Tue, Jan 21, 9:41 PM (27 days ago)
Avant Technologies Inc. (AVAI) reported significant financial challenges for the quarter ending September 30, 2024, marked by a net loss of $623,046 compared to $399,621 in the same period last year. The company has not generated any revenue, maintaining a trend of zero sales. Operating expenses surged to $623,046, primarily due to increased consulting fees and general administrative costs, indicating a need for more effective cost control. As of the reporting date, total assets were $181,033, with a concerning stockholders' deficit of $1,813,466, exacerbated from $1,466,566 in the previous quarter. The company utilized $838,757 in cash for operating activities while generating $840,248 from financing activities, reflecting dependence on external funding. Avant's liquidity remains precarious, with substantial doubt cast on its ability to continue as a going concern. The company is actively seeking additional capital and is under pressure to improve its operational efficiency and revenue generation capabilities. Uncertainties regarding future operations and market conditions further complicate its financial outlook.