PartnerFacts
Data last updated: Oct 23, 2026, 5:45 PM ETLatest filing: Oct 22, 2026Now: Oct 24, 2026, 5:38 AM ET

Sponsor Check › Sponsor group

QS

Q State

One sponsor team, 2 deal companies · Cambridge, MA

Grouped because: 1 shared person, same business address (2 issuers) (automatic match from the filings) · not the same sponsor?

2deal companies
$23.2Mreported sold
57investors
3Form D filings
2018–2020active
0new, last 12 mo
Follow this sponsor groupLook further ↓

Data last updated Oct 23, 2026, 5:45 PM ET · Latest filing in this group Feb 14, 2020 · Courts (RECAP) last checked: Oct 24, 2026, 2:16 AM ET · SEC enforcement last checked: covered by the index scan as of Oct 24, 2026, 2:50 AM ET

The short version

Q State is a sponsor group of 2 issuers that PartnerFacts links to one sponsor (shared people, same business address; automatic match from the filings), filing 3 Form D filings between Oct 2018 and Feb 2020.

What this means One team, 2 deal companies, about 2 years of track record in SEC filings. We link the companies because the same people or address appear on their forms — tap "Request a correction" if that is wrong.

Combined reported sold: $23.2M to 57 investors (latest filing per issuer). Industries as reported: Biotechnology (2). Issuers are based in MA (2).

What this means $23.2M raised across the group, about $407K per investor. Amounts come from each company's latest Form D; they are what the sponsor reported, not audited figures.

Principal people: David Margulies (2 issuers, executive officer and director), Andrew Ross (1 issuer, director), Chad Martinson (1 issuer, director), Dave Knudson (1 issuer, director), David Knudson (1 issuer, director) and 7 more.

What this means The person on the most companies is usually the one running the show; their page lists every deal.

Activity: 0 new offerings in the last 12 months; latest filing Feb 14, 2020.

What this means No new raise filed in the past year.

Public records searched: federal courts (CourtListener / RECAP), SEC enforcement releases, state securities regulators (AZ, CA, DE, TX, WA), property records (NYC, FL, IL and TX counties) — none found.

What this means Nothing turned up where we looked (4 sources). That does not prove there is nothing — it means none was found in those sources on that date.

We compared 3 public filings for Q State and found 5 differences: Form D filed 21 days after the first sale; Matthew Fox's role changed at Q-State Holdings, Inc.: executive officer, director → executive officer; and more below.

What this means These are differences between the sponsor's own SEC filings — both values, dates and sources are listed in Key records, section 4. Most have ordinary explanations; ask the sponsor.

What the community is saying

Community search for Q State has not run yet — it is joining a line of 19,640 names; searches run around the clock at the hosts' allowed rate. Searched so far: 32 names.

Community comments are quoted as written by their authors. Sources searched: BiggerPockets forums (via DuckDuckGo, Brave, Bing and BiggerPockets search) and Reddit (search feed + public archive).

Key records

Five things investors ask first. Items still in human review are counted, not shown.

1. Lawsuits

None found in sources searched — federal courts (CourtListener / RECAP), checked Oct 24, 2026

What was searched

Sources searched: CourtListener bulk data (RECAP dockets as of 2026-09-30; recall-first rule 10-24) — federal district + bankruptcy courts State courts: not covered (one-tap state court links under Look further). PACER: not searched. · Last checked Oct 24, 2026, 2:16 AM ET.

State courts: not covered (one-tap state court links under Look further). No state offers a lawful automated statewide source PartnerFacts can use today. Texas (re:SearchTX) terms prohibit storing results in a database open to third parties; New York (WebCivil) and Massachusetts (MassCourts) require a browser check that blocks scripted queries; California has no statewide index (58 county portals; Rule of Court 2.503 grants name-based access case by case); Florida, Utah and Illinois offer paid or partial access whose terms for automated use are unverified. Washington (dw.courts.wa.gov; bulk index reports under a JISC data-dissemination agreement), Delaware (CourtConnect; Court of Chancery not included) and Arizona (apps.azcourts.gov/publicaccess, which has an official channel to request high-volume access) are the candidates; PartnerFacts will request written permission before any automated search. Federal courts are searched through CourtListener / RECAP.

