QSEA shows severe financial deterioration with current assets plummeting 72% while the company remains pre-revenue and burns through cash at an accelerating rate.
The company's financial position has dramatically weakened with current assets falling from $735K to just $206K, indicating potential liquidity stress for a pre-revenue entity. The removal of specific cash balances and short-term investment details, combined with worsening operating losses, suggests management may be obscuring the severity of the cash burn situation.
QSEA's financial profile deteriorated significantly across all key metrics, with current assets collapsing 72% to just $206K while operating cash flow burned 89% faster at -$1.2M. Despite a misleading positive net income swing to $260K, operating income worsened substantially to -$1.3M, and stockholders' equity remained deeply negative at -$3.3M. The overall picture signals a pre-revenue company rapidly depleting its financial resources with no clear path to profitability, creating immediate going concern risks.
Net income grew 546% — bottom-line growth signals improving overall business health.
Operating cash flow fell 88.6% — earnings quality concerns; investigate working capital changes and non-cash items.
Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.
Current assets declined 71.9% — monitor working capital adequacy and short-term liquidity.
Equity decreased 20.2% — buybacks or losses reducing book value, monitor solvency ratios.
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