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Quest Patent Research Corporation announces $3.6 million net income for 2023
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PR Newswire
RYE, N.Y., March 28, 2024
RYE, N.Y., March 28, 2024 /PRNewswire/ -- Quest Patent Research Corporation (OTCQB: QPRC) (the "Company" or "Quest"), announced today the results of its operations for the year ended December 31, 2023. For the year ended December 31, 2023, the Company generated net income of approximately $3.6 million, or $0.68 per share (basic and diluted), on revenues of approximately $13.2 million as compared to a loss of approximately $0.8 million on revenues of $0.5 million for the year ended December 31, 2022. Revenue from both years was generated from the settlement of patent infringement litigation. The Company's balance sheet, statement of operations and statements of cash flows are included as exhibits to this press release.
About Quest Patent Research Corporation
Quest is an intellectual property asset management company. Its principal operations include the acquisition, licensing and enforcement of intellectual property rights that are either owned or controlled by the Company. Quest currently owns, controls or manages 22 intellectual property portfolios of which it is currently seeking or may seek monetization with respect to twelve portfolios, which principally consist of patent rights. Quest's business is described in its annual report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on March 28, 2024. Quest's website is www.qprc.com. Information contained on or derived from Quest's website, or any other website or any social media does not constitute a part of this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release and the earnings call contain "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The words "expect," "believe," "estimate," "intend," "plan," "anticipate," "may," "should," "strategy," "future," "will," "project," "potential" and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to the risk that the Quest may not generate any significant revenue or operate profitably in the future and the other risks described in "Forward Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Quest's Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on March 28, 2024.
| QUEST PATENT RESEARCH CORPORATION AND SUBSIDIARIES | ||||
| | | December 31, | ||
| | | 2023 | | 2022 |
| | | | | |
| ASSETS | | | | |
| Current assets | | | | |
| Cash and cash equivalents | | $ 563,484 | | $ 90,601 |
| Accounts receivable, net of allowance for credit losses of $0 and $0, respectively | | 3,008,250 | | — |
| Other current assets | | 28,121 | | 5,321 |
| Total current assets | | 3,599,855 | | 95,922 |
| | | | | |
| Patents, net of accumulated amortization of $2,412,397 and $1,625,846, respectively | | 3,674,603 | | 1,131,154 |
| Total assets | | $ 7,274,458 | | $ 1,227,076 |
| | | | | |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | | | | |
| Current liabilities | | | | |
| Accounts payable and accrued liabilities | | 296,536 | | 148,533 |
| Loans payable | | 138,000 | | 138,000 |
| Funding liability | | 7,325,502 | | 5,453,204 |
| Loan payable - related party | | 2,796,500 | | 2,796,500 |
| Warrant liability | | 281,809 | | 145,428 |
| Accrued interest | | 1,096,985 | | 904,573 |
| Total current liabilities | | 11,935,332 | | 9,586,238 |
| | | | | |
| Non-current liabilities | | | | |
| Loan payable – SBA | | 150,000 | | 150,000 |
| Purchase price of patents | | 53,665 | | 53,665 |
| Total liabilities | | 12,138,997 | | 9,789,903 |
| | | | | |
| Commitments and contingencies (Note 10) | | | | |
| | | | | |
| Stockholders' deficit: | | | | |
| Preferred stock, par value $0.00003 per share - authorized | | — | | — |
| Common stock, par value $0.00003 per share; authorized | | 160 | | 160 |
| Additional paid-in capital | | 17,674,985 | | 17,626,279 |
| Accumulated deficit | | (22,539,912) | | (26,189,494) |
| Total Quest Patent Research Corporation stockholders' deficit | | (4,864,767) | | (8,563,055) |
| Non-controlling interest in subsidiary | | 228 | | 228 |
| Total stockholders' deficit | | (4,864,539) | | (8,562,827) |
| Total liabilities and stockholders' deficit | | $ 7,274,458 | | $ 1,227,076 |
| QUEST PATENT RESEARCH CORPORATION AND SUBSIDIARIES | |||
| | |||
| | Year Ended December 31, | ||
| | 2023 | | 2022 |
| Revenues | | | |
| Patent licensing fees | $ 13,152,500 | | $ 451,194 |
| Cost of revenue Werbung Mehr Nachrichten zur Quest Products Aktie kostenlos abonnieren
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