Avai Bio, Inc 10-Q for FY2023 Q3

Avai Bio, Inc. (AVAI)

10-Q 2023-02-14 For: 2022-12-31

Added on April 10, 2026

About this 10-Q

Avai Bio, Inc filed this 10-Q on February 14, 2023, covering the quarter ended December 31, 2022 (FY2023 Q3).

Headline figures

Quarter ended December 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $110.47K; compared with a net loss of $349.33K a year earlier

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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	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, 2022 (Unaudited) and March 31, 2022	4

	Consolidated Statements of Operations for the three and nine months ended December 31, 2022 (Unaudited) and December 31, 2021	5

	Consolidated Statement of Stockholders’ Equity for the three and nine months ended December 31, 2022 (Unaudited)	6

	Consolidated Statement of Cash Flows for the nine months ended December 31, 2022 (Unaudited) and December 3, 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	17

PART II	OTHER INFORMATION:

Item 1.	Legal Proceedings	17

Item 1A	Risk Factors	17

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mine Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	18

	Signatures	18

		December 31, 2022 (Unaudited)		March 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	18,812	$	33,289
Prepaid Expenses		1,505		126,162
Loan Receivable		62,317		167,558
Accounts Receivable		64,444		3,765
Prepaid Rent		102		98
Total Current Assets		147,180		330,872
Fixed Assets
Accumulated depreciation		(1,300)		(1,075)
Furniture and Equipment		1,500		1,500
Total Fixed Assets		200		425
Intangible Assets
Accumulated depreciation		(150,761)		(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		137,510		123,367
TOTAL ASSETS	$	284,890	$	454,664
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Liabilities
Current Liabilities
Accrued Liabilities	$	10,092	$	2,816
Accrued Payroll		189,500		191,000
Accounts Payable		87,001		1,986
Loan from Related Parties (note 6)		216,668		154,938
Convertible Notes Payable (note 7)		169,500		169,500
Loan Payable		21,660		176,432
Notes payable - Related Party		99,000		99,000
Retainers from Customers		30,951		64,553
Total Current Liabilities		824,372		860,225
Total Liabilities		824,372		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; 32,231,083 and 26,316,083 common shares issued and outstanding respectively		32,231		26,316
Additional paid in capital		147,317		60,193
Accumulated other comprehensive income		(3,134)		(169)
Accumulated deficit		(719,846)		(495,851)
Total Stockholders’ Equity (Deficit)		(539,482)		(405,561)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	284,890	$	454,664

	Three months ended December 31, 2022		Three months ended December 31, 2021		Nine months ended December 31, 2022		Nine months ended December 31, 2021

ORDINARY INCOME/EXPENSE
Income
Sales	$	142,375	$	39,281	$	276,324	$	856,066
TOTAL INCOME		142,375		39,281		276,324		856,066
COGS		213,912		331,253		316,778		698,574
GROSS PROFIT		(71,537)		(291,972)		(40,454)		157,492

OPERATING EXPENSES
Depreciation Expense		3,825		13,972		19,592		42,069
General and Administrative Expenses		36,634		193,776		148,148		397,616
Professional Fees		8,968		2,641		29,554		46,314
Rent Expenses		290		303		898		887
TOTAL OPERATING EXPENSES		49,717		210,692		198,192		486,886

OTHER (EXPENSES) INCOME		10,783		153,330		14,651		210,072

NET INCOME (LOSS) FROM OPERATIONS	$	(110,471)	$	(349,334)	$	(223,995)	$	(119,322)

PROVISION FOR INCOME TAXES		—		—		—		—

NET INCOME (LOSS)	$	(110,471)	$	(349,334)	$	(223,995)	$	(119,322)

Other comprehensive income (loss):
Foreign currency translation adjustment	$	(9,417)	$	(1,539)	$	(2,965)	$	(30,162)

COMPREHENSIVE INCOME (LOSS)	$	(119,888)	$	(350,873)	$	(226,960)	$	(149,484)

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		26,316,083		26,316,083		26,316,083


	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
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	26,281,600	$ 26,282	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	26,281,600	$ 26,282	5,000,000	$ 3,950	$ 60,216	$	(18,770)	$ (488,652)	$ (416,940)
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)
Foreign currency translation adjustment	—	—	—	—	231		(9,417)	—	(9,186)
Net income (loss) for the three-months period	—	—	—	—	—		—	(110,471)	(110,471)
Balance, December 31, 2022	32,231,083	$ 32,231	5,000,000	$ 3,950	$ 147,317	$	(3,134)	$ (719,846)	$ (539,482)

		Nine months ended December 31, 2022		Nine months ended December 31, 2021
OPERATING ACTIVITIES
Net Income	$	(223,995)	$	(119,322)
Foreign currency translation adjustment		(2,965)		(30,207)
Adjustments to reconcile Net Income to net cash used in operations:
Accumulated depreciation		19,592		24,586
Accounts Payable		85,015		(254,349)
Accounts Receivables		(60,679)		3,933
Accrued Liabilities		7,275		(2,367)
Accrued Payroll		(1,500)		90,000
Deferred Expenses		—		1,938
Loan Receivable		105,241		(97,002)
Retainers from Customers		(33,602)		(375,199)
Prepaid Expenses		124,658		128,454
Prepaid Taxes		—		(314)
Prepaid Rent		(4)		(104)
Net cash used in Operating Activities		19,036		(629,953)
INVESTING ACTIVITIES
Chatbot Development	$	(4,060)	$	—
Mobile App Update		(29,450)		—
Vehicles acquisition cost		—		33,719
Net cash provided by Investing Activities		(33,510)		33,719
FINANCING ACTIVITIES
Additional paid in capital	$	87,124	$	—
Capital Stock		5,915		—
Loan from Related Parties		61,730		79,516
Loan Payable		(154,772)		460,932
Net cash provided by Financing Activities		(3)		540,448
Net cash increase for period	$	(14,477)	$	(55,786)
Cash at beginning of period	$	33,289	$	60,364
Cash at end of period	$	18,812	$	4,578


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

31.2		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.

	TREND INNOVATIONS HOLDING INC.

Dated: February 14, 2023	By:	/s/	Natalija Tunevic
		Name:	Natalija Tunevic
		Title:	Director
			(Principal Executive Officer)

Dated: February 14, 2023	By:	/s/	Vitalis Racius
		Name:	Vitalis Racius
		Title:	Director, Treasurer
			(Principal 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, 2023 By:		Natalija Tunevic
		Name: Natalija Tunevic
		Title: Director
		(Principal 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.

February 14, 2023 By:					Vitalis Racius
					Name: Vitalis Racius
					Title: Director, Treasurer
					(Principal Financial and Accounting Officer)