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.
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SOURCE Quantum Computing Inc.