RASNA THERAPEUTICS, INC. (OTCMKTS:RASP) Files An 8-K Completion of Acquisition or Disposition of Assets

Item2.01. Completion of Acquisition or Disposition of Assets
Managements Discussion and Analysis of Financial Condition and
Results of Operations; and

Except as noted above, no other changes have been made to the
Amendment No1 Form 8-K/A. This Amendment speaks only as of the
Original Filing Date and has not been updated or otherwise
modified to reflect events that may have occurred subsequent to
the Original Filing Date.

The following table presents the consolidated results of
operations of Rasna Therapeutics, Inc. for the three months ended
June 30, 2016 and 2015, which includes the operations of Rasna
Therapeutics Limited (Rasna UK) from the date of acquisition May
17, 2016 through June 30, 2016. Rasna Therapeutics, Incs results
for all periods presented represent the results of Arna
Therapeutics Limited, the accounting acquirer of Rasna
Therapeutics, Inc. in May 2016. See Note 1 to the condensed
consolidated financial statements for further information of this
acquisition.

Revenue

There were no revenues for the three months ended June 30, 2016
and 2015 because the Company does not have any commercial
biopharmaceutical products.

Operating Expenses

Operating expenses consisting of research development, legal and
professional expenses, consultancy, and administrative expenses
for the three months ended June 30, 2016 increased to $329,834
from $106,976 for the three months ended June 30, 2015, an
increase of $222,858. The increase is primarily attributable to
increased research development expenses, general and
administrative expenses and legal and professional fees related
to patent expenses.

Net Loss

Net loss for the three months ended June 30, 2016 increased to
$327,173 from $106,976 for the three months ended June 30, 2015.
The increase is primarily attributable to increased research
development expenses, general and administrative expenses and
legal and professional fees related to patent expenses.

Liquidity and Capital Resources

We have experienced net losses and significant cash used in
operations activities since our inception in 2013 and as of June
30, 2016, had an accumulated deficit of $5,151,221, a net loss
for three months ended June 30, 2016 of $327,173 and net cash
used in operating activities for the three months ended June 30,
2016 of $256,076. Our management expects us to continue to incur
net losses and have significant cash outflows for at least the
next twelve months. These conditions, among others, raise
substantial doubt about our ability to continue as a going
concern. The condensed consolidated financial statements included
elsewhere in this 8-K/A have been prepared assuming that we will
continue as a going concern. This basis of accounting
contemplates the recovery of our assets and the satisfaction of
liabilities in the normal course of business. A successful
transition to attaining profitable operations is dependent upon
achieving a level of positive cash flows adequate to support our
cost structure.

As of June 30, 2016, the Company had cash and cash equivalents of
$4,860,533. The board of directors of the Company is of the
opinion that this cash position is sufficient to continue
operating for the next twelve months from the Balance Sheet date
(June 30, 2016) but will require significant additional cash
resources to launch new development phases of existing projects
in its pipeline.

Capital Resources

The following table summarizes total current assets, liabilities
and working capital as of the periods indicated:

The Company had a cash balance of $4,860,533 and $0, as of June
30, 2016 and March 31, 2016, respectively.

Liquidity

The following table sets forth a summary of our unaudited cash
flows for the periods indicated:

Cash Used in Operating Activities

Cash used in operating activities consists of net loss adjusted
for the effect of changes in operating assets and liabilities.

Net cash used in operating activities was $256,076 for the three
months ended June 30, 2016 compared to $0 for the three months
ended June 30, 2015.The change is principally attributable to net
loss of $327,173 offset by changes in operating assets and
liabilities of $61,606 and a non-cash add back of share based
compensation to non-employees of $9,491 for the three months
ended June 30, 2016 as compared to a net loss of $106,976 and
changes in operating assets and liabilities of $106,976 for the
three months ended June 30, 2015.

Cash Provided by Investing Activities

Cash provided by investing activities consists of assets acquired
in business combination of a VIE of $5,116,609 for the three
months ended June 30, 2016 compared to $0 for the three months
ended June 30, 2015.

Off Balance Sheet Arrangements

We consolidate variable interest entities (VIE) in which we hold
a controlling financial interest as evidenced by the power to
direct the activities of a VIE that most significantly impact its
economic performance and the obligation to absorb losses of, or
the right to receive benefits from, the VIE that could
potentially be significant to the VIE and therefore are deemed to
be the primary beneficiary. We take into account our entire
involvement in a VIE (explicit or implicit) in identifying
variable interests that individually or in the aggregate could be
significant enough to warrant our designation as the primary
beneficiary and hence require us to consolidate the VIE or
otherwise require us to make appropriate disclosures.

(a) Financial Statements of Businesses Acquired .In
accordance with Item 9.01(a), (i)Rasna Therapeutics, Inc.
condensed consolidated financial statements as of June 30, 2016
(unaudited) and March 31, 2016 and for the three months ended
June 30, 2016 (unaudited) and 2015 (unaudited), are filed in this
Current Report on Form8-K/A Amendment No 2 as Exhibit99.1.

(b) Pro Forma Financial Information .In accordance with
Item 9.01(b), our pro forma financial statements are filed in
this Current Report on Form8-K/A Amendment No 2 as Exhibit99.2.

(d)Exhibits.

The exhibits listed in the following ExhibitIndex are filed as
part of this Current Report on Form8-K/A.

About RASNA THERAPEUTICS, INC. (OTCMKTS:RASP)

Rasna Therapeutics, Inc., formerly Active With Me Inc., creates online resources that offer travelers information on activity-based travel. The Company’s Website focuses on offering third-party content and information to visitors in their activity of choice. The Company’s Website also focuses on offering links to clubs and organizations. The Company is in development-stage. Rasna DE is the subsidiary of the Company. Rasna DE is engaged in modulating the molecular targets nucleophosmin gene (NPM1) and lysine (K)-specific demethylase 1A (LSD1), which are implicated in the disease progression of leukemia and lymphoma. The Company focuses on performing preclinical research on NPM1 and LSD1. As of June 30, 2016, the Company had not generated any revenues.

RASNA THERAPEUTICS, INC. (OTCMKTS:RASP) Recent Trading Information

RASNA THERAPEUTICS, INC. (OTCMKTS:RASP) closed its last trading session up +0.01 at 2.11 with shares trading hands.