Quest Water Global, Inc. reported no revenue for the fiscal years ending December 31, 2024, and 2023, continuing a trend of financial challenges. The company incurred a net loss of $757,611 in 2024, compared to a loss of $596,013 in the previous year. This increase in losses is attributed primarily to a significant rise in stock-based compensation expenses. Total expenses for 2024 reached $757,611, marking a 27% increase from $596,013 in 2023, with management fees remaining constant at $495,000.
The company’s financial position remains precarious, with total liabilities amounting to $2,406,693 as of December 31, 2024, up from $1,837,103 in 2023. Quest Water Global reported a working capital deficit of $2,405,327 and an accumulated deficit of $12,592,996. The company had only $4 in cash at year-end, indicating severe liquidity issues. The reliance on advances from related parties has been crucial for ongoing operations, with $567,510 received in financing activities during 2024, consistent with the previous year.
Strategically, Quest Water Global has focused on expanding its AQUAtap™ Community Water Purification and Distribution systems, particularly in water-scarce regions such as the Democratic Republic of the Congo (DRC), Angola, and South Africa. The company has established partnerships aimed at facilitating clean water initiatives in underserved communities. In October 2023, Quest entered a partnership to form AQUAtap Oasis South Africa, which aims to supply affordable clean water across the country. The company also plans to replicate its DRC business model in other regions.
Operationally, Quest Water Global has maintained a small workforce, consisting of two full-time employees and nine independent contractors. The company’s product offerings include the AQUAtap™ system and the WEPS™ (Water Extraction and Purification System), which are designed to provide sustainable water solutions. However, the lack of revenue generation raises concerns about the viability of these initiatives. The company’s future plans include continuing to seek funding through equity financing and addressing water supply issues in the DRC, with an estimated requirement of $1,011,000 for the next 12 months.
Looking ahead, Quest Water Global acknowledges the uncertainty surrounding its ability to generate revenue and achieve profitability. The company’s financial statements indicate substantial doubt about its ability to continue as a going concern, dependent on continued financial support from creditors and successful capital raising efforts. The management is currently evaluating remediation plans for internal control deficiencies, which could impact future financial reporting and operational effectiveness.
About Quest Water Global, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.