We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Protokinetix Inc (QB) | USOTC:PKTX | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.001301 | -7.71% | 0.01558 | 0.0136 | 0.0169 | 0.017 | 0.0136 | 0.01633 | 416,500 | 20:14:42 |
PROTOKINETIX, INCORPORATED
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
94-3355026
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
412 Mulberry St.
Marietta, Ohio 45750
|
|
|
(Address of principal executive offices)
|
|
|
304-299-5070
|
|
|
(Registrant’s telephone number, including area code)
|
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
|
Non-accelerated filer
☐
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
☒
|
Emerging growth company ☐ |
PART I
|
||||
FINANCIAL INFORMATION
|
||||
Item 1. Financial Statements
|
3
|
|||
Unaudited Condensed Balance Sheets
|
3
|
|||
Unaudited Condensed Statements of Operations
|
4
|
|||
Unaudited Condensed Statement of Stockholders’ Equity
|
5
|
|||
Unaudited Condensed Statements of Cash Flows
|
6
|
|||
Notes to Unaudited Condensed Financial Statements
|
7
|
|||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
19
|
|||
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
22
|
|||
Item 4. Controls and Procedures
|
23
|
|||
PART II
|
||||
OTHER INFORMATION
|
||||
Item 1. Legal Proceedings
|
24
|
|||
Item 1A. Risk Factors
|
24
|
|||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
24
|
|||
Item 3. Defaults Upon Senior Securities
|
24
|
|||
Item 4. Mine Safety Disclosure
|
24
|
|||
Item 5. Other Information
|
24
|
|||
Item 6. Exhibits
|
25
|
|||
Signatures
|
26
|
|||
March 31, 2018
|
December 31, 2017
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$
|
192,147
|
$
|
302,942
|
||||
Prepaid expenses and deposits (Notes 3 and 11)
|
58,675
|
62,127
|
||||||
Total current assets
|
250,822
|
365,069
|
||||||
Intangible assets (Note 4)
|
155,181
|
153,028
|
||||||
Total assets
|
$
|
406,003
|
$
|
518,097
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities (Note 10)
|
$
|
7,731
|
$
|
26,906
|
||||
Promissory notes payable (Note 10)
|
-
|
117,656
|
||||||
Total current liabilities
|
7,731
|
144,562
|
||||||
Stockholders’ Equity
|
||||||||
Common stock, $0.0000053 par value; 400,000,000 common shares authorized; 254,711,673 and
251,352,433 shares issued and outstanding as at March 31, 2018 and December 31, 2017 respectively (Note 9)
|
1,362
|
1,344
|
||||||
Additional paid-in capital
|
30,837,384
|
30,506,094
|
||||||
Accumulated deficit
|
(30,440,474
|
)
|
(30,133,903
|
)
|
||||
Total stockholders’ equity
|
398,272
|
373,595
|
||||||
Total liabilities and stockholders’ equity
|
$
|
406,003
|
$
|
518,097
|
||||
Three months ended
March 31, 2018
|
Three months ended
March 31, 2017
|
|||||||
EXPENSES
|
||||||||
Amortization – intangible assets (Note 4)
|
$
|
750
|
$
|
750
|
||||
General and administrative
|
17,437
|
32,133
|
||||||
Professional fees (Note 10)
|
39,139
|
42,952
|
||||||
Research and development
|
84,616
|
69,038
|
||||||
Share-based compensation (Note 7 and 10)
|
163,346
|
230,516
|
||||||
(305,288
|
)
|
(375,389
|
)
|
|||||
OTHER ITEM
|
||||||||
Foreign exchange gain or (loss)
|
(1,283
|
)
|
25
|
|||||
Loss for the period
|
$
|
(306,571
|
)
|
$
|
(375,364
|
)
|
||