2. Regulatory actions

None found in sources searched — SEC enforcement releases (index scan as of Oct 24, 2026, 2:50 AM ET) · state securities regulators: AZ, CA, DE, TX, WA (crawled Oct 23, 2026)

What was searched

SEC enforcement searched: SEC litigation releases and administrative proceedings — respondent names in the sec.gov index titles (30,205 releases, 1995-09-19 to 2026-10-23); release text is read only to confirm a candidate. Names that appear only in the body of a release are not found. — Searched SEC litigation releases and administrative proceedings (1995→ / 2007→) (30,205 records as of Oct 24, 2026, 2:50 AM ET) — nothing matched Q State..

State securities regulators searched: AZ (Corporation Commission Securities Division), CA (DFPI — 16 of 12,159 DFPI respondent pages read so far; sponsor-name matches are read first), DE (DOJ Investor Protection Unit), TX (State Securities Board), WA (DFI) — last crawled Oct 23, 2026, 9:57 PM ET. Other states are not covered.

3. Bankruptcies

None found in sources searched — federal bankruptcy courts (CourtListener / RECAP), checked Oct 24, 2026

What was searched

Sources searched: Federal bankruptcy courts via CourtListener / RECAP archive (federal district courts, federal bankruptcy courts). State courts: not covered (one-tap state court links under Look further). PACER: not searched (RECAP only). · Last checked Oct 24, 2026, 2:16 AM ET.

State courts: not covered (one-tap state court links under Look further). No state offers a lawful automated statewide source PartnerFacts can use today. Texas (re:SearchTX) terms prohibit storing results in a database open to third parties; New York (WebCivil) and Massachusetts (MassCourts) require a browser check that blocks scripted queries; California has no statewide index (58 county portals; Rule of Court 2.503 grants name-based access case by case); Florida, Utah and Illinois offer paid or partial access whose terms for automated use are unverified. Washington (dw.courts.wa.gov; bulk index reports under a JISC data-dissemination agreement), Delaware (CourtConnect; Court of Chancery not included) and Arizona (apps.azcourts.gov/publicaccess, which has an official channel to request high-volume access) are the candidates; PartnerFacts will request written permission before any automated search. Federal courts are searched through CourtListener / RECAP.

4. Differences between public sources

No comparisons published

What is compared

No public statement by this sponsor group has been collected yet, so there is nothing to compare. Sources compared: the sponsor's own website (known from the issuer's own filings — Form C issuer website, EDGAR company profile — an approved profile claim or Form ADV Item 1.I of its matched adviser) · SEC Form D · SEC Form ADV (IAPD) · Internet Archive · No website is on file for this sponsor group yet.

5 differences found between the filings for Q State (compared 3 filings on Oct 24, 2026)

Note · Oct 4, 2018 – Oct 25, 2018

Form D filed 21 days after the first sale — Q-State Holdings, Inc.

The filing says the first sale was Oct 4, 2018. The Form D was filed Oct 25, 2018 — 21 days later. The rule: a Form D is generally due within 15 days after the first sale, so this one is 6 days past that.

What this means A late notice is common and carries no penalty by itself. It is worth asking the sponsor why the paperwork lagged.

Form D · Oct 25, 2018 ↗Q-State Holdings, Inc. — PartnerFacts page ↗
Sources
Note · Oct 4, 2018 – Oct 25, 2018

Form D filed 21 days after the first sale — Q-State PainCo, Inc.

The filing says the first sale was Oct 4, 2018. The Form D was filed Oct 25, 2018 — 21 days later. The rule: a Form D is generally due within 15 days after the first sale, so this one is 6 days past that.

What this means A late notice is common and carries no penalty by itself. It is worth asking the sponsor why the paperwork lagged.

Form D · Oct 25, 2018 ↗Q-State PainCo, Inc. — PartnerFacts page ↗
Sources
Note · Oct 25, 2018 – Feb 14, 2020

Matthew Fox's role changed at Q-State Holdings, Inc.: executive officer, director → executive officer

The Oct 25, 2018 filing lists Matthew Fox as executive officer, director; the Feb 14, 2020 Form D lists executive officer.

