Avai Bio, Inc 10-Q for FY2024 Q2

Avai Bio, Inc. (AVAI)

10-Q 2023-11-17 For: 2023-09-30

Added on April 10, 2026

About this 10-Q

Avai Bio, Inc filed this 10-Q on November 17, 2023, covering the quarter ended September 30, 2023 (FY2024 Q2).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $399.62K; compared with a net loss of $83.76K a year earlier

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AVANT TECHNOLOGIES INC. (f/k/a TREND INNOVATIONS HOLDING INC.)
(Exact name of small business issuer as specified in its charter)

	Nevada	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	AVAI	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 September 30, 2023 (Unaudited) and March 31, 2023	4

	Consolidated Statements of Operations for the three and six months ended September 30, 2023 (Unaudited) and September 30, 2022	5

	Consolidated Statement of Stockholders’ Equity for the three and six months ended September 30, 2023 (Unaudited) and September 30, 2022	6

	Consolidated Statement of Cash Flows for the six months ended September 30, 2023 (Unaudited) and September 30, 2022	7

	Notes to the Interim Consolidated Financial Statements (Unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26

Item 4.	Controls and Procedures	26

PART II	OTHER INFORMATION:

Item 1.	Legal Proceedings	26

Item 1A	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults Upon Senior Securities	32

Item 4.	Mine Safety Disclosures	32

Item 5.	Other Information	32

Item 6.	Exhibits	32

	Signatures	32

		September 30, 2023		March 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	1,480	$	107,472
Prepaid Rent		114		103
Total Current Assets		1,594		107,575
Fixed Assets
Accumulated depreciation		(1,500)		(1,375)
Furniture and Equipment		1,500		1,500
Total Fixed Assets		-		125
Intangible Assets
Accumulated depreciation		(173,804)		(154,511)
Avant AI		124,000		-
App Development Cost		126,850		126,850
Chatbot Development		4,060		4,060
instantFAME™ Platform		25,000		-
RSS Database		149,000		149,000
Website Development		8,361		8,361
Total Intangible Assets		263,467		133,760
TOTAL ASSETS	$	265,061	$	241,460
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities
Current Liabilities
Accrued Payroll	$	410,000	$	192,600
Accounts Payable		138,510		44,301
Loan from Related Parties (note 6)		439,353		244,218
Convertible Notes Payable (note 7)		169,500		294,600
Notes payable - Related Party		99,000		99,000
Total Current Liabilities		1,256,363		874,719
Total Liabilities		1,256,363		874,719
Stockholders’ Equity (Deficit)
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 5,000,000 and 5,000,000 common shares issued and outstanding respectively		5,000		3,950
Preferred stock Series A, $0.001 par value, 5,000 shares authorized; 5,000 and 0 shares issued and outstanding		25,000		-
Common stock, $0.001 par value, 500,000,000 shares authorized; 64,503,811 and 38,503,811 common shares issued and outstanding respectively		74,267		38,504
Additional paid in capital		563,494		172,207
Accumulated deficit		(1,659,063)		(847,920)
Total Stockholders’ Equity (Deficit)		(991,302)		(633,259)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	265,061	$	241,460

		Three months ended September 30, 2023		Three months ended September 30, 2022		Six months ended September 30, 2023		Six months ended September 30, 2022
ORDINARY INCOME/EXPENSE
Income
Sales	$	-	$	6,592	$	-	$	133,949
TOTAL INCOME		-		6,592		-		133,949
COGS		-		-		-		102,866
GROSS PROFIT		-		6,592		-		31,083

OPERATING EXPENSES
Depreciation Expense		10,317		3,825		19,418		15,767
General and Administrative Expenses		371,969		74,209		733,461		111,514
Professional Fees		5,603		12,016		46,198		20,586
Rent Expenses		439		304		773		608
TOTAL OPERATING EXPENSES		388,328		90,354		799,850		148,475

OTHER INCOME (EXPENSES)		(11,293)		-		(11,293)		3,868

NET INCOME (LOSS) FROM OPERATIONS	$	(399,621)	$	(83,762)	$	(811,143)	$	(113,524)

PROVISION FOR INCOME TAXES		-		-		-		-

NET INCOME (LOSS)	$	(399,621)	$	(83,762)	$	(811,143)	$	(113,524)

Other comprehensive income (loss):
Foreign Currency Translation Adjustment	$	-	$	11,083	$	-	$	6,452

COMPREHENSIVE INCOME (LOSS)	$	(399,621)	$	(72,679)	$	(811,143)	$	(107,072)

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

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		74,267,054		32,231,083		74,267,054		32,231,083


	Common Stock		Preferred Stock		Preferred Stock Series A			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount	Shares	Amount	Shares	Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity

