstanding | ||||||
Shares outstanding | 77,451 | - | - | 55,963 | - | - |
Cash | $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 Stockholders' | $68,703 | ($4,566) | (6 %) | $65,124 | ($9,773) | (13 %) |
Equity | ||||||
The Company anticipates filing Form 10-Qs for periods ending March 31, 2024, and June 30, 2024 with the SEC as soon as practicable to regain compliance with Nasdaq Listing 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 technology and products offer unique capabilities in the areas of high-performance computing, artificial intelligence, cybersecurity, as well as remote sensing applications.
SOURCE Quantum Computing Inc.
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