QS Energy Inc
For the period ended Dec 31, 2023. Filed Apr 9, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Apr 9, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from Operating Activities | ||
| Net loss | $(1,224,000) | $(1,548,000) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Fair value of warrants issued as compensation | 37,000 | 127,000 |
| Amortization of debt discount | 103,000 | 149,000 |
| Accrued interest expense | 182,000 | 162,000 |
| Depreciation | 4,000 | 4,000 |
| Gain on partial forgiveness of PPP note payable | – | (63,000) |
| Changes in operating assets and liabilities: | ||
| Operating lease right of use asset | – | 143,000 |
| Prepaid expenses and other current assets | 7,000 | (5,000) |
| Accounts payable and accrued expenses | 26,000 | 16,000 |
| Accounts payable – license agreements | 236,000 | 236,000 |
| Operating lease liabilities | – | (144,000) |
| Net cash used in operating activities | (629,000) | (923,000) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | – | (1,000) |
| Net cash used in investing activities | – | (1,000) |
| Cash flows from financing activities | ||
| Net proceeds from issuance of convertible notes and warrants | 532,000 | 393,000 |
| Net proceeds from exercise of warrants and options | 52,000 | 562,000 |
| Principal payment on PPP loan payable | (18,000) | (12,000) |
| Net cash provided by financing activities | 566,000 | 943,000 |
| Net increase (decrease) in cash | (63,000) | 19,000 |
| Cash, beginning of period | 133,000 | 114,000 |
| Cash, end of period | $70,000 | $133,000 |
| Supplemental disclosures of cash flow information | ||
| Cash paid during the year for: | ||
| Interest | $– | $– |
| Income Taxes | $1,600 | $1,600 |
| Non-cash investing and financing activities | ||
| Conversion of convertible notes to common stock, net | $350,000 | $59,000 |
| Relative fair value of warrants associated with issued convertible notes | $231,000 | $283,000 |
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