# EDGAR Filing Document

**Accession Number:** 0001676163
**File Stem:** 0001213900-25-116553
**Filing Date:** 2025-12
**Character Count:** 663019
**Document Hash:** 7b690442d00ab75ef9cb6ee8698f9e01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-116553.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001213900-25-116553

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SS Innovations International, Inc.
- **CENTRAL INDEX KEY:** 0001676163
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 473478854
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08753
- **FILM NUMBER:** 251539139

**BUSINESS ADDRESS:**
- **STREET 1:** 1600 SE 15TH STREET
- **STREET 2:** #512
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33316
- **BUSINESS PHONE:** (954) 478-1410

**MAIL ADDRESS:**
- **STREET 1:** 1600 SE 15TH STREET
- **STREET 2:** #512
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33316

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVRA Medical Robotics, Inc.
- **DATE OF NAME CHANGE:** 20160601

**This is a confidential draft submission to the U.S. Securities and Exchange Commission on December 1, 2025.<br> This draft registration statement has not been publicly filed with the U.S. Securities and Exchange Commission and all information herein remains strictly confidential.**

**Registration No. 333-** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1<br> REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933**

**SS INNOVATIONS INTERNATIONAL, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Florida** | **3841** | **47-3478854** |
| (State or other jurisdiction of <br> incorporation or organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer <br> Identification No.) |

---

**405, 3<sup>rd</sup> Floor, iLabs Info Technology Centre**

**Udyog Vihar, Phase III**

**Gurugram, Haryana 122016, India**

**+91 73375 53469**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Sudhir Srivastava, M.D.**

**Chairman and Chief Executive Officer**

**SS Innovations International, Inc.**

**1600 SE 15th Street, #512**

**Fort Lauderdale, Florida 33316**

**+91 73375 53469**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:**

**Dale S. Bergman<br> Andrew Zuckerman<br> Lewis Brisbois Bisgaard & Smith LLP<br> 110 SE 6<sup>th</sup> Street, Suite 2600<br> Fort Lauderdale, FL 33301<br> (954) 728-1280**

Approximate date of commencement of proposed sale to the public: **As soon as practicable after the effective date of this registration statement.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED DECEMBER 1, 2025**

**PRELIMINARY PROSPECTUS**

![](image_001.jpg)

**$100,000,000**

**Shares of Common Stock** 

We are offering shares of common stock $0.0001 par value per share ("**Shares**") of SS Innovations International, Inc., a Florida corporation (the "**Company**"), in a underwritten public offering at a public offering price of $ per Share (this "**Offering**").

Our common stock is listed on the Nasdaq Capital Market ("**Nasdaq**") under the symbol "**SSII**". On November 28, 2025, the closing price for our common stock was $6.73 per share as reported by Nasdaq.

We are a "**smaller reporting company**" as defined under federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and the documents incorporated by reference herein and may elect to comply with reduced public company reporting requirements in future filings. See "**Prospectus Summary––Implications of Being a Smaller Reporting Company**."

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Public offering price | $| $100000000 |
| Underwriting discounts and commissions <sup>(1)</sup> | $| $— |
| Proceeds to us, before expenses | $| $— |

---

<sup>(1)</sup> We have also agreed to reimburse the underwriters for certain expenses. See "Underwriting" for additional information regarding total underwriter compensation.

We have granted the underwriters an option for a period of 45 days from the date of this prospectus to purchase up to an additional Shares, solely to cover overallotments, at the public offering price, less any underwriting discounts and commissions. If the underwriters exercise their option in full, the total underwriting discounts and commissions payable by us will be $, and the total proceeds to us, before expenses, will be $.

As of the date of this prospectus, Dr. Sudhir Srivastava, our Chairman of the board of directors and Chief Executive Officer, through his Bahamian holding company, Sushruta Pvt Ltd. ("**Sushruta***"*), beneficially owns approximately 59.17% of our issued and outstanding common stock. In addition, he beneficially owns all the outstanding shares of our Series A Non-Convertible Preferred Stock (the "**Series A Preferred Shares**"), which votes together with the common stock as a single class and affords the holder 51% of the total voting power of the Company, regardless of the number of shares of common stock outstanding. As a result, Dr. Srivastava holds approximately 59.17% of the total voting power of the Company and is the principal and controlling shareholder of the Company. Following completion of the Offering, Dr. Srivastava will be able to determine the outcome of all matters requiring shareholder approval.

Although eligible, the Company has elected not to take advantage of Nasdaq's controlled company governance exemptions applicable to the composition of its board of directors, compensation, nominating and corporate governance committees.

**Investing in our securities involves significant risks. You should carefully review the "Risk Factors" beginning on page 8 of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

**The Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

The underwriters expect to deliver the Shares to purchasers on or about , 202 , subject to satisfaction of customary closing conditions.

 

The date of this prospectus is , 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [About this Prospectus](#a001) | ii |
| [Market, Industry and Other Data](#a002) | ii |
| [Prospectus Summary](#a003) | 1 |
| [Risk Factors](#a004) | 8 |
| [Special Note Regarding Forward-Looking Statements](#a005) | 27 |
| [Use of Proceeds](#a006) | 28 |
| [Dividend Policy](#a007) | 29 |
| [Capitalization](#a008) | 29 |
| [Dilution](#a009) | 30 |
| [Business](#a010) | 31 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a011) | 52 |
| [Directors, Executive Officers and Corporate Governance](#a012) | 62 |
| [Executive Compensation](#a013) | 68 |
| [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#a014) | 71 |
| [Certain Relationships and Related Transactions, and Director Independence](#a015) | 72 |
| [Description of Capital Stock](#a016) | 73 |
| [Material U.S. Federal Income Tax Considerations for Holder of our Common Stock](#a017) | 75 |
| [Shares Available for Future Sales](#a018) | 80 |
| [Underwriting](#a019) | 81 |
| [Legal Matters](#a020) | 88 |
| [Experts](#a021) | 88 |
| [Where You Can Find More Information](#a022) | 88 |
| [Index to Financial Statements](#a023) | F-1 |

---

i

**ABOUT THIS PROSPECTUS**

The registration statement of which this prospectus forms a part that we have filed with the Securities and Exchange Commission (the "**SEC**") includes exhibits that provide more detail of the matters discussed in this prospectus. You should read this prospectus and the related exhibits filed with the SEC, together with the additional information described under the heading "**Where You Can Find More Information**."

**You should rely only on the information contained in this prospectus and in any free writing prospectus prepared by or on behalf of us. We have not, and the underwriters have not, authorized anyone to provide you with information different from, or in addition to, that contained in this prospectus or any related free writing prospectus. This prospectus is an offer to sell only the securities offered hereby but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date. Our business, financial condition, results of operations and prospects may have changed since that date.**

We are not offering to sell or seeking offers to purchase these securities in any jurisdiction where the offer or sale is not permitted. We have not done anything that would permit this Offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the U.S. Persons outside the U.S. who come into possession of this prospectus and any free writing prospectus related to this Offering in jurisdictions outside the U.S. are required to inform themselves about and to observe any restrictions relating to this Offering and the distribution of this prospectus and any such free writing prospectus applicable to that jurisdiction.

Unless the context otherwise requires, the terms "**SSi**," "**the Company**," "**we**," "**us**" and "**our**" refer to SS Innovations International, Inc., and where appropriate, our subsidiaries.

"***SSi***," "***SSi Mantra***," SSi logos and other trade names, trademarks or service marks of the Company appearing in this prospectus are the property of SSi. Other trade names, trademarks or service marks appearing in this prospectus are the property of their respective holders. Solely for convenience, trade names, trademarks and service marks referred to in this prospectus appear without the <sup>®</sup>, <sup>™</sup> and <sup>SM</sup> symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trade names, trademarks and service marks.

**MARKET, INDUSTRY AND OTHER DATA** 

Unless otherwise indicated, information contained in this prospectus concerning our industry and the market in which we operate, including our general expectations and market position, market opportunity and market size, is based on information from various third-party industry and research sources, on assumptions that we have made based on that data and other similar sources and on our knowledge of the markets for our services. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

In addition, industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section captioned "**Risk Factors**" and elsewhere in this prospectus. These and other factors could cause our actual results to differ materially from those expressed in the estimates made by the independent parties and by us.

ii

**PROSPECTUS SUMMARY** 

 

*This summary highlights information contained in greater detail elsewhere in this prospectus. This summary does not contain all the information that you should consider before investing. You should read the entire prospectus carefully, including the sections titled "**Risk Factors**," "**Management's Discussion and Analysis of financial Condition and Results of Operations**" and "**Special Note Regarding Forward-Looking Statements**," and our financial statements and related notes included elsewhere in this prospectus, before making an investment decision.* 

**Business Overview**

We are a commercial-stage surgical robotics company focused on transforming patient lives by democratizing access to advanced surgical robotics technologies.

We design, manufacture and market an advanced, next-generation and affordable surgical robotic system called the SSi Mantra.

While surgical robotic systems have gained acceptance globally in the past two decades for providing greater efficiency, better clinical outcomes and reducing healthcare costs, access to such systems remains largely limited to developed countries such as the U.S., the European Union (the "**EU**') and Japan.

With the SSi Mantra, we are breaking down barriers and accelerating access to surgical robotics technologies in underserved regions of the world.

Developed by a visionary team of surgeons, engineers and industry veterans, the SSi Mantra includes several innovative features to address shortcomings of the current generation of robotic surgery systems.

We commenced development of the SSi Mantra in 2014, received regulatory approval by the Central Drugs Standard Control Organization ("**CDSCO**") India's equivalent of the U.S. Food and Drug Administration ("**FDA**"), for its sale and use in India and commercially launched sales in August 2022. We also received ISO 13485 (quality management system) approval for the SSi Mantra. The SSi Mantra has been clinically validated for safety, efficacy and effectiveness for its intended use to perform robotically assisted surgeries in more than 100 different types of surgical procedures in India without any device related adverse events. As of September 30, 2025, we have installed 127 systems, of which 115 are located in India and 12 at overseas locations. We are currently focusing our efforts on marketing our next generation SSi Mantra 3, which was introduced in June 2024.

Our commercially installed SSi Mantra Surgical Robotic systems in India have been used to perform more than 6,000 surgical procedures as of September 30, 2025, including cardiovascular, thoracic, head and neck, gynecological, urological, cancer and general surgeries as follows:

---

| | | |
|:---|:---|:---|
| **Type of Surgical Procedure** | **No. of Procedures<br> performed <br> as of<br> September 30,<br> 2025** | **% of <br> total<br> procedures** |
| General Surgery | 2496 | 41.2% |
| Urology | 1626 | 26.8% |
| Gynecology | 940 | 15.5% |
| Colorectal | 343 | 5.7% |
| Cardiac | 319 | 5.3% |
| Gastroenterology | 188 | 3.1% |
| Head and Neck | 74 | 1.2% |
| Thoracic | 64 | 1.1% |
| Plastic/Reconstructive | 7 | 0.1% |
| **Total** | **6057** | **100%** |

---

In December 2024, we became the first and only company in India to receive Central Drugs Standard Control Organization ("**CDSCO**," India's equivalent of the U.S. FDA) regulatory approval for use of a robotic surgical system in the performance of Telesurgery and Tele-proctoring procedures. Since receiving such approvals, we have performed 60 telesurgeries using our SSi Mantra as of the date of this prospectus, including a robotic cardiac surgery over a distance of more than 10,000 kilometers.

In addition to India, the SSi Mantra Surgical Robotic System has also been granted regulatory approval in Ecuador, Guatemala, Indonesia, Mauritius, Nepal, Philippines, Sri Lanka, Ukraine and the United Arab Emirates, although our marketing efforts in these countries has been limited to date. We have filed a pre-submission application with the U.S. FDA, requesting feedback on the SSi Mantra. We had a feedback meeting with the FDA on April 2, 2024 and the FDA indicated that we should submit a de novo classification request for the SSi Mantra. This regulatory pathway is utilized for classifying novel medical devices that are low to moderate risk but do not have a predicate. Based on further discussions with the FDA, in August 2025, the company pivoted from filing a de novo request for the SSi Mantra to pursuing the 510(k) regulatory pathway which offers potential speed and cost advantages. We successfully completed a human factors validation study for our SSi Mantra surgical robotic system at Johns Hopkins Hospital in September 2025 and anticipate submitting a 510(k) premarket notification to the FDA for the SSi Mantra for multiple specialty indications in the fourth quarter of 2025. The completion of the human factors validation study, which is designed to provide essential evidence that the SSi Mantra meets the FDA's requirements for usability and patient safety, marks a key milestone and will form an important part of the Company's forthcoming 510(k) submission. The Company has engaged RQM+, a leading MedTech-focused CRO, to assist with the 510(k) submission. If approved by the FDA, the SSi Mantra would be cleared to market in the U.S. Submission of a 510(k) premarket notification request does not guarantee FDA approval. We have also submitted our technical files to Szutest, an EU Notified Body for the CE certification, which if obtained will allow us to market the SSi Mantra in the EU. There can be no assurance as to when or if we will secure such regulatory approvals. Our ISO 13485 (quality management system) approval, CDSCO approval for the manufacture, sale and distribution of our systems and related devices and our Indian export license allow us to market our systems and related devices in fifty non-FDA and non-EU countries without further regulatory approvals. An additional 79 countries require only minimal registration.

We generate revenues from the sale of the SSi Mantra Surgical Robotic System. We offer our SSi Mantra through three selling models: (i) outright purchase, where revenue is realized upfront; (ii) purchase on a deferred or installment payment basis; and (iii) purchase on a pay-per-procedure basis, where revenue is recognized over time. We also earn recurring revenue from the sales of instruments, accessories and services. We sell our systems and related devices directly to customers as well as through distributors.

The SSi Mantra improves patient experience, reduces variabilities and disruption and lowers per-procedure costs. We believe that the SSi Mantra benefits patients, physicians and hospitals by providing access to an advanced and optimized robotic system.

**Corporate Information**

The Company was incorporated in the state of Florida on February 4, 2015, under the name "**Avra Surgical Microsystems, Inc.**," and changed its name to "**Avra Medical Robotics, Inc.**" on November 5, 2015.

From inception through April 13, 2023, we were engaged in developing a fully autonomous medical robotic system using proprietary software which integrated Artificial Intelligence and Deep Learning, or Machine Learning. Our research and development efforts were based in Orlando, Florida, where we established a research partnership with the University of Central Florida.

On April 14, 2023, we consummated the acquisition of CardioVentures, Inc., a Delaware corporation ("**CardioVentures**"), pursuant to a Merger Agreement dated November 7, 2022 (the "**Merger Agreement**"), by and among the Company, a wholly owned subsidiary of the Company ("**Merger Sub**"), CardioVentures and Dr. Sudhir Srivastava, who, through his Bahamian holding company, Sushruta Pvt. Ltd. ("**Sushruta**"), owned a controlling interest in CardioVentures.

CardioVentures, through a subsidiary, owned a controlling interest in Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company ("**SSI-India**"), which developed and manufactures and markets the SSi Mantra, an advanced, yet cost-effective surgical robotic system designed to make the benefits of robotic surgery available to a larger part of the global population.

Pursuant to the Merger Agreement, at Closing, Merger-Sub merged with and into CardioVentures (the "**CardioVentures Merger**"). In the CardioVentures Merger, holders of the outstanding shares of common stock of CardioVentures (including certain parties who provided interim convertible financing during the pendency of the merger , were issued 135,808,884 shares of SSi common stock, representing approximately 95% of issued and outstanding shares of SSi common stock post-merger, with the existing shareholders of SSi holding approximately 6,544,344 shares of SSi common stock representing approximately 5% of issued and outstanding shares of SSi common stock post-merger.

In addition, the holder of CardioVentures common stock also received shares of newly designated Series A Non-Convertible Preferred Stock (the "**Series A Preferred Shares**"), which affords the holder 51% of the total voting power of the Company. As a result of the foregoing, a "**Change in Control**" of the Company occurred, with Dr. Sudhir Srivastava becoming the Company's principal and controlling shareholder. The Series A Preferred Shares are automatically redeemed by the Company for nominal consideration at such time as the holder owns less than 50% of the shares issued to it in connection with the CardioVentures Merger.

Contemporaneously with the closing of the CardioVentures Merger on April 14, 2023, the Company changed its name to "**SS Innovations International, Inc.**," effected a one-for-10 reverse stock split and increased its authorized common stock to 250,000,000 shares.

In connection with the consummation of the CardioVentures Merger, Dr. Sudhir Srivastava, through Sushruta, assigned all patents, trademarks and other intellectual property used in the development, commercialization, manufacturing and sale of its medical and surgical robotic systems and related devices to one or more wholly owned subsidiaries of SSi.

Our principal executive offices are located at 404-405, 3<sup>rd</sup> Floor, iLabs Info Technology Centre, Udyog Vihar, Phase III, Gurugram, Haryana 122016, India. Our telephone number is +91 73375 53469. Our corporate website is https://ssinnovations.com. Information appearing on our corporate website is not part of this prospectus and is not incorporated by reference herein. We have included our website address as an inactive textual reference only.

**Summary Risk Factors**

Our business is subject to numerous risks, as more fully described in the "***Risk Factors***" section immediately following this prospectus summary. These risks include, among others:

● We are an early-stage revenue company with a limited operating history. We have incurred losses since our inception, we anticipate that we will continue to incur operating losses and negative cash flow for the foreseeable future, and we may never achieve or maintain profitability.

● We will require significant additional financing to expand marketing of the SSi Mantra, obtain regulatory approvals in the U.S., the EU and other countries where we wish to market our systems and related devices and develop and commercialize enhancements to the SSi Mantra, as well as other related products. A failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our marketing and product development activities.

● If our SSi Mantra Surgical Robotic System and related devices do not achieve market acceptance in India and abroad, we will not be able to generate the revenue necessary to support our business.

● We may encounter resistance from customers to the effort required to be trained to use the SSi Mantra and other problems or delays with respect to training that could result in lost revenue.

● The SSi Mantra and our related devices and operations have not been approved for marketing in the U.S. or the EU, and are and will be subject to extensive and rigorous government regulation by the Central Drugs Standard Control Organization (the "**CDSCO**") in India, by the U.S. Food and Drug Administration (the "**FDA**") in the U.S. and by similar agencies in the EU and in many other countries where we plan to market our systems and related devices. If we do not obtain and maintain the necessary international regulatory approvals or certifications, we will not be able to sell our systems and related devices in other countries.

● Even if we obtain regulatory approval, we will be subject to ongoing post-market regulatory scrutiny.

● If defects are discovered in our surgical robotic system and related devices, we may incur additional unforeseen costs stemming from physicians, hospitals and other potential customers possibly not purchasing our systems and related devices and our reputation may suffer. This would have a material adverse effect on our business.

● The use of our surgical robotic systems could result in product liability and negligence claims that could be expensive, divert management's attention and harm our business.

● We may encounter manufacturing problems or delays that could result in lost revenue.

● We could be subject to significant, uninsured losses, which may have a material adverse impact on our business, financial condition, or results of operations.

● We rely heavily on the consistent supply of components from overseas suppliers for our manufacturing operations.

● Our reliance on sole- and single-sourced suppliers and ability to purchase at acceptable prices a sufficient supply of materials could harm our ability to meet product demand in a timely manner or within budget.

● We need to expand our sales and marketing capabilities and clinical and technical support team and the failure to do so could impair our ability to achieve profitability.

● Our markets are highly competitive and many of our competitors have significantly greater experience, longer operating histories and greater financial resources. If we cannot compete effectively, our business, prospects, financial condition or results of operations will be materially adversely impacted.

● If we lose our key personnel or are unable to attract and retain additional personnel, our ability to compete will be harmed.

● We are subject to a variety of risks due to the substantial portions of our operations which are conducted in India.

● If hospitals are unable to obtain coverage and reimbursement for procedures using our systems and related devices, if reimbursement is insufficient to cover the costs of purchasing our systems and related devices or if limitations are imposed by governments on the amount hospitals can charge for certain procedures, we may be unable to generate sufficient sales to support our business.

● Tariff policies could hamper our ability to import our surgical robotic systems and related devices and otherwise market our surgical robotic systems and related devices in the U.S.

● If we are unable to protect the intellectual property for our systems and related devices from use by third parties, our ability to compete in the market will be harmed.

● Others may assert that our systems and related devices infringe on their intellectual property rights, which may cause us to engage in costly disputes and, if we are not successful in defending ourselves, could also require us to pay substantial damages, prohibiting us from selling our systems and related devices.

● We may be forced to litigate to enforce or defend our intellectual property rights.

● Intellectual property disputes could cause us to spend substantial resources and distract our personnel from their normal responsibilities.

● The rights and measures we rely on to protect the intellectual property underlying our systems and related devices may not be adequate to prevent third parties from using our technology, which could harm our ability to compete in the market.

● Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for noncompliance with these requirements.

● We may be subject to claims by third parties claiming ownership of what we regard as our own intellectual property.

● We may be unsuccessful in licensing or acquiring intellectual property rights from third parties that may be necessary to develop, manufacture and/or commercialize our current and/or future systems and related devices or services.

● Our management has reported that our disclosure controls and procedures and our internal control over financial reporting were not effective, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.

● Our Chairman and Chief Executive Officer, who is our principal and controlling shareholder, holds approximately 59.17% of the combined voting power of the Company, which gives him the ability to control our business and may limit or eliminate minority shareholders' ability to influence corporate affairs.

● You will experience immediate and substantial dilution in the book value per Share you purchase.

● If you purchase our securities in this Offering, you may experience future dilution as a result of future equity offerings or other equity issuances.

● A substantial number of shares of common stock may be sold in the market following this Offering, which may depress the market price for our common stock.

● The offering price per Share in this Offering is not an indication of the fair value of our common stock.

● FINRA sales practice requirements may limit a shareholder's ability to buy and sell our securities.

● Purchasers who purchase our securities in this Offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase without the benefit of a securities purchase agreement.

**Implications of Being a Smaller Reporting Company**

We are a smaller reporting company as defined in the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as (i) the market value of our voting and non-voting common stock held by non-affiliates is less than $250 million measured on the last business day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700 million measured on the last business day of our second fiscal quarter. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our annual reports on Form 10-K and have reduced disclosure obligations regarding executive compensation, and if we are a smaller reporting company with less than $100 million in annual revenue, we would not be required to obtain an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.

**The Offering**

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| | |
|:---|:---|
| **Securities we are offering** | Up to Shares of our common stock, $0.0001 par value per share ("**Shares**"). |
| **Offering Price** | $ per Share for an aggregate of $100,000,000. |
| **Option to Purchase Additional Shares** | We have granted the underwriters an option, exercisable for forty-five (45) days after the date of this prospectus, to purchase up to an additional Shares at a price of $ per Share, less the underwriting discount, solely to cover overallotments, if any. |
| **Common stock outstanding before Offering:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |
| **Common stock outstanding after this Offering** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |
| **Use of proceeds:** | We estimate the net proceeds to us from this Offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $ million.<br>We intend to use the net proceeds for working capital and general corporate purposes, which include, but are not limited to expansion of our manufacturing capacity through the installation of additional machinery and equipment, bulk ordering of components for use in manufacturing of our systems and related devices, conducting global clinical trials to meet various regulatory requirements, lease of additional office and manufacturing space, augmenting our working capital and establishing regional marketing offices. See "**Use of Proceeds**" for more information. |

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| | |
|:---|:---|
| **Current Market for our Shares** | Our common stock is currently listed for trading on the Nasdaq Capital Market under the symbol "**SSII**." |
| **Risk Factors** | Although eligible, the Company has elected not to take advantage of Nasdaq's controlled company governance exemptions applicable to the composition of its board of directors, compensation, nominating and corporate governance committees. An investment in our securities involves a high degree of risk and could result in a loss of your entire investment. Prior to making an investment decision, you should carefully consider all of the information in this prospectus and, in particular, you should evaluate the risk factors set forth under the caption "**Risk Factors**" beginning on page 8. |

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**Outstanding Shares**

The number of Shares outstanding immediately following this Offering is based on 193,637,149 Shares issued and outstanding as of the date of this prospectus. The number of Shares to be outstanding immediately following this Offering does not take into account:

● the 7,578,181 shares of our common stock reserved for issuance under presently outstanding options under our 2016 Incentive Stock Plan (the "**Incentive Plan**") with a weighted-average exercise price of $[2.52] per share;

● the 1,607,331 shares of common stock issuable upon the vesting of outstanding restricted stock grants under the Incentive Plan;

● the 19,362,114 shares of our common stock reserved for future issuance under the Incentive Plan; and

Unless otherwise indicated, all information in this prospectus assumes:

● no exercise of the outstanding options; and

● no exercise by the underwriters of their option to purchase up to additional shares of our common stock.

**Summary Financial Information**

The summary consolidated statements of operations data for each of the years ended December 31, 2024 and December 31, 2023 and the summary consolidated balance sheet data as of December 31, 2024 have been derived from our audited consolidated financial statements and notes thereto included elsewhere in this prospectus.

The summary consolidated statements of operations data for the nine months ended September 30, 2025 and September 30, 2024 and the summary consolidated balance sheet data as of September 30, 2025, have been derived from our unaudited consolidated financial statements and notes thereto included elsewhere in this prospectus. The unaudited consolidated financial statements were prepared on the same basis as our audited financial statements. In our opinion, such financial statements include all adjustments, consisting only of normal recurring adjustments that we consider necessary for a fair presentation of the financial information set forth in those statements.

You should read this information together with the consolidated financial statements and related notes and other information under "**Management's Discussion and Analysis of Financial Condition and Results of Operations**" included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations** | **For the <br> Nine Months <br> Ended <br> September 30, <br> 2025** | **For the <br> Nine Months <br> Ended <br> September 30, <br> 2024** | **For the<br> Year Ended <br> December 31, <br> 2024** | **For the<br> Year Ended <br> December 31, <br> 2023** |
|  | **(unaudited)** | **(unaudited)** | | |
| Revenues | $27950264 | $12533335 | $20649528 | $5875314 |
| Cost of Sales | $(14783062) | $(8.049960) | $(12197162) | $(5149786) |
| Operating and Interest Expenses | $(20622422) | $(21711181) | $(27603563) | $(21603820) |
| Net Loss | $(9656008) | $(17227806) | $(19151197) | $(20878292) |
| Net Loss per share, basic and diluted | $(0.05) | $(0.10) | $(0.11) | $(0.14) |
| Weighted-average shares outstanding- basic | 188720115 | 170750183 | 170847444 | 144866674 |
| Weighted-average shares outstanding- diluted | 197979738 | 181779811 | 181203673 | 152069825 |

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| | | |
|:---|:---|:---|
| **Balance Sheet Data** | **As of <br> September 30, <br> 2025** | **As of <br> December 31, <br> 2024** |
|  | **(unaudited)** | |
| Cash | $5681657 | $466500 |
| Total Assets | $69577027 | $42385213 |
| Total Liabilities | $29927721 | $28928110 |
| Total Stockholders' Equity | $39649306 | $13457103 |

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**RISK FACTORS**

 

*An investment in our securities involves a number of very significant risks. You should carefully consider the following risk factors in conjunction with the other information contained in this prospectus before purchasing our securities. The risks discussed in this prospectus could adversely affect our business, operating results, prospects and financial condition. This could cause the value of our securities to decline and/or cause you to lose part or all of your investment. The risks and uncertainties described below are not the only ones we face but do represent those risks and uncertainties that we believe are material to us. Additional risks and uncertainties not presently known to us or that, as of the date of this prospectus, we deem immaterial may also harm our business. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section entitled "**Special Note Regarding Forward-Looking Statements**."*

**Risks Related to Our Business**

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***We are an early-stage revenue company with a limited operating history. We have incurred losses since our inception, we anticipate that we will continue to incur operating losses and negative cash flow for the foreseeable future, and we may never achieve or maintain profitability.***

We only commercially launched our SSi Mantra Surgical Robotic System in the second half of 2022 and, accordingly, our revenues have been limited to date. Accordingly, we have a limited operating history, we have not yet demonstrated our ability to generate revenue on a consistent basis and we may not be able to operate on a profitable basis. As a result, it is difficult to evaluate our performance and to forecast our future operating results. Our prospects must be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by an early-stage revenue company in a highly competitive healthcare industry. We cannot provide any assurance that we will be successful in addressing the risks which we may encounter, and our failure to do so could have a material adverse effect on our business, prospects, financial condition and results of operations.

We have incurred losses since our inception and expect to continue to incur operating losses and negative cash flow for the foreseeable future. For the years ended December 31, 2024 and December 31, 2023 and the nine months ended September 30, 2025 and September 30, 2024, we had net losses of $19.15 million. $20.88 million, $9.67 million and $17.23 million, respectively. As of December 31, 2024 and September 30, 2025, we had an accumulated deficit of $43.66 million and $53.33 million, respectively. We anticipate that our losses will continue to increase from current levels because we expect to incur additional costs and expenses related to expanding our business, including additional manufacturing costs, sales, marketing and distribution costs, employee related costs, capital expenditures and the costs of complying with government regulations, sales force, manufacturing, distribution and training. To become and remain profitable, we must succeed in continuing to market our SSi Mantra system and generate significant revenue from the sale thereof. We can provide no assurance as to when, or if, we can achieve profitability and, even if we achieve profitability, we may not be able to sustain profitability on a quarterly or annual basis. Our failure to become and remain profitable would decrease the value of our company and could impair our ability to raise capital, maintain our research and development efforts, expand our business or continue our operations. A decline in the value of our common stock could also cause you to lose all or part of your investment. These factors raise substantial doubt about the Company's ability to continue as a going concern.

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***We will require significant additional financing to expand marketing of the SSi Mantra, obtain regulatory approvals in the U.S., the EU and other countries where we wish to market our*** systems and related devices***, and develop and commercialize enhancements to the SSi Mantra, as well as other related products. A failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our marketing and product development activities.***

We believe that we will continue to expend substantial resources for the foreseeable future on expanded marketing of our SSi Mantra system, obtain regulatory approvals in the U.S., the EU and other countries where we wish to market our systems and related devices, and develop and commercialize enhancements to our surgical robotic system and related devices.

Our future capital requirements depend on many factors, including:

● the cost, time and success of expanded marketing efforts of our SSi Mantra system;

● obtaining regulatory approval of our SSi Mantra Surgical Robotic System in the U.S., the EU and other countries where we wish to market our systems and related devices;

● the scope, progress, results and costs of research and development of enhancements to our SSi Mantra system and any future systems and related devices we may seek to develop;

● the cost of commercialization activities of any enhanced or future products which we may develop and seek to commercialize;

● our ability to establish and maintain strategic collaborations, licensing or other arrangements and the financial terms of such agreements, if we choose to utilize such arrangements in connection with the commercialization of future systems and related devices;

● the number and characteristics of any future products we may develop;

● any product liability or other lawsuits related to our products or commenced against us;

● the expenses needed to attract and retain skilled personnel;

● the costs associated with being a public company; and

● the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing patent claims or other intellectual property rights, including litigation costs and the outcome of such litigation.

Additional funds may not be available when we need them, on terms that are acceptable to us or at all. If adequate funds are not available to us on a timely basis, we may be required to:

● delay, limit, reduce or terminate sales and marketing activities for our SSi Mantra system, and other products; or

● delay, limit, reduce or terminate our research and development activities.

***If our SSi Mantra Surgical Robotic System and related devices do not achieve market acceptance in India and abroad, we will not be able to generate the revenue necessary to support our business.***

We believe that our SSi Mantra Surgical Robotic System offers an important alternative to existing systems due to its advanced technology, significantly lower cost and ease of training and affords the opportunity to bring the benefits of robotic surgery to greater numbers of patients around the world. Achieving physician and patient acceptance of our systems will be crucial to our success. If our systems and related devices fail to achieve market acceptance, customers will not purchase our products and we will not be able to generate the revenue necessary to support our business. We believe that physicians' acceptance of the benefits of procedures performed using our system and related devices will be essential for acceptance of our system by patients. In addition, we are initially focusing on markets with a low penetration of robotic surgery where hospitals and physicians may be reluctant to adopt a new system because of perceived liability risks. If the SSi Mantra is not accepted by the market in India and abroad, and not competitive with other systems, we may not be able to generate the revenue necessary to support our business and our business, prospects, financial condition and results of operations will be materially adversely affected.

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***We may encounter resistance from customers to the effort required to be trained to use the SSi Mantra and other problems or delays with respect to training that could result in lost revenue.***

We anticipate that there will be a learning process involved for users of our SSi Mantra system to become proficient in its use. Broad use of our system will require training. Market acceptance could be delayed by the time required to complete this training. Even if we are able to overcome market resistance, we may not be able to rapidly train users in numbers sufficient to generate adequate demand for our system.

***The SSi Mantra and our related devices and operations have not been approved for marketing in the U.S. or the EU, and are and will be subject to extensive and rigorous government regulation by the Central Drugs Standard Control Organization (the " CDSCO") in India, by the U.S. Food and Drug Administration (the "FDA") in the U.S. and by similar agencies in the EU and in many other countries where we plan to market our*** systems and related devices***. If we do not obtain and maintain the necessary international regulatory approvals or certifications, we will not be able to sell our*** systems and related devices ***in other countries.***

The SSi Mantra and our related devices and operations have not been approved for marketing in the U.S. or the EU, and are and will be subject to extensive rigorous government regulation by the CDSCO in India, by the FDA in the U.S. and by similar agencies in the EU and in many other countries or regions where we plan to market our systems and related devices.

In India, our systems and related devices are primarily regulated under the Indian Medical Device Rules, 2017, as amended by the Medical Device (Amendment) Rules, 2020 (as amended, the "**IMDR**"), promulgated and administered by the CDSCO. These rules cover various aspects of medical device related regulations, including classification, registration, manufacturing and import, labeling, sales and post-market requirements. Similar to rules in the EU, they mandate that devices are safe and perform their intended function.

Based on intended use of the device, the risks associated with the device and other parameters referred to in the IMDR, the Central Licensing Authority of India classifies Medical Devices into four risk classes: (i) A (low risk); (ii) B (low moderate risk); (iii) C (moderate high risk); and (iv) D (high risk).

The CDSCO has divided the device classifications into 24 panels, whereas our surgical robotic system is classified as a Class B device pertaining to operating room procedures.

Our systems and related devices and operations will be subject to extensive and rigorous regulation in the U.S. by the FDA and by similar agencies in the EU and many other countries or regions in which we may market our systems and related devices. Unless an exemption applies, each medical device that we intend to market in the U.S. must first receive either "*510(k) clearance*" or "*Premarket approval*" ("**PMA**") from the FDA pursuant to the Federal Food, Drug, and Cosmetic Act (the "**FFDCA**"). The FDA's 510(k) clearance process usually takes from four to twelve months, but it can last longer. The process of obtaining PMA approval is much more costly, lengthy and uncertain. It generally takes from one to three years or even longer.

Our SSi Mantra Surgical Robotic System could fail to receive regulatory approval for many reasons, including the following:

● we may be unable to successfully complete any clinical trials which we are required to conduct;

● we may be unable to demonstrate to the satisfaction of the FDA or other regulatory authorities that our surgical robotic system is safe;

● the FDA or other regulatory authorities may disagree with the design or implementation of any clinical trials we are required to conduct;

● the results of clinical trials that we do undertake may not meet the level of statistical significance required by the FDA or other regulatory authorities for approval;

● the FDA or other regulatory authorities may disagree with our interpretation of data from any preclinical studies or clinical trials we are required to conduct;

● a decision by the FDA, other regulatory authorities or us to suspend or terminate a clinical trial at any time;

● the data collected from clinical trials of the SSi Mantra system may be inconclusive or may not be sufficient to obtain regulatory approval in the U.S. or elsewhere; and

● our manufacturers of supplies needed for manufacturing the SSi Mantra may fail to satisfy FDA or other regulatory requirements and may not pass inspections that may be required by FDA or other regulatory authorities;

We may encounter substantial delays in our regulatory approvals. We cannot guarantee that any preclinical testing or clinical trials which we are required to conduct will be conducted as planned or completed on schedule, if at all. Delays can be costly and could negatively affect our ability to complete any preclinical or clinical trials that we are required to conduct for our medical robotic system. If we are not able to successfully complete any such preclinical or clinical trials in a timely and cost-effective manner, we will not be able to obtain regulatory approval and/or will not be able to commercialize our medical robotic systems, which would have an adverse effect on our business.

To be able to market and sell our systems and related devices in other countries, we must obtain regulatory approvals and comply with the regulations of those countries. These regulations, including the requirements for approvals, and the time required for regulatory review vary from country to country. Obtaining and maintaining foreign regulatory approvals is expensive, and we cannot be certain that we will receive regulatory approvals in any foreign country in which we plan to market the SSi Mantra Surgical System. If we fail to obtain regulatory approval in any foreign country in which we plan to market our systems and related devices, our ability to generate revenue will be harmed.

We currently have ISO 13485 (quality management system) approval, CDSCO approval for the manufacture, sale and distribution of our systems and related devices and a license to export our systems and related devices from India. These approvals allow us to market our systems and related devices in India and in 50 non-FDA and non-CE (EU) countries without further regulatory approval and in an additional 79 countries that require only minimal registration. We have received regulatory approval to market and sell our systems and related devices in Ecuador, Guatemala, Indonesia, Mauritius, Nepal, Philippines, Sri Lanka, Ukraine and the United Arab Emirates, and have initiated the regulatory approval process, which if successful will allow us to market our systems and related devices in more than 50 countries within approximately one year.

We have also initiated the process to secure regulatory approvals from the FDA and the EU. However, there can be no assurance as to when we will secure any of the foregoing regulatory approvals, if at all.

If we do not obtain and maintain the necessary international regulatory approvals or certifications, we will not be able to sell our systems and related devices in other countries.

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***Even if we obtain regulatory approval, we will be subject to ongoing post-market regulatory scrutiny.***

Because our medical robotic systems, if approved, will be commercially distributed, numerous post-market regulatory requirements apply, particularly in the U.S. We will be required to timely file various reports with the supervising agencies, including reporting to the FDA if our surgical robotic system has caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur. If these reports are not filed in a timely manner, regulators may impose sanctions and sales may suffer, and we may be subject to product liability or regulatory enforcement actions, all of which could harm our business.

If we initiate a correction or removal to reduce a posed health risk, we would be required to submit a publicly available report of correction and removal to the FDA and in many cases, similar reports to other regulatory agencies. This report could be classified by the FDA as a product recall which could lead to increased scrutiny by the FDA, other international regulatory agencies and our customers regarding the quality and safety of our systems and related devices. Furthermore, the submission of these reports has been and could be used by competitors against us in competitive situations and cause customers to delay purchase decisions or cancel orders which would harm our reputation.

In the U.S., the FDA and the Federal Trade Commission (the "**FTC**") also regulate the advertising and promotion of our surgical robotic system to ensure that the claims we make are consistent with our regulatory approvals, that there are adequate and reasonable data to substantiate our claims and that our promotional labeling and advertising is neither false nor misleading in any respect. If the FDA or FTC determines that any of our advertising or promotional claims are misleading, unsubstantiated or impermissible, we may be subject to enforcement actions, including warning letters, and we may be required to revise our promotional claims and make other corrections or restitutions.

The CDSCO, the FDA and many foreign regulatory authorities have broad enforcement powers. Our failure to comply with applicable regulatory requirements could result in enforcement actions by such agencies, which may include any of the following sanctions:

● adverse publicity, warning letters, fines, injunctions, consent decrees and civil penalties;

● repair, replacement, refunds, recall or seizure of our systems and related devices;

● operating restrictions, partial suspension or total shutdown of production; or

● criminal prosecution.

We will be subject to inspection and marketing surveillance by the CDSCO**,** the FDA and various foreign agencies, to determine our compliance with regulatory requirements. If an agency finds that we have failed to comply, it can institute a wide variety of enforcement actions, ranging from a regulatory letter to a public warning letter to more severe civil and criminal sanctions, including the seizure of our systems and related devices and equipment or ban on the import or export of our surgical robotic systems. Our failure to comply with applicable requirements could lead to an enforcement action that may have an adverse effect on our business, prospects, financial condition and results of operations.

***If defects are discovered in our surgical robotic system and related devices, we may incur additional unforeseen costs stemming from physicians, hospitals and other potential customers possibly not purchasing our systems and related devices and our reputation may suffer. This would have a material adverse effect on our business.***

Our SSi Mantra Surgical Robotic System and related devices incorporate mechanical parts, electrical components, optical components and computer software, any of which can contain errors or failures, especially when first introduced. In addition, new systems and related devices or enhancements to them may contain undetected errors or performance problems that, despite testing, are discovered only after commercial shipment. Because our systems and related devices will be designed for use in complex surgical procedures, we expect that our customers will have an increased sensitivity to such defects. We cannot assure that our medical robotic systems and related devices will not experience component aging, errors or performance problems. If we experience flaws or performance problems, any of the following could occur:

● delays in product shipments;

● loss of revenue;

● delay in market acceptance;

● diversion of our resources;

● damage to our reputation;

● product recalls;

● regulatory actions;

● increased service or warranty costs; or

● product liability claims.

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***The use of our surgical robotic systems could result in product liability and negligence claims that could be expensive, divert management's attention and harm our business.***

Our systems and related devices expose us to significant risks of product liability claims. We will face financial exposure to product liability claims if the use of our systems and related devices cause injury or death. There is also the possibility that defects in the design or manufacture of the SSi Mantra or its components might necessitate a product recall. Any weaknesses in training and services associated with our surgical robotic system may also subject us to product liability lawsuits. Although we maintain product liability insurance, the coverage limits of these policies may not be adequate to cover future claims. A product liability claim, regardless of its merit or eventual outcome, could result in significant legal defense costs. A product liability or negligence claim or any product recalls could also harm our reputation or result in a decline in revenues. Furthermore, if a patient is harmed by a surgical procedure in which the SSi Mantra is used, even in the absence of any alleged system malfunction or defect, we can be exposed to negligence claims based on alleged inadequacies in our training of physicians or our training of our personnel. A negligence claim, regardless of its merit or eventual outcome, could result in significant legal defense costs. Legal actions also divert management's attention from our business, resulting in a material adverse effect on our business, prospects, financial condition or results of operations.

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***We may encounter manufacturing problems or delays that could result in lost revenue.***

Manufacturing the SSi Mantra and related devices is a complex process. If demand for our systems and related devices grows, we may encounter difficulties in scaling-up production, including:

● problems involving production yields;

● quality control and assurance;

● component supply shortages;

● import or export restrictions on components, materials or technology;

● shortages of qualified personnel; and

● compliance with state, federal and foreign regulations.

If demand for our systems and related devices exceeds our manufacturing capacity, we could develop a substantial backlog of customer orders. If we are unable to obtain larger-scale manufacturing capabilities, our ability to generate revenues will be limited and our reputation in the marketplace could be damaged.

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***We could be subject to significant, uninsured losses, which may have a material adverse impact on our business, financial condition, or results of operations.***

For certain risks, we do not maintain insurance coverage due to cost and/or availability. For example, we self-insure our product liability risks, and we indemnify our directors and officers for third-party claims and do not carry insurance to cover that indemnity or the related underlying potential losses. Also, we do not carry, among other types of coverage, keyman or loss of profit insurance. In addition, in the future, we may not continue to maintain certain existing insurance coverage or adequate levels of coverage. Premiums for many types of insurance have increased significantly in recent years and, depending on market conditions and our circumstances, certain types of insurance, such as directors' and officers' insurance, may not be available in the future on acceptable terms or at all. Because we retain some portion of our insurable risks and, in some cases, we are entirely self-insured, unforeseen or catastrophic losses in excess of insurance coverage could require us to pay substantial amounts, which may have a material adverse impact on our business, financial condition, or results of operations.

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***We rely heavily on the consistent supply of components from overseas suppliers for our manufacturing operations.***

We use several electric, electronic and mechanical components to manufacture our final products and a significant portion of these components are sourced from suppliers located outside of India. If any of these suppliers face disruptions in their operations or if any restrictions are placed on imports of these components into India, it could have an adverse impact on our manufacturing capabilities and cause us to not be able to deliver against orders on a timely basis which could impact our ability to generate revenues.

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***Reliance on sole- and single-sourced suppliers and our ability to purchase at acceptable prices a sufficient supply of materials could harm our ability to meet product demand in a timely manner or within budget***.

We currently do not use any sole-source component suppliers and we believe that various alternative sources of supply are available. Notwithstanding the foregoing, there can be no assurance that in the event of a supply disruption, we will be able to obtain an alternative source of supply at commercially reasonable cost or that any supply disruption will not have a material adverse impact on our business.

