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Avant Technologies Inc (AVAI0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no revenue generation for both the three and nine months ended December 31, 2024. Operating expenses for the three months amounted to $428,898, a decrease from $1,013,900 in the same period the previous year. The decrease is attributed to lower employee and contractor compensation.
For the nine months ended December 31, 2024, operating expenses were $1,571,238 compared to $1,813,750 in the previous year. The decrease is primarily due to reduced general and administrative expenses.
The company reported a net loss of $452,298 for the three months ended December 31, 2024, compared to a net loss of $1,013,900 in the previous year. For the nine months, the net loss was $1,606,187, down from $1,825,043 in the previous year.
Total assets as of December 31, 2024, were $174,886, with liabilities totaling $2,310,486, resulting in a stockholders’ deficit of $2,135,600.
Cash flows used in operating activities for the nine months ended December 31, 2024, were $973,110, while cash flows from financing activities provided $975,899. The company did not generate cash flows from investing activities during this period.
Avant Technologies Inc continues to focus on its technology development and consulting services, emphasizing artificial intelligence and recent acquisitions, including Avant! AI and InstantFAME.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund operations and achieve profitability.
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 February 7, 2025. To report an error, please email earnings@qz.com.