10-Q Filing

AVANT TECHNOLOGIES INC. CIK: 1740797 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001740797-23-000066`
Period End Date	20230630
Filing Date	20230816
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	avai10q30june2023_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 32 Cash Flow Statement 52 Stockholders Equity 26

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
PreferredStockSharesIssued	`PreferredStockSharesIssued`	5.00M	shares	Point-in-time
PreferredStockSharesIssued	`PreferredStockSharesIssued`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$518.00	USD	Point-in-time
PreferredStockSharesOutstanding	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
PreferredStockSharesOutstanding	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$107.47K	USD	Point-in-time
PreferredStockSharesOutstanding	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
Prepaid Rent	`PrepaidRent`	$117.00	USD	Point-in-time
CommonStockParOrStatedValuePerShare	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
CommonStockParOrStatedValuePerShare	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid Rent	`PrepaidRent`	$103.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$107.58K	USD	Point-in-time
CommonStockSharesAuthorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$635.00	USD	Point-in-time
CommonStockSharesAuthorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
CommonStockSharesIssued	`CommonStockSharesIssued`	64.50M	shares	Point-in-time
CommonStockSharesIssued	`CommonStockSharesIssued`	38.50M	shares	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.38K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.45K	USD	Point-in-time
CommonStockSharesOutstanding	`CommonStockSharesOutstanding`	64.50M	shares	Point-in-time
CommonStockSharesOutstanding	`CommonStockSharesOutstanding`	38.50M	shares	Point-in-time
Furniture and Equipment	`PropertyPlantAndEquipmentNet`	$1.50K	USD	Point-in-time
Furniture and Equipment	`PropertyPlantAndEquipmentNet`	$1.50K	USD	Point-in-time
Total Fixed Assets	`PropertyPlantAndEquipmentCollectionsNotCapitalized`	$125.00	USD	Point-in-time
Total Fixed Assets	`PropertyPlantAndEquipmentCollectionsNotCapitalized`	$50.00	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets`	$-154.51K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets`	$-163.54K	USD	Point-in-time
Avant AI	`Avai`	-	USD	Point-in-time
Avant AI	`Avai`	$124.00K	USD	Point-in-time
App Development Cost	`DevelopmentCostsCumulative`	$126.85K	USD	Point-in-time
App Development Cost	`DevelopmentCostsCumulative`	$126.85K	USD	Point-in-time
Chatbot Development	`Chatbotdevelopment`	$4.06K	USD	Point-in-time
Chatbot Development	`Chatbotdevelopment`	$4.06K	USD	Point-in-time
instantFAME Platform	`Fame`	-	USD	Point-in-time
instantFAME Platform	`Fame`	$25.00K	USD	Point-in-time
RSS Database	`FiniteLivedIntangibleAssetsGross`	$149.00K	USD	Point-in-time
RSS Database	`FiniteLivedIntangibleAssetsGross`	$149.00K	USD	Point-in-time
Website Development	`Websitedevelopment`	$8.36K	USD	Point-in-time
Website Development	`Websitedevelopment`	$8.36K	USD	Point-in-time
Total Intangible Assets	`IntangibleAssetsCurrent`	$133.76K	USD	Point-in-time
Total Intangible Assets	`IntangibleAssetsCurrent`	$273.73K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$274.42K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$241.46K	USD	Point-in-time
Accrued Payroll	`AccruedPayrollTaxesCurrent`	$458.60K	USD	Point-in-time
Accrued Payroll	`AccruedPayrollTaxesCurrent`	$192.60K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$121.01K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$44.30K	USD	Point-in-time
Loan from Related Parties (note 6)	`LoansAndLeasesReceivableLoansInProcess`	$294.99K	USD	Point-in-time
Loan from Related Parties (note 6)	`LoansAndLeasesReceivableLoansInProcess`	$244.22K	USD	Point-in-time
Convertible Notes Payable (note 7)	`ConvertibleNotesPayableCurrent`	$294.60K	USD	Point-in-time
Convertible Notes Payable (note 7)	`ConvertibleNotesPayableCurrent`	$294.60K	USD	Point-in-time
Notes payable - Related Party	`LongTermDebtCurrent`	$99.00K	USD	Point-in-time
Notes payable - Related Party	`LongTermDebtCurrent`	$99.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$874.72K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.27M	USD	Point-in-time
Total Liabilities	`Liabilities`	$874.72K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 5,000,000 and 5,000,000 common shares issued and outstanding respectively	`PreferredStockSharesSubscribedButUnissuedSubscriptionsReceivable`	$3.95K	USD	Point-in-time
