Avai Bio, Inc 10-Q for FY2025 Q3

Avai Bio, Inc. (AVAI)

10-Q 2025-02-07 For: 2024-12-31

Added on April 10, 2026

About this 10-Q

Avai Bio, Inc filed this 10-Q on February 7, 2025, covering the quarter ended December 31, 2024 (FY2025 Q3).

Headline figures

Quarter ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $452.3K; compared with a net loss of $1.01M a year earlier

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AVANT TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

Nevada	38-4053064
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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	[ ]


		Page
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements.	3

	Consolidated Balance Sheets as of December 31, 2024 (Unaudited) and March 31, 2024	4

	Consolidated Statements of Operations for the three and nine months ended December 31, 2024 and 2023 (Unaudited)	5

	Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and nine months ended December 31, 2024 and 2023 (Unaudited)	6

	Consolidated Statements of Cash Flows for the nine months ended December 31, 2024 and 2023 (Unaudited)	7

	Notes to the Interim Consolidated Financial Statements (Unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	30

Item 4.	Controls and Procedures.	30

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings.	30

Item 1A.	Risk Factors.	30

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	35

Item 3.	Defaults Upon Senior Securities.	35

Item 4.	Mine Safety Disclosures.	35

Item 5.	Other Information.	35

Item 6.	Exhibits.	35

	SIGNATURES	36

		December 31, 2024 (Unaudited)		March 31, 2024
ASSETS
Current Assets
Cash and Cash Equivalents	$	3,070	$	281
Prepaid Expenses		24,437		115,685
Prepaid Rent		-		116
Total Current Assets		27,507		116,082

Fixed Assets
Accumulated Depreciation		(1,500)		(1,500)
Furniture and Equipment (note 4)		1,500		1,500
Total Fixed Assets		-		-

Intangible Assets, Net (note 5)		147,379		205,932
TOTAL ASSETS	$	174,886	$	322,014

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities
Current Liabilities
Accounts Payable	$	1,564,963	$	1,081,803
Loan from Related Parties (note 6)		541,123		406,777
Convertible Notes Payable (note 7)		204,400		201,000
Notes payable - Related Party		-		99,000
Total Current Liabilities		2,310,486		1,788,580
Total Liabilities		2,310,486		1,788,580

Stockholders’ Equity (Deficit)
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 11,300,000 and 10,000,000 common shares issued and outstanding respectively		11,300		10,000
Preferred stock Series A, $0.001 par value, 5,000 shares authorized; 3,050 and 3,050 shares issued and outstanding, respectively		15,250		15,250
Common stock, $0.001 par value, 500,000,000 shares authorized; 137,131,580 and 117,167,906 common shares issued and outstanding respectively		137,132		117,168
Additional Paid in Capital		2,283,300		1,367,411
Accumulated Deficit		(4,582,582)		(2,976,395)
Total Stockholders’ Equity (Deficit)		(2,135,600)		(1,466,566)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	174,886	$	322,014

		Three months ended December 31, 2024		Three months ended December 31, 2023		Nine months ended December 31, 2024		Nine months ended December 31, 2023

REVENUE	$	-	$	-	$	-	$	-

OPERATING EXPENSES
Amortization and Depreciation Expense		19,517		10,267		58,553		29,686
Consulting Services		138,000		-		449,739		-
General and Administrative Expenses		259,974		985,588		937,481		1,724,336
Marketing Expenses		2,436		-		73,361		-
Professional Fees		8,844		17,700		40,249		58,611
Rent Expenses		127		345		857		1,117
Website Expenses		-		-		10,998		-
TOTAL OPERATING EXPENSES		428,898		1,013,900		1,571,238		1,813,750

OTHER INCOME (EXPENSES)		(23,400)		-		(34,949)		(11,293)

NET INCOME (LOSS) FROM OPERATIONS	$	(452,298)	$	(1,013,900)	$	(1,606,187)	$	(1,825,043)

PROVISION FOR INCOME TAXES		-		-		-		-

NET INCOME (LOSS)	$	(452,298)	$	(1,013,900)	$	(1,606,187)	$	(1,825,043)

COMPREHENSIVE INCOME (LOSS)	$	(452,298)	$	(1,013,900)	$	(1,606,187)	$	(1,825,043)

NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00)	$	(0.01)	$	(0.01)	$	(0.03)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		137,004,635		74,840,737		125,175,800		67,076,914


	Common Stock		Preferred Stock		Preferred Stock Series A			Additional Paid-in		Accumulated		Total Stockholders’
	Shares	Amount	Shares	Amount	Shares	Amount		Capital		Deficit		Equity (Deficit)

