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I have an S-Corp in the US, state of Massachusetts.

Because my income/loss fluctuates so much, it's not reliable to make estimated payments based on last year's income.

Given that, instead what I do when each quarter rolls around is see what my profit is (income-expenses) and do a percentage on that to figure out how much my estimated payment will be.

This last quarter, the business was about 7k in the red due to new development, so we had no profits. Given that, is it ok to just not make a quarterly payment this quarter?

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Yes, if you're caught up you can skip the quarter.

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