Q Biomed Inc. (QBIO), a biotechnology company focused on addressing unmet medical needs through innovations and acquisitions in healthcare, has recently submitted its unaudited financial statements for the quarter ended February 28, 2023. The company acknowledges that the financial statements included in the Form 10-Q have not been independently reviewed and may not fully comply with the requirements of the Securities Exchange Act of 1934. Investors are advised that the financial statements may not be accurate, timely, or fit for any purpose.
Key Financial Takeaways:
1. As of February 28, 2023, Q Biomed Inc. reported cash holdings of $23,173, a decrease from the $49,973 reported at the end of the previous quarter (November 30, 2022).
2. The company reported no accounts receivable for the quarter ended February 2023, compared to an accounts receivable balance of $11,535 reported in the November 2022 quarter.
3. Q Biomed Inc. reported prepaid expenses and other current assets totaling $12,335 for the quarter ended February 2023, a slight increase from the $11,860 reported for the quarter ended November 2022.
4. For the quarter ended February 2023, the company reported total current liabilities of $1,664,113, showing a significant increase from the $292,662 reported in November 2022. This increase in liabilities may be attributed to the issuance of convertible debt securities, debentures, and other financial instruments.
5. The total stockholders’ deficit for the quarter ended February 2023 was reported at $1,537,930, reflecting a considerable increase from the deficit of $158,715 reported in November 2022.
While the financial statements offer insights into the company’s financial position, Q Biomed Inc. recognizes that the information may not be comprehensive or reliable due to the lack of independent review. The company intends to amend the Form 10-Q as soon as practicable and encourages investors to direct any inquiries to the company’s management.
Q Biomed Inc. focuses on addressing unmet medical needs by acquiring and developing healthcare innovations. It operates in various therapeutic areas, including oncology, pain management, and central nervous system disorders. The company is known for its exclusive license agreement with Mannin Research Inc., which focuses on the development of novel therapeutics for multiple therapeutic applications.
Income Statement
Financials in millions USD. Fiscal year is December – November. source
| Year | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | Revenue | 0.28 | 0.2 | 0.03 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | Revenue Growth (YoY) | 45.38% | 551.99% | – | – | – | – | – | – | – | – |
| 2 | Cost of Revenue | 0.29 | 0.25 | 0.33 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | Gross Profit | -0.01 | -0.05 | -0.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | General & Administrative | 3.31 | 6.26 | 10.97 | 4.48 | 5.78 | 9.27 | 5.03 | 0.35 | 0.04 | 0 |
| 5 | Research & Development | 0.13 | 1.07 | 1.88 | 3.54 | 3.24 | 3.1 | 1.31 | 0.6 | 0 | 0 |
| 6 | Operating Expenses | 3.44 | 7.34 | 12.85 | 8.02 | 9.02 | 12.37 | 6.35 | 0.95 | 0.04 | 0 |
| 7 | Operating Income | -3.45 | -7.39 | -13.15 | -8.02 | -9.02 | -12.37 | -6.35 | -0.95 | -0.04 | -0 |
| 8 | Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 | Interest Expense | 1.38 | 0.51 | 0.3 | 1.46 | 0.16 | 0.76 | 0.48 | 0.01 | 0 | 0 |
| 10 | Other Expense / Income | -2.78 | 0.35 | 0.05 | 0.8 | 0.09 | 1.41 | 0.34 | 0.12 | – | – |
| 11 | Pretax Income | -2.05 | -8.24 | -13.49 | -10.28 | -9.27 | -14.54 | -7.17 | -1.09 | -0.04 | -0 |
| 12 | Income Tax | -1.34 | 0.35 | 0.05 | 0.8 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Net Income | -0.72 | -8.59 | -13.54 | -11.08 | -9.27 | -14.54 | -7.17 | -1.09 | -0.04 | -0 |
| 14 | Shares Outstanding (Basic) | 45 | 27 | 22 | 15 | 14 | 10 | 9 | 9 | 6 | 3 |
| 15 | Shares Outstanding (Diluted) | 45 | 27 | 22 | 15 | 14 | 10 | 9 | 9 | 6 | 3 |
| 16 | Shares Change | 67.13% | 20.84% | 47.34% | 9.50% | 31.23% | 18.12% | -2.28% | 41.22% | 131.16% | – |
| 17 | EPS (Basic) | -0.02 | -0.32 | -0.61 | -0.74 | -0.67 | -1.39 | -0.81 | -0.12 | -0.00 | -0.00 |
| 18 | EPS (Diluted) | -0.02 | -0.32 | -0.61 | -0.74 | -0.67 | -1.39 | -0.81 | -0.12 | -0.00 | -0.00 |
| 19 | Free Cash Flow Per Share | 0.04 | -0.16 | -0.28 | -0.27 | -0.51 | -0.53 | -0.17 | -0.01 | -0.01 | – |
| 20 | Gross Margin | -3.16% | -26.20% | -986.70% | – | – | – | – | – | – | – |
| 21 | Operating Margin | -1211.74% | -3777.44% | -43818.05% | – | – | – | – | – | – | – |
| 22 | Profit Margin | -251.83% | -4389.44% | -45142.51% | – | – | – | – | – | – | – |
| 23 | Free Cash Flow Margin | 682.75% | -2199.44% | -20778.14% | – | – | – | – | – | – | – |
| 24 | EBITDA | -0.25 | -7.34 | -13.1 | -7.97 | -9.11 | -13.78 | -6.69 | -1.07 | -0.04 | -0 |
| 25 | EBITDA Margin | -88.77% | -3751.88% | -43651.38% | – | – | – | – | – | – | – |
| 26 | Depreciation & Amortization | 0.05 | 0.05 | 0.05 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 |
| 27 | EBIT | -0.3 | -7.39 | -13.15 | -8.02 | – | – | – | – | – | – |
| 28 | EBIT Margin | -106.35% | -3777.44% | -43818.05% | – | – | – | – | – | – | – |
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