2022 Q4 Form 10-K Financial Statement

#000121390022069119 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $315.7K $134.9K $947.2K
YoY Change 134.12% -83.4% 16.63%
Gross Profit -$315.7K -$134.9K -$947.2K
YoY Change 134.12% -83.4% 16.63%
Gross Profit Margin
Selling, General & Admin $908.3K $141.5K $458.8K
YoY Change 541.8% -123.12% 59.45%
% of Gross Profit
Research & Development $72.96K $0.00 $1.000K
YoY Change -100.0% -66.67%
% of Gross Profit
Depreciation & Amortization $2.280K $2.980K $18.79K
YoY Change -23.49% -68.16% -49.8%
% of Gross Profit
Operating Expenses $981.2K $141.5K $1.407M
YoY Change 593.41% -123.16% 27.57%
Operating Profit -$1.297M -$276.4K -$2.354M
YoY Change 369.29% 37.46% 22.93%
Interest Expense -$45.49K $30.00 $120.00
YoY Change -151733.33% -137.5% -88.67%
% of Operating Profit
Other Income/Expense, Net $170.0K -$77.39K -$77.27K
YoY Change -319.64% 273.86% 255.22%
Pretax Income -$1.172M -$353.7K -$1.484M
YoY Change 231.46% 59.45% 31.98%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.172M -$353.7K -$1.484M
YoY Change 231.46% 59.45% 31.98%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.02 -$10.73K -$0.05
COMMON SHARES
Basic Shares Outstanding 39.20M shares 28.48M shares
Diluted Shares Outstanding 28.48M shares

Balance Sheet

Concept 2022 Q4 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.351M $405.8K $405.8K
YoY Change 233.04% 152.49% 152.49%
Cash & Equivalents $1.351M $405.8K $405.8K
Short-Term Investments
Other Short-Term Assets $8.680K $2.290K $2.290K
YoY Change 279.04% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.360M $408.1K $408.1K
YoY Change 968.47% 150.35% 150.35%
LONG-TERM ASSETS
Property, Plant & Equipment $11.40K $20.54K $20.54K
YoY Change -44.51% -46.23% -46.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $11.40K $20.54K $20.54K
YoY Change -44.51% -86.74% -86.74%
TOTAL ASSETS
Total Short-Term Assets $4.360M $408.1K $408.1K
Total Long-Term Assets $11.40K $20.54K $20.54K
Total Assets $4.371M $428.6K $428.6K
YoY Change 919.92% 34.84% 34.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.6K $124.6K
YoY Change -5.42% -5.42%
Accrued Expenses $5.700K $17.70K $17.70K
YoY Change -67.8% -90.62% -97.94%
Deferred Revenue
YoY Change
Short-Term Debt $4.000M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.051M $287.3K $287.3K
YoY Change 1310.2% -75.8% -75.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.051M $287.3K $287.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.051M $287.3K $287.3K
YoY Change 1310.2% -75.8% -75.8%
SHAREHOLDERS EQUITY
Retained Earnings -$10.69M -$8.478M
YoY Change 26.1% 21.22%
Common Stock $5.389K $3.785K
YoY Change 42.38% -99.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.00K
YoY Change
Treasury Stock Shares
Shareholders Equity $320.2K $141.3K $141.3K
YoY Change
Total Liabilities & Shareholders Equity $4.371M $428.6K $428.6K
YoY Change 919.92% 34.84% 34.84%

