SS Innovations International Files Q2 2024 10-Q

TL;DR

SS Innovations Intl filed their 10-Q for Q2 2024. Based in India, formerly AVRA Medical Robotics.

AI Summary

SS Innovations International, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as AVRA Medical Robotics, Inc., is incorporated in Florida and has its principal executive offices in Gurugram, India. The filing covers its operations for the specified quarterly period.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of SS Innovations International, Inc. for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain specific new risk-inducing information.

Key Players & Entities

• SS Innovations International, Inc. (company) — Registrant
• AVRA Medical Robotics, Inc. (company) — Former company name
• June 30, 2024 (date) — Quarterly period end date
• Florida (location) — State of incorporation
• Gurugram, Haryana, India (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — ere 170,739,381 shares of common stock, $0.0001 par value of the registrant issued and

Filing Documents

• ea0213712-10q_ssinnova.htm (10-Q) — 710KB
• ea021371201ex31-1_ssinnova.htm (EX-31.1) — 11KB
• ea021371201ex31-2_ssinnova.htm (EX-31.2) — 11KB
• ea021371201ex32-1_ssinnova.htm (EX-32.1) — 5KB
• ea021371201ex32-2_ssinnova.htm (EX-32.2) — 5KB
• 0001213900-24-076570.txt ( ) — 4344KB
• ssii-20240630.xsd (EX-101.SCH) — 50KB
• ssii-20240630_cal.xml (EX-101.CAL) — 40KB
• ssii-20240630_def.xml (EX-101.DEF) — 220KB
• ssii-20240630_lab.xml (EX-101.LAB) — 359KB
• ssii-20240630_pre.xml (EX-101.PRE) — 217KB
• ea0213712-10q_ssinnova_htm.xml (XML) — 371KB

financial statements have been filed

financial statements have been filed. Notwithstanding the foregoing, in order to comply with current information requirements of the Over-the-Counter Market, the Company is filing this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (this " Report "), without the required auditor review. The Company will amend this Report as soon as practicable after the required review is completed and to the extent required, include any necessary adjustments or restatements for the periods presented. Further if at any time prior to filing the amendment to this Report, the Company determines that the interim unaudited financial statements included in this Report may not be relied upon, it will disclose same in a Current Report on Form 8-K. TABLE OF CONTENTS Page

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) 2 Condensed Consolidated Statement of Shareholders' Equity (Deficit) for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 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 18 Item 3. Quantitative Disclosures About Market Risks 22 Item 4.

Controls and Procedures

Controls and Procedures 22

- OTHER INFORMATION

PART II - OTHER INFORMATION 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION SS INNOVATIONS INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS

Financial Statements

Item 1. Financial Statements. AS OF June 2024 Dec 2023 ASSETS Restated Current Assets: Cash and cash equivalents $ 1,454,675 $ 2,022,276 Restricted cash 5,619,490 5,029,650 Accounts receivable, net of allowances 4,603,800 1,901,244 Inventory 6,443,067 6,447,131 Prepaids and other current assets 4,501,398 3,890,017 Total Current Assets 22,622,430 19,290,319 Non- Current Assets: Property, plant, and equipment, net 2,023,645 706,405 Right of use asset 2,448,918 2,657,554 Long Term Receivable 5,265,908 2,365,013 Restricted cash (Non current) 327,012 35,919 Loans & Advances (Related Party) 1,297,410 1,567,559 Prepaids and other non current assets 4,332,081 4,322,444 Total Non-Current Assets 15,694,975 11,654,894 Total Assets 38,317,405 30,945,213 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current Liabilities Bank Overdraft Facility 7,707,534 6,018,926 Notes payable 4,450,000 - Right of use liability, current portion 428,705 396,784 Accounts payable 1,295,003 901,550 Other accrued liabilities 3,844,064 577,040 Total Current Liabilities 17,725,305 7,894,300 Right of use liability, non current portion 2,125,906 2,351,113 Long term Liabilities 544,122 544,122 Other accrued liabilities (Non- Current) 939,150 939,150 3,609,178 3,834,385 Total Liabilities 21,334,483 11,728,685 Commitments and contingencies Stockholders' (deficit) equity : Common stock, 250,000,000 shares authorized, $ 0.0001 par value, 170,738,194 shares and 170,710,694 shares issued and outstanding as of June 30, 2024 and December 31, 2023 respectively 17,073 17,071 Minority Interest - Preferred stock, $ 0.0001 par value per share; authorized 5,000,000 shares of Series A Non-Convertible Preferred Stock, 5000 shares and 5000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 1 1 Translation adjustment ( 378,165 ) ( 374,087 ) Additional Paid in Capit

