Advanced Voice Recognition Systems, Inc. Files 10-Q

TL;DR

**AVRO files Q1 24 10-Q. Formerly Samoyed Energy, now in oil & gas. Scottsdale, AZ based.**

AI Summary

Advanced Voice Recognition Systems, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as SAMOYED ENERGY CORP, is incorporated in Nevada and operates in the crude petroleum & natural gas sector. Its principal business address is in Scottsdale, Arizona.

Why It Matters

This filing provides a quarterly update on the financial health and operational status of Advanced Voice Recognition Systems, Inc. for investors and stakeholders.

Risk Assessment

Risk Level: medium — The company's former name and industry change, along with its SIC code, suggest potential shifts in business focus or restructuring, which can carry inherent risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter covered by the report.)

Key Players & Entities

• Advanced Voice Recognition Systems, Inc. (company) — Filer of the 10-Q
• SAMOYED ENERGY CORP (company) — Former name of the company
• 20240331 (date) — End of the reporting period
• NV (state) — State of incorporation
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• Scottsdale, AZ (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — hich registered Common Stock par value $0.001 per share AVOI NONE Indicate by ch
• $0.01 — es 7,949,212 5,475,000 *less than $0.01 per share The accompanying notes are
• $10,069,000 — 001 par value per share ("Shares"), and $10,069,000 to be distributed, after the payment of
• $2,600,000 — On March 1, 2024, the Company disbursed $2,600,000 to Rivulet as a partial payment. 7 Un
• $0.40 — of common stock at a purchase price of $0.40 per share for a total of $3,000,000. Th
• $3,000,000 — price of $0.40 per share for a total of $3,000,000. The funds will be used to pay the Comp
• $2,800,000 — The Company has distributed to Rivulet $2,800,000 as a portion of the acquisition cost. T
• $2,680,127 — es which resulted in working capital of $2,680,127 and no significant revenues. The Compan
• $14,500 — 396 for operating expenses comprised of $14,500 advance and $116,000 in promissory note
• $116,000 — penses comprised of $14,500 advance and $116,000 in promissory notes and 8,896 of accrue
• $111,000.00 — in the amount of $ 124,896.63 of which $111,000.00 was principal, $5,000 was advanced and
• $5,000 — .63 of which $111,000.00 was principal, $5,000 was advanced and $8,896.63 was interest
• $8,896.63 — was principal, $5,000 was advanced and $8,896.63 was interest on the promissory notes.
• $1.00 — ries A . The Series A has a One Dollar ($1.00) per share face value, has one (1) vote

Filing Documents

• avoi-20240331.htm (10-Q) — 324KB
• avrs_ex31z1.htm (EX-31.1) — 9KB
• avrs_ex31z2.htm (EX-31.2) — 9KB
• avrs_ex32z1.htm (EX-32.1) — 4KB
• 0001376474-24-000266.txt ( ) — 1847KB
• avoi-20240331_cal.xml (EX-101.CAL) — 22KB
• avoi-20240331_def.xml (EX-101.DEF) — 37KB
• avoi-20240331_lab.xml (EX-101.LAB) — 110KB
• avoi-20240331_pre.xml (EX-101.PRE) — 98KB
• avoi-20240331.xsd (EX-101.SCH) — 16KB
• avoi-20240331_htm.xml (XML) — 137KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements 3 Unaudited Condensed Balance Sheets as of March 31, 2024 and December 31, 2023. 3 Unaudited Condensed Statements of Operations for the three months ended March 31, 2024 and 2023. 4 Unaudited Condensed Statement of Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 5 Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023. 6 Notes to Unaudited Financial Statements 7 Item 2.

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 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 4.

Controls and Procedures

Controls and Procedures 13

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3 Defaults Upon Senior Securities 15 Item 4. Mine Safety Disclosures 15 Item 5. Information 15 Item 6. Exhibits 15

Financial Statements

Item 1. Financial Statements Advanced Voice Recognition Systems, Inc. Condensed Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 46,368 $ 480 Asset Purchase Deposit 2,800,000 - Total Current Assets 2,846,368 480 Non-Current Assets Computer equipment, net 876 929 Total Non-Current Assets 876 929 Total Assets $ 2,847,244 $ 1,409 LIABILITIES AND STOCKHOLDERS' (DEFICIT) Current Liabilities Accounts payable $ 22,000 $ - Payroll 144,241 219,677 Advance - related party - 123,500 Accrued interest - 7,019 Total Current Liabilities 166,241 350,196 Total Liabilities $ 166,241 $ 350,196 Stockholders' Equity (Deficit) Preferred stock, $ 0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding - - Common stock, $ 0.001 par value; 547,500,000 shares authorized 12,976,685 and 5,476,685 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. $ 12,977 $ 5,477 Additional paid-in capital 11,581,126 8,588,626 Accumulated Deficit ( 8,913,100 ) ( 8,942,890 ) Total Stockholders' Equity (Deficit) 2,681,003 ( 348,787 ) Liabilities and Stockholders' Equity (Deficit) $ 2,847,244 $ 1,409 The accompanying notes are an integral part of these unaudited financial statements. 3 Advanced Voice Recognition Systems, Inc. Condensed Statements of Operations (Unaudited) Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Sales $ - $ - Cost of goods sold - - Gross profit - - Operating expenses: Compensation 48,560 69 Professional fees 42,193 28,700 Office 1,318 1,291 Depreciation 53 - Other 36 748 Total operating expenses 92,160 30,808 Loss from operations ( 92,160 ) ( 30,808 ) Other income and (expense): Gain on early ext. of debt - 50,445 Gain on payroll forgiveness 123,827 -

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The statements contained in this Quarterly Report 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", "probable", "possible", or "continue", the negative of such terms or other comparable terminology, although some forward-looking statements may be expressed differently.

Forward-Looking Statements

Forward-Looking Statements The forward-looking statements contained in this 10-Q 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 10-Q 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 Quarterly Report. All forward-looking statements speak only as of the date of this 10-Q. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. Our Business Advanced Voice Recognition Systems, Inc new direction is to the Media Industry, producing movies, advertising and other media and entertainment related products. On March 1, 2024, the Company and Rivulet Media, Inc., a Delaware corporation (Rivulet), collectively the Parties, entered into an Asset Purchase Agreement (the "Purchase Agreement"), pursuant to which, subject to the terms and conditions therein, the Company shall purchase, with stock and cash, certain assets of Rivulet. The Acquisition is anticipated to close on April 10, 2024, subject to review by FINRA, there is no assurance this will occur. Upon its terms and subject to the conditions set fo

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