Fri, Aug 16, 10:05 AM (151 days ago)
For the quarter ending June 30, 2024, Qrons Inc. reported a net loss of $109,266, significantly higher than the $12,746 loss from the same period in 2023. The increase in losses is attributed to a rise in operating expenses, particularly in research and development, which totaled $58,464 compared to a gain of $9,706 in the previous year due to reversed accruals. Total operating expenses for the quarter reached $79,253, up from $23,418 in 2023. Cash flow from operating activities showed a net outflow of $31,213, reflecting ongoing financial strain. The company ended the quarter with cash reserves of $11,707, up from $420 at the end of the previous year. Liabilities remain substantial at $1,239,980, with total stockholders’ deficit reduced to $1,228,273. The company has not generated revenue since inception, raising concerns about its viability as a going concern. Qrons continues to rely on advances from related parties to fund operations, indicating a need for additional financing to sustain future operations and complete product development initiatives. Overall, the financial health of Qrons remains precarious, with significant uncertainty regarding its ability to continue without further capital infusion.