Loss per common share (basic and diluted)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
||
Weighted average number of common shares outstanding (basic and diluted)
|
254,263,774
|
226,457,836
|
Common Stock
|
Additional
Paid-in
|
Accumulated
|
||||||||||||||||||
Shares
|
Amount
|
capital
|
deficit
|
Total
|
||||||||||||||||
Balance, December 31, 2017
|
251,352,433
|
$
|
1,344
|
$
|
30,506,094
|
$
|
(30,133,903
|
)
|
$
|
373,535
|
||||||||||
Issuance of common stock pursuant to private placement offering
|
1,000,000
|
5
|
49,995
|
-
|
50,000
|
|||||||||||||||
Issuance of common stock pursuant to settlement of promissory notes
|
2,359,240
|
13
|
117,949
|
117,962
|
||||||||||||||||
Fair value of compensatory options issued
|
-
|
-
|
163,346
|
-
|
163,346
|
|||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(306,571
|
)
|
(306,571
|
)
|
|||||||||||||
Balance, March 31, 2018
|
254,711,673
|
$
|
1,362
|
$
|
30,837,384
|
$
|
(30,440,474
|
)
|
$
|
398,272
|
March 31,
2018
|
December 31,
2017
|
|||||||
Deposit on research agreements (Note 11(c))
|
$
|
54,535
|
$
|
61,077
|
||||
Other prepaid expenses
|
4,140
|
1,050
|
||||||
$
|
58,675
|
$
|
62,127
|
Patent Rights
|
Patent Application
Rights
|
Total
|
||||||||||
Cost
|
||||||||||||
Balance, December 31, 2016
|
$
|
30,000
|
$
|
75,181
|
$
|
105,181
|
||||||
Additions
|
-
|
55,347
|
55,347
|
|||||||||
Balance, December 31, 2017
|
$
|
30,000
|
$
|
130,528
|
$
|
160,528
|
||||||
Additions
|
-
|
2,903
|
2,903
|
|||||||||
Balance, March 31, 2018
|
$
|
30,000
|
$
|
133,431
|
$
|
163,431
|
||||||
Accumulated amortization
|
||||||||||||
Balance, December 31, 2016
|
$
|
4,500
|
$
|
-
|
$
|
4,500
|
||||||
Amortization
|
3,000
|
-
|
3,000
|
|||||||||
Balance, December 31, 2017
|
$
|
7,500
|
$
|
-
|
$
|
7,500
|
||||||
Amortization
|
750
|
-
|
750
|
|||||||||
Balance, March 31, 2018
|
$
|
8,250
|
$
|
-
|
$
|
8,250
|
||||||
Net carrying amounts
|
||||||||||||
December 31, 2017
|
$
|
22,500
|
$
|
130,528
|
$
|
153,028
|
||||||
March 31, 2018
|
$
|
21,750
|
$
|
133,431
|
$
|
155,181
|
2018
|
Number
of Shares |
Value
per Share |
Total
|
|||||||||
January - March 2018
|
-
|
$
|
-
|
$
|
-
|
|||||||
-
|
$
|
-
|
2017
|
Number
of Shares |
Value
per Share |
Total
|
|||||||||
January - March 2017
|
-
|
$
|
-
|
$
|
-
|
|||||||
-
|
$
|
-
|
Number of
Stock Options
|
Weighted Average
Exercise Price
|
Weighted Average
Fair Value
|
Weighted Average Remaining Life
|
||||||||||
$
|
$
|
(Years)
|
|||||||||||
Outstanding, December 31, 2017
|
44,100,000
|
0.06
|
0.05
|
||||||||||
Options expired
|
(1,000,000
|
)
|
0.05
|
0.05
|
|||||||||
Options granted
|
800,000
|
0.06
|
0.06
|
||||||||||
Outstanding, March 31, 2018
|
43,900,000
|
0.06
|
0.05
|
2.46
|
March 31, 2018
|
March 31, 2017
|
|||||||
Risk-free interest rate
|
1.38
|
%
|
1.05
|
%
|
||||
Dividend yield
|
0.00
|
%
|
0.00
|
%
|
||||
Expected stock price volatility
|
125.00
|
%
|
125.00
|
%
|
||||
Expected forfeiture rate
|
0.00
|
%
|
0.00
|
%
|
||||
Expected life
|
3.60 years
|
3.44 years
|
Expiry date
|
Exercise Price
|
Number of Options
Outstanding
|
Number of
Options
Exercisable
|
|||||||||
$ | ||||||||||||
February 25, 2020
|
0.04
|
2,000,000
|
-
|
|||||||||
February 28, 2020
|
0.04
|
5,000,000
|
5,000,000
|
|||||||||
June 30, 2018
|
0.10
|
600,000
|
600,000
|
|||||||||
December 31, 2019
|
0.08
