As of September 30, 2024, QS Energy, Inc. reported total current assets of $249,000, a significant increase from $82,000 at the end of 2023. Total assets also rose to $250,000 from $84,000 during the same period. However, total current liabilities increased to $5,802,000 from $5,328,000, while total liabilities remained unchanged at $5,802,000. The stockholders’ deficit worsened to $(5,552,000) from $(5,244,000) at the end of 2023.
For the three months ending September 30, 2024, operating expenses rose to $231,000 from $164,000 in the same period of 2023. The loss from operations increased to $(279,000) compared to $(211,000) in the prior year. The net loss for the quarter was $(365,000), up from $(301,000) in 2023. For the nine-month period, operating expenses reached $758,000, an increase from $508,000, with a corresponding loss from operations of $(901,000) compared to $(656,000) in 2023. The net loss for the nine months was $(1,147,000), compared to $(919,000) in the previous year.
The company reported no revenues for both the three-month and nine-month periods ended September 30, 2024, and 2023. Cash used in operations for the nine months was $(589,000), compared to $(491,000) in 2023. The net cash provided by financing activities increased to $756,000 from $572,000 year-over-year.
Research and development costs for the nine-month periods were $143,000 in 2024, slightly down from $148,000 in 2023. Patent costs surged to $31,000 from $3,000, reflecting increased investment in intellectual property.
QS Energy's financial position remains precarious, with an aggregate balance of past due notes payable amounting to $2,287,000 as of September 30, 2024. The company has incurred negative cash flow from operations since its inception in 1998 and has not yet generated revenues. Management is actively seeking additional funds through debt and equity securities to support ongoing operations and product development.
The company has also faced challenges with its Advanced Oil Treatment (AOT) technology, which is still in development and has not yet achieved commercial acceptance. Recent collaborations with VIPS Petroleum, LLC aim to facilitate the deployment of AOT technology, but the company continues to navigate significant operational and financial hurdles.
About QS Energy, Inc.
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