10-Q Filing

AVANT TECHNOLOGIES INC. CIK: 1740797 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001740797-20-000028`
Period End Date	20200930
Filing Date	20201113
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	none-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 68 Cash Flow Statement 51 Stockholders Equity 10

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock shares issued and outstanding	`CommonStockSharesOutstanding`	26.28M	shares	Point-in-time
Common stock shares issued and outstanding	`CommonStockSharesOutstanding`	1.06M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.67K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.30K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$139.75K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$9.24K	USD	Point-in-time
Loan Receivable	`LoansAndLeasesReceivableNetReportedAmount`	$80.98K	USD	Point-in-time
Loan Receivable	`LoansAndLeasesReceivableNetReportedAmount`	$117.87K	USD	Point-in-time
Accounts Receivable	`OtherReceivables`	$29.57K	USD	Point-in-time
Accounts Receivable	`OtherReceivables`	$141.21K	USD	Point-in-time
Purchase of goods for resale	`TradingLiabilities`	$-114.00	USD	Point-in-time
Purchase of goods for resale	`TradingLiabilities`	$-495.00	USD	Point-in-time
Retainer Asset	`RetainedInterestFairValueDisclosure`	$55.00	USD	Point-in-time
Retainer Asset	`RetainedInterestFairValueDisclosure`	$55.00	USD	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$1.10K	USD	Point-in-time
Prepaid Taxes	`PrepaidTaxes`	$39.51K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$148.36K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$455.56K	USD	Point-in-time
Accumulated depreciation	`PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation`	$5.55K	USD	Point-in-time
Accumulated depreciation	`PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation`	$7.64K	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`	$33.70K	USD	Point-in-time
Vehicles	`MachineryAndEquipmentGross`	$55.09K	USD	Point-in-time
Total Fixed Assets	`AssetsNoncurrent`	$27.55K	USD	Point-in-time
Total Fixed Assets	`AssetsNoncurrent`	$51.03K	USD	Point-in-time
Accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$36.46K	USD	Point-in-time
Accumulated depreciation	`RealEstateInvestmentPropertyAccumulatedDepreciation`	$60.19K	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`	$194.57K	USD	Point-in-time
Deferred expenses	`DeferredCosts`	$1.94K	USD	Point-in-time
Deferred expenses	`DeferredCosts`	$1.96K	USD	Point-in-time
Right-of-use asset - Lease	`OtherBorrowings`	$-240.00	USD	Point-in-time
Right-of-use asset - Lease	`OtherBorrowings`	$-320.00	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$2.18K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$2.27K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$419.97K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$679.85K	USD	Point-in-time
Accrued Liabilities	`AccruedLiabilitiesCurrent`	$19.77K	USD	Point-in-time
Accrued Liabilities	`AccruedLiabilitiesCurrent`	$13.55K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$50.82K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$77.56K	USD	Point-in-time
Loan from Related Parties	`EmployeeRelatedLiabilitiesCurrent`	$244.97K	USD	Point-in-time
Loan from Related Parties	`EmployeeRelatedLiabilitiesCurrent`	$241.23K	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	-	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$91.56K	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`	$23.52K	USD	Point-in-time
Lease Liabilities - Short-term	`OtherShortTermInvestments`	$-240.00	USD	Point-in-time
Lease Liabilities - Short-term	`OtherShortTermInvestments`	$-320.00	USD	Point-in-time
Total Current Liabilities	`OtherLiabilitiesCurrent`	$606.62K	USD	Point-in-time
Total Current Liabilities	`OtherLiabilitiesCurrent`	$457.66K	USD	Point-in-time
Total Liabilities	`LiabilitiesCurrent`	$457.66K	USD	Point-in-time
Total Liabilities	`LiabilitiesCurrent`	$606.62K	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`	26,282.00	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`	1,064.00	shares	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.29K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.24K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	-	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$10.60K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$32.10K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.04K	USD	Point-in-time