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***We need to expand our sales and marketing capabilities and clinical and technical support team and the failure to do so could impair our ability to achieve profitability.***

As we market and sell our systems and related devices outside of India, we need to expand our sales and marketing capabilities. We also need to expand our clinical and technical support team, who will support our sales and marketing organization by providing training, clinical and technical support and other services to our customers before and during the surgery. We will face significant challenges and risks in developing our sales and marketing organization, including:

● our ability to recruit, train and retain adequate numbers of qualified sales and marketing and clinical and technical support personnel;

● the ability of sales personnel to obtain access to leading surgeons and persuade adequate numbers of hospitals to purchase our systems and related devices;

● costs associated with hiring, maintaining and expanding a sales and marketing organization; and

● government scrutiny with respect to promotional activities in the healthcare industry.

If we are unable to successfully expand our sales and marketing organization and clinical and technical support team, we may be unable to generate revenue and may not become profitable and our customer relationships may be harmed, which would adversely impact our business, prospects, financial condition or results of operations.

 **

***Our markets are highly competitive and many of our competitors have significantly greater experience, longer operating histories and greater financial resources. If we cannot compete effectively, our business, prospects, financial condition or results of operations will be materially adversely impacted.***

 **

A number of companies manufacture and market or are developing and planning to market various robotic systems that are designed to be used in performing various surgical procedures. Many of these companies have significantly greater experience, longer operating histories and greater financial resources than does the Company.

We believe that the primary competitive factors in the market we address will be procedural capability, cost of operations, efficacy, ease of use, quality, reliability and effective sales support, training and service. If we cannot compete effectively, our business, prospects, financial conditions or results may be significantly harmed.

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***If we lose our key personnel or are unable to attract and retain additional personnel, our ability to compete will be harmed.***

We are highly dependent on the principal members of our management, scientific and marketing teams, including our Chief Executive Officer, President, Chief Financial Officer and Chief Operating Officer – Americas. Our product development plans depend, in part, on our ability to attract and retain engineers with experience in mechanics, electronics, software development and associated skills and experienced individuals to expand our marketing and sales efforts. Attracting and retaining qualified personnel is and will remain critical to our success, and competition for qualified personnel is intense. We may not be able to attract and retain personnel on acceptable terms given constraints on the labor market, the competition for such personnel among technology and healthcare companies and universities, both in India and abroad. The loss of any of these persons or our inability to attract and retain qualified personnel could harm our business and our ability to compete.

We are party to employment and consulting agreements with our executive officers, but we do not currently have key man insurance in place for such persons.

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***We are subject to a variety of risks due to the substantial portions of our operations which are conducted in India.***

Substantially all of our development, manufacturing, marketing and distribution activities are conducted at our facility in New Delhi, India. In addition, substantially all of our revenues to date from sales of our SSi Mantra and related devices have been from sales to customers in India. Our India operations are, and will continue to be, subject to a number of risks including:

● the failure to obtain or maintain the same degree of protection against infringement of our intellectual property rights due to differing intellectual property protection laws in India from those in the U.S.;

● Indian regulatory requirements that are subject to change and that could impact our ability to manufacture and sell our systems and related devices;

● changes in tariffs, trade barriers and regulatory requirements, particularly in light of the aggressive tariff position being taken by the Trump administration;

● local or national regulations in India that make it difficult or impractical to market or use our systems and related devices;

● regulations imposed by the Reserve Bank of India, including those related to capital funding, pledging of assets, repatriation of funds and payment of dividends to U.S. corporations;

● India's relations with the governments of the other countries in which we operate;

● the inability or regulatory limitations on our ability to export goods out of India;

● the risks associated with foreign currency exchange rate fluctuations;

● different labor relations laws and employee rights;

● anti-corruption laws and other local laws prohibiting corrupt payments to governmental officials;

● economic weakness, including inflation, political instability and war; and

● business interruptions due to natural disasters, outbreak of disease, climate change and other events beyond our control.

***It may be difficult for you to enforce any judgment obtained in the U.S. against us, our directors or executive officers or our affiliates.***

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Many of our directors and executive officers reside in India. A substantial portion of our assets and the assets of many of these persons are also located outside of the U.S. As a result, you may be unable to effect service of process upon us outside of India or upon such persons outside their jurisdiction of residence. In addition, you may be unable to enforce against us in courts outside of India, or against these persons outside the jurisdiction of their residence, judgments obtained in courts of the U.S., including judgments predicated solely upon the federal securities laws of the U.S.

We have been advised by our Indian counsel that the U.S. and India do not currently have a treaty providing for reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any federal or state court in the U.S. on civil liability, whether or not predicated solely upon the federal securities laws of the U.S., would not be enforceable in India. However, the party in whose favor such final judgment is rendered may bring a new suit in a competent court in India based on a final judgment that has been obtained in the U.S. The suit must be brought in India within three years from the date of the judgment in the same manner as any other suit filed to enforce a civil liability in India. It is possible that a court in India may not award damages on the same basis as a foreign court if an action is brought in India. Furthermore, it is unlikely that an Indian court would enforce a foreign judgment if it viewed the amount of damages awarded as excessive or inconsistent with Indian practice. A party seeking to enforce a foreign judgment in India is required to obtain approval from the Reserve Bank of India ("**RBI**") under the Foreign Exchange Management Act, 1999, to execute such a judgment or to repatriate any amount recovered.

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***If hospitals are unable to obtain coverage and reimbursement for procedures using our systems and related devices, if reimbursement is insufficient to cover the costs of purchasing our systems and related devices or if limitations are imposed by governments on the amount hospitals can charge for certain procedures, we may be unable to generate sufficient sales to support our business.***

In the U.S., hospitals generally bill for the services performed with products such as ours to various third-party payors, such as Medicare, Medicaid, other government programs and private insurance plans. If hospitals do not obtain sufficient reimbursement from third-party payors for procedures performed with our systems and related devices, or if government and private payors' policies do not cover surgical procedures performed using our systems and related devices, we may not be able to generate the revenues necessary to support our business. In addition, to the extent that there is a shift from an inpatient setting to outpatient settings, we may experience pricing pressure and a reduction in the number of procedures performed. Our success in markets outside the U.S. also depends on the eligibility of our systems and related devices for coverage and reimbursement through government-sponsored healthcare payment systems and third-party payors. Reimbursement practices vary significantly by country. Many markets outside the U.S. have government-managed healthcare systems that control reimbursement for new products and procedures. Other foreign markets have both private insurance systems and government-managed systems that control reimbursement for new products and procedures. Market acceptance of our systems and related devices may depend on the availability and level of coverage and reimbursement in a country within a particular time. In addition, healthcare cost containment efforts similar to those in the U.S. are prevalent in many of the other countries in which we sell, and intend to sell, our systems and related devices, and these efforts are expected to continue.

***Tariff policies could hamper our ability to import our surgical robotic systems and related devices and otherwise market our surgical robotic systems and related devices in the U.S.***

As a result of the 2024 U.S. Presidential Election, Donald J. Trump was elected President. Mr. Trump has sought to impose tariffs, at times upward of 100%, and has threatened to impose additional tariffs, on goods imported from various countries. We do not currently sell our surgical robotic systems and related devices into the U.S. as we are currently not approved to market our surgical robotic systems and related devices in the U.S. However, in the event that we obtain such approvals we may be subject to tariffs on goods imported from India unless our surgical robotic systems and related devices qualify for an applicable exemption. To the extent our surgical robotic systems and related devices are subject to tariffs and our potential U.S. customers determine the costs of our devices and systems are too high, we may be forced to suspend, reduce the scope of or permanently abandon the implementation of our plans with respect to the U.S. market, which could have material and adverse effects on our plans and strategic initiatives.

**Risks Related to Our Intellectual Property**

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***If we are unable to protect the intellectual property for our systems and related devices from use by third parties, our ability to compete in the market will be harmed.***

Our commercial success will depend in part on patents. We have filed and plan on obtaining additional patent and other intellectual property protection for the technologies developed and to be developed for our systems and related devices, and on successfully defending our patents and other intellectual property against third party challenges.

We may incur substantial costs in obtaining patents and, if necessary, defending our proprietary rights. The patent positions of medical device companies, including ours, can be highly uncertain and involve complex and evolving legal and factual questions. We cannot assure you that we will obtain the patent protection we seek or that the protection we receive will be found valid and enforceable if challenged. We also cannot assure you that we will be able to develop additional patentable proprietary technologies. If we fail to obtain adequate protection of our intellectual property, or if any protection we obtain is reduced or eliminated, others could use our intellectual property without compensating us, resulting in harm to our business. We may also determine that it is in our best interests to voluntarily challenge a third party's products or patents in litigation or administrative proceedings, including patent interferences or reexaminations. In addition, the laws of certain foreign countries do not protect intellectual property rights to the same extent as do the laws of the U.S.

In addition to patents, we may rely on a combination of trade secrets, copyright and trademark laws, nondisclosure agreements and other contractual provisions and technical security measures to protect our intellectual property rights. Nevertheless, these measures may not be adequate to safeguard the technology underlying our systems and related devices. If these measures do not protect our rights adequately, third parties could use our technology, and our ability to compete in the market would be reduced. In addition, employees, consultants and others who participate in developing our systems and related devices may breach their agreements with us regarding our intellectual property, and we may not have adequate remedies for the breach. We also may not be able to effectively protect our intellectual property rights in some foreign countries. We also realize that our trade secrets may become known through other means not currently foreseen by us. Notwithstanding our efforts to protect our intellectual property, our competitors may independently develop similar or alternative technologies or products that are equal or superior to our technology and products without infringing any of our intellectual property rights, or may design around our proprietary technologies, which would harm our ability to compete in the market.

Moreover, a portion of our intellectual property has been assigned to us from one or more third parties. While we have conducted diligence with respect to such intellectual property, because we did not participate in the development or prosecution of such intellectual property, we cannot guarantee that our diligence efforts identified and/or remedied all issues related to such intellectual property, including potential ownership errors, potential errors during prosecution of such intellectual property and potential encumbrances that could limit our ability to enforce such intellectual property rights.

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***Others may assert that our systems and related devices infringe on their intellectual property rights, which may cause us to engage in costly disputes and, if we are not successful in defending ourselves, could also require us to pay substantial damages, prohibiting us from selling our systems and related devices.***

There may be U.S. and foreign patents which are issued to third parties that relate to our systems and related devices. We do not know whether any of these patents, if challenged, would be held valid, enforceable and infringed. The medical device industry has been characterized by extensive litigation and administrative proceedings regarding patents and other intellectual property rights, and companies have employed such actions to gain a competitive advantage. Our competitors, many of which have substantially greater resources and have made substantial investments in patent portfolios and competing technologies, may have applied for or obtained, or may in the future apply for or obtain, patents or other intellectual property that will prevent, limit or otherwise interfere with our ability to make, use, sell and/or export our systems and related devices, services or use of our technologies or product names. As the number of competitors in our market grows and the number of patents issued in this area increases, the possibility of patent infringement claims against us may increase. Moreover, individuals and groups that are non-practicing entities, commonly referred to as "patent trolls," purchase patents and other intellectual property assets for the purpose of making claims of infringement in order to extract settlements. Additionally, our systems and related devices include components that we purchase from suppliers and may include design components that are outside of our direct control. If third parties in any patent action are successful, our potential patent portfolio may be damaged, we may have to pay substantial damages, including treble damages, and we may be required to stop selling our systems and related devices or obtain a license which, if available at all, may require us to pay substantial royalties. We cannot be certain that we will have the financial resources or the substantive arguments to defend our patents from infringement or claims of invalidity or unenforceability, or to defend against allegations of infringement of third-party patents. Some of our competitors may be able to sustain the costs of litigation or administrative proceedings more effectively than we can because of greater financial resources and more mature and developed intellectual property portfolios. In addition, any public announcements related to litigation or administrative proceedings initiated by us, or initiated or threatened against us, could cause our stock price to decline.

Even if we believe third-party intellectual property claims are without merit, there is no assurance that a court would find in our favor, including on questions of infringement, validity, enforceability or priority of patents. The strength of our defenses will depend on the patents asserted, the interpretation of these patents, and our ability to invalidate the asserted patents. A court of competent jurisdiction could hold that these third-party patents are valid, enforceable, and infringed, which could materially and adversely affect our ability to commercialize any systems and related devices or technology we may develop and any other products or technologies covered by the asserted third-party patents. In order to successfully challenge the validity of any such U.S. patent in federal court, we would need to overcome a presumption of validity. As this burden is a high one requiring us to present clear and convincing evidence as to the invalidity of any such U.S. patent claim, there is no assurance that a court of competent jurisdiction would invalidate the claims of any such U.S. patent. Conversely, the patent owner need only prove infringement by a preponderance of the evidence, which is a lower burden of proof.

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***We may be forced to litigate to enforce or defend our intellectual property rights.***

We may be forced to litigate to enforce or defend our intellectual property rights against infringement by competitors, and to protect our trade secrets against unauthorized use. In so doing, we may place our intellectual property at risk of being invalidated, unenforceable or limited or narrowed in scope and may no longer be used to prevent the manufacture and sale of competitive products. Further, an adverse result in any litigation or other proceedings before government agencies such as the U.S. Patent and Trademark Office (the "**USPTO"**) and comparable foreign patent authorities may place pending applications at risk of non-issuance. Further, interference proceedings, derivation proceedings, entitlement proceedings, ex parte reexamination, inter partes reexamination, inter partes review, post-grant review and opposition proceedings provoked by third parties or brought by the USPTO or any foreign patent authority may be used to challenge inventorship, ownership, claim scope or validity of our patent applications. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential and proprietary information could be compromised by disclosure during this type of litigation.

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***Intellectual property disputes could cause us to spend substantial resources and distract our personnel from their normal responsibilities.***

Even if resolved in our favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and/or management personnel from their normal responsibilities. In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the market price of our shares. Such litigation or proceedings could substantially increase our operating losses and reduce the resources available for development activities or any future sales, marketing or distribution activities. We may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may be able to sustain the costs of litigation proceedings more effectively than we can because of their greater financial resources and personnel. In addition, the uncertainties associated with litigation could have a material adverse effect on our ability to raise the funds necessary to conduct our clinical trials, continue our internal research programs, in-license needed technology or enter into strategic collaborations that would help us bring our technologies to market. Additionally, we may be obligated to indemnify our customers or business partners in connection with litigation and to obtain licenses or refund subscription fees, which could further exhaust our resources. As a result, uncertainties resulting from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace.

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***The rights and measures we rely on to protect the intellectual property underlying our systems and related devices may not be adequate to prevent third parties from using our technology, which could harm our ability to compete in the market.***

In addition to patents, we rely on a combination of trade secret, copyright and trademark laws, nondisclosure agreements and other contractual provisions and technical security measures to protect our intellectual property rights. Nevertheless, these measures may not be adequate to safeguard the technology underlying our systems and related devices. If they do not protect our rights adequately, third parties could use our technology, and our ability to compete in the market would be reduced. In addition, employees, consultants and others who participate in developing our systems and related devices may breach their agreements with us regarding our intellectual property, and we may not have adequate remedies for the breach. We also may not be able to effectively protect our intellectual property rights in some foreign countries. For a variety of reasons, we may decide not to file for patent, copyright or trademark protection outside the U.S. We also realize that our trade secrets may become known through other means not currently foreseen by us. Notwithstanding our efforts to protect our intellectual property, our competitors may independently develop similar or alternative technologies or products that are equal or superior to our technology and systems and related devices without infringing any of our intellectual property rights or may design around our proprietary technologies.

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***Obtaining and maintaining patent protections depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for noncompliance with these requirements.***

The USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee payment, examination and other deadlines or requirements during the patent application process. In addition, periodic maintenance fees on issued patents often must be paid to the USPTO and foreign patent agencies over the lifetime of the patent. While an unintentional lapse can in many cases be cured by payment of a late fee or by other means in accordance with the applicable rules, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. Noncompliance events that could result in abandonment or lapse of a patent or patent application include, but are not limited to, failure to monitor and attend to official actions within prescribed time limits, non-payment of fees and failure to properly legalize and submit formal documents. If we fail to maintain the patents and patent applications covering our systems and related devices, we may not be able to stop a competitor from marketing products that are the same as or similar to our systems and related devices, which would have a material adverse effect on our business.

Additionally, patent offices in certain jurisdictions including the USPTO impose a duty to disclose information known to be material to patentability during the application process of a patent. Failure to disclose such information may result in the patent being found invalid or unenforceable. If one or more of our patents are invalidated or found to be unenforceable due to our failure to disclose such information, we could lose certain market exclusivity afforded by those patents and potential competitors could more easily bring products to the market that directly compete with our systems and related devices, which could have a material adverse effect on our business and financial condition.

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***We may be subject to claims by third parties claiming ownership of what we regard as our own intellectual property.***

In addition, while it is our policy to require our employees and contractors who may be involved in the development of intellectual property to execute agreements assigning such intellectual property to us, we cannot be certain in the future that such agreements have been executed by all parties who may have contributed to our intellectual property. Our and their assignment agreements may not be self-executing or may be breached and we may not have an adequate remedy for such breach. Furthermore, local laws in the jurisdictions in which we operate may place restrictions on our ability to obtain assignments or the assignment of intellectual property rights in our agreements with employees, consultants and advisors may not be sufficient, or the assignment agreements may be breached. We may be forced to bring claims against third parties, or defend claims they may bring against us, to determine the ownership of what we regard as our intellectual property. Our former employees or consultants and any other partners or collaborators who have access to our proprietary know-how, information or technology may assert an ownership right in our patents, patent applications or other intellectual property. If we fail in prosecuting or defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel which could have a material adverse effect on our competitive business position and prospects. Such intellectual property rights could be awarded to a third party, and we could be required to obtain a license from such third party to commercialize our technology or systems and related devices, which may not be available on commercially reasonable terms or at all. Even if we are successful in prosecuting or defending against such claims, litigation could result in substantial costs and be a distraction to management.

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***We may be unsuccessful in licensing or acquiring intellectual property rights from third parties that may be necessary to develop, manufacture and/or commercialize our current and/or future systems and related devices or services.***

A third party may hold intellectual property rights, including patent rights, that are important or necessary to the development, manufacture and/or commercialization of our current and/or future products or services, in which case we would need to acquire or obtain a license to such intellectual property rights from such third party. A third party that perceives us to be a competitor may be unwilling to assign or license its intellectual property rights to us. In addition, the licensing or acquisition of third-party intellectual property rights is a competitive area, and other companies may also pursue similar strategies to license or acquire such third party's intellectual property rights. Some of these companies may be established and may have a competitive advantage over us due to their size, capital resources and greater development, manufacture and commercialization capabilities. We also may be unable to license or acquire third-party intellectual property rights on commercially reasonable terms that would allow us to make an appropriate return on our investment, or at all, or we may be unable to obtain any such license or acquisition at all. If we are unable to successfully obtain rights to necessary third-party intellectual property rights, we may not be able to develop, manufacture or commercialize our current and/or future systems and related devices or services, which could have a material adverse effect on our business, financial condition and results of operations.

**Risks Related to Our Status as a Public Company**

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***We are subject to the periodic reporting requirements of the Securities Exchange Act of 1934 that require us to incur audit fees and legal fees in connection with the preparation of such reports. These additional costs could reduce or eliminate our ability to earn a profit.***

We are, and following the consummation of this Offering, we will be, required to file periodic reports with the SEC pursuant to the Securities Exchange Act of 1934 (the "**Exchange Act**") and the rules and regulations promulgated thereunder. In order to comply with these requirements, our independent registered public accounting firm must review our financial statements on a quarterly basis and audit our financial statements on an annual basis. Moreover, our legal counsel must review and assist in the preparation of such reports. The incurrence of such costs is an expense to our operations and thus has a negative effect on our ability to meet our overhead requirements and earn a profit. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock could drop significantly.

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***Our management has reported that our disclosure controls and procedures and our internal control over financial reporting were not effective, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Rule 13a-15(f) under the Exchange Act, internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

● pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of our Company are being made only in accordance with authorizations of our management and/or directors; and

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

In our periodic reports under the Exchange Act, we are required to include a report of management on the effectiveness of our internal control over financial reporting. Currently, management has reported that our disclosure controls and procedures and our internal control over financial reporting, were not effective as of December 31, 2024, March 31, 2025 and June 30, 2025 at the reasonable assurance level in that:

● We failed to design adequate controls and procedures to provide reasonable assurance that U.S. GAAP was being properly applied to the matters resulting into the restatement of our quarterly financial statements, including recognition of revenue in case of deferred payment sales, recognition of right of use of certain assets and lease liabilities and functional and other classifications, also leading to certain accounting errors as described in details in the restatement notes as included in the respective amended quarterly financial statements.

● We do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act.

● We do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals.

**Remediation Plan**

The Company has been addressing and remediating these material weaknesses with the support and assistance of the accounting and financial staff employed by our Indian operating subsidiary. We have enhanced the review process for significant transactions to ensure proper accounting treatment under applicable guidelines and have engaged the external experts to provide guidance to the Company staff in the areas of financial reporting, internal controls, and enterprise risk management and assist it in the application of accounting principles to complex transactions. This external expert group is also helping the Company in strengthening its existing internal controls, policies and Standard Operating Procedures ("**SOPs**") in all of our major functional areas.

In addition, we have also engaged the services of external experts in the field of designing, development and implementation of a comprehensive cloud-based ERP system. The ERP implementation process involves a detailed process study of each of our business functions and engagement with their respective process owners, identifying their linkages with other business functions and designing report formats, data sourcing and customizing the ERP system and training of the respective teams to meet the business data flow and reporting requirements of each business function. Rollout of this new cloud-based ERP system which is designed to integrate all business functions within the accounting and financial department, will help us to further address the abovementioned weaknesses.

There can be no assurance that our remediation efforts will effectively remedy the identified weaknesses or that additional material weakness in our internal control over financial reporting will be identified in the future. If we are unable to assert that our internal control over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports, which could cause the price of our securities to decline. We could also become subject to investigation by Nasdaq, the SEC, or other regulatory authorities, which would require additional financial and management resources and attention.

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***As a smaller reporting company, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze our results of operations and financial prospects.***

Currently, we are a "*smaller reporting company*," as defined by Rule 12b-2 of the Exchange Act. As a "*smaller reporting company*," we are able to provide simplified executive compensation disclosures in our filings and have certain other decreased disclosure obligations in our filings with the SEC, including being required to provide only two years of audited financial statements in annual reports. Consequently, it may be more challenging for investors to analyze our results of operations and financial prospects.

Furthermore, we are a non-accelerated filer as defined by Rule 12b-2 of the Exchange Act, and, as such, are not required to provide an auditor attestation of management's assessment of internal control over financial reporting, which is generally required for SEC reporting companies under Section 404(b) of the Sarbanes-Oxley Act. Because we are not required to, and have not, had our auditors provide an attestation of our management's assessment of internal control over financial reporting, a material weakness in internal controls may remain undetected for a longer period.

**Risks Related to Our Common Stock**

***Our Chairman and Chief Executive Officer, who is our principal and controlling shareholder, holds approximately*** 59.17% ***of the combined voting power of the Company, which gives him the ability to control our business and may limit or eliminate minority shareholders' ability to influence corporate affairs.***

As of the date of this prospectus, Dr. Sudhir Srivastava, Chairman and Chief Executive Officer, beneficially owns approximately 59.17% of our issued and outstanding common stock. In addition, he beneficially owns all of our Series A Preferred Shares, which vote together with the common stock as a single class and afford the holder 51% of the total voting power of the Company, regardless of the number of shares of common stock outstanding. The Series A Preferred Shares are not convertible into common stock, however the Series A Preferred Shares are automatically redeemed by the Company for nominal consideration at such time as the holder owns less than 50% of the shares issued to it. Together, Dr. Srivastava holds approximately 59.17% of the total voting power of the Company and therefore is our principal and controlling shareholder, and following this Offering will be able to determine the outcome of all matters requiring shareholder approval. For example, Dr. Srivastava will be able to control the election of directors, amendment of our organizational documents or approval of any merger, sale of assets or other major corporate transactions. This may prevent or discourage unsolicited acquisition proposals, offers for our common stock or consummation of other corporate matters that you may believe are in your best interest as one of our shareholders.

Although eligible, the Company has elected not to take advantage of Nasdaq's controlled company governance exemptions applicable to the composition of its board of directors, compensation, nominating and corporate governance committees.

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***The Company's common stock was only recently listed for trading on the Nasdaq Capital Market and accordingly, there can be no assurance that an active liquid market for our common stock will develop and be sustained. If such a market does not develop or is not sustained, you may not be able to sell your Shares at or above the offering price per Share.***

Our common stock is currently listed for trading on the Nasdaq Capital Market under the symbol "*SSII*." However, such listing only became effective on April 25, 2025, and accordingly, there can be no assurance that an active liquid market for our common stock will develop and be sustained. If such a market does not develop or is not sustained, it may be difficult for you to sell your Shares at the time you wish to sell them, at a price that is attractive to you, or at all. You may not be able to sell your Shares at or above the offering price per Share.

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***The market price and trading volume of our common stock may be volatile and may be affected by economic conditions beyond our control.***

The market price of our common stock is likely to be volatile. Some specific factors that could negatively affect the price of our common stock or result in fluctuations in its price and trading volume include:

● regulatory actions with respect to our SSi Mantra Surgical Robotic System or our competitors' products;

● actual or anticipated fluctuations in our quarterly operating results or those of our competitors;

● publication of research reports by securities analysts about us or our competitors in the industry;

● our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors may give to the market;

● issuances by us of debt or equity securities;

● litigation involving the Company, including shareholder litigation, investigations or audits by regulators into the operations of SSi or proceedings initiated by our competitors or customers;

● strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy;

● the passage of legislation or other regulatory developments affecting us or our industry and fluctuations in the valuation of companies perceived by investors to be comparable to us;

● trading volume of our common stock;

● sales or perceived potential sales of our common stock by our directors, senior management or our shareholders in the future;

● short selling or other market manipulation activities;

● announcement or expectation of additional financing efforts;

● terrorist acts, acts of war or periods of widespread civil unrest;

● natural disasters, pandemics and other calamities;

● changes in market conditions for medical device stocks; and

● conditions in the U.S. financial markets, the fluctuations in tariff policies under the Trump administration or changes in general economic conditions.

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***If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our common stock, the price and trading volume of our common stock could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no or few securities or industry analysts commence coverage of us, the trading price for our common stock could be negatively impacted. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us issue an adverse or misleading opinion regarding us, our business model, our intellectual property or our stock performance, or if our operating results fail to meet the expectations of analysts, the price of our common stock would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause the price or trading volume of our common stock to decline.

***We do not expect to pay cash dividends in the foreseeable future.***

We have never paid cash dividends on our common stock. We do not expect to pay cash dividends on our common stock at any time in the foreseeable future. The future payment of dividends directly depends upon our future earnings, capital requirements, financial requirements and other factors that our board of directors will consider. Since we do not anticipate paying cash dividends on our common stock, return on your investment, if any, will depend solely on an increase, if any, in the market value of our common stock.

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***Our board of directors has the authority, without shareholder approval, to issue preferred stock with terms that may not be beneficial to holders of our common stock.***

Our Amended and Restated Articles of Incorporation allows us to issue shares of preferred stock without any vote or further action by our shareholders. Our board of directors has the authority to fix and determine the relative rights and preferences of preferred stock. As a result, our board of directors could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our common stock.

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***Our Amended and Restated Articles of Incorporation, Bylaws, employment agreements with our executive officers and appointment agreements with our directors, provide for indemnification of directors and officers at our expense and limit their liability that may result in a major cost to us and hurt the interests of our shareholders because corporate resources may be expended for the benefit of executive officers and/or directors.***

Our Amended and Restated Articles of Incorporation, Bylaws, employment agreements with our executive officers and appointment agreements with our directors provide for the indemnification of officers and directors. We have been advised that, in the opinion of the SEC, indemnification for liabilities arising under federal securities laws is against public policy as expressed in the Securities Act, and is, therefore, unenforceable.

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***Raising additional funds through debt or equity financing could be dilutive or restrictive and may cause the market price of our securities to decline.***

We expect to raise some or all of the funds we need to develop, manufacture and market our systems and related devices by selling our securities, including but not limited to sales of our common stock, in private or public offerings. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest may be substantially diluted, and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a shareholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take certain actions, such as incurring debt, making capital expenditures or declaring dividends. If we raise additional funds through collaborations, strategic collaborations or partnerships, or marketing, distribution or licensing arrangements with third parties, we may be required to limit valuable rights to our intellectual property, technologies, product candidates or future revenue streams, or grant licenses or other rights on terms that are not favorable to us. Furthermore, any additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. ****

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***Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.***

Sales of a substantial number of shares of our common stock in the public market or the perception that these sales might occur, could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional securities. We are unable to predict the effect that sales may have on the prevailing market price of our common stock.

***The anti-takeover provisions of our charter documents and Florida law could affect shareholders.***

Certain provisions of our Amended and Restated Articles of Incorporation and Bylaws may have anti-takeover effects and may delay, defer or prevent a takeover attempt of the Company. In addition, Florida has enacted legislation that may deter or hinder takeovers of Florida corporations. The Florida Control Share Act generally provides that shares acquired in excess of certain specified thresholds will not have any voting rights unless such voting rights are approved by a majority of the corporation's disinterested shareholders. The Florida Affiliated Transactions Act generally requires supermajority approval by disinterested shareholders of certain specified transactions between a public corporation and holders of more than 10% of the outstanding voting shares of the corporation or their affiliates.

**Risks Related to this Offering**

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***Resales of our common stock being offered in this Offering in the public market may cause the market price of our common stock to fall.***

Sales of a substantial number of shares of our common stock, including the Shares being offered in this Offering, in the public market could occur at any time. These resales could have the effect of depressing the market price for our common stock.

As of the date of this prospectus, we had 193,637,149 shares of common stock outstanding, substantially all of which may be resold in the public market, subject to certain exceptions for affiliated shareholders. If our existing shareholders sell, or indicate an intention to sell, substantial amounts of our common stock in the public market after the expiration of applicable legal restrictions on resale and the lock-up agreements, the trading price of our stock could decline.

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***Our management will have broad discretion over the use of the net proceeds from this Offering, you may not agree with how we use the proceeds, and the proceeds may not be invested successfully.***

Our management will have broad discretion as to the use of the net proceeds from this Offering and could use them for purposes other than those contemplated at the time of commencement of this Offering. Accordingly, you will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that, pending their use, we may invest the net proceeds in a way that does not yield a favorable, or any, return for our Company.

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***You will experience immediate and substantial dilution in the book value per Share you purchase.***

The initial public offering price per Share is substantially higher than the net tangible book value per share of our common stock. Therefore, if you purchase Shares in this Offering, you will pay an effective price per Share you acquire that substantially exceeds our net tangible book value per share of common stock after this Offering. Accordingly, you will experience immediate dilution of $ per Share, representing the difference between our as adjusted net tangible book value per share of common stock after giving effect to this Offering and the initial public offering price per Share. In addition, if options to acquire common stock previously issued under our 2016 Stock Incentive Plan (the "**Incentive Plan**") are exercised at prices below the offering price, you will experience further dilution. See "**Dilution**" for a more detailed discussion of the dilution you may incur in connection with this Offering.

***If you purchase our securities in this Offering, you may experience future dilution as a result of future equity offerings or other equity issuances.***

We will likely offer and issue additional shares of our common stock or other equity or convertible debt securities in order to raise additional capital. Future equity offerings or other equity issuances may be at a price per share that is equal to or greater than the price per share paid by investors in this Offering. Future investors in such offerings may have rights superior to existing shareholders, and the price per share at which we sell additional shares of common stock or other equity or convertible debt securities in future transactions may be at a higher or lower price per share than the price per share in this Offering.

***A substantial number of shares of common stock may be sold in the market following this Offering, which may depress the market price for our common stock.***

The securities offered hereby will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended (the "**Securities Act**"). Sales of a substantial number of shares of our common stock in the public market following this Offering, or the perception that such sales could occur, could cause the market price of our common stock to decline.

***The offering price per Share in this Offering is not an indication of the fair value of our common stock.***

In determining the offering price per Share in the Offering, our board of directors considered a number of factors, including, but not limited to, our need to raise capital in the near term to continue and expand our operations, the current and historical trading prices of our common stock, a price that would increase the likelihood of participation in this Offering and the cost and availability of capital from other sources. No valuation consultant or investment banker has opined upon the fairness or adequacy of the offering price per Share. You should not consider the offering price per Share as an indication of the value of our Company or our common stock.

***FINRA sales practice requirements may limit a shareholder's ability to buy and sell our securities.***

Effective June 30, 2020, the SEC implemented Regulation Best Interest requiring that "A broker, dealer, or a natural person who is an associated person of a broker or dealer, when making a recommendation of any securities transaction or investment strategy involving securities (including account recommendations) to a retail customer, shall act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker, dealer, or natural person who is an associated person of a broker or dealer making the recommendation ahead of the interest of the retail customer." This is a significantly higher standard for broker-dealers to recommend securities to retail customers than before under FINRA "suitability" rules. FINRA suitability rules do still apply to institutional investors and require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending securities to their customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information, and for retail customers determine that the investment is in the customer's "best interest" and meet other SEC requirements. Both SEC Regulation Best Interest and FINRA's suitability requirements may make it more difficult for broker-dealers to recommend that their customers buy speculative, low-priced securities. They may affect investing in our common stock, which may have the effect of reducing the level of trading activity in our securities. As a result, fewer broker-dealers may be willing to make a market in our common stock, reducing a shareholder's ability to resell our common stock.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains certain statements that constitute forward-looking statements. Any and all statements contained in this prospectus 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," "strategy," "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 prospectus, 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 "**Risk Factors**" above.

Forward-looking statements in this prospectus may include, without limitation, statements regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the plans and objectives of management for future operations, including plans or objectives relating to the development of our surgical robotic systems,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the timing or likelihood of regulatory filing, approvals and required licenses for our surgical robotic systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) our ability to adequately protect our intellectual property rights and enforce such rights to avoid violation of the intellectual property rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the timing, costs and other aspects of the commercial launch of our surgical robotic systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) our estimates regarding the market opportunity, clinical utility, potential advantages and market acceptance of our surgical robotic systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the impact of government laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the potential effect U.S. tariff policies may have on our ability to import our surgical robotic systems and related devices into the U.S., once approval to market has been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) our ability to recruit and retain qualified research and development personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) difficulties in maintaining commercial scale manufacturing capacity and capability and our ability to generate growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) uncertainty in industry demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) general economic conditions and market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) future sales of large blocks of our securities, which may adversely impact our share price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the depth of the trading market in our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) 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 SEC.

These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and assumptions that are difficult to predict.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, including the securities laws of the U.S. and the rules and regulations of the SEC, we do not assume any obligation to update any forward-looking statement. We disclaim any intention or obligation to update or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date the statement is made, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

**USE OF PROCEEDS**

We estimate that our net proceeds from this Offering will be approximately $ million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters exercise their option to purchase additional Shares in full, we estimate that the net proceeds will be approximately $ million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. The table below depicts how we plan to utilize the proceeds of this Offering, after deducting estimated offering expenses payable by us:

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| | |
|:---|:---|
| *Use of Proceeds* |  |
| Expansion of manufacturing capacity | $|
| Increase in inventory of system components | $|
| Regulatory compliance, including conducting clinical trials | $|
| Lease of additional office and manufacturing space | $|
| Marketing, including establishment of regional sales offices | $|
| Working capital and other general corporate purposes | $|
| Total: | $|

---

We intend to use the net proceeds of this Offering for expansion of our manufacturing capacity through the installation of additional machinery and equipment, bulk ordering of components for use in manufacturing of our systems and related devices, conducting clinical trials to meet various regulatory requirements, lease of additional office and manufacturing space, establishing regional marketing offices, and working capital and other general corporate purposes.

The expected use of the net proceeds from this Offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures depend on numerous factors, including the progress of our development efforts and any unforeseen cash needs are difficult to predict. As a result, we cannot currently specify in more detail the percentage of the net proceeds that we may use for each of the listed purposes. Accordingly, we will have broad discretion in the use of the net proceeds from this Offering and could spend the proceeds in ways that do not improve our results of operations or enhance the value of our common stock.

Pending the use of the proceeds from this Offering, we intend to invest the net proceeds in short-term, interest-bearing, investment-grade securities, certificates of deposit or government securities.

We believe that the net proceeds from this Offering, together with our existing cash and cash equivalents and revenues that we anticipate generating from sales of our robotic surgery systems, will be sufficient to fund our operations for a period of not less than [●] months from the closing of this Offering. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect.

**DIVIDEND POLICY**

We have not paid any dividends on our common stock since inception, and we currently expect that, in the foreseeable future, all earnings (if any) will be retained for the development of our business and no dividends will be declared or paid. Any future dividends will be subject to the discretion of our board of directors and will depend upon, among other things, our earnings (if any), operating results, financial condition and capital requirements, general business conditions and other pertinent facts.

**CAPITALIZATION** 

The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2025:

● on an actual basis; and

● on an as adjusted basis to reflect the sale of $100 million in Shares by us in this Offering, after deducting estimated Offering expenses payable by us. The as adjusted basis assumes no exercise of the overallotment option by the underwriters.

You should read this table in conjunction with our historical financial statements and related notes and the section titled "**Management's Discussion and Analysis of Financial Condition and Results of Operations**" and our consolidated financial statements and related notes appearing elsewhere in this prospectus. The information presented in the capitalization table has been adjusted to reflect the effect of this Offering.

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **As Adjusted** |
| Cash and cash equivalents | $5681657 |  |
| Debt: Bank Overdraft | $10069783 |  |
| Shareholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value per share; authorized 250,000,000 shares; 193,592,410 shares issued and outstanding, actual and as adjusted; | $19358 | $|
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value per share; authorized 5,000,000 shares; 1,000 shares of Series A Non-Convertible Preferred Stock, issued and outstanding actual and as adjusted | 1 |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 93353412 |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (53318557) |  |
| Accumulated other comprehensive income (loss) | (1304825) |  |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity (deficit) | 39649306 |  |
| &nbsp;&nbsp;&nbsp;Total Capitalization | $49719089 |  |

---

The number of shares of common stock issued and outstanding actual and as adjusted in the table above excludes:

● the 7,578,181 shares of our common stock reserved for issuance under presently outstanding options under our Incentive Plan with a weighted-average exercise price of $2.52 per share;

● the 1,607,331 shares of common stock issuable upon the vesting of outstanding restricted stock grants under the Incentive Plan; and

● the 19,363,714 shares of our common stock reserved for future issuance under the Incentive Plan.

**DILUTION**

If you invest in our common stock, your interest will be immediately diluted to the extent of the difference between the public offering price per share and the as adjusted net tangible book value per share of our common stock after this Offering. Net tangible book value per share represents our total tangible assets less total liabilities, divided by the number of shares of our common stock outstanding.

As of September 30, 2025, our net tangible book value was $39.65 million, or $0.21 per share of common stock, based on 193,592,410 shares of common stock outstanding as of September 30, 2025.

After giving effect to the sale of Shares of our common stock at a public offering price per share of common stock of $ for a total aggregate public offering price of $100,000,000, and after deducting estimated Offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $ million, or approximately $ per share. This represents an immediate increase in net tangible book value to existing shareholders of $ per share and an immediate dilution in net tangible book value of $ per share of our common stock to the investors purchasing Shares in this Offering.

The following table illustrates this per share dilution to the new investors purchasing Shares in this Offering:

---

| | |
|:---|:---|
| Public offering price per Share | $|
| Historical net tangible book value per Share as of September 30, 2025 | $— |
| &nbsp;&nbsp;&nbsp;Increase in net tangible book value per share attributable to investors purchasing in this Offering | $— |
| As adjusted net tangible book value per share as of September 30, 2025 after this Offering | $|
| Dilution per share to investors purchasing in this Offering | $|

---

If the underwriters exercise their option to purchase additional Shares in full, the adjusted net tangible book value per share of our common stock after giving effect to this Offering would be approximately $ per share of common stock and the dilution in adjusted net tangible book value per share to investors in this Offering would be approximately $ per share of common stock.

The following table sets forth, on an as adjusted basis as of September 30, 2025, the number of shares of common stock purchased or to be purchased from us, the total consideration paid or to be paid and the average price per share of common stock paid or to be paid by existing holders of common stock and by new investors, at a public offering price of $ per Share, and before deducting estimated Offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SHARES PURCHASED** | **SHARES PURCHASED** | **TOTAL CONSIDERATION** | **TOTAL CONSIDERATION** | |
|  | **NUMBER** | **PERCENT** | **PERCENT** | **PERCENT** | **AVERAGE <br> PRICE PER**<br>**SHARE** |
| Existing stockholders% |  |  | $nan% |  | $|
| New investors |  | % |  | % |  |
| Total |  | 100% | $— | 100% | $|

---

The foregoing discussion and tables are based on the number of shares of common stock outstanding as of September 30, 2025, but excludes:

● the 7,578,181 shares of our common stock reserved for issuance under presently outstanding options under our Incentive Plan with a weighted-average exercise price of $2.52 per share;

● the 1,607,331 shares of common stock issuable upon the vesting of outstanding restricted stock grants under the Incentive Plan; and

● the 19,363,714 shares of our common stock reserved for future issuance under the Incentive Plan.

To the extent that any outstanding options are exercised, new options or other equity awards are issued under our Incentive Plan, or we issue additional shares in the future, there will be further dilution to new investors participating in this Offering.

**BUSINESS** 

**Overview**

We are a commercial-stage surgical robotics company focused on transforming patient lives by democratizing access to advanced surgical robotics technologies.

We design, manufacture and market an advanced, next-generation and affordable surgical robotic system called the SSi Mantra.

While surgical robotic systems have gained acceptance globally in the past two decades for providing greater efficiency, better clinical outcomes and reducing healthcare costs, access to such systems remains largely limited to developed countries such as the United States (the "**U.S.**"), the European Union (the "**EU**') and Japan.

With the SSi Mantra, we are breaking down barriers and accelerating access to surgical robotics technologies in underserved regions of the world.

Developed by a visionary team of surgeons, engineers and industry veterans, the SSi Mantra includes several innovative features to address shortcomings of the current generation of robotic surgery systems.

We commenced development of the SSi Mantra in 2014, received regulatory approval by the Central Drugs Standard Control Organization ("**CDSCO**") India's equivalent of the U.S. Food and Drug Administration ("**FDA**"), for its sale and use in India and commercially launched sales in August 2022. We also received ISO 13485 (quality management system) approval for the SSi Mantra. The SSi Mantra has been clinically validated for safety, efficacy and effectiveness for its intended use to perform robotically assisted surgeries in more than 100 different types of surgical procedures in India without any device related adverse events. As of September 30, 2025, we have installed 127 systems, of which 115 are located in India and 12 at overseas locations. We are currently focusing our efforts on marketing our next generation SSi Mantra 3, which was introduced in June 2024.

Our commercially installed SSi Mantra Surgical Robotic systems in India have been used to perform more than 6,000 surgical procedures as of September 30, 2025, including cardiovascular, thoracic, head and neck, gynecological, urological, cancer and general surgeries as follows:

---

| | | |
|:---|:---|:---|
| **Type of Surgical Procedure** | **No. of Procedures<br> performed <br> as of<br> September 30,<br> 2025** | **% of <br> total<br> procedures** |
| General Surgery | 2496 | 41.2% |
| Urology | 1626 | 26.8% |
| Gynecology | 940 | 15.5% |
| Colorectal | 343 | 5.7% |
| Cardiac | 319 | 5.3% |
| Gastroenterology | 188 | 3.1% |
| Head and Neck | 74 | 1.2% |
| Thoracic | 64 | 1.1% |
| Plastic/Reconstructive | 7 | 0.1% |
| **Total** | **6057** | **100%** |

---

In December 2024, we became the first and only company in India to receive the Central Drugs Standard Control Organization ("**CDSCO**," India's equivalent of the U.S. FDA) regulatory approval for use of a robotic surgical system in the performance of Telesurgery and Tele-proctoring procedures. Since receiving such approvals, we have performed 60 telesurgeries using our SSi Mantra as of the date of this prospectus, including a robotic cardiac surgery over a distance of more than 10,000 kilometers.

