Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. QUANTRX BIOMEDICAL CORP (820608) 10-Q published on May 17, 2021 at 2:00 pm
Reporting Period: Mar 30, 2021
We currently are not generating revenue from operations, and do not anticipate generating meaningful revenue from operations or otherwise in the short-term. We have historically financed our operations primarily through issuances of equity and the proceeds from the issuance of promissory notes. In the past, we also provided for our cash needs by issuing Common Stock, options and warrants for certain operating costs, including consulting and professional fees, as well as divesting its minority equity interests and equity-linked investments. In addition, in the fiscal year ended 2018, we received cash payments as consideration for the sale and transfer of the Purchased Assets to Preprogen.
Sales, general and administrative expense for the three months ended March 31, 2021 and 2020 was $3,547 and $3,900, respectively. Sales, general and administrative expense includes, but is not limited to, consulting expense, office and insurance expense, accounting and other costs to maintain compliance with the Company’s reporting requirements to the Securities and Exchange Commission (the “SEC”). The decrease in sales, general and administrative expense for the three months ended March 31, 2021 is principally due to lower costs for maintenance of intellectual property.
Professional fees for the three months ended March 31, 2021 and 2020 were $1,500 and $1,000, respectively. Professional fees include the costs of legal, consulting and auditing services provided to us. The increase in professional fees for the three months ended March 31, 2020 relate to higher legal expenses in the 2021 period compared to the 2020 period.
Professional fees, related party for the three months ended March 31, 2021 and 2020 were $0 and $10,500, respectively. The decrease in these professional fees relate to lower fees paid Dr. Hirschman services to the Company, as Dr. Hirschman waived consulting fees effective April 1, 2020, and Mr. Abrams has waived consulting fees effective January 1, 2020.
During the three months ended March 31, 2021, the Company recorded net loss of $58,998 compared to net loss for the three months ended March 31, 2020 of $44,672. The increase in net loss during the 2021 periods is primarily due to the gain recorded in the 2020 period and overall lower expenses during the 2021 period, as discussed above.
The Company had cash and cash equivalents of $111,976 at March 31, 2020. The decrease in cash and cash equivalents between the 2021 and 2020 periods of approximately $63,481 is primarily attributable to cash used for operations in the 2020 and 2021 periods.