QSAM Biosciences Inc. (QSAM)

[ChuckFinley305]

in addition to a Payroll Protection Program loan received in 2020 which we expect to be forgiven in future periods.

Absolutely disgusting that this company that consists of DR's and Lawyers who are working second jobs and claim to have deferred their salaries have taken tax payers money.

The dramatic change in our cash and equity position resulted from the conversion to common stock of all Bridge Notes, which were previously in default, and additional common stock conversions of debentures and payables

This is the downward pressure on the stock... this is why it was feverishly pumped for that week period awhile back

Our operating expenses of $3.3 million increased significantly, all but $288,000 of these operating expenses were comprised of non-cash charges primarily from stock-based compensation, mostly in the form of restricted, vesting and forfeitable Series E-1 Preferred Stock to the officers, directors and key employees, and short-term common stock warrants issued to a service provider. We expect the accrual of preferred stock-based compensation expenses to be similar in the second quarter, with these expenses tapering off in the second half of 2021.

So they distributed 3 million worth of stock to employees and board members this past quarter while also taking tax payer money to pay their salaries.. but don't worry....

Our current overhead run-rate is low with all executives of the Company choosing to receive only a portion of their salaries during our initial development stage.

They will work for less in the future...

-Chuck