Cashflow Statement

Concept 2022 Q4 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$1.172M -$353.7K -$1.484M
YoY Change 231.46% 59.45% 31.98%
Depreciation, Depletion And Amortization $2.280K $2.980K $18.79K
YoY Change -23.49% -68.16% -49.8%
Cash From Operating Activities -$1.132M -$114.6K -$363.0K
YoY Change 887.72% 1836.15% 300.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.900M $26.00K $38.15K
YoY Change -7407.69% -165.0% -195.38%
Cash From Investing Activities -$1.900M $26.00K $38.15K
YoY Change -7407.69% -165.0% -186.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $26.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.869M 289.2K $569.9K
YoY Change 1237.95% 40.42% 113.64%
NET CHANGE
Cash From Operating Activities -1.132M -114.6K -$363.0K
Cash From Investing Activities -1.900M 26.00K $38.15K
Cash From Financing Activities 3.869M 289.2K $569.9K
Net Change In Cash 837.2K 200.6K $245.1K
YoY Change 317.4% 25.34% 85.33%
FREE CASH FLOW
Cash From Operating Activities -$1.132M -$114.6K -$363.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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, liabilities and expenses. The Company regularly evaluates 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made by management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
CY2021 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Concentration of Credit Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains its principal cash balance in a financial institution. These balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At December 31, 2021 and 2020, $147,460 and $0, respectively, were in excess of the FDIC insured limit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2021Q4 avmr Fdic Insured
FDICInsured
250000 usd
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
147460 usd
CY2020Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2021 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2021 avmr Purchased Medical Equipment
PurchasedMedicalEquipment
75000 usd
CY2021Q4 avmr Percentage Financed By The Seller
PercentageFinancedByTheSeller
1 pure
CY2020Q1 avmr Equipment Relieved Amount
EquipmentRelievedAmount
25000 usd
CY2021 us-gaap Related Parties Amount In Cost Of Sales
RelatedPartiesAmountInCostOfSales
50000 usd
CY2018Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
36000 usd
CY2018Q1 us-gaap Goodwill Transfers
GoodwillTransfers
14400 usd
CY2018Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
24000 shares
CY2019 us-gaap Goodwill Transfers
GoodwillTransfers
121.93 usd
CY2019 avmr Amortized Of Straight Ine Method
AmortizedOfStraightIneMethod
36000 usd
CY2019 us-gaap Intermediate Life Plants Useful Life
IntermediateLifePlantsUsefulLife
P3Y
CY2019 avmr Amount Of Amortized
AmountOfAmortized
121.93 usd
CY2021Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
102500 shares
CY2021Q4 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
2.000000 usd
CY2020Q4 avmr Shares Issued Price Per Shares
SharesIssuedPricePerShares
1.5
CY2020Q4 avmr Notes Total
NotesTotal
202700 usd
CY2020Q4 avmr Total Units
TotalUnits
202700 shares
CY2020Q4 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
810800 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
1013500 shares
CY2020Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.4
CY2021Q3 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
384615 shares
CY2020Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
100000 usd
CY2020Q1 us-gaap Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
1000000
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1000000 shares
CY2020Q1 avmr Common Stock Per Share
CommonStockPerShare
0.1
CY2020Q4 avmr Payroll Protection Loan Amount
PayrollProtectionLoanAmount
4630 usd
CY2018 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2019-12-31
CY2019Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2019-12-31
CY2019Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2019-09-11
CY2019Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2019-09-14
CY2019Q1 avmr Number Of Warrants Purchase
NumberOfWarrantsPurchase
12500 shares
CY2019Q1 avmr Strike Price
StrikePrice
1.25
CY2019Q1 avmr Warrant Expiration Period
WarrantExpirationPeriod
P3Y
CY2019Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2019-09-29
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2643635 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1175000 shares
CY2020Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
471825 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
912489 usd
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4393785 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2021Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
221827 usd
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q1 avmr Number Of Shares Issued Upon Compensation
NumberOfSharesIssuedUponCompensation
218000 shares
CY2017Q4 us-gaap Share Price
SharePrice
2
CY2018Q3 avmr Number Of Common Stock Sold
NumberOfCommonStockSold
16000 shares
CY2018Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
20000 usd
CY2018Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
400 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
115050 shares
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2019Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.25
CY2019Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
95050 shares
CY2019Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
79672 shares
CY2019Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
600000 shares
CY2019Q4 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
250000 shares
CY2020Q4 avmr Description Of Avra Issued An Aggregate
DescriptionOfAVRAIssuedAnAggregate