In addition to India, the SSi Mantra Surgical Robotic System has also been granted regulatory approval in Ecuador, Guatemala, Indonesia, Mauritius, Nepal, Philippines, Sri Lanka, Ukraine and the United Arab Emirates, although our marketing efforts in those countries has been limited to date. We have filed a pre-submission application with the U.S. FDA, requesting feedback on the SSi Mantra. We had a feedback meeting with the FDA on April 2, 2024 and the FDA indicated that we should submit a de novo classification request for the SSi Mantra. This regulatory pathway is utilized for classifying novel medical devices that are low to moderate risk but do not have a predicate. Based on further discussions with the FDA, in August 2025, we pivoted from filing a de novo request for the SSi Mantra to pursuing the 510(k) regulatory pathway which offers potential speed and cost advantages. We successfully completed a human factors validation study for our SSi Mantra surgical robotic system at Johns Hopkins Hospital in September 2025 and anticipate submitting a 510(k) premarket notification to the FDA for the SSi Mantra for multiple specialty indications in the fourth quarter of 2025. The completion of the human factors validation study, which is designed to provide essential evidence that the SSi Mantra meets the FDA's requirements for usability and patient safety, marks a key milestone and will form an important part of the Company's forthcoming 510(k) submission. The Company has engaged RQM+, a leading MedTech-focused CRO, to assist with the 510(k) submission. If approved by the FDA, the SSi Mantra would be cleared to market in the U.S. Submission of a 510(k) premarket notification request does not guarantee FDA approval. We have also submitted our technical files to Szutest, an EU Notified Body for the CE certification, which if obtained will allow us to market the SSi Mantra in the EU. There can be no assurance as to when or if we will secure such regulatory approvals. Our ISO 13485 (quality management system) approval, CDSCO approval for the manufacture, sale and distribution of our systems and related devices and our Indian export license allow us to market our systems and related devices in fifty non-FDA and non-EU countries without further regulatory approvals. An additional 79 countries require only minimal registration.

We generate revenues from the sale of the SSi Mantra Surgical Robotic System. We offer our SSi Mantra through three selling models: (i) outright purchase, where revenue is realized upfront; (ii) purchase on a deferred or installment payment basis; and (iii) purchase on a pay-per-procedure basis, where revenue is recognized over time. We also earn recurring revenue from the sales of instruments, accessories and services. We sell our systems and related devices directly to customers as well as through distributors.

The SSi Mantra improves patient experience, reduces variabilities and disruption and lowers per-procedure costs. We believe that the SSi Mantra benefits patients, physicians and hospitals by providing access to an advanced and optimized robotic system.

**Products**

 ****

***The SSi Mantra***

The SSi Mantra Surgical Robotic System is designed to enable surgeons to perform a wide range of surgical procedures including cardiovascular, thoracic, head and neck, gynecological, urological, cancer and general surgeries. The SSi Mantra has been clinically validated for safety, efficacy and effectiveness for its intended use to perform robotically assisted surgeries in more than 100 different types of surgical procedures in India without any device related adverse events. As of the date of this prospectus, surgeons have performed over 6,000 surgical procedures in India in a wide array of fields using the SSi Mantra, including many complex surgeries. The SSi Mantra offers the entire operating room staff three-dimensional, high definition ("**3D 4K**") vision, and gives the surgeon a magnified view up to ten times magnification. Our system uses specialized instrumentation, including a miniaturized surgical camera (endoscope) and wristed instruments (for example, scissors, scalpels and forceps) that are designed to help with the precise dissection and reconstruction of anatomical structures within the body. We are currently focusing our efforts on marketing our next generation SSi Mantra 3, which was introduced in June 2024.

The SSi Mantra 3 is comprised of the following components:

**Surgeon Console**. The SSi Mantra 3 allows surgeons to operate while comfortably seated at an ergonomic open-faced console. Surgeons use a special pair of passive 3D glasses to view a 3D 4K image of the surgical field on a 32-inch 3D 4K resolution monitor with up to ten (10) times magnification, resulting in significantly enhanced vision for the surgeon. The surgeon also has a second large 23-inch 2D touch monitor for system controls and DICOM applications. The surgeon's fingers grasp extremely precise ergonomic hand controls, with the surgeon's hands naturally positioned relative to his or her eyes, thereby minimizing strain during the surgeon's movements. Using electronic hardware, software, algorithms and mechanics, our technology translates the surgeon's hand movements into precise and corresponding real-time movements of the SSi Mantra instruments positioned through surgical ports going inside of the patient. When using the SSi Mantra 3, the surgeon is able to sit in an ergonomic position and can see both the specific positioning of his or her hands and feet, thereby reducing the learning curve and maintaining comfortable ergonomics during the surgical procedure. In addition, the SSi Mantra's robotic arms hold the camera and instruments steady, offering greater stability for surgeons and operating room staff.

**Patient-Side Robotic Arm Carts**. The robotic arm carts are modular in design with robotic arms mounted on individual carts, each with a maximum height of 7.2 feet. The modular design offers the flexibility of cart and robotic arm positioning to provide better placement in relation to the procedure and avoid collisions. Further, there is the option of using three, four or five robotic arm configurations based on the users' preference and specific surgical procedures. Each robotic arm cart includes stability via parking locks, freedom of patient docking and advanced touch-screen controls. Each robotic arm cart has a built-in auto-leveling feature which allows each individual arm cart to be perfectly horizontally level with respect to uneven floor surfaces that may be present in an operating room.

**Vision Cart.** The vision cart provides an additional 32-inch 3D 4K resolution monitor, identical to the surgeon's console, for the operating room staff. While wearing the 3D glasses, the entire operating team can view what the surgeon sees with the same depth perception. This ability also helps in reducing the entire team's learning curve and translates into a safer and more efficient exchange of instruments and introduction of supplies required in surgery. The vision cart also houses the control system for the articulating endoscope and camera and pre-operative guidance software. It has uninterruptible power supply battery backup; universal safety features and incorporates the SSi Mantra multimedia recording and streaming platform.

**Tele-Proctoring/Tele-Mentoring Capabilities**. The SSi Mantra has a built-in live streaming platform, which provides for remote mentoring and proctoring, thereby resulting in efficient and cost-effective teaching and training capabilities.

 ****

***Instruments and Accessories***

We offer a comprehensive suite of stapling, energy and core instrumentation for our surgical systems, under the brand name of SSi Mudra.

**Mudra Technology**. The technology employed in our instruments is designed to transform the surgeon's natural hand movements outside of the body into corresponding controlled movements inside the patient's body, just as would be available to the surgeon in open surgery. With our technology, a surgeon can also use "motion scaling," a feature that translates, for example, a three-centimeter hand movement outside the patient's body into a one-centimeter instrument movement in the surgical field inside the patient's body. Motion scaling is designed to allow precision and control for delicate tasks. In addition, the advanced software technology of the robotic system filters and eliminates any tremors that may be present in a surgeon's hands.

**Mudra Instruments**. Most of the more than 40 instruments that we manufacture incorporate Mudra technology with wristed joints for natural dexterity and tips customized for various surgical procedures. Mudra instruments are offered in an 8mm diameter. Various Mudra instrument tips include forceps, scissors, electrocautery tools, scalpels and other surgical tools that are familiar to the surgeon from open surgery and conventional minimally invasive surgery ("**MIS**"). We have also developed and made available a variety of cardiac surgery specific instruments. A variety of instruments may be selected and used interchangeably during surgery. All instruments are sterilizable at the hospital, and all are reusable for a defined number of procedures. A programmed memory chip inside each instrument performs several functions that help determine how the SSi Mantra and our instruments work together. In addition, the chip generally will not allow the instrument to be used for more than the prescribed number of procedures to help ensure that its performance meets specifications during each procedure.

**Accessory Products**. We sell various accessory products, which are used in conjunction with the SSi Mantra as surgical procedures are performed. Accessory products include sterile drapes used to help ensure a sterile field during surgery, vision products—such as replacement 3D stereo endoscopes, cannulas for the instruments and camera and special seals to prevent leakage of carbon dioxide gas used during a procedure.

**Tele proctoring and Telesurgery**. We are the only surgical robotic company to have received a regulatory approval from CDSCO for both tele proctoring and telesurgery. Following the demonstration of our telesurgery capabilities at the SMRSC 2024, a global conference organized by the Company, we began our clinical trials that were conducted to validate this novel approach towards remote surgery. We first conducted two animal trials at a leading laparoscopy hospital in Delhi NCR region located five kilometers away from our telesurgery lab facility. Thereafter, we performed a simple robotic gall bladder removal (Cholecystectomy) to demonstrate safety and efficacy of our SSi Mantra Surgical Robotic System, when utilized in a remote setting. After this trial, SSi commenced clinical trials wherein six complex urology, oncology and gynecology procedures were performed at Rajiv Gandhi Cancer Institute at a distance of approximately 35 kilometers. We have successfully performed five robotic cardiac telesurgeries between our telesurgery lab in Gurugram and at a hospital in Jaipur located at a distance of approximately 286 kilometers, marking the world's first accomplishment in the field of robotic cardiac surgery. In March 2025, we used the SSi Mantra 3 to perform robotic cardiac telesurgery over a 2,000 kilometer distance between SSi's headquarters in Gurugram, and the Aster CMI Hospital in Bengaluru. In July 2025, we successfully completed the world's first inter-continental robotic cardiac telesurgery on July 19, 2025, from Strasbourg, France to Indore, India, a distance of over 4,000 miles, using the Company's SSI Mantra surgical robotic system and the world's first robotic bariatric telesurgery over a distance of 560 miles from Gurugram, India to Indore, India using the Company's SSI Mantra surgical robotic system. In September 2025, we announced the successful completion of the first robotic telesurgery performed from the Company's MantraM bus mobile robotic telesurgery unit and the successful completion of the world's first pediatric pyeloplasty telesurgery utilizing the Company's SSi Mantra surgical robotic system from the Company's headquarters in Gurugram, India to a 16-month-old patient in Hyderabad, India nearly 1,000 miles away. As of the date of this prospectus, more than 60 telesurgeries have been performed, at distances of up to 6,000 miles, utilizing the SSi Mantra surgical robotic system.

***Instruments under Development***

We also have a number of additional sophisticated instruments currently under development. These include:

**NADI – Automated Coronary Anastomotic Connector**. This instrument is a micro stapling device intended to join two arteries together in cardiac bypass procedures. We intend to offer the instrument in both robotic surgery and manual versions. The manual version is for use by cardiac surgeons who do not have a robotic system and can be utilized in an open or minimally invasive procedure.

**SSi Multi-Fire Clip Applier**. The SSi Multi-Fire Clip Applier is a cartridge-based clip applicator being developed to be utilized for the hemostasis of blood vessels. Use of such a device is a requirement during many surgical procedures. Currently, the clip applicators traditionally used in surgical procedures require withdrawal of the instrument after each clip is placed resulting in a time-consuming process. By providing a cartridge with multiple clips we believe the SSi Multi-Fire Clip Applier will allow for greater efficiency and time savings during surgical procedures.

**SSi Robotic Stapler**. We are in the process of finalizing the design and manufacturing of our SSI Robotic Stapler that would have broad applications in General Surgery, Thoracic Surgery and Oncology Surgery. Once development of the SSi Robotic Stapler has been completed, SSI will be the second company globally to with a robotic stapler compatible with its robotic surgical platform.

**SSi Maya - XR Pre-Operative Simulator**. SSi Maya is a Mixed Reality (XR) software application designed to train and educate surgeons and surgical assistants on the intricacies of the SSi Mantra Surgical Robotic System. We intend to offer immersive and innovative pre-operative training.

**SSi Holographic Anatomy**. SSi Holographic Anatomy is an advanced augmented reality tool being developed for the purpose of visualizing anatomies, providing comprehensive patient education, and offering guidance for surgical procedures. SSi Holographic Anatomy is being designed to present patients with three-dimensional DICOM data, enabling them to better understand and engage with their own health information.

**SSi Chitrasa - Advanced DICOM Viewer**. SSi Chitrasa is being designed to empower robotic surgeons with DICOM visualization capabilities. It includes a state-of-the-art AI enabled application viewer which is seamlessly integrated with the SSi Mantra Surgical Robotic System to provide surgeons with comprehensive tools to enhance their surgical confidence and precision in the operating room.

**SSi Mixed Reality Headset**. The SSi Mixed Reality Headset is a medical-grade device aimed at improving surgeons' intraoperative experience by seamlessly interfacing with the SSi Mantra Surgical Robotic System. This device is being designed to offer surgeons an immersive 3D endoscopic feed visualization, while interactable augmented objects provide real-time patient vitals and data for enhanced surgical precision. The collaboration between the SSi Mixed Reality Headset and SSi Mantra technologies will create a comprehensive surgical platform, setting a new standard for intraoperative medical advancements and pushing the boundaries of surgical excellence. Features include:

● Peripheral view;

● 1080p resolution 3DHD vision;

● 32-inch image projection which allows for one meter depth perception;

● Two separate left and right eye video signals projected through an optical engine onto an opaque micro-LED screen; and

● Natural reconstruction of the 3D image by the human brain.

**SSi MantraM.** In March 2025, we unveiled our Mobile Tele-Surgical Unit, the "**SSi MantraM**" which is designed to offer access to remote robotically assisted surgical procedures, to geographic areas, which have only limited access to that level of healthcare.

**Tele Surgeon Console (TSC)**. The Tele Surgeon Console (TSC) is a self-contained, portable, and ergonomic surgeon station built exclusively for remote tele surgical procedures, allowing surgeons to operate from any designated location.

Unlike conventional consoles where the surgeon sits opposing a stationary unit, the Tele Surgeon Console (TSC) features a 'surgeon-within-the-console' design. The Tele Surgeon Console (TSC) integrates the surgeon into the station, offering portability and extensive ergonomic adjustments such as: foot pedal retraction and extension, console height adjustment, and fully configurable armrests, combined with comprehensive back and neck support to maintain optimal surgeon posture and minimize fatigue during prolonged procedures.

***Services***

**General**. We have a network of field service engineers in India and maintain relationships with various distributors around the globe. This infrastructure of service and support specialists offers a full complement of services for our customers, including installation, repair, maintenance, 24/7 technical support and proactive system health monitoring.

Our comprehensive support and program assistance helps ensure customers and care teams maximize program performance and protect their investment.

**Readiness and Maintenance Support**. Readiness support is operational support to ensure smooth onboarding and the adoption of new systems and technology. Maintenance support helps to maximize operational efficiency and reduce unplanned equipment downtime. It includes services care plans, support teams, monitoring, software upgrades and updates, as well as a customer portal. The service care plan portfolio offers flexible service plans to ensure reliability of the systems and instruments and help optimize the robotics program. Our support team consisting of expert field service, remote technical support and customer care agents assist customers to resolve and prevent any technology issues that could inhibit optimal utilization of our SSi Mantra system. Software upgrades and updates enable the latest product innovations, enhancements and reliability improvements.

**Macro Healthcare Trends** 

*Increasing demand for healthcare*: The increasing demand for healthcare in emerging markets such as India is driven by population growth and a growing middle class, rising per capita incomes, growing health insurance penetration and changing lifestyles.

These trends are resulting in patients demanding specialized, higher quality products and services, with improved efficiency and outcomes for an overall better healthcare experience. India's healthcare industry is expected to grow from $638 billion in 2025 to $1.5 trillion in 2030.<sup>1</sup> The proportion of the Indian population in the working age-group (15–64 years of age) is expected to rise from 68.4% in 2025 to 69.1% in 2030.<sup>2</sup> This demographic segment demands, and we believe is willing to spend on high-quality healthcare services.

 

*Growing adoption of technology*: Patients and hospitals are increasingly focused on improving clinical outcomes while enhancing patient experience. Hospitals aim to achieve these goals by customizing care, improving provider efficiency by lowering the amount of time required to treat patients and reducing overall costs. Shorter recovery times with robotic-assisted surgery maximizes the operational efficiency of the bed capacity, along with reduction in complications.

*Significant unmet need*: India has 70,000 hospitals and approximately 21 million major surgeries are performed in India every year. However, only 10,000 to 12,000 robotic surgeries are done in India annually, representing less than 0.1% of the global volume. There is a large unmet need for surgical robotic systems in India that are affordable, accessible and have aftermarket support. Furthermore, laparoscopy is a well-established practice in India, leading to a large pool of laparoscopic surgeons who we anticipate will find our systems and related devices appealing in facilitating the transition from laparoscopy to robotic surgery.

<sup>1</sup> The New Indian Express. (October 7, 2025). India's healthcare set to top $1.5 trillion by 2030, but gaps in access and rising disease burden persist. https://www.newindianexpress.com/nation/2025/Oct/07/indias-healthcare-set-to-top-15-trillion-by-2030-but-gaps-in-access-and-rising-disease-burden-persist.

<sup>2</sup> World Economics. India: Population of working age. Retrieved November 6, 2025, from https://www.worldeconomics.com/Population-Of-Working-Age/India.aspx.

*Increasing health insurance penetration*: Health insurance coverage is an important determinant of access to and demand for healthcare services. Health insurance coverage in India has steadily grown in recent years, covering 70% of the population with nearly 950 million people with either private health insurance or government subsidized schemes such as Ayushman Bharat. Currently, Indians spend approximately 20% of their health spending as an out-of-pocket expenditure compared to 55% in 2019. Key elements of the positive transformation of India's healthcare system are the National Health Mission, Ayushman Bharat, and medical tourism.

 

*Medical value travel*: India has emerged as a leading destination for medical tourism, attracting patients from around the world. The Indian medical tourism market was valued at $8.71 billion in 2025 and is expected to reach $16.21 billion by 2030.<sup>3</sup> The medical tourism sector has emerged as a key growth driver for surgical procedures in India. The factors contributing to the growth of medical tourism include availability of advanced treatments at relatively lower costs, the availability of skilled doctors, advanced technology in private hospitals, English language proficiency and ease of travel. The Indian Government has played a pivotal role in paving the way for these international patients to enter the country and avail their desired medical treatments. It has implemented a number of policies, including the introduction of an e-Medical visa, multiple entry visas and longer stays as needed for treatment.

*Favorable regulatory environment*: Recently, several policy measures were implemented to drive the growth of India's healthcare sector. These include an increase in public health expenditure to 2.5% of GDP by 2025; an implementation of several large-scale and ambitious initiatives like Ayushman Bharat—the world's largest universal health coverage scheme covering 500 million people; commitment from the Government to invest $200 billion in medical infrastructure by 2024, as well as the rollout of various schemes under the Aatma Nirbhar Bharat Abhiyaan. In particular, the Performance-Linked Incentive (PLI) Scheme and the Scheme for Promotion of Medical Device Parks offers significant financial incentives for investors to manufacture in India. A new PLI 2.0 scheme is also being prepared for promotion of the in-vitro diagnostics market.

**Our Strategy**

Our initial strategy is to focus on underserved markets, such as India, where market penetration for surgical robotic systems has in large part been limited because of the high costs and steep learning curve for existing systems. After validating the SSi Mantra Surgical Robotic System in these markets, we intend to leverage our advanced technology, significantly lower cost and ease of training to move into other markets, such as the U.S. and Europe. Key elements of this strategy include:

**Focus on underserved markets**. India, where our operations are based and where we have commercially launched the SSi Mantra, has a population of approximately 1.4 billion people and 70,000 hospitals. As a comparison, there are only approximately 6,093 hospitals in the U.S.<sup>4</sup> However, only about 0.1% of global robotic surgical procedures are done in India. By offering our advanced, cost-effective SSi Mantra Surgical Robotic System, we believe that we can significantly penetrate the Indian market, as well as other underserved markets in Asia, Africa, Europe, Central and South America and elsewhere.

**Focus on key institutions**. Our marketing efforts are focused on large multi-specialty care hospitals where most complex surgical procedures are performed. Following the initial placement at a given hospital, we intend to expand the number of physicians who use the SSi Mantra Surgical Robotic System and work with the hospitals and their surgeons to promote patient education as to the benefits and cost effectiveness of our system. We believe that these efforts will not only result in both increased usage and additional sales of instruments and systems at hospitals that purchase the system, but also increased demand from competing hospitals, surgeons and other physicians.

**Focus on Leading Surgeons to Drive Rapid and Broad Adoption**. We place significant emphasis on marketing the SSi Mantra to leading surgeons who are "thought leaders" in their institutions and fields. In this regard, we have established both an Indian Medical Advisory Board and an International Advisory Board consisting of leading surgeons in their respective fields. We believe that the participation of these surgeons in our product development and their use of the SSi Mantra will generate confidence in many other surgeons to utilize the system for all types of surgical procedures.

<sup>3</sup> Mordor Intelligence. (2025). India Medical Tourism Market Size, Share & Trends Analysis Report (2025–2030). Retrieved November 6, 2025, from https://www.mordorintelligence.com/industry-reports/india-medical-tourism-market.

<sup>4</sup> American Hospital Association. (January, 2025). Fast Facts on U.S. Hospitals, 2025. Retrieved November 6, 2025, from https://www.aha.org/statistics/fast-facts-us-hospitals.

**Continued Development and Marketing**. We intend to continue developing and enhancing our technology and products and to communicate the benefits and advantages of the SSi Mantra System (lower cost, ease of training and improved patient outcomes) in India and the other markets we plan to enter.

**Evaluation, Familiarization and Training Agreements with Major Medical Facilities**. We have and intend to continue entering into agreements with major medical facilities to install the SSi Mantra Surgical Robotic System for evaluation, familiarization and training purposes. As of the date of this prospectus, we had entered into such agreements with approximately ten hospital networks in India and with Johns Hopkins University in Baltimore, Maryland.

**National and International Medical Conferences.** We have and intend to continue to participate in International and National Conferences hosted by nationally accredited and internationally acclaimed bodies to help both raise awareness about the SSI Mantra surgical robotic platform and provide surgeons with the opportunity to view our SSi Mantra system. Our first Global SMRSC (SSI Mantra Robotic Surgery Conference) that was hosted in January 2024, was attended by over 700 national and international faculty and our second Global SMRSC that was hosted in March 2025, was attended by over 1,400 participants and displayed the increased capabilities of the SSi Mantra 3, including the performance of telesurgery and the introduction of our mobile robotic surgical system. At both conferences, key opinion leaders from India and abroad were given a platform to discuss their experience with the SSi Mantra and foster discussions regarding the global potential of our cost-effective surgical robotic system.

***Clinical Applications***

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The SSi Mantra has been clinically validated for safety, efficacy and effectiveness for its intended use to perform robotically assisted surgeries in more than one hundred different types of surgical procedures in India without any device related adverse events. As of September 30, 2025, we have installed 127 systems, of which 115 are located in India and 12 at overseas locations which have been used to perform more than 6,000 surgical procedures, including cardiovascular, thoracic, head and neck, gynecological, urological, cancer and general surgeries. We maintain productive collaborations with leading surgeons to explore and develop new techniques and applications for robotic-assisted surgery with the SSi Mantra. We primarily focus our development efforts on those procedures in which we believe our products bring the highest patient value, surgeon value and hospital value. Representative surgical applications are described below.

***Cardiovascular Surgery***

**Internal Mammary Artery Dissection**. In a coronary artery bypass graft procedure used in cardiac surgery, a blocked coronary artery is bypassed with a graft. When available, an artery from the chest called the internal mammary artery is dissected from its natural position and grafted into place to perform the bypass. Because the internal mammary artery is located inferior to the anterior surface of the chest, dissection of the vessel is challenging using existing surgical instruments through the three- to five-inch incision commonly used in a non-robotic coronary artery bypass graft procedure. Our products have multiple joints that emulate the surgeon's shoulders and elbows, allowing exact positioning of the instruments inside the patient's chest. In addition, our Mudra instrument joints are designed to permit the surgeon to reach behind the tissues for easier dissection of the internal mammary artery. Thus, we believe that the internal mammary artery can be dissected with greater ease and precision using the SSi Mantra Surgical Robotic System.

**Totally Endoscopic Coronary Artery Bypass Surgery (TECAB).** Coronary artery bypass graft surgery demands that the surgeon delicately dissect and precisely suture very small structures, which are less than two millimeters in diameter, under significant magnification. These procedures are difficult when performed in open surgery. They are even more difficult when performed using a limited incision approach and can be challenging to perform when the heart is beating. As a result, this procedure is typically done as open surgery by stopping the heart and using a heart/lung bypass machine. The technology employed by the SSi Mantra is designed to allow surgeons to perform scaled instrument movements that can be even more precise than the movements used in open surgery, thus enabling precise suturing of single and multiple coronary vessels on a stopped or beating heart.

**Mitral and Aortic Valve Repair/Replacement**. Valve repair and replacement surgeries are challenging even when using open surgical techniques. Significant exposure of the surgical field is essential to the identification and precise manipulation of valves and other structures inside the heart and is key to successful surgical outcomes with minimal complications. Motion scaling allows a surgeon using the SSi Mantra to maneuver instruments inside the patient even more precisely than is possible in open surgery. The SSi Mantra has enabled heart valve repairs to be performed through small ports in a manner that could not have been accomplished with open surgery.

 

***Thoracic Surgery***

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Conventional approaches to surgical procedures in the thorax include both open and video-assisted thoracoscopic approaches. Procedures performed via these methods include pulmonary wedge resection, pulmonary lobectomy, thymectomy, mediastinal mass excision and esophagectomy.

***Head and Neck Surgery***

**Transoral Surgery**. Head and neck cancers are typically treated by either surgical resection or chemo-radiation, or a combination of both. Surgical resection performed by an open approach may require a "jaw-splitting" mandibulotomy. This procedure, while effective in treating cancer, is potentially traumatic and disfiguring to the patient. Less invasive approaches via the mouth (transoral surgery) are challenged by line-of-sight limitations dictated by conventional endoscopic tools. Chemo-radiation as a primary therapy allows patients to avoid traumatic surgical incisions however, medical literature suggests that this modality diminishes patients' ability to speak and swallow normally. Robotically assisted transoral surgery allows surgeons to operate on tumors occurring in the oropharynx (i.e., tonsil and base of tongue) and larynx via the mouth and to overcome some of the line-of-sight limitations of conventional transoral surgery.

***Gynecologic Surgery***

**Hysterectom*y***. Removal of the uterus is one of the most commonly performed surgeries in gynecology and is performed for a variety of underlying benign and cancerous conditions. Hysterectomies can be performed using open surgery or minimally invasive techniques, which include vaginal, laparoscopic, and robotic-assisted approaches. We believe that robotic-assisted surgery with the SSi Mantra provides patients with the opportunity to receive a minimally invasive treatment as an alternative to an open hysterectomy.

 

**Sacro colpopexy.** The abdominal (open) Sacro colpopexy is a type of operation performed to treat vaginal vault prolapse. Sacro colpopexy involves suturing a synthetic mesh that connects and supports the vagina to the sacrum (tailbone). A Sacro colpopexy can be performed using a conventional laparoscopic technique; however, it is often difficult and cumbersome to perform. Robotic assisted surgical capabilities enable a larger number of these procedures to be performed through a minimally invasive technique, conferring the benefits of minimally invasive surgery to a broader range of Sacro colpopexy patients.

***Urologic Surgery***

**Prostatectomy**. Radical prostatectomy is the removal of the prostate gland and accompanying lymph nodes in patients diagnosed with clinically localized prostate cancer. The standard approach to the removal of the prostate is via an open surgical procedure. The conventional laparoscopic approach is difficult and poses challenges to even the most skilled urologist. The SSi Mantra will enable a larger number of surgeons to transition from open surgical techniques to a minimally invasive robotic surgical technique.

**Partial Nephrectomy**. Partial nephrectomy is the removal of a small portion of a kidney (typically, an area of the kidney containing a tumor). Partial nephrectomies are most commonly performed in patients diagnosed with clinically localized renal cancer. Excluding robotic-assisted surgery, there are three common surgical approaches to performing partial nephrectomies: open surgical technique, laparoscopy, and hand-assisted laparoscopy, which is a hybrid of open surgery and laparoscopic techniques. Robotic assisted surgical capabilities may enable a large number of these procedures to be performed through a minimally invasive technique, conferring the benefits of minimally invasive surgery to a broader range of partial nephrectomy patients.

**Radical Nephrectomy*.*** Radical nephrectomy is a surgery to remove the entire kidney, typically done to treat kidney cancers and occasionally or other reasons. In some instances, the adrenal gland and lymph nodes may be removed as well.

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**Cystectomy***.* Robotic-assisted cystectomy is a minimally invasive bladder surgery with the same cancer removal success as open surgery. During robotic cystectomy, robotically trained urology surgeons remove the bladder and redirect the urinary tract using a surgical robot. A robotic cystectomy is performed through a series of small keyhole-sized incisions across the abdomen, which is less painful, heals faster, and produces significantly less surface scarring than the larger incision associated with open surgery.

***General Surgery***

 

**Hernia Repair**. A hernia occurs when an organ or other tissue squeezes through a weak spot in a surrounding muscle or connective tissue. During hernia repair surgery, the weakened tissue is secured, and defects are repaired. Common types of hernias are ventral and inguinal. Ventral, or abdominal hernia, may occur through a scar after surgery in the abdomen. Inguinal hernia is a bulge in the groin and is more common in men.

**Colorectal Surgery**. These procedures typically involve benign or cancerous conditions of the lower digestive system, in particular the rectum or colon. Common procedures in this area include hemicolectomy, sigmoidoscopy, low anterior resection and abdominoperineal resection.

 

**Cholecystectom***y*. Cholecystectomy, or the surgical removal of the gall bladder, is a commonly performed general surgery procedure. Cholecystectomy is the primary method for the treatment of gallstones and other gall bladder diseases. Most cholecystectomies are performed using multi-port MIS techniques, although some surgeons choose to perform cholecystectomies using manual single-port instrumentation.

**The Global Robotic Surgery Market**

***General***

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The global surgical robotics market valued at 12.7 billion in 2024 is forecasted to grow at a robust CAGR of 14.7% reaching $33 billion by 2031.<sup>5</sup> Surgical robots offer significant advantages in minimally invasive surgery by enabling exceptionally precise manipulation of surgical instruments within constrained operation spaces, surpassing human capabilities. Robotic surgery is a procedure which involves a minimally invasive spectrum and represents an evolution in practice across numerous medical disciplines. Surgical robotics technology is used across various medical specialties, enabling surgeons to perform complex procedures through small incisions, resulting in reduced patient trauma, shorter recovery times, and enhanced patient outcomes*.* 

***Market Dynamics***

Increase in demand and acceptance of laparoscopic or minimally invasive surgery ("**MIS**") due to the benefits to patients and surgeons, such as better screening, greater precision, shorter hospitalization, reduced pain and discomfort has fueled the growth in the global surgical robotics market. In addition, the surge in the number of gynecological, neurological and urological diseases is a primary factor driving the surgical robotics market growth.

In addition, surgical robotics enable minimally invasive procedures, which involve smaller incisions, reduced trauma to surrounding tissues, and quicker recovery times. Patients are increasingly seeking procedures that result in less pain and shorter hospital stays, and surgical robots fulfill these demands and the rise in adoption of minimally invasive procedures has fueled market growth.

Many surgical robotic systems incorporate advanced visualization technologies, such as high-definition 3D imaging and augmented reality. These technologies grant surgeons a clearer view of the surgical site, enhancing their ability to visualize complex anatomical structures and perform intricate tasks. The growth of the surgical robotics market is expected to be driven by the availability of improved healthcare infrastructure, increase in unmet healthcare needs, rise in prevalence of chronic diseases, and surge in demand for advanced surgical robotics products.

<sup>5</sup> iData Research. (February 7, 2025). Global Surgical Robotics and Navigation Market Report, 2025–2031. Retrieved November 6, 2025, from https://idataresearch.com/product/surgical-robotics-and-navigation-market/.

Furthermore, the increase in need for automation in the healthcare industry and the shifting trend towards advanced robotic surgeries fuels market growth. Moreover, untapped economies such as Brazil, India, China and other developing economies create a lucrative surgical robotics market opportunity.

The demand for surgical robotics is not only limited to developed countries such as the U.S. but is also being witnessed in the developing countries, such as China, and India, which fuel the growth of the market. Factors such as the rise in the number of surgeries drive the adoption of robotic technologies across different specialties, contributing to the robust growth of the surgical robotics market. For instance, according to the National Center for Biotechnology and Information (NCBI), in 2022, around 1,918,030 new cancer cases are projected to occur in the U.S. In light of this projection, the number of cancer surgeries performed by the subspecialty of robotic oncology surgeons is also expected to increase drastically as well.

Furthermore, as the global population ages, we expect that there will be a greater need for surgical interventions to address age-related health conditions which boosts market growth. Surgical robots assist surgeons in handling the complexities of these procedures, allowing for safer and more effective outcomes in elderly patients. Moreover, initially limited to specific procedures, robotic technologies are now being adapted for a broader spectrum of surgeries across various medical fields, including cardiac, neurology, urology, gynecology, and more. This versatility attracts hospitals and clinics to aim to offer comprehensive robotic surgical services which is expected to drive the market growth.

High initial costs associated with acquiring and implementing robotic systems, including infrastructure and training, pose a financial challenge for many healthcare facilities which may impede market growth. Regulatory complexities and concerns regarding patient safety, as well as the need for rigorous clinical validation of robotic procedures, slow down the adoption process. In addition, the intricate nature of surgical robotics necessitates specialized training for surgeons, potentially leading to a shortage of skilled professionals. These factors collectively have hindered expansion of the surgical robotics market.

 

***Segmental Overview***

The surgical robotics industry is segmented into components, surgery type, and region. By component, the market is categorized into systems, accessories, and services. Based on surgery type, the market is segregated into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery, and other surgeries. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa ("**LAMEA**").

<u>By Component</u> 

With a consistently expanding installed base of surgical robotic systems globally and increasing utilization thereof, the accessories and services segment dominated the global surgical robotics market in 2022 and is expected to remain dominant throughout the forecast period, due to a rise in the number of surgical robotics procedures performed with precision, accuracy, and improved patient outcomes, coupled with the increased adoption of surgical robotics technology. However, the systems segment is expected to register the highest CAGR during the forecast period, owing to a rise in technological advancements and an increase in demand for advanced robotic surgical systems.

<u>By Surgery Type</u> 

The general surgery segment dominated the global surgical robotics market share in 2024 and is anticipated to continue this trend during the forecast period. This is attributed to versatility and effectiveness of surgical robotics in a wide range of general surgery procedures, increase in patient demand for minimally invasive surgeries, and ongoing advancements in technology.

<u>By Region</u> 

The surgical robotics market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the surgical robotics industry in 2024 in terms of the number of surgical robotic systems installed and is expected to maintain its dominance during the forecast period. In addition, the presence of well-established healthcare infrastructure, high purchasing power, and rise in adoption rate of advanced surgical robotics products are expected to drive the market growth. Furthermore, product launches, collaborations, and acquisitions adopted by the key players in this region help to boost the growth of the market.

Asia-Pacific is expected to grow at the highest rate during the surgical robotics market forecast period. The market growth in this region is attributable to the growing industrial infrastructure, the rise in prevalence of chronic diseases, such as cancer and cardiovascular conditions which has driven the need for sophisticated surgical interventions, which surgical robotic systems can provide. Moreover, the increase in awareness and acceptance of minimally invasive procedures among patients in the Asia-Pacific region along with the benefits offered by surgical robotics further propels the market growth in this region.

<u>India</u>

Within the Asia-Pacific region, India, being the fastest growing economy, with rising incomes and a significant unmet need for high-quality healthcare services is potentially a key driver for the growth of surgical robotics in the region. While India's healthcare sector is poised to grow from $638 billion in 2016 to $1.5 trillion in 2030, its healthcare spending as a percentage of GDP is expected to grow from 3% to 6% and the ratio of insured households is expected to grow from 37% to 69% between 2023 and 2030. Similarly, India's ratio of out-of-pocket healthcare spending is also expected to decline from 55% in 2023 to 36% in 2030<sup>6</sup>, as the result of increased insurance penetration.

Historically, the lack of investment in healthcare infrastructure in India, has led it to lag World Health Organization ("**WHO**") standards in terms of the number of hospital beds and physicians per population of 1,000. In the last several years, with the increasing burden of lifestyle diseases and additional factors such as increasing medical value travel, a systemic shift has occurred in India with a renewed focus on increasing healthcare spending. This trend is reflected in a 19.7% increase in hospital industry revenue from 2020 to 2023 and a 34.8% increase in hospital industry EBIDTA during the same period<sup>7</sup>.

**Sales, Marketing and Customer Support**

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***Sales Model***

We provide our systems and related devices through a direct sales organization in India and, outside of India, through an expanding distributor network that, as of September 30, 2025, included distributors in Colombia, Ecuador, Guatemala, Indonesia, the Philippines, the United Arab Emirates, CIS Countries, the Baltic Region, Greece, Cyprus, Sri Lanka, Bangladesh, Nepal, Oman, Iraq, the West Indies, Mauritius, Madagascar, Seychelles, and Australia**.** 

Our direct sales organization is composed of a capital sales team of ten individuals, who are responsible for selling systems, and a clinical support team of thirty individuals, which is responsible for supporting the systems used in procedures performed at our hospital accounts. Our hospital accounts include both individual hospitals and healthcare facilities as well as hospitals and healthcare facilities that are part of an integrated chain. The initial system sale into an account is a major capital equipment purchase by our customers and typically has a lengthy sales cycle that can be affected by evaluation periods, macroeconomic factors, capital spending prioritization, the timing of budgeting cycles and competitive bidding processes. Capital sales activities include educating surgeons, physicians and other hospital staff across multiple specialties on the benefits of robotic-assisted surgery with the SSi Mantra, total treatment costs and the clinical applications that our technology enables. We also train our sales organization to educate hospital management on the potential benefits of adopting our system, including the clinical benefits of robotic-assisted surgery with the SSi Mantra, such as improved patient outcomes.

Our clinical sales team works onsite at hospitals, interacting with surgeons and physicians, operating room staff and hospital administrators to develop and sustain successful robotic-assisted surgery. They assist the hospital in identifying surgeons or physicians who have an interest in robotic-assisted surgery and the potential benefits provided by the SSi Mantra. Our clinical sales team provides current clinical information on robotic-assisted surgery and new product applications to the hospital teams.

<sup>6</sup> The New Indian Express. (October 7, 2025). India's healthcare set to top $1.5 trillion by 2030, but gaps in access and rising disease burden persist. Retrieved November 6, 2025, from https://www.newindianexpress.com/nation/2025/Oct/07/indias-healthcare-set-to-top-15-trillion-by-2030-but-gaps-in-access-and-rising-disease-burden-persist.

<sup>7</sup> CareEdge Ratings. (March 27, 2025). Hospital Industry – New Capex Cycle to Boost Corporate Hospital Bed Capacity by 35–40% Over 3–5 Years. Retrieved November 6, 2025, from https://www.careratings.com/uploads/newsfiles/1743058970_Hospital%20Industry%20-%20CareEdge%20Report.pdf

We offer our SSi Mantra through three selling models— outright purchase, purchase on a deferred or installment payment basis, and purchase on a pay-per-procedure basis.

In cases where the systems are installed on a pay-per-procedure basis, the Company earns revenue share which is a mix of fixed and variable components. Variable components consist of revenue share which is agreed based on the number and type of procedures performed by the customer, while the fixed component involves an agreed amount which the customer is obliged to pay over the lease term. Accordingly, the fixed component is recognized on a straight-line basis as lease income. Since title for the system is not getting transferred to the customer, the cost relating to those systems is capitalized under property, plant and equipment and accordingly depreciation is charged over its period of useful life.

Our customers place orders to replenish their supplies of instruments and accessories on a regular basis. New direct customers who purchase a system typically place an initial stocking order of instruments and accessories soon after they receive their system.

To date, substantially all of our sales have been in India, with one sale each in the United Arab Emirates, Ecuador, Iraq and Nepal, and two sales in Colombia, Indonesia and the Philippines.

***Training and Customer Support***

We also provide training for surgeons, physicians and staff on the operation and use of the SSi Mantra using a variety of training approaches. These include didactic modules training, hands on training, dry runs with the surgeons and their entire team, in-person proctored initial cases, on-site support for additional cases and remote proctoring support for complex cases. With respect to the sale of surgical robotic systems, training is provided at the time of delivery to the end customer, however the effort involved is considered negligible.

We have a network of field service and technical support engineers in India and are establishing relationships with various distributors around the globe where we intend to market and sell the SSi Mantra. This infrastructure of service and support specialists, along with advanced service tools and solutions, offers a full complement of services for our customers, including installation, repair, maintenance, 24/7 technical support and proactive system health monitoring.

**Research and Development**

We focus our research and development efforts on enhancing and improving our products and services with a view to fulfilling our vision that the benefits of advanced robotic surgery should be cost-effective and available to everyone. Through ingenuity and intelligent technology, we believe that we can expand the potential of physicians to heal without constraints due to both cost and accessibility of these technologies. We employ engineering and research and development staff and currently have a research and development team of 67 employees to focus on delivering future innovations and sustaining improvements that advance our mission.

**Manufacturing**

Our systems and instruments are manufactured by our employees at our approximately 70,000 square-foot facility in Gurugram, Delhi NCR, India. The manufacturing of our products is a complex operation involving a number of separate processes and components.

We purchase both custom and off-the-shelf components from a large number of suppliers from both within India and overseas and subject them to stringent quality specifications, inspections, and processes. Some of the components necessary for the assembly of our products are currently provided to us by sole-sourced suppliers (the only recognized supply source available to us) or single-sourced suppliers (the only approved supply source for us among other sources). We believe, however, that alternative suppliers are available if it should become necessary, although no assurance can be given that we could secure such alternative sources of supply, if required, on commercially reasonable terms or without undue operational disruption.

We purchase the majority of our components and major assemblies through purchase orders rather than long-term supply agreements and generally do not maintain large volumes of finished goods relative to our anticipated demand.

Subject to receipt of necessary financing, we plan to expand our in-house manufacturing capacity in order to meet anticipated increases in demand and to reduce our reliance on third-party suppliers.

**Competition**

We face competition in the forms of existing open surgery, conventional MIS, drug therapies, radiation treatment and other emerging diagnostic and interventional surgical approaches. Our success depends on continued clinical and technical innovation, quality and reliability, as well as educating hospitals, surgeons and patients on the demonstrated results associated with robotic-assisted medical procedures using our SSi Mantra Surgical Robotic System and its efficacy and cost-effectiveness relative to other techniques.

We compete with a number of U.S. and foreign companies that have developed and currently manufacture and market products in the field of robotic-assisted medical procedures, including but not limited to: Intuitive Surgical, Inc.; Asensus Surgical, Inc.; avateramedical GmbH; CMR Surgical Ltd.; Johnson & Johnson; Medicaroid Corporation; Medrobotics Corporation; Medtronic plc; meerecompany Inc.; Olympus Corporation; Samsung Electronics Co., Ltd.; Shandong Weigao Group Medical Polymer Company Ltd.; Shanghai Microport Medbot (Group) Co., Ltd.; and Titan Medical Inc. Most, if not all of these companies have longer operating histories and greater financial resources than SSi. In addition, other companies with substantial experience in industrial robotics could potentially expand into the field of medical robotics and become competitors.

Our failure to compete effectively with these existing and potential competitors could adversely affect our results of operations, business and prospects.

**Intellectual Property**

We place considerable importance on obtaining and maintaining patent, copyright, and trademark protection for our technologies, products and processes.

We generally rely upon a combination of intellectual property laws, confidentiality procedures and contractual provisions to protect our proprietary technology. For example, we have patents and trademarks, both registered and unregistered, that provide distinctive identification of our products in the marketplace.

