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Avant Technologies Inc (AVAI-1.64%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating no revenue generation during the period. Operating expenses for the quarter were $623,046, an increase from $388,328 in the same quarter the previous year, primarily due to consulting services expenses.
The company reported a net loss of $623,046 for the quarter, compared to a net loss of $399,621 in the previous year.
As of September 30, 2024, Avant Technologies had total assets of $181,033 and total liabilities of $1,994,499, resulting in a stockholders' deficit of $1,813,466.
Cash used in operating activities was $838,757, while cash provided by financing activities was $840,248 for the six months ended September 30, 2024.
The company has not generated positive cash flow from operations and acknowledges substantial doubt about its ability to continue as a going concern, relying on additional investment capital to fund operations.
Avant Technologies focuses on acquiring and developing advanced technologies utilizing artificial intelligence. Recent acquisitions include Avant! AI and InstantFAME assets, as well as technology assets from Wired4Health, Inc.
The filing discusses an equity financing agreement with GHS Investments, LLC, allowing for the purchase of up to $20,000,000 in common stock over 24 months.
Avant Technologies does not have any off-balance sheet arrangements and faces risks related to its limited operating history and need for additional capital.
The company has not paid dividends and does not anticipate doing so in the near future, focusing instead on reinvestment into operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avant Technologies Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.