Total Stockholder's Equity (Deficit)	`Liabilities`	$-37.69K	USD	Point-in-time
Total Stockholder's Equity (Deficit)	`Liabilities`	$73.23K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$419.97K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$679.85K	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesCommissionsAndFees`	$-653.82K	USD	2 Qtrs
Sales	`SalesCommissionsAndFees`	-	USD	1 Quarter
Sales	`SalesCommissionsAndFees`	$-6.00K	USD	2 Qtrs
Sales	`SalesCommissionsAndFees`	$-354.60K	USD	1 Quarter
TOTAL INCOME	`NoninterestIncome`	$653.82K	USD	2 Qtrs
TOTAL INCOME	`NoninterestIncome`	-	USD	1 Quarter
TOTAL INCOME	`NoninterestIncome`	$354.60K	USD	1 Quarter
TOTAL INCOME	`NoninterestIncome`	$6.00K	USD	2 Qtrs
COGS	`CostOfGoodsAndServicesSold`	-	USD	2 Qtrs
COGS	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
COGS	`CostOfGoodsAndServicesSold`	$481.79K	USD	2 Qtrs
COGS	`CostOfGoodsAndServicesSold`	$267.21K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$6.00K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$87.39K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$172.02K	USD	2 Qtrs
Depreciation Expense	`DepreciationAndAmortization`	$28.51K	USD	2 Qtrs
Depreciation Expense	`DepreciationAndAmortization`	$12.00K	USD	2 Qtrs
Depreciation Expense	`DepreciationAndAmortization`	$9.84K	USD	1 Quarter
Depreciation Expense	`DepreciationAndAmortization`	$14.05K	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$10.51K	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$39.57K	USD	2 Qtrs
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$31.05K	USD	2 Qtrs
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$3.23K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$12.21K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$13.92K	USD	2 Qtrs
Professional Fees	`ProfessionalFees`	$26.71K	USD	2 Qtrs
Professional Fees	`ProfessionalFees`	$17.56K	USD	1 Quarter
Rent Expenses	`LeaseAndRentalExpense`	$487.00	USD	2 Qtrs
Rent Expenses	`LeaseAndRentalExpense`	$369.00	USD	1 Quarter
Rent Expenses	`LeaseAndRentalExpense`	$592.00	USD	2 Qtrs
Rent Expenses	`LeaseAndRentalExpense`	$250.00	USD	1 Quarter
TOTAL OPERATING EXPENSES	`OperatingExpenses`	$78.88K	USD	2 Qtrs
TOTAL OPERATING EXPENSES	`OperatingExpenses`	$30.99K	USD	1 Quarter
TOTAL OPERATING EXPENSES	`OperatingExpenses`	$37.02K	USD	1 Quarter
TOTAL OPERATING EXPENSES	`OperatingExpenses`	$73.96K	USD	2 Qtrs
OTHER (EXPENSES) INCOME	`OtherNonoperatingIncomeExpense`	$88.00	USD	1 Quarter
OTHER (EXPENSES) INCOME	`OtherNonoperatingIncomeExpense`	$1.08K	USD	2 Qtrs
OTHER (EXPENSES) INCOME	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
OTHER (EXPENSES) INCOME	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`IncomeLossFromContinuingOperations`	$-72.88K	USD	2 Qtrs
NET INCOME (LOSS) FROM OPERATIONS	`IncomeLossFromContinuingOperations`	$-30.99K	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`IncomeLossFromContinuingOperations`	$50.46K	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`IncomeLossFromContinuingOperations`	$99.14K	USD	2 Qtrs
PROVISION FOR INCOME TAXES	`CurrentStateAndLocalTaxExpenseBenefit`	-	USD	2 Qtrs
PROVISION FOR INCOME TAXES	`CurrentStateAndLocalTaxExpenseBenefit`	-	USD	2 Qtrs
PROVISION FOR INCOME TAXES	`CurrentStateAndLocalTaxExpenseBenefit`	-	USD	1 Quarter
PROVISION FOR INCOME TAXES	`CurrentStateAndLocalTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$-72.88K	USD	2 Qtrs
NET INCOME (LOSS)	`ProfitLoss`	$99.14K	USD	2 Qtrs
NET INCOME (LOSS)	`ProfitLoss`	$-30.99K	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$50.46K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$8.20K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$10.60K	USD	2 Qtrs
COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$109.74K	USD	2 Qtrs
COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$58.66K	USD	1 Quarter
COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-30.99K	USD	1 Quarter
COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-72.88K	USD	2 Qtrs
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.01M	shares	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	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.28M	shares	2 Qtrs

