Quantum X Labs Inc 10-Q for FY2022 Q2

Quantum X Labs Inc. (QXL)

10-Q 2022-08-15 For: 2022-06-30

Added on April 08, 2026

About this 10-Q

Quantum X Labs Inc filed this 10-Q on August 15, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

Quarter ended June 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2000; down 88.2% from $17K a year earlier
Net loss: $168K; compared with a net loss of $79K a year earlier

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Delaware		68-0080601
(State of		(I.R.S. Employer
Incorporation)		Identification No.)

11 Derech Menachem Begin Street, Ramat Gan, Israel		5268104
(Address of Principal Executive Offices)		(ZIP Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $0.0001		VBIX		OTCQB

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

Item	Description	Page

	PART I - FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS	3
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS	20
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	24
ITEM 4.	CONTROLS AND PROCEDURES	24

	PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	24
ITEM 1A.	RISK FACTORS	24
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	24
ITEM 3.	DEFAULT UPON SENIOR SECURITIES	25
ITEM 4.	MINE SAFETY DISCLOSURE	25
ITEM 5.	OTHER INFORMATION	25
ITEM 6.	EXHIBITS	25
	SIGNATURES	26

	Page

Interim Condensed Consolidated Balance Sheets (unaudited)	4 – 5

Interim Condensed Consolidated Statements of Comprehensive Loss (unaudited)	6

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited)	7

Interim Condensed Consolidated Statements of Cash Flows (unaudited)	8

Notes to the Interim Condensed Consolidated Financial Statements	9 - 19

			As of June 30		As of December 31
	Note	2022		2021

ASSETS

CURRENT ASSETS
Cash and cash equivalents			27		74
Trade receivables			9		8
Other accounts receivable	3		23		30
Prepaid expenses			14		44

Total current assets			73		156

Total assets			73		156


		For the six months ended June 30				For the three months ended June 30
	Note	2022		2021		2022		2021

Revenues			3		25		2		17
Cost of revenues			-		-		-		-

Gross profit			3		25		2		17

Operating expenses:
Research and development			28		28		14		12
Selling and marketing			-		2		-		-
General and administrative			138		142		70		79
Other expenses			32		-		19		-

Operating loss			195		147		101		74

Financial expenses, net	8		142		11		67		4

Loss before tax			337		158		168		78

Taxes on income	9		-		1		-		1

Net loss			337		159		168		79

Loss per share - basic and diluted	10		0.010		0.005		0.005		0.002

Weighted average number of ordinary shares outstanding used in the computations of loss per share			34,753,669		34,753,669		34,753,669		34,753,669


	Ordinary shares				Additional paid-in		Accumulated			Total shareholders’
	Number		Amount		capital		deficit			deficit

Balance as of January 1, 2022		34,753,669		3		13,257		(15,540	)		(2,280	)
Net loss for the period		-		-		-		(337	)		(337	)
Balance as of June 30, 2022		34,753,669		3		13,257		(15,877	)		(2,617	)

		As of June 30		As of December 31
	2022		2021

Government authorities	$	23	$	30
Other accounts receivable		23		30

	As of June 30			As of December 31
	2022		2021

Parent company loan	$	2,383	$	2,116

Instrument	Fair Value		% of Fair Value		Allocated amount
Loan		55		50.55		50
Shares		54		49.45		49
Total		109		100.00		99


Principal amount	69
Discount on Short term loan	(19	)
Short term loan, Net	50

	Warrants		Warrant Term		Exercise Price		Exercisable

Class J Warrants		3,649,318		July 2029		0.48		3,649,318
Class K Warrants		3,649,318		July 2029		0.80		3,649,318


	For the six months ended June 30
	2022		2021
	Unaudited

Bank fees		-		1
Exchange rate differences		3		2
Interest on loans		139		-
Other		-		8
Financial (expenses) income, net		142		11


	For the three months ended June 30
	2022			2021
	Unaudited

Bank fees		-			1
Exchange rate differences		(3	)		6
Interest on loans		70			-
Other		-			(3	)
Financial (expenses) income, net		67			4

●	the short-term and long-term implications caused by our recent cost reduction efforts, including, but not limited to, our growing inability to secure and maintain customers on the basis of insufficient capital resources;

●	sustained turnover of key management;

●	our history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives, and substantial doubt regarding our ability to continue as a going concern;

●	our need to raise additional capital to meet our business requirements in the future and such capital raising may be costly or difficult to obtain and could dilute out stockholders’ ownership interests;

●	the impact of the COVID-19 pandemic on our business plan and the global economy;

●	our ability to adequately protect our intellectual property; and

●	entry of new competitors and products and potential technological obsolescence of our products.

Exhibit Number		Description
31.1*		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act

31.2*		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act

32.1**		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		Inline XBRL Instance Document
101.INS*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

	VIEWBIX INC.

	By:	/s/ Amihay Hadad
	Name:	Amihay Hadad
	Title:	Chief Executive Officer
Date: August 15, 2022		(Principal Executive Officer)

	By:	/s/ Shahar Marom
	Name:	Shahar Marom
	Title:	Chief Financial Officer
Date: August 15, 2022		(Principal Financial Officer)

1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 of Viewbix Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the quarter end covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the quarter end presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the quarter end in which this report is being prepared;

b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the quarter end covered by this report based on such evaluation; and

d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.