SS Innovations International Files Q3 2024 10-Q
Ticker: SSII · Form: 10-Q · Filed: 2024-11-14T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, medical-devices, corporate-filing
TL;DR
**SS Innovations Intl (SSII) filed its 10-Q for Q3 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 September 30, 2024. The company, formerly known as AVRA Medical Robotics, Inc., is incorporated in Florida and operates in the surgical and medical instruments sector. Its principal executive offices are located in Gurugram, Haryana, India.
Why It Matters
This filing provides investors with an update on the company's financial performance and operational status for the third quarter of 2024.
Risk Assessment
Risk Level: medium — The company is a smaller reporting company with a history of name changes, which can indicate potential volatility or restructuring.
Key Players & Entities
- SS Innovations International, Inc. (company) — Registrant
- AVRA Medical Robotics, Inc. (company) — Former company name
- September 30, 2024 (date) — Quarterly period end date
- Florida (location) — State of incorporation
- Gurugram, Haryana, India (location) — Principal Executive Offices
- 3841 (industry_code) — Standard Industrial Classification (Surgical & Medical Instruments & Apparatus)
FAQ
What is the primary business of SS Innovations International, Inc.?
SS Innovations International, Inc. operates in the Surgical & Medical Instruments & Apparatus industry, as indicated by its SIC code 3841.
When was the company formerly known as?
The company was formerly known as AVRA Medical Robotics, Inc., with a date of name change on June 1, 2016.
Where are the company's principal executive offices located?
The company's principal executive offices are located at 405, 3rd Floor, iLabs Info Technology Centre, Udyog Vihar, Phase III, Gurugram, Haryana, 122016, India.
What is the filing date and period of report for this 10-Q?
This 10-Q filing has an accession number 0001213900-24-097890, was filed on November 14, 2024, and is for the quarterly period ended September 30, 2024.
In which US state is SS Innovations International, Inc. incorporated?
SS Innovations International, Inc. is incorporated in Florida.
Filing Stats: 4,464 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-11-14 09:21:08
Key Financial Figures
- $0.0001 — ere 170,864,381 shares of common stock, $0.0001 par value of the registrant issued and
Filing Documents
- ea0220689-10q_ssinnova.htm (10-Q) — 825KB
- ea022068901ex31-1_ssinnova.htm (EX-31.1) — 11KB
- ea022068901ex31-2_ssinnova.htm (EX-31.2) — 11KB
- ea022068901ex32-1_ssinnova.htm (EX-32.1) — 5KB
- ea022068901ex32-2_ssinnova.htm (EX-32.2) — 5KB
- 0001213900-24-097890.txt ( ) — 4869KB
- ssii-20240930.xsd (EX-101.SCH) — 50KB
- ssii-20240930_cal.xml (EX-101.CAL) — 51KB
- ssii-20240930_def.xml (EX-101.DEF) — 230KB
- ssii-20240930_lab.xml (EX-101.LAB) — 377KB
- ssii-20240930_pre.xml (EX-101.PRE) — 238KB
- ea0220689-10q_ssinnova_htm.xml (XML) — 516KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 1 Item 1.
Financial Statements
Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (unaudited) 1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and September 30, 2023 (unaudited) 2 Condensed Consolidated Statements of Shareholders' Equity (Deficit) for the three and nine months ended September 30, 2024 and September 30, 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and September 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 23 Item 3. Quantitative Disclosures About Market Risks 28 Item 4.
Controls and Procedures
Controls and Procedures 28 PART II – OTHER INFORMATION 30 Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30
SIGNATURES
SIGNATURES 31 i PART I – FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. SS INNOVATIONS INTERNATIONAL INC, CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 (Restated) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 220,364 $ 2,022,276 Restricted cash 5,596,681 5,029,650 Accounts receivable, net of allowances 5,103,449 1,901,244 Inventory 9,190,414 6,327,256 Prepaids and other current assets 5,392,375 3,890,017 Receivable from Related party 1,160,649 1,567,559 TOTAL CURRENT ASSETS 26,663,932 20,738,002 NON-CURRENT ASSETS: Property, plant, and equipment, net 2,077,799 706,405 Right of use asset, Operating lease 2,801,443 2,657,554 Accounts receivable, net of allowances 2,382,830 2,365,013 Restricted cash(non-current) 325,642 35,919 Prepaids and other non current assets 3,560,328 4,322,444 TOTAL NON-CURRENT ASSETS 11,148,042 10,087,335 TOTAL ASSETS $ 37,811,974 $ 30,825,337 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY CURRENT LIABILITIES: Bank Overdraft Facility 7,088,307 6,018,926 Notes Payable 4,950,000 - Current maturities of long-term debt 510,189 510,189 Current portion of operating lease liabilities 448,415 396,784 Accounts payable 1,854,133 901,550 Deferred Revenue 982,064 156,330 Other accrued liabilities 3,108,167 489,939 TOTAL CURRENT LIABILITIES 18,941,275 8,473,718 NON-CURRENT LIABILITIES: Operating lease liabilities, less current portion 2,480,401 2,351,113 Deferred Revenue 2,464,380 939,150 Other accrued liabilities 33,933 33,933 TOTAL NON-CURRENT LIABILITIES 4,978,714 3,324,196 TOTAL LIABILITIES 23,919,989 11,797,914 Commitments and contingencies STOCKHOLDERS' (DEFICIT) EQUITY: Common stock, 250,000,000 shares authorized, $ 0.0001 par value, 170,864,381 shares and 170,710,684 shares issued and outstanding as of September 30, 2024, and December 31,2023 respective