$AVAI
AVANT TECHNOLOGIES INC. Stock $avai

$avai Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-K Financial Statement

#000174079724000031 Filed on July 03, 2024

Income Statement

Concept	2024 Q3	2024 Q1	2024
Revenue		$0.00
YoY Change
Cost Of Revenue		$0.00
YoY Change
Gross Profit		$0.00
YoY Change
Gross Profit Margin
Selling, General & Admin	$457.7K	$256.2K	$1.454M
YoY Change	21.07%	111.5%	385.28%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$19.52K	$47.27K	$76.95K
YoY Change	89.15%	1134.2%	228.58%
% of Gross Profit
Operating Expenses	$623.0K	$303.4K	$2.117M
YoY Change	60.44%	142.86%	555.21%
Operating Profit		-$303.4K	-$2.128M
YoY Change		142.86%	485.41%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net		$0.00	-$11.29K
YoY Change			-177.09%
Pretax Income	-$623.0K	-$303.4K	-$2.128M
YoY Change	55.91%	142.86%	510.0%
Income Tax		$0.00
% Of Pretax Income
Net Earnings	-$623.0K	-$303.4K	-$2.128M
YoY Change	55.91%	142.86%	510.0%
Net Earnings / Revenue
Basic Earnings Per Share	-$0.01		-$0.02
Diluted Earnings Per Share	-$0.01	$0.00	-$0.02
COMMON SHARES
Basic Shares Outstanding	117.0M shares	84.79M shares	86.53M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2024 Q3	2024 Q1	2024
SHORT-TERM ASSETS
Cash & Short-Term Investments	$1.770K	$280.00	$280.00
YoY Change	19.59%	-99.74%	-99.74%
Cash & Equivalents	$1.772K	$281.00	$280.00
Short-Term Investments
Other Short-Term Assets	$12.36K	$115.8K	$115.8K
YoY Change	11136.36%	115700.0%	115700.0%
Inventory
Prepaid Expenses	$12.36K	$115.7K
Receivables
Other Receivables
Total Short-Term Assets	$14.14K	$116.1K	$116.1K
YoY Change	786.83%	7.91%	7.9%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.500K	$1.500K	$0.00
YoY Change	0.0%	0.0%	-100.0%
Goodwill
YoY Change
Intangibles	$166.9K	$205.9K
YoY Change		53.96%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$166.9K	$205.9K	$205.9K
YoY Change	-36.65%	53.81%	53.82%
TOTAL ASSETS
Total Short-Term Assets	$14.14K	$116.1K	$116.1K
Total Long-Term Assets	$166.9K	$205.9K	$205.9K
Total Assets	$181.0K	$322.0K	$322.0K
YoY Change	-31.7%	33.36%	33.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.252M	$1.082M	$1.082M
YoY Change	804.24%	2341.94%	2341.99%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$742.0K	$706.8K	$706.8K
YoY Change	4.83%	10.81%	10.81%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$1.994M	$1.789M	$1.789M
YoY Change	58.75%	104.47%	104.47%
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	$1.994M	$1.789M	$1.789M
Total Long-Term Liabilities	$0.00	$0.00	$0.00
Total Liabilities	$1.994M	$1.789M	$1.789M
YoY Change	58.75%	104.47%	104.47%
SHAREHOLDERS EQUITY
Retained Earnings	-$4.128M	-$2.976M
YoY Change	-348.83%	-451.02%
Common Stock	$131.9K	$117.2K
YoY Change	77.57%	204.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$1.813M	-$1.467M	-$1.467M
YoY Change
Total Liabilities & Shareholders Equity	$181.0K	$322.0K	$322.0K
YoY Change	-31.7%	33.36%	33.36%

