10-Q Filing

AVANT TECHNOLOGIES INC. CIK: 1740797 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001740797-20-000024`
Period End Date	20200630
Filing Date	20200820
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	none-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 47 Stockholders Equity 5

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Common stock par value	`CommonStockValue`	$0.00	USD	Point-in-time
Common stock par value	`CommonStockValue`	$0.00	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.82K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.30K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$59.69K	USD	Point-in-time
Common stock shares issued and outstanding	`CommonStockSharesOutstanding`	1.06M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$9.24K	USD	Point-in-time
Common stock shares issued and outstanding	`CommonStockSharesOutstanding`	26.28M	shares	Point-in-time
Loan Receivable	`LoansAndLeasesReceivableNetReportedAmount`	$80.98K	USD	Point-in-time
Loan Receivable	`LoansAndLeasesReceivableNetReportedAmount`	$81.72K	USD	Point-in-time
Accounts Receivables	`OtherReceivables`	$93.64K	USD	Point-in-time
Accounts Receivables	`OtherReceivables`	$29.57K	USD	Point-in-time
Purchase of goods for resale	`TradingLiabilities`	$-114.00	USD	Point-in-time
Purchase of goods for resale	`TradingLiabilities`	$-335.00	USD	Point-in-time
Retainer Asset	`RetainedInterestFairValueDisclosure`	$55.00	USD	Point-in-time
Retainer Asset	`RetainedInterestFairValueDisclosure`	$55.00	USD	Point-in-time
VAT receivables	`ReceivablesNetCurrent`	-	USD	Point-in-time
VAT receivables	`ReceivablesNetCurrent`	$1.10K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$148.36K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$248.27K	USD	Point-in-time
Accumulated depreciation	`PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation`	$5.25K	USD	Point-in-time
Accumulated depreciation	`PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation`	$5.55K	USD	Point-in-time
Furniture and Equipment	`FurnitureAndFixturesGross`	$1.50K	USD	Point-in-time
Furniture and Equipment	`FurnitureAndFixturesGross`	$1.50K	USD	Point-in-time
Vehicles	`MachineryAndEquipmentGross`	$55.09K	USD	Point-in-time
Vehicles	`MachineryAndEquipmentGross`	$32.27K	USD	Point-in-time
Total Fixed Assets	`AssetsNoncurrent`	$51.03K	USD	Point-in-time
Total Fixed Assets	`AssetsNoncurrent`	$28.51K	USD	Point-in-time
Accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$36.46K	USD	Point-in-time
Accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$48.33K	USD	Point-in-time
App Development Cost	`DevelopmentInProcess`	$97.40K	USD	Point-in-time
App Development Cost	`DevelopmentInProcess`	$97.40K	USD	Point-in-time
RSS Database	`RssDatabase`	$-149.00K	USD	Point-in-time
RSS Database	`RssDatabase`	$-149.00K	USD	Point-in-time
Website Development	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$8.36K	USD	Point-in-time
Website Development	`CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers`	$8.36K	USD	Point-in-time
Total Intangible Assets	`IntangibleAssetsNetExcludingGoodwill`	$218.30K	USD	Point-in-time
Total Intangible Assets	`IntangibleAssetsNetExcludingGoodwill`	$206.43K	USD	Point-in-time
Deferred expenses	`DeferredCosts`	$1.96K	USD	Point-in-time
Deferred expenses	`DeferredCosts`	$1.85K	USD	Point-in-time
Right-of-use asset - Lease	`OtherBorrowings`	$-320.00	USD	Point-in-time
Right-of-use asset - Lease	`OtherBorrowings`	$-480.00	USD	Point-in-time
VAT report	`OtherAssetsCurrent`	-	USD	Point-in-time
VAT report	`OtherAssetsCurrent`	$5.78K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$8.11K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$2.27K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$491.32K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$419.97K	USD	Point-in-time
Accrued Liabilities	`AccruedLiabilitiesCurrent`	$13.55K	USD	Point-in-time
Accrued Liabilities	`AccruedLiabilitiesCurrent`	$2.08K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$63.02K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$50.82K	USD	Point-in-time
Loan from Related Parties	`EmployeeRelatedLiabilitiesCurrent`	$241.23K	USD	Point-in-time
Loan from Related Parties	`EmployeeRelatedLiabilitiesCurrent`	$227.93K	USD	Point-in-time
Notes payable - Related Party	`NotesPayableCurrent`	$149.00K	USD	Point-in-time
Notes payable - Related Party	`NotesPayableCurrent`	$149.00K	USD	Point-in-time
Retainers from Customers	`CustomerDepositsCurrent`	$2.75K	USD	Point-in-time
Retainers from Customers	`CustomerDepositsCurrent`	$35.42K	USD	Point-in-time
Lease Liabilities - Short-term	`OtherShortTermInvestments`	$480.00	USD	Point-in-time
Lease Liabilities - Short-term	`OtherShortTermInvestments`	$320.00	USD	Point-in-time
Total Current Liabilities	`OtherLiabilitiesCurrent`	$457.66K	USD	Point-in-time
Total Current Liabilities	`OtherLiabilitiesCurrent`	$477.93K	USD	Point-in-time
Total Liabilities	`LiabilitiesNoncurrent`	$457.66K	USD	Point-in-time
Total Liabilities	`LiabilitiesNoncurrent`	$477.93K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized; 26,281,600 and 1,064,080 shares issued and outstanding respectively	`CommonStockSharesIssued`	1,064.00	shares	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized; 26,281,600 and 1,064,080 shares issued and outstanding respectively	`CommonStockSharesIssued`	26,282.00	shares	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.29K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.07K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.96K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.04K	USD	Point-in-time
Total Stockholder's Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$13.39K	USD	Point-in-time
