0001424884-15-000154.txt : 20151020 0001424884-15-000154.hdr.sgml : 20151020 20151020162011 ACCESSION NUMBER: 0001424884-15-000154 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20150831 FILED AS OF DATE: 20151020 DATE AS OF CHANGE: 20151020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Q BioMed Inc. CENTRAL INDEX KEY: 0001596062 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 464013793 FISCAL YEAR END: 0720 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-193328 FILM NUMBER: 151166541 BUSINESS ADDRESS: STREET 1: 501 MADISON AVE. STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-588-022 MAIL ADDRESS: STREET 1: 501 MADISON AVE. STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: ISMO Tech Solutions, Inc. DATE OF NAME CHANGE: 20140107 10-Q 1 form10-q.htm form10-q.htm
 




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

 
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
For the quarterly period ended: August 31, 2015
 
Or
 
[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
For the transition period from ____________ to _____________
 
Commission File Number: 333-193328
 
 Q BIOMED INC.
(Exact name of registrant as specified in its charter)
 
Nevada
46-4013793
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
   
c/o Sanders Ortoli Vaughn-Flam Rosenstadt LLP
501 Madison Ave. 14th Floor
New York, NY10022
(Address of principal executive offices)
   
(212) 588-0022
(Registrant's telephone number, including area code)
 
 
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x    Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yesx   Noo

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer o
Accelerated filer o
Non-accelerated filer   o   (Do not check if a smaller reporting company)
Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yesx    Noo

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

Common Stock, $0.001 par value
8,375,000 shares
(Class)
(Outstanding as at October 15, 2015)

 
 

 

 Q BIOMED INC.
Quarterly Report


Table of Contents
 
 
Page
PART I – FINANCIAL INFORMATION 
 
   
Item 1. Financial Statements 
F-1
   
Item 2. Management's Discussion and Analysis of Financial Condition and Plan of Operation 
F-9
   
Item 3. Quantitative and Qualitative Disclosure About Market Risks 
F-10
   
Item 4. Controls and Procedures 
F-11
   
PART II – OTHER INFORMATION 
 
   
Item 1. Legal Proceedings 
1
   
Item 1A. Risk Factors 
1
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 
1
   
Item 3. Defaults Upon Senior Securities 
1
   
Item 4. Mine Safety Disclosures 
1
   
Item 5. Other Information 
1
   
Item 6. Exhibits and Reports on Form 8-K 
2
   
SIGNATURES 
3



 
 

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission ("Commission").  While these statements reflect all normal recurring adjustments which are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto, which are included in the Company's Form 10-K, most recently filed with the Commission on February 27, 2015.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
F-1

 

Q BIOMED, INC.
(formerly ISMO Tech Solutions, Inc.)
Condensed Balance Sheets
(unaudited)


   
August 31,
   
November 30,
 
   
2015
   
2014
 
             
Assets
           
             
Current assets:
           
   Cash and cash equivalents
  $ 100     $ 12,649  
      Total current assets
    100       12,649  
                 
Total assets
  $ 100     $ 12,649  
                 
Liabilities and Stockholders’ Equity (Deficit)
               
                 
Current liabilities:
               
   Accounts payable
  $ 1,683     $ 1,199  
      Total current liabilities
    1,683       1,199  
                 
         Total liabilities
    1,683       1,199  
                 
Stockholders’ equity (deficit):
               
   Preferred stock, $0.001 par value, 100,000,000 shares
               
     authorized, no shares issued and outstanding
               
     as of August 31, 2015 and November 30, 2014, respectively
    -       -  
   Common stock, $0.001 par value, 100,000,000 shares
               
     authorized, 8,375,000 and 8,125,000 shares issued and outstanding as of
               
     August 31, 2015 and November 30, 2014, respectively
    8,375       8,125  
   Additional paid-in capital
    78,801       46,750  
   Accumulated deficit
    (88,759 )     (43,425 )
         Total stockholders’ equity (deficit)
    (1,583 )     11,450  
                 
Total liabilities and stockholders’ equity (deficit)
  $ 100     $ 12,649  
                 


See Accompanying Notes to Financial Statements.