Cashflow Statement

Concept	2024 Q3	2024 Q1	2024
OPERATING ACTIVITIES
Net Income	-$623.0K	-$303.4K	-$2.128M
YoY Change	55.91%	142.86%	510.0%
Depreciation, Depletion And Amortization	$19.52K	$47.27K	$76.95K
YoY Change	89.15%	1134.2%	228.58%
Cash From Operating Activities	-$826.1K	-$136.5K	-$1.322M
YoY Change	96.49%	85.74%	2328.05%
INVESTING ACTIVITIES
Capital Expenditures	$0.00	$0.00	$149.0K
YoY Change			344.64%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	$0.00	$0.00	-$149.0K
YoY Change			344.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$78.66K
YoY Change			-36.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	827.4K	135.9K	$1.364M
YoY Change	96.35%	-16.18%	741.27%
NET CHANGE
Cash From Operating Activities	-826.1K	-136.5K	-$1.322M
Cash From Investing Activities	0.000	0.000	-$149.0K
Cash From Financing Activities	827.4K	135.9K	$1.364M
Net Change In Cash	1.320K	-610.0	-$107.2K
YoY Change	36.08%	-100.69%	-244.5%
FREE CASH FLOW
Cash From Operating Activities	-$826.1K	-$136.5K	-$1.322M
Capital Expenditures	$0.00	$0.00	$149.0K
Free Cash Flow	-$826.1K	-$136.5K	-$1.471M
YoY Change	96.49%	85.74%	1572.52%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2024	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2024	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2024	dei	Entity Central Index Key EntityCentralIndexKey	0001740797
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CY2024	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit		usd
CY2023	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit		usd
CY2024	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax		usd
CY2024	us-gaap	Equity Fair Value Adjustment EquityFairValueAdjustment		usd
CY2024	us-gaap	Proceeds From Subordinated Short Term Debt ProceedsFromSubordinatedShortTermDebt		usd
CY2024	avai	Conversion Issuance ConversionIssuance		usd
CY2024	avai	Conversion Stock ConversionStock		usd
CY2024	avai	Currency Foreign CurrencyForeign		usd
CY2024	us-gaap	Accounts Receivable Purchase AccountsReceivablePurchase		usd
CY2024	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities		usd
CY2024	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities		usd
CY2024	us-gaap	Loans And Leases Receivable Related Parties Proceeds LoansAndLeasesReceivableRelatedPartiesProceeds		usd
CY2024	avai	Retainersfrom Retainersfrom		usd
CY2024	avai	Development Chatbot DevelopmentChatbot		usd
CY2023	us-gaap	Proceeds From Sale Of Intangible Assets ProceedsFromSaleOfIntangibleAssets		usd
CY2024	avai	Mobileapp Mobileapp		usd
CY2024	us-gaap	Proceeds From Construction Loans Payable ProceedsFromConstructionLoansPayable		usd
CY2023	us-gaap	Proceeds From Issuance Of Convertible Preferred Stock ProceedsFromIssuanceOfConvertiblePreferredStock		usd
CY2023	avai	Proceedstock A ProceedstockA		usd
CY2024	us-gaap	Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1 NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1		usd
CY2023	us-gaap	Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1 NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1		usd
CY2024Q1	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet		usd
CY2023Q1	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet		usd
CY2024	us-gaap	Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability		usd
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CY2024	dei	Document Type DocumentType	10-K
CY2024	dei	Document Annual Report DocumentAnnualReport	true
CY2024	dei	Document Period End Date DocumentPeriodEndDate	2024-03-31
CY2024	dei	Document Transition Report DocumentTransitionReport	false
CY2024	dei	Entity File Number EntityFileNumber	333-225433
CY2024	dei	Entity Registrant Name EntityRegistrantName	AVANT TECHNOLOGIES INC.
CY2024	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NV
CY2024	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	38-4053064
CY2024	dei	Entity Address Address Line1 EntityAddressAddressLine1	5348 Vegas Drive
CY2024	dei	Entity Address City Or Town EntityAddressCityOrTown	Las Vega
CY2024	dei	Entity Address State Or Province EntityAddressStateOrProvince	NV
CY2024	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	89108
CY2024	dei	City Area Code CityAreaCode	(866)
CY2024	dei	Local Phone Number LocalPhoneNumber	533-0065
CY2024	dei	Contact Personnel Email Address ContactPersonnelEmailAddress	[email protected]
CY2024	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2024	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2024	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024	dei	Entity Small Business EntitySmallBusiness	true
CY2024	dei	Entity Shell Company EntityShellCompany	false
CY2024Q1	dei	Entity Public Float EntityPublicFloat	115996227	usd
CY2024Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	117017906	shares
CY2024	dei	Auditor Firm AuditorFirmId	6235
CY2024	dei	Auditor Name AuditorName	Dylan Floyd Accounting & Consulting
CY2024	dei	Auditor Location AuditorLocation	Newhall, California
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CY2023Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	107472	usd
CY2024Q1	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	115685	usd
CY2024Q1	us-gaap	Prepaid Rent PrepaidRent	116	usd
CY2023Q1	us-gaap	Prepaid Rent PrepaidRent	103	usd
CY2024Q1	us-gaap	Assets Current AssetsCurrent	116082	usd
CY2023Q1	us-gaap	Assets Current AssetsCurrent	107575	usd
CY2024Q1	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	1500	usd
CY2023Q1	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	1375	usd
