Likely a mining-related, early-stage company (filing includes Mine Safety Disclosures) with no reported revenue, significant R&D and construction-in-progress investment, substantial net losses, and funding primarily from equity issuances and related-party/investor financing.

# Unnamed Company

The provided text is a portion of the Table of Contents for a U.S. SEC filing (likely a Form 10-K or annual report).

- Part I, Item 1: Business
- Item 1A: Risk Factors
- Item 1A: Unresolved Staff Comments
- Item 1B: Cybersecurity
- Item 1C: Properties
- Item 2: Legal Proceedings
- Item 3: Mine Safety Disclosures
- Item 4: (not shown)

The presence of a "Mine Safety Disclosures" item suggests the filing includes mine-safety-related information and may indicate mining operations.

CQENS Technologies Inc. is a development-stage company focused on innovative heat-not-burn inhalation technology with a strong patent portfolio, targeting the global inhalation market including tobacco, hemp, and cannabis industries.

# CQENS Technologies Inc. - Company Summary

## Business Overview
- **Industry:** Technology and Inhalation Devices
- **Primary Focus:** Designing and developing innovative methods to heat plant-based and medicant-infused formulations to produce inhalable aerosols.
- **Technology:** Proprietary systems that heat ingredients at high temperatures via induction (without combustion) or at low temperatures by heating an inert carrier, to create medicant-infused aerosols while maintaining active ingredient integrity.
- **Patents:** Supported by 61 U.S. and international patents and pending patents for high-temperature non-combustion technology, including Heat-not-Burn (HnB) devices, and 31 patents related to low-temperature aerosolization technology and device formulations.
- **Intellectual Property:** Focused on device designs, formulations containing herbal/pharmaceutical preparations, and verification/monitoring of dosage delivery.

## Market and Applications
- **Target Market:** International inhalation market — including herbal, pharmaceutical, medical, recreational, and lifestyle products.
- **Market Size:** Estimated at **$1.1 trillion USD annually**, with the largest segment being the **combustible tobacco market** (over 90% of the total).
- **Key Application:** Heat-not-Burn (HnB) devices, which heat tobacco or plant-based consumables without combustion, potentially reducing harmful chemical exposure.
- **Competitors & Market Entry:** Focus on applications for the international tobacco, hemp, CBD, and cannabis industries; strategies include technologies that avoid issues linked with e-cigarettes and vapor systems.

## Corporate Operations
- **Employees:** 3 full-time employees as of March 31, 2025; supplemented by consultants in product design, testing, and business development.
- **Offices & Facilities:** 
  - Minneapolis, MN (main office, leased from an affiliate of the CEO, with ongoing monthly rent of $800 starting January 2025)
  - Research and development space in Aptos, California (leased since April 2022, with escalating rent)
  - Hong Kong subsidiary (CQENS Electronics Limited) established in December 2023 for device design and manufacturing, holding a 50% membership interest.

## Revenue & Income
- **Revenue:** No revenue generated as of the date of the report.
- **Financials (2024):**
  - Net loss: approximately **$10.9 million USD**
  - No revenue reports
  - Significant operating expenses mainly related to research, development, professional fees, and stock-based compensation.
- **Financials (2023):**
  - Net loss: approximately **$4.3 million USD**
  - No revenue
  - Operating expenses primarily for product development and professional services.

## Funding
- The company has raised capital primarily through private stock offerings and related-party loans.
  - **2024:** Raised about **$6.87 million USD** from stock sales and **$112,467** in related-party loans.
  - **First quarter 2025:** Raised **$10.07 million USD** from stock issuances.
- **Debt:** Borrowed **$1 million USD** from a related party (Xten Capital Group); the loan is interest-free and due on demand.
  
## Current Status
- The company is in the development stage, with several research and development milestones achieved, including completion of prototype R&D phases for a key heating module.
- Ongoing efforts to finalize manufacturing agreements and establish strategic partnerships.
- It has no public market for its stock, which is privately held with approximately 27.4 million shares outstanding as of March 31, 2025.
- Continuously investing in R&D and manufacturing equipment, with upcoming product commercialization dependent on further capital raises and regulatory approvals.

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**Note:** The company has not reported any revenue, ongoing or completed product sales, or profitability at this stage. The primary activities involve research, patent development, and establishing manufacturing and strategic partnerships.

CQENS Technologies Inc. is a technology company focused on innovative aerosolization methods for inhaling plant-based and medicant-infused formulations, aiming to revolutionize the international inhalation market.

# Summary of CQENS Technologies Inc.

## Business Overview
CQENS Technologies Inc. is a technology company focused on developing innovative methods for heating plant-based and medicant-infused formulations to produce aerosols. These aerosols are designed for the efficient and effective inhalation of the active constituents within the formulations. The company utilizes two primary technologies:

1. **High-Temperature Non-Combusting Technology**: 
   - Utilizes induction heating at high temperatures without combustion or its byproducts.
   - Supported by **44 U.S. and international patents and pending patents**.
   - Applications include Heat-not-Burn (HnB) devices.
   - Independent lab tests indicated significant improvements in toxicology results (>99% better than combustion products).

2. **Low-Temperature Aerosolizing Technology**: 
   - Heats an inert carrier to produce inhalable aerosols without compromising active ingredients.
   - Supported by **31 U.S. and international patents and pending patents**.
   - Features include user verification, dosage measurement, and validation of medicant formulations.

## Target Market
- Defined as the "international inhalation market," encompassing herbal, pharmaceutical, medical, recreational, and lifestyle products.
- Estimated at **$950 billion** annually and expected to reach **$1.1 trillion by 2025**, with combustible tobacco representing 92% of this market.

## Key Developments
- The company is focusing on commercializing its HnB technology, particularly in the international tobacco industry and the emerging hemp/CBD and cannabis markets.
- It has entered several strategic partnerships and joint ventures to expand its market presence, including:
  - Joint venture with Firebird Manufacturing for HnB products in the U.S.
  - 55% ownership stake in Leap Technology LLC aimed at commercialization in Asia Pacific countries.

## Financial Overview
- **Employees**: As of April 12, 2024, CQENS Technologies has **3 employees**, all of whom are executive officers.
- **Consultants**: Engaged **7 consultants** for product design, testing, and business development.
- **Revenue**: The company has not generated any revenue to date, with expectations to launch products by **2025**.
- **Income/Loss**: Net consolidated losses reported were **$4,303,550** for 2023 and **$6,244,202** for 2022, leading to an accumulated deficit of **$23,856,439** as of December 31, 2023.
- **Working Capital**: As of December 31, 2023, the company reported a working capital deficit of **$921,732**.

## Intellectual Property
- The company holds a robust portfolio of patents with ongoing efforts to secure additional patents and regulatory approvals for its products.
- Significant patents include U.S. Patent No. 11,606,969 issued on March 21, 2023, for a Heat-not-Burn device and method.

## Corporate History
- CQENS was founded in **2009**, originally named OICco Acquisition IV, Inc. The company has undergone name changes and strategic pivots, most recently becoming CQENS Technologies in **2019**.

Overall, CQENS Technologies Inc. is in a pivotal stage of development with an emphasis on innovative technologies that aim to transform the inhalation market while facing significant financial challenges and regulatory hurdles.

CQENS Technologies Inc.

10-K / April 15, 2026

10-K / March 31, 2025

10-K / April 15, 2024

10-K / April 15, 2026

Unnamed Company