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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Q BioMed Inc (CE) | USOTC:QBIO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0005 | 0.00 | 01:00:00 |
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Common Stock, $0.001 par value
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9,084,253 shares
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(Class)
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(Outstanding as at [xx], 2016)
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Page
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PART I – FINANCIAL INFORMATION
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2
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Item 1. Financial Statements
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2
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation
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12
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Item 3. Quantitative and Qualitative Disclosure About Market Risk
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16
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Item 4. Controls and Procedures
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17
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PART II – OTHER INFORMATION
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17
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Item 1. Legal Proceedings
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17
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Item 1A. Risk Factors
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17
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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17
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Item 3. Defaults Upon Senior Securities
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18
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Item 4. Mine Safety Disclosures
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18
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Item 5. Other Information
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18
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Item 6. Exhibits
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18
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SIGNATURES
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19
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August 31, 2016
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November 30, 2015
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|||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash
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$ | 137,986 | $ | 131,408 | ||||
Prepaid expenses
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10,000 | - | ||||||
Total current assets
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147,986 | 131,408 | ||||||
Total Assets
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$ | 147,986 | $ | 131,408 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY DEFICIT
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||||||||
Current Liabilities:
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||||||||
Accounts payable and accrued expenses
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$ | 422,395 | $ | 58,802 | ||||
Accrued expenses - related party
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40,000 | 30,000 | ||||||
Accrued interest payable
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27,925 | 2,511 | ||||||
Convertible notes payable (See Note 5)
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787,378 | - | ||||||
Total current liabilities
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1,277,698 | 91,313 | ||||||
Long-term Liabilities:
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||||||||
Convertible notes payable (See Note 5)
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476,907 | 296,000 | ||||||
Total long term liabilities
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476,907 | 296,000 | ||||||
Total Liabilities
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1,754,605 | 387,313 | ||||||
Commitments and Contingencies (Note 6)
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||||||||
Stockholders' Equity Deficit:
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||||||||
Preferred stock, $0.001 par value; 100,000,000 shares authorized; no shares issued and outstanding as of August 31, 2016 and November 30, 2015
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- | - | ||||||
Common stock, $0.001 par value; 250,000,000 shares authorized; 8,996,753 and 8,597,131 shares issued and outstanding as of August 31, 2016 and November 30, 2015, respectively
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8,997 | 8,597 | ||||||
Additional paid-in capital
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4,328,750 | 865,690 | ||||||
Accumulated deficit
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(5,944,366 | ) | (1,130,192 | ) | ||||
Total Stockholders' Equity Deficit
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(1,606,619 | ) | (255,905 | ) | ||||
Total Liabilities and Stockholders' Equity Deficit
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$ | 147,986 | $ | 131,408 |
For the three months ended August 31,
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For the nine months ended August 31,
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|||||||||||||||
2016
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2015
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2016
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2015
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|||||||||||||
Operating expenses:
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||||||||||||||||
General and administrative expenses
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$ | 1,150,964 | $ | 33,202 | $ | 3,637,868 | $ | 45,184 | ||||||||
Research and development expenses
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443,222 | - | 663,500 | - | ||||||||||||
Total operating expenses
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1,594,186 | 33,202 | 4,301,368 | 45,184 | ||||||||||||
Other (income) expense:
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||||||||||||||||
Interest expense
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114,847 | - | 304,596 | - | ||||||||||||
Loss on conversion of debt
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29,032 | - | 89,210 | - | ||||||||||||
Loss on issuance of convertible debt
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28,000 | - | 481,000 | - | ||||||||||||
Change in fair value of embedded conversion option
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(50,000 | ) | - | (362,000 | ) | - | ||||||||||
Total other expenses
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121,879 | - | 512,806 | - | ||||||||||||
Net loss
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$ | (1,716,065 | ) | $ | (33,202 | ) | $ | (4,814,174 | ) | $ | (45,184 | ) | ||||
Net loss per share - basic and diluted
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$ | (0.19 | ) | $ | (0.00 | ) | $ | (0.55 | ) | $ | (0.00 | ) | ||||
Weighted average shares outstanding, basic and diluted
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8,909,414 | 9,801,630 | 8,784,373 | 9,062,044 |
For the nine months ended August 31,
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||||||||
2016
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2015
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|||||||
Cash flows from operating activities:
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||||||||
