2022 Q3 Form 10-Q Financial Statement

#000137647422000357 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $9.200K $8.680K $19.05K
YoY Change -38.34% -50.06% 6.84%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
% of Gross Profit
Operating Expenses $9.555K $9.038K $19.68K
YoY Change -37.95% -49.26% 7.01%
Operating Profit -$9.555K -$9.038K -$19.68K
YoY Change -37.95% -49.26% 7.01%
Interest Expense $579.00 $740.00 -$500.00
YoY Change -198.14% 16.72% -1.96%
% of Operating Profit
Other Income/Expense, Net -$579.00 -$740.00 -$499.00
YoY Change -2.53% 16.72%
Pretax Income -$10.13K -$9.778K -$20.18K
YoY Change -36.66% -47.0% 6.77%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.13K -$9.778K -$20.18K
YoY Change -36.66% -47.0% 6.79%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share -$35.55 -$34.33 -$70.85
COMMON SHARES
Basic Shares Outstanding 284.9M shares 284.9M shares 284.8M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.00 $620.00 $3.000K
YoY Change -97.13% 244.44% 123.88%
Cash & Equivalents $152.00 $618.00 $3.000K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $152.00 $618.00 $3.000K
YoY Change -97.09% 243.33% 123.88%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $152.00 $618.00 $3.000K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $152.00 $618.00 $3.000K
YoY Change -98.14% -90.93% -74.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.0K $103.5K $102.9K
YoY Change 14.45% 13.4% 13.95%
Accrued Expenses $177.8K $177.3K $176.8K
YoY Change 1.13% 1.13% 1.14%
Deferred Revenue
YoY Change
Short-Term Debt $19.94K $19.94K $19.94K
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $335.3K $325.6K $318.2K
YoY Change 9.86% 6.82% 8.53%
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 $335.3K $325.6K $318.2K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $335.3K $325.6K $318.2K
YoY Change 9.86% 6.82% 8.53%
SHAREHOLDERS EQUITY
Retained Earnings -$8.624M -$8.613M
YoY Change
Common Stock $284.9K $284.9K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$335.1K -$325.0K -$315.2K
YoY Change
Total Liabilities & Shareholders Equity $152.00 $618.00 $3.000K
YoY Change -98.14% -90.93% -74.25%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$10.13K -$9.778K -$20.18K
YoY Change -36.66% -47.0% 6.79%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Operating Activities -$9.160K -$8.680K -$17.95K
YoY Change -25.22% -34.79% 603.92%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $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 8.690K 6.300K 8.800K
YoY Change -49.74% -48.15% 147.89%
NET CHANGE
Cash From Operating Activities -9.160K -8.680K -17.95K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 8.690K 6.300K 8.800K
Net Change In Cash -470.0 -2.380K -9.150K
YoY Change -109.33% 105.17% -1015.0%
FREE CASH FLOW
Cash From Operating Activities -$9.160K -$8.680K -$17.95K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b>Note 1.     Nature of Operations</b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Company Overview</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">The operations of Advanced Voice Recognition Systems, Inc. (“AVRS” or the “Company”), http://www.avrsys.com, commenced in 1994 with a predecessor entity called NCC, Inc. NCC, Inc. was incorporated on March 15, 1994 in the State of Ohio. NCC, Inc. operated as a software and hardware development company that marketed voice recognition and transcription products for commercial applications.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">In May 2000, WG Investments, LLC acquired the assets of NCC, Inc. and subsequently changed its name to NCC, LLC. NCC, LLC (also a predecessor to AVRS) continued the operations of NCC, Inc. until approximately December 31, 2001, when shifts in the industry’s markets caused NCC, LLC to suspend its operations.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">AVRS was incorporated in the State of Colorado on July 7, 2005. In September 2005, the members of NCC, LLC transferred all of their membership interests in NCC, LLC to AVRS in exchange for 93,333,333 shares (post-recapitalization) of AVRS common stock. In December 2005, the Board of Directors approved a 1.5-to-1 stock split issuing 46,666,667 common shares (post-recapitalization), which increased the number of common shares outstanding to 140 million shares (post-capitalization). Following the incorporation of AVRS, the Company initiated a new business plan and intends to continue its operations in the voice recognition and transcription industry.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">AVRS is a software development company specializing in speech recognition technologies. AVRS has successfully obtained patent protection of its proprietary technology (refer to Note 3, Intangible Assets).   The Company continues to explore all options to monetize and enforce our patent portfolio through patent enforcement and licensing of the six patents issued.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Stock Purchase Agreements</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">During the six months ended June 30, 2022, the Company entered into a Stock Purchase Agreement for the private sale to one person or entity of an aggregate of 333,334 shares of the common stock for aggregate proceeds of $5,000. Full payment was received in the period. During the year ended December 31, 2021 the Company entered into Stock Purchase Agreements for the private sale to five persons or entities of an aggregate of 4,200,000 shares of the common stock for aggregate proceeds of $46,000, full payment of which was received in the period. </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Commitments and Contingencies</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">On April 20, 2015 Advanced Voice Recognition Systems, Inc. (“AVRS”) entered into a Material Letter Agreement with an unrelated third party (“AIP”) in which they promise to pay to patent legal counsel funds to continue prosecuting Patents on behalf of AVRS.  