$AVAI
AVANT TECHNOLOGIES INC.

2022 Q3 Form 10-Q Financial Statement

#000174079722000013 Filed on August 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $6.590K $29.76K $65.24K
YoY Change -88.79% -107.51% -83.91%
Cost Of Revenue $102.9K $11.94K
YoY Change -52.18% -95.18%
Gross Profit $6.592K $24.49K $53.30K
YoY Change -107.05% -95.49% -66.19%
Gross Profit Margin 100.03% 82.29% 81.7%
Selling, General & Admin $86.53K $46.18K $61.34K
YoY Change -25.15% -65.15% -52.13%
% of Gross Profit 1312.65% 188.56% 115.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.830K $11.94K $11.94K
YoY Change -72.02% -15.97% -13.04%
% of Gross Profit 58.1% 48.75% 22.4%
Operating Expenses $90.35K $58.12K $67.03K
YoY Change -30.29% -60.35% -52.89%
Operating Profit $83.76K $29.76K -$13.73K
YoY Change -137.55% -107.51% -189.33%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $3.870K $6.530K
YoY Change -100.0% 1713.89%
Pretax Income -$83.76K -$29.76K -$7.200K
YoY Change -49.64% -107.51% -145.77%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$83.76K -$29.76K -$7.200K
YoY Change -49.64% -107.51% -145.77%
Net Earnings / Revenue -1271.05% -99.99% -11.04%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share -$3.183K -$1.131K -$273.60
COMMON SHARES
Basic Shares Outstanding 32.23M shares 26.32M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.890K $22.47K $33.29K
YoY Change -54.4% 18.33% -44.85%
Cash & Equivalents $3.891K $22.47K $33.29K
Short-Term Investments
Other Short-Term Assets $57.15K $49.11K $126.3K
YoY Change -63.24% -71.14% -38.39%
Inventory
Prepaid Expenses $57.05K $49.00K $126.2K
Receivables $6.644K $13.83K $3.765K
Other Receivables $129.4K $158.1K $167.6K
Total Short-Term Assets $197.1K $243.5K $330.9K
YoY Change -62.95% -64.8% -46.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.500K $1.500K $1.500K
YoY Change -91.94% -92.95% -93.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $141.5K $145.4K $123.8K
YoY Change -14.59% -19.35% -36.83%
TOTAL ASSETS
Total Short-Term Assets $197.1K $243.5K $330.9K
Total Long-Term Assets $141.5K $145.4K $123.8K
Total Assets $338.6K $388.8K $454.7K
YoY Change -51.47% -55.41% -44.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.72K $70.85K $1.986K
YoY Change 104.16% -66.91% -99.27%
Accrued Expenses $1.729K $4.985K $2.816K
YoY Change -98.8% -95.38% -96.18%
Deferred Revenue
YoY Change
Short-Term Debt $524.7K $433.0K $599.9K
YoY Change -3.93% -1.54% 41.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $758.5K $828.8K $860.2K
YoY Change -0.7% 3.0% -24.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $758.5K $828.8K $860.2K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $758.5K $828.8K $860.2K
YoY Change -0.7% 3.0% -24.78%
SHAREHOLDERS EQUITY
Retained Earnings $609.4K $525.6K $495.9K
YoY Change
Common Stock $32.23K $26.32K $26.32K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$419.8K -$440.0K -$405.6K
YoY Change
Total Liabilities & Shareholders Equity $338.6K $388.8K $454.7K
YoY Change -51.47% -55.41% -44.3%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$83.76K -$29.76K -$7.200K
YoY Change -49.64% -107.51% -145.77%
Depreciation, Depletion And Amortization $3.830K $11.94K $11.94K
YoY Change -72.02% -15.97% -13.04%
Cash From Operating Activities -$109.2K -$95.60K $94.94K
YoY Change -38.6% -267.89% 110.23%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$33.51K
YoY Change 7878.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $33.51K $0.00
YoY Change -100.0% 7897.61% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.57K $72.91K -66.24K
YoY Change -45.58% -556.12% 327.35%
NET CHANGE
Cash From Operating Activities -109.2K -$95.60K 94.94K
Cash From Investing Activities 0.000 $33.51K 0.000
Cash From Financing Activities 90.57K $72.91K -66.24K
Net Change In Cash -18.58K -$10.82K 28.70K
YoY Change 77.29% -73.84% -7.0%
FREE CASH FLOW
Cash From Operating Activities -$109.2K -$95.60K $94.94K
Capital Expenditures $0.00 -$33.51K
Free Cash Flow -$109.2K -$62.09K
YoY Change -208.24%