CY2024Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1500	usd
CY2023Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1500	usd
CY2023Q1	us-gaap	Other Assets OtherAssets	125	usd
CY2024Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	205932	usd
CY2023Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	133760	usd
CY2024Q1	us-gaap	Assets Assets	322014	usd
CY2023Q1	us-gaap	Assets Assets	241460	usd
CY2024Q1	us-gaap	Accounts Payable Current AccountsPayableCurrent	1081803	usd
CY2023Q1	us-gaap	Accounts Payable Current AccountsPayableCurrent	236901	usd
CY2024Q1	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	406777	usd
CY2023Q1	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	244218	usd
CY2024Q1	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	201000	usd
CY2023Q1	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	294600	usd
CY2024Q1	us-gaap	Notes Payable NotesPayable	99000	usd
CY2023Q1	us-gaap	Notes Payable NotesPayable	99000	usd
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CY2023Q1	us-gaap	Liabilities Current LiabilitiesCurrent	874719	usd
CY2024Q1	us-gaap	Liabilities Liabilities	1788580	usd
CY2023Q1	us-gaap	Liabilities Liabilities	874719	usd
CY2024Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
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CY2024Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	20000000	shares
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CY2023Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	5000000	shares
CY2023Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	5000000	shares
CY2024Q1	us-gaap	Preferred Stock Value PreferredStockValue	10000	usd
CY2023Q1	us-gaap	Preferred Stock Value PreferredStockValue	3950	usd
CY2024Q1	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2023Q1	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2024Q1	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	500000000	shares
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CY2024Q1	us-gaap	Common Stock Value CommonStockValue	117168	usd
CY2023Q1	us-gaap	Common Stock Value CommonStockValue	38504	usd
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CY2023	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	23417	usd
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CY2023	us-gaap	Accounts Receivable Purchase AccountsReceivablePurchase	3765	usd
CY2023	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-2816	usd
CY2023	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	1600	usd
CY2023	us-gaap	Loans And Leases Receivable Related Parties Proceeds LoansAndLeasesReceivableRelatedPartiesProceeds	167558	usd
CY2023	avai	Retainersfrom Retainersfrom	-64553	usd
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CY2023	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	126162	usd
CY2024	us-gaap	Increase Decrease In Prepaid Rent IncreaseDecreaseInPrepaidRent	-14	usd
CY2023	us-gaap	Increase Decrease In Prepaid Rent IncreaseDecreaseInPrepaidRent	-5	usd
CY2024	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-1322318	usd
CY2023	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-54457	usd
CY2023	avai	Development Chatbot DevelopmentChatbot	-4060	usd
CY2024	us-gaap	Proceeds From Sale Of Intangible Assets ProceedsFromSaleOfIntangibleAssets	149000	usd
CY2023	avai	Mobileapp Mobileapp	-29450	usd
CY2024	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-149000	usd
CY2023	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-33510	usd
CY2024	avai	Additional Paid AdditionalPaid	1195204	usd
CY2023	avai	Additional Paid AdditionalPaid	112014	usd
CY2024	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	78664	usd
CY2023	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	12188	usd
CY2024	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	-93600	usd
CY2023	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	125100	usd
CY2024	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	162559	usd
CY2023	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	89280	usd
CY2023	us-gaap	Proceeds From Construction Loans Payable ProceedsFromConstructionLoansPayable	176432	usd
CY2024	us-gaap	Proceeds From Issuance Of Convertible Preferred Stock ProceedsFromIssuanceOfConvertiblePreferredStock	6050	usd
CY2024	avai	Proceedstock A ProceedstockA	15250	usd
CY2024	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	1364127	usd
CY2023	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	162150	usd
CY2024	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-107191	usd
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	74183	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
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	281	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	107472	usd
