Current assets Cash and cash equivalents 3,306,641 June 30, 2024
Professional fees
Professional fees were $958,377 and $1,816,800 for the three and six months ended June 30, 2024, compared to $814,488 and $1,408,774, respectively, for the comparative periods in the prior year. This represents an increase of $143,889 or 18% for the three months ended June 30, 2024, and an increase of $408,026 or 29% for the sixmonths ended June 30, 2024, compared to the equivalent periods in the prior year. Professional fees fluctuate from period to period based on the nature of the transactions the Company undertakes.
Investor relations
Investor relations expenses were $561,054 and $833,216 for the three and six months ended June 30, 2024, compared to $100,158 and $347,550, respectively, for the comparative periods in the prior year. This represents an increase of $460,896 or 460% for the three months ended June 30, 2024,and an increase of $485,666 or 140% for the sixmonths ended June 30, 2024, compared to the equivalent periods in the prior year. Investor relations expenses fluctuate fromperiod to period based on the Company’s business strategy.
Salaries, wages and benefits
Salaries, wages and benefits expenses were $436,687 and $816,139 for the three and sixmonths ended June 30, 2024, compared to $465,899 and $1,095,926, respectively, for the comparative periods in the prior year. This represents a decrease of $29,212 or 6% for the three months ended June 30, 2024, and a decrease of $279,787 or 26% for the sixmonths ended June 30, 2024,compared to the equivalent periods in the prior year. The decrease is primarily due to a decrease in headcount for the three months ended June 30, 2024, compared to the equivalent periods in the prior year. The decrease in headcount was due to a restructure in the research and development teamand outsourcing ofsome related activities.
Consulting fees
Consulting fees were $204,492 and $423,453 for the three and six months ended June 30, 2024,compared to $269,067 and $825,871, respectively, for the comparative periods in the prior year. This represents a decrease of $64,575 or 24% for the three months ended June 30, 2024, and a decrease of $402,418 or 49% for the six months ended June 30, 2024,compared to the equivalent periods in the prior year. Consulting fees include fees paid to individuals and professional firms who provide advisory services to the Company and fluctuate from period to period based on the nature of the transactions the Company undertakes
Share-based payments
Share-based payments were $111,524 and $169,267 for the three and six months ended June 30, 2024,compared to $403,393 and $3,609,928, respectively, for the comparative periods in the prior year. This represents a decrease of $291,869 or 72% for the three months ended June 30, 2024, and a decrease of $3,440,661 or 95% for the sixmonths ended June 30, 2024, compared to the equivalent periods in the prior year. Share-based payments expense changes based on the variability in the number of options granted, vesting periods of the options, the number of Performance Share Units (“PSUs”) granted, the number of Restricted Share Units (“RSUs”) granted, vesting periods of the PSUs and RSUs, number of warrants granted, vesting periods of the warrants, the grant date fair values of share-based awards, and share-based bonuses issued. The decrease for the period ended June 30, 2024, is primarily related fewerstock options grants in the current period compared to prior year period.
Office and general administrative
Office and general administrative expenses were $44,682 and $100,512 for the three and sixmonths ended June 30, 2024, compared to $472,792 and $899,638, respectively, for the comparative periods in the prior year. This represents a decrease of $428,110 or 91% for the three months ended June 30, 2024,and a decrease of $799,126 or 89% for the sixmonths ended June 30, 2024,compared to the equivalent periods in the prior year. Office and general administrative expenses may vary from period to period based on operational activities.
20. Subsequent Events
The Company issued three new loans secured by residential orcommercial properties during July and August 2024 and renewed one existing loan in July 2024.
The totalamount of these loans was equivalent to $1,866,370 (C$2,585,000).
The Company generated total proceeds of approximately $5,542,952 through its ATM Agreement subsequent to June 30, 2024. The proceeds will be used in the normal course of business operations.
The Company issued a total of 950,000 Class Bshares to settle debts owing to an arm’s length creditorsubsequent to June 30, 2024.
On August 9, 2024, the Company announced a share consolidation and name change,effective August 15, 2024.
The Company will consolidate its shares on a 65:1 basis and change its name to "QuantumBioPharma Ltd." with a new trading symbol "QNTM" on both NASDAQ and CSE. This move aims to regain compliance with NASDAQ's minimumbid price requirement