Audit Progress, Reg A Preparation, and Product Launches Underpin a Strong Path Forward

LOS ANGELES, CA / ACCESS Newswire / July 10, 2025 / Following our successful merger with QRONS, Inc., First Person has continued to be a pioneering cognitive performance company, focused on science-backed, proprietary products in supplements, functional beverages, and novel B2B ingredient supply. We recognize that some legacy QRON shareholders may not have full visibility into our mission and current plans, therefore we want to provide this update to ensure all stakeholders are well-informed about our path forward.

Market Status and Next Steps

We've been working diligently to complete our post-merger audits and required SEC filings. Due to the complexity of the acquisition and the volume of work required by our third party accountants and auditors, we anticipate a potential brief transition from the OTCQB to the OTC Expert market effective July 18, as our 15c2-11 filing will lapse temporarily on that date should we not be able to file our Form 10-Q on or before July 17, 2025. We're still working hard to meet that deadline, however, it may take us additional time to fully complete the required fiscal audits of First Person as well as the required audit review for Qrons consolidated Form 10-Q for the three- and six-month periods ended March 31 and June 30, 2025.

We want to reassure shareholders that in the event this change to our listing tier with OTCMarkets occurs, it would represent a short-term administrative step. If we don't meet the July 17 reporting deadline, we expect to be in a position to complete all required filings as quickly as possible and, once uploaded to Edgar, to concurrently submit to requalify for the OTCQB market tier. We expect approval of an updated Form 211 by OTCMarkets and a concurrently proposed Reg A capital raise to occur in a similar timeframe.

While we recognize this is not an ideal transition, it doesn't fundamentally impact our business or growth strategy. It's simply a technical listing change while we finalize our financial reporting, and we're confident in our ability to move back to the OTCQB market tier promptly.

Who We Are

First Person's built a category-defining brand platform at the intersection of cognitive performance and better social drinking solutions. Our proprietary dual-extraction and co-crystallization processes deliver advanced cognitive benefits through great-tasting, easy-to-use products that fit seamlessly into customers' routines.

Our flagship cognitive supplements target neurotransmitters involved in motivation & focus, stress & mood balance, and deep restorative sleep, with over $13 million in sales since launch. This year, we plan to launch our ready-to-drink, alcohol- and THC-free social tonic featuring crystallized kanna, lion's mane, and mango leaf extracts to deliver a clean-label, feel-good social buzz without the hangover.

We've also launched a novel B2B ingredient strategy, highlighted by our first shipment of crystallized lion's mane to a customer last quarter, unlocking another layer of growth through partnerships and licensing.

Why We Are Confident

• Proprietary ingredient technology that gives us product and channel moats

• Strong consumer demand demonstrated by our supplement performance and expanding product roadmap

• Diversified, high-growth revenue streams, including direct-to-consumer, wholesale, and B2B ingredient licensing

• Experienced leadership with a proven track record in CPG innovation, capital markets, and building successful omni-channel brands

• Large market opportunity, with the global non-alcoholic beverage market projected to exceed $30 billion as consumers shift to healthier, mood-enhancing options

Our layered business model positions us to lead this cultural shift away from traditional alcohol and toward science-backed, socially oriented cognitive wellness.

Commitment to Shareholders

Since the merger, we've taken significant steps to strengthen and streamline our operations, including improving gross margins, expanding distribution partnership opportunities, and preparing for a broader launch of our next-generation social tonic later this year. We've expanded our support team to include sufficient personnel to allow for timely public reporting going forward.

We remain fully committed to creating long-term shareholder value and executing our growth strategy. The potential brief transition to OTC Expert Market is purely a timing issue tied to our audits and required regulatory filings and we expect to regain OTCQB status in short order. We appreciate your support and patience as we complete these final hurdles in the merger process. More information along with a visual business overview can be found here.

SOURCE: First Person