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`IncomeLossFromEquityMethodInvestments`	$-72.88K	USD	2 Qtrs
Net Income (Loss)	`IncomeLossFromEquityMethodInvestments`	$99.14K	USD	2 Qtrs
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainLossUnrealized`	-	USD	2 Qtrs
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainLossUnrealized`	$10.60K	USD	2 Qtrs
Accumulated depreciation	`Depreciation`	$12.00K	USD	2 Qtrs
Accumulated depreciation	`Depreciation`	$25.82K	USD	2 Qtrs
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$20.32K	USD	2 Qtrs
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$26.75K	USD	2 Qtrs
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	$-111.64K	USD	2 Qtrs
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Accrued Liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	2 Qtrs
Accrued Liabilities	`IncreaseDecreaseInAccruedLiabilities`	$6.22K	USD	2 Qtrs
Deferred expenses	`OtherNoncashIncomeExpense`	-	USD	2 Qtrs
Deferred expenses	`OtherNoncashIncomeExpense`	$19.00	USD	2 Qtrs
Prepaid taxes	`IncomeTaxesPaidNet`	$-38.41K	USD	2 Qtrs
Prepaid taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Loan Receivable	`ProceedsFromSaleOfLoansReceivable`	$-36.89K	USD	2 Qtrs
Loan Receivable	`ProceedsFromSaleOfLoansReceivable`	-	USD	2 Qtrs
Retainers from Customers	`IncreaseDecreaseInCustomerAdvances`	$20.77K	USD	2 Qtrs
Retainers from Customers	`IncreaseDecreaseInCustomerAdvances`	$-6.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-130.51K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$17.20K	USD	2 Qtrs
Prepaid rent	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$142.00	USD	2 Qtrs
Prepaid rent	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	2 Qtrs
Purchase of goods for resale	`PaymentsForRepurchaseOfEquity`	$-381.00	USD	2 Qtrs
Purchase of goods for resale	`PaymentsForRepurchaseOfEquity`	-	USD	2 Qtrs
Net cash used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-128.50K	USD	2 Qtrs
Net cash used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-29.21K	USD	2 Qtrs
App development cost	`CapitalizedComputerSoftwareAdditions`	$-97.40K	USD	2 Qtrs
App development cost	`CapitalizedComputerSoftwareAdditions`	-	USD	2 Qtrs
Vehicles acquisition cost	`EquipmentExpense`	-	USD	2 Qtrs
Vehicles acquisition cost	`EquipmentExpense`	$21.39K	USD	2 Qtrs
Net cash provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$21.39K	USD	2 Qtrs
Net cash provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-97.40K	USD	2 Qtrs
Additional paid in capital	`PaymentsForCapitalImprovements`	$1.17K	USD	2 Qtrs
Additional paid in capital	`PaymentsForCapitalImprovements`	-	USD	2 Qtrs
Loans payable	`PaymentsForProceedsFromLoansAndLeases`	-	USD	2 Qtrs
Loans payable	`PaymentsForProceedsFromLoansAndLeases`	$91.56K	USD	2 Qtrs
Loan from Related Parties	`PaymentsToAcquireLoansReceivable`	$3.74K	USD	2 Qtrs
Loan from Related Parties	`PaymentsToAcquireLoansReceivable`	$127.21K	USD	2 Qtrs
Net cash provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$96.48K	USD	2 Qtrs
Net cash provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$127.21K	USD	2 Qtrs
Net cash increase (decrease) for period	`CashPeriodIncreaseDecrease`	$599.00	USD	2 Qtrs
Net cash increase (decrease) for period	`CashPeriodIncreaseDecrease`	$-10.63K	USD	2 Qtrs
Cash at beginning of period	`CashCashEquivalentsAndShortTermInvestments`	$16.67K	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`	$16.67K	USD	Point-in-time
Cash at end of period	`Cash`	$701.00	USD	Point-in-time
Right-of-use assets obtained in exchange for lease obligations	`CapitalLeaseObligationsIncurred`	$480.00	USD	2 Qtrs
Right-of-use assets obtained in exchange for lease obligations	`CapitalLeaseObligationsIncurred`	-	USD	2 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$73.23K	USD	Point-in-time
Balance	`StockholdersEquity`	$13.39K	USD	Point-in-time
Capital contribution	`DefinedContributionPlanCostRecognized`	$1.17K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	2 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$8.20K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$10.60K	USD	2 Qtrs
Net income (loss) for the three-months period	`NetIncomeLoss`	$50.46K	USD	1 Quarter
Balance	`StockholdersEquity`	$73.23K	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.