CY2024	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_802_eus-gaap--NatureOfOperations_zHWGiq8mnhni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 1 –<span id="xdx_82B_zYUh6Ao1XUM5"> ORGANIZATION AND NATURE OF BUSINESS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) is a technology company specializing in acquiring, creating, and developing innovative and advanced technologies utilizing artificial intelligence (AI) as well as providing a host of information technology consulting services. The Company considers itself a native expert in the field of information technology based on artificial intelligence. Recently, the Company acquired Avant! AI and InstantFAME as well as the assets of Wired4Health, Inc., <span style="background-color: white">pertaining to certain technology assets providing full-stack software development, database management, data integration, project management and cloud services resources. </span>Utilize its latest assets acquisitions, Avant mission is to provide innovative and eﬀective AI solutions that transform businesses and positively impact society. Avant strive to push the boundaries of AI technology and empower organizations to achieve their full potential. We believe that our technology can provide a self-sustained system that prepares its data from unlabeled information (Unsupervised Clustering), and then analyzes it using various, proprietary, supervised learning techniques, Improved data efficiency: Unsupervised learning pre-processes and extracts meaningful features from raw or unlabeled data, preparing them as inputs for the supervised learning model. This improves data efficiency and preparations. Our technology deployed over the acquired assets (in sum or as a whole) potentially provides True Learning from Experience - Unsupervised learning is utilized to learn relevant information from many source domains. This knowledge is then evaluated and applied to a related or different domain(s), where information might be in short supply. This feature is a true learning capability. Avant! can leverage the knowledge learned from the source domain to improve performance in the other domains, as well as Factual discovery/conclusion by learning data - Avant! Unsupervised learning techniques, like clustering, help identify groups or patterns in the data, reaching conclusions. Then its supervised learning mechanism can create new datasets (information), which are used for further domains, improving classification and regression tasks. This feature is a true reasoning mechanism.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Until the above acquisitions, the Company's "Thy News" application was one of the Company's key projects. Thy News is a worldwide application used for processing news from multiple sources. Thy News was created for users who value their time but want to keep up with the latest in world news. The app offers the user the opportunity to create their own news feeds solely from those sources that are of interest to them, as well as creating additional news feeds segmented by topic.</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">On May 23, 2023, the Company filed an application with the Financial Industry Regulation Authority (FINRA) in order to change the name and trading symbol of the Company. On July 18, 2023, FINRA announced the Company’s Name Change and Symbol Change, which became effective on July 19, 2023 on the OTC Markets. The Name Change and Symbol Change do not affect the rights of the Company’s security holders. The Company’s securities will continue to be quoted on the OTC Markets. Following the Name Change, the stock certificates, which reflect the former name of the Company, will continue to be valid. Certificates reflecting the Name Change will be issued in due course as old stock certificates are tendered for exchange or transfer to the Company’s transfer agent. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our virtual principal office address is located at c/o Eastbiz.com, Inc 5348 Vegas Drive, Las Vegas, NV 89108</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"><b>Sale and Purchase of Ownership Interest Agreement</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 28, 2019 Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) a Nevada corporation (“Buyer”, “Company”), entered into a Sale and Purchase of Ownership Interest Agreement with ThyNews Tech LLC, a Wyoming corporation, (“Thynews Tech” or the “Seller”), wherein Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) purchased 100% of the ownership of Thynews Tech. Upon completion of the Agreement, Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) agreed to deliver to Thynews Tech’s owners a cumulative total of one hundred thousand (100,000) restricted shares of Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) treasury valued at One Dollar ($1.00) per share. The shares were to be delivered to Thynews Tech within 60 days following the execution of the agreement. Additionally, Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) provided to Thynews Tech’s owners, as consideration, a Promissory Note in the amount of One Hundred Thousand United States Dollars ($100,000 US). Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) acquired 100% of the ownership of duly and validly issued, fully paid and non-assessable ownership interest of ThyNews Tech LLC, including ThyNews Application. Prior to the transaction, Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) had 5,014,080 shares of common stock issued and outstanding. Upon the transaction, the additional 100,000 of Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) common stock were issued and outstanding. Upon the issuance of shares to Thynews, there were 5,014,080 shares of common stock issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </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: center">30</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">On March 30, 2020 Avant Technologies Inc. (formerly Trend Innovations Holding Inc.), being represented by its President and Director, Natalija Tunevic, entered into Sale and Purchase of Ownership Interest Of 100% of Itnia Co. LLC, a Wyoming limited liability company which owns 100% of MB Lemalike Innovations, a Lithuanian IT consulting company with Mikhail Bukshpan. Upon completion of the Agreement, Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) agreed to deliver to Itnia Co. LLC’s owners a cumulative total of one hundred fifty thousand (150,000) restricted shares of Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) treasury valued at One Dollar ($1.00) per share. The shares were to be delivered to Mr. Bukshpan within the mutually agreed upon time frame following the execution of the agreement. Additionally, Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) were to provide to Mr. Bukshpan, as consideration, a Promissory Note in the amount of One Hundred and Fifty Thousand United States Dollars ($150,000 US).