On November 6, 2020, AVRA issued an aggregate 256,027 Units (“Units”) at a price of $1.00 per Unit in a private offering (the “Offering”) to four “accredited investors.” Each Unit consisted of (a) four shares of our common stock (“Shares”); (b) a three-year warrant to purchase five Shares at an exercise price of $0.40 per Share; and (c) a 0.00008749_% limited liability company membership interest in Avra Air, LLC (“Avra Air”), a development stage company, which interest may be put to the Company at the option of the investor for a period of two years from issuance, in exchange for one Share. As a result of the foregoing, the investors were issued an aggregate of 1,024,108 Shares, warrants to purchase 1,280,135 Shares and a 22.4% limited liability company membership interest in Avra Air, LLC. 
CY2020Q4 avmr Commitment To Sell
CommitmentToSell
135000 shares
CY2020Q4 avmr Commitment To Sell Units
CommitmentToSellUnits
135000 usd
CY2020Q4 avmr Promissory Notes Value
PromissoryNotesValue
25000 usd
CY2020Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
1027 usd
CY2020Q4 avmr Commitment Units
CommitmentUnits
26027 shares
CY2020Q4 avmr Number Of Shares Issued Upon Compensation
NumberOfSharesIssuedUponCompensation
321489 shares
CY2022Q4 avmr Shares For A Stock Option Exercised
SharesForAStockOptionExercised
21000 shares
CY2022Q4 avmr Exercise Price Per Share
ExercisePricePerShare
0.1
CY2020 avmr Shares Of Common Stock
SharesOfCommonStock
1810800 shares
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
378378 shares
CY2021Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
629375 shares
CY2021Q4 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
3619817 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
174553 shares
CY2016Q3 avmr Employment Agreements Description
EmploymentAgreementsDescription
On August 1, 2016, the Company entered into a three-year Employment Agreement with its Vice President of Global Business Development. The agreement provides for an annual salary of $96,000 per year, increasing to $144,000 per year beginning July 2017. Through December 2016, the employee agreed to not receive the compensation in cash until the Board of Directors deemed it prudent to pay some or all of his salary. Further the Agreement provides that the employee will receive a three-year option to purchase 300,000 shares of the Company’s common stock at an exercise price of $0.10 per share, with 100,000 shares vested on each yearly anniversary. 
CY2021 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-05-01
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.25
CY2020Q3 avmr Employee Agreement Term
EmployeeAgreementTerm
P48M
CY2020Q3 us-gaap Salaries And Wages
SalariesAndWages
15000 usd
CY2021Q4 us-gaap Public Utilities Property Plant And Equipment Vehicles
PublicUtilitiesPropertyPlantAndEquipmentVehicles
500 usd
CY2020Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
1000000 shares
CY2020Q3 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.25
CY2018Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1829.25 usd
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
2454.75 usd
CY2019Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2223 usd
CY2020Q2 avmr Rent Lease Agreement
RentLeaseAgreement
0.50 pure
CY2020Q2 avmr Rent Lease Agreement
RentLeaseAgreement
0.50 pure
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1474.17 usd
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1964.74 usd
CY2021 avmr Issued Discount
IssuedDiscount
0.10 pure
CY2021 avmr Conversion Amount
ConversionAmount
100000000 usd
CY2021 avmr Convertible Notedescription
ConvertibleNotedescription
In order to fund the Interim Financing, the Company offered and sold to two accredited investors, $1,000,000 and $100,000 one-year convertible promissory notes (the “Convertible Notes”). The Convertible Notes will have the same interest rate and payment terms as the Cardio Notes and otherwise be substantially similar to the Cardio Notes, provided, however, that the Convertible Notes do not have an original issue discount. Further, upon consummation of the Transaction (if and when it is consummated) the Convertible Notes will automatically convert into a number of AVRA Shares determined by dividing the principal amount of the Convertible Notes by $100 million and multiplying such number expressed as a percentage by the number of AVRA Shares issued to Dr. Srivastava and the other shareholders of the SSI Parties (if any) upon closing of the Transaction. The Company may offer and sell up to an aggregate principal amount of $5,000,000 in Convertible Notes in order to fund the Interim Financing. 
CY2022Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
52000 shares
CY2021Q4 us-gaap Other Assets
OtherAssets
usd
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Treasury Stock Value
TreasuryStockValue
usd
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28480973 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28480973 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23372299 shares
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
CY2020 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
CY2021 avmr Equipment Acquisition Included In Accounts Payable
EquipmentAcquisitionIncludedInAccountsPayable
usd
CY2020 avmr Equipment Acquisition Included In Accounts Payable
EquipmentAcquisitionIncludedInAccountsPayable
usd
CY2021 avmr Promissory Note Converted Into Common Stock
PromissoryNoteConvertedIntoCommonStock
usd
CY2021 dei Amendment Flag
AmendmentFlag
false
CY2021 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021 dei Document Annual Report
DocumentAnnualReport
true
CY2021 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2021 dei Document Transition Report
DocumentTransitionReport
false
CY2021 dei Entity Central Index Key
EntityCentralIndexKey
0001676163
CY2021Q2 dei Entity Public Float
EntityPublicFloat
0 usd

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