SS Innovations Files 10-Q/A Amendment

Ticker: SSII · Form: 10-Q/A · Filed: 2025-01-14T00:00:00.000Z

Sentiment: neutral

Topics: filing-amendment, quarterly-report, sec-filing

TL;DR

SS Innovations filed an amendment to their Q2 2023 10-Q. Check for updates.

AI Summary

SS Innovations International, Inc. filed an amendment (Amendment No. 1) to its Form 10-Q for the quarterly period ended June 30, 2023, on January 14, 2025. The company, formerly known as AVRA Medical Robotics, Inc., is incorporated in Florida and has its principal executive offices in Gurugram, India. This filing is an update to their previous quarterly report.

Why It Matters

This filing indicates an update or correction to the company's quarterly financial reporting, which is crucial for investors to understand the latest financial status and any material changes.

Risk Assessment

Risk Level: medium — Amendments to SEC filings can sometimes indicate previously undisclosed issues or corrections to material information, warranting closer scrutiny.

Key Numbers

Key Players & Entities

FAQ

What is the purpose of this 10-Q/A filing?

This filing is Amendment No. 1 to the Form 10-Q for the quarterly period ended June 30, 2023, indicating an update or correction to the previously filed quarterly report.

When was this amendment filed?

This amendment was filed on January 14, 2025.

What was the company formerly known as?

The company was formerly known as AVRA Medical Robotics, Inc.

In which state is SS Innovations International, Inc. incorporated?

SS Innovations International, Inc. is incorporated in Florida.

Where are the principal executive offices of the company located?

The principal executive offices are located at 405, 3rd Floor, iLabs Info Technology Centre, Udyog Vihar, Phase III, Gurugram, Haryana 122016, India.

Filing Stats: 4,508 words · 18 min read · ~15 pages · Grade level 19.4 · Accepted 2025-01-14 09:03:04

Key Financial Figures

Filing Documents

SIGNATURES

SIGNATURES 55 i

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION SS INNOVATIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) Item 1. Financial Statements As of June 30, As of December 31, Notes 2023 2022 (As Restated) ASSETS Current Assets: Cash and cash equivalents 6 423,062 217,177 Restricted cash 6 43,284 57,448 Accounts receivable, net 5 611,707 156,857 Receivable from related party 14 727,598 1,628,839 Inventory, net 3,965,750 904,103 Prepaids and other current assets 7 1,876,290 1,130,811 Total Current Assets 7,647,691 4,095,235 Non- Current Assets: Property, plant, and equipment, net 3 455,493 417,014 Right of use asset 15 2,598,135 1,498,109 Accounts receivable, net 5 1,512,742 886,263 Restricted cash 6 60,593 - Prepaids and other non current assets 7 155,164 83,912 Total Non-Current Assets 4,782,127 2,885,298 Total Assets 12,429,818 6,980,533 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current Liabilities Bank overdraft facility 10 4,965,744 3,123,046 Notes payable 9 1,225,000 3,000,000 Current maturities of long-term debt 11 - 120,880 Current portion of operating lease liabilities 15 258,774 181,900 Accounts payable 8 725,822 165,477 Payable to related party 14 - 675,013 Deferred revenue 12 37,630 1,776 Other accrued liabilities 8 820,510 498,097 Total Current Liabilities 8,033,480 7,766,189 Operating lease liabilities, less current portion 15 2,408,017 1,371,097 Deferred revenue 12 348,993 42,141 Other accrued liabilities 8 29,234 10,626 Long-term borrowings, less current portion 11 493,998 469,017 Total Non-Current Liabilities 3,280,242 1,892,881 Total Liabilities 11,313,722 9,659,070 Stockholders' (deficit) equity: Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $ 0.0001 par value per share; 5,000 shares and nil shares issued and outstanding

