Avai Bio, Inc 10-Q for FY2023 Q1

Avai Bio, Inc. (AVAI)

10-Q 2022-08-19 For: 2022-06-30

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Added on April 10, 2026

About this 10-Q

Avai Bio, Inc filed this 10-Q on August 19, 2022, covering the quarter ended June 30, 2022 (FY2023 Q1).

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TREND INNOVATIONS HOLDING INC.
(Exact name of small business issuer as specified in its charter)

	NV	7370	38-4053064
	(State or other jurisdiction of incorporation or organization)	(Primary Standard Industrial Classification Number)	(IRS Employer Identification Number)

Securities registered under Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	TREN	OTC Markets


Large accelerated Filer	( )	Accelerated Filer	( )
Non-accelerated Filer	(X)	Smaller reporting company	(X)
(Do not check if a smaller reporting company)		Emerging growth company	(X)

		Page
PART I	FINANCIAL INFORMATION:

Item 1.	Consolidated Financial Statements (Unaudited)	3

	Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and March 31, 2022	4

	Consolidated Statements of Operations for the three months ended June 30, 2022 (Unaudited) and June 30, 2021	5

	Consolidated Statement of Stockholders’ Equity for the three months ended June 30, 2022 (Unaudited)	6

	Consolidated Statement of Cash Flows for the three months ended June 30, 2022 (Unaudited) and June 30, 2021	7

	Notes to the Interim Consolidated Financial Statements (Unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16

Item 4.	Controls and Procedures	16

PART II	OTHER INFORMATION:

Item 1.	Legal Proceedings	16

Item 1A	Risk Factors	16

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mine Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	17

		June 30, 2022 (Unaudited)		March 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	22,465	$	33,289
Prepaid Expenses		49,004		126,162
Loan Receivable		158,071		167,558
Accounts Receivable		13,828		3,765
Prepaid Rent		104		98
Total Current Assets		243,472		330,872
Fixed Assets
Accumulated depreciation		(1,150)		(1,075)
Furniture and Equipment		1,500		1,500
Total Fixed Assets		350		425
Intangible Assets
Accumulated depreciation		(143,261)		(131,394)
App Development Cost		126,850		97,400
Chatbot Development		4,060
RSS Database		149,000		149,000
Website Development		8,361		8,361
Total Intangible Assets		145,010		123,367
TOTAL ASSETS	$	388,832	$	454,664
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities
Current Liabilities
Accrued Liabilities	$	4,985	$	2,816
Accrued Payroll		221,000		191,000
Accounts Payable		70,849		1,986
Loan from Related Parties (note 6)		185,622		154,938
Convertible Notes Payable (note 7)		169,500		169,500
Loan Payable		5,056		176,432
Notes payable - Related Party		72,837		99,000
Retainers from Customers		99,000		64,553
Total Current Liabilities		828,849		860,225
Total Liabilities		828,849		860,225
Stockholders’ Equity (Deficit)
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 5,000,000 and 5,000,000 common shares issued and outstanding respectively		3,950		3,950
Common stock, $0.001 par value, 250,000,000 shares authorized; 26,316,083 and 26,281,600 common shares issued and outstanding respectively		26,316		26,316
Additional paid in capital		60,130		60,193
Accumulated other comprehensive income		(4,800)		(169)
Accumulated deficit		(525,613)		(495,851)
Total Stockholders’ Equity (Deficit)		(440,017)		(405,561)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	388,832	$	454,664

	Three months ended June 30, 2022		Three months ended June 30, 2021
ORDINARY INCOME/EXPENSE
Income
Sales	$	127,357	$	758,015
TOTAL INCOME		127,357		758,015
COGS		102,866		215,113
GROSS PROFIT		24,491		542,902

OPERATING EXPENSES
Depreciation Expense		11,942		14,075
General and Administrative Expenses		37,305		104,028
Professional Fees		8,570		28,202
Rent Expenses		304		269
TOTAL OPERATING EXPENSES		58,121		146,574