As of the date of this prospectus, our intellectual property portfolio consists of 6 granted utility patents and 74 pending utility patent applications, and 8 PCT international WIPO applications as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Granted** | **Granted** | | **Pending** | **Pending** | | |
| <br>**Country** | **No. of<br> Patents** | **Earliest<br> Expiration** | <br>**Latest<br> Expiration** | **No. of <br> Patents** | **Earliest <br> Expiration** | <br>**Latest <br> Expiration** | <br>**Product** |
| Europe |  |  |  | 5 | February 8, 2043 | December 1, 2043 | MANTRA |
| Europe |  |  |  | 1 | June 9, 2043 | June 9, 2043 | MAYA |
| India | 5 | January 28, 2042 | March 11, 2044 | 15 | March 3, 2042 | July 1, 2045 | MANTRA |
| India |  |  |  | 2 | March 31, 2043 | November 10, 2043 | MANTRA & MAYA |
| India | 1 | June 10, 2042 | June 10, 2042 | 1 | July 27, 2043 | July 27, 2043 | MAYA |
| India |  |  |  | 7 | October 5, 2041 | August 23, 2045 | MUDRA |
| USA |  |  |  | 10 | January 28, 2043 | December 27, 2044 | MANTRA |
| USA |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| USA |  |  |  | 1 | June 9, 2043 | June 9, 2043 | MAYA |
| USA |  |  |  | 1 | November 4, 2042 | November 4, 2042 | MUDRA |
| Japan |  |  |  | 4 | November 1, 2043 | December 27, 2044 | MANTRA |
| Japan |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| Korea |  |  |  | 3 | November 9, 2043 | December 27, 2044 | MANTRA |
| Korea |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| Singapore |  |  |  | 2 | September 19, 2044 | December 27, 2044 | MANTRA |
| Singapore |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| Australia |  |  |  | 4 | October 20, 2043 | December 27, 2044 | MANTRA |
| Australia |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| Israel |  |  |  | 2 | September 19, 2044 | December 27, 2044 | MANTRA |
| Israel |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| BRAZIL |  |  |  | 6 | February 8, 2043 | December 27, 2044 | MANTRA |
| BRAZIL |  |  |  | 1 | July 15, 2044 | July 15, 2044 | MANTRA & MAYA |
| INDONESIA |  |  |  | 2 | October 20, 2043 | November 9, 2043 | MANTRA |
| INDONESIA |  |  |  | 1 | June 9, 2043 | June 9, 2043 | MAYA |
| **Total** | **6** |  |  | **74** |  |  | **80** |

---

Further, our intellectual property portfolio also consists of 8 PCT international WIPO applications as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Granted** | **Pending** | **Pending** | | |
| <br>**Country** | **No. of <br> Patents** | **No. of <br> Patents** | **Earliest <br> Expiration** | <br>**Latest <br> Expiration** | <br>**Product** |
| WIPO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | August 18, 2026 | December 29, 2026 | MANTRA |
| WIPO | NA | 1 | February 27, 2026 | February 27, 2026 | MAYA |
| WIPO | NA | 2 | October 31, 2025 | June 10, 2026 | MANTRA & MAYA |
| **Total** |  | **8** |  |  | **8** |

---

Further, our intellectual property portfolio also consists of 31 granted design patents and 3 pending design patent applications as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Granted** | **Granted** | | **Pending** | **Pending** | | |
| <br>**Country** | **No. of <br> Patents** | **Earliest<br> Expiration** | <br>**Latest<br> Expiration** | **No. of <br> Patents** | **Earliest <br> Expiration** | <br>**Latest <br> Expiration** | <br>**Product** |
| India | 23 | January 31, 2033 | September 27, 2034 | 1 | December 20, 2033 | December 20, 2033 | MANTRA |
| India | 8 | August 29, 2033 | January 20, 2035 | 2 | October 25, 2034 | March 17, 2035 | MUDRA |
| **Total** | **31** |  |  | **3** |  |  | **34** |

---

In addition, we have filed 96 applications for trademark registrations in India of which 44 have been registered. Further, we have filed 21 applications for trademark registrations through both Madrid and direct foreign filings of which 9 have been registered.

We have also filed two copyright applications, both of which have been granted.

We intend to apply for additional utility patents, designs and trademarks in various jurisdictions.

Notwithstanding the foregoing, we cannot be certain as to the scope of protection that the patents granted will afford our technology and systems and related devices, nor can we be certain that any pending or future patent applications will be granted. Furthermore, if any protection we obtain is reduced or eliminated, others could use our intellectual property without compensating us, resulting in harm to our business. In addition, others may assert that our systems and related devices infringe on their intellectual property rights, which may cause us to engage in costly disputes and, if we are not successful in defending ourselves, could also cause us to pay substantial damages and prohibit us from selling our systems and related devices.

None of our patents and patent applications are licensed to or from third parties.

**Government Regulation**

***General***

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Our systems and related devices and operations are subject to regulation in India by the Central Drugs Standard Control Organization (the "**CDSCO**"), by the Food and Drug Administration (the "**FDA**") in the U.S. and by similar agencies in other countries and regions in which we market or plan to market our products. In addition, our products must meet the requirements of a large and growing body of international standards, which govern the design, manufacture, materials content and sourcing, testing, certification, packaging, installation, use and disposal of our systems and related devices. We must continually keep abreast of these regulations, standards and requirements and integrate our compliance into the development and regulatory documentation for our systems and related devices. Failure to meet these standards could limit our ability to market our systems and related devices in those regions that require compliance with such standards. Examples of standards to which we are subject include ISO 13485, an internationally recognized quality management system for the design, development and manufacture of medical devices.

***ISO 13485 Quality Management System***

ISO 13485 is an internationally recognized quality management system for the design, development and manufacture of medical devices. It sets out the requirements for a quality management system specific to the medical device industry. This standard is designed to be used by manufacturers throughout the life cycle of a medical device. We are required to meet this standard to register our systems and related devices for sale globally and are subject to rigorous annual reassessment and audit procedures.

Our Company has developed a Harmonized ISO 13485 QMS system in line with EN ISO 13485 and 21 CFR 820, for compliance with U.S. and European Union ("**EU**") quality management systems requirements.

We received ISO 13485 certifications in 2021. During the course of 2024, we conducted a recertification audit from EU Notified Body for EN ISO 13485 and ISO 13485 and we received the certification in Q4 of 2024.

***India Regulation***

In the past. Medical devices in India had been mostly unregulated, but that has changed in recent years, with the adoption of rules and regulations designed to improve and enhance patient safety. Our systems and related devices are primarily regulated under the Indian Medical Device Rules, 2017, as amended by the Medical Device (Amendment) Rules, 2020 (as amended, the "**IMDR**") promulgated and administered by the CDSCO. These rules cover various aspects of medical device related regulations, including classification, registration, manufacturing and import, labeling, sales, and post-market requirements. Similar to rules in the EU, these regulations mandate that devices be safe and perform their intended function.

Based on intended use of the device, the risks associated with the device and other parameters referred to in the IMDR, the Central Licensing Authority of India classifies Medical Devices into four risk classes: A (low risk); B (low moderate risk); C (moderate high risk); and D (high risk).

The CDSCO has further divided the device classifications into 24 panels, where our surgical robotic system is classified as a Class B device pertaining to operating room procedures. This license has been updated to Class C to be in line with the international classification System.

We currently have CDSCO approval for the manufacture, sale and distribution of our systems and related devices under Class C including the Telesurgery approvals and a license to export our systems and related devices from India.

In December 2024 we became the first company in India to receive CDSCO regulatory approval for telesurgery and tele proctoring capabilities of a surgical robotic system.

***U.S. Regulation***

Our systems and related devices will be subject to regulation as medical devices in the U.S. under the Federal Food, Drug, and Cosmetic Act ("**FFDCA**"), as implemented and enforced by the FDA. The FDA regulates the development, design, non-clinical and clinical research, manufacturing, safety, efficacy, labeling, packaging, storage, installation, recordkeeping, complaint and adverse event reporting, clearance, approval, certification, promotion, marketing, export, import, distribution and service of medical devices in the U.S. to ensure that medical devices distributed domestically are safe and effective for their intended uses.

We filed a pre-submission application with the U.S. FDA, requesting feedback on the SSi Mantra. We had a feedback meeting with the FDA on April 2, 2024. The pre-submission meeting (Reference number Q240119) was organized with the FDA to seek interactive feedback from the FDA regarding the regulatory strategy, biocompatibility assessment, reprocessing validation, and clinical data. While FDA acknowledged that certain similarities exist between the SSi Mantra surgical robotic system and the proposed predicate device(s), the recommendation was to proceed with a de novo review instead of the 510(k) route.

Under the FDA's regulatory scheme, medical devices are classified into one of three classes—Class I, Class II or Class III, depending on the degree of risk associated with each medical device and the extent of control needed to ensure safety and effectiveness. We believe that our current SSi Mantra Surgical Robotic System and related devices will be classified as Class II medical devices.

The de novo classification process under the FFDCA provides a pathway for certain new types of devices to obtain marketing authorization as class I or class II devices, rather than remaining automatically designated as a class III device, which would require premarket approval.

Class II medical devices are those that are subject to general controls, and most require premarket demonstration of adherence to certain performance standards, as specified by the FDA, and special controls as deemed necessary by the FDA to ensure the safety and effectiveness of the device. These special controls can include performance standards, post-market surveillance, patient registries and FDA guidance documents.

Based on further discussions with the FDA, in August 2025, the company pivoted from filing a de novo request for the SSi Mantra to pursuing the 510(k) regulatory pathway which offers potential speed and cost advantages We successfully completed a human factors validation study for our SSi Mantra surgical robotic system at Johns Hopkins Hospital in September 2025 and anticipate submitting a 510(k) premarket notification to the FDA for the SSi Mantra for multiple specialty indications in the fourth quarter of 2025. The completion of the human factors validation study, which is designed to provide essential evidence that the SSi Mantra meets the FDA's requirements for usability and patient safety, marks a key milestone and will form an important part of the Company's forthcoming 510(k) submission. The Company has engaged RQM+, a leading MedTech-focused CRO, to assist with the 510(k) submission.

The FDA has a statutory 90 calendar day period to respond to a de novo classification request submission; however, as a practical matter, clearance often takes longer.

The FDA generally reviews a 510(k) premarket notification submission within 90 calendar days of receipt; however, in practice, review timelines may extend if additional information is requested. During the review, the FDA may issue requests for additional data or clarification to determine whether the subject device is substantially equivalent to a legally marketed predicate device. If the FDA determines that the device is not substantially equivalent (NSE) to a predicate device, the product may be considered a novel device that does not qualify for the 510(k) pathway. In such cases, the sponsor may pursue the de novo classification process for low-to-moderate-risk devices or, if the device presents a higher risk, proceed with a Premarket Approval (PMA) application.

The PMA process is more demanding and requires a full evaluation of clinical trial data and extensive documentation. In a PMA application, the manufacturer must demonstrate that the device is safe and effective, and the PMA application must be supported by extensive data, including data from preclinical studies and human clinical trials. The FDA, by statute and regulation, has 180 days to review a PMA application, although the review more often occurs over a significantly longer period of time and can take up to several years. In approving a PMA application or clearing a de novo classification request under Class II, the FDA may also require additional manufacturing controls, design control activities and approvals, as well as specific post-market surveillance requirements when necessary to protect the public health or to provide additional safety and effectiveness data for the device. In such cases, the manufacturer might be required to follow certain patient groups for a number of years and make periodic reports to the FDA on the clinical status of those patients.

Clinical trials are almost always required to support a PMA and are sometimes required to support a de novo classification request. All clinical investigations designed to determine the safety and effectiveness of a medical device must be conducted in accordance with the FDA's investigational device exemption ("**IDE**") regulations, which govern investigational device labeling, prohibit the promotion of the investigational device and specify an array of recordkeeping, reporting and monitoring responsibilities of study sponsors and study investigators. Regardless of the degree of risk presented by the medical device, clinical studies must be approved by, and conducted under the oversight of, an Institutional Review Board ("**IRB**") for each clinical site. During a study, the sponsor is required to comply with the applicable FDA requirements, including, for example, trial monitoring, selecting clinical investigators and providing them with the investigational plan, ensuring IRB review, adverse event reporting, record keeping and prohibitions on the promotion of investigation devices or on making safety or effectiveness claims for them. The clinical investigators in the clinical study are also subject to the FDA's regulations and must obtain patient informed consent, rigorously follow the investigational plan and study protocol, control the disposition of the investigational device and comply with all reporting and recordkeeping requirements. Additionally, after a trial begins, we, the FDA, or the IRB could suspend or terminate a clinical trial at any time for various reasons, including a belief that the risks to studying subjects outweigh the anticipated benefits.

After a device receives premarket authorization from the FDA, any modification that could significantly affect its safety or effectiveness, or that would constitute a major change or modification in its intended use, will require a new 510(k) clearance or depending on the modification, PMA approval or de novo classification. The FDA requires each manufacturer to determine whether the proposed change requires submission of a 510(k), de novo classification or a PMA in the first instance, but the FDA can review any such decision and disagree with the manufacturer's determination. If the FDA disagrees with a manufacturer's determination, the FDA can require the manufacturer to cease marketing and/or request the recall of the modified device until 510(k) marketing clearance, approval of a PMA or issuance of a de novo classification. Also, in these circumstances, the manufacturer may be subject to significant regulatory fines or penalties.

In addition, the FDA may place significant limitations upon the intended use of our systems and related devices as a condition of granting marketing authorization. Moreover, after a device is placed on the market, numerous FDA and other regulatory requirements continue to apply. These requirements include establishment registration and device listing with the FDA; compliance with medical device reporting regulations, which require that manufacturers report to the FDA if their device has caused or contributed, or may have caused or contributed, to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if it were to recur; compliance with corrections and removal reporting regulations, which require that manufacturers report to the FDA field corrections and product recalls or removals if undertaken to reduce a risk to health posed by the device or to remedy a violation of the FFDCA that may present a risk to health; the FDA's recall authority, whereby the agency can order device manufacturers to recall from the market a product that is in violation of governing laws and regulations; and post-market surveillance activities and regulations, which apply when deemed by the FDA to be necessary to protect the public health or to provide additional safety and effectiveness data for the device. In addition, the FDA and the Federal Trade Commission also regulate the advertising and promotion of our systems and related devices to ensure that any claims we make are consistent with our regulatory clearances, that there is scientific data to substantiate the claims and that our advertising is neither false nor misleading. In general, we may not promote or advertise our systems and related devices for uses not within the scope of our intended use statement in our clearances or make unsupported safety and effectiveness claims.

In addition, the FDA collects user fees for certain medical device submissions and annual fees for medical device establishments.

In the U.S., our manufacturing processes will be required to comply with the Quality System Regulation ("**QSR**"). The QSR covers, among other things, the methods used in, and the facilities and controls used for, the design, testing, controlling, documenting, manufacture, packaging, labeling, storage, installation and servicing of all medical devices intended for human use. The QSR also requires maintenance of extensive records, which demonstrate compliance with the FDA regulations, the manufacturer's own procedures, specifications and testing, as well as distribution and post-market experience. Compliance with the QSR is necessary for a manufacturer to be able to continue to market cleared or approved product offerings in the U.S. A company's facilities, records and manufacturing processes are subject to periodically scheduled or unscheduled inspections by the FDA. Failure to maintain compliance with applicable QSR requirements could result in the shutdown of, or restrictions on, manufacturing operations and the recall or seizure of marketed products. If the FDA determines that a manufacturer has failed to comply with applicable regulatory requirements, it can take a variety of compliance or enforcement actions, which may result in any of the following sanctions:

● warning letters, untitled letters, fines, injunctions, consent decrees, administrative penalties, and civil or criminal penalties;

● recalls, withdrawals, or administrative detention or seizure of our systems and related devices;

● operating restrictions or partial suspension or total shutdown of production;

● refusing or delaying requests for 510(k) marketing clearance or PMA approvals of new or modified systems or devices;

● withdrawing 510(k) clearances or PMA approvals that have already been granted;

● refusal to grant export approvals for our systems and related devices; or

● criminal prosecution.

In addition, the discovery of previously unknown problems with any marketed systems and related devices, including unanticipated adverse events or adverse events of increasing severity or frequency, whether resulting from the use of the device within the scope of its clearance or off-label by a physician in the practice of medicine, could result in restrictions on the device, including the removal of the product from the market or voluntary or mandatory device recalls.

Products manufactured outside of the U.S. by or for us are subject to U.S. Customs and FDA inspection upon entry into the U.S. We must demonstrate compliance of such products with U.S. regulations and carefully document the eventual distribution or re-exportation of such products. Failure to comply with all applicable regulations could prevent us from having access to products or components critical to the manufacture of finished products and lead to shortages and delays.

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***European Union Regulation***

In the European Union (the "**EU**"), all medical devices placed on the EU market must meet the essential requirements ("**Essential Requirements**"), including the requirement that a medical device must be designed and manufactured in such a way that it will not compromise the clinical condition or safety of patients or the safety and health of users and others. In addition, the device must achieve the performance intended by the manufacturer and be designed, manufactured and packaged in a suitable manner.

All medical devices are currently regulated by Regulation (EU) No 2017/745 (the "**EU Medical Devices Regulation**" or the "***MDR***"), which became effective on May 26, 2021 and replaced the former regulatory framework set forth in Council Directive 93/42/EEC (the "**MDD**").

We have submitted our technical file to Szutest, an EU Notified body for CE certification, which if approved will allow us to market the SSi Mantra in the EU. We expect to receive a scheduled audit in the second quarter of 2025 and CE marking by the end of 2025. Szutest may require us to perform additional clinical trials, which if required will be conducted under the guidance of EU MDR regulation. There can be no assurance that we will receive CE certification.

The MDR was adopted with the aim of ensuring better protection of public health and patient safety. The MDR establishes a uniform, transparent, predictable and sustainable regulatory framework across the EU for medical devices and ensures a high level of safety and health while supporting innovation. Unlike directives, regulations are directly applicable in EU member states without the need for member states to implement them into national law. This aims to increase harmonization across the EU member states.

The MDR requires that, before placing a device on the market, other than a custom-made device, manufacturers (as well as other economic operators, such as authorized representatives and importers) must register by submitting identification information to the EUDAMED electronic system, which is in the process of being implemented. The information to be submitted by manufacturers (and authorized representatives) also includes the name, address and contact details of the person or persons responsible for regulatory compliance. The MDR also requires that, before placing a device on the market, other than a custom-made device, manufacturers must assign a unique identifier to the device and provide it along with other core data to the unique device identifier ("**UDI**") database.

All manufacturers placing medical devices on the market in the EU must comply with the EU medical device vigilance system. Under this system, serious incidents and Field Safety Corrective Actions ("**FSCAs**") must be reported to the relevant authorities of EU member states. These reports are to be submitted through EUDAMED (once fully functional) and aim to ensure that, in addition to reporting to the relevant authorities of the EU member states, other actors, such as the economic operators in the supply chain, will also be informed. Until EUDAMED is fully functional, the corresponding provisions of the MDD continue to apply. Manufacturers are required to take FSCAs, which are defined as any corrective action for technical or medical reasons to prevent or reduce the risk of a serious incident associated with the use of a medical device that is made available on the market.

The advertising and promotion of medical devices is subject to some general principles set forth in EU legislation. According to the MDR, only devices that are CE (Conformité Européene) marked may be marketed and advertised in the EU in accordance with their intended purpose. Directive 2006/114/EC concerning misleading and comparative advertising and Directive 2005/29/EC on unfair commercial practices, while not specific to the advertising of medical devices, also apply to the advertising thereof and contain general rules, such as, for example, requiring that advertisements are evidenced, balanced and not misleading. Specific requirements are defined at a national level. EU member states' laws related to the advertising and promotion of medical devices, which vary between jurisdictions, may limit or restrict the advertising and promotion of products to the general public and may impose limitations on promotional activities with healthcare professionals.

Many EU member states have adopted specific anti-gift statutes that further limit commercial practices for medical devices, in particular vis-à-vis healthcare professionals and organizations. Additionally, there has been a recent trend of increased regulation of payments and transfers of value provided to healthcare professionals or entities and many EU member states have adopted national "Sunshine Acts," which impose reporting and transparency requirements (often on an annual basis), similar to the requirements in the U.S., on medical device manufacturers. Certain EU member states also mandate implementation of commercial compliance programs.

In the EU, regulatory authorities have the power to carry out announced and, if necessary, unannounced inspections of companies, as well as of suppliers and/or sub-contractors and, where necessary, the facilities of professional users. Failure to comply with the applicable regulatory requirements could require time and resources to respond to the regulatory authorities' observations and to implement corrective and preventive actions, as appropriate. Regulatory authorities have broad compliance and enforcement powers and, if such issues cannot be resolved to their satisfaction, can take a variety of actions, including untitled or warning letters, fines, consent decrees, injunctions, or civil or criminal penalties.

The aforementioned EU rules are generally applicable in the European Economic Area ("**EEA**"), which consists of the twenty-seven EU member states, as well as Iceland, Liechtenstein and Norway.

***Other countries***

Regulations in other countries, including the requirements for approvals, certification or clearance and the time required for regulatory review, varies from country to country. Certain countries, such as South Korea, Brazil, Australia and Canada, have their own regulatory agencies. These countries typically require regulatory approvals and compliance with extensive safety and quality system regulations included in the Medical Device Single Audit Program that we will be required to comply with on an ongoing basis. We have partnered with a MDSAP-Recognized Auditing Organization, TUV-SUD to obtain MDSAP certification.

Failure to obtain regulatory approval in any foreign country in which we plan to market our systems and related devices or failure to comply with any regulation in any foreign country in which we market our systems and related devices may negatively impact on our ability to generate revenue and harm our business.

In addition, local regulations may apply, which govern the use of our systems and related devices, and which could have an adverse effect on our product utilization if they are unfavorable. All such regulations are revised from time to time and, in general, are increasing in complexity and in the scope and degree of documentation and testing required. There can be no assurance that the outcomes from such documentation and testing will be acceptable to any particular regulatory agency or will continue to be acceptable over time. There are further regulations governing the importation, marketing, sale, distribution, use, and service as well as the removal and disposal of medical devices in the regions in which we operate and market our systems and related devices. Failure to comply with any of these regulations could result in sanctions or fines and could prevent us from marketing our systems and related devices in these regions.

Our ISO 13485 (quality management system) approval, CDSCO approval for the manufacture, sale and distribution of our systems and related devices and our Indian export license allows us to market our systems and related devices in fifty (50) non-FDA and non-CE (EU) countries without further regulatory approvals and in an additional seventy-nine (79) countries which require only minimal registration. We have received regulatory approval to market and sell our systems and related devices in Ecuador, Guatemala, Indonesia, Mauritius, Nepal, Philippines, Sri Lanka, Ukraine and the United Arab Emirates and have initiated the regulatory approval process, in many other countries, which if successful, will allow us to market our systems and related devices in more than fifty (50) countries within approximately one year. However, there can be no assurance as to when or if we will secure any such regulatory approvals.

***Data Privacy and Security Laws***

Numerous state, federal, and foreign laws, regulations, and standards govern the collection, use, access to, confidentiality, and security of health-related and other personal information and could apply now or in the future to our operations or the operations of our partners. In the U.S., numerous federal and state laws and regulations, including data breach notification laws, health information privacy and security laws and consumer protection laws and regulations govern the collection, use, disclosure, and protection of health-related and other personal information. In addition, certain foreign laws govern the privacy and security of personal data, including health-related data. Privacy and security laws, regulations, and other obligations are constantly evolving, may conflict with each other to complicate compliance efforts, and can result in investigations, proceedings, or actions that lead to significant civil and/or criminal penalties and restrictions on data processing.

We collect, process, share, disclose, transfer, and otherwise use data, some of which contains personal information about identifiable individuals including, but not limited to, our employees, clinical trial participants, partners, and vendors. Therefore, if we commence marketing our systems and related devices in the U.S., the EU and other countries, we will be subject to U.S. (federal, state and local) and international laws and regulations, including those in the EEA regarding data privacy and security and our use of such data.

If we market our products in the EU, we will be subject to the European Union General Data Protection Regulation 2016/679 and applicable national supplementing laws (collectively, the "**GDPR**"). The GDPR imposes comprehensive data privacy compliance obligations in relation to our collection, processing, sharing, disclosure, transfer and other use of data relating to an identifiable living individual or "**personal data**," including a principle of accountability and the obligation to demonstrate compliance through policies, procedures, training, and audits.

The GDPR also regulates cross-border transfers of personal data out of the EEA. Recent legal developments in Europe have created complexity and uncertainty regarding such transfers, in particular in relation to transfers to the U.S.

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***Cybersecurity***

In the normal course of business, we may collect and store personal information and other sensitive information, including proprietary and confidential business information, trade secrets, intellectual property, patient information, sensitive third-party information and employee information. To protect this information, our existing cybersecurity policies require continuous monitoring and detection programs, network security precautions, encryption of critical data and in-depth security assessments of vendors. We maintain various protections designed to safeguard against cyberattacks, including firewalls and virus detection software. We have established and regularly test our disaster recovery plan, and we protect against business interruption by backing up our major systems. In addition, we periodically scan our environment for any vulnerabilities, perform penetration testing and engage third parties to assess the effectiveness of our data security practices.

**Employees**

As of September 30, 2025, we had 448 employees, 195 of whom were engaged in manufacturing, 108 in marketing, sales, clinical support and field service, 73 in research and development, 24 in sourcing, 4 in quality control and 44 in administration. Most of our employees are based at our facility in Gurgaon, Delhi NCR, India. We generally consider our relationship with our employees to be good.

**Facilities**

We lease approximately 70,000 square feet in Gurugram, Delhi NCR, India, which serves as our headquarters as well as our manufacturing facility. The facility, spread over three floors, is leased pursuant to a nine-year lease expiring in March 2030 for the third floor, another nine-year lease expiring in May 2032 for the ground floor and another six-year lease expiring in July 2030 for the first floor. All the leases are further renewable under similar mutually agreed terms. Following completion of this Offering, we expect to lease additional space to increase our additional manufacturing capacity in anticipation of increased sales volumes. We intend to use a portion of the net proceeds from this Offering in that regard.

**Legal Proceedings**

In 2014, Avra Surgical Robotics, Inc., a Delaware corporation ("*Avra Surgical*"), of which Barry F. Cohen, our Chief Operating Officer – Americas and a director, was Chief Executive Officer, a director and a principal shareholder, had a dispute with Quinn Emmanuel Urquhart & Sullivan LLP ("*Quinn Emmanuel*") over legal fees allegedly due to Quinn Emmanuel. Avra Surgical, which was seeking to develop a robotic surgery system using certain technology developed in Germany by then had ceased operations. These events occurred prior to the formation of the Company as Avra Medical Robotics, Inc. Other than the facts that both Avra Surgical and our Company shared the Avra name and that Mr. Cohen was an officer, director and principal shareholder of both companies, there was no relationship between the two companies.

On May 26, 2020, Quinn Emmanuel filed a petition in the Supreme Court of the State of New York, New York County against Avra Surgical, the Company (then known as Avra Medical Robotics, Inc.), Barry F. Cohen, Jared B. Stamell, an attorney affiliated with Avra Surgical, and various individuals who at that time were or had been affiliated with Avra Surgical and or the Company (collectively, "*Respondents*"). The petition sought to recover the legal fees from the Respondents on the basis that they were "alter egos" of Avra Surgical.

As the Company and Mr. Cohen never received notice of the filing of the petition or of subsequent proceedings (although Quinn Emmanuel filed affidavits with the court stating that they had been duly served), neither the Company nor Mr. Cohen entered an appearance in the matter.

The Company recently learned from a third party that in November 2020, the court had rendered a decision holding that the Company and Messrs. Cohen and Stamell were "alter egos" of Avra Surgical and therefore were liable for payment of the Quinn Emmanuel legal fees. In addition, the Company also recently learned that in December 2023, the court ordered the entry of a judgment against Avra Surgical, the Company and Messrs. Cohen and Stamell in the amount of $296,000 plus interest from November 2020.

The Company is currently evaluating its legal options with respect to the matter. Notwithstanding the foregoing, Mr. Cohen and the Company have entered into an indemnification agreement, pursuant to which Mr. Cohen has agreed to fully indemnify the Company for any damages and costs (including legal fees) it incurs in connection with the action.

In April 2024, an ex-shareholder of Otto Pvt Ltd., an indirect wholly owned Bahamian subsidiary of SSi ("Otto") commenced litigation in the Bahamas, seeking legal confirmation that it holds 9,000 shares (approximately a 9% interest) in Otto. The litigation, in which Otto is one of the defendants, relates to a purported transaction in 2021, at which time Dr. Sudhir Srivastava, the Company's Chairman, Chief Executive Officer and principal shareholder, was the sole shareholder of Otto. The plaintiff in the litigation alleges that at that time, it acquired the 9,000 Otto shares from Dr. Srivastava. However, as the plaintiff failed to pay the agreed upon consideration for the shares, in July 2022, the shareholding was cancelled. Dr. Srivastava along with Otto, has recently filed an action in the Bahamas to confirm the cancellation of the shares and reconfirm their ownership and both actions are pending in the Bahamian courts. The Bahamian court has issued an interim order to maintain the status quo as it stands today with respect to the 9,000 Otto shares at the center of the dispute, as well as Otto's shareholdings in Sudhir Srivastava Innovations Pvt Ltd. ("SSI-India"), our Indian operating subsidiary and SSI-India's assets during the pendency of the litigation. Based on legal opinions obtained from counsel, the Company believes that there will be a favorable outcome in this case.

Notwithstanding the foregoing, Dr. Srivastava and the Company have entered into an Indemnification Agreement on October 12, 2024, pursuant to which Dr. Srivastava has agreed to fully indemnify the Company for any claims, damages and costs (including legal fees) which it incurs in connection with this litigation or in relation to any of his ventures prior to consummation of the Company's acquisition by merger of CardioVentures, Inc. in April 2023.

Other than the foregoing, there are no legal proceedings currently pending or threatened against us. However, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.

**Management's Discussion and Analysis of**

**Financial Condition and Results of Operations**

 

*The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion contains certain forward-looking statements that involve risk and uncertainties. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled "**Risk Factors**," and other documents we file with the SEC. Historical results are not necessarily indicative of future results.*

**Results of Operations**

***Introduction***

The Company is engaged in the business of developing, manufacturing, and selling a surgical robotic system under our proprietary brand "**SSi Mantra**," together with related accessories and a wide range of surgical instruments capable of supporting cardiac and a variety of other surgical procedures under our proprietary brand **"SSi Mudra".** Having commenced commercial sales of our surgical robotic system in the second half of 2022, the year 2023 was our first full year of commercial sales and during the year 2024, we further consolidated our installed base of SSi Mantra in various parts of India and also expanded our presence in the global markets.

Our financial performance is largely driven by increasing awareness of the benefits of robotically assisted surgery, reduced learning curves for robotic surgeons and the affordability and accessibility of surgical robotic technology. Our financial performance is also dependent on our obtaining regulatory approvals in various regulated markets where we have plans to sell our products. Robotically assisted surgeries are increasingly being recognized as an approved treatment modality from an insurance coverage perspective.

Our manufacturing operations being based in India derive significant operating cost advantages in terms of availability of quality and cost-effective fabrication/3D printing solutions, electronic/electrical/mechanical components, outsourced services and skilled manpower. All these factors help us in having lower costs of production which eventually helps us make our surgical robotic system cost effective and relatively affordable.

During the three and nine months ended September 30, 2025, we sold 28 and 55 surgical robotic systems respectively. In addition, during the three month period ended September 30, 2025, we installed one system on a pay-per-use basis and one system on a demonstration basis.

**Results of Operations**

***Introduction***

 ****

The financial statements appearing elsewhere in this prospectus have been prepared assuming that the Company will continue as a going concern. The Company is still in its initial years of revenue generation by way of the sale of its product and has not yet established consistent operational revenue cash flows to meet all its fixed operating costs and hence may continue to incur losses for some time. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

The following tables provide selected financial data for the Company as of:

**Balance Sheet Data**

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| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Cash | 5681657 | 466500 |
| Restricted cash\*\* | 6357590 | 6157035 |
| **Total Assets** | **69577027** | **42385213** |
| **Total Liabilities** | **29927721** | **28928110** |
| **Total liabilities and stockholders' equity** | **69577027** | **42385213** |

---

\*\* Represents Fixed Deposits held by bank as security for bank facilities and certain performance guarantees.

To date, the Company has mainly relied on debt and equity raised in private offerings to finance its operations. During the balance of 2025, the Company plans to raise additional capital through further private or public offerings of its securities. However, if we are unable to do so and if we experience a shortfall in operating capital, we could be faced with having to limit our expansion plans, research and development and marketing activities.

***Three months ended September 30, 2025, as compared to the three months ended September 30, 2024***

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| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Total Revenue | 12829349 | 4386516 |
| Cost of revenue | (6664413) | (2069109) |
| Gross profit | 6164936 | 2317407 |
| Research & development expense | 786319 | 442839 |
| Stock compensation expense | 2095163 | 2451355 |
| Depreciation and amortization expense | 297173 | 119502 |
| Selling, general and administrative expense | 4821552 | 2508479 |
| Loss from operations | (1835271) | (3204768) |
| Other income (expenses) | (35634) | (40715) |
| Income tax expense | 1847059 |  |
| Net loss | (3717964) | (3245483) |

---

 ****

*Total Revenue.* For the three months ended September 30, 2025,we had revenues of $12,829,349 (comprised of $11,705,375 of system sales, $854,440 of instrument sales, $244,399 of warranty sales and lease income $25,135), as compared to $4,386,516 (comprised of $3,969,805 of system sales, $337,580 of instrument sales $58,547 of warranty sales and lease income $20,584) for the three months ended September 30, 2024. The increase in revenue is primarily due to an increase in the number of SSi Mantra 3 surgical robotic systems and instruments during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

*Gross profit.* For the three months ended September 30, 2025, we had gross profit of $6,164,936, as compared to $2,317,407 for the three months ended September 30, 2024. The increase in gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption of raw material from the 2024 quarter to the 2025 quarter.

*Research and development expense.* Research and development expenses were $786,319 for the three months ended September 30, 2025, as compared to $442,839 for the three months ended September 30, 2024. Research and development expense primarily consists of salaries paid to engineers, amounting to $691,273 and $333,625 for the three months ended September 30, 2025 and 2024, respectively. The increase in research and development expenses compared to the prior period is primarily due to the nature of activities undertaken. Our research and development efforts were focused on routine product enhancements, which involved relatively lower expenditure.

*Stock compensation expense.* We had stock compensation expenses of $2,095,163 and $2,451,355 during the three months ended September 30, 2025 and 2024, respectively. The substantial decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during the three months ending September 30, 2025.

*Depreciation and amortization expense.* We had depreciation and amortization expense of $297,173 for three months ended September 30, 2025, as compared to $119,502 for three months ended September 30, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets.

Selling, general and administrative expense. We incurred $4,821,552 in selling, general and administrative ("**SG&A**") expense during the three months ended September 30, 2025, as compared to $2,508,479 for the three months ended September 30, 2024.

Our SG&A expense is comprised of expenses relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, and costs related to grants of our equity awards to members of our board of directors. The increase in SG&A expense compared to the previous period is primarily due to higher legal and underwriting fees and expenses incurred for business events held during the current period, which were not present in the previous period.

*Other income/expenses, net*. We incurred other expenses of $35,634 for the three months ended September 30, 2025, as compared to $40,715 of other expenses during the three months ended September 30, 2024. The decrease in interest income by $65,899 relates to fixed deposits which is offset by increase in interest expense by $70,980 related to interest on bank overdraft facility and convertible notes.

*Income tax expense.* For the three months ended September 30, 2025 our income tax expense increased by $1,847,059 as compared to nil during the three months period ended September 30, 2024, primarily due to the recognition of income tax expense in our Indian operations for the first time. Historically, our Indian subsidiary had incurred tax losses and was not subject to current income tax. However, during the current period, the Indian operations generated sufficient taxable profits, resulting in the recognition of current tax expense.

*Net Loss*. We incurred net loss of $3,717,964 for the three months ended September 30, 2025, as compared to a net loss of $3,245,483 for the three months ended September 30, 2024. The decrease in net loss from September 30, 2024 to September 30, 2025 is primarily the result of increases in gross profit by $3,847,529 and reduction in stock compensation expense by $356,192 offset by increases in SG&A expense by $2,313,073 and income tax expense of $1,847,059.

***Nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024***

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| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, <br> 2025** | **September 30,<br> 2024** |
| Total Revenue | 27950264 | 12533335 |
| Cost of revenue | (14783062) | (8049960) |
| Gross profit | 13167202 | 4483375 |
| Research & development expense | 2295014 | 1729834 |
| Stock compensation expense | 6104670 | 12003897 |
| Depreciation and amortization expense | 766416 | 290079 |
| Selling, general and administrative expense | 11460139 | 7596841 |
| Loss from operations | (7459037) | (17137276) |
| Other income (expenses) | 3817 | (90530) |
| Income tax expense | 2200788 | - |
| Net loss | (9656008) | (17227806) |

---

*Total Revenue.* We had revenues of $27,950,265 (comprised of $24,988,895 of system sales, $2,339,478 of instrument sales, $560,262 of warranty sales and lease income of $61,629), for the nine months ended September 30, 2025, compared to $12,533,335 (comprising $11,722,762 of system sales and $660,216 of instrument sales, $96,749 of warranty sales and lease income of $53,608) for the nine months ended September 30, 2024. The increase in revenue is primarily due to sale of increased number of surgical robotic systems and instruments in the September 2025 period, as compared to the September 2024 period.

*Gross profit.* We had gross profit of $13,167,202 for the nine months ended September 30, 2025, as compared to $4,483,375 for the nine months ended September 30, 2024. The increase in gross profit margin was on account of decreases in raw material prices and improvements in manufacturing processes which resulted in less consumption of raw material from the 2024 quarter to the 2025 quarter.

*Research and development expense.* Research and development expenses were $2,295,014 during the nine months ended September 30, 2025 as compared to $1,729,834 for the nine months ended September 30, 2024. Research and development expense primarily consists of salaries paid to engineers, of $1,102,778 and $954,621 for the nine months ended September 30, 2025 and September 30, 2024, respectively. The increase in research and development expenses as compared to the prior period is in line with the Company's continued focus on improving the design and technological capabilities of its existing SSi Mantra system and further expanding its product offerings through the previous quarter.

*Stock compensation expense.* We had stock compensation expense of $6,104,670 and $12,003,897 during nine months ended September 30, 2025 and September 30, 2024, respectively. The substantial decrease in the stock compensation expense is primarily due to reversal of expenses relating to resigned employees during the current period.

*Depreciation and amortization expense.* We had depreciation and amortization expense of $766,416 for the nine months ended September 30, 2025, as compared to $290,079 for the nine months ended September 30, 2024. The depreciation and amortization expenses primarily consist of depreciation on fixed assets.

*Selling, general and administrative expense.* We incurred $11,460,139 in SG&A expenses during the nine months ended September 30, 2025, as compared to $7,596,841 for the nine months ended in September 30, 2024.

Our SG&A expense is comprised of expense relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expense also includes acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, and costs related to grants of our equity awards to members of our board of directors. The increase in SG&A expenses compared to the previous period is primarily due to higher legal and underwriting fees, increased expenses associated with the Company's uplisting to NASDAQ, and expenses incurred for business events held during the current period, which were not present in the previous period.

*Other income/expenses*. We earned other income of $3,817 for the nine months ended September 30, 2025, as compared to $90,530 of other expenses during the nine months ended September 30, 2024. The increase in interest income by $187,407 relating to fixed deposits which is offset by increase in interest expense by $93,060 related to interest on bank overdraft facility and convertible notes.

*Income tax expense*. For the nine months ended September 30, 2025 our income tax expense increased by $2,200,788 as compared to nil during the nine months ended September 30, 2024, primarily due to the recognition of income tax expense in our Indian operations for the first time. Historically, our Indian subsidiary had incurred tax losses and was not subject to current income tax. However, during the current period, the Indian operations generated sufficient taxable profits, resulting in the recognition of current tax expense.

*Net Loss.* We incurred a net loss of $9,656,008 for the nine months ended September 30, 2025, as compared to a net loss of $17,227,806 for the nine months ended September 30, 2024. The decrease in net loss from the nine months ended September 30, 2024, to the nine months ended September 30, 2025 is primarily the result of the increase in gross profit by $8,683,827, decrease in stock compensation expense by $5,899,227 offset by increase in SG&A expense of $3,863,298 and income tax expense of $2,200,788.

***Year ended December 31, 2024, as compared to year ended December 31, 2023***

The following table provides selected financial data about our Company at December 31, 2024, and December 31, 2023:

**Balance Sheet Data**

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| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31,**<br>**2024** | **As of**<br>**December 31,**<br>**2023** |
| Cash | 466500 | 2022276 |
| Restricted Cash\*\* | 6157035 | 5065569 |
| Total Assets | 42385213 | 31515994 |
| Total Liabilities | 28928110 | 11797916 |
| Total Shareholders' Equity | 13457103 | 19718078 |

---

\*\* Represents Fixed Deposits held by the bank as security for bank facilities and certain performance guarantees.

To date, the Company has mainly relied on debt and equity raised in private offerings to finance its operations. During 2025, the company plans to raise additional capital through further private or public offerings. However, if we are unable to do so and if we experience a shortfall in operating capital, we could be faced with having to limit our expansion plans, research and development and marketing activities.

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| | | |
|:---|:---|:---|
| | **For the year ended** | **For the year ended** |
| <br>**Particulars** | **December 31,<br> 2024** | **December 31,<br> 2023** |
| Total Revenue | 20649528 | 5875314 |
| Cost of revenue | (12197162) | (5149786) |
| Gross profit | 8452366 | 725528 |
| Research & development expense | 2491771 | 1058660 |
| Stock compensation expense | 14342784 | 9723492 |
| Depreciation and amortization expense | 436005 | 152738 |
| Selling, general and administrative expense | 10157768 | 10064622 |
| Loss from operations | (18975962) | (20273984) |
| Other income (expenses) | (175235) | (604308) |
| Income tax expense | - | - |
| Net loss | (19151197) | (20878292) |

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*Revenues.* During the year ended December 31, 2024, the Company had revenues of $20,649,528 (comprising $19,457,767 of system sales, $942,548 of instrument sales and $177,518 of warranty sales and $71,695 of Lease income), compared to revenues of $5,875,314 (comprising $5,225,777 of system sales, $647,766 of instrument sales and $1,771 of warranty sales) during the year ended December 31, 2023.The increase in revenue is primarily due to sale of increased number of surgical robotic systems and instruments in the year ended December 31, 2024 as compared to the year ended December 31, 2023.

*Research and Development Expenses.* Research and Development expenses during the year ended December 31, 2024, were $2,491,771, as compared to $1,058,660 for the year ended December 31, 2023. The increase in the Research and Development expenses as compared to the previous year is in line with the Company's continued focus on improving the design and technological capabilities of its existing SSi Mantra system and further expanding its product offerings.

*Stock Compensation Expense.* We had stock compensation expenses of $14,342,784 and $9,723,492 during the years ended December 31, 2024, and December 31, 2023 respectively. The substantial increase in the stock compensation expense in 2024 is primarily the result of the award of a second tranche of stock grants to employees of the Company and its subsidiaries and the issuance of stock awards and stock options to executive officers of the Company and its subsidiaries in November 2024 under our Incentive Stock Plan, in recognition of their efforts in Company's operational growth.

*Depreciation and amortization expenses.* We had depreciation and amortization expense of $436,005 for the year ended December 31, 2024, as compared to $152,738 in the year ended December 31, 2023. The depreciation and amortization expenses primarily consist of depreciation on fixed assets.

*Selling, General and Administrative expenses.* We incurred $10,157,768 in selling, general and administrative expenses during the year ended December 31, 2024, as compared to $10,064,622 for the year ended December 31, 2023.

Our Selling, General and Administrative expenses ("SG&A") comprise of expenses relating to salaries and benefits, retirement benefits as well as costs related to recruitment, other compensation expenses of sales and marketing and client management personnel, sales commission, travel and brand building, client events and conferences, training and retention of senior management and other support personnel in enabling functions, telecommunications, utilities, travel and other miscellaneous administrative costs. SG&A expenses also include acquisition-related costs, legal and professional fees (which represent the costs of third party legal, tax, accounting, immigration and other advisors), investment in product development, digital technology, advanced automation and robotics, related to grant of our equity awards to members of our board of directors. We expect our SG&A costs to increase as we continue to strengthen our support and enabling functions and invest in leadership development, performance management and training programs. The increase in selling, general and administrative expenses resulted from the increased headcount and an increase in the scale of our commercial operations during 2024 as compared to the year ended December 31, 2023.

*Other Income (Expenses)*. We have incurred $175,235 in interest expenses (net) during the year ended December 31, 2024, as compared to an interest expense (net) of $604,308 during the year ended December 31, 2023. The decrease in interest expense (net) from 2023 to 2024 is due to an increase in interest income on fixed deposits with HDFC bank in India and interest income recognized during the year related to deferred payment sales.

*Net Loss.* We incurred a net loss of $19,151,197 for the year ended December 31, 2024, as compared to a net loss of $20,878,292 for the year ended December 31, 2023. The decrease in net loss from 2023 to 2024 is primarily due to an increase in gross profit of $7,726,838, offset by an increase in stock compensation expense of $4,619,292 and a decrease in interest expense (net) of $175,235 from $604,308 respectively.