Total Stockholder's Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$-37.69K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)	`LiabilitiesCurrent`	$491.32K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)	`LiabilitiesCurrent`	$419.97K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesCommissionsAndFees`	$6.00K	USD	1 Quarter
Sales	`SalesCommissionsAndFees`	$299.21K	USD	1 Quarter
TOTAL INCOME	`NoninterestIncome`	$299.21K	USD	1 Quarter
TOTAL INCOME	`NoninterestIncome`	$6.00K	USD	1 Quarter
COGS	`CostOfGoodsAndServicesSold`	$214.58K	USD	1 Quarter
COGS	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$84.63K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$6.00K	USD	1 Quarter
Depreciation Expense	`DepreciationAndAmortization`	$14.46K	USD	1 Quarter
Depreciation Expense	`DepreciationAndAmortization`	$75.00	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$17.14K	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$11.38K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$1.72K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$9.00K	USD	1 Quarter
Rent Expenses	`LeaseAndRentalExpense`	$237.00	USD	1 Quarter
Rent Expenses	`LeaseAndRentalExpense`	$237.00	USD	1 Quarter
TOTAL OPERATING EXPENSES	`OperatingExpenses`	$33.55K	USD	1 Quarter
TOTAL OPERATING EXPENSES	`OperatingExpenses`	$20.70K	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`IncomeLossFromContinuingOperations`	$-14.70K	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`IncomeLossFromContinuingOperations`	$51.08K	USD	1 Quarter
PROVISION FOR INCOME TAXES	`CurrentStateAndLocalTaxExpenseBenefit`	-	USD	1 Quarter
PROVISION FOR INCOME TAXES	`CurrentStateAndLocalTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$-14.70K	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$51.08K	USD	1 Quarter
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.28M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.01M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`ProfitLoss`	$-14.70K	USD	1 Quarter
Net Income (Loss)	`ProfitLoss`	$51.08K	USD	1 Quarter
Accumulated depreciation	`Depreciation`	$2.17K	USD	1 Quarter
Accumulated depreciation	`Depreciation`	$11.57K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$12.20K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$-81.00	USD	1 Quarter
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	$-64.07K	USD	1 Quarter
Accrued Liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Accrued Liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-420.00	USD	1 Quarter
Deferred expenses	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Deferred expenses	`OtherNoncashIncomeExpense`	$101.00	USD	1 Quarter
VAT Receivables	`IncreaseDecreaseInIncomeTaxesReceivable`	$1.05K	USD	1 Quarter
VAT Receivables	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
VAT Report	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$-16.78K	USD	1 Quarter
VAT Report	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Loan Receivable	`ProceedsFromSaleOfLoansReceivable`	-	USD	1 Quarter
Loan Receivable	`ProceedsFromSaleOfLoansReceivable`	$23.95K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-24.70K	USD	1 Quarter
Retainers from Customers	`IncreaseDecreaseInCustomerAdvances`	$32.68K	USD	1 Quarter
Retainers from Customers	`IncreaseDecreaseInCustomerAdvances`	$-6.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-50.45K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$12.67K	USD	1 Quarter
Prepaid rent	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.00	USD	1 Quarter
Prepaid rent	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$62.00	USD	1 Quarter
Purchase of goods for resale	`PaymentsToAcquireProjects`	$-220.00	USD	1 Quarter
Purchase of goods for resale	`PaymentsToAcquireProjects`	-	USD	1 Quarter
Net cash used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.88K	USD	1 Quarter
Net cash used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-24.00K	USD	1 Quarter
Vehicles acquisition cost	`EquipmentExpense`	-	USD	1 Quarter
Vehicles acquisition cost	`EquipmentExpense`	$22.82K	USD	1 Quarter
Net cash provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$22.82K	USD	1 Quarter
Net cash provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Loan from Related Parties	`PaymentsToAcquireLoansReceivable`	$6.02K	USD	1 Quarter
Loan from Related Parties	`PaymentsToAcquireLoansReceivable`	$-13.30K	USD	1 Quarter
Net cash provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$6.02K	USD	1 Quarter
Net cash provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.30K	USD	1 Quarter
Net cash increase for period	`CashPeriodIncreaseDecrease`	$137.00	USD	1 Quarter
Net cash increase for period	`CashPeriodIncreaseDecrease`	$-14.48K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsAndShortTermInvestments`	$12.82K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsAndShortTermInvestments`	$102.00	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsAndShortTermInvestments`	$27.30K	USD	Point-in-time
Cash at end of period	`Cash`	$12.82K	USD	Point-in-time
Cash at end of period	`Cash`	$239.00	USD	Point-in-time
Right-of-use assets obtained in exchange for lease obligations	`CapitalLeaseObligationsIncurred`	$480.00	USD	1 Quarter
Right-of-use assets obtained in exchange for lease obligations	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter

Stockholders Equity 5 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-37.69K	USD	Point-in-time
Balance	`StockholdersEquity`	$13.39K	USD	Point-in-time
Net income (loss) for the three-months	`NetIncomeLoss`	$51.08K	USD	1 Quarter
Balance	`StockholdersEquity`	$-37.69K	USD	Point-in-time
Balance	`StockholdersEquity`	$13.39K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.