FlooidCX Corp Reports $6.5M Revenue and $793K Net Income in 2023 10-K Filing

flooidCX Corp., which is in the process of rebranding as Quantum Energy Corporation, reported significant financial developments in its recent 10-K filing for the year ended December 31, 2023. The company generated revenue of $6.5 million, a notable increase from zero revenue reported for the ten months ending December 31, 2022. This revenue was primarily derived from the sale of exclusive and non-exclusive Licensed Distributorships, with each exclusive license sold for $1.5 million. The company also reported a net income of $793,677, contrasting with a net loss of $13,006 in the previous period.

The filing highlighted substantial changes in operational metrics compared to the prior fiscal period. General and administrative expenses rose to approximately $484,429 from $33,506, largely due to increased business activities and costs associated with terminated merger activities. The company also experienced a significant increase in other expenses, primarily due to a loss on debt settlement amounting to approximately $5.1 million. Despite these challenges, the company’s working capital improved to $2.4 million, up from a deficit of $3.9 million in the previous year.

Strategically, flooidCX has undergone a transformation since a change in control in July 2022, when MP Special Purpose Corp. acquired a significant stake in the company. This shift has led to a focus on developing and selling private electricity-generating equipment, aligning with the growing demand for sustainable energy solutions. The company has expanded its geographic footprint, establishing sales and operational offices across multiple states, including Texas, Florida, and Hawaii, and has initiated contracts for energy system installations valued at approximately $68 million.

As of December 31, 2023, flooidCX reported an active customer base that includes notable entities such as Hilton and Verizon, with ongoing energy surveys and engineering projects across various facilities. The company anticipates significant growth in installation fees and recurring revenue, projecting potential installation fees to exceed $150 million and recurring revenue contracts to surpass $100 million in the upcoming fiscal year. However, the company also noted that its liquidity remains limited, and its ability to continue operations is contingent upon securing necessary capital from customers and investors.

Looking ahead, flooidCX aims to leverage its proprietary technologies in energy efficiency and sustainability to capture a larger market share in the renewable energy sector. The company is actively pursuing additional distributorship agreements and has plans for further geographic expansion. However, the management has acknowledged the need for improved internal controls and governance, committing to enhancing its oversight and compliance structures as it navigates its growth trajectory.