</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"><b>MB Lemalike Innovations</b></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">MB ‘Lemalike Innovations’, formerly known as MB ‘Repia’, was incorporated in Lithuania on October 9, 2017. The company was originally engaged in providing business and other consulting services for the companies intending to seek for new markets outside Lithuania. Recently the company has also been developing in the IT direction. In providing consultations, Lemalike Innovations helps enterprises in the Baltic countries looking for export opportunities. Lemalike Innovations is currently working to enter the area of implementing and consulting on the matter of Artificial Intelligence technologies.</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">On January 31, 2020, Mr. Mikhail Bukshpan became the director of the entity. On March 10, 2020, he merged Lemalike Innovations into his limited liability company, Itnia Co. LLC. Upon that, on March 30, 2020, Itnia Co. LLC merged into Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) and became a part of the holding.</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">On January 9, 2023, the Company transferred to Mikhail Bukshpan all rights, title and interest of one hundred percent (100%) of our wholly owned subsidiary, Itnia Co. LLC, which owns 100% of MB Lemalike Innovations, a Lithuanian IT company, in exchange for return for cancellation of his 5,000,000 common shares of the Company.</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; background-color: white">The company’s registered office is located at Sv. Stepono g. 27D-2, LT-01315 Vilnius, Lithuania, and its virtual US office is</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">located at c/o Eastbiz.com, Inc 5348 Vegas Drive, Las Vegas, NV 89108.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Acquiring Avant! AI Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On April 3, 2023, the Company, entered into an Asset Purchase Agreement (“APA”) along with GBT Tokenize Corp. (“Seller”), which Seller developed and owns a proprietary system and method named Avant-Ai, which is a text-generation, deep learning self-training model that is working based on an innovative, unique concept which learns on its own and constantly enhances its information database with the advantage of unsupervised learning capabilities (the “System”).</p> <p style="font: 10pt/11.75pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white">At closing, in consideration of acquiring the System, the Company shall issue to the Seller 26,000,000 common shares of the Company (the “Shares”). The Shares will be restricted per Rule 144 as promulgated under the Securities Act of 1933, as amended (the “1933 Act”) and Seller agreed to a lock-up period of nine (9) months following closing (the “Lock Up Term”). In the event the Company is unable to up-list to Nasdaq either through a business combination or otherwise prior to the expiration of the Lock Up Term, the Seller may request within three (3) business days of the expiration of the Lock-Up Term, that all transactions contemplated by the APA be unwound.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white">In addition, the Company and Seller entered into a license agreement regarding the System, granting the Seller a perpetual, irrevocable, non-exclusive, non-transferable license for using the System.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Acquiring Instant Fame Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white">On April 3, 2023, the Company, entered into an Asset Purchase Agreement (“Treasure APA”) with Treasure Drive Ltd. (“TD”) pursuant to which the Company agreed to acquire a technology portfolio including certain source codes and pending patent applications which have applications in a variety of areas including creating systems and methods of facilitating digital rating and secured sales of digital works as well as core virtual reality platforms known as digital auction systems, rating and secure sales via open bid auctions (“Instant Fame Assets”). </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">31</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: 0.05pt 0 0; text-align: justify; background-color: white">At closing, in consideration of the Instant Fame Assets, the Company shall issue to TD 5,000 convertible preferred shares of the Company with a stated valued at $5,000 per share each (the “Preferred Shares Series A”). The Preferred Shares Series A may be converted at the option of TD into the Company shares of common stock at a conversion price equal to a 5% discount to the weighted average closing price during the five (5) days prior of such conversion, and will include a 4.99% beneficial ownership limitation. The Preferred Shares Series A will have voting rights on an as converted and will be entitled to a payment equal to the stated value of the Preferred Shares Series A in the event of the Company liquidation only. In the event the Company is unable to up-list to Nasdaq either through a business combination or otherwise prior to the expiration of the Lock Up Term, TD may request within three (3) business days of the expiration of the Lock-Up Term, that all transactions contemplated by the Treasure APA be unwound.