Qrons Inc. reported a net loss of $56,097 for the fiscal year ending December 31, 2024, a significant reduction from the net loss of $789,347 recorded in the previous year. The company did not generate any revenue during this period, but it anticipates reporting revenues following its acquisition of First Person Ltd. in January 2025. Total operating expenses decreased to $344,476 in 2024 from $643,677 in 2023, primarily due to reduced research and development costs, which fell from $462,459 to $222,363. The decrease in expenses was attributed to a reduction in stock-based compensation charges and other operational efficiencies.
In terms of strategic developments, Qrons completed the acquisition of First Person Ltd., which is focused on cognitive performance products. This merger, finalized on January 27, 2025, is expected to enhance Qrons' product offerings and market presence. The company also issued 3,043,716 shares of common stock to settle approximately $1.09 million in related party debt, which included significant contributions from former executives. Additionally, Qrons issued 100,000 shares to an advisory board member as part of its ongoing efforts to attract expertise in its operations.
Operationally, Qrons has made strides in reducing its working capital deficit, which improved from $1,323,295 in 2023 to $431,699 in 2024. The company’s cash position also slightly improved, with cash and cash equivalents rising to $659 from $420 year-over-year. However, the company continues to face challenges, including a reliance on related party loans to fund operations and a lack of significant cash reserves. As of December 31, 2024, Qrons had a total of 17,599,999 shares of common stock outstanding, an increase from 13,649,789 shares in the previous year.
Looking ahead, Qrons has expressed the need for additional capital to support its operations and the integration of First Person. The company is exploring various financing options, including debt and equity, to ensure it can meet its operational needs and strategic goals. Management has indicated that there is substantial doubt about the company's ability to continue as a going concern without securing adequate funding. The company’s future performance will depend on its ability to generate revenue from its new product lines and effectively manage its operational costs.
About Qrons Inc.
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