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)
Conversion of Notes Payable into Common Shares	5,915,000	5,915	-	-	-		-		85,585		-		-		91,500
Capital contribution	-	-	-	-	-		-		1,499		-		-		1,499
Foreign currency translation adjustment	-	-	-	-	-		-		(128)		11,083		-		10,955
Net income (loss) for the three-months period	-	-	-	-	-		-		-		-		(83,762)		(83,762)
Balance, September 30, 2022	32,231,083	$ 32,231	5,000,000	$ 3,950	-	$	-	$	147,086	$	6,283	$	(609,375)	$	(419,825)

Balance, March 31, 2023	38,503,811	$ 38,504	5,000,000	$ 3,950	-	-	-	$	172,207	$	-	$	(847,920)	$	(633,259)
Common Shares issued for acquisition	26,000,000	26,000	-	-	-		-		-		-		-		26,000
Preferred Shares Series A issued for acquisition	-	-	-	-	5,000		25,000		-		-		-		25,000
Preferred Shares adjustment	-	-	-	1,050	-		-		(1,050)		-		-		-
Net income (loss) for the three-months period	-	-	-	-	-		-		-		-		(411,522)		(411,522)
Balance, June 30, 2023	64,503,811	$ 64,504	5,000,000	$ 5,000	5,000	$	25,000	$	171,157	$	-	$	(1,259,442)	$	(993,781)
Common Shares issued for acquisition	9,763,243	9,763	-	-	-		-		392,337		-		-		402,100
Net income (loss) for the three-months period	-	-	-	-	-		-		-		-		(399,621)		(399,621)
Balance, September 30, 2023	74,267,054	$ 74,267	5,000,000	$ 5,000	5,000	$	25,000	$	563,494	$	-	$	(1,659,063)	$	(991,302)

		Six months ended September 30, 2023		Six months ended September 30, 2022
OPERATING ACTIVITIES
Net Income (Loss)	$	(811,143)	$	(113,524)
Foreign Currency Translation Adjustment		-		6,452
Adjustments to reconcile Net Income
to net cash used in operations:
Accumulated Depreciation		19,418		15,767
Accounts Payable		94,209		65,735
Accounts Receivables		-		(2,879)
Accrued Liabilities		-		(1,088)
Accrued Payroll		217,400		(31,500)
Loan Receivable		-		38,130
Retainers from Customers		-		(59,755)
Prepaid Expenses		-		69,111
Prepaid Rent		(11)		1
Net cash used in Operating Activities		(480,127)		(13,550)
INVESTING ACTIVITIES
Chatbot Development	$	-	$	(4,060)
Mobile App Update		-		(29,450)
Intangible Assets Acquisition		(149,000)		-
Net cash provided by Investing Activities		(149,000)		(33,510)
FINANCING ACTIVITIES
Loan from Related Parties	$	195,135	$	32,168
Loan Payable		-		(107,314)
Capital Stock		35,763		5,915
Convertible Notes Payable		(125,100)		-
Series A Preferred Stock		25,000		-
Additional Paid in Capital		392,337		86,893
Net cash provided by Financing Activities		523,135		17,662
Net cash increase for period	$	(105,992)	$	(29,398)
Cash at beginning of period	$	107,472	$	33,289
Cash at end of period	$	1,480	$	3,891

	As of September 30, 2023		As of March 31, 2023

Avant! AI™	$	124,000	$	-
Chatbot Developments		4,060		4,060
Instant FAME™		25,000		-
Mobile Application Development Costs		126,850		126,850
RSS Database		149,000		149,000
Website Development		8,361		8,361
Amortization expense		(173,804)		(154,511)

Total Intangible Assets, Net	$	263,467	$	133,760


31.1		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
31.2		Certification of Chief Executive 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.
32.2		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: November 17, 2023	AVANT TECHNOLOGIES INC.

	By:	/s/	Vitalis Racius
		Name:	Vitalis Racius
		Title:	Treasurer, Director and Chief Financial Officer

Signature	Title	Date

/s/ Natalija Tunevic	Secretary	November 17, 2023
Natalija Tunevic


/s/ Ivan Lunegov	President, Director	November 17, 2023
Ivan Lunegov

/s/ Vitalis Racius	Treasurer, Director, Chief Financial Officer	November 17, 2023
Vitalis Racius

/s/ Timothy Lantz	CEO & Director	November 17, 2023
Timothy Lantz


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.
November 17, 2023 By:		/s/_______Vitalis Racius
		Name: Vitalis Racius
		Title: Director, Treasurer
		& Chief Financial Officer

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.
November 17, 2023 By:		s/_______Timothy Lantz
		Name: Timothy Lantz
		Title: CEO & Director (Chief Executive 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.

November 17, 2023 By:				/s/_______Timothy Lantz
				Name: Timothy Lantz
				Title: CEO & Director (Chief Executive Officer)