 
F-2

 

Q BIOMED, INC.
(formerly ISMO Tech Solutions, Inc.)
Condensed Statements of Operations
(unaudited)

                         
   
For the three months ended
   
For the nine months ended
 
   
August 31,
   
August 31,
 
   
2015
   
2014
   
2015
   
2014
 
                         
Revenue
  $ -     $ -     $ -     $ -  
                                 
Expenses:
                               
   General and administrative expenses
    5,285       3,118       8,684       6,057  
   Professional fees
    27,917       3,000       36,500       12,500  
      Total expenses
    33,202       6,118       45,184       18,557  
                                 
Operating loss
    (33,202 )     (6,118 )     (45,184 )     (18,557 )
                                 
Net loss
  $ (33,202 )   $ (6,118 )   $ (45,184 )   $ (18,557 )
                                 
Net loss per share-basic
  $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.00 )
                                 
Weighted average number of
                               
  common shares outstanding - basic
    9,801,630       7,547,554       9,062,044       5,855,383  
                                 


See Accompanying Notes to Financial Statements.


 
F-3

 

Q BIOMED INC.
(formerly ISMO Tech Solutions, Inc.)
Statement of Stockholders’ Equity (Deficit)
 (unaudited)
 
                Additional           Total  
    Common Stock     Paid-in    
Accumulated
   
Stockholders’
 
   
Shares
   
Amount
   
Capital
   
Deficit
   
Equity (Deficit)
 
                               
Balance, December 1, 2014
    8,125,000     $ 8,125     $ 46,750     $ (43,425 )   $ 11,450  
 
                                       
Issued for services
    4,000,000       4,000       30,400       (2,400 )     32,000  
                                         
Cancelled
    (3,750,000 )     (3,750 )     1,500       2,250       -  
                                         
Donated Capital
    -       -       151       -       151  
                                         
Net loss
    -       -       -       (45,184 )     (45,184 )
                                         
Balance, August 31, 2015
    8,375,000     $ 8,375     $ 78,801     $ (88,759 )   $ (1,583 )

 
See Accompanying Notes to Financial Statements
 



 
F-4

 

Q BIOMED, INC.
(formerly ISMO Tech Solutions, Inc.)
Condensed Statements of Cash Flows
(unaudited)

   
For the nine months ended
 
   
August 31,
 
   
2015
   
2014
 
             
Operating Activities
           
   Net loss
  $ (45,184 )   $ (18,557 )
   Adjustments to reconcile net loss to
               
      net cash used by operating activities:
               
         Shares issued for services – related parties
    32,000       -  
   Changes in operating assets and liabilities:
               
      Decrease in accounts payable
    484       -  
   Net cash used in operating activities
    (12,700 )     (18,557 )
                 
Financing Activities
               
   Donated capital
    151       -  
   Issuances of common stock
    -       25,000  
Net cash provided by financing activities
    -       25,000  
                 
Net (decrease)/increase in cash
    (12,549 )     6,443  
Cash – beginning
    12,649       25,000  
Cash – ending
  $ 100     $ 31,443  
                 
SUPPLEMENTAL INFORMATION:
               
   Interest paid
  $ -     $ -  
   Income taxes paid
  $ -     $ -  
                 


See Accompanying Notes to Financial Statements.



 
F-5

 

Q BIO MED, INC.
(formerly ISMO Tech Solutions, Inc.)
Notes to Condensed Financial Statements
(Unaudited)

Note 1 – Description of Business

Q BioMed Inc. is a biomedical acceleration and development company focused on licensing, acquiring and providing strategic resources to life sciences and healthcare companies. Q BioMed intends to mitigate risk by acquiring multiple assets over time and across a broad spectrum of healthcare related products, companies and sectors.  These assets will be developed to provide returns via organic growth, out-licensing, sale or be spun out into new public companies.

Note 2 – Significant accounting policies and procedures
 
Stock Dividend
On August 5, 2015, the Company recorded a stock split effectuated in the form a stock dividend.  The stock dividend was paid at a rate of 1.5 “new” shares for every one issued and outstanding share held.  All references to share and per share amounts in the condensed financial statements and accompanying notes have been retroactively restated to reflect the stock dividend paid as a stock split.

