$AVAI
AVANT TECHNOLOGIES INC.

2023 Q4 Form 10-Q Financial Statement

#000174079723000081 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.004M $378.0K
YoY Change 2087.03% 336.85%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.27K $10.32K
YoY Change 168.85% 169.45%
% of Gross Profit
Operating Expenses $1.014M $388.3K
YoY Change 1939.34% 329.79%
Operating Profit $1.014M $399.6K
YoY Change 817.8% 377.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$11.29K
YoY Change
Pretax Income -$1.014M -$399.6K
YoY Change 817.81% 377.1%
Income Tax
% Of Pretax Income
Net Earnings -$1.014M -$399.6K
YoY Change 817.8% 377.09%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 75.72M shares 64.72M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $900.00 $1.480K
YoY Change -95.22% -61.95%
Cash & Equivalents $896.00 $1.480K
Short-Term Investments
Other Short-Term Assets $37.15K $110.00
YoY Change 2207.45% -99.81%
Inventory
Prepaid Expenses $37.03K
Receivables
Other Receivables
Total Short-Term Assets $38.05K $1.594K
YoY Change -74.15% -99.19%
LONG-TERM ASSETS
Property, Plant & Equipment $1.500K $1.500K
YoY Change 0.0% 0.0%
Goodwill
YoY Change
Intangibles $253.2K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $253.2K $263.5K
YoY Change 83.86% 86.15%
TOTAL ASSETS
Total Short-Term Assets $38.05K $1.594K
Total Long-Term Assets $253.2K $263.5K
Total Assets $291.2K $265.1K
YoY Change 2.23% -21.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.51K $138.5K
YoY Change -61.48% 104.53%
Accrued Expenses $850.0K $410.0K
YoY Change 8322.51% 23613.13%
Deferred Revenue
YoY Change
Short-Term Debt $808.6K $707.9K
YoY Change 59.54% 34.9%
Long-Term Debt Due $99.00K
YoY Change
Total Short-Term Liabilities $1.692M $1.256M
YoY Change 105.26% 65.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.692M $1.256M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.692M $1.256M
YoY Change 105.26% 65.64%
SHAREHOLDERS EQUITY
Retained Earnings -$2.673M $1.659M
YoY Change -471.32% 172.26%
Common Stock $84.80K $74.27K
YoY Change 163.09% 130.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.401M -$991.3K
YoY Change
Total Liabilities & Shareholders Equity $291.2K $265.1K
YoY Change 2.23% -21.73%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.014M -$399.6K
YoY Change 817.8% 377.09%
Depreciation, Depletion And Amortization $10.27K $10.32K
YoY Change 168.85% 169.45%
Cash From Operating Activities -$705.7K -$420.4K
YoY Change -2265.3% 285.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 705.1K 421.4K
YoY Change -4092.53% 365.24%
NET CHANGE
Cash From Operating Activities -705.7K -420.4K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 705.1K 421.4K
Net Change In Cash -590.0 970.0
YoY Change -103.95% -105.22%
FREE CASH FLOW
Cash From Operating Activities -$705.7K -$420.4K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$705.7K -$420.4K
YoY Change -2265.3% 285.16%

Facts In Submission

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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1088 usd
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
217400 usd
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-31500 usd
us-gaap Loans And Leases Receivable Related Parties Period Increase Decrease
LoansAndLeasesReceivableRelatedPartiesPeriodIncreaseDecrease
38130 usd
avai Retainersfrom
Retainersfrom
-59755 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
69111 usd
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
-11 usd
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
1 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-480127 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13550 usd
avai Development Chatbot
DevelopmentChatbot
-4060 usd
avai Mobileapp
Mobileapp
-29450 usd
us-gaap Asset Acquisition Consideration Transferred Other Assets
AssetAcquisitionConsiderationTransferredOtherAssets
-149000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
149000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33510 usd
us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
195135 usd
us-gaap Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
32168 usd
us-gaap Increase Decrease In Notes Payable Related Parties
IncreaseDecreaseInNotesPayableRelatedParties
-107314 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
35763 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5915 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
125100 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
25000 usd
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
392337 usd
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
86893 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
523135 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17662 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107472 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33289 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1480 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3891 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zVnM3fFmH334" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_869_ztRJGVNdh3hc">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"><b> </b></p>
us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<p id="xdx_84E_eus-gaap--PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts_zneFUexkX978" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_860_zzzR02lHJqo6">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>
us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<p id="xdx_84E_eus-gaap--RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure_z2b52Yaxq5Mj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86D_ziwbYkDXmk5l">Revenue Recognition </span></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: 10pt 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </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>
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1500 usd
CY2023Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
74267054 usd

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