Advanced Voice Recognition Systems, Inc. Files 2023 Form 10-K

TL;DR

<b>Advanced Voice Recognition Systems, Inc. has filed its 2023 annual report (10-K) detailing its financial status and operations.</b>

AI Summary

Advanced Voice Recognition Systems, Inc (RIVF) filed a Annual Report (10-K) with the SEC on March 27, 2024. The company filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. Advanced Voice Recognition Systems, Inc. is incorporated in Nevada. The company's principal business address is in Scottsdale, AZ. The company was formerly known as SAMOYED ENERGY CORP, with a name change on October 31, 2005. The filing includes information on various patents held by the company.

Why It Matters

For investors and stakeholders tracking Advanced Voice Recognition Systems, Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and operational activities for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. The inclusion of specific patent information and debt instruments offers insight into the company's intellectual property and financial leverage, key factors in its industry.

Risk Assessment

Risk Level: low — Advanced Voice Recognition Systems, Inc shows low risk based on this filing. The company's SIC code is listed as Crude Petroleum & Natural Gas [1311], which appears to be a mismatch with its name 'Advanced Voice Recognition Systems, Inc.', suggesting potential data inaccuracies or a significant business pivot not detailed in the provided header.

Analyst Insight

Review the full 10-K filing to understand the discrepancy between the company's name and its listed SIC code, and to identify any disclosed business activities related to the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-27 — Filing Date (Filed as of date)
• 2005-10-31 — Name Change Date (Former company name date)

Key Players & Entities

• Advanced Voice Recognition Systems, Inc. (company) — Filer name
• SAMOYED ENERGY CORP (company) — Former company name
• Nevada (jurisdiction) — State of incorporation
• Scottsdale, AZ (location) — Business address city and state
• Crude Petroleum & Natural Gas [1311] (industry) — Standard Industrial Classification

FAQ

Industry Context

The company's Standard Industrial Classification (SIC) code is listed as Crude Petroleum & Natural Gas [1311], which may indicate a historical or current focus in this sector, despite the company name suggesting a focus on voice recognition technology.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Investigate the discrepancy between the company name and its SIC code to understand its actual business operations.
2. Analyze the full 10-K document for detailed financial statements, management discussion, and risk factors.
3. Research any disclosed patents and debt instruments to assess the company's technological assets and financial structure.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; no prior filing data is available for comparison in this extract.

Key Financial Figures

• $0.001 — ich registered Common Stock par value $0.001 per share AVOI NONE Securities re
• $58,277 — on in voice recognition. Costs totaling $58,277 were capitalized during the third quart
• $3,365 — 01, or November 27,2021. Costs totaling $3,365 were capitalized during the second quar
• $5,092 — 21, or November 27,2021. Costs totaling $5,092 were capitalized during the first quart
• $21,114 — 1, or November 27, 2021. Costs totaling $21,114 were capitalized during the third quart
• $35,068 — 1, or November 27, 2021. Costs totaling $35,068 were capitalized during the third quart
• $4,575 — 01, or November27, 2021. Costs totaling $4,575 were capitalized during the second quar
• $310,877 — (March 15, 1994). We had a net loss of $310,877 for the year ended December 31, 2023, a
• $48,589 — 31, 2023, as compared to a net loss of $48,589 in 2022. Professional fees were $72,241
• $72,241 — $48,589 in 2022. Professional fees were $72,241 in 2023, as compared to $32,288 in 2022
• $32,288 — es were $72,241 in 2023, as compared to $32,288 in 2022, an increase of $39,953. An inc
• $39,953 — ared to $32,288 in 2022, an increase of $39,953. An increase in auditing fees is respon
• $4,305 — crease in professional fees. Office was $4,305 in 2023 as compared to $8,687 in 2022,
• $8,687 — ffice was $4,305 in 2023 as compared to $8,687 in 2022, a decrease of $4,382. Liquidi
• $4,382 — mpared to $8,687 in 2022, a decrease of $4,382. Liquidity and Capital Resources For