|
11,000,000
|
11,000,000
|
|||||||||
October 05, 2018
|
0.08
|
300,000
|
300,000
|
|||||||||
December 31, 2020
|
0.05
|
12,200,000
|
12,200,000
|
|||||||||
August 31, 2021
|
0.06
|
11,000,000
|
5,000,000
|
|||||||||
November 14, 2021
|
0.07
|
1,000,000
|
250,000
|
|||||||||
December 31, 2022
|
0.06
|
800,000
|
200,000
|
|||||||||
43,900,000
|
34,550,000
|
Number of
Warrants
|
Weighted
Average Exercise
Price
|
|||||||
Balance, December 31, 2017 and March 31, 2018
|
6,500,000
|
$
|
0.11
|
Number of Warrants
|
Exercise Price ($)
|
Expiry Date
|
|||||
500,000
|
0.25
|
November 8, 2018
|
|||||
6,000,000
|
0.10
|
April 22, 2020
|
|||||
6,500,000
|
a) |
Entered into a consulting agreement with an effective date of January 1, 2017 with the Company’s President and CEO whereby he will be compensated at a nominal amount of $1 for services through to December 31, 2017. The agreement also stipulates a termination fee that would pay the Company’s President and CEO $100,000 per year of service if terminated without cause or in the case of termination upon a change of control event, the termination fee would be equal to $100,000 per year of service plus 2.5% of the aggregate transaction value of the change of control. In addition, the agreement stipulates that he would be entitled to a bonus payment equal to 2.5% of the aggregate transaction value of a sale or license of any Patent Rights, Patent Application Rights or products effected during the term of his agreement. Pursuant to the agreement, he was also granted 5,000,000 stock options exercisable into common shares of the Company until December 31, 2020 at a price of $0.05 per share (Note7). The options vest in equal instalments on a quarterly basis beginning March 31, 2017. This agreement was amended during the year ended December 31, 2017 to extend the term to December 31, 2018.
|
b) |
Entered into a consulting agreement with an effective date of January 1, 2017 with the Company’s CFO whereby she will be compensated at a monthly fee of $6,000 for services through to December 31, 2017. The agreement also stipulates a termination fee that would pay the Company’s CFO $72,000 per year of service (including the pro-rata amount for partial years of service) if terminated without cause or upon termination due to a change of control event. Pursuant to the agreement, she was also granted 4,000,000 stock options exercisable into common shares of the Company until December 31, 2020 at a price of $0.05 per share (Note 7). The options vest in equal instalments on a quarterly basis beginning March 31, 2017. A total of $18,000 was paid to the Company’s CFO during the period ended March 31, 2017.
|
c) |
Entered into a directorship agreement with an effective date of January 1, 2017 with a director of the Company. Pursuant to the agreement, the director was issued 1,000,000 stock options exercisable into common shares of the Company until December 31, 2020 at a price of $0.05 per share (Note 7). The options vest in equal instalments on a quarterly basis beginning March 31, 2017. This agreement was amended during the year ended December 31, 2017 to extend the term to December 31, 2018.
|
d) |
Recognized $99,137 in share-based compensation associated with stock options granted to key management personnel.
