Wed, Sep 11, 8:11 PM (100 days ago)
Advanced Voice Recognition Systems, Inc. (AVRS) reported a net loss of $48,589 for the year ended December 31, 2022, a decrease from a net loss of $83,381 in 2021. The company generated no revenue and has not engaged in product marketing. Operating expenses totaled $46,635, down from $81,117 in the previous year, primarily due to reduced professional and office fees. As of December 31, 2022, current assets were $138 against current liabilities of $343,731, reflecting a significant liquidity challenge. The company's accumulated deficit increased to $8,632,013. AVRS holds six patents related to speech recognition technology, which it aims to monetize through licensing agreements. The company has engaged external firms for patent commercialization and legal representation. Despite a modest capital raise of $5,000 from stock sales in 2022, AVRS's financial condition raises substantial doubt about its ability to continue as a going concern. The amendment to the 10-K filing primarily corrects the classification of the company as a non-shell entity without altering financial data. Future financing remains uncertain, and the company has no current plans to declare dividends.