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In addition, the Company and Elentina Group, LLC (“Elentina”) entered into a Service Agreements in which Elentina, was engaged to provide certain capital markets services for a flat quarterly fee of $75,000 paid in shares of common stock (the “Elentina Common Stock”). The Elentina Common Stock to be issued within five days of the first day of quarter during the term (ie January 1, April 1, July 1 and October 1). The Elentina Common Stock shall be fully earned upon issuance. The number of shares of Elentina Common Stock to be issued will be determined by dividing the quarterly fee of $75,000 by the Company’s ten (10) day VWAP, which shall at no point be less than $0.10 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white">In connection with the offering, the Company filed a Certificate of Designation to its Articles of Incorporation designating 5,000 shares of its Preferred Stock of Series A.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify; background-color: white"> </p>
CY2024	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84C_eus-gaap--UseOfEstimates_zlT3rp9EBLuk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_868_zU9f9wnyRK69">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>
CY2024	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<p id="xdx_840_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zYp27fJvzWCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86B_zpLOAL7355wf">Reclassification of Prior Year Presentation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2024Q1	us-gaap	Cash Cash	281	usd
CY2024Q1	us-gaap	Prepaid Expense And Other Assets PrepaidExpenseAndOtherAssets	115685	usd
CY2024	us-gaap	Property Plant And Equipment Preproduction Design And Development Costs PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts	<p id="xdx_84D_eus-gaap--PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts_zu9zTswEAna1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_863_zJcBSTXJg2n4">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 year, 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>
CY2024	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	0	usd
CY2023	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	2967	usd
CY2024	us-gaap	Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure	<p id="xdx_841_eus-gaap--RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure_z7GGmktBKnxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86D_zag1QaH73bG2">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: 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: 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: center">33</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><br/> </span></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: 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">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">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: 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">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: justify"> </p>
CY2024Q1	avai	Fixed Assets FixedAssets	1500	usd
CY2024	us-gaap	Depreciation Depreciation	1500	usd
CY2024Q1	us-gaap	Intangible Assets Current IntangibleAssetsCurrent	205932	usd
CY2023Q1	us-gaap	Intangible Assets Current IntangibleAssetsCurrent	133760	usd
CY2024	us-gaap	Related Party Transaction Amounts Of Transaction RelatedPartyTransactionAmountsOfTransaction	114328	usd
CY2024Q1	avai	Series A SeriesA	3050	shares
CY2024Q1	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	117167906	shares
CY2024Q1	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	2976395	usd
CY2023Q1	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	847920	usd
CY2024Q1	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	625043	usd
CY2023Q1	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	178063	usd
CY2024Q1	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	625043	usd
CY2023Q1	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	178063	usd
CY2024	us-gaap	Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate	-2976395	usd
CY2023	us-gaap	Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate	-847920	usd
CY2024	us-gaap	Valuation Allowance Deferred Tax Asset Change In Amount ValuationAllowanceDeferredTaxAssetChangeInAmount	-466980	usd
CY2023	us-gaap	Valuation Allowance Deferred Tax Asset Change In Amount ValuationAllowanceDeferredTaxAssetChangeInAmount	-73935	usd

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$AVAI
AVANT TECHNOLOGIES INC. Stock $avai

2024 Q3 Form 10-K Financial Statement

#000174079724000031 Filed on July 03, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$AVAI AVANT TECHNOLOGIES INC. Stock $avai

2024 Q3 Form 10-K Financial Statement

#000174079724000031 Filed on July 03, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$AVAI
AVANT TECHNOLOGIES INC. Stock $avai