Basis of Presentation:
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the year ended November 30, 2014 and notes thereto included in the Company’s annual report on Form 10-K. The Company follows the same accounting policies in the preparation of interim reports.

Results of operations for the interim period are not indicative of annual results.

Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Going Concern
The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company had an accumulated deficit of $88,759 as of August 31, 2015. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources.  The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital.  The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing.  There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.


 
F-6

 


The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

Significant accounting policies
There have been no significant changes to the Company’s significant accounting policies as described in the Company’s 10-K issued February 27, 2015

Note 3 – Commitments

On April 21, 2015, the Company entered into an Advisory Agreement, with a related party individual.  In connection with this Advisory Agreement, the Company will be obligated to pay a monthly retainer of $10,000 per month following the completion of a minimum aggregate capital raise of $1,000,000.  The Advisory Agreement has a term of two years, is automatically renewable without notice for additional two-year periods and may be terminated by either party with 90 days’ notice, provided that if the Company terminates the Advisory Agreement without cause prior to the end of the first two-year period, the Company will be liable for all compensation due in that two year period.

On June 1, 2015, the Company entered into a retainer agreement with a law firm, at which a director of the Company is a partner, pursuant to which the Company will be obligated to pay a monthly retainer of $5,000 per month following the completion of a minimum aggregate capital raise of $1,000,000.  The Retainer Agreement has a term of one year.
 
On June 1, 2015, the Company entered into an Advisory Agreement, pursuant to which the Company  will be obligated to pay a monthly retainer of $5,000 per month following the completion of a minimum aggregate capital raise of $1,000,000.  The Advisory Agreement has a term of one year, is automatically renewable without notice for additional one-year periods and may be terminated by either party with 90 days’ notice, provided that if the Company terminates the Advisory Agreement without cause prior to the end of the first one-year period, the Company will be liable for all compensation due in that one year period.

Note 4 – Stockholders’ equity

The Company is authorized to issue up to 100,000,000 shares of its $0.001 par value common stock and up to 100,000,000 shares of its $0.001 par value preferred stock.

2.5 for 1 Stock Split effected as stock dividend

On August 5, 2015, the Company recorded a stock split effectuated in the form a stock dividend.  The stock dividend was paid at a rate of 1.5 “new” shares for every one issued and outstanding share held.  All references to share and per share amounts in the condensed financial statements and accompanying notes have been retroactively restated to reflect the stock dividend paid as a stock split.

Share based compensation
In connection with the aforementioned agreements in note 3, on April 21, 2015, the Company issued 2,500,000 shares of its common stock for services estimated to be valued at $20,000.

On June 1, 2015, the Company issued 500,000 shares of its common stock for services estimated to be valued at $4,000.

On June 1, 2015, the Company issued 625,000 shares of its common stock for services estimated to be valued at $5,000.

In addition, on June 1, 2015, the Company entered into a separate board of director’s agreement, pursuant to which the Company issued 375,000 shares of its common stock for services estimated to be valued at $3,000.

 
F-7

 

 
The aggregate value of $32,000 was recorded as share based compensation in the statement of operations.

Cancellation of Shares
On July 6, 2015, the founder and former officer and director of the Company returned 3,750,000 shares of common stock to the Company for cancellation.

Note 5 – Subsequent Events

On September 21, 2015, the Company announced it has entered into a Letter-Of-Intent to exclusively in-license and ultimately acquire the assets of Mannin Research Inc. Definitive agreements are expected to be completed by the end of October 2015.

On September 17, 2015, the Company entered into an advisory agreement with Wombat Capital Ltd. (“Wombat”) whereby Wombat will: (a) advise and assist the Company in seeking corporate development opportunities; (b) advise and assist the Company in the identification and evaluation of potential assets to be acquired; (c) advise and assist the Company in the negotiation to acquire and/or license potential assets; and (d) advise and assist the Company on the development of specific assets of the Company (collectively, the “Wombat Services”). In exchange for the Wombat Services, the Company issued 100,000 cashless warrants to purchase 100,000 shares of Company common stock for five years at a price of $2.18 per share. The aforementioned warrants vest in 25,000 warrant increments for each consecutive 90-day period.
 