AVRS promises to pay AIP, or to such other holder of this promissory note (Note) as designate, the principal, together with a premium of ten percent (10%) of Principle and two percent (2%) of proceeds received by Company from a Monetization Event initiated by AIP.  Interest was accrued and reported at June 30, 2022. </p> <p style="font:11pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">On November 1, 2016, Advanced Voice Recognition Systems, Inc. (“<span style="border-bottom:1px solid #000000">AVRS</span>”) entered into a Contingent Fee Agreement (the “<span style="border-bottom:1px solid #000000">Agreement</span>”) with Legal Representation pursuant to which they will represent AVRS in connection with investigating and asserting claims relating to certain patents, including the negotiation of license agreements and the filing and prosecution of lawsuits, against any potential infringers of rights associated with such patents (the “<span style="border-bottom:1px solid #000000">Patent Rights</span>”).  Legal representation will handle licensing and litigation activities under the Agreement on a contingent fee basis.  The fee will depend upon whether AVRS recovers any sums by way of licensing, settlement, trial or otherwise with respect to the Patent Rights.  On June 6, 2017 AVRS and Legal Representation revised the Contingent Fee Agreement as it related to the termination of the August 20, 2015 Letter Agreement which was to provide advisory services, court filing fees, discovery and other litigation costs.  The revised Contingent Fee Agreement assumed the responsibility for the costs and expenses in the Terminated August 20, 2015 Letter Agreement and provides for the payment of twenty percent (20%) of all gross Licensing Agreement Proceeds and thirty percent (30%) of all Litigation Proceeds received by AVRS.  In addition, if the Litigation Proceeds agreed to or received by AVRS at any time are $100,000 or less then Legal Representative shall receive forty percent (40%) of the Litigation Proceeds.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">On June 21, 2018, Advanced Voice Recognition Systems, Inc. (“<span style="border-bottom:1px solid #000000">AVRS</span>”) and Buether Joe &amp; Carpenter, LLC (“BJC) entered into a Letter of Engagement for Legal Services Limited Scope Agreement (“<span style="border-bottom:1px solid #000000">Agreement</span>”) with Schmeiser, Olsen &amp; Watts LLP (“<span style="border-bottom:1px solid #000000">the Firm</span>”) pursuant to which the Firm will serve as local counsel in the United States District Court, District of Arizona.  The Firm has been hired to represent AVRS as local counsel in connection with forthcoming litigation in the U.S. District Court, District of Arizona.    AVRS may terminate the Agreement at any time.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On July 22, 2019 Apple, Inc. submitted a petition for Inter Partes Review (IPR) of the AVRS patent.  It was ordered in the case of AVRS, Inc. v. Apple Inc (Case No. 2-18-cv-2083) that the parties’ stipulation was granted and the case is stayed pending the resolution of the IPR proceeding.  Buether Joe and Carpenter, LLC (BJC), our representation in the AVRS v. Apple litigation represents AVRS in the IPR. The IPR response to the Patent Trial and Appeal Board (PTAB) was done November 8, 2019.  On January 13, 2021, the United States Patent and Trademark Office Patent Trial and Appeal Board (PTAB) issued a Final Written Decision under 35 U.S.C. § 318(a) in <i>Inter Partes Review</i> petitioned by Apple Inc.  The decision found that claims 15 and 17 of AVRS’s U.S. Patent No. 7,558,730 B2 were invalid under 35 U.S.C. § 103(a).   On March 17, 2021, AVRS filed an appeal to the United States Court of Appeals for the Federal Circuit Docket Number 2021-1745. AVRS appeals the Patent Trial and Appeal Boards (“PTAB”) Final Written Decision on January 13, 2021 in the Inter Partes Review (IPR 2019-01352) petitioned by Apple, Inc of U. S. Patent No. 7,558,730.  The Federal Docket was argued in the Court of Appeals in December 2021.   Oral arguments were held on March 10, 2022.  On March 15, 2022, the United States Court of Appeals for the Federal Circuit issued a Judgement Affirming the United States Patent and Trademark Office, Patent Trial and Appeal Board in No. IPR2019-01352.  The decision found that claims 15 and 17, the only claims challenged by Apple out of a total of 18 claims of Advanced Voice Recognition Systems, Inc. (AVRS) U.S. Patent No. 7,558,730 B2 were invalid under 35 U.S.C. § 103(a). AVRS is exploring all options to enforce and monetize our patent portfolio by way of patent enforcement litigation and licensing agreements.</p>
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-324965 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
46000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Use of Estimates</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
618 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12148 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
127491 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
127491 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
127491 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
127491 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
162381 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
162380 usd
us-gaap Labor And Related Expense
LaborAndRelatedExpense
4047 usd
us-gaap Labor And Related Expense
LaborAndRelatedExpense
92 usd
CY2022Q2 fil Advance From Related Party
AdvanceFromRelatedParty
24803 usd
CY2021Q2 fil Advance From Related Party
AdvanceFromRelatedParty
14700 usd

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