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NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF BASIS OF PRESENTATION Nature of Business CQENS Technologies, Inc. (“we”, “our”, the “Company”, “CQENS”) is a technology company with a proprietary method of heating plant-based consumable formulations that produce an aerosol that lead to the effective and efficient inhalation of the plant’s constituents. This is accomplished at a high temperature but without the accompanying constituents of combustion. Our system of heating is a high temperature, non-combustion system. Our Heat-not-Burn Tobacco Product (HTP) system is a patent-pending method of heating plant-based consumables for inhalation that is superior to other methods of ingestion, smoking, vaping, swallowing or via topical application. In the first half of 2021 the COVID-19 pandemic continued to impact the Company. While the duration and full impact of the pandemic is unknown at this time, we expect that the pandemic will adversely impact CQENS in several ways. Our business model is dependent upon our ability to enter into strategic partnerships in the future, including alliances with consumer product companies, to enhance and accelerate the development and commercialization of our proposed products. We will also be dependent upon third party manufacturers to produce our proposed products, as well as third party marketing and distribution companies. We believe that our business opportunities are international in nature and include potential partnerships in the UK, the EU and Asia, including the People’s Republic of China. The worldwide pandemic caused by COVID-19 have caused these opportunities to be delayed. Should the pandemic continue and/or be prolonged throughout 2021 certain of these opportunities might be limited or lost. We also need to raise additional working capital to provide sufficient funding to bring our proposed products to market. The impact of COVID-19 on the capital markets will make it more difficult for small, pre-revenue companies such as ours to access capital. We will continue to assess the impact of the COVID-19 pandemic on our company, however, at this time we are unable to predict all possible impacts on our company, our operations and our prospects. Basis of Presentation - The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of June 30, 2021 have been made. Certain information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and footnotes thereto in the Company’s December 31, 2020 audited financial statements. The results of operations for the period ended June 30, 2021 are not necessarily indicative of the operating results for the full year. Reclassifications – Certain reclassifications may have been made to our prior year’s consolidated financial statements to conform to current year presentation. These reclassifications had no effect on our previously reported results of operations or accumulated deficit. Recent Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.

Nature of Business CQENS Technologies, Inc. (“we”, “our”, the “Company”, “CQENS”) is a technology company with a proprietary method of heating plant-based consumable formulations that produce an aerosol that lead to the effective and efficient inhalation of the plant’s constituents. This is accomplished at a high temperature but without the accompanying constituents of combustion. Our system of heating is a high temperature, non-combustion system. Our Heat-not-Burn Tobacco Product (HTP) system is a patent-pending method of heating plant-based consumables for inhalation that is superior to other methods of ingestion, smoking, vaping, swallowing or via topical application. In the first half of 2021 the COVID-19 pandemic continued to impact the Company. While the duration and full impact of the pandemic is unknown at this time, we expect that the pandemic will adversely impact CQENS in several ways. Our business model is dependent upon our ability to enter into strategic partnerships in the future, including alliances with consumer product companies, to enhance and accelerate the development and commercialization of our proposed products. We will also be dependent upon third party manufacturers to produce our proposed products, as well as third party marketing and distribution companies. We believe that our business opportunities are international in nature and include potential partnerships in the UK, the EU and Asia, including the People’s Republic of China. The worldwide pandemic caused by COVID-19 have caused these opportunities to be delayed. Should the pandemic continue and/or be prolonged throughout 2021 certain of these opportunities might be limited or lost. We also need to raise additional working capital to provide sufficient funding to bring our proposed products to market. The impact of COVID-19 on the capital markets will make it more difficult for small, pre-revenue companies such as ours to access capital. We will continue to assess the impact of the COVID-19 pandemic on our company, however, at this time we are unable to predict all possible impacts on our company, our operations and our prospects.

Basis of Presentation - The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of June 30, 2021 have been made. Certain information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and footnotes thereto in the Company’s December 31, 2020 audited financial statements. The results of operations for the period ended June 30, 2021 are not necessarily indicative of the operating results for the full year.

Reclassifications – Certain reclassifications may have been made to our prior year’s consolidated financial statements to conform to current year presentation. These reclassifications had no effect on our previously reported results of operations or accumulated deficit.

Recent Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.

NOTE 2 – GOING CONCERN The Company’s financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has recurring losses, and although has cash in excess of one million dollars, with renewed research and development efforts and with no source of revenue sufficient to cover its operations costs over the next 12 months, these may not allow it to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company will be dependent upon the raising of additional capital. The financial statements do not include any adjustment that might result from the outcome of this uncertainty.