 
 
F-8

 

 
Item 2. Management's Discussion and Analysis of Financial Condition and Plan of Operation

Forward-Looking Statements

This Quarterly Report contains forward-looking statements about our business, financial condition and prospects that reflect management’s assumptions and beliefs based on information currently available.  We can give no assurance that the expectations indicated by such forward-looking statements will be realized.  If any of our management’s assumptions should prove incorrect, or if any of the risks and uncertainties underlying such expectations should materialize, our actual results may differ materially from those indicated by the forward-looking statements.

The key factors that are not within our control and that may have a direct bearing on operating results include, but are not limited to, acceptance of our services, our ability to expand our customer base, managements’ ability to raise capital in the future, the retention of key employees and changes in the regulation of our industry.

There may be other risks and circumstances that management may be unable to predict.  When used in this Quarterly Report, words such as,  "believes,""expects," "intends,""plans,""anticipates,""estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions.

Overview

Q BioMed Inc. ''Q” is a biomedical acceleration and development company. We are focused on acquiring companies and biomedical assets. Q is dedicated to providing these target companies and assets, strategic resources, developmental support, and expansion capital to ensure they meet their developmental potential enabling them to provide products to patients in need‏.

Q BioMed Inc. formerly ISMO Tech Solutions, Inc. was incorporated in the State of Nevada on November 22, 2013.  On April 21, 2015, we appointed Denis Corin to our Board of Directors.

On July 17, 2015 we changed our name from “ISMO Tech Solutions, Inc.” to “Q BioMed Inc.”  Although we were founded with the intent of establishing a base of operation in the Information Technology sector and providing IT hardware, software and support solutions to businesses and households, we never began operations in this area.  We now intend to establish a base of operations in the biomedical industry.  We believe that the name change better reflects our proposed new business direction.
 
On August 5, 2015, the Company paid a dividend in the form of shares of the Company’s common stock on a pro rata basis at a rate of 1.5 “new” shares for every one issued and outstanding share.  All references to share and per share amounts in the condensed financial statements and accompanying notes have been retroactively restated to reflect the stock dividend paid as a stock split.

Results of Operation

Revenues

Since our incorporation to August 31, 2015, we did not generate any revenues.  Our independent auditors have expressed substantial doubt about our ability to continue as a going concern in the independent auditors’ report to the financial statements included in our most recent annual report.

Operating expenses

We incur various costs and expenses in the execution of our business. During the three month period ended August 31, 2015 total expenses were $33,202.  In comparison, total expenses were $6,118 during the quarter ended August 31, 2014.  The significant increase in operating expenses is primarily attributable to the issuance of shares of our common stock in lieu of cash for certain service agreements.

In the nine month period ended August 31, 2015, our total expenses were $45,184 compared with $18,557 in the comparable period ended August 31, 2014.


 
F-9

 


Net loss

In the quarters ended August 31, 2015 and 2014, we incurred net losses of $33,202 and $6,118, respectively.

Our net losses during the nine month periods ended August 31, 2015 and 2014 were $45,184 and $18,557, respectively.

Liquidity and capital resources

As of August 31, 2015, we had $100 of cash on hand.  Since inception, we have financed all of our cash flow requirements with sales of common stock, including $25,000 to an officer and director and a public registered offering for $25,000 in cash.

In the future, we anticipate obtaining additional financing to fund operations through common stock offerings, to the extent available, or to obtain additional financing to the extent necessary to augment our working capital.  There are no formal or informal agreements to attain such financing.  We cannot assure you that any financing can be obtained or, if obtained, that it will be on reasonable terms.

Although we established our web presence, we have not generated revenues as of August 31, 2015.  Thus, our management expects that we will experience net cash out-flows for at least the next 12 months, given the developmental nature of our business.  Our limited operating history makes predictions of future operating results difficult to ascertain. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stage of development, particularly companies in new and rapidly evolving markets. Such risks for us include, but are not limited to, an evolving business model, advancement of technology and the management of growth.  There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.  As such, our principal accountants have expressed substantial doubt about our ability to continue as a going concern because we have limited operations and have not fully commenced planned principal operations.  If our business fails, our investors may face a complete loss of their investment.