|
a) |
On November 14, 2017, the Company entered into a consulting agreement with the newly appointed CFO whereby he will be compensated at a monthly fee of $5,000. A total of $15,000 was paid or accrued to the Company’s CFO during the period ended March 31, 2018.
|
b)
|
Issued a total of 2,359,240 shares of common stock to its President and CEO as settlement of principal and interest owing on two promissory notes (Note 9).
|
c)
|
Recognized $99,014 in share-based compensation associated with stock options granted to key management personnel.
|
March 31,
2018 |
December 31,
2017 |
||||||||
Clarence Smith (CEO)
|
Promissory notes payable (and interest)
|
$
|
-
|
$
|
117,656
|
a) |
Entered into a consulting agreement with an effective date of January 1, 2017 whereby the Company would pay the consultant $7,000 per month for providing research and development services. Pursuant to the agreement, the consultant was also granted 5,000,000 stock options exercisable into common shares of the Company until December 31, 2020 at a price of $0.05 per share (Note 7). The options vest in equal instalments on a quarterly basis beginning March 31, 2017. On September 1, 2017 the consulting agreement was amended to continue the term of the agreement until December 31, 2018 and thereafter to automatically renew. The consulting agreement was also amended to grant an additional 5,000,000 stock options exercisable into common shares of the Company until August 31, 2021 at a price of $0.06 per share (Note 7). The options vest quarterly in equal installments beginning December 31, 2017.
|
b) |
Entered into a consulting agreement for business development services effective January 1, 2017. The consultant was granted 1,200,000 stock options exercisable into common shares of the Company at a price of $0.05 per share until December 31, 2020 (Note 7). The options vest in equal instalments on a quarterly basis beginning March 31, 2017.
|
c) |
Entered into a Collaborative Research Agreement (the “CREA”) effective May 31, 2016 with The University of British Columbia (“UBC”) for a term of 2 years. Pursuant to the CREA, the Company paid a total of CAD $169,000 ($131,448) in advance for services to be provided by UBC in the first year, and will be required to pay an additional CAD $201,500 within 12 months from the effective date of the CREA in advance of services to be provided by UBC in the second year. The CREA can be terminated by either party with 30 days’ written notice. As at March 31, 2018, a total of $24,430 is included in prepaid expenses and deposits (December 31, 2017 - $61,077). On January 4, 2018, the Company entered into an additional agreement with UBC. Pursuant to this additional agreement, the Company paid CAD $50,001 for research services to be provided over a term of 1 year. As at March 31, 2018, a total of $30,105 is included in prepaid expenses and deposits (December 31, 2017 - $61,077).
|
d) |
Entered into a consulting agreement effective January 1, 2018, whereby the Company would pay the consultant $1,000 per month for a term of 1 year, unless otherwise terminated by either party with at least 30 days’ notice, for providing public relations services. The consultant was also entitled to 400,000 shares of common stock, which were issued at a rate of 25% (100,000 shares) every 3 months over the initial term of the agreement.
|
e) |
Entered into a royalty agreement with the Governors of the University of Alberta (the “University”) whereby the University had developed certain intellectual property (the “Additional Patent Rights”) in conjunction with and by permission of the Company employing patented intellectual property of the Company. The agreement assigns the Additional Patent Rights to the Company in return for 5% of any future gross revenues (the “Royalty”) derived from products arising from the Patent Rights. The Company had the right to buy out all of the University’s Royalty for consideration of the aggregate sum of CAD $5,000,000, however, the option expired during the year ended December 31, 2017.
|
• |
Our capital requirements and the uncertainty of being able to obtain additional funding on terms acceptable to us;
|
• |
Our plans to develop and commercialize products from the AAGP® molecule;
|
• |
Ongoing testing of the AAGP® molecule;
|
• |
Our intellectual property position;
|
• |
Our commercialization, marketing and manufacturing capabilities and strategy;
|
• |
Our ability to retain key members of our senior management and key scientific consultants;
|
• |
The effects of competition;
|
• |
Our potential tax liabilities resulting from conducting business in the United States and Canada;
|
• |
The effect of further sales or issuances of our common stock and the price and volume volatility of our common stock; and
|
• |
Our common stock’s limited trading history.