Facts In Submission

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1938 usd
CY2022Q2 us-gaap Loans And Leases Receivable Related Parties Period Increase Decrease
LoansAndLeasesReceivableRelatedPartiesPeriodIncreaseDecrease
9487 usd
CY2021Q2 us-gaap Loans And Leases Receivable Related Parties Period Increase Decrease
LoansAndLeasesReceivableRelatedPartiesPeriodIncreaseDecrease
20749 usd
CY2022Q2 tren Retainersfrom
Retainersfrom
59497 usd
CY2021Q2 tren Retainersfrom
Retainersfrom
332189 usd
CY2022Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
77158 usd
CY2021Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
34879 usd
CY2021Q2 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
-16 usd
CY2022Q2 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
7 usd
CY2021Q2 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
107 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-95596 usd
CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
56940 usd
CY2022Q2 tren Development Chatbot
DevelopmentChatbot
4060 usd
CY2022Q2 tren Mobileapp
Mobileapp
29450 usd
CY2021Q2 tren Vehicles Acquisition
VehiclesAcquisition
419 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
33510 usd
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
419 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
15 usd
CY2022Q2 us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
30684 usd
CY2021Q2 us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
15884 usd
CY2022Q2 us-gaap Increase Decrease In Notes Payable Related Parties
IncreaseDecreaseInNotesPayableRelatedParties
103594 usd
CY2021Q2 us-gaap Increase Decrease In Notes Payable Related Parties
IncreaseDecreaseInNotesPayableRelatedParties
-86 usd
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
72910 usd
CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-15985 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10824 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-41374 usd
CY2022Q1 us-gaap Cash
Cash
33289 usd
CY2021Q1 us-gaap Cash
Cash
60364 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
22465 usd
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
18990 usd
CY2022Q2 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zH4OzEfI7VC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_860_z1kFkkT8Bnlk">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q2 us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts_z7IKRDg4xEi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86E_zNzjv3qk9oEb">Website Development Costs</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company amortizes these costs using the straight-line method over a period of one years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
CY2022Q2 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<p id="xdx_844_eus-gaap--RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure_zE1RAkYZEk95" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has assessed the impact of the guidance by performing the following five steps analysis:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 1: Identify the contract</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 2: Identify the performance obligations</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 3: Determine the transaction price</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 4: Allocate the transaction price</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Step 5: Recognize revenue</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from supplies of consulting services is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the services are collected by the customer at the Company’s office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management’s best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company derives its revenue from direct sales to individuals and business companies. Generally, the Company recognizes revenue when services are sold and accepted by the customers and there are no continuing obligations to the customer.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">10 | Page</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-size: 9pt"><br/> </span></p>
CY2022Q2 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
1500 usd
CY2022Q2 us-gaap Debt Default Shortterm Debt Amount
DebtDefaultShorttermDebtAmount
99000 usd
CY2022Q2 us-gaap Preferred Stock Share Subscriptions
PreferredStockShareSubscriptions
5000000 shares
CY2022Q2 us-gaap Shares Issued
SharesIssued
26316083 shares
CY2022Q3 us-gaap Debt Instrument Convertible Liquidation Preference Per Share
DebtInstrumentConvertibleLiquidationPreferencePerShare
241500

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