What this means Roles on Form D are self-reported by the issuer. A change can mean a real change in who runs the company, or just a different box ticked. Ask who makes decisions today.

Form D · Oct 25, 2018 ↗Form D · Feb 14, 2020 ↗Matthew Fox — PartnerFacts page ↗Q-State Holdings, Inc. — PartnerFacts page ↗
Sources
Note · Feb 10, 2020 – Feb 14, 2020

No amendment in the last 12 months on an offering that may still be open — Q-State Holdings, Inc. (latest filing Feb 14, 2020)

The latest filing for this offering is dated Feb 14, 2020 (first sale Feb 10, 2020). It reports $21,218,527 sold of $41,218,507 offered. No later amendment is in our index as of Oct 24, 2026.

What this means SEC rules expect a yearly amendment while an offering is still going. The raise may simply have ended — a Form D does not say when it closed. Ask the sponsor whether the offering closed, when, and at what amount.

Form D · Feb 14, 2020 ↗Q-State Holdings, Inc. — PartnerFacts page ↗
Sources
Note · Oct 4, 2018 – Oct 25, 2018

No amendment in the last 12 months on an offering that may still be open — Q-State Holdings, Inc. (latest filing Oct 25, 2018)

The latest filing for this offering is dated Oct 25, 2018 (first sale Oct 4, 2018). It reports $64,831,545 sold of $66,631,545 offered. No later amendment is in our index as of Oct 24, 2026.

What this means SEC rules expect a yearly amendment while an offering is still going. The raise may simply have ended — a Form D does not say when it closed. Ask the sponsor whether the offering closed, when, and at what amount.

Form D · Oct 25, 2018 ↗Q-State Holdings, Inc. — PartnerFacts page ↗
Sources
What is compared

What is compared: every Form D and D/A we hold for this subject, side by side — filing dates vs. first-sale dates (the 15-day rule), amendment timing on open offerings (the yearly-amendment expectation), amounts sold, investor counts, offering amounts and minimums across amendments, industry and size bands, addresses, how each person's name and role is written, paid sellers' CRD numbers, and (for groups) where the member companies were formed and sit. Everything is as filed by the issuer; the SEC does not check it. Differences are common and usually have ordinary explanations — we show both values, the dates, and the source so you can ask. As of Oct 24, 2026.

5. Money to insiders

None reported on 3 offerings — no sales commissions, finder's fees or proceeds to insiders

Per-offering detail
Offering (latest filing)Sales commissionsFinder's feesTo insidersPaid to sell itSource
Feb 14, 2020 D
Q-State Holdings, Inc.
File 021-360663
$0$0$0None listed on this filingEDGAR ↗
Oct 25, 2018 D
Q-State PainCo, Inc.
File 021-324315
$0$0$0None listed on this filingEDGAR ↗
Oct 25, 2018 D
Q-State Holdings, Inc.
File 021-324311
$0$0$0None listed on this filingEDGAR ↗

Counts come from Form D Items 12–15 on the filings in our index (latest filing per offering; one offering = one SEC file number; an amendment updates its offering rather than adding one). "To insiders" = gross proceeds used for payments to executive officers, directors or promoters. "—" = not reported on that filing. Amounts marked (est.) were reported as estimates. "Paid to sell it" = sales compensation recipients named on that filing (Item 12), each linked to FINRA BrokerCheck when a CRD number is reported.

Counted across all 2 issuers in this group — every filing in our index, latest filing per offering (SEC file number).

Property records 0 documents · 0 ownership records · last checked Oct 23, 2026, 8:59 PM ET · NYC and Cook County lookup still to run

0 recorded documents and 0 ownership records matched to Q State in the sources searched.

