What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-13 compared with 2025-05-15 · 109 added, 86 removed, 333 unchanged (37% of the section changed)

3 unchanged sentences

BALANCE SHEETS

March 31, 2025

June 30, 2025

December 31, 2024

10 unchanged sentences

500,000,000 common shares authorized;

385,080,152 and 371,880,152 shares issued and outstanding as at March 31, 2025 and December 31, 2024 respectively (Note 7)

389,080,152 and 371,880,152 shares issued and outstanding as at June 30, 2025 and December 31, 2024 respectively (Note 7)

Additional paid-in capital

10 unchanged sentences

STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2025 and 2024

Three months ended March 31, 2025

Three months ended March 31, 2024

For the Three and Six Months Ended June 30, 2025

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Amortization – intangible assets (Note 4)

4 unchanged sentences

Net loss for the period

$ ( 188,757 )

$ ( 177,103 )

Net loss per common share (basic and diluted)

3 unchanged sentences

STATEMENT OF STOCKHOLDERS’ EQUITY

For the Three Months Ended March 31, 2025

For the Six Months Ended June 30, 2025

Balance, December 31, 2024

1 unchanged sentence

Issuance of common stock pursuant to private placement offering

Issuance of common stock in exchange for consulting services

Net loss for the period

Balance, June 30, 2025

$ ( 48,416,903 )

For the Three Months Ended June 30, 2025

Balance, March 31, 2025

$ ( 48,325,836 )

For the Three Months Ended March 31, 2024

Issuance of common stock pursuant to private placement offering

Net loss for the period

Balance, June 30, 2025

$ ( 48,416,903 )

For the Six Months Ended June 30, 2024

Balance, December 31, 2023

2 unchanged sentences

Net loss for the period

Balance, March 31, 2024

Balance, June 30, 2024

$ ( 48,041,061 )

For the Three Months Ended June 30, 2024

Balance, March 31, 2024

Issuance of common stock pursuant to private placement offering

Net loss for the period

Balance, June 30, 2024

See Notes to Financial Statements

2 unchanged sentences

STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2025 and 2024

March 31, 2025

March 31, 2024

For the Six Months Ended June 30, 2025 and 2024

June 30, 2025

June 30, 2024

CASH FLOWS USED IN OPERATING ACTIVITIES

Net loss for the period

$ ( 188,757 )

$ ( 177,103 )

Adjustments to reconcile net loss to cash used in operating activities:

20 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Basis of Presentation – Going

12 unchanged sentences

product, has not generated any significant revenue to date, and has incurred losses since inception, resulting in a net accumulated deficit

at March 31, 2025.

at June 30, 2025.

These factors raise substantial doubt about the Company’s ability to continue as a going concern.

30 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Summary of Significant Accounting Policies

18 unchanged sentences

to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The policy describes

three levels of inputs that may be used to measure fair value:

The policy describes three

levels of inputs that may be used to measure fair value:

Level 1 – quoted prices in active

4 unchanged sentences

(for example cash flow modeling inputs based on assumptions).

At March 31, 2025, there were no other assets or liabilities subject to

At June 30, 2025, there were no other assets or liabilities subject to

additional disclosure.

14 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Summary of Significant Accounting Policies

1 unchanged sentence

application costs

The Company owns intangible assets consisting

of certain patents and patent applications.

The Company owns intangible assets consisting of certain

patents and patent applications.

Intangible assets acquired separately are measured on initial recognition at cost.

initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses.

Following initial

recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses.

expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate.

All other expenditures are recognized in profit or loss as incurred.

As at March 31, 2025, the Company does not hold any

As at June 30, 2025, the Company does not hold any

intangible assets with indefinite lives.

7 unchanged sentences

straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet

approved patent application costs at March 31, 2025.

approved patent application costs at June 30, 2025.

Research and Development Costs

6 unchanged sentences

share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities.

The effect of 94,790,000 stock options (March 31, 2024 – 94,290,000 ), and 19,200,000 warrants (March 31, 2024 – 6,000,000 )

were not included in the computation of diluted loss per share for all periods presented because it was anti-dilutive due to the Company’s

The effect of 94,790,000 stock options (June 30, 2024 – 94,290,000 ), and 23,200,000 warrants (June 30, 2024 – 6,000,000 ) were

not included in the computation of diluted loss per share for all periods presented because it was anti-dilutive due to the Company’s

Share-Based Compensation

14 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Summary of Significant Accounting Policies

Share-Based Compensation (cont’d)

Share-based compensation for non-employees in

exchange for goods and services used or consumed in an entity’s own operations are also recorded at fair value on the measurement

date and accounted for in accordance with ASC 718.