Filing Documents

• avoi-20231231.htm (10-K) — 513KB
• avrs_ex31z1.htm (EX-31.1) — 9KB
• avrs_ex31z2.htm (EX-31.2) — 9KB
• avrs_ex32z1.htm (EX-32.1) — 4KB
• 0001376474-24-000140.txt (&nbsp;) — 2375KB
• avoi-20231231_cal.xml (EX-101.CAL) — 26KB
• avoi-20231231_def.xml (EX-101.DEF) — 54KB
• avoi-20231231_lab.xml (EX-101.LAB) — 140KB
• avoi-20231231_pre.xml (EX-101.PRE) — 120KB
• avoi-20231231.xsd (EX-101.SCH) — 20KB
• avoi-20231231_htm.xml (XML) — 216KB

Business

Business 1 Item 2.

Properties

Properties 4 Item 3.

Legal Proceedings

Legal Proceedings 4 Item 4. Submission of Matters to a Vote of Security Holders 4 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 4 Item 6

Selected Financial Data

Selected Financial Data 5 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 5 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 7 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 18 PART III Item 10 Directors, Executive Officers and Corporate Governance 20 Item 11

Executive Compensation

Executive Compensation 21 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 Accounting Fees and Services 24 PART IV Item 15 Exhibit and Financial Statement Schedules 24 EX 31.1 Section 302 Certification -Principal Executive Officer EX 31.2 Section 302 Certification – Principal Accounting Officer EX 32.1 Section 906 Certification Cautionary Statement Regarding Forward Looking Statements The statements contained in this prospectus that are not historical are "forward-looking statements", which can be identified by use of terms such as "may", "could", "should", "expect", "plan", "project", "intend", "anticipate", "believe", "estimate", "predict", "potential", "pursue", "target" or "continue", the negative of such terms or other comparable terminology, although some forward-looking statements may be expressed differently. The forward-looking statements contained in this Annual Report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this Annual Report are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to various factors listed in this Annual Report. All forward-looking statemen

Business

Item 1. Business General Overview Advanced Voice Recognition Systems, Inc. (the "Company", "we" or "us"), is a software development company headquartered in Scottsdale, Arizona. We specialize in creating interface and application solutions for speech recognition technologies. Our speech recognition software and related firmware was first introduced in 1994 at an industry trade show. We currently have limited capital resources. We are not currently engaged in marketing any products. We are currently engaged in discussions with a certain firm dedicated to assisting in the commercialization of intellectual assets. Our principal assets are our patents. We currently hold six issued patents. U.S. Patent #7,558,730 ("the 730") entitled "Speech Recognition and Transcription Among Users Having Heterogeneous Protocols" discloses a system for facilitating speech recognition and transcription among users employing incompatible protocols for generating, transcribing and exchanging speech. U.S. Patent #7,949,534, ("the 534") entitled "Speech Recognition and Transcription Among Users Having Heterogeneous Protocols," is an expansion of the coverage of the 730 patent and incorporates speech recognition and transcription among transcription engines employing incompatible protocols. U.S. Patent#8,131,557, ("the 557") entitled "Speech Recognition and Transcription Among Users Having Heterogeneous Protocols," is an expansion of the coverage of AVRS's 730 and the 534 patents and incorporates speech recognition and transcription among transcription engines employing incompatible protocols for generating, transcribing, and exchanging speech among users employing incompatible protocols utilizing peer-to-peer networks, node-to-node networks, and the cloud. U.S. Patent #8,498,871, ("the 871") entitled "Dynamic Speech Recognition and Transcription Among Users Having Heterogeneous Protocols," is a system for facilitating free form dictation, including directed dictation and constrained rec

Properties

Item 2. Properties. Our principal executive offices are located at 7659 E. Wood Drive, Scottsdale, Arizona and are provided to us free of charge by Diana Jakowchuk, our Secretary and Treasurer.