NOTE 3 – STOCKHOLDERS’ EQUITY On February 15, 2021 the Board of Directors determined that it was in the best interest of the Company to grant stock options under the Company’s 2019 Equity Compensation Plan to two consulting engineers involved in our research and development. Each of the consultants was granted options to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pdd" title="Number of options granted">200,000 shares at $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pdd" title="Stock option exercise price per share">7.00 per share. <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_c20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pdd" title="Number of options exercisable">100,000 of the grants are exercisable immediately, with the balance vesting over the next <span id="xdx_90C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod_dtY_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_zk7PCuOvSQXl" title="Vesting period">four years in equal installments and subject to certain terms and conditions, including continuing in their consulting roles through the vesting periods. The fair market value of the options at the grant date was determined to be $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pp0p0" title="Fair value option granted">2,798,086 of which $<span id="xdx_90F_ecustom--FairValueOptionExpenses_c20210101__20210630__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pp0p0" title="Fair value option expenses">1,672,293 was expensed during the six months ended June 30, 2021. The options were valued using the Black Scholes option pricing model with the following assumptions: 1) a current stock price per share of $<span id="xdx_90F_eus-gaap--SharePrice_c20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pdd" title="Share price">7.00, based on the price of recent offerings; 2) expected term of <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_z2N7ful75OQ" title="Expected term">5 years; 3) computed volatility of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pdd" title="Computed volatility">303.59%; and 4) the risk free rate of return of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_pdd" title="Risk free rate of return">0.27%. The exercise period of the immediately exercisable options terminates on <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20210214__20210215__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityCompensationPlanMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember" title="Stock option expiration">February 15, 2026. On March 15, 2021 we sold a total of 71,429 shares of our common stock for $500,000 to a non-U.S. Person in a private transaction. We did not pay a commission or finder’s fee and are using proceeds for working capital. On April 21, 2021 we sold a total of 71,430 shares of our common stock to two non-U.S. Persons each paying $250,000 for a total of $500,000 in private transactions. We did not pay a commissions or finder’s fees and are using proceeds for working capital. On May 1, 2021 we entered into a consulting engagement memorandum with an unrelated third party for the consultant’s guidance and expertise in identifying business opportunities, partners and other skilled consultants in the People’s Republic of China and/or other territories of Asia. As compensation for the services, we issued this individual <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210430__20210501__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_pdd" title="Number of shares issued as compensation for service">20,000 shares of our common stock valued at $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20210430__20210501__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_pp0p0" title="Value of shares issued as compensation for service">140,000. The recipient was a non-U.S. person and the issuance was exempt from registration under the Securities Act in reliance on an exemption provided by Regulation S promulgated thereunder. On May 16, 2021 we entered into a consulting engagement memorandum with an unrelated third party pursuant to which we engaged this party to identify key Asian resources for our company. As compensation for the services, we issued this individual <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210515__20210516__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_ztzOdp7MlcKl" title="Number of shares issued as compensation for service">16,072 shares of our common stock valued at $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20210515__20210516__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_zplGaJ6bnxDj" title="Value of shares issued as compensation for service">112,504. The recipient was a non-U.S. person and the issuance was exempt from registration under the Securities Act in reliance on an exemption provided by Regulation S promulgated thereunder. On May 17, 2021 we sold a total of 71,429 shares of our common stock for $500,000 to a non-U.S. Person in a private transaction. We did not pay a commission or finder’s fee and are using the proceeds for working capital. On January 29, 2020 we sold 248,448 shares of our common stock for $1,200,000 to a non-U.S. Person in a private transaction. We did not pay a commission or finder’s fee and are using the proceeds for working capital. On March 6, 2020, the holder of a $50,000 note that was entered into on May 30, 2013 agreed to convert the principal and accrued unpaid interest totaling $76,917 into shares of our common stock at $5.00 per share. A total of 15,384 shares were issued as satisfaction of this note. On April 13, 2020 we entered into a consulting engagement memorandum with an unrelated third party pursuant to which we engaged this party to identify key Asian resources for our company. As compensation for the services, we issued this individual <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200412__20200413__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_pdd" title="Number of shares issued as compensation for service">12,423 shares of our common stock valued at $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pp0p0_c20200412__20200413__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_zjqkFe2XEtRh" title="Value of shares issued as compensation for service">62,115. On April 16, 2020 we entered into a consulting engagement memorandum and agreement with an unrelated third party and engaged this individual to provide certain services to us in connection with the further development of certain of our patents. As compensation, upon execution, we issued this individual <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200415__20200416__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumAndAgreementMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_pdd">10,000 shares of our common stock valued at $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20200415__20200416__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumAndAgreementMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_pp0p0">50,000 and are obligated to issue him an additional <span id="xdx_90D_ecustom--StockIssuedDuringPeriodSharesToBeIssuedForPatentsIssued_c20200415__20200416__us-gaap--TypeOfArrangementAxis__custom--ConsultingEngagementMemorandumAndAgreementMember__srt--TitleOfIndividualAxis__custom--UnrelatedThirdPartyMember_pdd">10,000 shares at such time as additional patents are issued. As of the date of this report no additional patents have been issued. On June 1, 2020 we sold a total of 82,818 shares of our common stock for $400,000 to six non-U.S. persons in private transactions. We did not pay a commission or finder’s fee and are using proceeds for working capital On June 4, 2020 we sold 165,632 shares of our common stock for $800,000 to a non-U.S. person in a private transaction. We did not pay a commission or finder’s fee and are using the proceeds for working capital and reducing debt.

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NOTE 4 – RELATED PARTY TRANSACTIONS In the first six months of 2021 the Company did not borrow from or make any debt repayments to Xten Capital Group (“Xten”), a common control entity. The balance outstanding at June 30, 2021 due Xten is $255,544. The loan is unsecured, noninterest bearing and due on demand. While in the first six months of 2020 the Company borrowed $<span id="xdx_90E_eus-gaap--ProceedsFromRelatedPartyDebt_pp0p0_c20200101__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--XtenCapitalGroupIncMember_zO43mGaqNsJ7" title="Borrowed from related party">2,500 from Xten and repaid $<span id="xdx_905_eus-gaap--RepaymentsOfRelatedPartyDebt_pp0p0_c20200101__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--XtenCapitalGroupIncMember_zFDnqT3O20W9" title="Repayments of related party">250,000 to Xten leaving a balance due to Xten at June 30, 2020 of $455,544. We maintain our corporate offices at 5550 Nicollet Avenue, Minneapolis, MN 55419. We lease the premises from 5550 Nicollet, LLC, a company owned by Mr. Chong. In December 2020 we entered into a month-to-month lease that began January 1, 2021 with a monthly rental rate of $775. As of June 30, 2021 there is no outstanding balance due to 5550 Nicollet LLC.

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