The measurement of share-based compensation is subject to periodic adjustment as the

underlying instruments vest.

The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation

charges are amortized over the vesting period.

Share-based compensation for non-employees in exchange

for goods and services used or consumed in an entity’s own operations are also recorded at fair value on the measurement date and

accounted for in accordance with ASC 718.

The measurement of share-based compensation is subject to periodic adjustment as the underlying

instruments vest.

The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges

are amortized over the vesting period.

Common stock issued for non-monetary consideration

18 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Prepaid Expenses

The following summarizes the Company’s prepaid

expenses outstanding as at March 31, 2025 and December 31, 2024:

expenses outstanding as at June 30, 2025 and December 31, 2024:

Schedule of prepaid expenses outstanding

8 unchanged sentences

Balance, December 31, 2024

Balance, March 31, 2025

Balance, June 30, 2025

Accumulated amortization

1 unchanged sentence

Balance, December 31, 2024

Balance, March 31, 2025

Balance, June 30, 2025

Net carrying amounts

December 31, 2024

March 31, 2025

year ended December 31, 2015, the Company entered into an Assignment of Patents and Patent Application (effective January 1, 2015) (the

“Patent Assignment”) with the Institut National des Sciences Appliquees de Rouen (“INSA”) for the assignment

of certain patents and all rights associated therewith (the “Patents”).

The Company and INSA had previously entered into

a licensing agreement for the Patents in August 2004.

The Patent Assignment transfers all of the Patents and rights associated therewith

to the Company upon payment to INSA in the sum of $ 30,000 (25,000 Euros) (paid).

During the three month period March 31, 2025, the Company

recorded $ 12,662 (2024 - $ 11,317 ) in amortization expense associated with the Patents Rights.

June 30, 2025

During the year ended December 31, 2015, the

Company entered into an Assignment of Patents and Patent Application (effective January 1, 2015) (the “Patent Assignment”)

with the Institut National des Sciences Appliquees de Rouen (“INSA”) for the assignment of certain patents and all rights

associated therewith (the “Patents”).

The Company and INSA had previously entered into a licensing agreement for the Patents

in August 2004.

The Patent Assignment transfers all of the Patents and rights associated therewith to the Company upon payment to INSA

in the sum of $ 30,000 (25,000 Euros) (paid).

During the six month period June 30, 2025, the Company recorded $ 25,548 (2024 - $ 24,341 )

in amortization expense associated with the Patents Rights.

During the year ended December 31, 2015, the Company

7 unchanged sentences

Company incurred an additional $647,882 in direct costs relating to the Patent Application Rights, $ 29,019 of which were incurred during

three month period ended March 31, 2025.

six month period ended June 30, 2025.

PROTOKINETIX, INCORPORATED

1 unchanged sentence

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Intangible Assets (cont’d)

13 unchanged sentences

No amortization was recorded on the Patent Application

Rights or the New Patent Application Rights to March 31, 2025.

Rights or the New Patent Application Rights to June 30, 2025.

Stock Options

11 unchanged sentences

securities and property.

As of March 31, 2025, there are 94,790,000

options granted and outstanding under the 2017 Plan.

As of June 30, 2025, there are 94,790,000 options

granted and outstanding under the 2017 Plan.

Total share-based compensation for stock options granted during the

three-month period ended March 31, 2025 was $Nil 0

six-month period ended June 30, 2025 was $Nil 0

(2024 - $Nil 0 ).

4 unchanged sentences

Weighted Average Remaining Life

Outstanding, December 31, 2024, and March 31, 2025

Outstanding, December 31, 2024, and June 30, 2025

The following non-qualified

stock options were outstanding and exercisable at March 31, 2025:

stock options were outstanding and exercisable at June 30, 2025:

Schedule of non-qualified stock options outstanding and exercisable

5 unchanged sentences

August 6, 2030

As at March 31, 2025, the aggregate intrinsic

value of the Company’s stock options is $Nil

0 (March 31, 2024 – $Nil 0 ).

The weighted average fair value of stock options granted during the three-month period

ended March 31, 2025 is $Nil 0 (2024 - $Nil 0 ).

As at June 30, 2025, the aggregate intrinsic

value of the Company’s stock options is $Nil 0 (June 30, 2024 – $Nil 0 ).

The weighted average fair value of stock

options granted during the six-month period ended June 30, 2025 is $Nil 0 (2024 - $Nil 0 ).

