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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Qrons Inc (QB) | USOTC:QRON | 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% | 0.185475 | 0.156 | 0.2818 | 0.00 | 20:30:01 |
Wyoming
|
|
81-3623646
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of each exchange
on which registered
|
None
|
|
N/A
|
|
N/A
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☒
|
|
|
Emerging growth company
|
☒
|
Item No.
|
|
|
|
Page No.
|
|
PART I
|
|||||
|
|
1 |
|
||
|
|
10 |
|
||
|
|
10 |
|
||
|
|
10 |
|
||
|
|
10 |
|
||
|
|
10 |
|
||
|
|
|
|
|
|
PART II
|
|||||
|
|
11 |
|
||
|
|
12 |
|
||
|
|
12 |
|
||
|
|
16 |
|
||
|
|
17 |
|
||
|
|
18 |
|
||
|
|
18 |
|
||
|
|
19 |
|
||
|
|
|
|
|
|
PART III
|
|||||
|
|
20 |
|
||
|
|
22 |
|
||
|
|
23 |
|
||
|
|
24 |
|
||
|
|
25 |
|
||
|
|
|
|
|
|
|
|||||
|
|
26 |
|
||
|
|
27 |
|
||
|
|
|
27 |
|
•
|
Degenerative diseases, where nerve cells are damaged or die, such as Parkinson’s disease and Alzheimer’s disease
|
•
|
Diseases of the blood vessels supplying the brain, such as stroke
|
•
|
Injuries to the spinal cord and brain
|
•
|
Seizure disorders, such as epilepsy
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
Weighted-average exercise price of outstanding options, warrants and rights
|
Number of securities remaining available for future issuance under equity compensation plans
|
|||||||||
Equity compensation plans approved by security holders
|
-
|
-
|
-
|
|||||||||
|
||||||||||||
Equity compensation plans not approved by security holders (1)
|
3,276,666
|
(2)
|
$
|
2.00
|
-
|
|
For the Year ended
December 31, |
|||||||
|
2020
|
2019
|
||||||
Operating expenses:
|
||||||||
Research and development expenses
|
$
|
258,620
|
$
|
651,476
|
||||
Professional fees
|
47,560
|
75,677
|
||||||
General and administrative expenses
|
247,561
|
789,279
|
||||||
Total operating expenses
|
$
|
553,741
|
$
|
1,516,432
|
|
For the Year ended
December 31, |
|||||||
|
2020
|
2019
|
||||||
Net cash provided (used by) operating activities
|
$
|
(220,393
|
)
|
$
|
(546,837
|
)
|
||
Net cash provided from (used by) investing activities
|
-
|
-
|
||||||
Net cash provided from financing activities
|
211,000
|
470,000
|
||||||
Increase (decrease) in cash and cash equivalents
|
$
|
(9,393
|
)
|
$
|
(76,837
|
)
|
|
|
Page
|
|
F-1
|
|
|
F-2
|
|
|
F-3
|
|
|
F-4
|
|
|
F-5
|
|
|
F-6
|
|
For the Years Ended
|
|||||||
|
December 31,
|
|||||||
|
2020
|
2019
|
||||||
|
||||||||
Net sales
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Operating expenses:
|
||||||||
Research and development expenses
|
258,620
|
651,476
|
||||||
Professional fees
|
47,560
|
75,677
|
||||||
General and administrative expenses
|
247,561
|
789,279
|
||||||
Total operating expenses
|
553,741
|
1,516,432
|
||||||
|
||||||||
Income (loss) from operations
|
(553,741
|
)
|
(1,516,432
|
)
|
||||
|
||||||||
Other income (expense)
|
||||||||
Interest expense
|
(52,019
|
)
|
(42,574
|
)
|
||||
Change in derivative liabilities
|
(57,203
|
)
|
12,234
|
)
|
||||
Total other income (expense)
|
(109,222
|
)
|
(30,340
|
)
|
||||
|
||||||||
Net (loss)
|
$
|
(662,963
|
)
|
$
|
(1,546,772
|
)
|
||
|
||||||||
Net (loss) per common shares (basic and diluted)
|
$
|
(0.05
|
)
|
$
|
(0.12
|
)
|
||
|
||||||||
Weighted average shares outstanding
|
||||||||
(Basic and diluted)
|
13,163,286
|
12,998,973
|
|
Series A Preferred
|
Common Stock
|
Additional
Paid-in |
Accumulated
|
Total
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Stockholders' Equity (Deficit)
|
|||||||||||||||||||||
Balance, December 31, 2018
|
2,000
|
2
|
12,872,309
|
1,287
|
5,629,694
|
(5,523,708
|
)
|
107,275
|
||||||||||||||||||||
Shares issued for stock awards for business advisory services
|
-
|
-
|
92,500
|
9
|
126,866
|
-
|
126,875
|
|||||||||||||||||||||
Shares issued for services provided
|
-
|
-
|
50,000
