Wed, May 15, 3:43 PM (72 days ago)
CQENS Technologies Inc. reported a net loss of $995,765 for Q1 2024, a slight improvement from the $1,186,307 loss in Q1 2023. Operating expenses decreased by 15.8%, driven primarily by a 57.8% reduction in general and administrative costs, despite increases in research and development (up 15.8%) and professional fees (up 96.3%). Cash used in operations decreased to $350,447 from $693,976 in the prior year, aided by $415,037 from stock sales and related party loans. The company's cash position was $350,617 at quarter-end, with a working capital deficit of $1,209,508. The company continues to face substantial doubt about its ability to continue as a going concern, with plans to raise an additional $3-5 million over the next 12 months to support operations and development initiatives.