No development related expenses have been or will be paid to our affiliates.

We currently do not own any significant plant or equipment that we would seek to sell in the near future.

Our management does not expect to incur research and development costs.

We have not paid for expenses on behalf of our directors.  Additionally, we believe that this fact shall not materially change.

We currently do not have any material contracts and or affiliations with third parties.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.
 
Item 3. Quantitative and Qualitative Disclosure About Market Risks

This item is not applicable as we are currently considered a smaller reporting company.


 
F-10

 

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our Principal Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the period covered by this Report. Based on that evaluation, the company identified material weaknesses in the design and operation of our internal controls in that it does not yet have an adequate segregation of duties and effective risk assessment such that our disclosure controls and procedures are not effective to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure

However, we do not have an Audit Committee; our board of directors currently acts as our Audit Committee.  We do not have an independent director and neither of our directors are considered a “Financial Expert,” within the meaning of Section 407 of the Sarbanes-Oxley Act.

Changes in internal controls over financial reporting

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 
 
F-11

 
 
PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any material legal proceedings.

Item 1A. Risk Factors

Our significant business risks are described in our annual report on Form 10-K filed on February 27, 2015, to which reference is made herein.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 5, 2015, we paid a dividend in the form of unregistered shares of the Company’s common stock on a pro rata basis at a rate of 1.5 “new” shares for every one issued and outstanding share.  As a result of the stock dividend, we issued a total of 5,025,000 shares to existing stockholders.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.
 
Item 5. Other Information

None.
 
 
 
 
 
 
 
 
 
 
 

 

 
1

 



Item 6. Exhibits and Reports on Form 8-K

Exhibit Number
Name and/or Identification of Exhibit
   
3
Articles of Incorporation & By-Laws
   
 
(a) Articles of Incorporation (1)
 
(b) By-Laws (1)
   
31
Rule 13a-14(a)/15d-14(a) Certifications
   
32
Certification under Section 906 of the Sarbanes-Oxley Act (18 U.S.C. Section 1350)
   
101
Interactive Data File
   
 
(INS) XBRL Instance Document
 
(SCH) XBRL Taxonomy Extension Schema Document
 
(CAL) XBRL Taxonomy Extension Calculation Linkbase Document
 
(DEF) XBRL Taxonomy Extension Definition Linkbase Document
 
(LAB) XBRL Taxonomy Extension Label Linkbase Document
 
(PRE) XBRL Taxonomy Extension Presentation Linkbase Document
   
 
(1)
Incorporated by reference to the Registration Statement on Form S-1/A, previously filed with the SEC on January 13, 2014.

 
8-K Filed Date
Item Number
   
August 8, 2015
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
 
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
 
Item 9.01 Financial Statements and Exhibits
   


 
2

 

SIGNATURES

Pursuant to the requirements of the Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Q BIOMED INC.
(Registrant)
 
Signature
Title
Date
     
/s/  Denis Corin
Chief Executive Officer
and President
October 15, 2015
Denis Corin
   
     
/s/ Denis Corin
Principal Accounting Officer
October 15, 2015
Denis Corin
Principal Financial Officer
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3


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Stockholders' Equity
9 Months Ended
Aug. 31, 2015
Disclosure Text Block [Abstract]  
Stockholders' Equity

Note 4 – Stockholders’ equity

 

The Company is authorized to issue up to 100,000,000 shares of its $0.001 par value common stock and up to 100,000,000 shares of its $0.001 par value preferred stock.

 

2.5 for 1 Stock Split effected as stock dividend

 

On August 5, 2015, the Company recorded a stock split effectuated in the form a stock dividend. The stock dividend was paid at a rate of 1.5 “new” shares for every one issued and outstanding share held. All references to share and per share amounts in the condensed financial statements and accompanying notes have been retroactively restated to reflect the stock dividend paid as a stock split.

 

Share based compensation

In connection with the aforementioned agreements in note 3, on April 21, 2015, the Company issued 2,500,000 shares of its common stock for services estimated to be valued at $20,000.

 

On June 1, 2015, the Company issued 500,000 shares of its common stock for services estimated to be valued at $4,000.

 

On June 1, 2015, the Company issued 625,000 shares of its common stock for services estimated to be valued at $5,000.