PROTOKINETIX, INCORPORATED

1 unchanged sentence

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

Warrant transactions for the three-months ended March 31, 2025 are summarized

June 30, 2025

Warrant transactions for the six-months ended June 30, 2025 are summarized

Schedule of warrant transactions

2 unchanged sentences

Warrants granted

Outstanding at March 31, 2025

The following warrants were outstanding

and exercisable as at March 31, 2025:

Outstanding at June 30, 2025

The following warrants were outstanding and exercisable as

at June 30, 2025:

Schedule of warrants were outstanding and exercisable

9 unchanged sentences

March 27, 2026

April 2, 2026

April 8, 2026

April 11, 2026

June 26, 2026

Each warrant exercises into ½ share of common stock.

Stockholders’ Equity

The Company is authorized to issue 500,000,000 (March

The Company is authorized to issue 500,000,000 (June

30, 2024 – 500,000,000 ) shares of $ 0.0000053 par value common stock.

6 unchanged sentences

priority rights as to dividends.

No dividends have been declared or paid as of March 31, 2025 (March 31, 2024 - $Nil ).

During the three-month period ended March 31, 2025, the Company:

Issued 13,200,000 units (each unit consisting of 1 share of common stock and 1 warrant to purchase 1/2 share of common stock at $ 0.01 ) as part of a private placement for total proceeds of $ 132,000 .

During the three-month period ended March 31, 2024, the Company:

Issued 1,666,667 shares of common stock ( 1,666,667 shares issued at $ 0.015 ) as part of a private placements for total proceeds of $ 25,000 .

No dividends have been declared or paid as of June 30, 2025 (June 30, 2024 - $Nil ).

During the six-month period ended June 30, 2025, the Company:

Issued 17,200,000

units (each unit consisting of 1 share of common stock and 1 warrant to purchase 1/2 share of common stock at $ 0.01 )

as part of a private placement for total cash proceeds of $ 167,500

and $ 4,500 of services.

During the six-month period ended June 30, 2024, the Company:

Issued 1,666,667 shares of common stock ( 1,666,667 shares issued at $ 0.015 ) as part of a private placements for total proceeds of $ 25,000 .

Issued 13,100,000 shares of common stock ( 13,100,000 shares issued at $ 0.01 ) as part of a private placement for total proceeds of $ 131,000 .

PROTOKINETIX, INCORPORATED

1 unchanged sentence

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

Related Party Transactions and Balances

During the three-month periods ended March 31, 2025 and 2024, the

Company entered into the following related party transactions:

a) Pursuant to a consulting agreement with an effective date of November 14, 2017, a total of

$ 15,000 (March 31, 2024 - $ 15,000 ) was paid or accrued to the Company's CFO.

During the three months ended March 31, 2025, the Company

reimbursed a company controlled by the CFO a total of $ 1,500 (March 31, 2024 - $ 1,500 ) in office rent.

As at March 31, 2025, there were $ 85,500 balances owing

to related parties (March 31, 2024 - $ 2,500 ).

During the six-month periods ended June 30, 2025 and 2024, the Company

entered into the following related party transactions:

Pursuant to a consulting agreement with an effective date of November 14, 2017, a total of $ 30,000 (June 30, 2024 - $ 30,000 ) was paid or accrued to the Company's CFO.

During the six months ended June 30, 2025, the Company reimbursed a company controlled by the CFO a total of $ 3,000 (June 30, 2024 - $ 3,000 ) in office rent.

As at June 30, 2025, there were $ 55,700 balances

owing to related parties (June 30, 2024 - $ 3,500 ).

Commitments and Contingency

As at March 31, 2025, the Company has the following commitments:

a) Entered into a consulting agreement with an effective date of January 1, 2017 whereby the

Company would pay the consultant $ 7,000 per month for providing research and development services.

b) Entered into a consulting agreement effective April 1, 2019, whereby the Company would pay

the consultant $ 1,500 per month minimum plus travel expenses for a term of 1 year for providing research consulting services.

renews annually unless otherwise terminated by either party with at least 30 days’ notice.

As at June 30, 2025, the Company has the following commitments:

Entered into a consulting agreement with an effective date of January 1, 2017 whereby the Company would pay the consultant $ 7,000 per month for providing research and development services.

Entered into a consulting agreement effective April 1, 2019, whereby the Company would pay the consultant $ 1,500 per month minimum plus travel expenses for a term of 1 year for providing research consulting services.

Agreement renews annually unless otherwise terminated by either party with at least 30 days’ notice.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements