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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 14 – Subsequent Events:

 

On April 4, 2023, the Company appointed emerging and disruptive technologies specialist Lewis Shepherd to its Technical Advisory Board. Mr. Shepherd combines over 30 years of experience within both Silicon Valley (VMware, Microsoft) and government service (U.S. Department of Defense, Federal Communications Commission, Intelligence Committee of AFCEA International, Defense Intelligence Agency) addressing multiple aspects of R&D innovation with specific focus over the last 10 or more years on artificial intelligence, machine learning, augmented reality/virtual reality, data visualization, quantum computing, encryption, and cybersecurity.  Mr. Shepherd has joined the QCI Advisory Board to provide industry advice, market intelligence, and QCI product visibility into his expansive network.

 

On April 6, 2023, the Company’s wholly owned subsidiary, QI Solutions, which focuses on business with the federal government, joined the Center for Quantum Technologies (CQT) as a non-traditional defense company that offers a suite of quantum services, ranging from quantum computing to quantum sensing, imaging, and cybersecurity. CQT is a National Science Foundation sponsored initiative with engineers and scientists from Purdue University, Indiana University, the University of Notre Dame, and Indiana University Purdue University – Indianapolis. These four universities are joined by industry members Quantum Computing Inc.’s QI Solutions (QIS), the Air Force Research Laboratory, Amazon Web Services, Eli Lilly, Cummins, Toyota, Northrup Grumman, and IBM Quantum to transfer foundational quantum knowledge into novel quantum technologies that address industry and defense challenges.

 

On April 20, 2023, the Company expanded its commercially available product line to include its reprogrammable and non-repeatable Quantum Random Number Generator (QRNG), a patented technology that is crucial to mitigate security vulnerabilities and provides customers with trustworthy data. The Company is offering QRNG capability through a cloud-based subscription on its website followed by an option to purchase the hardware, which is a handheld cube-sized QRNG device, later in 2023.

 

On April 27, 2023, the Company expanded its commercially available product line to include its Reservoir Quantum Computing (RQC). Via an MOU with AI company millionways, Inc., the partnership will demonstrate the value of processing millionways’ AI algorithms through QCI’s existing RQC systems using audio files to produce an emotional scoring capability.  If the data processing project is successful, the companies will develop a joint marketing and business development plan to pursue commercial opportunities. 

 

On May 3, 2023 the Company issued 853,600 shares of common stock to thirty-five (35) employees as payment in lieu of cash for 2022 performance bonuses (the “bonus shares”). The bonus shares are restricted and will vest over a two-year period starting January 1, 2023.

 

From April 1, 2023 through May 11, 2023 the Company has repaid 750,000 of principal and accrued interest on the Streeterville Note, for a cumulative redemption amount of $1,000,000.

 

On May 4, 2023, the Company received an expansion to its subcontract award from SSAI to support NASA by using the Company’s reservoir quantum computer to remove solar background noise from LiDAR image data sets using deep learning methods, specifically recurrent neural network algorithms. Under the initial subcontract task, QCI will test and evaluate an existing LiDAR system designed to remotely measure the physical properties of different types of snowpacks, including the density, particle size and depth. With the additional task, NASA expanded the contract to include quantum machine learning processing of the data collected. Upon successful completion of this testing, NASA may authorize QCI to proceed with airborne testing with the ultimate goal to use the quantum LiDAR units on satellites.

 

There are no other events of a subsequent nature that in management’s opinion are reportable.