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 5,000,000 and 5,000,000 common shares issued and outstanding respectively	`PreferredStockSharesSubscribedButUnissuedSubscriptionsReceivable`	$5.00K	USD	Point-in-time
Preferred stock Series A, $0.001 par value, 5,000 shares authorized; 5,000 and 0 shares issued and outstanding	`SaleOfStockPricePerShare`	-	USD	Point-in-time
Preferred stock Series A, $0.001 par value, 5,000 shares authorized; 5,000 and 0 shares issued and outstanding	`SaleOfStockPricePerShare`	$25.00K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 64,503,811 and 38,503,811 common shares issued and outstanding respectively	`CommonStockValue`	$64.50K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 64,503,811 and 38,503,811 common shares issued and outstanding respectively	`CommonStockValue`	$38.50K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$171.16K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$172.21K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$847.92K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$1.26M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquityNoteSubscriptionsReceivable`	$633.26K	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquityNoteSubscriptionsReceivable`	$993.78K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$274.42K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$241.46K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Sales	`ProceedsFromCustomers`	$127.36K	USD	1 Quarter
Sales	`ProceedsFromCustomers`	-	USD	1 Quarter
TOTAL INCOME	`InterestIncomeExpenseNet`	-	USD	1 Quarter
TOTAL INCOME	`InterestIncomeExpenseNet`	$127.36K	USD	1 Quarter
COGS	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
COGS	`CostOfGoodsAndServicesSold`	$102.87K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$24.49K	USD	1 Quarter
Depreciation Expense	`CostDepreciationAmortizationAndDepletion`	$9.10K	USD	1 Quarter
Depreciation Expense	`CostDepreciationAmortizationAndDepletion`	$11.94K	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$361.49K	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$37.30K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$40.59K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$8.57K	USD	1 Quarter
Rent Expenses	`LeaseAndRentalExpense`	$304.00	USD	1 Quarter
Rent Expenses	`LeaseAndRentalExpense`	$333.00	USD	1 Quarter
OTHER (EXPENSES) INCOME	`OtherOperatingIncomeExpenseNet`	-	USD	1 Quarter
OTHER (EXPENSES) INCOME	`OtherOperatingIncomeExpenseNet`	$3.87K	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$411.52K	USD	1 Quarter
NET INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$29.76K	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
PROVISION FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME (LOSS)	`IncomeLossFromContinuingOperations`	$411.52K	USD	1 Quarter
NET INCOME (LOSS)	`IncomeLossFromContinuingOperations`	$29.76K	USD	1 Quarter
Foreign currency translation adjustment	`GoodwillForeignCurrencyTranslationGainLoss`	-	USD	1 Quarter
Foreign currency translation adjustment	`GoodwillForeignCurrencyTranslationGainLoss`	$4.63K	USD	1 Quarter
COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$411.52K	USD	1 Quarter
COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$34.39K	USD	1 Quarter
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasic`	-	USD	1 Quarter
NET LOSS PER SHARE: BASIC AND DILUTED	`EarningsPerShareBasic`	-	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	`WeightedAverageNumberOfSharesOutstandingBasic`	57.65M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	`WeightedAverageNumberOfSharesOutstandingBasic`	26.32M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetInvestmentIncome`	$411.52K	USD	1 Quarter
Net Income	`NetInvestmentIncome`	$29.76K	USD	1 Quarter
Foreign currency translation adjustment	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	-	USD	1 Quarter
Foreign currency translation adjustment	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$4.63K	USD	1 Quarter
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease`	$9.10K	USD	1 Quarter
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease`	$11.94K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$68.86K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$76.71K	USD	1 Quarter
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	$10.06K	USD	1 Quarter
Accrued Liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Accrued Liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.11K	USD	1 Quarter
Accrued Payroll	`IncreaseDecreaseInAccruedSalaries`	$266.00K	USD	1 Quarter
Accrued Payroll	`IncreaseDecreaseInAccruedSalaries`	$30.00K	USD	1 Quarter
Loan Receivable	`LoansAndLeasesReceivableRelatedPartiesPeriodIncreaseDecrease`	-	USD	1 Quarter