**Liquidity and Capital Resources**

The Company expects to require substantial funds for scaling up its operations, incurring capital expenditure to have its own in-house machining and tooling capacity and to continue to finance its research and development work in the field of surgical robotics.

Effective February 14, 2024, the Company sold $2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes (the "**Bridge Notes**") to five investors in a private transaction, one of whom was Sushruta Pvt Ltd. ("**Sushruta**"), the Bahamian holding company of Dr. Sudhir Srivastava, our founder, Chairman, Chief Executive Officer and controlling shareholder, who subscribed for a $1,000,000 Bridge Note. Interest on the Bridge Notes accrued at the rate of 7% per annum and was payable together with the principal amount upon maturity, which was one year from issuance. The Bridge Notes were convertible at the option of the noteholders, at any time prior to maturity into shares of our common stock at a conversion price of $4.45 per share. Sushruta's Bridge Note, together with accrued interest thereon, was repaid upon maturity in February 2025.

In April 2024, the Company raised $2,000,000 from Sushruta by the issuance of two One-Year 7% Promissory Notes (the "**7% Notes**") of $1,000,000 each, to meet certain working capital requirements. In July 2024, the Company raised $500,000 from Sushruta by the issuance of an additional 7% Note to finance its ongoing working capital requirements. In October and November 2024, the Company raised $500,000 from Sushruta by issuance of 7% Notes to finance its ongoing working capital requirements. All of the 7% Notes are payable in full together with accrued interest, after 12 months from their respective date of issuance. All of the 7% Notes were repaid in full together with accrued interest thereon, upon maturity in February 2025.

Dr. Sudhir Srivastava, through Sushruta, provided the Company with $2,000,000 in financing on December 4, 2024, $5,000,000 in financing on January 3, 2025, $10,000,000 in financing on January 20, 2025, $5,000,000 in financing on January 30, 2025 and $8,000,000 in financing on March 19, 2025.

Each tranche of financing provided by Dr. Srivastava was evidenced by a one-year convertible promissory note (collectively, the "**One-Year Notes**"). The One-Year Notes bore interest at the rate of seven percent (7%) per annum, which accrued and was due at maturity. The One-Year Notes were convertible at the option of the holder into shares of our common stock at a conversion price of $1.38 per share, subject to adjustment for stock splits, stock dividends and similar recapitalization events. As of September 30, 2025, all $30,000,000 in principal amount of One-Year Notes, together with $164,548 in interest thereon, were converted by Sushruta into 21,858,368 shares of our common stock.

While we have been successful in raising funds to meet our working capital needs to date, and we believe that we will be successful in obtaining the necessary financing to fund our operations going forward, we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding if and when needed. The condensed consolidated financial statements included in this prospectus have been prepared assuming that the Company will continue as a going concern. If we cannot obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives. Even if we are successful in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic alternative would likely substantially dilute our current shareholders. These factors raise a substantial doubt about the Company's ability to continue as a going concern.

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| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2025** | **September 30, <br> 2024** |
| **Net cash provided by operating activities:** | | |
| Net loss | (9656008) | (17227806) |
| Non-cash adjustments | 7431442 | 13528234 |
| Change in operating assets and liabilities | (14798851) | (2541697) |
| Net cash used in operating activities | (17023417) | (6241269) |
| Net cash used in investing activities | (1944527) | (536337) |
| Net cash provided by financing activities | 24793391 | 6014946 |
| Net change in cash | 5825447 | (762660) |
| Effect of exchange rate on cash | (409735) | (172923) |
| Cash at beginning of year | 6623535 | 7087845 |
| Cash at end of year | 12039247 | 6152262 |

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**Cash Flows from Operating Activities**

During the nine months ended September 30, 2025, net cash used in operating activities was $17,023,417 resulting from our net loss of $9,656,008 partially offset by non-cash charges of $7,431,442 primarily driven by depreciation charges, operating lease expense, Interest expense (net), Interest and other income, net, credit loss reserve, advisory share expense and other stock compensation expense. We had cash used in our operating assets and liabilities of $17,023,417 primarily driven by an increase in inventory, prepaid and other assets and accounts receivables offset by an increase in deferred revenue, accounts payable, accrued expenses, prepaids and other noncurrent assets, operating lease expense and other liabilities.

During the nine months ended September 30, 2024, net cash used in operating activities was $6,241,269 resulting from our net loss of $17,227,806 partially offset by non-cash charges of $13,528,234 primarily driven by credit loss reserve, depreciation charges, operating lease expense, interest expense (net) and stock compensation expense. We had cash used in our operating assets and liabilities of $2,541,697 primarily driven by inventory, accounts payable, Receivables from / payables to related parties, deferred revenue, accrued expenses and other current liabilities, other noncurrent liabilities and prepaid expenses.

**Cash Flows from Investing Activities**

During the nine months ended September 30, 2025, we had net cash used in investing activities of $1,944,527 in purchase of property and equipment.

During the nine months ended September 30, 2024, we had net cash used in investing activities of $536,337 in purchase of property and equipment.

**Cash Flows from Financing Activities**

During the nine months ended September 30, 2025, we had net cash provided by financing activities of $24,793,391, which comprised of proceeds of $28,000,000 from issuance of convertible notes to our principal shareholder and proceeds from our bank overdraft facility (net) by $2,074,877 offset by repayment of convertible notes to our principal shareholder and other investors amounting to $4,212,637 and $1,068,849 respectively.

During the nine months ended September 30, 2024, we had net cash, provided by financing activities of $6,014,946, which comprised of $1,064,946 in proceeds from our bank overdraft facility (net), $1,000,000 in proceeds from issuance of convertible notes to Sushruta, $1,450,000 proceeds from issuance of convertible notes to other investors and $2,500,000 in proceeds from issuance of promissory notes to Sushruta.

**Critical Accounting Policies**

 

*Use of Estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

We consider the policies discussed below to be critical to an understanding of our consolidated financial statements, as their application places the most significant demands on management's judgment regarding matters that are inherently uncertain at the time an estimate is made.

These policies include fair value of stock options and standalone selling price in case of bundled revenue contracts.

These accounting policies, estimates and the associated risks are set out below. Future events may not develop exactly as forecasted and estimates routinely require adjustment.

***Stock Compensation Expense***

Under the fair value recognition provisions of ASC Topic 718, Compensation-Stock Compensation, cost is measured at the grant date based on the fair value of the award and is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.

Determining the fair value of stock-based awards at the grant date requires significant judgment, including estimating the expected term over which the stock awards will be outstanding before they are exercised and the expected volatility of our stock.

As of September 30, 2025, the Company has issued two types of equity incentives:

Stock Options: These provide employees with the right, but not the obligation, to purchase shares of the Company's stock at a specified price, within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with the Company's 2016 Stock Incentive Plan is measured at fair value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.

Stock Units (Restricted Stock Units, or RSUs): These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. The Company uses last three months' average share price of common stock on OTC (prior to April 24, 2025) or on NASDAQ (subsequent to April 24, 2025) as grant date fair value for RSUs.

***Standalone Selling Price***

Our system sale arrangements contain multiple products and services, including system, accessories, instruments and services. Other than services, we generally deliver all of the products upfront. Each of these products and services is a distinct performance obligation. System, instruments, accessories and services are also sold on a standalone basis. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which we separately sell the products or services. If a standalone selling price is not directly observable, then we estimate the standalone selling prices considering market conditions and entity-specific factors including, but not limited to, historical pricing data, features and functionality of the products and services and industry benchmark. We regularly review standalone selling prices and maintain internal controls over establishing and updating these estimates. Revenue that is allocated to the service obligation is deferred and recognized ratably over the service period upon expiration of first year of service which is free and included in the system sale arrangements.

**Off-Balance Sheet Arrangements**

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**Directors, Executive Officers and Corporate Governance**

**Directors and Executive Officers**

Our directors and executive officers and their respective ages and titles are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s) and Office(s) Held** |
| Sudhir Srivastava, M.D. | 77 | Chairman, Chief Executive Officer and Director |
| Naveen Kumar Amar | 49 | Chief Financial Officer |
| Vishwajyoti P. Srivastava, M.D. | 48 | Chief Executive Officer – Asia Pacific and Director |
| Barry F. Cohen | 85 | Chief Operating Officer – Americas and Director |
| Dr. Mylswamy Annadurai | 66 | Director |
| Dr. S.P. Somashekhar | 52 | Director |
| Dr. Frederic H Moll | 73 | Director |
| Tim Adams | 56 | Director |

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Set forth below is a brief description of the background and business experience of our directors and executive officers.

**Sudhir Srivastava,** M.D., joined the Company on April 14, 2023, as its Chairman, Chief Executive Officer and a director upon completion of the CardioVentures Merger. Dr. Srivastava founded Sudhir Srivastava Innovations Pvt. Ltd. ("**SSI-India**"), our Indian operating subsidiary in 2019 and has served as its Chairman, Managing Director and Chief Executive Officer since that time. SSI-India was founded with the objective of launching the development of an advanced, affordable, and accessible surgical robotic system that would benefit greater numbers of patients around the world. Dr. Srivastava completed his medical degree in India in 1971 and moved to the U.S. in 1972, where he underwent a residency in general surgery in St. Louis and further completed his training, including in cardiothoracic surgery, at the University of British Columbia Hospitals in Vancouver, Canada. He is double board certified by the American Board of Surgery and Thoracic Surgery. Dr. Srivastava, after moving to Texas to begin his practice in 1981, became heavily involved in advancing minimally invasive cardiac surgical approaches and robotic cardiac surgery procedures during his time in Texas. While in Texas, in 2002 Dr. Srivastava was the founding chairman of Alliance Hospital, which became one of the busiest robotic cardiac centers globally. In 2007, Dr. Srivastava joined the University of Chicago faculty and served as the Director of Robotic Cardiac Surgery to launch their program. In 2009, Dr. Srivastava moved to Atlanta, Georgia, and founded the International College of Robotic Surgery and launched the Robotic Revascularization Program at St. Joseph's Hospital. While in the U.S., he performed over 1,400 robotic cardiothoracic procedures and trained over 350 surgical teams from around the world. His passion and experience took him to various countries around the world, where he helped launch robotic cardiac surgery programs. Dr. Srivastava returned to India in 2011 to establish robotic surgery programs throughout the country during a time when robotic surgery was still nascent in India. He founded the International Centre for Robotic Surgery in Delhi, India, and trained surgeons in different specialties, introducing them to high-level robotic cardiac surgery procedures. Recognizing the high cost and limited access to robotic surgery in India, in 2012, Dr. Srivastava undertook the mission of developing an affordable system that would be technologically advanced, so that greater numbers of patients could benefit from robotic cardiac surgery in India and worldwide. His efforts led to the development of the SSi Mantra Surgical Robotic System by the SSi Companies Group, which was commercially introduced in August 2022. Dr. Srivastava is globally recognized as a pioneer and leader in robotic cardiac surgery and has received numerous awards worldwide for advancing the field.

**Naveen Kumar Amar**, who joined the Company as Chief Financial Officer on September 24, 2025, is a Chartered Accountant in India and holds a Company Secretary designation in India. He has over 27 years' experience in all aspects of global corporate finance, including accounting management, audits, capital raises, compliance, taxation, mergers and acquisitions and investor relations. From July 2022 until joining the Company, Mr. Amar provided remote chief financial officer services from his base in New Delhi to companies in the U.S., the United Kingdom and elsewhere abroad. From March 2021 to July 2022, Mr. Amar was Head – Finance & Commercial and Senior Vice President of SpiceExpress, the cargo unit of SpiceJet Ltd., an Indian low-cost airline, where he led a team of 85 responsible for finance and accounts, cargo and commercial operations, legal and compliance and other aspects of the unit's operations. From May 2019 to June 2020, he was Global Chief Financial Officer for Munchado India, an integrated software technology enterprise provider for restaurants in the U.S., Europe and India. From May 2012 to October 2018, Mr. Amar was Senior Vice President – Finance, Compliance & Company Secretary of MSD Wellcome Trust Hilleman Laboratories Pvt Ltd., a U.S./United Kingdom joint venture based in India, which was engaged in the manufacture of vaccines for worldwide distribution. Other positions occupied by Mr. Kumar include Chief Financial Officer – India and Australia and Company Secretary for EDirect Proprietary Ltd., an telecommunications provider from November 2008 to January 2012 and India Manager – Financial Consolidation and Company Secretary for GE India from July 2007 to October 2008. Mr. Amar received a Bachelor of Commerce degree from the University of New Delhi.

**Vishwajyoti P. Srivastava**, **M.D.**, joined the Company on April 14, 2023, as its President, Chief Operating Officer – South Asia and a director upon completion of the CardioVentures Merger. In May 2025 Dr. Srivastava was appointed to the position of Chief Executive Officer – Asia Pacific and served as the Company's interim Chief Financial Officer from July 23, 2025 through September 24, 2025. Dr. Srivastava joined SSI-India as President and Chief Operating Officer for South Asia in November 2020. Prior to that, he served as President of OMNI 3DHD from January 2018 to November 2020, where he led the development of a secondary 3D Visualization System that was designed with the objective of giving 3D vision to the entire robotic surgical team. In 2015, Dr. Srivastava served as the COO of a Miami, Florida based health and wellness startup, Reshape Inc., that developed an online platform for healthy living initiatives. Dr. Srivastava was also instrumental in the creation of the International College of Robotic Surgery in Atlanta, Georgia, in 2009 as well as the International Centre for Robotic Surgery in New Delhi, India, in 2011. Dr. Srivastava has been deeply involved in the field of surgical robotics since 2008, covering the wide spectrum of clinical applications, teaching and training, tele-mentoring platforms, web-based surgeon didactic training modules, digital media and marketing. Dr. Srivastava graduated from Saint James School of Medicine in Anguilla, receiving his M.D. degree in August 2020. Dr. Srivastava also holds a B.A. in International Studies with a focus on South Asia from the University of Washington in Seattle that he received in 2000. Dr. Srivastava completed all his premedical requirements at Columbia University's Post Baccalaureate Program in New York City, graduating in 2003. He is fluent in English, Hindi and French.

**Barry F. Cohen** co-founded the Company (then known as Avra Medical Robotics, Inc.) and served as its Chief Executive Officer and a director from February 4, 2015, until completion of CardioVentures Merger on April 14, 2023, when he assumed the position of Chief Operating Officer-Americas and continued as a director. Between 2006 and 2008, Mr. Cohen was a private investor and founded AVRA Surgical, Inc., a medical technology company. Prior to founding the Company, Mr. Cohen was a director of Dualis Med-Tech from 2012 to 2014 and was a director of AvraMiro GmbH from 2009 to 2014 and Avra Surgical Robotics, Inc. since 2011, which is currently inactive. From approximately 1979 to 1983 he served as director of Synalloy Corp., a manufacturer of pipe, piping systems and specialty chemicals after which he was appointed to serve as President from 1984 to 1985. Mr. Cohen also served as Chairman of the Executive Board of Wolverine Technologies, Inc., a NYSE listed company from 1979 to 1983 and President of Barry F. Cohen & Co., an NASD member from 1983 to 1999. Mr. Cohen has over fifty years' experience in managing private and public industrial companies, and forty-seven years' experience as a securities executive.

**Dr. Mylswamy Annadurai** joined the Company as a director on July 30, 2023. Dr. Annadurai is a distinguished space scientist of international repute, who has been involved in the Indian space program for over forty years, approximately thirty-six of which (1982-2018) were spent in various positions with the Indian Space Research Organization ("**ISRO**"), most recently as Director of the ISRO Satellite Center from April 2015 to July 2018. During that period, he was responsible for overseeing the development, manufacture and launch of twenty-nine satellites. Prior thereto, he also served as Program Director of Indian Remote Sensing and Small Satellite Program at ISRO from 2011-2015, where among other matters, he was responsible for overseeing ISRO's Mars Orbiter Mission and as Project Director of India's firs lunar mission, Chandarayaan-1, from 2004-2010. From August 2018 until March 2022, Dr. Annadurai served as Chairman of the National Design and Research Forum and from October 2018 to March 2023, he served as Vice President of the Tamil Nadu State Council for Science and Technology. Since May 2019. Dr. Annadurai has been serving as Chairman of the Aerospace Committee of the Southern India Chamber of Commerce and Industries in Chennai and since March 2021, as a director of Moon Land Technologies Pvt. Ltd. Since February 2023, he is also serving as a Trustee Member of the India Trustee Board of the America-India Foundation. Dr. Annadurai has received numerous awards from the Indian government, ISRO, international space organizations, academic institutions and professional bodies and societies. Dr. Annadurai holds B.E. (ECE), M.E. (Applied Electronics) and Ph.D. degrees from Anna University.

**Dr. S.P. Somashekhar** joined the Company as a director on July 30, 2023. Dr. Somashekhar is a highly respected surgical oncologist and one of the first physicians to employ robotic surgery in India. Since January 2022, he has been affiliated with the Aster Group of Hospitals in India, where he serves as Global Director of the Aster International Institute of Oncology and Head of Department and Lead Consultant in Surgical and Gynecological Oncology and Robotic Surgery. He also serves as Chairman of the Medical Advisory Board for Aster DM Healthcare. For over twenty years prior to joining Aster, he was affiliated with Manipal Hospitals in Bengaluru, most recently as Head of Department of Surgical Oncology and Chairman of the Surgical Oncology Advisory Board. Dr. Somashekhar has served in a number of teaching positions, significant experience in conducting clinical studies, authored numerous medical papers and articles and received multiple awards in the medical field. He holds an M.B.B.S. degree from Mysuru University, an M.S. in General Surgery from the Sheth K.M. School of Postgraduate & Research in Ahmedabad, and an MCh in Oncosurgery from the Gujarat Cancer & Research Institute in Ahmedabad. He is also a Fellow of the Royal College of Surgeons (Edinburgh).

**Dr. Frederic H Moll** joined the Company as a Director on August 20, 2024. Dr. Moll is a renowned physician and visionary entrepreneur whose pioneering work in medical robotics has shaped the field of minimally invasive surgery. He did his B.A. from the University of California at Berkeley, an M.D. from the University of Washington, and an M.S. in Business Management from Stanford University. He is a pioneer in Medical Robotics, particularly in minimally invasive surgery. Dr. Moll co-founded Intuitive Surgical in 1995, where he co-developed the da Vinci robotic-assisted surgery system, a global standard for minimally invasive surgery. He also founded Hansen Medical and Auris Health, creating advanced robotic technologies for vascular procedures and lung cancer diagnosis, respectively. His innovations have shaped the field of surgery, and he has served on the Boards of influential Healthcare Tech companies like Mako Surgical and RefleXion.

**Tim Adams** joined the Company as a Director on August 20, 2024. Mr. Adams served as President and CEO of Ascension Saint Thomas Health and Ministry Market Executive for Ascension Tennessee from January 2018 until January 2023, leading a network of nine inpatient facilities across Middle Tennessee. Prior to this, he was the Texas Region Chief Executive Officer at Tenet Healthcare, overseeing 26 hospitals and leading operational efforts for one of the company's largest regions. Earlier in his career, Mr., Adams served as CEO of Cedar Park Regional Medical Center, a partner with Ascension's Seton Healthcare Family, and held executive roles at Community Health Systems and IASIS Healthcare, overseeing multi-hospital operations in Texas and Florida. Beyond his professional commitments, he is also an active member of the healthcare community, serving on numerous boards, including the Tennessee Hospital Association, Nashville Health Care Council, and the United Way of Greater Nashville. He holds a Bachelor of Business Administration from Baylor University and an MBA from The University of Texas at El Paso. In January 2023, Tim transitioned to the role of Regional Operating Officer and Senior Vice President for Ascension, overseeing Ascension ministries in 10 states, including Tennessee.

The Company is currently seeking to recruit additional candidates to serve as "**Independent**" members of the board of directors.

**Terms of Office**

Our directors are appointed for a one-year term to hold office until the next annual meeting of our shareholders and until a successor is appointed and qualified, or until their removal, resignation, or death. Executive officers serve at the pleasure of the board of directors.

**Family Relationships**

Dr. Sudhir Srivastava and Dr. Vishwajyoti P. Srivastava are father and son.

There are no other familial relationships among our officers and directors.

**Board Committees and Independence**

In an effort to improve our corporate governance, the Company has constituted three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee.

Our board of directors has determined that Dr. Annadurai, Dr. Somashekhar and Mr. Adams are currently "**Independent**" within the meaning of the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market. In addition, the board has determined that Mr. Adams is an "**audit committee financial expert**" as the term is defined by the applicable rules and regulations of the SEC and the Nasdaq Stock Market listing standards, based on his business and management experience.

Members of the aforesaid Committee (s) are as follows:

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| | |
|:---|:---|
| **Name of the Committee** | **Members of the Committee** |
| Audit Committee | Mr. Tim Adams |
|  | Dr. SP Somasekhar |
|  | Dr. Frederic H. Moll |
| Compensation Committee | Mr. Tim Adams |
|  | Dr. Frederic H. Moll |
|  | Mr. Barry F. Cohen |
| Nominating and Corporate Governance Committee | Mr. Tim Adams |
|  | Dr. Frederic H. Moll |

---

**Audit Committee**

The audit committee assists our board of directors in its oversight of the Company's accounting and financial reporting processes and the audits of the Company's financial statements, including (a) the quality and integrity of the Company's financial statements; (b) the Company's compliance with legal and regulatory requirements; (c) the independent auditors' qualifications and independence; and (d) the performance of our Company's internal audit functions and independent auditors, as well as other matters which may come before it as directed by the board of directors. Further, the audit committee, to the extent it deems necessary or appropriate, among its several other responsibilities, shall:

● be responsible for the appointment, compensation, retention, termination and oversight of the work of any independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company;

● discuss the annual audited financial statements and the quarterly unaudited financial statements with management and the independent auditors prior to their filing with the SEC in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q;

● review with the Company's financial management on a periodic basis (a) issue regarding accounting principles and financial statement presentations, including any significant changes in the Company's selection or application of accounting principles; and (b) the effect of any regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company;

● monitor the Company's policies for compliance with federal, state, local and foreign laws and regulations and the Company's policies on corporate conduct;

● maintain open, continuing, and direct communication between the board of directors, the audit committee and our independent auditors; and

● monitor our compliance with legal and regulatory requirements and shall have the authority to initiate any special investigations of conflicts of interest, and compliance with federal, state and local laws and regulations, including the Foreign Corrupt Practices Act, as may be warranted.

**Compensation Committee**

The compensation committee aids our board of directors in meeting its responsibilities relating to the compensation of the Company's executive officers and to administer all incentive compensation plans and equity-based plans of the Company, including the plans under which Company securities may be acquired by directors, executive officers, employees and consultants. Further, the compensation committee, to the extent it deems necessary or appropriate, among its several other responsibilities, shall:

● review periodically the Company's philosophy regarding executive compensation to (a) ensure the attraction and retention of corporate officers, (b) ensure the motivation of corporate officers to achieve the Company's business objectives, and (c) align the interests of key management with the long-term interests of our shareholders;

● review and approve corporate goals and objectives relating to Chief Executive Officer compensation and other executive officers of SSi and its subsidiary companies;

● make recommendations to the board of directors regarding compensation for non-employee directors, and review periodically non-employee director compensation in relation to other comparable companies and in light of such factors as the compensation committee may deem appropriate; and

● review periodically reports from management regarding funding the Company's pension, retirement, long-term disability and other management welfare and benefit plans.

**Nominating and Corporate Governance Committee**

The nominating and corporate governance committee shall recommend to the board of directors individuals qualified to serve as directors and on committees of the board of directors to advise the board of directors with respect to the board of directors composition, procedures and committees to develop and recommend to the board of directors a set of corporate governance principles applicable to the Company; and to oversee the evaluation of our board of directors and management.

Further, the nominating and corporate governance committee, to the extent it deems necessary or appropriate, among its several other responsibilities shall:

● recommend to the board of directors and for approval by a majority of independent directors for election by shareholders or appointment by the board of directors as the case may be, pursuant to our bylaws and consistent with the board of directors' criteria for selecting new directors;

● review the suitability for continued service as a director of each member of the board of directors when his or her term expires or when he or she has a significant change in status;

● review annually the composition of the board of directors and to review periodically the size of the board of directors;

● make recommendations on the frequency and structure of board of directors' meetings or any other aspect of procedures of the board of directors;

● make recommendations regarding the chairmanship and composition of standing committees and monitor their functions;

● review annual committee assignments and chairmanships;

● recommend the establishment of special committees as may be necessary or desirable from time to time; and

● develop and review periodically corporate governance procedures and consider any other corporate governance issue.

**Code of Ethics**

We have adopted a Code of Ethics that applies to employees, including our principal executive officer, principal financial officer and/or people performing similar functions.

**Board of Directors Role in Risk Oversight**

Members of the board of directors have periodic meetings with management and the Company's independent auditors to perform risk oversight with respect to the Company's internal control processes. The Company believes that the board's role in risk oversight does not materially affect the leadership structure of the Company.

**Insider Trading Policies and Procedures**

We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by our directors, officers and employees, and the Company itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, during the past ten years, none of our directors or executive officers were involved in any of the following: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodities Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

**Compensation Committee Interlocks and Insider Participation**

None of our officers currently serves, or in the past year has served, as a member of the compensation committee of any entity that has one or more officers serving on our Board of Directors.

**EXECUTIVE COMPENSATION**

**Summary Compensation Table**

The table below summarizes all compensation awarded to earned by or paid to our Chief Executive Officer and our other executive officers for the years ended December 31, 2024 and December 31, 2023.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary <br> ($)** | **Bonus <br> ($)** | **Stock <br> Awards <br> (#)** | **Option <br> Awards <br> (#)** | **Option <br> Awards <br> ($)** | **Non-Equity <br> Incentive Plan <br> Compensation <br> ($)** | **Nonqualified <br> Deferred <br> Compensation <br> Earnings <br> ($)** | **All Other <br> Compensation <br> ($)** | **Total <br> ($)** |
| Sudhir Srivastava, M.D. | 2024 | 600000 | 0 | 0 | 5886997<sup>(2)</sup> | 13307213<sup>(2)</sup> | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 289567 | 14196780 |
| &nbsp;&nbsp;&nbsp;Chairman and<br> Chief Executive Officer<sup>(1)</sup> | 2023 | 600000 | 0 | 0 | 2536776 | 8650405 | 0 | 0 | 205992 | 9456397 |
| Anup Kumar Sethi | 2024 | 177385 | 0 | 845592<sup>(4)</sup> | 0 | 0 | 0 | 0 | 866 | 178251 |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer<sup>(3)</sup> | 2023 | 167197 | 0 | 845592 | 0 | 0 | 0 | 0 | 578 | 167775 |
| Vishwajyoti P. Srivastava, M.D. | 2024 | 200000 | 0 | 0 | 845592<sup>(2)</sup> | 2883468<sup>(2)</sup> | 0 | 0 | 12164 | 3095632 |
| &nbsp;&nbsp;&nbsp;President and Chief Operating Officer – South Asia<sup>(5)</sup> | 2023 | 200000 | 0 | 0 | 845592 | 2883468 | 0 | 0 | 9623 | 3093091 |
| Barry F. Cohen <br> Chief Operating | 2024 | 180000 | 0 | 0 | 845592<sup>(2)</sup> | 2883468<sup>(2)</sup> | 0 | 0 | 0 | 3063468 |
| &nbsp;&nbsp;&nbsp;Officer-Americas<sup>(6)</sup> | 2023 | 128000 | 0 | 0 | 845592 | 2883468 | 0 | 0 | 0 | 3011, 468 |

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(1) Sudhir Srivastava became our Chairman and Chief Executive Officer on April 14, 2023, upon completion of the CardioVentures Merger.

(2) Represents an option to purchase common stock granted under our Incentive Plan. The option vests in five equal annual installments commencing upon the date of grant and expires five years from the date of grant.

(3) Mr. Sethi became our Chief Financial Officer on April 14, 2023, upon completion of the CardioVentures Merger and stepped down from that position effective May 1, 2025.

(4) Represents a grant of restricted shares of our common stock awarded under our Incentive Plan. The grant vests in five equal annual installments commencing upon the date of grant.

(5) Dr. Vishwajyoti Srivastava became our President and Chief Operating Officer – South Asia on April 14, 2023, upon completion of the CardioVentures Merger. In May 2025, he was appointed Chief Executive Officer – Asia Pacific.

(6) Barry F. Cohen served as our Chairman and Chief Executive Officer from founding of the Company on February 4, 2015, until completion of the CardioVentures Merger on April 14, 2023, when he stepped down from those positions and assumed the position of Chief Operating Officer – Americas.

(7) Represents a grant of restricted shares of our common stock awarded under our Incentive Plan, which vested in full on the date of grant.

**Employment Agreements**

The Company via Otto Pvt Ltd., is party to an employment agreement with Dr. Sudhir Srivastava for a five-year period expiring in September 2026, which provides for an annual base salary of $600,000.

Until August 31, 2024, the Company was party to an employment agreement with Dr. Vishwajyoti P. Srivastava expiring in July 2026, with an annual base salary of $200,000. On August 1, 2024, the employment agreement was restructured as a consulting agreement on the same terms. Effective May 1, 2025, Dr. Vishwajyoti P. Srivastava entered into a new employment agreement with the Company in connection with his appointment as Chief Executive Officer – Asia Pacific, increasing his base compensation to $300,000.

The Company is party to an employment agreement with Barry F. Cohen for a three-year (3-year) period expiring in April 2026, which provides for an annual base salary of $180,000. The employment agreement also provides for reimbursement of other reasonable business expenses incurred by Mr. Cohen in the performance of his duties.

The Company is party to an employment agreement with Mr. Naveen Kumar Amar for a five-year (5-year) period expiring September 2030, which provides for an annual base salary of approximately $163,000 (based on current Indian rupee to U.S. dollar exchange rates). The employment agreement also provides for reimbursement of other reasonable business expenses incurred by Mr. Kumar in the performance of his duties.

Each of the foregoing employment and consulting agreements contain customary confidentiality, assignment of proprietary rights, non-competition and non-solicitation provisions.

**Outstanding Equity Awards at Fiscal Year-End Table**

The table below summarizes all unexercised options, stock that has not vested, and equity incentive plan awards for each of our executive officers outstanding as of December 31, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Securities<br> Underlying<br> Unexercised<br> Options<br> Exercisable** | **Number of<br> Securities<br> Underlying<br> Unexercised <br> Options<br> Unexercisable** | **Option<br> Exercise<br> Price** | **Option<br> Expiration<br> Date** | **Number of<br> shares<br> that have<br> not vested** | **Market<br> value of<br> shares of<br> stock that<br> have not<br> vested\*\*** |
| Sudhir Srivastava, M.D. | 4364931 | 1522066 | $5.00 | Nov 27, 2028 |  |  |
| Anup Kumar Sethi<sup>(1)</sup> |  |  |  |  | 507355 | 3937076 |
| Vishwajyoti P. Srivastava | 338237 | 507355 | $5.00 | Nov 27, 2028 |  |  |
| Barry F. Cohen | 338237 | 507355 | $5.00 | Nov 27, 2028 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Sethi stepped down as the Company's Chief Financial Officer effective April 30, 2025.

\* The volume weighted average exercise price per share for all options awarded is $5.00.

\*\* Based on the market price of $7.76 per share on the grant date

The above are options to purchase common stock granted under our Incentive Plan. The options vest in five equal annual instalments commencing upon the date of grant and expire five years from the date of grant.

**Compensation of Directors Table**

The table below summarizes all compensation paid to our directors for the year ended December 31, 2024, our last completed fiscal year.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **DIRECTOR COMPENSATION** | **DIRECTOR COMPENSATION** | **DIRECTOR COMPENSATION** | **DIRECTOR COMPENSATION** | **DIRECTOR COMPENSATION** | **DIRECTOR COMPENSATION** | |
| <br>**Name** |<br>**Fees<br> Earned or <br> paid in <br> Cash <br> ($)** | **Stock <br> Awards <br> ($)** | **Option<br> Awards<br> (#)** | **Option <br> Awards<sup>(2)</sup> <br> ($)** | **Non-Equity <br> Incentive Plan <br> Compensation <br> ($)** | **Non-Qualified <br> Deferred <br> Compensation <br> Earnings <br> ($)** | **All Other <br> Compensation <br> ($)** |<br>**Total <br> ($)** |
| Sudhir Srivastava, M.D. | 600000 |  | 5886997 | 13307213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 289567 | 14196780 |
| Vishwajyoti P. Srivastava, M.D. | 200000 |  | 845592 | 2883468 | 0 | 0 | 12164 | 3095632 |
| Barry F. Cohen | 180000 |  | 845592 | 2883468 | 0 | 0 | 0 | 3063468 |
| Dr. Mylswamy Annadurai | 0 |  |  | 0 | 0 | 0 | 0 | 0 |
| Dr. S.P. Somashekhar<sup>(1)</sup> | 0 | 16000 | 0 | 0 | 0 | 0 | 0 | 16000 |
| Tim Adams | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 |
| Frederic H Moll | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the value of a grant of 50,000 restricted shares of our common stock awarded under our Incentive Plan. The grant has fully vested as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the value of options to purchase common stock granted under our Incentive Plan. The option vests in five equal annual instalments commencing upon the date of grant and expires five years from the date of grant.

**Narrative Disclosure to the Director Compensation Table**

The Company has not established a formal compensation arrangement for its non-employee directors but anticipates that they will initially be compensated with periodic grants of options under the 2016 Incentive Stock Plan, in the discretion of the board of directors. Non-employee directors are also reimbursed for travel and lodging expenses in connection with their attendance at in-person meetings of the board. When the Company is sufficiently capitalized, the Company may institute payment of cash directors' fees to its non-employee directors in amounts to be determined at that time.

**2016 Incentive Stock Plan**

Our 2016 Incentive Stock Plan (the **"Incentive Plan**") provides for equity incentives to be granted to our employees, executive officers or directors or to key advisers or consultants. Equity incentives may be in the form of stock options with an exercise price not less than the fair market value of the underlying shares as determined pursuant to the 2016 Plan, restricted stock awards, other stock-based awards, or any combination of the foregoing. In the absence of a compensation committee, the 2016 Plan was administered by the board of directors. However, with the recent constitution of compensation committee, the Plan will henceforth be administered by the compensation committee, 3,000,000 shares of our common stock were originally reserved for issuance pursuant to the exercise of awards under the 2016 Plan. In August 2019, our board of directors and our majority shareholders approved an increase in the number of shares reserved under the 2016 Plan to 10,000,000 shares of our common stock. Our board of directors and majority shareholders in July 2022, approved a subsequent increase in the number of shares of our common stock reserved under the 2016 Plan to 20,000,000 shares of common stock. Our board of directors and majority shareholders in October 2023 mandated to keep 10% of our issued and outstanding common shares reserved under the 2016 Incentive Stock Plan. As of September 30, 2025, we have granted options to purchase 7,578,181 shares under the 2016 Plan, exercisable at $5.00 per share and 3,552,275 shares in stock grants.

**Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters**

The following table sets forth, as of this prospectus, the beneficial ownership of our common stock by (i) each director and executive officer; (ii) directors and executive officers as a group; (iii) each five percent (5%) beneficial owner of our common stock.

The percentage ownership information shown in the table is based upon 193,637,149 shares of common stock outstanding as of the date of this prospectus. Unless otherwise stated, the address of the persons set forth on the table is c/o the Company.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Except as otherwise indicated, each person or entity named in the table has sole voting and investment power with respect to all shares of our capital shown as beneficially owned, subject to applicable community property laws. In accordance with SEC rules, shares of our common stock which may be acquired upon exercise of stock options which are currently exercisable or which become exercisable within sixty (60) days of the date of this prospectus are deemed beneficially owned by the holders of such options and are deemed outstanding for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for the purpose of computing the percentage of ownership of any other person.

---

| | | |
|:---|:---|:---|
| **Names and addresses of beneficial owners** | **Number of <br> shares of <br> common stock** | **Percentage <br> of class<br> (%)** |
| **Directors and executive officers** | | |
| Sudhir Srivastava, M.D.<sup>(1)</sup> | 117457301 | 59.17% |
| Naveen Kumar Amar |  |  |
| Vishwajyoti P. Srivastava, M.D.<sup>(2)</sup> | 507355 | \* |
| Barry F. Cohen<sup>(3)</sup> | 8370943 | 4.31% |
| Dr. Mylswamy Annadurai |  | \* |
| Dr. S.P. Somashekhar<sup>(4)</sup> | 341165 | \* |
| Tim Adams | 5031902 | 2.60% |
| Dr. Frederic H Moll | 20335045 | 10.50% |
| All directors and executive officers as a group (eight persons)<sup>(5)</sup> | 152043711 | 77.02% |
| **5% or greater shareholders** |  |  |
| Manipal Global Health Services | 14949070 | 7.72% |
| 22, St. Georges Street, Port Louis 11302, Mauritius |  |  |

---

Unless otherwise indicated, the address for all our directors and executive officers is, care of the Company, 404-405, 3rd Floor, iLabs Info Technology Centre, Udyog Vihar, Phase III, Gurugram, Haryana 122016, India.

\* Less than 1%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes (a) 112,553,014 shares held of record by Sushruta Pvt. Ltd. ()"**Sushruta** "), a Bahamian holding company beneficially owned by Dr. Sudhir Srivastava; (b) 32,000 shares held by Dr Sudhir Srivastava; and (c) 4,872,287 shares issuable upon the exercise of vested stock options granted under our Incentive Plan. Sushruta also holds all 1,000 issued and outstanding Series A Preferred Shares, which entitles the holder to 51% of the total voting power of the Company.

(2) Represents 507,355 shares issuable upon the exercise of vested stock options granted under the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes 507,355 shares issuable upon the exercise of vested stock options granted under the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes a grant of 166,348 fully vested restricted shares of our common stock awarded under our Incentive Plan and 58,469 shares of common stock held by his spouse Dr. Manjiri Somashekhar.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes the items in footnotes (1) – (4) above.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Dr. Ranjan R. Pai is the beneficial owner of the shares of common stock held of record by Manipal Global Health Services.

The people named above have full voting and investment power with respect to the shares indicated. Under the rules of the SEC, a person (or group of persons) is deemed to be a "beneficial owner" of a security if he or she, directly or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security.

**Certain Relationships and Related Transactions, and Director Independence**

**Related Party Transactions** 

On April 15, 2023, the Company executed a Convertible Promissory Note (the "**Line of Credit Note**") with Sushruta Pvt Ltd. ("**Sushruta**"), the Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer, and principal shareholder. Pursuant to the Line of Credit Note, Sushruta, in its discretion may make multiple advances to the Company through December 31, 2023 (the "**Maturity Date**"), in an aggregate amount of up to $20,000,000 for working capital purposes. The advances under the Line of Credit Note do not bear interest and are due and payable on or before the Maturity Date. Sushruta may, at its option, convert the principal amount of any advance into shares of our common stock, at a conversion price of $0.74 per share. During the year ended December 31, 2023, $16,980,000 in advances that were outstanding under the Line of Credit Note, were converted into 22,945,945 shares issued to Sushruta at the conversion price of $0.74 per share and as of December 31, 2023, there were no further advances convertible under the Line of Credit Note.

In November 2022, the Company issued a convertible redeemable note in the principal amount of $3,000,000 to Dr. Frederic Moll. On April 14, 2023, upon completion of the CardioVentures Merger, Dr. Frederic Moll, a current director, converted $3,049,364 (comprising of $3,000,000 of principal and $49,364 in accrued interest) of his convertible note into 3,767,933 shares of our common stock.

Effective February 14, 2024, the Company sold $2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes (the "**Bridge Notes**") to five investors in a private transaction, one of whom was Sushruta, who subscribed for a $1,000,000 Bridge Note. Interest on the Bridge Notes accrued at the rate of 7% per annum and was payable together with the principal amount upon maturity, which was one year from issuance. The Bridge Notes were convertible at the option of the noteholders, at any time prior to maturity into shares of our common stock at a conversion price of $4.45 per share. Sushruta's Bridge Note, together with accrued interest thereon, was repaid upon maturity in February 2025.

In April 2024, the Company raised $2,000,000 from Sushruta by the issuance of two One-Year 7% Promissory Notes (the "**7% Notes**") of $1,000,000 each, to meet certain working capital requirements. In July 2024, the Company raised $500,000 from Sushruta by the issuance of an additional 7% Note to finance its ongoing working capital requirements. In October and November 2024, the Company raised $500,000 from Sushruta by issuance of 7% Notes to finance its ongoing working capital requirements. All of the 7% Notes were repaid in full together with accrued interest thereon, upon maturity in February 2025.

Dr. Sudhir Srivastava, through Sushruta, provided the Company with $2,000,000 in financing on December 4, 2024, $5,000,000 in financing on January 3, 2025, $10,000,000 in financing on January 20, 2025, $5,000,000 in financing on January 30, 2025 and $8,000,000 in financing on March 19, 2025.

Each tranche of financing provided by Dr. Srivastava was evidenced by a one-year convertible promissory note (collectively, the "**One-Year Notes**"). The One-Year Notes bore interest at the rate of seven percent (7%) per annum, which accrued and was due at maturity. The One-Year Notes were convertible at the option of the holder into shares of our common stock at a conversion price of $1.38 per share, subject to adjustment for stock splits, stock dividends and similar recapitalization events. As of March 31, 2025, all $30,000,000 in principal amount of One-Year Notes, together with $164,548 in interest thereon, were converted by Sushruta into 21,858,368 shares of our common stock.

We have issued stock options and stock awards to certain of our executive officers. See "**Executive Compensation – Outstanding Equity Awards at Year-End**" above for a description of these stock options outstanding as of December 31, 2024.

Other than as described above, there has not been, nor is there any currently proposed, transactions or series of similar transactions to which we have been or will be a party.

**Review, Approval and Ratification of Related Party Transactions**

It is our policy that our executive officers, directors, beneficial holders of more than 5% of our outstanding common stock and any entity affiliated with any of the foregoing persons, are not permitted to enter into a related party transaction with us without the prior consent of our audit committee, or other independent members of our board of directors if it is inappropriate for our audit committee to review such transaction due to a conflict of interest.

**Indemnification Agreements**

We have entered into indemnification agreements with each of our directors and executive officers. The indemnification agreements, our amended and restated certificate of incorporation and our bylaws require us to indemnify our directors to the fullest extent permitted by Florida law.

Information related to the independence of our directors is provided under the section titled "**Directors, Executive Officers and Corporate Governance**."

**DESCRIPTION OF CAPITAL STOCK**

*The following description of our capital stock is not complete and may not contain all the information you should consider before investing in our capital stock. This description is summarized from, and qualified in its entirety by reference to, our amended and restated certificate of incorporation and our amended and restated bylaws, which have been publicly filed with the SEC. See "**Where You Can Find More Information**." For a complete description, you should refer to our amended and restated certificate of incorporation and amended and restated bylaws, copies of which are incorporated by reference as exhibits to the registration statement of which this prospectus forms a part.*

Our authorized capital stock consists of 250,000,000 shares of common stock, par value $0.0001 ("*shares*"), and 5,000,000 shares of preferred stock, par value $0.0001. As of September 30, 2025, 193,592,410 shares of common stock and 1,000 shares of preferred stock, all of which are designated as shares of Series A Non-Convertible Preferred Stock (the "**Series A Preferred Shares**"), were issued and outstanding.

**Common Stock**

The shares of common stock presently outstanding are and the Shares being offered and sold in the Offering, when paid for and issued as provided for in this prospectus, will be fully paid and non-assessable. Each holder of common stock is entitled to one vote for each share owned on all matters voted upon by shareholders, and a majority vote is required for all actions to be taken by shareholders. In the event we liquidate, dissolve or wind-up our operations, the holders of the common stock are entitled to share equally and ratably in our assets, if any, remaining after the payment of all our debts and liabilities and the liquidation preference of any shares of preferred stock that may then be outstanding. The common stock has no preemptive rights, no cumulative voting rights, and no redemption, sinking fund or conversion provisions.

Holders of common stock are entitled to receive dividends, if and when declared by the board of directors, out of funds legally available for such purpose, subject to the dividend and liquidation rights of any preferred stock that may then be outstanding.

**Preferred Stock**

***General***

Our board of directors has the authority, without further action by the shareholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences and the number of shares constituting any series or the designation of such series. While our Amended and Restated Articles of Incorporation and bylaws do not contain any provisions that may delay, defer or prevent a change in control, the issuance of preferred stock may have the effect of delaying or preventing a change in control or make removal of our management more difficult.

