2023 Q1 Form 10-K Financial Statement

#000121390023025143 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00
YoY Change
Cost Of Revenue $1.000M $315.7K $1.135M
YoY Change 3441.78% 134.12% 19.87%
Gross Profit $511.2K -$315.7K -$1.135M
YoY Change -1910.13% 134.12% 19.87%
Gross Profit Margin
Selling, General & Admin $1.417M $908.3K $1.239M
YoY Change 2613.44% 541.8% 170.09%
% of Gross Profit 277.19%
Research & Development $72.96K $72.96K
YoY Change 7195.9%
% of Gross Profit
Depreciation & Amortization $2.280K $2.280K $9.140K
YoY Change -1.3% -23.49% -51.36%
% of Gross Profit 0.45%
Operating Expenses $2.057M $981.2K $2.448M
YoY Change 2456.76% 593.41% 73.95%
Operating Profit -$1.546M -$1.297M -$3.583M
YoY Change 1322.21% 369.29% 52.19%
Interest Expense $67.70K -$45.49K $45.53K
YoY Change -151733.33% 37840.83%
% of Operating Profit
Other Income/Expense, Net $52.75K $170.0K $234.6K
YoY Change 150605.71% -319.64% -403.59%
Pretax Income -$2.004M -$1.172M -$2.213M
YoY Change 2392.28% 231.46% 49.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.004M -$1.172M -$2.213M
YoY Change 2392.28% 231.46% 49.09%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03 -$0.05
Diluted Earnings Per Share -$0.03 -$0.02 -$0.05
COMMON SHARES
Basic Shares Outstanding 53.89M shares 39.20M shares 40.88M shares
Diluted Shares Outstanding 61.71M shares 40.88M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $448.5K $1.351M $1.351M
YoY Change 29.31% 233.04% 233.04%
Cash & Equivalents $448.5K $1.351M $1.351M
Short-Term Investments
Other Short-Term Assets $8.680K $8.680K $8.680K
YoY Change 279.04% 279.04% 279.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.457M $4.360M $4.360M
YoY Change 1462.96% 968.47% 968.45%
LONG-TERM ASSETS
Property, Plant & Equipment $9.120K $11.40K $11.40K
YoY Change -49.99% -44.51% -44.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $9.120K $11.40K $11.40K
YoY Change -49.99% -44.51% -44.5%
TOTAL ASSETS
Total Short-Term Assets $5.457M $4.360M $4.360M
Total Long-Term Assets $9.120K $11.40K $11.40K
Total Assets $5.466M $4.371M $4.371M
YoY Change 1387.86% 919.92% 919.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00
YoY Change -100.0%
Accrued Expenses $5.700K $5.700K $51.23K
YoY Change -70.31% -67.8% 189.44%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M $4.000M $4.000M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.119M $4.051M $4.051M
YoY Change 1739.69% 1310.2% 1310.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.119M $4.051M $4.051M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.119M $4.051M $4.051M
YoY Change 1739.69% 1310.2% 1310.2%
SHAREHOLDERS EQUITY
Retained Earnings -$12.70M -$10.69M
YoY Change 48.34% 26.1%
Common Stock $6.544K $5.389K
YoY Change 72.89% 42.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $347.4K $320.2K $320.2K
YoY Change
Total Liabilities & Shareholders Equity $5.466M $4.371M $4.371M
YoY Change 1387.86% 919.92% 919.91%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.004M -$1.172M -$2.213M
YoY Change 2392.28% 231.46% 49.09%
Depreciation, Depletion And Amortization $2.280K $2.280K $9.140K
YoY Change -1.3% -23.49% -51.36%
Cash From Operating Activities -$336.6K -$1.132M -$1.436M
YoY Change 471.51% 887.72% 295.51%
INVESTING ACTIVITIES
Capital Expenditures $220.3K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$1.900M -$3.000M
YoY Change -7407.69% -7963.7%
Cash From Investing Activities -$2.000M -$1.900M -$3.000M
YoY Change -7407.69% -7963.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.434M 3.869M $5.381M
YoY Change 1237.95% 844.2%
NET CHANGE
Cash From Operating Activities -$336.6K -1.132M -$1.436M
Cash From Investing Activities -$2.000M -1.900M -$3.000M
Cash From Financing Activities $1.434M 3.869M $5.381M
Net Change In Cash -$902.8K 837.2K -$945.6K
YoY Change 1432.67% 317.4% -485.85%
FREE CASH FLOW
Cash From Operating Activities -$336.6K -$1.132M -$1.436M
Capital Expenditures $220.3K
Free Cash Flow -$336.6K -$1.656M
YoY Change 471.51%