Net loss
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$ | (4,814,174 | ) | $ | (45,184 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities
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||||||||
Issuance of common stock and warrants for services
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3,039,277 | 32,000 | ||||||
Change in fair value of embedded conversion option
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(362,000 | ) | - | |||||
Accretion of debt discount
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261,672 | - | ||||||
Loss on conversion of debt
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89,210 | - | ||||||
Loss on issuance of convertible debt
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481,000 | - | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts payable and accrued expenses
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363,593 | 484 | ||||||
Accrued expenses - related party
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40,000 | - | ||||||
Accrued interest payable
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42,925 | - | ||||||
Prepaid expenses
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(10,000 | ) | - | |||||
Net cash used in operating activities
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(868,497 | ) | (12,700 | ) | ||||
Cash flows from financing activities:
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||||||||
Contributed capital
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- | 151 | ||||||
Proceeds received from issuance of convertible notes
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815,000 | - | ||||||
Proceeds received from issuance of common stock and warrants
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60,075 | - | ||||||
Net cash provided by financing activities
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875,075 | 151 | ||||||
Net increase (decrease) in cash
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6,578 | (12,549 | ) | |||||
Cash at beginning of period
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131,408 | 12,649 | ||||||
Cash at end of period
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$ | 137,986 | $ | 100 | ||||
Non-cash financing activities:
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||||||||
Issuance of common stock upon conversion of convertible notes payable
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$ | 244,897 | $ | - | ||||
Issuance of warrants to settle accounts payable to related party
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$ | 30,000 | $ | - | ||||
Cash paid for interest
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$ | - | $ | - | ||||
Cash paid for income taxes
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$ | - | $ | - |
Potentially dilutive securities
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August 31, 2016
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August 31, 2015
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Warrants (Note 8)
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976,500
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-
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Convertible debt (Note 4)
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506,757
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-
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August 31, 2016
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November 30, 2015
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|||||||
Series A Notes:
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||||||||
Principal value of 10%, convertible at $1.91 and $1.92 at August 31, 2016 and November 30, 2015, repectively.
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$ | 37,500 | $ | 50,000 | ||||
Fair value of bifurcated embedded conversion option of Series A Notes
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30,000 | 64,000 | ||||||
Debt discount
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(10,101 | ) | (28,832 | ) | ||||
Carrying value of Series A Notes
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57,399 | 85,168 | ||||||
Series B Notes:
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Principal value of 10%, convertible at $1.91 and $1.92 at August 31, 2016 and November 30, 2015, repectively.
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$ | 55,000 | $ | 50,000 | ||||
Fair value of bifurcated embedded conversion option of Series B Notes
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44,000 | 64,000 | ||||||
Debt discount
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(28,362 | ) | (34,744 | ) | ||||
Carrying value of Series B Notes
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70,638 | 79,256 | ||||||
Series C Notes:
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Principal value of 10%, convertible at $1.55 at August 31, 2016 and November 30, 2015.
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576,383 | $ | 85,000 | |||||
Fair value of bifurcated embedded conversion option of Series C Notes
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725,000 | 101,000 | ||||||
Debt discount
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(343,447 | ) | (54,424 | ) | ||||
Carrying value of Series C Notes
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957,936 | 131,576 | ||||||
Series D Notes:
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Principal value of 10%, convertible at $1.85 at August 31, 2016.
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$ | 160,000 | $ | - | ||||
Fair value of bifurcated embedded conversion option of Series D Notes
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177,000 | - | ||||||
Debt discount
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(158,688 | ) | - | |||||
Carrying value of Series D Notes
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178,312 | - | ||||||
Total short-term carrying value of convertible notes
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$ | 787,378 | $ | - | ||||
Total long-term carrying value of convertible notes
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$ | 476,907 | $ | 296,000 |
Embedded derivatives at inception
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||||||||
For the nine months ended August 31, 2016
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For the year ended November 30, 2015
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Stock price
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$ | 2.60 - $3.26 | $ | 2.02 - $3.55 | ||||
Terms (years)
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1.5 | 1.25 - 1.5 | ||||||
Volatility
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116.77 | % | 108.40% - 162.89 | % | ||||
Risk-free rate
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0.51% - 0.76 | % | 0.66% - 0.85 | % | ||||
Dividend yield
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0.00 | % | 0.00 | % |
Conversion of debt
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||||||||
Principal
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Shares
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|||||||
Series A conversions
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$ | 12,500 | 5,734 | |||||
Series B conversions
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100,000 | 51,111 | ||||||
Series C conversions
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58,617 | 44,869 | ||||||
Series D conversions
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- | - | ||||||
Total
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$ | 171,117 | 101,714 |
Weighted Average
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||||||||||||
Weighted Average