***Series A Preferred Shares***

The 1,000 issued and outstanding shares of preferred stock which are designated as the Series A Preferred Shares were issued to Sushruta, Dr. Sudhir Srivastava's Bahamian holding company, in connection with the consummation of the April 14, 2023 CardioVentures Merger.

The Series A Preferred Shares vote together with shares of our common stock as a single class on all matters presented to a vote of shareholders, except as required by law and entitle the holder to exercise 51% of the total combined voting power of the Company, without regard to the number of shares of common stock outstanding. The Series A Preferred Shares are not convertible into common stock, do not have any dividend rights and do have a nominal liquidation preference. The Series A Preferred Shares also have certain protective provisions, such as requiring the vote of a majority of Series A Preferred Shares to change or amend their rights, powers, privileges, limitations and restrictions. The Series A Preferred Shares are automatically redeemed by the Company for nominal consideration at such time as the holder owns less than 50% of the shares issued to it in connection with the CardioVentures Merger.

**Certain Florida Legislation**

Florida has enacted legislation that may deter or frustrate takeovers of Florida corporations. The Florida Control Share Act generally provides that shares acquired in a "*control share acquisition*" will not possess any voting rights unless such voting rights are approved by a majority of the corporation's disinterested shareholders. A "*control share acquisition*" is an acquisition, directly or indirectly, by any person of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding "*control shares*" of a publicly held Florida corporation. "*Control shares*" are shares, which except for the Florida Control Share Act, would have voting power that, when added to all other shares owned by a person or in respect to which such person may exercise or direct the exercise of voting power in the election of directors within any of the following ranges: (i) at least 20% but less than 33-1/3% of all voting power; (ii) at least 33-1/3% but less than a majority of all voting power; or (iii) a majority or more of all voting power. The Florida Affiliated Transactions Act generally requires supermajority approval by disinterested shareholders of certain specified transactions between a public company and holders of more than 10% of the outstanding voting shares of the corporation (or their affiliates). Florida law and the Company's Amended and Restated Articles of Incorporation and Bylaws also authorize the Company to indemnify the Company's Amended and Restated Articles of Incorporation and Florida law presently limit the personal liability of corporate directors for monetary damages , except where directors(i) breach their fiduciary duties; and (ii) such breach constitutes or includes certain violations of criminal law, a transaction from which the directors derived an improper personal benefit, certain unlawful distributions or certain other reckless, wanton or willful acts or misconduct.

**Transfer Agent and Registrar**

The Company has appointed VStock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598 as transfer agent and registrar for its common stock. Shares of our common stock will be issued in uncertificated form only, except in limited circumstances.

**Market Listing**

Our common stock is listed for trading on the Nasdaq Capital Market under the symbol "**SSII**."

**DESCRIPTION OF SECURITIES WE ARE OFFERING**

We are offering Shares of common stock.

**Common Stock**

For a description of our common stock see "**Description of Our Capital Stock**" in this prospectus.

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS** 

The following discussion is a summary of certain material U.S. federal income tax consequences of the purchase, ownership and disposition of the Shares, which we refer to as the "Securities," issued pursuant to this Offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or foreign tax laws are not discussed. This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS") in effect as of the date of this Offering. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a holder of the Securities. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position regarding the tax consequences of the purchase, ownership and disposition of the Securities.

This discussion is limited to holders that hold the Securities as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that may be relevant to a particular holder in light of that holder's individual circumstances, nor does it address any alternative minimum, Medicare contribution, estate or gift tax consequences, or any aspects of U.S. state, local or non-U.S. taxes or any other U.S. federal tax laws. This discussion also does not address consequences relevant to holders subject to special tax rules, such as holders that own, or are deemed to own, more than 5% of our capital stock (except to the extent specifically set forth below), corporations that accumulate earnings to avoid U.S. federal income tax, tax-exempt organizations, governmental organizations, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or currencies, regulated investment companies or real estate investment trusts, persons that have a "functional currency" other than the U.S. dollar, tax-qualified retirement plans, holders who hold or receive our securities pursuant to the exercise of employee stock options or otherwise as compensation, holders holding our securities as part of a hedge, straddle or other risk reduction strategy, conversion transaction or other integrated investment, holders deemed to sell our securities under the constructive sale provisions of the Code, holders subject to special tax accounting rules under Section 451(b) of the Code, controlled foreign corporations, passive foreign investment companies and certain former U.S. citizens or long-term residents.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Securities, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding the Securities and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**THIS DISCUSSION IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS LEGAL OR TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE SECURITIES ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Tax Considerations Applicable to U.S. Holders**

***Definition of a U.S. Holder***

For purposes of this discussion, a "U.S. holder" is any beneficial owner of the Securities that, for U.S. federal income tax purposes, is or is treated as any of the following:

● an individual who is a citizen or resident of the U.S.;

● a corporation or an entity treated as a corporation for U.S. federal income tax purposes, created or organized under the laws of the U.S., any state thereof, or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

● a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code), or (2) has made a valid election under applicable Treasury Regulations to be treated as a U.S. person for U.S. federal income tax purposes.

***Distributions***

As described in the section entitled "Dividend Policy," we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. However, if we do make distributions of cash or property on our common stock(other than certain distributions of common stock), such distributions will constitute dividends to the extent paid out of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Dividends received by a corporate U.S. holder may be eligible for a dividends received deduction, subject to applicable limitations. Dividends received by certain non-corporate U.S. holders, including individuals, are generally taxed at the lower applicable capital gains rate provided certain holding period and other requirements are satisfied. Distributions in excess of our current and accumulated earnings and profits will constitute a return of capital and first be applied against and reduce a U.S. holder's adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below in the section relating to the sale or disposition of our common stock.

***Sale or Other Taxable Disposition of Common Stock***

Upon the sale, exchange or other taxable disposition of the common stock, a U.S. holder generally will recognize capital gain or loss equal to the difference between (a) the amount of cash and the fair market value of any property received upon the sale, exchange or other taxable disposition and (b) such U.S. holder's adjusted tax basis in the common stock. Such capital gain or loss will be long- term capital gain or loss if the U.S. holder's holding period in such common stock is more than one year at the time of the sale, exchange or other taxable disposition. Long-term capital gains recognized by certain non-corporate U.S. holders, including individuals, generally will be subject to reduced rates of U.S. federal income tax. The deductibility of capital losses is subject to certain limitations.

We are currently required to report the amount of any deemed distributions on our website or to the IRS and to holders not exempt from reporting. The IRS has proposed regulations addressing the amount and timing of deemed distributions, as well as obligations of withholding agents and filing and notice obligations of issuers in respect of such deemed distributions. If adopted as proposed, the regulations would generally provide that (i) the amount of a deemed distribution is the excess of the fair market value of the right to acquire stock immediately after the exercise price adjustment over the fair market value of the right to acquire stock (after the exercise price adjustment) without the adjustment, (ii) the deemed distribution occurs at the earlier of the date the adjustment occurs under the terms of the instrument and the date of the distribution of cash or property that results in the deemed distribution and (iii) we are required to report the amount of any deemed distributions on our website or to the IRS and to all holders (including holders that would otherwise be exempt from reporting). The final regulations will be effective for deemed distributions occurring on or after the date of adoption, but holders and withholding agents may rely on them prior to that date under certain circumstances.

***Information Reporting and Backup Withholding***

A U.S. holder may be subject to information reporting and backup withholding when such holder receives payments on the common stock (including constructive dividends) or receives proceeds from the sale or other taxable disposition of common stock. Certain U.S. holders are exempt from backup withholding, including corporations and certain tax-exempt organizations. A U.S. holder will be subject to backup withholding if such holder is not otherwise exempt and such holder:

● fails to furnish the holder's taxpayer identification number, which for an individual is ordinarily his or her social security number;

● furnishes an incorrect taxpayer identification number;

● is notified by the IRS that the holder previously failed to properly report payments of interest or dividends; or

● fails to certify under penalties of perjury that the holder has furnished a correct taxpayer identification number and that the IRS has not notified the holder that the holder is subject to backup withholding.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.

**Tax Considerations Applicable to Non-U.S. Holders**

For purposes of this discussion, a "**non-U.S. holder**" is a beneficial owner of the Securities that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes.

***Distributions***

As described in the section entitled "**Dividend Policy**," we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. However, if we do make distributions of cash or property (other than certain distributions of common stock) on our common stock, such will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a non-U.S. holder's adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below in the section relating to the sale or disposition of our common stock. Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules discussed below we or the applicable withholding agent may treat the entire distribution as a dividend.

Subject to the discussion below on backup withholding and foreign accounts, dividends paid to a non-U.S. holder of our common stock that are not effectively connected with the non-U.S. holder's conduct of a trade or business within the U.S. will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty).

Non-U.S. holders will be entitled to a reduction in or an exemption from withholding on dividends as a result of either (a) an applicable income tax treaty or (b) the non-U.S. holder holding our common stock in connection with the conduct of a trade or business within the U.S. and dividends being effectively connected with that trade or business. To claim such a reduction in or exemption from withholding, the non-U.S. holder must provide the applicable withholding agent with a properly executed (y) IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) claiming an exemption from or reduction of the withholding tax under the benefit of an income tax treaty between the U.S. and the country in which the non-U.S. holder resides or is established, or (z) IRS Form W-8ECI stating that the dividends are not subject to withholding tax because they are effectively connected with the conduct by the non-U.S. holder of a trade or business within the U.S., as may be applicable. These certifications must be provided to the applicable withholding agent prior to the payment of dividends and must be updated periodically. Non-U.S. holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

If dividends paid to a non-U.S. holder are effectively connected with the non-U.S. holder's conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the U.S. to which such dividends are attributable), then, although exempt from U.S. federal withholding tax (provided the non-U.S. holder provides appropriate certification, as described above), the non-U.S. holder will be subject to U.S. federal income tax on such dividends on a net income basis at the regular graduated U.S. federal income tax rates. In addition, a non-U.S. holder that is a corporation may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits for the taxable year that are attributable to such dividends, as adjusted for certain items. Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

***Sale or Other Disposition of Common Stock***

Subject to the discussions below on backup withholding and foreign accounts, a non-U.S. holder will not be subject to U.S. federal income tax on any gain realized upon the sale, exchange or other taxable disposition of our common stock unless:

● the gain is effectively connected with the non-U.S. holder's conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment or a fixed base maintained in the U.S. to which such gain is attributable);

● the non-U.S. holder is a nonresident alien individual present in the U.S. for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

● our common stock constitutes U.S. real property interests ("USRPIs") by reason of our status as a U.S. real property holding corporation ("USRPHC") for U.S. federal income tax purposes for a five-year preceding such disposition (or the non-U.S. holders holding period, if shorter). Generally, a corporation is a U.S. real property holding corporation if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business.

Gains described in the first bullet point above will generally be subject to U.S. federal income tax on a net income basis at the regular graduated U.S. federal income tax rates. A non-U.S. holder that is a foreign corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

A non-U.S. holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the disposition, which may be offset by certain U.S.-source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the U.S.) provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we are not currently and do not anticipate becoming a USRPHC. Because the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our other business assets and our non-U.S. real property interests, however, there can be no assurance we are not a USRPHC or will not become one in the future.

Non-U.S. holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

***Information Reporting and Backup Withholding***

Subject to the discussion below on foreign accounts, a non-U.S. holder will not be subject to backup withholding with respect to distributions on our common stock we make to the non-U.S. holder, provided the applicable withholding agent does not have actual knowledge or reason to know such holder is a U.S. person and the holder certifies its non-U.S. status, such as by providing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or other applicable certification. However, information returns generally will be filed with the IRS in connection with any distributions (including deemed distributions) made on our common stock to the non-U.S. holder, regardless of whether any tax was actually withheld. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or is established.

Information reporting and backup withholding may apply to the proceeds of a sale or other taxable disposition of our common stock within the U.S., and information reporting may (although backup withholding generally will not) apply to the proceeds of a sale or other taxable disposition of our common stock outside the U.S. conducted through certain U.S.-related financial intermediaries, in each case, unless the beneficial owner certifies under penalty of perjury that it is a non-U.S. holder on IRS Form W-8BEN or W-8BEN-E, or other applicable form (and the payor does not have actual knowledge or reason to know that the beneficial owner is a U.S. person) or such owner otherwise establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

***Additional Withholding Tax on Payments Made to Foreign Accounts***

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act ("**FATCA**")) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends (including deemed dividends) paid on our common stock, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of our common stock, paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (a) the foreign financial institution undertakes certain diligence and reporting obligations, (b) the non-financial foreign entity either certifies it does not have any "substantial U.S. owners" (as defined in the Code) or furnishes identifying information regarding each substantial U.S. owner, or (c) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (a) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified U.S. persons" or "U.S.-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends (including deemed dividends). Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding rules we or the applicable withholding agent may treat the entire distribution as a dividend. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our common stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Prospective investors should consult their tax advisors regarding the potential application of these withholding provisions.

**THE PRECEDING DISCUSSION OF MATERIAL U.S. FEDERAL TAX CONSIDERATIONS IS FOR INFORMATION ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISORS REGARDING THE TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR SECURITIES, AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, NON-U.S. OR U.S. FEDERAL NON-INCOME TAX LAWS.**

**SHARES AVAILABLE FOR FUTURE SALES**

Future sales of our common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect market prices prevailing from time to time. As described below, the sale of a portion of our shares will be limited after this Offering due to contractual and legal restrictions on resale. Nevertheless, sales of our common stock in the public market after such restrictions, lapse, or the perception that those sales may occur, could adversely affect the prevailing market price at such time and our ability to raise equity capital in the future.

Based on the number of shares of our common stock outstanding as of September 30, 2025, upon the completion of this Offering, shares of our common stock will be outstanding, assuming no exercise of the underwriters' overallotment option, or shares of our common stock will be outstanding, assuming and the underwriters' over-allotment option is exercised in full.

Except for shares subject to lock-up agreement, substantially all of our outstanding shares will be freely tradable except that any shares held by our affiliates, as that term is defined in Rule 144 under the Securities Act, may only be sold in compliance with the limitations described below.

**Rule 144**

In general, under Rule 144 of the Securities Act, as in effect on the date of this prospectus, any person who is not our affiliate at any time during the preceding three months, and who has beneficially owned the relevant shares of our common stock for at least six - months, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell an unlimited number of shares of our common stock into the public markets provided current public information about us is available, and, after owning such shares for at least one year, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell an unlimited number of shares of our common stock into the public markets without restriction.

A person who is our affiliate or who was our affiliate at any time during the preceding three months, and who has beneficially owned restricted securities for at least six months, including the affiliates, is entitled to sell within any three month period a number of shares that does not exceed the greater of:

● 1% of the number of shares of our common stock then outstanding, which will equal approximately shares, or approximately shares if the underwriters exercise their over-allotment option in full, immediately following this Offering, based on the number of shares of our common stock outstanding as of September 30, 2025; or

● the average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a Form 144 notice by such person with respect to such sale, if our class of common stock is listed on Nasdaq, the New York Stock Exchange, or the NYSE American.

Sales under Rule 144 by our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Lock-up Agreements**

See "**Underwriting**" for a detailed discussion.

**UNDERWRITING**

We are offering the shares of common stock described in this prospectus through a number of underwriters. is acting as sole book running manager of the offering and as representative of the underwriters. We have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, at the initial public offering price less the underwriting discounts and commissions as set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following table:

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|:---|:---|
| **Underwriters** | **Number of<br> Shares** |
| &nbsp;&nbsp;&nbsp;**Total** |  |

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The underwriters are committed to take and pay for all the shares being offered, if any are taken, other than the shares covered by the option described below, unless and until this option is exercised.

The underwriters have an option to buy up to an additional shares from us to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

**Underwriting Discounts, Commissions, and Expenses**

The underwriters propose to offer the shares of common stock directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $ per share. After the initial Offering of the shares to the public, if all of the shares of common stock are not sold at the initial public offering price, the underwriters may change the offering price and other selling terms. Sales of shares made outside of the U.S. may be made by affiliates of the underwriters.

The underwriting fee is equal to the public offering price per share of common stock less the amount paid by the underwriters to us per share of common stock. The underwriting fee is $[●] per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Without Option** | **With Option** |
| Public offering price | $| $| $|
| Underwriting discount and commission | $| $| $|
| Proceeds, before expenses, to us | $| $| $|

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We have also agreed to reimburse the underwriters for accountable expenses not to exceed $[●]. We estimate that expenses payable by us in connection with this Offering, including reimbursement of the underwriters' out-of-pocket expenses, but excluding the underwriting discount referred to above, will be approximately $[●].

**Price Stabilization, Short Positions, and Penalty Bids**

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representative has repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. In addition, neither we nor any of the underwriters make any representation that the representative will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

The underwriters have advised us that they do not intend to conduct any stabilization or over-allotment activities in connection with this Offering. In connection with this Offering, the underwriters and any selling group members may engage in passive market making transactions in our Common Stock on Nasdaq in accordance with Rule 103 of Regulation M under the Securities Exchange Act of 1934, as amended, during a period before the commencement of offers or sales of Common Stock and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid that bid must then be lowered when specified purchase limits are exceeded.

In determining the public offering price, we and the representatives of the underwriters expect to consider a number of factors including:

● the trading of our common stock prior to this Offering;

● the information set forth in this prospectus and otherwise available to the representatives;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this Offering;

● the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and

● other factors deemed relevant by the underwriters and us.

Neither we nor the underwriters can assure investors that the shares will trade at or above the public offering price.

**Electronic Distribution**

A prospectus in electronic format may be made available on the web sites maintained by one or more underwriters or selling group members, if any, participating in this Offering. The underwriters may agree to allocate a number of shares to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the representative to underwriters and selling group members that may make Internet distributions on the same basis as other allocations. Other than this prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by any of the underwriters is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters in their capacity as underwriter, and should not be relied upon by investors.

**Lock-Up Agreements**

In connection with this Offering, we, along with our directors and officers and certain other shareholders will enter into lock-up agreements with the underwriters or their representative, for a 180-day "lock-up" period, commencing from the closing of this Offering, subject to specified exceptions, we and they will not offer, sell, pledge or otherwise dispose of these securities. , in its sole discretion, may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect any of those liabilities.

**Other Relationships**

Certain of the underwriters and their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may continue to receive customary fees and commissions. In addition, from time to time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future.

**Selling Restrictions**

This prospectus does not constitute an offer to sell to, or a solicitation of an offer to buy from, anyone in any country or jurisdiction (i) in which such an offer or solicitation is not authorized, (ii) in which any person making such offer or solicitation is not qualified to do so or (iii) in which any such offer or solicitation would otherwise be unlawful. No action has been taken that would, or is intended to, permit a public offer of the securities or possession or distribution of this prospectus or any other offering or publicity material relating to the securities in any country or jurisdiction (other than the U.S.) where any such action for that purpose is required. Accordingly, the underwriters have undertaken that they will not, directly or indirectly, offer or sell any securities or have in its possession, distribute or publish any prospectus, form of application, advertisement or other document or information in any country or jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance with any applicable laws and regulations and all offers and sales of securities by it will be made on the same terms.

***European Economic Area***

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In relation to each Member State of the European Economic Area (each a "*Relevant Member State*"), an offer to the public of our common stock may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of our common stock may be made at any time:

● To any legal entity which is a qualified investor as defined in as defined under Article 2 of the Prospectus Regulation;

● To fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

● In any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer or shares of our common stock shall result in a requirement for the publication by us or any placement agent of a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to public" in relation to our common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and our common stock to be offered so as to enable an investor to decide to purchase our common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

This European Economic Area selling restriction is in addition to any other selling restrictions set out below.

***United Kingdom***

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None of our common stock have been offered or will be offered to the public in the United Kingdom except that our common stock may be offered to the public in the United Kingdom at any time:

● To any legal entity which is a qualified investor as defined in as defined under Article 2 of the UK Prospectus Regulation;

● To fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

● In any other circumstances falling within Section 86 of the FSMA, provided that no such offer or shares of our common stock shall result in a requirement for the publication by us or any placement agent of a prospectus pursuant to Section 85 of the FSMA.

For the purposes of this provision, the expression an "offer to public" in relation to our common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and our common stock to be offered so as to enable an investor to decide to purchase our common stock, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and the expression "FSMA" means the Financial Services and Markets Act 2000.

In addition, in the United Kingdom, this prospectus is only addressed to and directed as qualified investors who are (i) investment professionals falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005, or the Order or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, with all such persons together being referred to as relevant persons. Any investment or investment activity to which this prospectus relates is available only to relevant persons and will only be engaged with relevant persons. Any person who is not a relevant person should not act or rely on this prospectus or any of its contents.

***Canada***

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The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this Offering.

***Australia***

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No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to the Offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the securities may only be made to persons, or the Exempt Investors, who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act.

The securities applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the Offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances and, if necessary, seek expert advice on those matters.

***Switzerland***

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The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the securities or the Offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the Offering, or the securities have been or will be filed with or approved by any Swiss regulatory authority. This document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

***Dubai International Financial Centre ("DIFC")***

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This prospectus relates to an Exempt Offer as that term is defined in Article 14(3)(a) of the DIFC Markets Law 2012 (as amended) and Rule 2.3 of the Markets Rulebook of the Dubai Financial Services Authority ("*DFSA*"). This prospectus Supplement is intended for distribution only to persons of a type specified in Rules 2.3.1(a) and 2.3.1(b) of the DFSA Markets Rulebook. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents relating to Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The securities to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

***Hong Kong***

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The securities have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the securities has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

***Japan***

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The securities have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

***Russian Federation***

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This prospectus or information contained therein is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in the Russian Federation to or for the benefit of any Russian person or entity, and does not constitute an advertisement or offering of any securities in the Russian Federation within the meaning of Russian securities laws. Information contained in this prospectus is not intended for any persons in the Russian Federation who are not "qualified investors" within the meaning of Article 51.2 of the Federal Law no. 39-FZ dated 22 April 1996 "On the securities market" (as amended) ("*Russian QIs*") and must not be distributed or circulated into the Russian Federation or made available in the Russian Federation to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law.

***Kazakhstan***

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This prospectus does not constitute an offer, or an invitation to make offers, to sell, purchase, exchange or otherwise transfer shares in Kazakhstan to or for the benefit of any Kazakhstan person or entity, except for those persons or entities that are capable to do so under the legislation of the Republic of Kazakhstan and any other laws applicable to such capacity of such persons or entities. This prospectus shall not be construed as an advertisement (i.e., information intended for an unlimited group of persons which is distributed and placed in any form and aimed to create or maintain interest in the Company and its merchandise, trademarks, works, services and/or its securities and promote their sales) in, and for the purpose of the laws of, Kazakhstan, unless such advertisement is in full compliance with Kazakhstan laws.

***Israel***

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In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728—1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the "*Addressed Investors*") or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to certain conditions (the "*Qualified Investors*"). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. The Company has not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our shares to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered shares, that each Qualified Investor will represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with the offer to be issued shares; (iv) that the shares that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address and passport number or Israeli identification number.

***United Arab Emirates Outside of the DIFC and the ADGM***

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This prospectus has not been reviewed, approved, or licensed by the Securities and Commodities Authority ("*SCA*") and does not constitute a public offering of securities in the UAE as that term is defined in SCA Chairman Resolution No. 13/R.M. of 2021 Concerning the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rulebook ("*SCA Rulebook*"). This Prospectus Supplement will only be made available on an exempt Private Offering basis pursuant to Article 6, Chapter 5, of Section 3 of the SCA Rulebook to Professional Investors or Counterparties, as each of the terms is defined in the SCA Rulebook, respectively, or on a reverse solicitation basis. Nothing in this Prospectus Supplement constitutes the provision of any type of financial service engagement in any of the financial activities set out in Article 1, Chapter 2 of the SCA Rulebook.

The SCA accepts no liability in relation to the marketing, issuance and/or sale of the shares and is not making any recommendation with respect to any investment. Nothing contained in this prospectus is intended to constitute UAE investment, legal, tax, accounting or other professional advice. This prospectus is for the information of prospective investors only and nothing in this prospectus is intended to endorse or recommend a particular course of action. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation.

***Abu Dhabi Global Market ("ADGM")***

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This Prospectus Supplement relates to an Exempt Offer as that term is defined in Rule 4.3.1 of the Markets Rulebook of the Financial Services Regulatory Authority ("*FSRA*"). This Prospectus Supplement is intended for distribution only to persons of a type specified in 4.3.1 of the FSRA Markets Rulebook. It must not be delivered to, or relied on by, any other person. The FSRA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The FSRA has not approved this Prospectus Supplement nor taken steps to verify the information set forth herein and has no responsibility for the Prospectus Supplement. The Common Shares to which this Prospectus Supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Common Shares offered should conduct their own due diligence on the Common Shares. If you do not understand the contents of this Prospectus Supplement you should consult an authorized financial advisor.

**LEGAL MATTERS**

The validity of the common stock being offered hereby has been passed upon by Lewis Brisbois Bisgaard & Smith LLP, Fort Lauderdale, Florida. A partner of such firm beneficially owns shares of our common stock and holds an option granted under the Incentive Plan to purchase certain additional shares of our common stock. The underwriters are represented by .

**EXPERTS**

The consolidated financial statements as of December 31, 2024 and 2023 and for each of the years then ended, included in this Prospectus and in the Registration Statement have been so included in reliance on the report of BDO India LLP, an independent registered public accounting firm, appearing elsewhere herein and in the Registration Statement, given on the authority of said firm as experts in auditing and accounting. The report on the consolidated financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act relating to the offering of these securities. The registration statement, including the attached exhibits and schedules, contains additional relevant information about us and the securities. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. For further information respecting our Company and the shares offered by this prospectus, you should refer to the registration statement, including the exhibits and schedules thereto.

We file annual, quarterly and other reports, proxy statements and other information with the SEC. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments to those reports, and other information that we file with or furnish to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act can be accessed free of charge through the Internet. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at *http://www.sec.gov*. You may access the registration statement of which this prospectus is a part at the SEC's Internet site.

We make available, through our website, free of charge, copies of our SEC filings as soon as reasonably practicable after we electronically file or furnish them to the SEC on our Internet site, *www.ssinnovations.com*. We have not incorporated by reference into this prospectus the information on our website, and you should not consider it to be a part of this prospectus.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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|  | **Page** |
| **Audited Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm](#f001) | F-2 |
| [Consolidated Balance Sheets at December 31, 2024 and December 31, 2023](#f002) | F-4 |
| [Consolidated Statements of Operations for the years ended December 31, 2024 and December 31, 2023](#f003) | F-5 |
| [Consolidated Statements of changes in equity for the years ended December 31, 2024 and December 31, 2023](#f004) | F-6 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2024 and December 31, 2023](#f005) | F-7 |
| [Notes to Consolidated Financial Statements](#f006) | F-8 |

---

---

| | |
|:---|:---|
| **Unaudited Financial Statements** |  |
| [Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024](#f_007) | F-37 |
| [Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)](#f_008) | F-38 |
| [Condensed Consolidated Statement of Stockholders' Equity for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)](#f_009) | F-40 |
| [Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)](#f_010) | F-41 |
| [Notes to Condensed Consolidated Financial Statements (unaudited)](#f_011) | F-42 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Shareholders and Board of Directors

SS Innovations International Inc.

405, 3<sup>rd</sup> 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, 2024 and 2023, 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, 2024 and 2023, 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 has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1 to the consolidated financial statements. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**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 the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Determination of Standalone Selling Price*

As described in Note 2 to the consolidated financial statements, during the year ended December 31, 2024, the Company recognized revenue for system sale arrangements of approximately $19.46 million. The Company's system sale arrangements could include a combination of the following performance obligations: system(s); system accessories or instruments and extended warranty. For multiple-element arrangements, revenue is allocated to each distinct performance obligation based on its relative standalone selling price ("SSP"). SSP are based on observable prices at which the Company separately sells the products or services. If a SSP is not directly observable, then management estimates the SSP considering market conditions and entity-specific factors including historical pricing data, features and functionality of the products and services and industry data.

We identified the determination of the SSP of distinct performance obligations as a critical audit matter. The determination of SSP requires management's significant judgments and assumptions. Auditing management's significant judgments and assumptions involved especially challenging and subjective auditor judgment due to the nature and extent of audit effort required to address these matters.

The primary procedures we performed to address this critical audit matter included:

● Assessing the appropriateness of management's process and methodology for determining the SSP against relevant accounting literature.

● Testing the reasonableness of management's significant assumptions and judgments used in determining the SSP through: (i) assessing a sample of revenue contracts and identifying distinct performance obligations, (ii) evaluating the consistency of assumptions used against internal and external market data and competitor margin data, and (iii) testing the completeness and accuracy of the data used in developing the SSP assumptions.

(Signed BDO India, LLP)

We have served as the Company's auditor since 2024.

Gurugram, India

April 15, 2025

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of** | **As of** |
|  |<br>**Notes** | **December 31,<br> 2024** | **December 31,<br> 2023** |
| **ASSETS** | | | |
| **Current Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 7 | $466500 | $2022276 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 7 | 5838508 | 5029650 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6 | 4466047 | 1901244 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 15 | 10206898 | 7017913 |
| &nbsp;&nbsp;&nbsp;Prepaids and other current assets | 8 | 6438338 | 5457576 |
| **Total Current Assets** |  | **27416291** | **21428659** |
| **Non- Current Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 4 | 5385955 | 706405 |
| &nbsp;&nbsp;&nbsp;Right of use asset | 16 | 2623880 | 2657554 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6 | 3299032 | 2365013 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 7 | 318527 | 35919 |
| &nbsp;&nbsp;&nbsp;Prepaids and other non-current assets | 8 | 3341528 | 4322444 |
| **Total Non-Current Assets** |  | **14968922** | **10087335** |
| **Total Assets** |  | $**42385213** | $**31515994** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank overdraft facility | 11 | $7994906 | $6018926 |
| &nbsp;&nbsp;&nbsp;Notes payable | 10 | 7450000 |  |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 12 |  | 510189 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 16 | 409518 | 396784 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 9 | 2312382 | 901552 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 13 | 1278602 | 156330 |
| &nbsp;&nbsp;&nbsp;Accrued expenses & other current liabilities | 9 | 1884814 | 489939 |
| **Total Current Liabilities** |  | **21330222** | **8473720** |
| **Non- Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, less current portion | 16 | 2349118 | 2351113 |
| &nbsp;&nbsp;&nbsp;Deferred Revenue- non-current | 13 | 5173953 | 939150 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 9 | 74817 | 33933 |
| **Total Non-Current Liabilities** |  | **7597888** | **3324196** |
| **Total Liabilities** |  | **28928110** | **11797916** |
| **Stockholders' equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023 | 14 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Common stock, 250,000,000 shares authorized, $0.0001 par value, 171,579,284 shares and 170,711,880 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 14 | 17157 | 17072 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 14 | (749625) | (195499) |
| &nbsp;&nbsp;&nbsp;Common stock to be issued, 12,500 shares | 14 |  | 50000 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 14 | 56952200 | 43457937 |
| &nbsp;&nbsp;&nbsp;Capital reserve |  | 899917 | 899917 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | (43662547) | (24511350) |
| **Total stockholders' equity** |  | **13457103** | **19718078** |
| **Total liabilities and stockholders' equity** |  | $**42385213** | $**31515994** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For The Year Ended** | **For The Year Ended** |
|  |<br>**Notes** | **December 31, <br> 2024** | **December 31,<br> 2023** |
| **REVENUES** | | | |
| &nbsp;&nbsp;&nbsp;System sales | 13 | 19457767 | 5225777 |
| &nbsp;&nbsp;&nbsp;Instruments sale | 13 | 942548 | 647766 |
| &nbsp;&nbsp;&nbsp;Warranty sale | 13 | 177518 | 1771 |
| &nbsp;&nbsp;&nbsp;Lease income | 13 | 71695 | - |
| &nbsp;&nbsp;&nbsp;Total revenue |  | $**20649528** | $**5875314** |
| Cost of revenue |  | (12197162) | (5149786) |
| **GROSS PROFIT** |  | **8452366** | **725528** |
| **OPERATING EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Research & development expense |  | 2491771 | 1058660 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 20 | 14342784 | 9723492 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4 | 436005 | 152738 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expense |  | 10157768 | 10064622 |
| **TOTAL OPERATING EXPENSES** |  | **27428328** | **20999512** |
| **Loss from operations** |  | **(18975962)** | **(20273984)** |
| **OTHER INCOME (EXPENSE):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | (973235) | (894621) |
| &nbsp;&nbsp;&nbsp;Interest and other income, net |  | 798000 | 290313 |
| **TOTAL OTHER EXPENSE, NET** |  | **(175235)** | **(604308)** |
| LOSS BEFORE INCOME TAXES |  | (19151197) | (20878292) |
| Income tax expense | 17 | - | - |
| **NET LOSS** |  | $**(19151197)** | $**(20878292)** |
| Net loss per share - basic and diluted | 2 (r) | $(0.11) | $(0.14) |
| &nbsp;&nbsp;&nbsp;Weighted average- basic shares | 2 (r) | 170847444 | 144866674 |
| &nbsp;&nbsp;&nbsp;Weighted average- diluted shares | 2 (r) | 181203673 | 152069825 |
| **<u>CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS</u>** |  |  |  |
| **NET LOSS** |  | $**(19151197)** | $**(20878292)** |
| OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation loss |  | (539900) | (243089) |
| &nbsp;&nbsp;&nbsp;Retirement Benefit (net of tax) | 18 | (14226) | (7009) |
| **TOTAL COMPREHENSIVE LOSS** |  | $**(19705323)** | $**(21128390)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | **Common Stock to be Issued** | **Common Stock to be Issued** | | | | | |
|  |<br>**Notes** | **Number** | **Amount** | **Number** | **Amount** | **Number** | **Amount** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Capital**<br>**Reserve** | **Accumulated other<br> comprehensive**<br>**income (loss)** | **Total Stockholders'**<br>**equity** |
| Balance as at December 31, 2022 |  |  |  | 128161013 | 12817 |  |  | (12812) | (3633058) | 899917 | 54599 | (2678537) |
| Preferred stock issued | 14 | 1000 | 1 |  |  |  |  | (1) |  |  |  |  |
| Reverse recapitalization | 5 |  |  | 6545531 | 655 |  |  | (655) |  |  |  |  |
| Conversion of notes payable to equity |  |  |  | 30593816 | 3059 |  |  | 23114844 |  |  |  | 23117903 |
| Stock issued for services | 20 |  |  | 4562451 | 456 |  |  | 10630075 |  |  |  | 10630531 |
| Common stock issued against exercise of warrants | 14 |  |  | 90514 | 9 | 12500 | 50000 | 362046 |  |  |  | 412055 |
| Common stock issued against exercise of options | 14 |  |  | 50000 | 5 |  |  | 49995 |  |  |  | 50000 |
| Stock grants |  |  |  | 718555 | 72 |  |  | 5575914 |  |  |  | 5575986 |
| Share cancellation |  |  |  | (10000) | (1) |  |  | 1 |  |  |  |  |
| Stock compensation | 20 |  |  |  |  |  |  | 3738530 |  |  |  | 3738530 |
| Net loss |  |  |  |  |  |  |  |  | (20878292) |  | (250098) | (21128390) |
| Balance as at December 31, 2023 |  | **1000** | **1** | **170711880** | **17072** | **12500** | **50000** | **43457937** | **(24511350)** | **899917** | **(195499)** | **19718078** |
| Stock compensation | 20 |  |  |  |  |  |  | 7795586 |  |  |  | 7795586 |
| Common stock issued against exercise of warrants | 14 |  |  | 12500 | 1 | (12500) | (50000) | 49999 |  |  |  |  |
| Stock issued for services | 20 |  |  | 149039 | 14 |  |  | 171236 |  |  |  | 171250 |
| Stock grants | 20 |  |  | 705865 | 70 |  |  | 5477442 |  |  |  | 5477512 |
| Net loss |  | - | - | - | - | - | - | - | (19151197) | - | (554126) | (19705323) |
| Balance as at December 31, 2024 |  | **1000** | $**1** | **171579284** | $**17157** | **-** | **-** | $**56952200** | $**(43662547)** | $**899917** | $**(749625)** | $**13457103** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Year ended** | **For the Year ended** |
|  | **December 31,<br> 2024** | **December 31, <br> 2023** |
| **Cash flows from operating activities:** | | |
| Net loss | $(19151197) | $(20878292) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 436005 | 152738 |
| &nbsp;&nbsp;&nbsp;Operating lease expense | 753449 | 560668 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 317234 | 479476 |
| &nbsp;&nbsp;&nbsp;Interest and other income, net | (418426) | (290313) |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment written off | 48456 | 9250 |
| &nbsp;&nbsp;&nbsp;Credit loss reserve | 955762 |  |
| &nbsp;&nbsp;&nbsp;Shares issued to investors and advisors |  | 5063799 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 14342784 | 9723492 |
| &nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (4890032) | (3071640) |
| &nbsp;&nbsp;&nbsp;Inventory, net | (7691518) | (6113810) |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 5357075 | 1051563 |
| &nbsp;&nbsp;&nbsp;Prepaids and other assets | (1411621) | (2690178) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 1410830 | 736075 |
| &nbsp;&nbsp;&nbsp;Accrued expenses & other liabilities | 1144037 | 430293 |
| &nbsp;&nbsp;&nbsp;Operating lease payment | (705868) | (524766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (9503030) | (15361645) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (661479) | (453327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (661479) | (453327) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock against warrants and options |  | 412056 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of promissory notes to principal shareholder | 3000000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes to principal shareholder | 3000000 | 16980000 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes to other investors | 1450000 | 3000000 |
| &nbsp;&nbsp;&nbsp;Proceeds from bank overdraft facility (net) | 1975980 | 2480735 |
| &nbsp;&nbsp;&nbsp;Repayment of term loan |  | (126505) |
| &nbsp;&nbsp;&nbsp;Proceeds from warrant exercised pending allotment | - | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 9425980 | 22796286 |
| **Net change in cash** | (738529) | 6981314 |
| Effect of exchange rate on cash | 274219 | (168094) |
| Cash and cash equivalents at the beginning of the year^ | 7087845 | 274625 |
| Cash and cash equivalents at end of the year | $**6623535** | $**7087845** |
| ^ For cash and cash equivalents and restricted cash, refer Note 7 |  |  |
| **Supplemental disclosure of cash flow information:** |  |  |
| Conversion of convertible notes into common stock |  | $23117903 |
| Transfer of systems from inventory to property, plant and equipment | $4502533 |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**NOTES TO FINANCIAL STATEMENTS**

**NOTE 1 – FINANCIAL STATEMENTS**

<u>Organization</u>

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 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 pro forma effect to the reverse stock split.

The Transaction (Note 5) 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.

<u>Basis of Presentation</u>

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").

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 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.

*Principles of Consolidation*

 

The consolidated financial statements include our accounts and all majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company follows a monthly reporting calendar, with its fiscal year ending on December 31.

*Reclassifications*

 

Certain prior period amounts in the consolidated statements of operations and consolidated balance sheets have been reclassified to conform with the current period presentation.

*Concentrations of Business and Credit Risk*

 

We maintain certain cash balances in excess of limits insured by Federal Deposit Insurance Corporation for US and Deposit Insurance and Credit Guarantee Corporation for India. We periodically evaluate the credit worthiness of the financial institutions with which we maintain cash deposits. We have not experienced any losses in such accounts and do not believe that there is any material credit risk to our cash. Concentration of credit risk with respect to accounts receivable is limited due to the wide variety of customers to whom our products are sold. Receivables from individual customers exceeding 10% of our total receivables as of December 31, 2024, and 2023 are disclosed separately in Note-6.

<u>Going Concern</u>

The accompanying consolidated financial statements have been prepared on a going concern basis which implies the Company will continue to meet its obligations for the next 12 months as of the date these consolidated financial statements are issued. The Company has a working capital surplus of $6,086,069 and an accumulated deficit of $43,662,547 as of December 31, 2024. The Company also had a net loss of $19,151,197 for the year ended December 31, 2024, which was mainly on account of non-cash items like stock compensation expense of $14,342,784 and depreciation and amortization of $436,005. In addition, the Company has been dependent on related parties to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.

Management recognizes that the Company must obtain additional resources to successfully implement its business plans. The Company has been able to augment its financial resources to further supplement its operations. Subsequent to year end, the Company has issued the convertible notes of $28,000,000 which has been converted into Company's common stock in March 2025. This conversion of funds has resulted in a significant improvement in the Company's stockholders' equity and working capital position.

However, the Company's existing cash resources and income from operations, are not expected to provide sufficient funds to carry out the Company's operations and business development through the next twelve (12) months. The management of the Company is making efforts to raise further funding to scale up operations and meet its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

**MERGER ACCOUNTING**

On April 14, 2023, a wholly owned subsidiary of the Company merged with CardioVentures, Inc., a Delaware corporation, the indirect parent of Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company. 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 consolidated financial statements, financial information and share and per share information contained in this report reflect the operations of both the Company and CardioVentures and give pro forma effect to the reverse stock split.

The CardioVentures Merger was accounted for as a reverse-merger, and recapitalization in accordance with generally accepted accounting principles ("GAAP"). For financial reporting purposes, SS Innovations International Inc. was the acquirer and AVRA was the acquired company. Consequently, the assets and liabilities and operations reflected in the historical financial statements prior to the CardioVentures Merger are consolidated assets and liabilities of AVRA and SS Innovations International Inc. and have been recorded at historical cost basis. The financial statements after completion of the CardioVentures Merger include the assets and liabilities of AVRA and SS Innovations International Inc.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Use of Estimates</u> 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company regularly evaluates estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made by management. Significant estimates include fair value of stock options and standalone selling price in case of bundled revenue contracts.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Cash and Cash Equivalents</u> 

The Company considers all highly liquid investments purchased with original maturity of ninety days or less to be cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Restricted Cash</u> 

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company's operations. For the purposes of the consolidated statement of cash flows, the Company includes in its cash and cash-equivalent balances those amounts that have been classified as restricted cash and restricted cash equivalents

&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Accounts Receivable and Allowance for Expected Credit Loss</u> 

The Company's account receivables are due from customers relating to contracts to supply surgical robotic systems, instruments, and accessories and to provide post sales warranty/maintenance services. The Company also sells surgical robotic systems under deferred payment arrangements and in such cases, the amounts due and recoverable beyond the one year period at the balance sheet date are classified as long-term receivables. Collateral is currently not required. The Company also maintains allowances for credit losses for estimated losses resulting from the inability of the Company's customers to make payments. The Company periodically reviews these estimated allowances, including an analysis of the customers' payment history and creditworthiness, the age of the trade receivable balances and current economic conditions that may affect a customer's ability to make payments as well as historical collection trends for its customers as a whole. Based on this review, the Company specifically reserves for those accounts deemed uncollectible or likely to become uncollectible. When receivables are determined to be uncollectible, principal amounts of such receivables outstanding are deducted from the allowance. The allowance for credit losses as of December 31, 2024, and December 31, 2023, amounted to $545,799 and $NIL respectively.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>Employee Benefits</u> 

Contributions to defined contribution plans are charged to the Consolidated Statements of operations and comprehensive loss in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are recognized in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) ("OCI") and amortized to net periodic benefit cost over the expected remaining period of service of the covered employees using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. These assumptions may not be within the control of the Company and accordingly it is reasonably possible that these assumptions could change in future periods. The Company includes the service cost component of the net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered by the respective employees during the period. The interest cost, expected return on plan assets and amortization of actuarial gains/loss, are included in "Other income/(expense), net." Refer to Note 18 - Employee Benefit Plans to the consolidated financial statements for details.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> <u>Foreign Currency Translation</u> 

The Company's reporting currency is U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency of the Company's subsidiary in India is Indian National Rupee ("INR"). Transactions denominated in INR are translated to U.S. dollars at rates which approximate those in effect on the transaction dates. Monetary assets and all liabilities denominated in foreign currencies on December 31, 2024 and December 31, 2023 are translated at the exchange rate in effect as of those dates. Non-monetary assets and stockholders' equity are translated at the appropriate historical rates. Included in selling, general and administrative expense were foreign exchange loss resulting from such translations of approximately $15,228 and $22,855 for the years ended December 31, 2024 and 2023, respectively.

The functional currency of each entity in the group is the currency of the primary economic environment in which it operates. Transactions in foreign currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction. All foreign exchange gains and losses arising on re-measurement are recorded in the Company's Consolidated Statements of operations and comprehensive loss.