Financial Statements

Financial Statements. 1 SS INNOVATIONS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Three Month ended Six Month ended June June June June 2024 2023 2024 2023 REVENUES System Sales $ 4,175,755 1,537,224 $ 11,312,947 3,028,534 Instruments Sale 182,088 - 266,785 - Warranty Sales 28,207 38,082 37,278 58,151 Cost of revenue ( 3,345,560 ) ( 1,351,143 ) ( 7,499,849 ) ( 2,351,347 ) GROSS (LOSS) PROFIT 1,040,491 224,163 4,117,163 735,339 OPERATING EXPENSES: Research & Development 30,068 - 426,118 Selling, general and administrative 3,777,479 1,983,053 9,102,278 3,400,013 TOTAL OPERATING EXPENSES 3,807,546 1,983,053 9,528,396 3,400,014 Loss from operations ( 2,767,056 ) ( 1,758,890 ) ( 5,411,234 ) ( 2,664,675 ) OTHER INCOME (EXPENSE): Interest Expenses ( 229,521 ) - ( 399,004 ) - Finance Income 64,741 127,600 Interest and other income, net 2 ( 91,533 ) 102,943 ( 173,791 ) TOTAL OTHER (EXPENSE) INCOME ( 164,778 ) ( 91,533 ) ( 168,461 ) ( 173,791 ) NET LOSS ( 2,931,834 ) ( 1,850,423 ) ( 5,579,695 ) ( 2,838,466 ) Net loss attributable to SS Innovations International Inc. $ ( 2,931,834 ) $ ( 1,850,423 ) ( 5,579,695 ) ( 2,838,466 ) Net loss per share - basic and diluted ( 0.02 ) ( 0.01 ) ( 0.03 ) ( 0.03 ) Weighted average 170,738,204 133,791,407 170,738,204 98,172,406 June June June June 2024 2023 2024 2023 NET LOSS ( 2,931,834 ) ( 1,850,423 ) ( 5,579,695 ) ( 2,838,466 ) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation ( 1,689 ) - ( 4,078 ) - COMPREHENSIVE LOSS ( 2,933,523 ) ( 1,850,423 ) ( 5,583,773 ) ( 2,838,466 ) See accompanying notes to unaudited Condensed Consolidated Financial Statements. 2 SS INNOVATIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) Common Stock Additional Additional Accumulated Total Preferred Stock Common Stock Common Sto

Financial Statements

Financial Statements. 3 SS INNOVATIONS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOW For the Six Months ended June, 2024 June, 2023 Cash flows from operating activities: Net loss $ ( 5,579,695 ) $ ( 2,838,466 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation & amortization 379,608 310,897 Operating lease liability net 149,215 Non cash lease expense Stock compensation expense 3,248,916 - Accounts receivable ( 2,702,556 ) - Inventory 4,064 - Prepaid and other current assets ( 902,474 ) ( 10,626,023 ) Accounts payable and accured expenses 3,660,476 2,632,123 Prepaids and other non current assets ( 9,637 ) - Lease Payments ( 342,501 ) - Other Net cash used in operating activities ( 2,094,584 ) ( 10,521,468 ) Cash flows from investing activities: Notes Receivables - Acquisition - 3,000,000 Purchase of property ( 1,488,212 ) ( 736,006 ) Long Term Receivable ( 2,900,895 ) ( 3,771,547 ) Long Term Receivable- Related Party 270,149 - Net cash used in investing activities ( 4,118,959 ) ( 1,507,552 ) Cash flows from financing activities: Acquisition of common stock - Repayment of Notes - ( 2,775,000 ) Proceeds from Notes payable 4,450,000 - Net Proceeds of Demand Notes Payable (Bank Overdraft) 1,688,608 4,963,385 Accumulated other comprehensive income (loss) - 899,917 Proceed from securities offering 101,252 8,170,061 Net cash provided by financing activities 6,239,860 11,258,363 Net change in cash 26,318 ( 770,657 ) Effect of exchange rate on cash ( 4,080 ) ( 157,645 ) Cash at beginning of year 7,051,927 1,351,364 Cash at end of year $ 7,074,165 $ 423,062 See accompanying notes to unaudited Condensed Consolidated

Financial Statements

Financial Statements. 4 SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 – COMPANY AND BASIS OF PRESENTATION Organization SS Innovations International, Inc. (the " Company " or " SSII ") was incorporated as AVRA Surgical Microsystems, Inc. in the State of Florida on February 4, 2015 . Effective November 5, 2015, the Company's corporate name was changed to Avra Medical Robotics, Inc. The Company was established and is continuing to develop advanced medical and surgical robotic systems. On April 14, 2023, a wholly owned subsidiary of the Company merged with Cardio Ventures, Inc., a Delaware corporation (" CardioVentures "), which is the indirect parent of Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company engaged in the business of developing innovative surgical robotic technologies. As a result of such a transaction, a " change in control " of the Company took place. In addition, among other matters, the Company changed its name to " SS Innovations International, Inc. " and implemented a one for ten reverse stock split. The financial statements, financial information and share and per share information contained in this report reflect the operations of the newly formed merged entity and Cardio Ventures and give pro forma effect to the reverse stock split. The significant accounting policies of SSII were described in Note 1 to the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. There has been an internal review and revision of some of the Company's accounting policies retrospectively and accordingly some of the financial statement balances as of December 31, 2023 are restated while for the quarterly period ended June 30, 2024, the revised accounting policies have been applied. Going Concern The accompanying consolidated financial statements have been prepared on a going concern ba

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