Not found in sources searched as of Oct 23, 2026, 8:59 PM ET: Hillsborough County FL Clerk of Court Official Records daily index (publicrec.hillsclerk.com D/P/M files), 2 daily files (Oct 14, 2026 to Oct 15, 2026) — loaded Oct 23, 2026, 8:59 PM ET; Florida DOR NAL roll (Hillsborough 39) roll year 2026 — loaded Oct 23, 2026, 8:54 PM ET; Florida DOR NAL roll (Dade 23) roll year 2026 — loaded Oct 23, 2026, 8:58 PM ET; Harris County Appraisal District real_acct.txt roll year 2026 — loaded Oct 23, 2026, 8:58 PM ET; Dallas Central Appraisal District ACCOUNT_INFO.CSV roll year 2026 — loaded Oct 23, 2026, 8:58 PM ET. Still to be looked up for this group: NYC ACRIS via NYC Open Data (Real Property Parties 636b-3b5g, Master bnx9-e6tj, Legals 8h5j-fqxa, Document Control Codes 7isb-wh4c) · NYC PLUTO ownership via NYC Open Data (64uk-42ks) · Cook County IL Assessor via Cook County Open Data (Parcel Sales wvhk-k5uv; Parcel Addresses 3723-97qp). Records in other counties, and recorder indexes we do not yet cover, were not searched.

Property records coverage: New York City (ACRIS recorded documents and PLUTO ownership, looked up per issuer when its page is viewed; re-checked when the page is viewed again more than 30 days after the last check); Hillsborough County FL (recorded documents from Oct 14, 2026 forward; ownership from FL DOR roll 2026); Cook County IL (assessor ownership and deed/sale records, looked up per issuer when its page is viewed); Harris County TX and Dallas County TX (assessor ownership rolls only, 2026 roll; no deed, mortgage or sale records); Miami-Dade County FL (ownership from FL DOR roll only; Clerk recorded documents not covered). Recorder indexes for TX, AZ, IL and WA counties, mortgages and liens outside NYC and FL, lis pendens and foreclosure notices everywhere, Miami-Dade County FL recorded documents, Maricopa County AZ, King County WA, Salt Lake County UT, and all other counties are not covered — not searched. Last refresh by source: Hillsborough County FL Clerk daily index Oct 23, 2026, 8:59 PM ET; Dallas Central Appraisal District ACCOUNT_INFO.CSV Oct 23, 2026, 8:58 PM ET; Harris County Appraisal District real_acct.txt Oct 23, 2026, 8:58 PM ET; Florida DOR NAL roll (Dade 23) Oct 23, 2026, 8:58 PM ET; Florida DOR NAL roll (Hillsborough 39) Oct 23, 2026, 8:54 PM ET. NYC and Cook County are looked up per issuer when its page is viewed; the most recent such lookup on this site finished Oct 24, 2026, 3:30 AM ET. Parties are named as the recorder's index names them (role suffixes as recorded); no address, account number or trust date is shown for an individual, and individual owners of record (home ownership) are not matched or shown. Items still in human review are not shown.

Issuers in this group

Why each issuer is here is stated in the "Linked by" column. Low-confidence links are never shown — they wait for human review.

SourceIssuerLinked byLocationIndustryFilingsSold (max)InvestorsMin. investment (latest filing)Active
EDGAR ↗QS Q-State PainCo, Inc.shared people, same business addressCAMBRIDGE, MABiotechnology1$2,000,000
offering $2,000,000 · similar: $2,000,000–$19,999,994
6
similar: 2–16
No minimum reported
similar: $10,000–$50,000
2018–2018
EDGAR ↗QS Q-State Holdings, Inc.shared people, same business addressCAMBRIDGE, MABiotechnology2$64,831,545
offering $41,218,507 · similar: $2,000,000–$19,999,994
51
similar: 2–16
No minimum reported
similar: $10,000–$50,000
2018–2020

"Similar" = offerings in the same industry claiming the same exemption, filed in the last 5 years: Biotechnology / 506(b) (3,253 filings); ranges are the middle half (25th–75th percentile). Computed by PartnerFacts from SEC EDGAR Form D data as of Oct 23, 2026, 5:45 PM ET. Rows without a range: fewer than 30 comparable filings, or not a Rule 506 offering. No ranking or score.