The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet date. Revenues and expenses are translated into U.S. dollars at the exchange rates prevailing on the last business day of each month, which approximates the average monthly exchange rate. Share capital and other equity items are translated at exchange rates that prevailed on the date of inception of the transaction. Resulting translation adjustments are included in "Accumulated other comprehensive loss" in the consolidated balance sheets.

 ****

The relevant translation rates are as follows: for the year ended December 31, 2024, closing rate at 85.58 USD/INR, average rate at 84.39 USD/INR.

The relevant translation rates are as follows: for the year ended December 31, 2023, closing rate at 83.19 USD/INR, average rate at 82.96 USD/INR.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>Inventory</u> 

The Company's inventory consists of finished goods in the form of fully assembled and tested surgical robotic systems, semi-finished goods in the form of various sub-systems of the surgical robotic systems in various stages of assembly and manufacturing and raw material in the form of various mechanical, electrical, and other material components, parts, motors, encoders etc. which are not yet assembled/manufactured. The inventory is valued at the lower of cost (first-in, first-out) or estimated net realizable value.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> <u>Cost of Sales</u> 

Cost of sales primarily consists of manufacturing cost incurred for production of the Mantra System and the related instruments and accessories which are used to facilitate the use of the Mantra System. Further, Cost of sales also includes other costs such as salaries and rent which are directly attributable to the manufacturing process.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>Selling and Administrative Expenses</u> 

Selling and administrative expenses primarily consist of indirect expenses which are not directly attributable to any other identified expense category of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(j)</u> <u>Fair value measurements</u> 

ASC Topic 820, *Fair Value Measurements and Disclosures* defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company's own credit risk. The fair value hierarchy consists of the following three levels:

● Level I — Quoted prices for identical instruments in active markets.

● Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

● Level III — Instruments whose significant value drivers are unobservable.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u> <u>Concentration of Credit Risk</u> 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, time deposits and accounts receivable. By their nature, all such financial instruments involve risks including the credit risks of non-performance by counterparties. The surplus funds are maintained as cash and cash equivalents and time deposits, placed with highly rated financial institutions to reduce its exposure to market risk with regard to these funds. The Company's exposure to credit risk on account receivable is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. To mitigate this risk the Company evaluates the creditworthiness of its customers in conjunction with its revenue recognition processes as well as through its ongoing collectability assessment processes for accounts receivable. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>Commitments and Contingencies</u> 

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recognized when it is probable that a liability has been incurred, and the amount of the assessment and/or remediation can be reasonably estimated. A disclosure for a contingent liability is made when there is a possible obligation that may require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of an outflow of resources is remote, no provision or disclosure is made. Legal costs incurred in connection with such liabilities are expensed as they are incurred. Capital commitments are disclosed in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(m)</u> <u>Revenue Recognition</u> 

The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized:

● Identification of a contract with a customer or placement of a purchase order by the customer.

● Identification of the performance obligations in the contract or the purchase order as the case may be.

● Determination of the transaction price which is reflected in the purchase order placed by the customer.

● Allocation of the transaction price to the performance obligations in the contract; and

● Recognition of revenue when or as the performance obligations are satisfied as per the terms of the purchase order received from the customer.

The Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties are identified, payment terms are identified, and collectability of consideration is probable. Product type and payment terms vary by client.

*System Sales:*

The Company recognizes revenue when the "transfer of control" occurs, which typically takes place upon the delivery of the system to the customer. In cases where a deferred payment arrangement exists, revenue is recognized at the present value of the consideration receivable, adjusted by the present value of any extended warranty obligations.

Standalone Selling Price:

Our system sale arrangements contain multiple products and services, including system, accessories, instruments and services. Other than services, we generally deliver all of the products upfront. Each of these products and services is a distinct performance obligation. System, instruments, accessories and services are also sold on a standalone basis. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which we separately sell the products or services. If a standalone selling price is not directly observable, then we estimate the standalone selling prices considering market conditions and entity-specific factors including, but not limited to, historical pricing data, features and functionality of the products and services and industry benchmark. We regularly review standalone selling prices and maintain internal controls over establishing and updating these estimates. Revenue that is allocated to the service obligation is deferred and recognized ratably over the service period upon expiration of first year of service which is free and included in the system sale arrangements.

Key Terms of Customer Contracts

The Company enters into binding contracts with customers through either an agreement or a sales order, with all terms and conditions mutually agreed upon by both parties. The key terms and conditions include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Finalization of Product and
Price: Agreement on the specific model of the "SSI Mantra" system and its selling price.

&nbsp;&nbsp;&nbsp;&nbsp;2. Payment Terms: Determination
of payment terms, which may involve either a deferred payment arrangement or a one-time payment upon delivery and installation of the
system at the customer's premises.

&nbsp;&nbsp;&nbsp;&nbsp;3. Deferred Payment Model: For
deferred payments, customers typically pay an advance amount before the dispatch of the system. The remaining balance is payable in yearly
installments over a period of 3 to 5 years. Present value of deferred payment is calculated using the prevailing interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;4. Warranty Services: Instead
of negotiating the sales price, the Company provides a warranty service that includes a 1-year assurance warranty and an extended warranty
for an additional 1 to 5 years. The exact terms are mutually agreed upon with the customer.

&nbsp;&nbsp;&nbsp;&nbsp;5. Delivery, Installation, and
Training: The Company is responsible for delivering and installing the system at the customer's premises. Post-installation, the
Company provides free training to surgeons and surgical staff to enable them to operate the system effectively. With respect to the sale
of surgical robotic systems, training is provided at the time of delivery to the end customer, however the effort involved is considered
negligible.

&nbsp;&nbsp;&nbsp;&nbsp;6. Transfer of Risk and Rewards:
The risks and rewards associated with the system are transferred to the customer upon delivery to their premises.

*Instrument and accessories sales:* 

 

We also sell instruments for use by surgeons in conjunction with the use of our surgical robotic systems. These instruments are consumable items for our hospital customers, and we recognize the revenues from the sale of instruments as and when the instruments are dispatched to the customer.

 

*Warranty and Annual Maintenance Contract Sales:*

By application of ASC 606, a portion of the equipment sales value which is attributable towards the component of annual maintenance contracts is shown separately as Warranty sales. Once the assurance warranty or standard warranty periods are over, the actual maintenance contracts become effective and actual income from maintenance contracts is recognized as a distinct revenue stream.

*Lease Income:*

Under ASC 842, in cases where the systems are installed on a pay per procedure basis, the Company earns revenue which is a mix of fixed and variable components. Variable component consists of revenue share which is agreed based on the number and type of procedures performed by the customer, while the fixed component involves an agreed amount which the customer is obliged to pay over the lease term. Accordingly, the fixed component is recognized on a straight-line basis as lease income. Since the title to the system is not getting transferred to the counterparty, hence the cost relating to those systems is capitalized under property, plant and equipment and accordingly depreciation is charged over its period of useful life.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(n)</u> <u>Property Plant & Equipment</u> 

Property and equipment are stated at cost, which is generally comprised of the purchase price for such property or equipment, non-refundable duties and taxes, Installation cost, freight, other associated costs, but excludes any discounts and/or rebates, less accumulated depreciation and impairment.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable.

Property Plant & Equipment depreciated using the straight-line method at rates determined as per estimated useful lives of the assets. The estimated useful lives used in in calculating depreciation are as follows:

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| | | |
|:---|:---|:---|
|  | **Years** | **Years** |
| Computer & peripherals |  | 3 |
| Furniture |  | 5 |
| Leasehold improvement |  | 4-9 |
| Office equipment |  | 5 |
| Plant and machinery |  | 4-8 |
| Research & Development equipment |  | 5 |
| Server & networking |  | 3 |
| Vehicles |  | 5 |
| Pay per use system |  | 10 |
| Demo system |  | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<u>(o)</u> <u>Long-lived Assets</u> 

In accordance with ASC 360, "*Property Plant and Equipment*", the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and current expectation that the asset will more than likely not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the discounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain circumstances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(p)</u> <u>Stock Compensation Expense</u> 

Under the fair value recognition provisions of ASC Topic 718, Compensation-Stock Compensation, cost is measured at the grant date based on the fair value of the award and is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.

Determining the fair value of stock-based awards at the grant date requires significant judgment, including estimating the expected term over which the stock awards will be outstanding before they are exercised and the expected volatility of our stock.

As of December 31, 2024, the Company has issued two types of equity incentives:

*Stock Options*: These provide employees with the right, but not the obligation, to purchase shares of the Company's stock at a specified price, within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with AVRA 2016 Stock Incentive Plan is measured at fair-value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.

*Stock Units (Restricted Stock Units, or RSUs):* These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. The Company uses last three months' average share price of common stock on OTC exchange as grant date fair value for RSUs.

The Company recognizes stock-based compensation expense in the Consolidated Statements of operations and comprehensive loss for both employees and non-employee directors based on the grant-date fair value of the awards. These costs are recognized on a straight-line basis over the requisite service period, or until the date at which the recipient becomes eligible for retirement, if shorter. Forfeitures of equity awards are accounted for as they occur.

The Company accounts for equity instruments issued in exchange for goods or services from non-employees in accordance with ASC Topic 718 Stock Compensation. The costs associated with these equity instruments are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(q)</u> <u>Income Taxes</u> 

We record income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carry forwards. The carrying amounts of deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, the duration of statutory carry forward periods, and tax planning alternatives. We use a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals and litigation processes, if any. The second step is to measure the largest amount of tax benefit as the largest amount that is more likely than not to be realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Significant management judgment is required in determining provision for income taxes, deferred tax assets and liabilities, tax contingencies, unrecognized tax benefits, and any required valuation allowance, including taking into consideration the probability of the tax contingencies being incurred. Management assesses this probability based upon information provided by its tax advisers, its legal advisers and similar tax cases. If at a later time the assessment of the probability of these tax contingencies changes, accrual for such tax uncertainties may increase or decrease.

The Company has a valuation allowance due to management's overall assessment of risks and uncertainties related to its future ability in the U.S. to realize and, hence, utilize certain deferred tax assets, primarily consisting of net operating losses ("NOLs"), carry forward temporary differences and future tax deductions.

The effective tax rate for annual and interim reporting periods could be impacted if uncertain tax positions that are not recognized are settled at an amount which differs from the Company's estimate. Finally, if the Company is impacted by a change in the valuation allowance resulting from a change in judgment regarding the realizability of deferred tax assets, such effect will be recognized in the interim period in which the change occurs.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(r)</u> <u>Basic and Diluted Loss per Share</u> 

The following table sets forth the computation of basic and diluted earnings per share:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Net Loss (a) | (19151197) | (20878292) |
| Basic weighted average common shares outstanding (b) | 170847444 | 144866674 |
| Dilutive effect of convertible note (1) | 595309 |  |
| Dilutive effect of stock-based awards | 9760921 | 7203151 |
| Diluted weighted average common shares outstanding | 181203673 | 152069825 |
| Earnings per share attributable to SS INNOVATIONS INTERNATIONAL INC. stockholders: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted (a)/(b) | (0.11) | (0.14) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents dilution effect related to the interest on convertible notes in the calculation of diluted weighted average shares outstanding for the portion of the year. Refer Note 10– Notes Payable to the consolidated financial statements for further details.

Basic net loss per share is calculated by dividing the net loss attributable to SSII stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which we report net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(s)</u> <u>Research and Development Costs</u> 

Research and development costs are expensed as incurred and include costs of material, salaries, benefits and other headcount-related costs, contract and other outside service fees, and facilities and overhead costs.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(t)</u> <u>Fair Value of Financial Instruments</u> 

Our financial instruments consist principally of accounts receivable, amounts due to related parties and promissory notes payable. The carrying amounts of cash and cash equivalents and promissory notes approximate fair value because of the short-term nature of these items.

 

&nbsp;&nbsp;&nbsp;&nbsp;<u>(u)</u> <u>Recent Accounting Pronouncements</u> 

 

In November 2024, FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. An entity's share of earnings or losses from investments accounted for under the equity method is not a relevant expense caption that requires disaggregation. Such ASU's amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our disclosures and our consolidated financial statements.

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting ("ASC Topic 280"): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements on an annual and interim basis for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

We adopted this ASU on December 31, 2024, and applied the amendment retrospectively to all periods presented in our consolidated financial statements (refer to Note 3, Segments, for further details).

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU's amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Leases</u> 

The Company determines if an arrangement is a lease at inception of the contract. The Company's assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.

Operating leases are presented within "Right-of-use assets, operating lease" "Current portion of operating lease liabilities" and "Operating lease liabilities, less current portion" in the Company's consolidated balance sheets.

Right-of-use assets (ROU) assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. The Company determines the incremental borrowing rate by adjusting the benchmark reference rates with appropriate financing spreads applicable to the respective geographies where the leases are entered and lease specific adjustments for the effects of collateral, if applicable. Lease terms include the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.

Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. Lease payments include payments for common area maintenance, utilities such as electricity, heating and water, among others, and property taxes, and other similar payments paid to the landlord, which are treated as non-lease component.

The Company accounts for lease-related concessions in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.

The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in Consolidated Statements of Operations and Comprehensive Loss.

The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

**Comprehensive Loss**

Comprehensive loss consists of net loss and other gains and losses affecting stockholders' equity that, under GAAP, are excluded from net loss. Our other comprehensive loss represents foreign currency translation adjustment attributable to Indian operations. Refer to Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the years ended December 31, 2024, and 2023.

**NOTE 3 – SEGMENT INFORMATION**

The Company is focused on designing, manufacturing and marketing an advanced, next-generation and affordable surgical robotic system called the SSi Mantra, and the instruments and accessories used with SSi Mantra to perform a wide range of soft-tissue, robotically assisted surgeries. The Company is committed to accelerating access to surgical robotics technologies in all parts of the world and particularly in underserved regions through a comprehensive ecosystem of providing an affordable surgical robotic system, its related instruments and accessories backed up by clinical, field service and maintenance support also provided by the Company. The systems as well as instruments and accessories are primarily designed, developed and manufactured by the Company in its manufacturing facility located in India.

During the year ended December 31, 2024, and 2023, the Company's revenues from within India accounted for 92% and 91% respectively of total revenue, while revenue from the Company's markets outside India accounted for 8% and 9%, respectively, of total revenue. The Company manages the business activities on a consolidated basis and operates in one reportable segment. Our determination that we operate as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM utilizes the Company's long-range plan, which includes product development, technology refinement plans and long-range selling and financial models, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using gross margins and net income / loss from operations.

Significant expenses within income from operations, as well as within net income / loss, include cost of revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company's Consolidated Statements of Operations. Other segment items within net income include interest and other income, net, and income tax expense.

The Company's long-lived assets consist primarily of property, plant and equipment. As of December 31, 2024, and 2023, 100% of long-lived assets were in India.

**NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET**

The Company's property, plant and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024** | **December 31,<br> 2023** |
| Gross Amount |  |  |
| Computer & peripheral | 290724 | 180009 |
| Furniture | 175538 | 175707 |
| Leasehold improvement | 254468 | 154651 |
| Office equipment | 156579 | 103371 |
| Pay Per Use Systems | 3374228 |  |
| Plant and machinery | 377121 | 128498 |
| R & D equipment |  | 90434 |
| Server & networking | 34926 | 21999 |
| Vehicles | 191961 | 183577 |
| Demo system | 1128305 |  |
| Capital work in progress | 47592 |  |
| Accumulated depreciation | (645487) | (331841) |
| Total | **5385955** | **706405** |

---

Depreciation expenses for the year ended December 31, 2024, and December 31, 2023, amounted to $436,005 and $152,738 respectively.

From its inventory, the Company decided to use 4 systems for demonstration purposes. As at December 31, 2024, three systems are placed in Company's premises while 1 system is placed at partner's location. Hence, these systems are recorded as Property, plant and equipment in accordance with ASC 360.

**NOTE 5 – REVERSE RECAPITALIZATION**

***The Transaction***

On April 14, 2023 **("Closing"**), the Company consummated the acquisition of CardioVentures, Inc., a Delaware corporation (**"CardioVentures"**), pursuant to a Merger Agreement dated November 7, 2022 (the **"Merger Agreement"**). This agreement was executed among AVRA-SSI Merger Corporation, a wholly owned subsidiary of the Company (**"Merger Sub"**), CardioVentures, and Dr. Sudhir Srivastava, who, through his holding company, owned a controlling interest in CardioVentures.

At Closing, Merger Sub merged with and into CardioVentures (the "Merger"), with CardioVentures being determined as the accounting acquirer for financial reporting purposes in accordance with ASC 805. The transaction was accounted for as a reverse recapitalization, with AVRA being treated as the accounting acquiree. This determination was based on several factors:

● CardioVentures' stockholders obtained the largest portion of voting rights in the post-combination company.

● The Board and management of the combined entity are primarily composed of individuals associated with CardioVentures.

● CardioVentures had a larger entity size based on historical operations, assets, revenues, and workforce.

● The ongoing operations, post-combination, are those of CardioVentures.

**Merger Consideration and Share Issuance:** As part of the Merger, holders of CardioVentures' outstanding common stock, including certain parties who provided interim convertible financing, were issued 135,808,884 shares of SSII common stock, representing approximately 95% of the issued and outstanding shares of SSII post-merger, while the existing SSII shareholders retained approximately 5% (6,545,531 shares) of the post-merger issued shares.

Pursuant to the Merger Agreement, the holders of CardioVentures' common stock also received 1,000 shares of newly designated Series A Non-Convertible Preferred Stock (the **"Series A Preferred Shares"**). These shares:

● Vote together with SSII common stock as a single class, except as required by law.

● Entitle holders to exercise 51% of the total voting power of the Company.

● Are not convertible into common stock, have no dividend rights, and carry a nominal liquidation preference.

● Include protective provisions requiring the majority vote of Series A Preferred Shares to amend their rights.

● Are subject to automatic redemption for nominal consideration if holders own less than 50% of the shares received in the Merger.

**Restructuring and Capital Contributions:** Concurrent with the Merger:

● The Company changed its name to "**SS Innovations International, Inc.**," effected a one-for-ten reverse stock split, and increased its authorized common stock to 250,000,000 shares.

● Dr. Sudhir Srivastava, through his holding company, assigned patents, trademarks, and other intellectual property related to its surgical robotic systems to a wholly owned subsidiary of SSII.

● Dr. Frederic Moll and Andrew Economos provided interim financing during 2022, contributing $3,000,000 each. As a result, Dr. Moll received 7% of SSII's post-merger issued and outstanding common stock on a fully diluted basis, with 4% treated as stock compensation expenses for strategic value. Economos received 2.86% of SSII's post-merger issued shares.

**Reverse Recapitalization Impact:** As part of the reverse recapitalization, CardioVentures acquired the net assets of AVRA at fair value at Closing. The fair value of AVRA's net assets was assessed to be zero by management, resulting in a recognized loss of $5,000,000 in additional paid-in capital. This loss was due to the difference between the fair value of the shares issued (5% of the total) and AVRA's net assets.

**NOTE 6 – ACCOUNTS RECEIVABLE**

Accounts receivable consisted of:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Accounts receivable, net (current) | 4466047 | 1901244 |
| Accounts receivable, net (non-current) | 3299032 | 2365013 |
| Total accounts receivable, net | **7765079** | **4266257** |

---

The Company performed an analysis of the trade receivables related to SSI-India and determined, based on the deferred payment terms of the contracts, that a $3,299,032 (December 31, 2023: $2,365,013) may not be due and collectible in the next one year and thus the Company classified these receivables as non-current.

Details of customers which accounted for 10% or more of total revenues or 10% or more of total accounts receivables during the years ended December 31, 2024, and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage of revenue** | **Percentage of revenue** | **Percentage of accounts** | **Percentage of accounts** |
|  | **for year ended** | **for year ended** | **receivable as of** | **receivable as of** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Customer A | ^ | 7% | 5% | 12% |
| Customer B |  | 2% |  | 13% |
| Customer C |  | 18% |  |  |
| Customer D | 3% |  | 13% |  |

---

---

| | |
|:---|:---|
| ^ | represents less than 1%. |

---

**NOTE 7 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH**

For the purpose of consolidated statement of cash flows, cash, cash equivalents and restricted cash (Current) & (Non-Current) consisted of the following as of December 31, 2024, and December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2024** | **2023** |
| Cash and cash equivalents |  | 466500 | 2022276 |
| Fixed Deposit | Lien Against Overdraft Facility | 5768396 | 4962515 |
|  | Lien Against Letter of Credit | 24757 | 24041 |
|  | Lien Against Bank Guarantee | 45355 | 43094 |
| **Restricted cash (Current)** |  | **5838508** | **5029650** |
| Fixed Deposit | Lien Against Bank Guarantee | 302307 | 19233 |
|  | Lien against Credit card facility | 16220 | 16686 |
| **Restricted Cash (Non- current)** |  | **318527** | **35919** |
| **Total Cash, cash equivalents and restricted cash** |  | **6623535** | **7087845** |

---

We have classified fixed deposits (FDs), which are subject to withdrawal restrictions, as restricted cash. Additionally, time deposits with a maturity of over one year have been classified as non-current.

The Company has secured a bank overdraft facility from HDFC Bank, collateralized by fixed deposits held with HDFC Bank. This facility includes a withdrawal restriction tied to the fixed deposit. (Refer Note 11 – Bank Overdraft.)

**NOTE 8 – PREPAID, CURRENT AND NON- CURRENT ASSETS**

Prepaid, Current and Non-Current Assets consisted of the following as of December 31, 2024, and December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Receivables from statutory authorities | 2691800 | 1904859 |
| Prepaid expense - stock compensation current | 1074991 | 1066991 |
| Security deposit | 157574 | 299540 |
| Other prepaid- current assets | 2513973 | 2186186 |
| **Prepaid and other current assets** | **6438338** | **5457576** |
| Prepaid expense - stock compensation non-current | 3052445 | 4090131 |
| Security deposits | 145198 | 225488 |
| Other prepaid- non-current Asset | 143885 | 6825 |
| **Prepaid and other non-current assets** | **3341528** | **4322444** |
| **Total Prepaid, Current and Non-Current Assets** | **9779866** | **9780020** |

---

Prepaid expenses – stock compensation represents unamortized portion of common stock granted to advisors for services to be rendered by them in future. Refer Note 20.

Refer Note-21 for Related Party Balances.

**NOTE 9 – ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

Accounts payable and accrued expenses consisted of the Year ended December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Accounts Payable** | **2312382** | **901552** |
| Payable to statutory authorities | 55699 | 35149 |
| Client liabilities | 574603 | 49160 |
| Salary payable | 91825 | 48216 |
| Other accrued liabilities | 1162687 | 357414 |
| **Other accrued liabilities** | **1884814** | **489939** |
| Provision for Gratuity | 74817 | 33933 |
| **Other accrued liabilities- non-current** | **74817** | **33933** |
| **Total accounts payable, accrued expense and other liabilities** | **4272013** | **1425424** |

---

Accounts payable at $2,312,382 as of December 31, 2024 (December 31, 2023: $901,552), reflect the amounts due to various vendors of supplies and services in the normal course of business operations. Other accrued liabilities of $1,162,687 as of December 31, 2024 (December 31, 2023: $357,414), majorly include accrued expenses of $834,291.

Refer Note-21 for Related Party Balances.

**NOTE 10 – NOTES PAYABLE**

On April 15, 2023, the Company executed a Convertible Promissory Note (the "Line of Credit Note") with Sushruta Pvt Ltd. ("Sushruta"), the Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer, and principal shareholder. Pursuant to the Line of Credit Note, SPL, in its discretion may make multiple advances to the Company through December 31, 2023 (the "Maturity Date"), in an aggregate amount of up to $20,000,000 for working capital purposes. The advances under the Line of Credit Note do not bear interest and are due and payable on or before the Maturity Date. Sushruta may, at its option, convert the principal amount of any advance into shares of our common stock, at a conversion price of $0.74 per share. During the year ended December 31, 2023, $16,980,000 in advances that were outstanding under the Line of Credit Note, were converted into 22,945,945 shares issued to Sushruta at the conversion price of $0.74 per share and as of December 31, 2023, there were no further advances convertible under the Line of Credit Note.

The Company entered into an Agreement with Andrew Economos and Dr. Frederic Moll for issuing a convertible redeemable note in the principal amount of $3,000,000 each. The note may be converted into common shares (without any significant conversion premium on the debt) of the Company's common stock at valuation of $100,000,000. As on the date of merger, i.e. April 14, 2023, Andrew Economos converted $3,089,178 (comprising of US$3,000,000 of principal and $89,178 as interest) of his convertible note into 3,879,938 shares of common stock and Dr. Frederic Moll converted $3,049,364 (comprising of US$3,000,000 of principal and $49,364 as interest) of his convertible note into 3,767,933 shares of common stock.

In February 2024, the Company raised $2,450,000 through a private offering of 7% One-Year Convertible Promissory Notes ("Notes") from two affiliates of $1,000,000 each and $450,000 from three other investors to finance its ongoing working capital requirements. These notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $4.45.

In April 2024, the Company raised $2,000,000 from its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In July 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In October and November 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In December 2024, the Company raised $2,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

Refer Note-21 for Related Party Balances.

**NOTE 11 – BANK OVERDRAFT**

Bank Overdraft consisted of:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| HDFC Bank Ltd overdraft (with lien against fixed deposits) (OD1) | 4486181 | 4756389 |
| HDFC Bank Ltd overdraft (OD2) | 3508725 | 1262537 |
| Bank overdraft | 7994906 | 6018926 |

---

The HDFC Bank overdraft (OD1) of $4,486,181 is availed on the basis of lien on the fixed deposits of $5,404,300 provided by the Company. The HDFC Bank overdraft (OD2) is secured by all the current assets, plant and machinery of the Company and additionally secured by personal guarantees provided by Dr Sudhir Prem Srivastava. As of December 31, 2024 and 2023, all financial and non-financial covenants under the bank overdraft facility agreement were complied with by the Company.

HDFC Bank has sanctioned overdraft facilities subject to operational terms and conditions, including payment on demand, comprehensive insurance coverage against all risks of primary security, periodic inspections of the plant by the bank, and submission of monthly stock and financial records to the bank within 30 days after each month-end. Security for this facility includes current assets, plant and machinery, furniture and fixtures, and a personal guarantee from Dr. Sudhir Prem Shrivastava.

The cash credit facility is sanctioned at an interest rate of 9.50% (linked with 3-month T-Bill) per annum on the working capital overdraft limit, with interest payable monthly on the first day of the subsequent month. Overdraft facility against fixed deposits is sanctioned with an interest rate of 1.25% over and above prevailing rate of interest on fixed deposits, payable at monthly intervals on the first day of the following month.

**NOTE 12 – BORROWINGS**

As part of our efforts to manage working capital and improve liquidity, we arranged for Axis Bank to issue a Letter of Credit (LC) on behalf of one of our customers, Indraprastha Cancer Society & Research Centre (RGCI), for $452,818. This LC was valid for a period of 666 days. It was classified as a short-term liability (including interest) for the year ended December 31, 2023, which has been settled by RGCI directly with the Axis Bank during the year ended December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2023** |
| Current maturities of long-term debt |  |  | 510189 |

---

**NOTE 13 – DEFERRED REVENUE**

Contract liabilities (deferred revenue) consist of advance billings and billing in excess of revenues recognized. Deferred revenue also includes the amount for which services have been rendered but other conditions of revenue recognition are not met, for example, where the Company does not have an enforceable contract.

The revenue attributable to the warranty is recognized over the period to which it relates. During the year ended December 31, 2024, Company had sold 36 surgical robotic systems. The revenues attributable to warranty for the agreed warranty period in respect of each of the sales contract is deferred for recognition over the period to which it relates.

In case of systems sold on a deferred payment basis, the present value of the invoiced system sales, realizable over the deferred payment period, is recognized as system sales. The difference between the invoiced amount and its present value is adjusted (reduced) in the accounts receivable balance. This difference is recorded as interest income under other income, with a corresponding impact on accounts receivable over the collection period of contract. The Company recorded $335,222 and $151,497 as interest income on account of deferred financing component during the years ended December 31, 2024, and 2023 respectively.

---

| | | |
|:---|:---|:---|
|  | **For year ended**<br>**December 31,<br> 2024** | **For year ended**<br>**December 31,<br> 2023** |
| Deferred revenue— beginning of period | 1095480 | 43917 |
| Additions | 5685704 | 1053329 |
| Net changes in liability for pre-existing contracts | 6781184 | 1097246 |
| Revenue recognized for warranty sales | 177518 | 1766 |
| Revenue recognized for instrument sales | 151111 | - |
| Deferred revenue— end of period | **6452555** | **1095480** |

---

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31,<br> 2024** | **As of<br> December 31,<br> 2023** |
| Deferred revenue expected to be recognized in: |  |  |
| &nbsp;&nbsp;&nbsp;One year or less | 1278602 | 156330 |
| &nbsp;&nbsp;&nbsp;More than One year | 5173953 | 939150 |
|  | **6452555** | **1095480** |

---

The following table disaggregates our revenue by major source:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2024** | **Year ended<br> December 31,<br> 2023** |
| System Sales | 19457767 | 5225777 |
| Instruments Sale | 942548 | 647766 |
| Warranty Sales | 177518 | 1771 |
| Lease income | 71695 | - |
| &nbsp;&nbsp;&nbsp;Total revenue | **20649528** | **5875314** |

---

Revenues for each of the two years in the period ended December 31, 2024 and 2023 by geographic region (determined based upon customer domicile), were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> December 31,<br> 2024** | **Year ended<br> December 31,<br> 2024** | **Year ended<br> December 31,<br> 2023** | **Year ended<br> December 31,<br> 2023** |
| India |  | 19083703 |  | 5362814 |
| Nepal |  | 501719 |  |  |
| UAE |  |  |  | 512500 |
| Indonesia |  | 595903 |  |  |
| South America | | 468,203 | | - |
|  | | **20,649,528** | | **5,875,314** |

---

**NOTE 14 – STOCKHOLDERS' EQUITY**

***Common stock***

 ****

The Company is authorized to issue up to 250,000,000 shares of common stock, $0.0001 par value per share. The Company has one class of common stock outstanding. Holders of the Company's common stock are entitled to one vote per share. Upon the liquidation or dissolution of the Company, its common stockholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The Company's shares of common stock have no preemptive, subscription, redemption or conversion rights.

As of December 31, 2024, there were 171,579,284 (December 31, 2023: 170,711,880) issued and outstanding common shares. Holders of common stock are entitled to one vote for each share of common stock.

***Preferred stock***

The Company is authorized to issue up to 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company has one class of preferred stock outstanding "**Series A- Preferred Shares**".

As of December 31, 2024, there were 1,000 (December 31, 2023: 1,000) issued and outstanding preferred stock.

***Common stock issued at the time of Merger***

 ****

At Closing of the Merger on April 14, 2023, 135,808,884 shares of our common stock and 1,000 Series A Preferred Shares were issued to Cardio Ventures. This includes common stock that was issued to Dr. Frederic Moll and one other accredited investor, who each provided $3,000,000 in interim financing to the Company pending consummation of the Merger. Following the Merger an additional 3,818,028 shares of our common stock were issued to Dr. Frederic Moll per his interim financing agreement with the Company.

***Common Stock issued post-Merger***

 ****

During the year ended December 31, 2023, $16,980,000 in advances that were outstanding under the Line of Credit Note, were converted into 22,945,946 shares issued to Sushruta Pvt Ltd at the conversion price of $0.74 per share.

During the year ended December 31, 2023, the Company converted warrants and issued 90,514 shares of our common stock to two accredited investors at $4.00 per share receiving $362,056 in total proceeds.

In December 2023, the Company received $50,000 total proceeds in relation to the issuance of 12,500 shares of common stock upon the exercise of warrants previously sold to three accredited investors at an exercise price of $4.00 per share. These shares are formally issued to the accredited investor subsequent to the year end 31 December 2023. Company has disclosed 12,500 common stock in Consolidated Statements of changes in equity as "Common stock to be issued".

During the year ended December 31, 2023, Farhan Taghizadeh exercised options and received 50,000 shares of common stock at a price of $1.00 per share.

During the year ended on December 31, 2023, the Company issued 3,000 shares of common stock to Henry Gewanter in exchange for advisory services to be rendered over a 12-month period. The total fair value of such services is $24,450. The value of services is calculated at the fair market value of shares as on date of contract.

During the Year ended on December 31, 2023, the Company issued 50,000 shares of common stock to PCG Advisory, for investor and digital marketing services. The total value of such services is $100,000.

During the Year ended on December 31, 2023, the Company issued 75,000 shares of common stock to Seminars, Inc. that conducted online investment seminars in which the Company participated. The total value of services is $500,000.

During the year ended on December 31, 2023, the Company issued 116,348 shares of common stock to Somashekhar S P in exchange for advisory services to be rendered over a five-year period. Total fair value of such services is $1,045,968. The value of services is calculated at fair market value of shares as on date of contract.

During the year ended on December 31, 2023, the Company issued 477,084 shares of common stock to Dr. Sudhir Kumar Rawal (RSS & Co Ltd) in exchange for his advisory services to be rendered over a five-year period. The total fair value of such services is $4,288,985. The value of services is calculated at fair market value of shares as on date of contract.

During the year ended on December 31, 2023, the Company issued 13,816 shares of common stock to Dr. Van Praet Frank in terms of his contract for advisory services to be rendered over a five-year period. The total fair value of services is $124,207. The value of services is calculated at fair market value of shares as on date of contract.

During the year ended on December 31, 2023, the Company issued 1,860 shares of common stock to Dr. Amitabh Singh in terms of his contract for advisory services to be rendered over a five-year period. The total fair value of services is $16,721. The value of services is calculated at fair market value of shares as on date of contract.

During the year ended on December 31, 2023, the Company issued 1,480 shares of common stock to Dr. Ashish Khanna under the terms of his contract for advisory services to be rendered over a five-year period. The total fair value of services is $13,305. The value of services is calculated at fair market value of shares as on date of contract.

During the year ended on December 31, 2023, the Company issued 5,835 shares of common stock to Dr. Vivek Bindal under the terms of his contract for advisory services to be rendered over a five-year period. The total fair value of services is $52,456. The value of services is calculated at fair market value of shares as on date of contract.

On November 27, 2023, the Company issued 169,118 shares of common stock to Group Chief Financial Officer, Anup Kumar Sethi, which is 20% of a total grant of 845,592 shares awarded to him against services pursuant to the Company's 2016 Incentive Stock Plan. The balance of 80% vests in four equal annual instalments subject to his remaining employed by the Company or its subsidiaries.

On November 27, 2023, the Company issued 549,437 shares of common stock to ninety employees of the Company's subsidiaries, which is 20% of a total grant of 2,747,187 shares awarded to such employees pursuant to the Company's 2016 Incentive Stock Plan. The balance 80% vests in four equal annual instalments subject to such employees remaining employed by the Company or its subsidiaries.

On March 1, 2024 the Company issued 15,000 shares of common stock to PCG Advisory, for investor and digital marketing services. The total value of such services is $101,250.

On August 31, 2024, the Company issued 125,000 shares of common stock to five advisors in exchange for advisory services to be rendered over a 5 year period. The total value of such services is $40,000. The value of services is calculated at the fair market value of shares as of the date of contract.

On November 27, 2024, the Company issued 169,118 shares of common stock to Group Chief Financial Officer, Anup Kumar Sethi, which is second tranche of 20% of a total grant of 845,592 shares awarded to him against services pursuant to the Company's 2016 Incentive Stock Plan. The balance of 60% vests in three equal annual instalments subject to his remaining employed by the Company or its subsidiaries.

On November 27, 2024, the Company issued 536,747 shares of common stock to 80 employees of the Company's subsidiary which is second tranche of 20% of the total shares awarded to them in Nov 2023 pursuant to the Company's 2016 Incentive Stock Plan. The balance of 60% vests in three equal annual instalments subject to such employees remaining employed by the Company or its subsidiaries.

On December 2, 2024, the Company issued 9,034 shares of common stock to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company.

Holders of common stock are entitled to one vote for each share of common stock held.

**NOTE 15 – INVENTORY**

Inventory for the year ended consisted of the following as on:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2024** | **December 31,<br> 2023** |
| Raw materials (includes goods in transit $969,959 (December 31, 2023: $233,888)] | 4461898 | 1509135 |
| Work-in-progress | 1436250 | 533108 |
| Finished goods | 4308750 | 4975670 |
|  | **10206898** | **7017913** |

---

**NOTE 16 – LEASES**

The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates.

The following is a summary of operating lease assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31** | **As of <br> December 31** |
| **<u>Operating leases</u>** | **2024** | **2023** |
| *Assets* |  |  |
| ROU operating lease assets | 2623880 | 2657554 |
| *Liabilities* |  |  |
| Current portion of operating lease | 409518 | 396784 |
| Non Current portion of operating lease | 2349118 | 2351113 |
| Total lease liabilities | 2758636 | 2747897 |

---

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31** | **As of<br> December 31** |
| **<u>Operating leases</u>** | **2024** | **2023** |
| Weighted average remaining lease term (years) |  |  |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 3rd Floor | 5.19 | 6.19 |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 1st Floor | 5.58 |  |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology Ground Floor | 7.42 | 8.42 |
| &nbsp;&nbsp;&nbsp;Village Chhatarpur-1849-1852-Farm | 0.58 | 1.58 |
| Weighted average discount rate |  |  |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 3rd Floor | 12% | 12% |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 1st Floor | 12% |  |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology Ground Floor | 12% | 12% |
| &nbsp;&nbsp;&nbsp;Village Chhatarpur-1849-1852-Farm | 10% | 10% |

---

Supplemental cash flow and other information related to leases are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2024** | **2024** | **2023** | **2023** |
| Cash payments for amounts included in the measurement of lease liabilities: | | | | |
| Operating cash outflows for operating leases |  | 705868 |  | 524766 |

---

Maturities of lease liabilities as of December 31, 2024 were as follows:

---

| | |
|:---|:---|
| <br>**Fiscal Year** | **Operating Leases**<br>**Amount<br> (in $)** |
| 2025 | 707907 |
| 2026 | 596737 |
| 2027 | 608834 |
| 2028 | 621537 |
| 2029 | 634874 |
| 2030 and thereafter | 703872 |
| Total Lease Payment | 3873761 |
| Less: Imputed Interest | 1115125 |
| Present value of lease liabilities | 2758636 |

---

**NOTE 17 – INCOME TAX**

The Company has not recorded income tax benefits for the net operating losses incurred during the years ended December 31, 2024, and 2023 nor for other deferred tax assets generated, due to its uncertainty of realizing a benefit from those items**.**

The components of income/(loss) before income taxes consist of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Domestic | (17924310) | (16672162) |
| Foreign | (1226887) | (4206130) |
| **Total** | **(19151197)** | **(20878292)** |

---

The Company has federal and state net operating losses as of December 31, 2024, and 2023.

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2024, and 2023. The Company's practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrual of interest and penalties on the Company's balance sheets and has not recognized interest and penalties in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2024, and 2023.

The Company is subject to taxation in the United States and India. The Company's tax returns filed has no pending examinations in India and US.

The effective income tax rate differs from the amount computed by applying the income tax rate of India to Income/(Loss) before income taxes approximately as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| **Accounting income / (loss) before income tax** | **(19151197)** | **(20878292)** |
| Income tax expense (benefit) at federal statutory rate at 21% | (4021752) | (4384441) |
| Foreign tax rate differential | (798222) | (1078990) |
| Non-deductible expenses | 245753 | (23494) |
| Excess tax benefit / (expense) on depreciation | (66770) | 18621 |
| Excess tax expense on security deposit | 286 | 10826 |
| Impact of unrecognized deferred tax asset on the loss of the year | 4640705 | 5457478 |
| Income tax expense/(benefit) |  |  |

---

The Company recorded nil income tax expense for the years ended December 31, 2024, and 2023 due to losses in current year and prior year and it does not expect to recover the tax benefit on the losses incurred during the years ended December 31, 2024, and 2023.

The components of the deferred tax balances were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2024** | **December 31, <br> 2023** |
| **Deferred tax assets:** | | |
| Net operating loss carry forwards | 5123862 | 763591 |
| Net operating loss | 3842483 | 4360270 |
| Lease payments | 28299 | 18976 |
| Credit loss reserve | 198703 |  |
| Others | 44204 | 23754 |
|  | **9237551** | **5166591** |
| Valuation allowance | (9150495) | (5145040) |
| Deferred tax assets | **87056** | **21551** |
| **Deferred tax liabilities:** |  |  |
| Depreciation and amortization | 74285 | 16763 |
| Others | 12771 | 4788 |
| Deferred tax liabilities | **87056** | **21551** |
| **Net deferred tax assets/liability** | - | - |

---

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. The Company performed an analysis of the realizability of deferred tax assets as of December 31, 2024, and 2023 and recorded a valuation allowance of $9,150,495 and $5,145,040 respectively.

**NOTE 18 – EMPLOYEE BENEFIT PLAN**

The Company's Gratuity Plan in India provides for a lump sum payment to vested employees on retirement or upon termination of employment in an amount based on the respective employee's salary and years of employment with the Company. Liabilities under this plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans, are recognized and amortized over the remaining period of service of the employees.

The Gratuity Plan is unfunded, and the company does not make contributions to the plan assets.

The benefit obligation has been measured as of December 31, 2024, and 2023. The following table sets forth the activity and the amounts recognized in the Company's consolidated financial statements at the end of the relevant periods:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| **Change in projected benefit obligation** | **2024** | **2023** |
| Projected benefit obligation as of January 1 | 34005 | 10655 |
| &nbsp;&nbsp;&nbsp;Service cost | 30692 | 15707 |
| &nbsp;&nbsp;&nbsp;Interest cost | 2373 | 759 |
| &nbsp;&nbsp;&nbsp;Benefits paid |  |  |
| Actuarial loss <sup>(^)</sup> | 14226 | 7009 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes | (463) | (125) |
| Projected benefit obligation as of December 31 | 80833 | 34005 |
| **Unfunded status as of December 31** | 80833 | 34005 |
| Unfunded amount recognized in the consolidated balance sheets |  |  |
| &nbsp;&nbsp;&nbsp;Non-current liability (included under other non-current liabilities) | 74817 | 33933 |
| &nbsp;&nbsp;&nbsp;Current liability (included under accrued expenses and other current liabilities) | 6016 | 72 |
| Total accrued liability | 80833 | 34005 |
| Accumulated benefit obligation as of December 31 | 42792 | 15508 |

---

 

---

| | |
|:---|:---|
| *(^)* | *During the years ended December 31, 2024, and* 2023*, actuarial loss was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.* |

---

 

Components of net periodic benefit costs recognized in Consolidated Statements of operations and comprehensive loss and actuarial loss reclassified from AOCI, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
| Service cost |  | 30692 |  | 15707 |
| Interest cost |  | 2373 |  | 759 |
| Expected return on plan assets |  |  |  |  |
| Amortization of actuarial loss, gross of tax |  |  |  |  |
| Net gratuity cost |  | 33065 |  | 16465 |

---

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
| Net actuarial loss |  | 14226 |  | 7009 |
| Amount recognized in AOCI, excluding tax effects |  | 14226 |  | 7009 |

---

The weighted average actuarial assumptions used to determine benefit obligations and net gratuity cost were:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Discount rate | 7.22% | 7.08% |
| Rate of increase in compensation levels | 12.50% | 15% |

---

The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are either based on current market yields on government securities or yields on government securities adjusted for a suitable risk premium, if available.

Expected benefit payments during the year ending December 31,

---

| | |
|:---|:---|
| 2024 | 5177 |
| 2025 | 13974 |
| 2026 | 14755 |
| 2027 | 12660 |
| 2028 | 10820 |
| 2029 – 2033 | 63659 |

---

**NOTE 19 – FAIR VALUE MEASUREMENT – FINANCIAL INSTRUMENTS**

Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:

● Level 1: observable inputs such as quoted prices in active markets.

● Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and

● Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

The company's financial assets which are set out below in the table is measured at fair value by considering the level III inputs. The company does not have financial assets which are measured using Level I or Level II inputs.

Carrying value and fair value of Level III Financial assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Carrying Value** | **Carrying Value** | **Fair value** | **Fair value** |
|  | **December 31,<br> 2024** | **December 31,<br> 2023** | **December 31, <br> 2024** | **December 31,<br> 2023** |
| **Financial Assets** | | | | |
| Account receivables net <sup>(1)</sup> | 3299032 | 2365013 | 3299032 | 2365013 |
| Other non-current financial assets <sup>(2)</sup> | 214252 | 171146 | 214252 | 171146 |
| Total | **3513284** | **2536159** | **3513284** | **2536159** |
| **Financial Liabilities** |  |  |  |  |
| Lease liabilities <sup>(3)</sup> | 2349118 | 2351113 | 2349118 | 2351113 |
| **Total** | **2349118** | **2351113** | **2349118** | **2351113** |

---

(1) Account receivable net of allowance
represent the long-term debtors of the company in relation to the sales made during the year. The Company has presented the receivable
balances account after reducing the significant financing component included using the discount rate of 10%.

