![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 21:50:35 |
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
For the quarterly period ended
September 30, 2017
|
|
|
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
For the transition period from
__________
to
__________
|
|
Yes [X]
No [ ]
|
|
Yes [X] No [ ]
|
|
|
Large accelerated filer[ ]
|
Accelerated filer [ ]
|
Non-accelerated filer[ ] (Do not check if a smaller reporting company)
|
Smaller reporting company [X]
|
|
Emerging growth company [X]
|
|
Yes [ ]
No [X ]
|
|
|
Page
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
3
|
||
|
|
|
12
|
||
|
|
|
16
|
||
|
|
|
16
|
||
|
|
|
|
PART II – OTHER INFORMATION
|
|
|
|
|
17
|
||
|
|
|
17
|
||
|
|
|
17
|
||
|
|
|
17
|
||
|
|
|
17
|
||
|
|
|
17
|
||
|
|
|
17
|
||
|
|
|
|
18
|
|
For the three months ended September 30,
|
For the nine months ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development expenses
|
8,406
|
-
|
10,120
|
-
|
||||||||||||
Professional fees
|
8,170
|
2,500
|
11,297
|
2,500
|
||||||||||||
General and administrative expenses
|
31,643
|
2,980
|
47,252
|
2,980
|
||||||||||||
Total operating expenses
|
48,219
|
5,480
|
68,669
|
5,480
|
||||||||||||
|
||||||||||||||||
Income (loss) from operations
|
(48,219
|
)
|
(5,480
|
)
|
(68,669
|
)
|
(5,480
|
)
|
||||||||
|
||||||||||||||||
Other Income (expense)
|
||||||||||||||||
Interest expense
|
(1,785
|
)
|
(1,028
|
)
|
(7,215
|
)
|
(1,028
|
)
|
||||||||
Change in derivative liabilities
|
(47,954
|
)
|
-
|
(47,954
|
)
|
-
|
||||||||||
Other (expense)
|
(49,739
|
)
|
(1,028
|
)
|
(55,169
|
)
|
(1,028
|
)
|
||||||||
|
||||||||||||||||
Net (loss)
|
$
|
(97,958
|
)
|
$
|
(6,508
|
)
|
$
|
(123,838
|
)
|
$
|
(6,508
|
)
|
||||
|
||||||||||||||||
Net (loss) per common shares (basic and diluted)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
||||
|
||||||||||||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic and diluted
|
11,552,000
|
10,120,000
|
11,544,293
|
10,120,000
|
|
For the nine months ended September 30,
|
|||||||
|
2017
|
2016
|
||||||
Cash Flows From Operating Activities
|
||||||||
Net loss
|
$
|
(123,838
|
)
|
$
|
(6,508
|
)
|
||
Adjustments to reconcile net income to net cash provided from (used by) operating activities:
|
||||||||
Preferred stock issued to Directors, valuation
|
-
|
2,598
|
||||||
Accretion of debt discount
|
6,599
|
-
|
||||||
Change in derivative liabilities
|
47,954
|
-
|
||||||
Changes in operating assets and liabilities:
|
-
|
|||||||
Accounts payable and accrued liabilities
|
6,059
|
1,028
|
||||||
Net cash provided (used by) operating activities
|
(63,226
|
)
|
(2,882
|
)
|
||||
|
-
|
|||||||
Cash Flows From Investing Activities
|
||||||||
Net cash provided from (used by) investing activities
|
-
|
-
|
||||||
|
||||||||
Cash Flows From Financing Activities
|
||||||||
Proceeds from issuance of common stock
|
-
|
1,012
|
||||||
Proceeds from sale of Series A preferred stock
|
-
|
2
|
||||||
Proceeds from private placement
|
32,000
|
-
|
||||||
Financing costs
|
(22,548
|
)
|
- | |||||
Proceeds from convertible note
|
15,000
|
10,000
|
||||||
Net cash provided from financing activities
|
24,452
|
11,014
|
||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
(38,774
|
)
|
8,132
|
|||||
|
||||||||
Cash at beginning of period
|
155,242
|
-
|
||||||
Cash at end of period
|
116,468
|
8,132
|
||||||
|
||||||||
SUPPLEMENTAL DISCLOSURES
|
||||||||
Interest paid
|
$
|
-
|
$
|
-
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
|
Fair value measurements on a recurring basis
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
As of September 30, 2017:
|
||||||||||||
Liabilities
|
||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
72,954
|
||||||
|
||||||||||||
As of December 31, 2016:
|
||||||||||||
Liabilities
|
||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
-
|
|
September 30, 2017
|
December 31, 2016
|
||||||
Face value of certain convertible notes
|
$
|
25,000
|
$
|
10,000
|
||||
Less: unamortized discount
|
(24,818
|
)
|
(6,417
|
)
|
||||
Carrying value
|
$
|
182
|
$
|
3,583
|
Balance at December 31, 2016
|
$
|
-
|
||
Derivative addition associated with convertible notes
|
25,000
|
|||
Loss on change in fair value
|
47,954
|
|||
Balance at September 30, 2017
|
$
|
72,954
|
|
|
Commitment
Date
|
|
|
September 30,
2017
|
|
||
Expected dividends
|
|
|
0
|
|
|
|
0
|
|
Expected volatility
|
|
101% ~103%
|
|
|
101% ~ 104%
|
|||
Expected term
|
|
0.92 ~ 1 year
|
|
|
0.92 ~1 year
|
|
||
Risk free interest rate
|
|
1.33 %
|
|
|
|
1.31%
|
·
|
In the course of research performed at AU, Prof. Danny Baranes has developed certain technology relating to coral based and non-coral based conditioned medium for tissue regeneration and repair;
|
·
|
the Company wishes to receive a license from Ariel and in order to secure receipt of such license, agrees to fund further research at AU relating to such technology; and
|
·
|
Ariel is willing to grant the Company a license, pursuant to the terms of the License Agreement to allow it to develop and commercialize Products.
