Avai Bio, Inc 10-Q for FY2022 Q3

Avai Bio, Inc. (AVAI)

10-Q 2022-02-14 For: 2021-12-31

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Added on April 10, 2026

About this 10-Q

Avai Bio, Inc filed this 10-Q on February 14, 2022, covering the quarter ended December 31, 2021 (FY2022 Q3).

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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 December 31, 2021 (Unaudited) and March 31, 2021	4

	Consolidated Statements of Operations for the three and nine months ended December 31, 2021 (Unaudited) and December 31, 2020	5

	Consolidated Statement of Stockholders’ Equity for the nine months ended December 31, 2021 (Unaudited)	6

	Consolidated Statement of Cash Flows for the nine months ended December 31, 2021 (Unaudited) and December 31, 2020	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

	Signatures	17

		December 31, 2021 (Unaudited)		March 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	4,578	$	60,364
Prepaid Expenses		75,175		203,628
Loan Receivable		150,182		291,363
Accounts Receivable		59,696		63,629
Prepaid Rent		104		—
Prepaid Taxes		1,623		1,309
Total Current Assets		291,358		620,293
Fixed Assets
Accumulated depreciation		(1,000)		(12,015)
Furniture and Equipment		1,500		1,500
Vehicles		—		33,720
Total Fixed Assets		500		23,205
Intangible Assets
Accumulated depreciation		(119,528)		(83,928)
App Development Cost		97,400		97,400
RSS Database		149,000		149,000
Website Development		8,361		8,361
Total Intangible Assets		135,233		170,833
Other Assets
Deferred expenses		—		1,938
Total Other Assets		—		1,938
TOTAL ASSETS	$	427,091	$	816,269
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities
Current Liabilities
Accrued Liabilities	$	355	$	1,167
Accrued Payroll		161,000		72,554
Accounts Payable		16,573		270,923
Loan from Related Parties (note 6)		142,082		207,918
Convertible Notes Payable (note 7)		169,500		60,000
Loan Payable		255,521		6,921
Notes payable - Related Party		99,000		149,000
Retainers from Customers		—		375,199
Total Current Liabilities		844,031		1,143,682
Total Liabilities		844,031		1,143,682
Stockholders’ Equity (Deficit)
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 5,000,000 and 0 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		26,282
Additional paid in capital		60,216		293
Accumulated other comprehensive income		(18,770)		11,392
Accumulated deficit		(488,652)		(369,330)
Total Stockholders’ Equity (Deficit)		(416,940)		(327,413)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	(427,940)	$	816,269

	Three months ended December 31, 2021		Three months ended December 31, 2020		Nine months ended December 31, 2021		Nine months ended December 31, 2020
ORDINARY INCOME/EXPENSE
Income
Sales	$	39,281	$	154,782	$	856,066	$	808,598
TOTAL INCOME		39,281		154,782		856,066		808,598
COGS		331,253		500,976		698,574		982,768
GROSS PROFIT		(291,972)		(346,194)		157,492		(174,171)

OPERATING EXPENSES
Depreciation Expense		13,972		14,124		42,069		42,631
General and Administrative Expenses		193,776		47,661		397,616		78,706
Professional Fees		2,641		8,867		46,314		22,788
Rent Expenses		303		308		887		795
TOTAL OPERATING EXPENSES		210,692		70,960		486,886		144,920

OTHER (EXPENSES) INCOME		153,330		(9)		210,072		1,071

NET INCOME (LOSS) FROM OPERATIONS	$	(349,334)	$	(417,163)	$	(119,322)	$	(318,020)

PROVISION FOR INCOME TAXES		—		—		—		—

NET INCOME (LOSS)	$	(349,334)	$	(417,163)	$	(119,322)	$	(318,020)

Other comprehensive income (loss):
Foreign currency translation adjustment	$	(1,539)	$	9,769	$	(30,162)	$	20,367

COMPREHENSIVE INCOME (LOSS)	$	(350,873)	$	(407,394)	$	(149,484)	$	(297,653)

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

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		26,316,083		26,281,600		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
Balance, March 31, 2020	1,064,080	$ 1,064	—	$ —	$ 28,288	$ —	$ (67,038)	$ (37,686)
Common Shares issued	25,217,520	25,218	—	—	(25,218)	—	—	—
Foreign currency translation adjustment	—	—	—	—	—	2,396	—	2,396
Net income (loss) for the three-months period	—	—	—	—	—	—	48,681	48,681
Balance, June 30, 2020	26,281,600	26,282	—	—	3,070	2,396	(18,357)	13,391
Capital contribution	—	—	—	—	1,172	—	—	1,172
Foreign currency translation adjustment	—	—	—	—	—	8,202	—	8,202
Net income (loss) for the three-months period	—	—	—	—	—	—	50,462	50,462
Balance, September 30, 2020	26,281,600	26,282	—	—	4,242	10,598	32,105	73,227
Preferred Shares issued	—	—	5,000,000	3,950	(3,950)	—	—	—
Foreign currency translation adjustment	—	—	—		43	9,769	—	9,812
Net income (loss) for the three-months period	—	—	—	—	—	—	(417,163)	(417,163)
Balance, December 31, 2020	26,281,600	$ 26,282	5,000,000	$ 3,950	$ 335	$ 20,367	$ (385,058)	$ (334,124)
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
Conversion of Notes Payable into Common Shares	34,483	34	—	—	59,966	—	—	60,000
Foreign currency translation adjustment	—	—	—	—	(13)	(26,954)	—	(26,967)
Net income (loss) for the three-months period	—	—	—	—	—	—	(166,316)	(166,316)
Balance, September 30, 2021	26,316,083	26,316	5,000,000	3,950	60,261	(17,231)	(139,318)	(66,022)
Foreign currency translation adjustment	—	—	—	—	(45)	(1,539)	—	(1,584)
Net income (loss) for the three-months period	—	—	—	—	—	—	(349,334)	(349,334)
Balance, December 31, 2021	26,316,083	$ 26,316	5,000,000	$ 3,950	$ 60,216	$ (18,770)	$ (488,652)	$ (416,940)

		Nine months ended December 31, 2021		Nine months ended December 31, 2020
OPERATING ACTIVITIES
Net Income	$	(119,322)	$	(318,020)
Foreign currency translation adjustment		(30,207)		20,367
Adjustments to reconcile Net Income to net cash used in operations:
Accumulated depreciation		24,586		40,201
Accounts Payable		(254,349)		393,685
Accounts Receivables		3,933		23,209
Accrued Liabilities		(2,367)		513
Accrued Payroll		90,000		23,485
Deferred Expenses		1,938		(51)
Loan Receivable		(97,002)		80,977
Retainers from Customers		(375,199)		56,855
Prepaid Expenses		128,454		(266,168)
Prepaid Taxes		(314)		(452)
Prepaid Rent		(104)		80
Purchase of goods for resale		—		(122,931)
Net cash used in Operating Activities		(629,953)		(68,250)
INVESTING ACTIVITIES
Vehicles acquisition cost	$	33,719	$	20,173
Net cash provided by Investing Activities		33,719		20,173
FINANCING ACTIVITIES
Additional paid in capital	$	—	$	1,215
Loan from Related Parties		79,516		19,934
Loan Payable		460,932		29,141
Net cash provided by Financing Activities		540,448		50,290
Net cash increase for period	$	(55,786)	$	2,213
Cash at beginning of period	$	60,364	$	27,301
Cash at end of period	$	4,578	$	29,514


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: February 14 , 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.
February 14, 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.