SS Innovations Files 2023 10-K Amendment

TL;DR

SS Innovations amended its 2023 10-K. Check for updates.

AI Summary

SS Innovations International, Inc. filed an amendment (Amendment No. 2) to its 2023 Form 10-K on December 20, 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 updated information for the fiscal year ending December 31, 2023, which is crucial for investors to assess the company's financial health and operational status.

Risk Assessment

Risk Level: medium — As an amendment to an annual report, it suggests potential revisions or additions to previously disclosed information, which could indicate ongoing developments or complexities.

Key Numbers

• 000-56608 — Commission file number (Identifies the company's filing with the SEC)
• 47-3478854 — IRS Number (Company's Employer Identification Number)

Key Players & Entities

• SS Innovations International, Inc. (company) — Registrant
• AVRA Medical Robotics, Inc. (company) — Former company name
• December 31, 2023 (date) — Fiscal year end
• December 20, 2024 (date) — Filing date of amendment
• Florida (location) — State of incorporation
• Gurugram, Haryana, India (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — ction 12(g) of the Act: Common Stock, $0.0001 par value (Title of class) Indicate b

Filing Documents

• ea0224800-10ka2_ssinnova.htm (10-K/A) — 2034KB
• ea022480001ex31-1_ssinnova.htm (EX-31.1) — 11KB
• ea022480001ex31-2_ssinnova.htm (EX-31.2) — 11KB
• ea022480001ex32-1_ssinnova.htm (EX-32.1) — 5KB
• ea022480001ex32-2_ssinnova.htm (EX-32.2) — 5KB
• 0001213900-24-110779.txt ( ) — 14097KB
• ssii-20231231.xsd (EX-101.SCH) — 93KB
• ssii-20231231_cal.xml (EX-101.CAL) — 69KB
• ssii-20231231_def.xml (EX-101.DEF) — 552KB
• ssii-20231231_lab.xml (EX-101.LAB) — 884KB
• ssii-20231231_pre.xml (EX-101.PRE) — 592KB
• ea0224800-10ka2_ssinnova_htm.xml (XML) — 2912KB

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Amendment contains certain statements that constitute forward-looking statements. Any and all statements contained in this Reports that are not statements of historical fact may be deemed forward-looking statements. Terms such as " may ," " might ," " would ," " should ," " could ," " project ," " estimate ," " pro-forma ," " predict ," " potential, " " strateg y," " anticipate ," " attempt ," " develop ," " plan ," " help ," " believe ," " continue ," " intend ," " expect ," " future " and terms of similar import (including the negative of any of the foregoing) may be intended to identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Those statements appear in this Report, and include statements regarding the intent, belief or current expectations of our Company and management that are subject to known and unknown risks, uncertainties and assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in " Item 1. Business " and " Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ." In the Original Filing, as amended by Amendment No. 1 and this Amendment (the " Amended Form 10-K ").

Forward-looking statements in the Amended Form

Forward-looking statements in the Amended Form 10-K may include, without limitation, statements regarding: (i) the plans and objectives of management for future operations, including plans or objectives relating to the marketing of our surgical robotic systems both in and out of India; (ii) the timing or likelihood of regulatory filing, approvals and required licenses for marketing our surgical robotic systems in the U.S., the European Union (the " EU ") and in other countries outside of India; (iii) our ability to adequately protect our intellectual property rights and enforce such rights to avoid violation of the intellectual property rights of others; (iv) the timing, costs and other aspects of our surgical robotic systems; (v) our estimates regarding the market opportunity, clinical utility, potential advantages and market acceptance of our surgical robotic systems; (vi) the impact of government laws and regulations; (vii) our ability to recruit and retain qualified research and development personnel; (viii) difficulties in maintaining commercial scale manufacturing capacity and capability and our ability to generate growth; (ix) uncertainty in industry demand; (x) general economic conditions and market conditions in our industry; (xi) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items; (xii) our future financial performance, including any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included pursuant to the rules and regulations of the Securities and Exchange Commission (the " SEC "); and (xiii) Changes resulting from the restatement of our consolidated financial statements in this Report. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties, and assumptions that are difficul

Financial Statements and Supplementary

Item 8. Financial Statements and Supplementary Data. PART IV INDEX TO CONSOLIDATED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm ( BDO India LLP ; Mumbai, India ; PCAOB ID# 6074 ) F-2 Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 F-4 Consolidated Statements of operations and comprehensive loss for the years ended December 31, 2023 and December 31, 2022 F-5 Consolidated Statements of cash flows for the years ended December 31, 2023 and December 31, 2022 F-6 Consolidated Statements of changes in equity for the years ended December 31, 2023 and December 31, 2022 F-7 Notes to Consolidated Financial Statements F-8 F-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Shareholders and Board of Directors SS Innovations International Inc. 405, 3rd Floor, iLabs Info Technology Centre Udyog Vihar, Phase III Gurugram, Haryana 122016, India Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of SS Innovations International Inc. (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive loss, consolidated statements of changes in equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Substantial Doubt about the Company's Ability to Continue as a Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations and h

Financial Statements

Financial Statements As discussed in Note 1 to the consolidated financial statements, the accompanying consolidated financial statements as of December 31, 2023 and 2022 and for each of the years then ended, have been restated to correct misstatements. Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating t

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS NOTE 1 – FINANCIAL STATEMENTS 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. On April 14, 2023, a wholly owned subsidiary of the Company, AVRA-SSI Merger Corporation (Merger Sub) merged with CardioVentures, Inc., a Delaware corporation ("CardioVentures"), 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 the 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, share and per share information contained in this report reflect the operations of both the Company and CardioVentures and give actual effect to the reverse stock split. The Transaction (Note 4) was accounted for as a reverse recapitalization in accordance with GAAP (the "Reverse Recapitalization"). Under this method, AVRA was treated as the "acquired" company ("Accounting Acquiree") and Cardio Ventures Inc., (the accounting acquirer), was assumed to have issued stock for the net assets of AVRA, accompanied by a recapitalization. Accordingly, for the year ended December 31, 2022 CardioVentures has been considered the ultimate holding company. Basis of Presentation The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ("U.S. GAAP"). The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of SS Innovations International, Inc. and all of its subsidiaries ("Group"). T