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Qrons Inc (QRON0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated since inception. The company reported a net loss of $63,298 for the three months ended September 30, 2024, compared to a net loss of $529,667 for the same period in the previous year.
Operating expenses for the quarter decreased to $58,167 from $439,555 in the prior year, mainly due to a reduction in research and development expenses.
Other expenses for the quarter included interest expenses of $7,519 and a gain of $2,388 from the change in fair market value of derivative liabilities.
For the nine months ended September 30, 2024, Qrons reported a net loss of $215,180, compared to $610,871 for the same period in the previous year.
Total operating expenses for the nine-month period were $223,794, down from $499,915 in the prior year, with decreases primarily in research and development expenses.
Other income for the nine months included a gain of $74,161 from the change in fair market value of derivative liabilities, offset by interest expenses and a loss on extinguishment of debt.
Qrons continues to face substantial doubt about its ability to continue as a going concern due to its lack of revenue and reliance on financing.
Subsequent events include a proposed merger with First Person Ltd, a privately held Canadian corporation, which is expected to close by December 16, 2024.
The filing also details the termination of certain agreements and advisory board memberships, as well as the issuance of shares to Ariel Scientific Innovations Ltd as part of a royalty agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Qrons Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.