|
5
|
74,495
|
-
|
74,500
|
|||||||||||||||||||||
Stock options granted to non-employees as research and development costs
|
-
|
-
|
-
|
-
|
219,095
|
-
|
219,095
|
|||||||||||||||||||||
Issuance of common stock for private placement
|
-
|
-
|
65,000
|
7
|
64,993
|
-
|
65,000
|
|||||||||||||||||||||
Warrants granted as financing costs
|
-
|
-
|
-
|
-
|
36,410
|
-
|
36,410
|
|||||||||||||||||||||
Stock options granted to officers
|
-
|
-
|
-
|
-
|
409,495
|
-
|
409,495
|
|||||||||||||||||||||
Warrants exercised associated with private placement
|
-
|
-
|
9,980
|
1
|
(1
|
)
|
-
|
-
|
||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(1,546,772
|
)
|
(1,546,772
|
)
|
|||||||||||||||||||
Balance, December 31, 2019
|
2,000
|
$
|
2
|
13,089,789
|
1,309
|
6,561,047
|
(7,070,480
|
)
|
(508,122
|
)
|
||||||||||||||||||
Issuance of common stock for private placement
|
-
|
-
|
200,000
|
20
|
99,980
|
-
|
100,000
|
|||||||||||||||||||||
Stock options granted to officers
|
-
|
-
|
-
|
-
|
213,530
|
-
|
213,530
|
|||||||||||||||||||||
Stock options granted to non-employees as research and development costs
|
-
|
-
|
-
|
-
|
159,839
|
-
|
159,839
|
|||||||||||||||||||||
Warrants exercised associated with private placement
|
-
|
-
|
-
|
-
|
3,400
|
-
|
3,400
|
|||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
-
|
-
|
(662,963
|
)
|
(662,963
|
)
|
|||||||||||||||||||
Balance, December 31, 2020
|
2,000
|
$
|
2
|
13,289,789
|
1,329
|
7,037,796
|
(7,733,443
|
)
|
(694,316
|
)
|
|
For the Years ended
December 31,
|
|||||||
|
2020
|
2019
|
||||||
Cash Flows From Operating Activities
|
||||||||
Net loss
|
$
|
(662,963
|
)
|
$
|
(1,546,772
|
)
|
||
Adjustments to reconcile net loss to net cash (used by) operating activities:
|
||||||||
Stock options issued for research and development expense
|
159,839
|
219,095
|
||||||
Stock awards issued for advisory and consulting services
|
-
|
126,875
|
||||||
Stock issued for services
|
-
|
74,500
|
||||||
Stock options granted for officer compensation
|
213,530
|
409,495
|
||||||
Warrants granted as financing costs
|
3,400
|
36,410
|
||||||
Accretion of debt discount
|
35,380
|
945
|
||||||
Change in derivative liabilities
|
57,203
|
(12,234
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
56,265
|
(4,280
|
)
|
|||||
Accounts payable and accrued liabilities
|
(91,908
|
)
|
117,643
|
|||||
Accounts payable and accrued liabilities, related party
|
8,861
|
31,486
|
||||||
Net cash (used by) operating activities
|
(220,393
|
)
|
(546,837
|
)
|
||||
|
||||||||
Cash Flows From Investing Activities
|
||||||||
Net cash provided from (used by) investing activities
|
-
|
-
|
||||||
|
||||||||
Cash Flows From Financing Activities
|
||||||||
Proceeds from convertible notes
|
10,000
|
70,000
|
||||||
Proceeds from private placement
|
100,000
|
65,000
|
||||||
Proceeds from short term advance, third party
|
-
|
100,000
|
||||||
Proceeds from demand loan, related party
|
-
|
50,000
|
||||||
Proceeds from related party advances
|
101,000
|
185,000
|
||||||
Net cash provided from financing activities
|
211,000
|
470,000
|
||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
(9,393
|
)
|
(76,837
|
)
|
||||
|
||||||||
Cash at beginning of year
|
67,025
|
143,862
|
||||||
Cash at end of year
|
$
|
57,632
|
$
|
67,025
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES
|
||||||||
Interest paid
|
$
|
-
|
$
|
-
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
|
||||||||
SUPPLEMENTAL NON-CASH FINANCING ACTIVITIES
|
||||||||
Derivative liability associated with debt discount
|
$
|
-
|
$
|
64,774
|
|
Fair value measurements on a recurring basis
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
As of December 31, 2020:
|
||||||||||||
Liabilities
|
||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
154,485
|
||||||
|
||||||||||||
As of December 31, 2019:
|
||||||||||||
Liabilities