Loan Receivable	`LoansAndLeasesReceivableRelatedPartiesPeriodIncreaseDecrease`	$9.49K	USD	1 Quarter
Retainers from Customers	`Retainersfrom`	-	USD	1 Quarter
Retainers from Customers	`Retainersfrom`	$59.50K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$77.16K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid Rent	`IncreaseDecreaseInPrepaidRent`	$7.00	USD	1 Quarter
Prepaid Rent	`IncreaseDecreaseInPrepaidRent`	$14.00	USD	1 Quarter
Net cash used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-95.60K	USD	1 Quarter
Net cash used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$59.73K	USD	1 Quarter
Chatbot Development	`DevelopmentChatbot`	$4.06K	USD	1 Quarter
Chatbot Development	`DevelopmentChatbot`	-	USD	1 Quarter
Mobile App Update	`Mobileapp`	$29.45K	USD	1 Quarter
Mobile App Update	`Mobileapp`	-	USD	1 Quarter
Intangible Assets Acquisition	`AssetAcquisitionConsiderationTransferredOtherAssets`	-	USD	1 Quarter
Intangible Assets Acquisition	`AssetAcquisitionConsiderationTransferredOtherAssets`	$149.00K	USD	1 Quarter
Net cash provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$33.51K	USD	1 Quarter
Net cash provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$149.00K	USD	1 Quarter
Loan from Related Parties	`LoansAndLeasesReceivableRelatedPartiesProceeds`	$50.77K	USD	1 Quarter
Loan from Related Parties	`LoansAndLeasesReceivableRelatedPartiesProceeds`	$30.68K	USD	1 Quarter
Loan Payable	`IncreaseDecreaseInNotesPayableRelatedParties`	$103.59K	USD	1 Quarter
Loan Payable	`IncreaseDecreaseInNotesPayableRelatedParties`	-	USD	1 Quarter
Capital Stock	`ProceedsFromIssuanceOfCommonStock`	$26.00K	USD	1 Quarter
Capital Stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Series A Preferred Stock	`ProceedsFromIssuanceOrSaleOfEquity`	$25.00K	USD	1 Quarter
Series A Preferred Stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Net cash provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-101.77K	USD	1 Quarter
Net cash provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$72.91K	USD	1 Quarter
Net cash increase for period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.82K	USD	1 Quarter
Net cash increase for period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-106.95K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.46K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.47K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$518.00	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.29K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.46K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.47K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$518.00	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.29K	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-405.56K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-440.02K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-993.78K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-633.26K	USD	Point-in-time
Balance, shares	`SharesOutstanding`	64.50M	shares	Point-in-time
Balance, shares	`SharesOutstanding`	26.32M	shares	Point-in-time
Balance, shares	`SharesOutstanding`	38.50M	shares	Point-in-time
Balance, shares	`SharesOutstanding`	26.32M	shares	Point-in-time
Balance, shares	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
Balance, shares	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
Balance, shares	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
Foreign currency translation adjustment	`FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments`	$-4.69K	USD	1 Quarter
Net income (loss) for the three-months period	`NetIncomeLoss`	$-411.52K	USD	1 Quarter
Net income (loss) for the three-months period	`NetIncomeLoss`	$-29.76K	USD	1 Quarter
Balance	`PreferredStockNoParValue`	$5.00M	USD	Point-in-time
Balance, value	`PreferredStock`	$5.00M	USD	Point-in-time
Balance, value	`PreferredStock`	$5.00M	USD	Point-in-time
Common Shares issued for acquisition	`StockIssuedDuringPeriodSharesAcquisitions`	26,000.00	shares	1 Quarter
Common Shares issued for acquisition	`StockIssuedDuringPeriodValueNewIssues`	$26.00M	USD	1 Quarter
Preferred Shares Series A issued for acquisition	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$25.00K	USD	1 Quarter
Preferred Shares Series A issued for acquisition	`ProceedsFromStockPlans`	$5.00K	USD	1 Quarter
Preferred Shares adjustment	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-405.56K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-440.02K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-993.78K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-633.26K	USD	Point-in-time

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