Financial Statements

Financial Statements 1 SS INNOVATIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) For The Three Month Ended June 30, Notes 2023 2022 (As Restated) (As Restated) REVENUES System sales 12 1,424,783 - Instruments sale 12 467,030 - Total revenue 1,891,813 - Cost of revenue ( 1,124,116 ) - GROSS (LOSS) PROFIT 767,697 - OPERATING EXPENSES: Research & development expense 246,426 337,407 Stock compensation expense 8,150 - Depreciation and amortization expense 3 34,466 23,302 Selling, general and administrative expense 5,669,790 364,345 TOTAL OPERATING EXPENSES 5,958,832 725,054 Loss from operations ( 5,191,135 ) ( 725,054 ) OTHER INCOME (EXPENSE): Interest expenses ( 365,205 ) ( 28,821 ) Interest and other income, net 31,852 1,850 TOTAL OTHER (EXPENSE) INCOME ( 333,353 ) ( 26,971 ) LOSS BEFORE INCOME TAXES ( 5,524,488 ) ( 752,025 ) Income tax expense - - NET LOSS ( 5,524,488 ) ( 752,025 ) Net loss per share - basic and diluted 2(p) ( 0.04 ) ( 0.01 ) Weighted average-basic shares 2(p) 143,599,382 128,256,013 Weighted average-diluted shares 2(p) 143,736,382 128,256,013 CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS June 30, June 30, 2023 2022 (As Restated) (As Restated) NET LOSS ( 5,524,488 ) ( 752,025 ) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation (loss) ( 20,890 ) ( 16,190 ) Retirement benefit (net of tax) 1,246 ( 10 ) TOTAL COMPREHENSIVE LOSS ( 5,544,132 ) ( 768,225 ) See accompanying notes to Condensed Consolidated Financial Statements. 2 SS INNOVATIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) For The Six Month Ended June 30, Notes 2023 2022 (As Restated) (As Restated) REVENUES System sales 12 1,780,197 - Instruments sale 12 481,736 - Total revenue

Financial Statements

Financial Statements. 3 SS INNOVATIONS INTERNATIONAL, INC. CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023, AND JUNE 30, 2022 (Unaudited) Preferred Stock Common Stock Additional Paid-In Accumulated Capital Accumulated other comprehensive Non Controlling Total Stockholders' Notes Number Amount Number Amount Capital Deficit Reserve income (loss) Interest Equity BALANCE AT DECEMBER 31, 2022 - - 128,161,013 12,817 ( 12,812 ) ( 3,633,058 ) 899,917 54,599 - ( 2,678,537 ) Net loss - - - - - ( 1,313,016 ) - ( 44,322 ) - ( 1,357,338 ) BALANCE AT MARCH 31, 2023 - - 128,161,013 12,817 ( 12,812 ) ( 4,946,074 ) 899,917 10,277 - ( 4,035,875 ) Preferred stock issued 4 5,000 1 - - ( 1 ) - - - - - Reverse recapitalization 4 - - 6,545,531 655 ( 655 ) - - - - - Conversion of notes payable to equity 4 - - 7,647,871 765 6,137,773 - - - - 6,138,538 Stock issued for services 4 - - 3,818,028 382 4,463,417 - - - - 4,463,799 Stock compensation expense - - - - 8,150 - - - - 8,150 Shares to be issued for services - - - - 85,616 - - - - 85,616 Net loss - - - - - ( 5,524,488 ) - ( 19,645 ) - ( 5,544,133 ) BALANCE AT JUNE 30, 2023 5,000 1 146,172,443 14,618 10,681,490 ( 10,470,562 ) 899,917 ( 9,368 ) - 1,116,096 BALANCE AT DECEMBER 31, 2021 - - 100,000 10 99,990 ( 419,176 ) 899,917 5,222 ( 352 ) 585,611 Retroactive application of recapitalization - - 128,156,013 12,816 ( 12,816 ) - - - - - Net loss - - - - - ( 947,263 ) - ( 15,396 ) - ( 962,659 ) BALANCE AT MARCH 31, 2022 - - 128,256,013 12,826 87,174 ( 1,366,439 ) 899,917 ( 10,174 ) ( 352 ) ( 377,048 ) Net loss - - - - - ( 752,025 ) - ( 16,200 ) - ( 768,225 ) BALANCE AT JUNE 30, 2022 - -