|
||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
89,367
|
|
December 31, 2020
|
December 31,
2019
|
||||||
Research warrants at 3% of issued and outstanding shares
|
398 694
|
392,694
|
||||||
Convertible notes
|
445,400
|
261,107
|
||||||
Series A preferred shares
|
700
|
700
|
||||||
Stock options vested
|
3,243,333
|
2,331,669
|
||||||
Stock options not yet vested
|
33,333
|
183,331
|
||||||
Stock purchase warrants
|
180,000
|
70,000
|
||||||
Total
|
4,301,460
|
3,239,501
|
|
December 31, 2020
|
December 31, 2019
|
||||||
Face value of certain convertible notes
|
$
|
25,000
|
$
|
25,000
|
||||
Less: unamortized discount
|
-
|
-
|
||||||
Carrying value
|
$
|
25,000
|
$
|
25,000
|
Balance at December 31, 2018
|
$
|
36,827
|
||
Change in fair value
|
355
|
|||
Balance at December 31, 2019
|
37,182
|
|||
Change in fair value
|
24,500
|
|||
Balance at December 31, 2020
|
$
|
61,682
|
|
Commitment Date
|
|
December 31, 2020
|
|
December 31, 2019
|
|
||||||
Expected dividends
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Expected volatility
|
101% ~103%
|
|
316% ~ 333%
|
|
167% ~ 180%
|
|
||||||
Expected term
|
0.92 ~ 1 year
|
|
0.74year
|
|
0.26 year
|
|
||||||
Risk free interest rate
|
|
|
1.33%
|
|
|
|
0.09%
|
|
|
|
1.60%
|
|
|
December 31, 2020
|
December 31, 2019
|
||||||
Face value of certain convertible notes
|
$
|
80,000
|
$
|
70,000
|
||||
Less: unamortized discount
|
(36,364
|
)
|
(63,829
|
)
|
||||
Carrying value
|
$
|
43,636
|
$
|
6,171
|
Balance at December 31, 2018
|
$
|
-
|
||
Derivative addition associated with convertible notes
|
64,774
|
|||
Change in fair value
|
(12,589
|
)
|
||
Balance at December 31, 2019
|
52,185
|
|||
Derivative addition associated with convertible notes
|
7,915
|
|||
Change in fair value
|
32,703
|
|||
Balance at December 31, 2020
|
$
|
92,803
|
|
Commitment Date
|
|
December 31, 2020
|
|
December 31, 2019
|
|
||||||
Expected dividends
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Expected volatility
|
154% ~173%
|
|
280% ~296%
|
|
156%
|
|
||||||
Expected term
|
2.10 years
|
|
1.05 ~ 1.25 years
|
|
2 years
|
|
||||||
Risk free interest rate
|
|
|
1.42 ~ 1.65%
|
|
|
|
0.10%
|
|
|
|
1.58%
|
|
(1)
|
Demand Loan from related party
|
(2)
|
Advances from Related Parties
|
(3)
|
Others
|
(4)
|
Officer compensation
|
(1)
|
Science Advisory Board Member Consulting Agreements (the " Consulting Agreements")
|
-
|
Scientific Advisory Board and Consulting Services - Advisor shall provide general consulting services to Company (the "Services") as a member of its Scientific Advisory Board ("SAB"). As a member of the SAB,
Advisor agrees to provide the Services as follows: (a) attending meetings of the Company's SAB; (b) performing the duties of a SAB member at such meetings, as established from time to time by the mutual agreement of the Company and the SAB
members, including without limitation meeting with Company employees, consultants and other SAB members, reviewing goals of the Company and assisting in developing strategies for achieving such goals, and providing advice, support, theories,
techniques and improvements in the Company's scientific research and product development activities; and (c) providing consulting services to Company at its request, including a reasonable amount of informal consultation over the telephone or
otherwise as requested by Company. Advisor's consultation with Company will involve services as scientific, technical and business advisor to the Company and its management with respect to neuronal injuries and neuro degenerative diseases.
|
-
|
SAB Consulting Compensation - the Company shall grant to Advisor the option to purchase certain number of shares of the common stock of the Company as per the stock option award grant. The options are subject
to terms and provisions of the Company's 2016 Stock Option and Stock Award Plan.