|
·
|
Upon successful clinical FDA Phase II completion - $130,000; and
|
·
|
Upon successful clinical FDA Phase III completion - $390,000
|
|
|
Measurement date
|
|
|
Dividend yield
|
|
|
0
|
%
|
Expected volatility
|
|
|
97.90~119.33
|
%
|
Risk-free interest rate
|
|
|
1.47~1.60
|
%
|
Expected life (years)
|
|
|
2.71~2.92
|
|
Stock Price
|
|
$
|
0.25
|
|
Exercise Price
|
|
$
|
0.40
|
|
|
Warrants (1)
|
Weighted Average Exercise Price
|
||||||
Outstanding – August 22, 2016
|
-
|
-
|
||||||
Granted
|
502,000
|
$
|
0.40
|
|||||
Forfeited/Canceled
|
-
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Outstanding – December 31, 2016
|
502,000
|
$
|
0.40
|
|||||
Granted
|
64,000
|
0.40
|
||||||
Forfeited/Canceled
|
-
|
|||||||
Exercised
|
-
|
|||||||
Outstanding – September 30, 2017
|
566,000
|
$
|
0.40
|
|
September 30,
2017
|
December 31, 2016
|
||||||
Loss carryforwards
|
$
|
99,646
|
$
|
57,540
|
||||
Less – stock based compensation
|
(19,040
|
)
|
(19,040
|
)
|
||||
Less – changes in derivative liabilities
|
(16,304
|
)
|
-
|
|||||
Less - valuation allowance
|
(64,302
|
)
|
(38,500
|
)
|
||||
Total net deferred tax assets
|
$
|
-
|
$
|
-
|
|
For the three months ended September 30,
|
For the nine months ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Operating expenses:
|
||||||||||||||||
Research and development expenses
|
8,406
|
-
|
10,120
|
-
|
||||||||||||
Professional fees
|
8,170
|
2,500
|
11,297
|
2,500
|
||||||||||||
General and administrative expenses
|
31,643
|
2,980
|
47,252
|
2,980
|
||||||||||||
Total operating expenses
|
48,219
|
5,480
|
68,669
|
5,480
|
||||||||||||
|
||||||||||||||||
Income (loss) from operations
|
(48,219
|
)
|
(5,480
|
)
|
(68,669
|
)
|
(5,480
|
)
|
||||||||
|
||||||||||||||||
Interest expense
|
(1,785
|
)
|
(1,028
|
)
|
(7,215
|
)
|
(1,028
|
)
|
||||||||
Change in derivative liabilities
|
(47,954
|
)
|
-
|
(47,954
|
)
|
-
|
||||||||||
|
||||||||||||||||
Net (loss)
|
$
|
(97,958
|
)
|
$
|
(6,508
|
)
|
$
|
(123,838
|
)
|
$
|
(6,508
|
)
|
At
September 30,
2017
|
At
December 31,
2016
|
|||||||
Current Assets
|
116,468
|
155,242
|
||||||
Current Liabilities
|
79,482
|
3,870
|
||||||
Working Capital (Deficit)
|
(36,986
|
)
|
151,372
|
|
At
September 30,
2017
|
At
September 30,
2016
|
||||||
Net cash (used in) operating activities
|
$
|
(63,226
|
)
|
$
|
(2,882
|
)
|
||
Net cash provided by financing activities
|
$
|
24,452
|
$
|
11,014
|
||||
Net increase (decrease) in cash during period
|
$
|
(38,774
|
)
|
$
|
8,132
|
Exhibit Number
|
Exhibit
|
|
|
|
QRONS INC.
|
|
|
|
|
|
|
Date: November 7, 2017
|
By:
|
/s/
Jonah Meer
|
|
|
Name:
|
Jonah Meer
|
|
|
Title:
|
Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer)
|
|
1 Year Qrons (QB) Chart |
1 Month Qrons (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