 

In addition, on June 1, 2015, the Company entered into a separate board of director’s agreement, pursuant to which the Company issued 375,000 shares of its common stock for services estimated to be valued at $3,000.

 

The aggregate value of $32,000 was recorded as share based compensation in the statement of operations.

 

Cancellation of Shares

On July 6, 2015, the founder and former officer and director of the Company returned 3,750,000 shares of common stock to the Company for cancellation.

 

 

 

XML 12 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
Commitments
9 Months Ended
Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments

 

Note 3 – Commitments

 

On April 21, 2015, the Company entered into an Advisory Agreement, with a related party individual. In connection with this Advisory Agreement, the Company will be obligated to pay a monthly retainer of $10,000 per month following the completion of a minimum aggregate capital raise of $1,000,000. The Advisory Agreement has a term of two years, is automatically renewable without notice for additional two-year periods and may be terminated by either party with 90 days’ notice, provided that if the Company terminates the Advisory Agreement without cause prior to the end of the first two-year period, the Company will be liable for all compensation due in that two year period.

 

On June 1, 2015, the Company entered into a retainer agreement with a law firm, at which a director of the Company is a partner, pursuant to which the Company will be obligated to pay a monthly retainer of $5,000 per month following the completion of a minimum aggregate capital raise of $1,000,000. The Retainer Agreement has a term of one year.

 

On June 1, 2015, the Company entered into an Advisory Agreement, pursuant to which the Company will be obligated to pay a monthly retainer of $5,000 per month following the completion of a minimum aggregate capital raise of $1,000,000. The Advisory Agreement has a term of one year, is automatically renewable without notice for additional one-year periods and may be terminated by either party with 90 days’ notice, provided that if the Company terminates the Advisory Agreement without cause prior to the end of the first one-year period, the Company will be liable for all compensation due in that one year period.

XML 13 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Balance Sheets (unaudited) - USD ($)
Aug. 31, 2015
Nov. 30, 2014
Current assets:    
Cash and cash equivalents $ 100 $ 12,649
Total current assets 100 12,649
Total assets 100 12,649
Current liabilities:    
Accounts payable 1,683 1,199
Total current liabilities 1,683 1,199
Total liabilities $ 1,683 $ 1,199
Stockholders' equity (deficit):    
Preferred stock value
Common stock value $ 8,375 $ 8,125
Additional paid-in capital 78,801 46,750
Accumulated deficit (88,759) (43,425)
Total stockholders' equity (deficit) (1,583) 11,450
Total liabilities and stockholders’ equity (deficit) $ 100 $ 12,649
XML 14 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Description of Business
9 Months Ended
Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business

 

Note 1 – Description of Business

 

Q BioMed Inc. is a biomedical acceleration and development company focused on licensing, acquiring and providing strategic resources to life sciences and healthcare companies. Q BioMed intends to mitigate risk by acquiring multiple assets over time and across a broad spectrum of healthcare related products, companies and sectors. These assets will be developed to provide returns via organic growth, out-licensing, sale or be spun out into new public companies.

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Significant accounting policies and procedures
9 Months Ended
Aug. 31, 2015
Disclosure Text Block [Abstract]  
Accounting Policies and Procedures

Note 2 – Significant accounting policies and procedures

 

Stock Dividend

On August 5, 2015, the Company recorded a stock split effectuated in the form a stock dividend. The stock dividend was paid at a rate of 1.5 “new” shares for every one issued and outstanding share held. All references to share and per share amounts in the condensed financial statements and accompanying notes have been retroactively restated to reflect the stock dividend paid as a stock split.

 

Basis of Presentation:

The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the year ended November 30, 2014 and notes thereto included in the Company’s annual report on Form 10-K. The Company follows the same accounting policies in the preparation of interim reports.

 

Results of operations for the interim period are not indicative of annual results.