Legal Proceedings

Item 3. Legal Proceedings. From time to time, we may become involved in legal proceedings or other litigation that we consider to be a part of the ordinary course of our business. Presently, we are not involved in any litigation and to the best knowledge of management, there are no legal proceedings pending or threatened against the Company.

Submission of Matters to a Vote of Security Holders

Item 4. Submission of Matters to a Vote of Security Holders. On July 14, 2023 Advanced Voice Recognition Systems (AVOI), Inc. entered into a Letter of Intent with Rivulet Media, Inc. (RIVU) agreeing to purchase from the current shareholders of RIVU (the "Seller") and Seller agreed to sell to AVOI, one hundred percent (100%) of the issued and outstanding shares of the common stock, preferred stock (the Shares) and all issued warrants in exchange for the same number and designation of AVOI common and preferred shares and warrants. The transaction is subject to the completion of a reverse stock split of 100 to 1 of AVOI issued and outstanding shares of common stock and an increase of AVOI authorized preferred shares to 25 million as well as the completion of an audit of RIVU. The reverse stock split of 100 to 1 of AVOI issued and outstanding shares of common stock has been completed as had the increase of AVOI authorized preferred shares to 25 million. PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Commencing on June 19, 2008, our common stock has been quoted on the OTC under the symbol "AVOI". The following table sets forth the high and low bid prices per share of our common stock for each full quarterly period in 2023 and 2022. These prices represent inter-dealer quotation without retail markup, markdown or commission and may not necessarily represent actual transactions. High Low Three Months Ended December 31, 2023 $ 0.99 $ 0.40 Three Months Ended September 30, 2023 1.89 0.30 Three Months Ended June 30, 2023 2.50 0.60 Three Months Ended March 31, 2023 0.90 0.50 Three Months Ended December 31, 2022 0.80 0.48 Three Months Ended September 30, 2022 1.20 0.40 Three Months Ended June 30, 2022 1.70 0.51 Three Months Ended March 31, 2022 2.80 0.80 Holders As of December 31, 2023, we have approximately 77 holders of record of our common stock and 5,476,685 shares issued and outstanding. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of common stock, whose shares is held in the names of various securities brokers, dealers and registered clearing agencies. The transfer agent of our common stock is Pacific Stock Transfer, 6725 Via Austi Pkwy, Suite 300, Las Vegas NV 89119. Dividends We have not declared any cash dividends, nor do we have any current plans to do so. We are not subject to any legal restrictions respecting the payment of dividends, except that they may not be paid to render us insolvent. We currently anticipate that we will retain all of our future earnings for use in the expansion and operation of our business and do not anticipate paying any cash dividends in the foreseeable future. 4 Unregistered Sales of Equity Securities We have not sold any equity securities during the period covered by this Annual Report on Form 10-K

Selected Financial Data

Item 6. Selected Financial Data. As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This document contains certain forward-looking statements that involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations and intentions. When used in this document, the words "expects", "anticipates", "intends" and "plans" and similar expressions are intended to identify certain of these forward-looking statements. The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear in this document. Our actual results could differ materially from those discussed in this document. Results of Operation We completed a stock exchange on May 19, 2008, and changed our business model. We have not generated any revenue since inception and do not have any cash generating product or licensing sales. We have incurred losses since Inception (March 15, 1994). We had a net loss of $310,877 for the year ended December 31, 2023, as compared to a net loss of $48,589 in 2022. Professional fees were $72,241 in 2023, as compared to $32,288 in 2022, an increase of $39,953. An increase in auditing fees is responsible for the increase in professional fees. Office was $4,305 in 2023 as compared to $8,687 in 2022, a decrease of $4,382. Liquidity and Capital Resources For the year ended December 31, 2023, we used $348,216 of cash in operating activities and $1,052 cash in investing activities. We received $0 of cash for the sale of our common stock. As a result, for the year ended December 31, 2023, we recognized a $342 net increase in cash and cash equivalents. During the year ended December 31, 2022, we used $46,499 of cash in operating activities and $0 cash in investing activities. We r

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