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	-	-	-	-	-		-		-		(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	-	-	-	-	-		-		-		(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)

Conversion of Notes Payable into Common Shares	10,527,324	10,528	-	-	-		-		593,790		-		604,318
Conversion of Notes Payable into Preferred Shares	-	-	5,000,000	5,000	-		-		(5,000)		-		-
Net income (loss) for the three months	-	-	-	-	-		-		-		(1,013,900)		(1,013,900)
Balance, December 31, 2023	84,794,378	$ 84,795	10,000,000	$10,000	5,000	$	25,000	$	1,152,284	$	(2,672,963)	$	(1,400,884)

Balance, March 31, 2024	117,167,906	$ 117,168	10,000,000	$10,000	3,050	$	15,250	$	1,367,411	$	(2,976,395)	$	(1,466,566)

Cancellation of Common Shares	(150,000)	(150)	-	-	-		-		(89,100)		-		(89,250)
Net loss for the for the three months	-	-	-	-	-		-		-		(528,843)		(528,843)
Balance, June 30, 2024	117,017,906	$ 117,018	10,000,000	$10,000	3,050	$	15,250	$	1,278,311	$	(3,505,238)	$	(2,084,659)

Conversion of Accounts Payable into Common Shares	16,154,536	16,155	-	-	-		-		878,084		-		894,239
Conversion of Common Shares into Preferred Shares	(1,300,000)	(1,300)	1,300,000	1,300	-		-		-		-		-
Net loss for the for the three months	-	-	-	-	-		-		-		(625,046)		(625,046)
Balance, September 30, 2024	131,872,442	$ 131,873	11,300,000	$11,300	3,050	$	15,250	$	2,156,395	$	(4,130,284)	$	(1,815,466)

Conversion of Accounts Payable into Common Shares	5,259,138	5,259	-	-	-		-		126,905		-		132,164
Net loss for the for the three months	-	-	-	-	-		-		-		(452,298)		(452,298)
Balance, December 31, 2024	137,131,580	$ 137,132	11,300,000	$11,300	3,050	$	15,250	$	2,283,300	$	(4,582,582)	$	(2,135,600)

		Nine months ended December 31, 2024		Nine months ended December 31, 2023
OPERATING ACTIVITIES
Net Income (Loss)	$	(1,606,187)	$	(1,825,043)
Foreign currency translation adjustment		-		-
Adjustments to reconcile Net Income (Loss)
to net cash used in operations:
Amortization and Depreciation		58,553		29,686
Accounts Payable		483,160		646,609
Prepaid Expenses		91,364		(37,048)
Net cash used in Operating Activities		(973,110)		(1,185,796)

INVESTING ACTIVITIES
Intangible Assets Acquisition	$	-	$	(149,000)
Net cash provided by Investing Activities		-		(149,000)

FINANCING ACTIVITIES
Additional paid in capital	$	915,889	$	981,128
Capital Stock		19,964		46,290
Preferred Stock		1,300		5,000
Convertible Notes Payable		3,400		900
Loan from Related Parties		134,346		169,902
Notes Payable		(99,000)		-
Series A Preferred Stock		-		25,000
Net cash provided by Financing Activities		975,899		1,228,220

Net cash increase (decrease) for period	$	2,789	$	(106,576)
Cash at beginning of period	$	281	$	107,472
Cash at end of period	$	3,070	$	896

Supplemental disclosure of non-cash investing and financing activities: Right-of-use assets obtained in exchange for lease obligations	$	-	$	-

	As of December 31, 2024		As of March 31, 2024

Avant! AI™	$	124,000	$	124,000
Chatbot Developments		4,060		4,060
Instant FAME™		25,000		25,000
Mobile Application Development Costs		126,850		126,850
RSS Database		149,000		149,000
Website Development		8,361		8,361
Accumulated Amortization		(289,892)		(231,339)

Total Intangible Assets, Net	$	147,379	$	205,932


31.1 31.2		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1		Certifications of Chief Executive Officer 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 of Chief Financial Officer 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: February 7, 2025	AVANT TECHNOLOGIES INC.

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


/s/ Natalija Tunevic	Secretary	February 7, 2025
Natalija Tunevic

/s/ Ivan Lunegov	President & Director	February 7, 2025
Ivan Lunegov

/s/ Vitalis Racius	Chief Financial Officer, Director & Treasurer	February 7, 2025
Vitalis Racius
/s/ Chris Winter	Chief Executive Officer	February 7, 2025
Chris Winter

Date: February 7, 2025	/s/ Chris Winter
	Chris Winter,
	Chief Executive Officer

Date: February 7, 2025	/s/ Vitalis Racius
	Vitalis Racius,
	Chief Financial Officer, Treasurer & Director