 

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

Going Concern

The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company had an accumulated deficit of $88,759 as of August 31, 2015. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

 

Significant accounting policies

There have been no significant changes to the Company’s significant accounting policies as described in the Company’s 10-K issued February 27, 2015

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Condensed Balance Sheets (Parenthetical) - $ / shares
Aug. 31, 2015
Nov. 30, 2014
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 100,000,000 100,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 8,375,000 8,125,000
Common stock, shares outstanding 8,375,000 8,125,000
XML 18 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
9 Months Ended
Aug. 31, 2015
Oct. 15, 2015
Document and Entity Information    
Entity Registrant Name Q BIOMED INC.  
Document Type 10-Q  
Document Period End Date Aug. 31, 2015  
Amendment Flag false  
Entity Central Index Key 0001596062  
Current Fiscal Year End Date --11-30  
Entity Common Stock, Shares Outstanding   8,375,000
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
Trading Symbol QBIO  
XML 19 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Statements of Operations (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Aug. 31, 2015
Aug. 31, 2014
Aug. 31, 2015
Aug. 31, 2014
Income Statement [Abstract]        
Revenue
Expenses:        
General and administrative expenses $ 5,285 $ 3,118 $ 8,684 $ 6,057
Professional fees 27,917 3,000 36,500 12,500
Total expenses 33,202 6,118 45,184 18,557
Operating loss (33,202) (6,118) (45,184) (18,557)
Net loss $ (33,202) $ (6,118) $ (45,184) $ (18,557)
Net loss per share - basic $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted average number of common shares outstanding - basic 9,801,630 7,547,554 9,062,044 5,855,383
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Significant accounting policies and procedures (Policies)
9 Months Ended
Aug. 31, 2015
Disclosure Text Block [Abstract]  
Stock Dividend

Stock Dividend

On August 5, 2015, the Company recorded a stock split effectuated in the form a stock dividend. The stock dividend was paid at a rate of 1.5 “new” shares for every one issued and outstanding share held. All references to share and per share amounts in the condensed financial statements and accompanying notes have been retroactively restated to reflect the stock dividend paid as a stock split.

Basis of Presentation

Basis of Presentation:

The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the year ended November 30, 2014 and notes thereto included in the Company’s annual report on Form 10-K. The Company follows the same accounting policies in the preparation of interim reports.

 

Results of operations for the interim period are not indicative of annual results.

Use of estimates

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Going Concern

Going Concern

The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company had an accumulated deficit of $88,759 as of August 31, 2015. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

Significant accounting policies

Significant accounting policies

There have been no significant changes to the Company’s significant accounting policies as described in the Company’s 10-K issued February 27, 2015

XML 21 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Aug. 31, 2015
Aug. 31, 2014
Operating activities    
Net loss $ (45,184) $ (18,557)
Adjustments to reconcile net loss to net cash used by operating activities:    
Shares issued for prepaid services - related party 32,000
Changes in operating assets and liabilities:    
Increase (decrease) in accounts payable 484
Net cash used by operating activities (12,700) $ (18,557)
Financing activities    
Donated capital $ 151
Issuances of common stock $ 25,000
Net cash provided by financing activities 25,000
Net increase (decrease) in cash $ (12,549) 6,443
Cash - beginning of the period 12,649 25,000
Cash - ending of the period $ 100 $ 31,443
SUPPLEMENTAL INFORMATION:    
Interest paid
Income taxes paid
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
Subsequent Events
9 Months Ended
Aug. 31, 2015
Disclosure Text Block [Abstract]  
Subsequent Events

 

Note 5 – Subsequent Events

 

On September 21, 2015, the Company announced it has entered into a Letter-Of-Intent to exclusively in-license and ultimately acquire the assets of Mannin Research Inc. Definitive agreements are expected to be completed by the end of October 2015.

 

On September 17, 2015, the Company entered into an advisory agreement with Wombat Capital Ltd. (“Wombat”) whereby Wombat will: (a) advise and assist the Company in seeking corporate development opportunities; (b) advise and assist the Company in the identification and evaluation of potential assets to be acquired; (c) advise and assist the Company in the negotiation to acquire and/or license potential assets; and (d) advise and assist the Company on the development of specific assets of the Company (collectively, the “Wombat Services”). In exchange for the Wombat Services, the Company issued 100,000 cashless warrants to purchase 100,000 shares of Company common stock for five years at a price of $2.18 per share. The aforementioned warrants vest in 25,000 warrant increments for each consecutive 90-day period.

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