Financial Statements

Financial Statements. 4 SS INNOVATIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For The Six Month Ended June 30, 2023 2022 (As Restated) (As Restated) Cash flows from operating activities: Net loss ( 6,837,504 ) ( 1,699,288 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation & amortization 67,057 47,033 Operating lease expense 13,777 13,899 Stock compensation expense 8,150 - Share issue to investor and advisors 4,463,799 - Interest expense (net) 575,740 43,121 Changes in operating assets and liabilities: Accounts receivable, net ( 1,040,193 ) ( 100,000 ) Inventory, net ( 3,061,647 ) ( 200,352 ) Receivables from / payable to related parties 226,228 745,253 Deferred revenue 342,706 - Prepaids and other current assets ( 962,286 ) 79,637 Accounts payable 560,346 ( 18,659 ) Prepaids and other non current assets ( 73,700 ) ( 3,762 ) Other accrued liabilities 341,021 ( 86,853 ) Net cash used in operating activities ( 5,376,506 ) ( 1,179,971 ) Cash flows from investing activities: Purchase of / proceeds from sale of property, plant and equipment ( 105,536 ) 381,778 Net cash (used in) / provided by investing activities ( 105,536 ) 381,778 Cash flows from financing activities: Proceeds from issuance of convertible notes to other investors 3,000,000 - Proceeds from issuance of convertible notes to principal shareholder 1,225,000 - Proceeds from bank overdraft facility (net) 1,677,577 897,979 Repayment of term loan ( 142,895 ) ( 88,568 ) Net cash provided by financing activities 5,759,682 809,411 Net change in cash 277,640 11,218 Effect of exchange rate on cash ( 25,326 ) ( 27,011 ) Cash at beginning of year 274,625 87,709 Cash at end of year 526,939 71,916 1 For cash and cash equivalents and restricted cash, refer Note 6 Supplemental disclosure of cash flow information:

Financial Statements

Financial Statements. 5 SS INNOVATIONS INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED 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. (AVRA). 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. Prior to October 18, 2022, Cardio Ventures Pvt Ltd., Bahamas (Cardio Bahamas), was in existence and served as the ultimate holding company. On October 18, 2022, Cardio Ventures Inc. acquired controlling interest in Otto Pvt Ltd. from Cardio Bahamas, making Cardi

Financial Statements

Financial Statements The interim condensed consolidated balance sheet as of June 30, 2023, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders' equity (deficit) for the three and six months ended June 30, 2023 and 2022 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial position as of June 30, 2023 and our results of operations and cash flows for the three and six months ended June 30, 2023 and 2022. The financial data and other financial information disclosed in these notes to the interim condensed consolidated

financial statements related to the three and six month periods are also unaudited. The interim

financial statements related to the three and six month periods are also unaudited. The interim condensed consolidated results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Annual Report on Form 10-K/A as filed by us with the U.S. Securities and Exchange Commission (the "SEC") on December 6, 2024. The interim condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (" GAAP "). The accompanying financial statements have been prepared on a consolidated basis and reflect the consolidated financial statements of SS Innovations International, Inc. and all of its subsidiaries ("Group") for the quarter and six month ended June 30, 2023. However, the comparative financial statements for the quarter and six month ended June 30, 2022, have been prepared on a consolidated basis and reflect the consolidated financial statements of Cardio Bahamas and all of its subsidiaries ("Group"). The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing condensed consolidated financial statements. Accounting policies of the respective individual subsidiaries are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP. Restatement of Previously Issued Financial Statements

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