|
For the Three Months Ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Revenues
|
$
|
-
|
$
|
-
|
||||
Cost of Sales
|
-
|
-
|
||||||
Gross (Loss) Profit
|
-
|
-
|
||||||
Operating Expenses
|
||||||||
Amortization
|
$
|
750
|
$
|
750
|
||||
General and Administrative
|
17,437
|
32,133
|
||||||
Professional Fees
|
39,139
|
42,952
|
||||||
Research and Development
|
84,616
|
69,038
|
||||||
Share-Based Compensation
|
163,346
|
230,516
|
||||||
Total Operating Expenses
|
305,288
|
375,389
|
||||||
Loss from Operations
|
(305,288
|
)
|
(375,389
|
)
|
||||
Other Income
|
||||||||
Foreign Exchange Gain
|
(1,283
|
)
|
25
|
|||||
Total Other Income
|
(1,283
|
)
|
25
|
|||||
Net Loss
|
$
|
(306,571
|
)
|
(375,364
|
)
|
· |
Professional fees decreased by $3,813 from $42,952 to $39,139 primarily as a result of a decrease in accounting fees associated with Company operations.
|
· |
Research and development increased by $15,578 from $69,038 to $84,616 primarily as a result of additional spending for expanded testing of effects of glycopeptides on bone marrow stem cell engraphment and antibody production with the University of British Columbia.
|
· |
Share-based compensation decreased by $67,170 from $230,516 to $163,346 primarily as a result of a decrease in stock option valuation for the current year.
|
March 31, 2018
|
December 31, 2017
|
|||||||
Cash
|
$
|
192,147
|
$
|
302,942
|
||||
Working Capital
|
$
|
243,091
|
$
|
220,507
|
Exhibit
|
|
Description
|
10.5 | ||
31.2 | ||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Schema Document
|
|
101.CAL
|
XBRL Calculation Linkbase Document
|
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
101.LAB
|
XBRL Label Linkbase Document
|
|
101.PRE
|
XBRL Presentation Linkbase Document
|
1.
|
Incorporated by reference from the Company’s registration statement on Form 10-SB filed on June 22, 2001 with the SEC.
|
|
2.
|
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on August 14, 2015 with the SEC.
|
|
3.
|
Incorporated by reference from the Company’s Annual Report on Form 10-K filed on February 21, 2017 with the SEC.
|
|
4.
|
Incorporated by reference from the Company’s Annual Report on Form 10-K filed on April 14, 2015 with the SEC.
|
|
5.
|
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on August 15, 2016 with the SEC.
|
|
6.
|
Incorporated by reference from the Company’s Annual Report on Form 10-K filed on April 13, 2006 with the SEC.
|
|
7.
|
Incorporated by reference from the Company’s Current Report on Form 8-K filed on November 9, 2017 with the SEC.
|
|
8.
|
Incorporated by reference from the Company’s Quarterly Report on Form 8-K filed on November 15, 2017 with the SEC.
|
|
9.
|
Incorporated by reference from the Company’s amended Current Report on Form 8-K filed on September 12, 2017 with the SEC.
|
|
10.
|
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on November 13, 2017 with the SEC.
|
|
*.
|
Filed herewith.
|
|
**
|
Furnished, not filed herewith.
|
Date: April 26, 2018
|
PROTOKINETIX, INCORPORATED
|
|
By: /s/ Clarence E. Smith
|
||
Clarence E. Smith
|
||
Chief Executive Officer
|
||
By: /s/ Michael Guzzetta
|
||
Michael Guzzetta
|
||
Chief Financial Officer
|
1 Year Protokinetix (QB) Chart |
1 Month Protokinetix (QB) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions