Advanced Oxygen Technologies Inc. Files 2024 10-K

TL;DR

Aoxy 10-K filed: Assets down to $3.29M FY24. Check financials.

AI Summary

Advanced Oxygen Technologies Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company reported total assets of $3.29 million for the fiscal year 2024, a decrease from the previous year. The filing details the company's business operations and financial condition, including its former name, Aquanautics Corp, which was changed on November 12, 1993.

Why It Matters

This filing provides a comprehensive overview of Advanced Oxygen Technologies Inc.'s financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate red flags or significant negative events indicated.

Key Numbers

• $3.29M — Total Assets (As of June 30, 2024, compared to the prior year.)
• $60,000,000 — Authorized Shares (Indicates the maximum number of shares the company can issue.)
• $1,670,000 — Total Member Equity (Represents the net worth of the company as of June 30, 2024.)

Key Players & Entities

• ADVANCED OXYGEN TECHNOLOGIES INC (company) — Filer
• CROSSFIELD, INC. (company) — Mailing Agent
• AQUANAUTICS CORP (company) — Former Company Name
• 19931112 (date) — Date of Name Change
• 20240630 (date) — Fiscal Year End
• $3.29 million (dollar_amount) — Total Assets for FY 2024

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value AOXY OTC:PINK Securities
• $335,000 — ). The price for the Patents Rights was $335,000, in cash, and a royalty until April 30,
• $60,000 — mon stock, par value $.01 per share for $60,000 cash plus consulting services rendered
• $177,500 — consulting services rendered valued at $177,500, to Crossland, Ltd., ("Crossland"), Eas
• $10,000 — hnology Partners II, L.P. ("ETPII") for $10,000 cash. AOXY issued 450,000 shares of its
• $2,000,000 — keting business. The purchase price was $2,000,000. PURCHASE AGREEMENT OF 1/29/1999 On
• $550,000 — ygen Technologies, Inc. ("STOCK") and a $550,000 promissory note issued by Advanced Oxyg
• $15,000 — the Purchase Agreement were: AOXY paid $15,000 to IMA, assumed a Citicorp Computer Equ
• $5,000 — urchase Agreement), executed a one year $5,000 promissory note with IMA, and delivered
• $44,811 — lease #010-0031648-001 in the amount of $44,811.26, executed a UCC2 filing releasing UC
• $650,000 — executed a promissory note ("Note") for $650,000, payable to the sellers of ANV ("Seller
• $5.00 — ty that has a market price of less than $5.00 per share or with an exercise price of

Filing Documents

• aoxy_10k.htm (10-K) — 646KB
• aoxy_ex21.htm (EX-21) — 3KB
• aoxy_ex311.htm (EX-31.1) — 10KB
• aoxy_ex312.htm (EX-31.1) — 10KB
• aoxy_ex321.htm (EX-32.2) — 4KB
• aoxy_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-005762.txt ( ) — 3138KB
• aoxy-20240630.xsd (EX-101.SCH) — 28KB
• aoxy-20240630_lab.xml (EX-101.LAB) — 173KB
• aoxy-20240630_cal.xml (EX-101.CAL) — 32KB
• aoxy-20240630_pre.xml (EX-101.PRE) — 152KB
• aoxy-20240630_def.xml (EX-101.DEF) — 80KB
• aoxy_10k_htm.xml (XML) — 371KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 8 ITEM 1B. Unresolved Staff Comments 11 ITEM 1C. Cyber Security 11 ITEM 2.

Properties

Properties 11 ITEM 3.

Legal Proceedings

Legal Proceedings 11 ITEM 4. Mine Safety Disclosures 11 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 ITEM 6.

Selected Financial Data

Selected Financial Data 12 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 ITEM 8. Consolidated Financial Statements and Supplementary Data 17 ITEM 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 17 ITEM 9A.

Controls and Procedures

Controls and Procedures 17 ITEM 9B. Other Information 18 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 19 ITEM 11.