Timeline of offerings

SourceFiledIssuerFormIndustryOfferedSold
EDGAR ↗Feb 14, 2020Q-State Holdings, Inc.DBiotechnology$41,218,507$21,218,527
EDGAR ↗Oct 25, 2018Q-State Holdings, Inc.DBiotechnology$66,631,545$64,831,545
EDGAR ↗Oct 25, 2018Q-State PainCo, Inc.DBiotechnology$2,000,000$2,000,000

Activity: 0 new offerings in the last 12 months across all issuers in this group (new offering = a Form D that is not an amendment, D/A) · most recent filing Feb 14, 2020. Industry history, as reported on each offering's latest filing: All 3 offerings reported: Biotechnology (2018–2020).

People across the group

NameRolesIssuers hereFirst → last listed
DM David MarguliesExecutive Officer, Director2Oct 25, 2018 → Feb 14, 2020
ME Mark EvenstadDirector1Oct 25, 2018 → Feb 14, 2020
CM Chad MartinsonDirector1Oct 25, 2018 → Feb 14, 2020
JT Jonathan ThomasDirector1Oct 25, 2018 → Feb 14, 2020
MF Matthew FoxExecutive Officer1Oct 25, 2018 → Feb 14, 2020
ML Michael LaCasciaExecutive Officer1Feb 14, 2020 → Feb 14, 2020
MM Matthew MightDirector1Feb 14, 2020 → Feb 14, 2020
DK Dave KnudsonDirector1Feb 14, 2020 → Feb 14, 2020
JF Jonathan FlemingExecutive Officer, Director1Oct 25, 2018 → Oct 25, 2018
SH Steven HymanDirector1Oct 25, 2018 → Oct 25, 2018
AR Andrew RossDirector1Oct 25, 2018 → Oct 25, 2018
DK David KnudsonDirector1Oct 25, 2018 → Oct 25, 2018

Adviser registration (Form ADV)

Searched SEC Form ADV bulk data (registered + exempt reporting advisers) (24,962 records as of Oct 2, 2026, 8:00 AM ET) — nothing matched Q State.

Meta advertising

No Meta Pixel ids or Facebook / Instagram page links on file for Q State as of Oct 24, 2026 — the sponsor website is read for them once it is on file (runs automatically). Meta Ad Library: not searched by PartnerFacts (no API access); a one-tap Ad Library search is under Look further.

Other offering types (Regulation A and Regulation Crowdfunding)

Searched SEC Regulation A Data Sets (Forms 1-A, 1-K, 1-Z; 2015 Q2 → 2026 Q3); SEC Crowdfunding Offerings Data Sets (Form C family; 2016 Q2 → 2026 Q3); EDGAR form index for 2026 Q3 → 2026 Q4 (51,358 records as of Oct 23, 2026, 8:41 PM ET) — nothing matched this name.

Public profiles and social

No website or social profile named in Q State's SEC filings (Form C, Reg A, Form ADV; checked Oct 24, 2026). Web search for this name: #220,835 of 374,652 in line (53 issuers searched so far). One-tap searches: Look further ↓

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Change history

No corrections have been requested for this page.

Request a correction

Free. Covers the grouping itself or any record shown here. Logged with status: received → under review → fixed / confirmed with source.

Sponsor response

Add a sourced explanation next to any fact. Reviewed before publishing.

Grouping is PartnerFacts' inference from public filings (shared related persons, management entities, business address). Everything else on this page is drawn from the filings themselves. Not the same sponsor? Request a correction.

Look further

One-tap searches on sites we do not index ourselves, with the name pre-filled (outside the US (as filed: CAMBRIDGE), MA). Each opens in a new tab; what you find there is not verified by PartnerFacts.

Social and web

LinkedIn companies ↗Instagram ↗X (Twitter) ↗Facebook ↗YouTube ↗Google ↗Google Images ↗Google News ↗Meta Ad Library ↗

Courts

CourtListener / RECAP (federal) ↗PACER case locator (federal, login) ↗Massachusetts MassCourts ↗

Securities regulators

SEC EDGAR full-text search ↗SEC action look-up ↗FINRA BrokerCheck ↗SEC IAPD adviser search ↗

Business registries

Massachusetts Secretary of State business search ↗OpenCorporates ↗