Tue, Jan 21, 9:16 PM (24 days ago)
Avant Technologies Inc. (OTC: AVAI) reported a significant decline in revenue, generating $0 for the fiscal year ending March 31, 2024, down from $276,324 in 2023. Operating expenses soared to $2,117,182, leading to a net loss of $2,128,475, compared to a loss of $348,933 the previous year. The company’s total liabilities increased to $1,788,580, resulting in a stockholders’ deficit of $1,466,566. The firm has made strategic acquisitions, including Avant! AI and InstantFAME, to bolster its technology portfolio, aiming to leverage artificial intelligence capabilities. However, it faces substantial risks, including a limited operating history, reliance on key personnel, and ongoing cash flow challenges. The company has not achieved profitability and requires additional capital for growth, with management acknowledging substantial doubt about its ability to continue as a going concern. The recent amendment to its Articles of Incorporation increased authorized shares, providing flexibility for future financing. The financial condition reflects high volatility and potential dilution risks for existing shareholders.