OTHER (EXPENSES) INCOME		3,868		1,432

NET INCOME (LOSS) FROM OPERATIONS	$	(29,762)	$	396,328

PROVISION FOR INCOME TAXES		—		—

NET INCOME (LOSS)	$	(29,762)	$	396,328

Other comprehensive income (loss):
Foreign currency translation adjustment	$	(4,631)	$	(1,669)

COMPREHENSIVE INCOME (LOSS)	$	(34,393)	$	394,659

NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00)	$	(0.00)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		26,316,083		26,281,600


	Common Stock		Preferred Stock		Additional Paid-in Capital	Accumulated other comprehensive income		Accumulated Deficit	Total Stockholders’ Equity
	Shares	Amount	Shares	Amount	Additional Paid-in Capital	Accumulated other comprehensive income		Accumulated Deficit	Total Stockholders’ Equity

Balance, March 31, 2021	26,281,600	$ 26,282	5,000,000	$ 3,950	$ 293	$	11,392	$ (369,330)	$ (327,413)
Foreign currency translation adjustment	—	—	—	—	15		(1,669)	—	(1,654)
Net income (loss) for the three-months period	—	—	—	—	—		—	396,328	396,328
Balance, June 30, 2021	26,281,600	$ 26,282	5,000,000	$ 3,950	$ 308	$	9,723	$ 26,998	$ 67,261
Balance, March 31, 2022	26,316,083	$ 26,316	5,000,000	$ 3,950	$ 60,193	$	(169)	$ (495,851)	$ (405,561)
Foreign currency translation adjustment	—	—	—	—	(63)		(4,631)	—	(4,694)
Net income (loss) for the three-months period	—	—	—	—	—		—	(29,762)	(29,762)
Balance, June 30, 2022	26,316,083	$ 26,316	5,000,000	$ 3,950	$ 60,130	$	(4,800)	$ (525,613)	$ (440,017)

		Three months ended June 30, 2022		Three months ended June 30, 2021
OPERATING ACTIVITIES
Net Income	$	(29,762)	$	396,328
Foreign currency translation adjustment		(4,631)		(1,669)
Adjustments to reconcile Net Income to net cash used in operations:
Accumulated depreciation		11,942		14,214
Accounts Payable		68,863		(56,812)
Accounts Receivables		(10,063)		(168,324)
Accrued Liabilities		2,106		581
Accrued Payroll		30,000		33,488
Deferred Expenses		—		1,938
Loan Receivable		9,487		20,749
Retainers from Customers		(59,497)		(332,189)
Prepaid Expenses		77,158		34,879
Prepaid Taxes		—		(16)
Prepaid Rent		(7)		(107)
Net cash used in Operating Activities		95,596		(56,940)
INVESTING ACTIVITIES
Chatbot Development	$	(4,060)	$	—
Mobile App Update		(29,450)		—
Vehicles acquisition cost		—		(419)
Net cash provided by Investing Activities		(33,510)		(419)
FINANCING ACTIVITIES
Additional paid in capital	$	—	$	15
Loan from Related Parties		30,684		15,884
Loan Payable		(103,594)		86
Net cash provided by Financing Activities		(72,910)		15,985
Net cash increase for period	$	(10,824)	$	(41,374)
Cash at beginning of period	$	33,289	$	60,364
Cash at end of period	$	22,465	$	18,990


31.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1		Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

Dated: August 19, 2022	TREND INNOVATIONS HOLDING INC.

	By:	/s/	Natalija Tunevic
		Name:	Natalija Tunevic
		Title:	President, Secretary and Director
			(Principal Executive, Financial and Accounting Officer)


a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)		designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)		evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)		disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
August 19, 2022 By:		Natalija Tunevic
		Name: Natalija Tunevic
		Title: President, Treasurer, Secretary and Director
		(Principal Executive, Financial and Accounting Officer)



(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and



(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.