Executive Compensation

Executive Compensation 20 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 22 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 23 ITEM 14. Principal Accountant Fees and Services 24 PART IV ITEM 15. Exhibits and Financial Statement Schedules 25

Signatures

Signatures 26 Exhibit F: Consolidated Financial Statements and Schedules F-1 2 Table of Contents Cautionary Language Regarding Forward-Looking Statements and Industry Data This Annual Report on Form 10-K contains "forward-looking statements". Forward-looking statements are based upon our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: "may," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "approximately," "estimate," "predict," "project," "potential" or the negative of these terms or other comparable terminology, although the absence of these words does not necessarily mean that a statement is not forward-looking. This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements. Factors that may cause or contribute actual results to differ from these forward-looking statements include, but are not limited to, the following: all the risks inherent in the owning, buying, leasing, selling, or developing real estate or the real estate business; the Company's absence of significant sales or sales revenues, which make it difficult to predict future performance; the need to make multiple assumptions in preparing forecasts and projections of any kind, and significant difficulties in predicting and forecasting accurately the expenses likely to be incurred and the revenues likely to be generated in the Company's future operations; significant competition in the real estate leasing and development business; the risk that the Company will have difficulties executing its intended business plan; the risk that the Company's sole source of revenues may discontin

- DESCRIPTION OF BUSINESS

ITEM 1- DESCRIPTION OF BUSINESS GENERAL: Advanced Oxygen Technologies, Inc. ("Advanced Oxygen Technologies", "AOXY", or the "Company") operations are derived from its wholly owned subsidiaries Anton Nielsen Vojens, ApS ("ANV"), Sharx Inc. and its wholly owned subsidiary Sharx DK ApS (collectively "Sharx"). AOXY, incorporated in Delaware in 1981 under the name Aquanautics Corporation, was, from 1985 until May 1995, a startup specialty materials company producing new oxygen control technologies. From May of 1995 through December of 1997 AOXY had minimal operations and was seeking funding for operations and companies to which it could merge or acquire. In March of 1998 AOXY began operations in California. From 1998 through 2000, the business consisted of producing and selling CD-ROMS for conference events, advertisement sales on the CD's, database management and event marketing all associated with conference events. From 2000 through March of 2003, the business consisted solely of database management. From 2003 through April 2005, the business operations were derived totally from the Company's wholly owned business, IP Service, ApS, a Danish IP security vulnerability company ("IP Service"). Business operations have been solely derived from ANV and Sharx. ANV is a Danish company that owns commercial real estate in Vojens, Denmark. ANV's revenues are derived solely from the lease revenue from its real estate. Circle K Denmark A/S, formerly StatOil A/S, leases the facility from ANV. The lease expires in 2026. Sharx Inc. is a Wyoming corporation incorporated in April 2020 and operations are derived from its wholly owned subsidiary Sharx DK ApS. Sharx DK ApS is a Danish company, incorporated in April 2020. On June 30, 2020, Sharx DK ApS, entered into a distribution agreement with Cleaver ApS, a Danish corporation ("Cleaver"), whereby Cleaver has appointed the Company as Cleaver's nonexclusive distributor of its products in Europe, South America and North America. Cl

RISK FACTORS

ITEM 1A. RISK FACTORS Risks Specific to Our Company THE POTENTIAL PROFITABILITY OF COMMERCIAL REAL ESTATE VENTURES DEPENDS UPON FACTORS BEYOND THE CONTROL OF OUR COMPANY. The potential profitability of commercial real estate properties is dependent upon many factors beyond our control. For instance, world prices and markets for rents and leases of commercial properties are unpredictable, and respond to changes in domestic, international, political, social, and economic environments. Additionally, due to worldwide economic uncertainty, the availability and cost of funds for maintenance, repair, expansion and other expenses have become increasingly difficult, if not impossible, to project. These changes and events may materially affect our financial performance. These factors cannot be accurately predicted and the combination of these factors may result in our Company not receiving an adequate return on invested capital. WE ARE SUBJECT TO RISKS ASSOCIATED WITH FOREIGN CURRENCY ANV and Sharx DK ApS are Danish companies with operations only in Denmark. During the years ended June 30, 2024 and 2023, foreign revenues accounted for 100% of our total revenue. As a result, we are subject to risks associated with generating revenue in multiple countries, including: increased time, effort and attention of our management to manage our foreign operations; balance sheet fluctuations. currency devaluations and fluctuations in currency exchange rates, including impacts of transactions in various currencies and translation of various currencies into dollars for U.S. reporting and financial covenant compliance purposes; language barriers and other difficulties in staffing and managing foreign operations; longer customer payment cycles and greater difficulties in collecting accounts receivable; uncertainties of laws and enforcement relating to the protection of property; imposition of or increases in currency exchange controls, including imposition of or increases in li

View Full Filing

View this 10-K filing on SEC EDGAR