|
(2)
|
Business Advisory Board Agreements
|
(3)
|
Investor Relations Agreement
|
|
Year ended
December 31,
|
|||||
|
2020
|
2019
|
||||
Number of shares vested in period
|
-
|
92,500
|
||||
Weighted average fair market value per share
|
$
|
-
|
$
|
1.37
|
||
Stock based compensation recognized
|
$
|
-
|
$
|
126,875
|
(b)
|
Stock Options granted to Employees:
|
(b)
|
Stock Options granted to Employees (cont'd):
|
|
Twelve Months ended
|
|||||
|
December 31,
|
|||||
|
2020
|
2019
|
||||
|
||||||
Research and development expenses
|
$
|
159,839
|
$
|
219,095
|
(c)
|
Stock Options granted to Officers:
|
|
Year ended
|
|
||||
|
December 31,
|
|
||||
|
2020
|
|
2019
|
|
||
|
|
|
|
|
||
General and administrative expenses
|
$
|
213,530
|
|
$
|
409,495
|
|
(c)
|
Stock Options granted to Officers (cont'd):
|
|
|
Measurement date
|
|
|
Dividend yield
|
|
|
0%
|
|
Expected volatility
|
|
114.69 ~ 186.80%
|
|
|
Risk-free interest rate
|
|
0.39% ~ 2.68%
|
|
|
Expected life (years)
|
|
3 ~ 5
|
|
|
Stock Price
|
|
$
|
0.38 ~ 2.80
|
|
Exercise Price
|
|
$
|
0.40 ~ 2.00
|
|
|
December 31, 2020
|
December 31, 2019
|
||||||||||||||||||||||
|
Weighted Average
Exercise
|
Weighted Average Remaining Contractual Life
|
Weighted Average
Exercise
|
Weighted Average Remaining Contractual Life
|
||||||||||||||||||||
|
Shares
|
Price
|
(in years)
|
Shares
|
Price
|
(in years)
|
||||||||||||||||||
Outstanding, beginning of period
|
2,515,000
|
$
|
1.98
|
3.78
|
1,615,000
|
$
|
1.97
|
4.38
|
||||||||||||||||
Granted
|
800,000
|
$
|
2
|
-
|
950,000
|
$
|
2
|
-
|
||||||||||||||||
Exercised
|
-
|
$
|
-
|
-
|
-
|
$
|
-
|
-
|
||||||||||||||||
Canceled/forfeited
|
(38,334
|
)
|
$
|
2
|
-
|
(50,000
|
)
|
$
|
2
|
-
|
||||||||||||||
Outstanding, end of period
|
3,276,666
|
$
|
2
|
3.28
|
2,515,000
|
$
|
1.987
|
3.78
|
||||||||||||||||
Options exercisable, end of period
|
3,243,333
|
$
|
2
|
3.28
|
2,331,669
|
$
|
1.98
|
3.78
|
||||||||||||||||
Options expected to vest, end of period
|
33,333
|
$
|
2
|
2
|
183,331
|
$
|
1.98
|
1.98
|
||||||||||||||||
Weighted average fair value of options granted
|
$
|
1.31
|
$
|
1.62
|
|
Warrants
|
Weighted Average Exercise Price
|
|||||||
Outstanding – December 31, 2018
|
52,000
|
(1)
|
$
|
0.40
|
|||||
Granted
|
70,000
|
(3)
|
1.00
|
||||||
Canceled/forfeited
|
-
|
-
|
|||||||
Exercised
|
(52,000
|
)
|
(2)
|
0.40
|
|||||
Outstanding – December 31, 2019
|
70,000
|
1.00
|
|||||||
Granted
|
110,000
|
(4)(5)
|
1.00
|
||||||
Canceled/forfeited
|
-
|
-
|
|||||||
Exercised
|
-
|
-
|
|||||||
Outstanding – December 31, 2020
|
180,000
|
$
|
1.00
|
|
|
Measurement date
|
|
|
Dividend yield
|
|
|
0%
|
|
Expected volatility
|
|
97.90~172.75%
|
|
|
Risk-free interest rate
|
|
0.16~1.72%
|
|
|
Expected life (years)
|
|
2.71~5.00
|
|
|
Stock Price
|
|
|
$0.25 ~ $0.99
|
|
Exercise Price
|
|
|
$0.40 ~ $1.00
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
||
Total current
|
|
$
|
-
|
|
|
$
|
-
|
|
Total deferred
|
|
|
-
|
|
|
|
-
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
||
Expected benefit at federal statutory rate
|
|
$
|
139,200
|
|
|
|
324,800
|
|
Non-deductible expenses
|
|
|