Facts In Submission

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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; text-align: justify"> </p>
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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, 2022 and 2021, $0 and $147,460, 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>
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CY2021Q3 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
384615 shares
CY2021 avmr Warrants
Warrants
1175000 shares
CY2022 avmr Warrants
Warrants
0 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.78
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
912489 usd
CY2022 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
0 usd
CY2022 avmr Accured Interest Percentage
AccuredInterestPercentage
0.07 pure
CY2022Q4 avmr Original Issue Discount Amount
OriginalIssueDiscountAmount
2000000 usd
CY2022Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
100000000 usd
CY2022Q4 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
2000000 usd
CY2022Q4 avmr Original Issue Discount Rate
OriginalIssueDiscountRate
0.06 pure
CY2022Q4 avmr Original Issue Discount Opposed Rate
OriginalIssueDiscountOpposedRate
0.10 pure
CY2022 avmr Valuation For Determining Conversion
ValuationForDeterminingConversion
250000000 usd
CY2022 avmr Valuation For Determining Conversion Opposed Value
ValuationForDeterminingConversionOpposedValue
100000000 usd
CY2022 avmr Promissory Notes Description
PromissoryNotesDescription
In order to fund the Interim Financing, the Company offered and sold one-year convertible promissory notes (the “Convertible Notes”) of $1,000,000 (maturity date 08-15-2023), $500,000 (maturity date 10-26-2023), and $500,000 (maturity date 12-01-2023) to one accredited investor and $100,000 (maturity date 09-10-2023), $900,000 (maturity date 11-23-2023), and $1,000,000 (maturity date 12-29-2023) to another. 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. Sudhir 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. 
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
4393785 usd
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2020 us-gaap Gain Loss On Sale Of Leased Assets Net Operating Leases
GainLossOnSaleOfLeasedAssetsNetOperatingLeases
221827 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
avmr Shares Issued For Services Rendered
SharesIssuedForServicesRendered
378378 shares
CY2021Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
629375 shares
CY2021 avmr Shares Issued For Services Rendered
SharesIssuedForServicesRendered
3619817 shares
CY2022 avmr Number Of Common Stock Sold
NumberOfCommonStockSold
10000 shares
CY2022 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
679612 usd
CY2021 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
159949 usd
CY2021Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
1500000 shares
CY2021Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.25
CY2022Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
150000 shares
CY2022Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.1
CY2022Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
3020000 shares
CY2022Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.1
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1474.17 usd
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1964.74 usd
CY2022Q4 us-gaap Repurchase Agreements Interest Expense Amount
RepurchaseAgreementsInterestExpenseAmount
404.68 usd
CY2022 avmr Interim Financing Notes Value
InterimFinancingNotesValue
4000000 usd
CY2023Q1 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
189500 usd
CY2021Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
usd
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 avmr Commonstockvalue1
Commonstockvalue1
usd
CY2022Q4 us-gaap Treasury Stock Value
TreasuryStockValue
usd
CY2022 us-gaap Revenues
Revenues
usd
CY2021 us-gaap Revenues
Revenues
usd
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
usd
CY2021 us-gaap Interest Expense
InterestExpense
usd
CY2021 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28480973 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40878824 shares
CY2022 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
usd
CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
CY2021 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
usd
CY2022 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
usd
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2022 avmr Cash Received For Interest
CashReceivedForInterest
usd
CY2022 avmr Related Party Note Payable Converted To Common Stock
RelatedPartyNotePayableConvertedToCommonStock
usd
CY2022 avmr Reduction Of Account Payable And Equipment
ReductionOfAccountPayableAndEquipment
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Annual Report
DocumentAnnualReport
true
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Document Transition Report
DocumentTransitionReport
false
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001676163
CY2022Q2 dei Entity Public Float
EntityPublicFloat
0 usd

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0001213900-23-025143.txt Edgar Link pending
0001213900-23-025143-xbrl.zip Edgar Link pending
avmr-20221231.xsd Edgar Link pending
avmr-20221231_lab.xml Edgar Link unprocessable
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