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Remaning Contractual
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Warrants
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Exercise Price
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Life (years)
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||||||||||
Outstanding at November 30, 2015
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100,000 | $ | 2.18 | 4.80 | ||||||||
Issued
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876,500 | 2.46 | 4.56 | |||||||||
Expired
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- | - | - | |||||||||
Outstanding at August 31, 2016
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976,500 | $ | 2.43 | 4.51 | ||||||||
Exercisable at August 31, 2016
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564,000 | $ | 2.98 | 4.33 |
For the nine months ended August 31, 2016
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Stock price
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$1.60 - $4.15 | |||
Term (years)
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2 - 5 | |||
Volatility
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101.13% - 147.36 | % | ||
Risk-free rate
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0.76% - 1.76 | % | ||
Dividend yield
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0.00 | % |
For the three months ended August 31,
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||||||||
2016
|
2015
|
|||||||
Operating expenses:
|
||||||||
General and administrative expenses
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$ | 1,150,964 | $ | 33,202 | ||||
Research and development expenses
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443,222 | - | ||||||
Total operating expenses
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1,594,186 | 33,202 | ||||||
Other (income) expense:
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||||||||
Interest expense
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114,847 | - | ||||||
Loss on conversion of debt
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29,032 | - | ||||||
Loss on issuance of convertible debt
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28,000 | - | ||||||
Change in fair value of embedded conversion option
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(50,000 | ) | - | |||||
Total other expenses
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121,879 | - | ||||||
Net loss
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$ | (1,716,065 | ) | $ | (33,202 | ) |
For the nine months ended August 31,
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||||||||
2016
|
2015
|
|||||||
Operating expenses:
|
||||||||
General and administrative expenses
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$ | 3,637,868 | $ | 45,184 | ||||
Research and development expenses
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663,500 | - | ||||||
Total operating expenses
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4,301,368 | 45,184 | ||||||
Other (income) expense:
|
||||||||
Interest expense
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304,596 | - | ||||||
Loss on conversion of debt
|
89,210 | - | ||||||
Loss on issuance of convertible debt
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481,000 | - | ||||||
Change in fair value of embedded conversion option
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(362,000 | ) | - | |||||
Total other expenses
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512,806 | - | ||||||
Net loss
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$ | (4,814,174 | ) | $ | (45,184 | ) |
For the nine months ended August 31,
|
||||||||
2016
|
2015
|
|||||||
Net cash provided by (used in):
|
||||||||
Operating activities
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$ | (868,497 | ) | $ | (12,700 | ) | ||
Financing acitivities
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875,075 | 151 | ||||||
Net increase (decrease) in cash
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$ | 6,578 | $ | (12,549 | ) |
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·
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In June 2016, we issued an aggregate of 38,710 common shares upon receipt of conversion notices from Series C holders.
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·
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In August 2016, we issued an aggregate of 53,000 common shares to two vendors for introductory, and media and investor relations services;
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·
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On August 9, 2016, we issued 16,300 common shares upon receipt of conversion notices from Series B holders.
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·
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On August 10, 2016, we issued (i) 6,500 units, with each unit consisting of a share of common stock and a warrant to purchase a share of common stock at $3.50 for aggregate consideration of approximately $10,000, and (ii) 12,258 common shares to an investor to compensate for the difference in purchase prices pursuant to an anti-dilution right;
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·
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On September 7, 2016, we issued 50,000 common shares to BNI pursuant to the Patent and Technology License and Purchase Option Agreement.
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·
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In September and October 2016, we issued (i) 37,500 units, with each unit consisting of a share of common stock and a warrant to purchase a share of common stock at $5.00 for aggregate consideration of approximately $112,500.
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Exhibit Number
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Name and/or Identification of Exhibit
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31
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Rule 13a-14(a)/15d-14(a) Certifications
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32
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Certification under Section 906 of the Sarbanes-Oxley Act (18 U.S.C. Section 1350)
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101
|
Interactive Data File
|
(INS) XBRL Instance Document
|
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(SCH) XBRL Taxonomy Extension Schema Document
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(CAL) XBRL Taxonomy Extension Calculation Linkbase Document
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(DEF) XBRL Taxonomy Extension Definition Linkbase Document
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(LAB) XBRL Taxonomy Extension Label Linkbase Document
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(PRE) XBRL Taxonomy Extension Presentation Linkbase Document
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Q BIOMED INC.
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(Registrant)
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Signature
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Title
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Date
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/s/ Denis Corin
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President, Chief Executive Officer, Acting Principal Accounting Officer,
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October 17, 2016
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Denis Corin
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Principal Financial Officer
|
1 Year Q BioMed (CE) Chart |
1 Month Q BioMed (CE) Chart |
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