(90,400
|
)
|
|
|
(179,300
|
)
|
Change in valuation allowance
|
|
|
(48,800
|
)
|
|
|
(145,500
|
)
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
||
Loss carryforwards
|
|
$
|
1,601,380
|
|
|
$
|
1,462,180
|
|
Less – stock based compensation
|
|
|
(1,193,900
|
)
|
|
|
(1,115,500
|
)
|
Less – derivative liabilities
|
|
|
(11,880
|
)
|
|
|
120
|
|
Less - valuation allowance
|
|
|
(395,600
|
)
|
|
|
(346,800
|
)
|
Total net deferred tax assets
|
|
$
|
|
|
|
$
|
-
|
|
Name
|
|
Age
|
|
Position(s)
|
|
|
|
|
|
Jonah Meer
|
|
65
|
|
Chief Executive Officer, Chief Financial Officer, Secretary and Director
|
Ido Merfeld
|
|
56
|
|
President and Director
|
Name and
|
Fiscal Year
|
Salary
|
Bonus
|
Stock Awards
|
Option Awards
|
All Other
|
Total
|
Principal Position
|
Ended 12/31
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
Jonah Meer,
|
2020
|
-
|
-
|
-
|
106,765(1)
|
-
|
106,765(1)
|
Chief Executive Officer, Chief Financial Officer, Secretary and Director
|
2019
|
-
|
-
|
-
|
182,660(2)
|
182,660(2)
|
|
Ido Merfeld,
|
2020
|
-
|
-
|
-
|
106,765(1)
|
-
|
106,765(1)
|
President and Director
|
2019
|
-
|
-
|
-
|
182,660(2)
|
-
|
182,660(2)
|
Name
|
Grant Date
|
Number of Securities Underlying Unexercised Options (#) Exercisable
|
Number of Securities Underlying Unexercised Options (#) Unexercisable
|
Option
Exercise Price
($)
|
Option Expiration
Date
|
|
|
|
|
|
|
Jonah Meer
|
12/4/17
|
300,000
|
0
|
2.00
|
12/4/22
|
|
12/10/18
|
325,000
|
0
|
2.00
|
12/10/23
|
|
12/19/19
|
325,000
|
0
|
2.00
|
12/19/24
|
|
12/20/20
|
325,000
|
0
|
2.00
|
12/20/25
|
Ido Merfeld
|
12/4/17
|
300,000
|
0
|
2.00
|
12/4/22
|
|
12/10/18
|
325,000
|
0
|
2.00
|
12/10/23
|
|
12/19/19
|
325,000
|
0
|
2.00
|
12/19/24
|
12/20/20
|
325,000
|
0
|
2.00
|
12/10/25
|
|
|
||||
|
Amount and Percentage of Beneficial
|
||||
Name and Address of Beneficial Owner
|
Ownership
|
||||
|
Shares
|
|
|
%
|
|
Directors and Executive Officers:
|
|
|
|
|
|
Jonah Meer
|
|
|
|
|
|
Chief Executive Officer, Chief Financial Officer, Secretary and Director
|
6,335,000(2)
|
|
|
43.5
|
%(1)
|
Ido Merfeld
|
|
|
|
|
|
President and Director
|
6,335,000(2)
|
|
|
43.5
|
%(1)
|
|
|
|
|
|
|
All officers and directors as a group (2 persons):
|
12,670,000(3)
|
|
|
80.0
|
%
|
|
|
|
|
|
|
Exhibit Number
|
Exhibit
|
|
|
|
Qrons Inc.
|
||
|
|
||
Date: March 31, 2021
|
By:
|
/s/ Jonah Meer
|
|
|
|
Jonah Meer
Chief Executive Officer, Chief Financial Officer and Secretary
(Principal Executive Officer and Principal Financial and Accounting Officer)
|
|
Signature
|
|
|
|
Title
|
|
Date
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
/s/Jonah Meer
|
|
|
|
Chief Executive Officer, Chief Financial Officer, Secretary and a Director
|
|
March 31, 2021
|
|||
Jonah Meer
|
|
|
|
(Principal Executive Officer and Principal Financial and Accounting Officer)
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
/s/Ido Merfeld
|
|
|
|
President and a Director
|
|
March 31, 2021
|
|||
Ido Merfeld
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
1 Year Qrons (QB) Chart |
1 Month Qrons (QB) Chart |
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