Avant Technologies Inc. Reports No Revenue and Increased Losses for Three and Nine Months Ended December 31, 2024

Avant Technologies Inc. reported its financial results for the three and nine months ended December 31, 2024, revealing a continued lack of revenue generation. The company recorded no revenue for both the three-month and nine-month periods, consistent with the previous year. Operating expenses for the three months totaled $428,898, a decrease from $1,013,900 in the same period last year, while expenses for the nine months were $1,571,238, down from $1,813,750. The reduction in expenses was primarily attributed to lower employee and contractor compensation. The net loss for the three months was $452,298, compared to a loss of $1,013,900 in the prior year, and for the nine months, the loss was $1,606,187, down from $1,825,043.

The company's total assets as of December 31, 2024, were reported at $174,886, a significant decline from $322,014 as of March 31, 2024. This decrease was largely due to a reduction in current assets, which fell from $116,082 to $27,507. Total liabilities increased to $2,310,486 from $1,788,580, leading to a stockholders' deficit of $2,135,600, up from $1,466,566. The company’s cash position improved slightly, ending the period with $3,070 compared to $281 at the end of the previous quarter.

Strategically, Avant Technologies has been active in acquisitions, having recently acquired Avant! AI and InstantFAME, as well as the assets of Wired4Health, Inc. These acquisitions are intended to enhance the company's capabilities in artificial intelligence and technology consulting. The company also entered into a joint venture with Ainnova Tech Inc. to form Ai-Nova Acquisition Corp, focusing on healthcare technology. This venture aims to leverage Ainnova's expertise in early disease detection through retinal scans.

Despite these strategic moves, the company faces significant challenges, including a substantial doubt about its ability to continue as a going concern. Management has indicated that additional investment capital will be necessary to fund ongoing operations and achieve profitability. The company has not generated positive cash flow from operations and relies heavily on financing activities, which totaled $975,899 for the nine months ended December 31, 2024. The outlook remains uncertain, with management acknowledging the need for further capital to support business growth and operational needs.

In summary, Avant Technologies Inc. continues to navigate a challenging financial landscape, marked by ongoing losses and a reliance on strategic acquisitions to drive future growth. The company’s ability to secure additional funding and successfully integrate its recent acquisitions will be critical to its long-term viability.