(2) Other non-current assets include
security deposits and long-term fixed deposits with banks. Company has calculated the fair value of security deposit at present value
of future receipt using discount rate of 7% and fair value of long-term fixed deposit with banks are carried at cost which is approximate
to the fair value.

(3) The Company has long-term lease
liabilities in relation to office properties which is carried at cost using the discount rate (Refer Note 16 Lease).

The Company has assessed that the financial instruments that are not carried at fair value consist primarily of cash and cash equivalents, restricted cash, prepaid and other current assets, note payable, Bank overdraft facility and account payable for which fair values approximate their carrying amounts due to the short-term maturities of these instruments.

**NOTE 20 – STOCK COMPENSATION EXPENSES**

*Stock options to Employees:* The Company grants shares of the Company's common stock, par value $0.0001 to certain employees under the Company's 2016 stock incentive plan. The price at which the Grantee shall be entitled to purchase the Shares upon the exercise of the Option (the "Option Price") shall be US $5.00 per Share. The Shares shall vest as to twenty percent (20%) of the shares covered thereunder as of the Grant Date, with the balance of the shares covered thereunder vesting in four equal annual installments on the first, second, third and fourth anniversaries of the Grant Date provided that the Grantee remains in the Continuous Employment of the Company or any of its subsidiaries or affiliates, as defined and provided for in the Plan. The Options, to the extent vested and not exercised, shall expire five (5) years from the Grant Date.

 

*Restricted Stock Award to Employees*: The Company grants restricted shares of the Company's common stock, $0.0001 per value to certain employees under the company's 2016 stock incentive plan. The grant of restricted share is made in consideration of services to be rendered by the Grantee to the Company. The Restricted Stock Award shall vest as to twenty percent (20%) of the Restricted Shares covered thereunder as of the Grant Date, with the balance of the Restricted Shares covered thereunder vesting in four equal annual installments on the first, second, third and fourth anniversaries of the Grant Date, subject to the Grantee's continued employment by the Company, as provided for in the Plan. Unvested portions of the Restricted Stock Award may not be transferred at any time, except to the extent provided for in the Plan. Until the Restricted Stock Award granted under this Agreement vests in accordance with the terms hereof, the Grantee shall have no rights as a shareholder (including, without limitation, voting and dividend rights) with respect to any of the Restricted Shares covered by the Restricted Stock Award.

*Stock Options issued to Doctors/Proctors/Advisors ("Advisor's")*: The Company issues shares of the Company's common stock ("Advisory Shares") to retain and compensate certain Advisors for performing services for the Company and in exchange for the compensation, which is issued in a phased manner as determined by the company. The "Services" include but are not limited to (a) providing proctoring and medical advisory services, (b) advising the Company on the development of surgical robotics procedures and improvements in design and technology (c) participation in case of observation and performance of live surgeries, and (d) disseminating information about the Company's products in various scientific meetings and surgical robotic conferences globally (e) investor's digital marketing support. The Company issues such Advisory Shares in a phased manner commensurate with the period over which the services are to be performed, as determined by the Company.

 ****

***Stock Options***

Stock options activity for the year ended December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares <br> Options** | **Weighted average <br> grant date<br> fair <br> value per <br> share** |
| Unvested balance as of December 31, 2023 | 3382368 | $3.41 |
| Granted | 3350221 | $1.39 |
| Vested | 4195813 | $1.79 |
| Forfeited |  |  |
| Unvested balance as of December 31, 2024 | 2536776 | $3.41 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares <br> Options** | **Weighted average <br> grant date<br> fair <br> value per <br> share** |
| Exercisable balance as of December 31, 2024 | 5041405 | $2.06 |

---

Stock options activity for the year ended December 31, 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<br> options** | **Weighted<br> average<br> grant<br> date fair<br> value** |
| Unvested balance as of December 31, 2022 |  |  |
| Granted | 4227960 | $3.41 |
| Vested | 845592 | $3.41 |
| Forfeited |  |  |
| Unvested balance as of December 31, 2023 | 3382368 | $3.41 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares <br> Options** | **Weighted average <br> grant date<br> fair <br> value per <br> share** |
| Exercisable balance as of December 31, 2023 | 845592 | $3.41 |

---

The aggregate fair value of the stock options vested was $7,540,276 and $2,883,469 during the year December 31, 2024 and 2023 respectively. The options vested during the year were not exercised at the end of the year December 31, 2024. Further there were no stock options issued during the year December 31, 2024.

 ****

***Restricted Stock Awards (RSA)***

Restricted Stock Awards activity for the year ended December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares <br> RSAs** | **Weighted average <br> grant date<br> fair <br> value per<br> share** |
| Unvested balance as of December 31, 2023 | 2874223 | $7.76 |
| Granted |  |  |
| Vested | 705865 | $7.76 |
| Forfeited | 50760 | 7.76 |
| Unvested balance as of December 31, 2024 | 2117598 | $7.76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> Shares <br> RSAs** | **Number of <br> Shares <br> RSAs** | **Weighted average <br> grant date<br> fair <br> value per <br> share** | **Weighted average <br> grant date<br> fair <br> value per <br> share** |
| Exercisable balance as of December 31, 2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

Restricted Stock Awards activity for the year ended December 31, 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares<br> RSAs** | **Weighted average<br> grant date<br> fair<br> value per<br> share** |
| Unvested balance as of December 31, 2022 |  |  |
| Granted | 3592779 | $7.76 |
| Vested | 718556 | $7.76 |
| Forfeited |  |  |
| Unvested balance as of December 31, 2023 | 2874223 | $7.76 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Shares <br> RSAs** | **Weighted average <br> grant date<br> fair <br> value per <br> share** | **Weighted average <br> grant date<br> fair <br> value per <br> share** |
| Exercisable balance as of December 31, 2023 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

During the year ending December 31, 2024, 705,865 RSU were exercised and issued to employees of total common stock of $5,477,512.

The aggregate vesting date fair value of RSUs vested was $5,477,512 and $5,575,995 during the years ended December 31, 2024, and 2023 respectively.

***Advisory shares:***

Common stock issued to consultants as advisory shares during the year as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant dates** | **Fair value on grant date** | **Unvested shares in the beginning** | **Shares granted during the year** | **Option <br> vested** | **Unvested share at year end** |
| 1-Jun-23 | 8.15 | 5000 |  | 5000 |  |
| 31-Oct-23 | 8.99 | 52963 |  | 13816 | 39147 |
| 31-Oct-23 | 8.99 | 7130 |  | 1860 | 5270 |
| 31-Oct-23 | 8.99 | 5673 |  | 1480 | 4193 |
| 31-Oct-23 | 8.99 | 22368 |  | 5835 | 16533 |
| 1-Mar-24 | 6.75 |  | 15000 | 15000 |  |
| 21-Aug-24 | 0.32 |  | 10000 | 10000 |  |
| 31-Aug-24 | 0.32 |  | 50000 | 50000 |  |
| 31-Aug-24 | 0.32 |  | 50000 | 50000 |  |
| 31-Aug-24 | 0.32 |  | 5000 | 5000 |  |
| 31-Aug-24 | 0.32 |  | 10000 | 10000 |  |
| 2-Dec-24 | 3.32 | - | 9034 | 9034 |  |
|  |  | **93134** | **149034** | **177025** | **65143** |

---

During the year ending December 31, 2024, 149,034 advisory shares were exercised and issued to advisors of total common stock of $171,250.

The aggregate vesting date fair value of Advisory shares vested was $418,694 and $5,633,147 during the year ended December 31, 2024 and year ended December 31, 2023 respectively.

 ****

***Stock compensation expenses***

During the year ended December 31, 2024, the Company has recorded share compensation expense of $14,342,784 in relation to stock options, RSU and Advisory shares as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year<br> ended<br> December 31,<br> 2024** | **For the year<br> ended<br> December 31,<br> 2023** |
| Stock options | 7546149 | 3152066 |
| Restricted stock units (RSU) | 5479441 | 6095401 |
| Advisory shares | 1317194 | 476025 |
| **Total stock compensation expenses** | **14342784** | **9723492** |

---

***Stock option model & assumptions***

The Black-Scholes-Merton option pricing model is used to estimate the fair value of stock options and RSU granted under the Company's share-based compensation plans and the rights to acquire stock granted under the stock options plans. The weighted-average estimated fair values of stock options and the rights to acquire stock as well as the weighted-average assumptions used in calculating the fair values of stock options and the rights to acquire stock that were granted during the years ended December 31, 2024, and 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Grant date** | **Stock<br> Options**<br>**February 13,<br> 2024** | **Stock<br> Options**<br>**November 27,<br> 2023** | **Restricted<br> stock awards**<br>**November 27,<br> 2023** |
| Fair value on grant date | $1.39 | $3.41 | $7.76 |
| Risk free interest rate | 4.40% | 4.40% | 4.40% |
| Expected volatility | 25.00% | 18.50% | 18.50% |
| Exercise prices | $5.00 | $5.00 | $0.0001 |
| Share price on the grant date | $5.50 | $7.76 | $7.76 |
| Expected term of vesting | 2.5 years | 4 years | 4 years |

---

As share-based compensation expense recognized in the Consolidated Statements of operations and comprehensive loss during the years ended December 31, 2024, and 2023, is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures, if any.

As of December 31, 2024, there was $8,650,405, $16,432,560 (December 31, 2023: $11,265,277, $21,784,566) of total unrecognized compensation expense related to unvested stock options and restricted stock units respectively, to acquire common stock under the 2016 Inventive Stock plan. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 2.91 years for unvested stock options and restricted stock units for rights granted to acquire common stock under 2016 Incentive Stock Plan.

**NOTE 21 – RELATED PARTY**

The details of transactions and balances outstanding with the related parties for the year ended December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the year<br> ended<br> December 31,<br> 2024** | **For the year<br> ended<br> December 31,<br> 2023** |
| **Transactions during the year:** | | |
| ***Expenses incurred on behalf of affiliates*** | | |
| Srivastava Robotic Surgery Pvt Ltd | 345 | 330 |
| SS International Centre For Robotics Surgery Pvt Ltd | 948 | 2498 |
| Sudhir Srivastava Medical Innovations Pvt Ltd | 491 | 357 |
| Telegnosis Private Limited | 345 | 383 |
| ***Reimbursements payable*** |  |  |
| Sudhir Prem Srivastava | (239223) | (211904) |
| ***ESOP expenses*** |  |  |
| Anup Sethi | 1315032 | 1434606 |
| Barry F. Cohen | 577868 | 630413 |
| Dr. Frederic H Moll |  | 4463799 |
| Dr. S.P. Somashekhar | 210260 | 34866 |
| Sudhir Prem Srivastava | 6390413 | 1891240 |
| Vishwajyoti P. Srivastava, M.D | 577868 | 630413 |
| ***Consultancy charges and other perquisites*** |  |  |
| Anup Sethi | 178251 | 167775 |
| Barry F. Cohen | 180000 | 128000 |
| Sudhir Prem Srivastava | 889567 | 805992 |
| Vishwajyoti P. Srivastava, M.D | 212164 | 209623 |
| ***Proceeds from notes issued*** |  |  |
| Sushruta Private Limited | 6000000 | 16980000 |
| ***Interest expense on notes*** |  |  |
| Sushruta Private Limited | 194785 |  |
| ***Conversion of notes into common stock*** |  |  |
| Sushruta Private Limited |  | 16980000 |

---

**Balances outstanding as on year end:**

---

| | | |
|:---|:---|:---|
|  | **As on<br> December 31,<br> 2024** | **As on<br> December 31,<br> 2023** |
| ***Balance receivable / (payable)*** | | |
| **Accrued expenses & other current liabilities:** | | |
| Barry F. Cohen | (310500) | (130500) |
| Sushruta Private Limited | (194785) |  |
| Vishwajyoti P. Srivastava, M.D | (75006) | (75006) |
| **Prepaids and other current assets:** |  |  |
| Srivastava Robotic Surgery Pvt Ltd | 345 |  |
| SS International Centre For Robotics Surgery Pvt Ltd | 948 |  |
| Cardio Bahamas^ | (76741) | (76741) |
| SSI PTE Singapore^ | (424586) | (424586) |
| Sudhir Prem Srivastava^ | 1644825 | 2063508 |
| Sudhir Srivastava Medical Innovations Pvt Ltd | 491 |  |
| Telegnosis Private Limited | 727 | 383 |
| Sushruta Private Limited | 5000 | 5000 |
| **Notes payable:** |  |  |
| Sushruta Private Limited | (6000000) |  |

---

^ For these balances, Dr. Sudhir Prem Srivastava is considered as the ultimate beneficial owner, and the settlement is expected to be made on net basis. Accordingly, these balances have been disclosed under prepaids and other current assets.

**NOTE 22 – COMMITMENTS**

The Company, through its SSI-India subsidiary, occupies office, manufacturing, and assembly space in Gurugram, Haryana (India) under a lease agreement entered into in March 2021, with monthly payments of $24,384 plus applicable taxes. This lease expires in March 2030. Effective June 01, 2023, the Company's SSI-India subsidiary signed another lease agreement to occupy additional space in Gurugram, to further expand its manufacturing and assembly capacity. This lease provides for a monthly payment of $16,144 plus taxes and expires on May 31, 2032, subject to further renewal on mutually acceptable terms. Further effective from August 1, 2024 SSI-India subsidiary signed another lease agreement to occupy additional space in Gurugram, to further expand its operations. This lease provides for a monthly payment of $9,024 plus taxes and expires on July 31, 2030. In August 2023, SSI-India leased a house pursuant to the terms of an employment agreement with Dr. Sudhir Srivastava to provide residential accommodation for Dr Sudhir Srivastava. This lease provides for a monthly payment of $17,995 plus taxes.

As of December 31, 2024, the Company had committed to spend approximately $27,647 under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in consolidated balance sheets as "Capital work in progress" under "Property, plant and equipment."

**NOTE 23 – SUBSEQUENT EVENTS**

**1.** In
January 2025, the Company raised $20,000,000 from Sushruta Pvt Ltd. by way of issuing two 7% One-Year Convertible Promissory Notes ("Convertible
Notes") of $5,000,000 each and one 7% One Year Convertible Promissory Note of $10,000,000 for Company's long-term working
capital needs.

**2.** In
February 2025, the Company paid $4,142,637 towards repayment of five 7% One-Year Promissory Notes totaling to $4,000,000 raised from
Sushruta Pvt Ltd., on various dates during the year 2024, along with interest due thereon.

**3.** In
February 2025, the Company paid $1,068,849 towards repayment of one 7% One-Year Convertible Promissory Notes of $1,000,000 raised from
Andrew Economos along with the interest due thereon.

**4.** In
February 2025, the Company converted Convertible Notes worth $22,000,000 (including $20,000,000 raised in the month of January 2025),
along with the interest accrued thereon, issued to Sushruta Pvt Ltd. into 16,046,814 common shares of the Company.

**5.** In
February 2025, the Company converted three 7% One Year Convertible Promissory Notes totaling to $450,000 along with the interest accrued
thereon, into 108,048 common shares of the Company as per the conversion rights exercised by the note holders.

**6.** In
March 2025, the Company raised another $8,000,000 from Sushruta Pvt Ltd by issuing a 7% One-Year Convertible Promissory Note for long-term
working capital requirements of the Company and on March 31, 2025 converted these notes along with the interest accrued thereon, into
5,811,554 common shares of the Company.

**7.** In
March 2025, the Company issued 7,858 common shares to one ex-employee and 2,619 common shares to an ex-director of the Company on cash-less
conversion of the options held by them as per the terms of the Stock Option Agreement options executed by them with the Company.

**8.** In April 2025, the Company issued 3,163 shares of common stock
to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of** | **As of** |
|  |<br>**Notes** | **September 30, <br> 2025** | **December 31, <br> 2024** |
|  | | **(Unaudited)** | |
| **ASSETS** | | | |
| **Current Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 7 | $5681657 | $466500 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 7 | 6023933 | 5838508 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6 | 6917040 | 4466047 |
| &nbsp;&nbsp;&nbsp;Inventory | 14 | 20036005 | 10206898 |
| &nbsp;&nbsp;&nbsp;Prepaids and other current assets | 8 | 9766203 | 6438338 |
| **Total Current Assets** |  | **48424838** | **27416291** |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 4 | 8249725 | 5385955 |
| &nbsp;&nbsp;&nbsp;Right of use asset, net | 15 | 2458573 | 2623880 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 16 | 155056 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net-non current | 6 | 6922700 | 3299032 |
| &nbsp;&nbsp;&nbsp;Restricted cash- non current | 7 | 333657 | 318527 |
| &nbsp;&nbsp;&nbsp;Prepaids and other non current assets | 8 | 3032478 | 3341528 |
| **Total Assets** |  | $**69577027** | $**42385213** |
| **LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank overdraft facility | 11 | $10069783 | $7994906 |
| &nbsp;&nbsp;&nbsp;Notes payable | 10 |  | 7450000 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 15 | 341371 | 409518 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 9 | 4656966 | 2312382 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 12 | 2512990 | 1278602 |
| &nbsp;&nbsp;&nbsp;Accrued expenses & other current liabilities | 9 | 3606439 | 1884814 |
| **Total Current Liabilities** |  | **21187549** | **21330222** |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, less current portion | 15 | 2273111 | 2349118 |
| &nbsp;&nbsp;&nbsp;Deferred Revenue- non current | 12 | 6277659 | 5173953 |
| &nbsp;&nbsp;&nbsp;Other non current liabilities | 9 | 189402 | 74817 |
| **Total Liabilities** |  | $**29927721** | $**28928110** |
| **Commitments and contingencies** | 21 |  |  |
| **Stockholders 'equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024 | 13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Common stock, 250,000,000 shares authorized, $0.0001 par value, 193,592,410 shares and 171,579,284 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 13 | 19358 | 17157 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 13 | (1304825) | (749625) |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 13 | 93353412 | 56952200 |
| &nbsp;&nbsp;&nbsp;Capital reserve |  | 899917 | 899917 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | (53318557) | (43662547) |
| **Total stockholders' equity** |  | **39649306** | **13457103** |
| **Total liabilities and stockholders' equity** |  | $**69577027** | $**42385213** |

---

See accompanying notes to Condensed Consolidated Financial Statements

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the three months ended** | **For the three months ended** |
|  |<br>**Notes** | **September 30,<br> 2025** | **September 30, <br> 2024** |
| **REVENUES** | | | |
| &nbsp;&nbsp;&nbsp;System sales | 12 | 11705375 | 3969805 |
| &nbsp;&nbsp;&nbsp;Instruments sale | 12 | 854440 | 337580 |
| &nbsp;&nbsp;&nbsp;Warranty sale | 12 | 244399 | 58547 |
| &nbsp;&nbsp;&nbsp;Lease income | 12 | 25135 | 20584 |
| &nbsp;&nbsp;&nbsp;Total revenue |  | $**12829349** | $**4386516** |
| Cost of revenue |  | (6664413) | (2069109) |
| **GROSS PROFIT** |  | **6164936** | **2317407** |
| **OPERATING EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Research & development expense |  | 786319 | 442839 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 19 | 2095163 | 2451355 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4 | 297173 | 119502 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expense |  | 4821552 | 2508479 |
| **TOTAL OPERATING EXPENSES** |  | **8000207** | **5522175** |
| Loss from operations |  | **(1835271)** | **(3204768)** |
| **OTHER INCOME (EXPENSE):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense |  | (176636) | (247616) |
| &nbsp;&nbsp;&nbsp;Interest and other income, net |  | 141002 | 206901 |
| TOTAL INCOME / (EXPENSE), NET |  | **(35634)** | **(40715)** |
| **LOSS BEFORE INCOME TAXES** |  | (1870905) | (3245483) |
| Income tax expense | 16 | 1847059 |  |
| **NET LOSS** |  | $**(3717964)** | $**(3245483)** |
| Net loss per share - basic and diluted | 2 (r) | $(0.02) | $(0.02) |
| &nbsp;&nbsp;&nbsp;Weighted average - basic shares | 2 (r) | 193589845 | 170781337 |
| &nbsp;&nbsp;&nbsp;Weighted average - diluted shares | 2 (r) | 202856501 | 181885269 |
| **<u>CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS</u>** |  |  |  |
| **NET LOSS** |  | $**(3717964)** | $**(3245483)** |
| OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation loss |  | (480822) | (59087) |
| &nbsp;&nbsp;&nbsp;Retirement Benefit (net of tax) | 17 | (544) | (1946) |
| &nbsp;&nbsp;&nbsp;Income tax effect relating to retirement benefit | 16 | (646) |  |
| &nbsp;&nbsp;&nbsp;TOTAL OTHER COMPREHENSIVE LOSS |  | (482012) | (61033) |
| **TOTAL COMPREHENSIVE LOSS** |  | $**(4199976)** | $**(3306516)** |

---

See accompanying notes to Condensed Consolidated Financial Statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the nine months ended** | **For the nine months ended** |
|  |<br>**Notes** | **September 30, <br> 2025** | **September 30, <br> 2024** |
| **REVENUES** | | | |
| &nbsp;&nbsp;&nbsp;System sales | 12 | 24988895 | 11722762 |
| &nbsp;&nbsp;&nbsp;Instruments sale | 12 | 2339478 | 660216 |
| &nbsp;&nbsp;&nbsp;Warranty sale | 12 | 560262 | 96749 |
| &nbsp;&nbsp;&nbsp;Lease income | 12 | 61629 | 53608 |
| &nbsp;&nbsp;&nbsp;Total revenue |  | $**27950264** | $**12533335** |
| Cost of revenue |  | (14783062) | (8049960) |
| **GROSS PROFIT** |  | **13167202** | **4483375** |
| **OPERATING EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Research & development expense |  | 2295014 | 1729834 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 19 | 6104670 | 12003897 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4 | 766416 | 290079 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expense |  | 11460139 | 7596841 |
| **TOTAL OPERATING EXPENSES** |  | **20626239** | **21620651** |
| Loss from operations |  | **(7459037)** | **(17137276)** |
| **OTHER INCOME (EXPENSE):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Expense |  | (773341) | (680281) |
| &nbsp;&nbsp;&nbsp;Interest and other income, net |  | 777158 | 589751 |
| TOTAL INCOME / (EXPENSE), NET |  | **3817** | **(90530)** |
| **LOSS BEFORE INCOME TAXES** |  | (7455220) | (17227806) |
| Income tax expense | 16 | 2200788 | - |
| **NET LOSS** |  | $**(9656008)** | $**(17227806)** |
| Net loss per share - basic and diluted | 2 (r) | $(0.05) | $(0.10) |
| &nbsp;&nbsp;&nbsp;Weighted average - basic shares | 2 (r) | 188720115 | 170750183 |
| &nbsp;&nbsp;&nbsp;Weighted average - diluted shares | 2 (r) | 197979738 | 181779811 |
| **<u>CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS</u>** |  |  |  |
| **NET LOSS** |  | $**(9656008)** | $**(17227806)** |
| OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation loss |  | (539960) | (154532) |
| &nbsp;&nbsp;&nbsp;Retirement Benefit (net of tax) | 17 | (20366) | 9860 |
| &nbsp;&nbsp;&nbsp;Income tax effect relating to retirement benefit | 16 | 5126 | - |
| &nbsp;&nbsp;&nbsp;TOTAL OTHER COMPREHENSIVE LOSS |  | (555200) | (144672) |
| **TOTAL COMPREHENSIVE LOSS** |  | $**(10211208)** | $**(17372478)** |

---

See accompanying notes to Condensed Consolidated Financial Statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

**(Unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | **Common Stock to be Issued** | **Common Stock to be Issued** | | | | | |
|  |<br>**Notes** | **Number** | **Amount** | **Number** | **Amount** | **Number** | **Amount** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Capital**<br>**Reserve** | **Accumulated other<br> comprehensive**<br>**income (loss)** | **Total Stockholders'**<br>**equity** |
| Balance as at December 31, 2024 |  | 1000 | 1 | 171579284 | 17157 |  |  | 56952200 | (43662547) | 899917 | (749625) | 13457103 |
| Stock compensation | 19 |  |  |  |  |  |  | 2110467 |  |  |  | 2110467 |
| Common stock issued against exercise of warrants | 13 |  |  | 10477 | 1 |  |  | (1) |  |  |  |  |
| Conversion of notes payable to equity | 13 |  |  | 21966416 | 2196 |  |  | 30643163 |  |  |  | 30645359 |
| Net loss |  |  |  |  |  |  |  |  | (5681353) |  | 22714 | (5658639) |
| Balance as at March 31, 2025 |  | **1000** | $**1** | **193556177** | $**19354** | **—** | $**—** | $**89705829** | $**(49343900)** | $**899917** | $**(726911)** | $**40554290** |
| Stock compensation |  |  |  |  |  |  |  | 1579376 |  |  |  | 1579376 |
| Common stock issued against exercise of options |  |  |  | 7431 | 1 |  |  | (1) |  |  |  |  |
| Stock issued for services |  |  |  | 24802 | 2 |  |  | 241795 |  |  |  | 241797 |
| Net income |  |  |  |  |  |  |  |  | (256691) |  | (95902) | (352593) |
| Balance as at June 30, 2025 |  | **1000** | $**1** | **193588410** | $**19358** | **—** | $**—** | $**91526999** | $**(49600593)** | $**899917** | $**(822813)** | $**42022869** |
| Stock compensation |  |  |  |  |  |  |  | 1782853 |  |  |  | 1782853 |
| Common stock issued against exercise of options |  |  |  |  |  |  |  |  |  |  |  |  |
| Stock issued for services |  |  |  | 4000 | 0 |  |  | 43560 |  |  |  | 43560 |
| Net income |  |  |  |  |  |  |  |  | (3717964) |  | (482012) | (4199976) |
| Balance as at September 30, 2025 |  | **1000** | $**1** | **193592410** | $**19358** | **—** | $**—** | $**93353412** | $**(53318557)** | $**899917** | $**(1304825)** | $**39649306** |
| Balance as at December 31, 2023 |  | 1000 | 1 | 170711880 | 17072 | 12500 | 50000 | 43457937 | (24511350) | 899917 | (195499) | 19718078 |
| Stock compensation | 19 |  |  |  |  |  |  | 6842002 |  |  |  | 6842002 |
| Common stock issued against exercise of warrants | 13 |  |  | 12500 | 1 | (12500) | (50000) | 49999 |  |  |  |  |
| Stock issued for services | 13 |  |  | 15000 | 2 |  |  | 101249 |  |  |  | 101250 |
| Net loss |  |  |  |  |  |  |  |  | (9841753) |  | (70807) | (9912560) |
| Balance as at March 31, 2024 |  | **1000** | $**1** | **170739380** | $**17075** | **—** | $**—** | $**50451187** | $**(34353103)** | $**899917** | $**(266306)** | $**16748770** |
| Stock compensation |  |  |  |  |  |  |  | 2177045 |  |  |  | 2177045 |
| Net loss |  |  |  |  |  |  |  |  | (4140570) |  | (12832) | (4153402) |
| Balance as at June 30, 2024 |  | **1000** | $**1** | **170739380** | $**17075** | **—** | $**—** | $**52628232** | $**(38493673)** | $**899917** | $**(279138)** | $**14772414** |
| Stock compensation | 19 |  |  |  |  |  |  | 2183922 |  |  |  | 2183922 |
| Stock issued for services |  |  |  | 125000 | 13 |  |  | 39988 |  |  |  | 40000 |
| Net loss |  |  |  |  |  |  |  |  | (3245483) |  | (61033) | (3306516) |
| Balance as at September 30, 2024 |  | **1000** | **1** | **170864380** | **17087** | **—** | **—** | **54852142** | **(41739156)** | **899917** | **(340171)** | **13689820** |

---

See accompanying notes to Condensed Consolidated Financial Statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2025** | **September 30,<br> 2024** |
| **Cash flows from operating activities:** | | |
| Net loss | $(9656008) | $(17227806) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 766416 | 290079 |
| &nbsp;&nbsp;&nbsp;Operating lease expense | 600006 | 553715 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 175243 | 217788 |
| &nbsp;&nbsp;&nbsp;Interest and other income, net | (301240) | (257977) |
| &nbsp;&nbsp;&nbsp;(Reversal of) / Provision for credit loss reserve | 241403 | 720732 |
| &nbsp;&nbsp;&nbsp;Deferred income tax benefit | (155056) |  |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | 6104670 | 12003897 |
| &nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (6086871) | (3741191) |
| &nbsp;&nbsp;&nbsp;Inventory, net | (11514766) | (5254740) |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 2338094 | 5502658 |
| &nbsp;&nbsp;&nbsp;Prepaids and other assets | (3450327) | (667764) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2344584 | 897060 |
| &nbsp;&nbsp;&nbsp;Income taxes payable, net | 2192881 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses & other liabilities | (49083) | 1241298 |
| &nbsp;&nbsp;&nbsp;Operating lease payment | (573363) | (519018) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (17023417) | (6241269) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (1944527) | (536337) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1944527) | (536337) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank overdraft facility (net) | 2074877 | 1064946 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of promissory notes to principal stockholder |  | 2500000 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes to principal stockholder | 28000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes to other investors |  | 1450000 |
| &nbsp;&nbsp;&nbsp;Repayment of convertible notes to principal stockholder, including interest | (4212637) |  |
| &nbsp;&nbsp;&nbsp;Repayment of convertible notes to other investors, including interest | (1068849) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 24793391 | 6014946 |
| **Net change in cash** | 5825447 | (762660) |
| Effect of exchange rate on cash | (409735) | (172923) |
| Cash and cash equivalents at the beginning of the period | 6623535 | 7087845 |
| Cash and cash equivalents at end of the period | $**12039247** | $**6152262** |
| ^ For cash and cash equivalents and restricted cash, refer Note 7 |  |  |
| **Supplemental disclosure of cash flow information:** |  |  |
| Conversion of convertible notes into common stock, including interest | $30645360 | $- |
| Transfer of systems from inventory to property, plant and equipment | $2167971 | $2849073 |
| Transfer of systems from property, plant and equipment to inventory | $482312 | $- |

---

See accompanying notes to Condensed Consolidated Financial Statements.

**SS INNOVATIONS INTERNATIONAL, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)** 

**NOTE 1 – FINANCIAL STATEMENTS**

<u>Organization</u>

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 Transaction (Note 5) was accounted for as a recapitalization in accordance with GAAP (the "**Recapitalization**"). Under this method, AVRA was treated as the "acquired" company (the "**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 Cardio Ventures Inc. the ultimate holding company.

In April 2025, the Company successfully completed its uplisting to the Nasdaq Stock Market LLC **("NASDAQ")**, with its common stock listed for trading on NASDAQ under the ticker symbol "SSII" effective April 25, 2025.

<u>Basis of Presentation</u>

<u>Unaudited Interim Condensed Consolidated Financial Statements</u>

The interim condensed consolidated balance sheet as of September 30, 2025, and the interim condensed consolidated statement of operations, comprehensive loss and stockholders' equity for the three and nine months ended September 30, 2025 and September 30, 2024 and flows for the nine months ended September 30, 2025 and September 30, 2024 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 presentation of our financial position as of September 30, 2025 and our results of operations for the three and nine months and cash flows for the nine months ended September 30, 2025 and September 30, 2024. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three nine months are also unaudited. The interim condensed consolidated results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future annual or interim period. The condensed consolidated balance sheet as of December 31, 2024 included herein was produced 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 for the year ended December 31, 2024 as filed by us with the U.S. Securities and Exchange Commission (the "SEC") on April 15, 2025.

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 condensed financial statements have been prepared on a consolidated basis and reflect the condensed consolidated financial statements of SS Innovations International, Inc. and all of its subsidiaries (the "**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. Certain prior period amounts have been reclassified to conform to the current year presentation.

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 GAAP.

<u>Going Concern</u>

The accompanying condensed consolidated financial statements have been prepared on a going concern basis which implies the Company will continue to meet its obligations for the next 12 months as of the date these financial statements are issued. The Company had a working capital surplus of $27,237,289 and an accumulated deficit of $53,318,557 as of September 30, 2025. The Company also had net losses of $3,717,964 and $9,656,008 for three and nine months ended September 30, 2025 respectively, which losses primarily resulted from non-cash items such as stock compensation expense of $2,095,163 and $6,104,670 for the three and nine months ended September 30, 2025, respectively, and, depreciation of $297,173 and $766,416 for the three and nine months ended September 30, 2025, respectively. In addition, the Company has been dependent on related parties to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the unaudited interim condensed consolidated financial statements are issued.

In February 2024, the Company raised $2,450,000 through a private offering of 7% One-Year Convertible Promissory Notes ("Notes") from two affiliates of $1,000,000 each and $450,000 from three other investors to finance its ongoing working capital requirements. These notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $4.45.

In April 2024, the Company raised $2,000,000 from its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In July 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In October and November 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In December 2024, the Company raised $2,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In January 2025, the Company raised $28,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In February 2025, the Company paid $4,212,637 towards repayment of five 7% One-Year Promissory Notes totaling to $4,000,000 raised from Sushruta Pvt Ltd., on various dates during the year 2024, along with interest due thereon.

In February 2025, the Company paid $1,068,849 towards repayment of one 7% One-Year Convertible Promissory Notes of $1,000,000 raised from Andrew Economos along with the interest due thereon.

In February 2025, the Company converted three 7% One Year Convertible Promissory Notes totaling to $450,000 along with the interest accrued thereon, into 108,048 common shares of the Company as per the conversion rights exercised by the note holders.

In February 2025, the Company converted Convertible Notes worth $22,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd. into 16,046,814 common shares of the Company.

In March 2025, the Company converted Convertible Notes worth $8,000,000, along with the interest accrued thereon, issued to Sushruta Pvt Ltd into 5,811,554 common shares of the Company.

However, the Company's existing cash resources and income from operations are not expected to provide sufficient funds to carry out the Company's operations and business development through the next twelve (12) months. The management of the Company is making efforts to raise further funding to scale up operations and meet its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Use of Estimates</u> 

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company regularly evaluates estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made by management. Significant estimates include fair value of stock options and standalone selling price in case of bundled revenue contracts.

&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Cash and Cash Equivalents</u> 

The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Restricted Cash</u> 

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company's operations. For the purposes of the condensed consolidated statement of cash flows, the Company includes in its cash and cash-equivalent balances those amounts that have been classified as restricted cash and restricted cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Account Receivables and Allowance for Expected Credit Losses</u> 

The Company's account receivables are due from customers relating to contracts to supply surgical robotic systems, instruments, and accessories and to provide post sales warranty/maintenance services. The Company also sells surgical robotic systems under deferred payment arrangements and in such cases, the amounts due and recoverable beyond the one year period at the balance sheet date are classified as long-term receivables. Collateral is currently not required. The Company also maintains credit loss allowance for estimated losses resulting from the inability of the Company's customers to make payments. The Company periodically reviews these estimated allowances, including an analysis of the customers' payment history and creditworthiness, the age of the trade receivable balances and current economic conditions that may affect a customer's ability to make payments as well as historical collection trends for its customers as a whole. Based on this review, the Company specifically reserves for those accounts deemed uncollectible or likely to become uncollectible. When receivables are determined to be uncollectible, principal amounts of such receivables outstanding are deducted from the allowance.

&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Employee Benefits</u> 

Contributions to defined contribution plans are charged to the condensed consolidated statement of operations and comprehensive loss in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are recognized in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) ("OCI") and amortized to net periodic benefit cost over the expected remaining period of service of the covered employees using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. These assumptions may not be within the control of the Company and accordingly it is reasonably possible that these assumptions could change in future periods. The Company includes the service cost component of the net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered by the respective employees during the period. The interest cost, expected return on plan assets and amortization of actuarial gains/loss, are included in "Other income/(expense), net". Refer to Note 17 - Employee Benefit Plans to the unaudited interim condensed consolidated financial statements for details.

&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Foreign Currency Translation</u> 

The Company's reporting currency is U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency of the Company's subsidiary in India is Indian National Rupee ("INR"). Transactions denominated in INR are translated to U.S. dollars at rates which approximate those in effect on the transaction dates. Monetary assets and all liabilities denominated in foreign currencies on September 30, 2025 and September 30, 2024 are translated at the exchange rate in effect as of those dates. Stockholders' equity is translated at the appropriate historical rates. Included in interest and other income foreign exchange gain resulting from such translations of approximately $67,534 and amount of $2,838 included in selling, general and administrative expenses for the nine months ended September 30, 2025 and September 30, 2024, respectively.

The functional currency of each entity in the group is the currency of the primary economic environment in which it operates. Transactions in foreign currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction. All foreign exchange gains and losses arising on re-measurement are recorded in the Company's condensed consolidated statement of operations and comprehensive loss.

The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet date. Revenues and expenses are translated into U.S. dollars at the exchange rates prevailing on the last business day of each month, which approximates the average monthly exchange rate. Share capital and other equity items are translated at exchange rates that prevailed on the date of inception of the transaction. Resulting translation adjustments are included in "Accumulated other comprehensive income/(loss)" in the condensed consolidated balance sheet.

The relevant translation rates are as follows: for the nine months ended September 30, 2025 closing rate at 88.87 US$: INR, average rate at 87.23 US$:INR.

The relevant translation rates are as follows: for the nine months ended September 30, 2024 closing rate at 83.76 US$: INR, average rate at 83.47 US$:INR.

The relevant translation rates are as follows: for the year ended December 31, 2024 closing rate at 85.58 US$: INR, average rate at 84.39 US$:INR

&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Inventory</u> 

The Company's inventory consists of finished goods in the form of fully assembled and tested surgical robotic system, semi-finished goods in the form of various sub-systems of the surgical robotic systems in various stages of assembly and manufacturing and raw material in the form of various mechanical, electrical, and other material components, parts, motors, encoders etc. which are not yet assembled/manufactured. The inventory is valued at the lower of cost (first-in, first-out) or estimated net realizable value.

&nbsp;&nbsp;&nbsp;&nbsp;<u>h)</u> <u>Cost of Sales</u> 

Cost of sales primarily consists of manufacturing cost incurred for production of the Mantra System and the related instruments and accessories which are used to facilitate the use of the Mantra System. Further, Cost of sales also includes other costs such as salaries and rent which are directly attributable to the manufacturing process.

&nbsp;&nbsp;&nbsp;&nbsp;<u>i)</u> <u>Selling and Administrative Expenses</u> 

Selling and administrative expenses primarily consist of indirect expenses which are not directly attributable to any other identified expense category of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Fair value measurements</u> 

ASC Topic 820, *Fair Value Measurements and Disclosures* defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company's own credit risk. The fair value hierarchy consists of the following three levels:

● Level I — Quoted prices for identical instruments in active markets.

● Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

● Level III — Instruments whose significant value drivers are unobservable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Concentration of Credit Risk</u> 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. and cash equivalents, time deposits and accounts receivable. By their nature, all such financial instruments involve risks including the credit risks of non-performance by counterparties. The surplus funds are maintained as cash and cash equivalents and time deposits, placed with highly rated financial institutions to reduce its exposure to market risk with regard to these funds. The Company's exposure to credit risk on account receivable is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. To mitigate this risk the Company evaluates the creditworthiness of its customers in conjunction with its revenue recognition processes as well as through its ongoing collectability assessment processes for accounts receivable. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Commitments and Contingencies</u> 

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recognized when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. A disclosure for a contingent liability is made when there is a possible obligation that may require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Legal costs incurred in connection with such liabilities are expensed as incurred. Capital commitments are disclosed in the condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Revenue Recognition</u> 

The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized:

● Identification of a contract with a customer or placement of a purchase order by the customer.

● Identification of the performance obligations in the contract or the purchase order as the case may be.

● Determination of the transaction price which is reflected in the purchase order placed by the customer.

● Allocation of the transaction price to the performance obligations in the contract; and

● Recognition of revenue when or as the performance obligations are satisfied as per the terms of the purchase order received from the customer.

The Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties are identified, payment terms are identified, and collectability of consideration is probable. Product type and payment terms vary by client.

*System Sales:*

The Company recognizes revenue when the "transfer of control" occurs, which typically takes place upon the delivery of the system to the customer. In cases where a deferred payment arrangement exists, revenue is recognized at the present value of the consideration receivable, adjusted by the present value of any extended warranty obligations.

Standalone Selling Price

Our system sale arrangements contain multiple products and services, including system, accessories, instruments and services. Other than services, we generally deliver all of the products upfront. Each of these products and services is a distinct performance obligation. System, instruments, accessories and services are also sold on a standalone basis. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which we separately sell the products or services. If a standalone selling price is not directly observable, then we estimate the standalone selling prices considering market conditions and entity-specific factors including, but not limited to, historical pricing data, features and functionality of the products and services and industry benchmark. We regularly review standalone selling prices and maintain internal controls over establishing and updating these estimates. Revenue that is allocated to the service obligation is deferred and recognized ratably over the service period upon expiration of first year of service which is free and included in the system sale arrangements.

Key Terms of Customer Contracts

The Company enters into binding contracts with customers through either an agreement or a sales order, with all terms and conditions mutually agreed upon by both parties. The key terms and conditions include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Finalization of Product and Price: Agreement on the specific model of the "SSI Mantra" system and its selling price.

&nbsp;&nbsp;&nbsp;&nbsp;2. Payment Terms: Determination of payment terms, which may involve either a deferred payment arrangement or a one-time payment upon delivery and installation of the system at the customer's premises.

&nbsp;&nbsp;&nbsp;&nbsp;3. Deferred Payment Model: For deferred payments, customers typically pay an advance amount before the dispatch of the system. The remaining balance is payable in yearly installments over a period of 3 to 5 years. Present value of deferred payment is calculated using the prevailing interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;4. Warranty Services: Instead of negotiating the sales price, the Company provides a warranty service that includes a 1-year assurance warranty and an extended warranty for an additional 3 to 5 years. The exact terms are mutually agreed upon with the customer.

&nbsp;&nbsp;&nbsp;&nbsp;5. Delivery, Installation, and Training: The Company is responsible for delivering and installing the system at the customer's premises. Post-installation, the Company provides free training to surgeons and surgical staff to enable them to operate the system effectively. With respect to the sale of surgical robotic systems, training is provided at the time of delivery to the end customer, however the effort involved is considered negligible.

&nbsp;&nbsp;&nbsp;&nbsp;6. Transfer of Risk and Rewards: The risks and rewards associated with the system are transferred to the customer upon delivery to their premises.

*Instrument and Accessories Sales:*

We also sell instruments for use by surgeons in conjunction with the use of our surgical robotic systems. These instruments are consumable items for our hospital customers, and we recognize the revenues from the sale of instruments as and when the instruments are delivered to the customer.

*Warranty and Annual Maintenance Contract Sales:*

By application of ASC 606, a portion of the equipment sales value which is attributable towards the component of annual maintenance contracts is shown separately as Warranty sales. Once the assurance warranty or standard warranty periods are over, the maintenance contracts become effective and actual income from maintenance contracts is recognized as a distinct revenue stream.

 

*Lease Income:*

Under ASC 842, in cases where the systems are installed on a pay per procedure basis, the Company earns revenue which is a mix of fixed and variable components. Variable component consists of revenue share which is agreed based on the number and type of procedures performed by the customer, while the fixed component involves an agreed amount which the customer is obliged to pay over the lease term. Accordingly, the fixed component is recognized on a straight-line basis as lease income. Since the title to the system is not getting transferred to the counterparty, hence the cost relating to those systems is capitalized under property, plant and equipment and accordingly depreciation is charged over its period of useful life.

 

&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Property Plant & Equipment</u> 

Property and equipment are stated at cost, which is generally comprised of the purchase price for such property or equipment, non-refundable duties and taxes, Installation cost, freight, other associated costs, but excludes any discounts and/or rebates, less accumulated depreciation and impairment.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable.

Property Plant and Equipment depreciated using the straight-line method at rates determined as per estimated useful life of the assets. The estimated useful lives used in calculating depreciation are as follows:

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| | | |
|:---|:---|:---|
|  | **Years** | **Years** |
| Computer & peripherals |  | 3 |
| Furniture |  | 5 |
| Leasehold improvement |  | 4-9 |
| Office equipment |  | 5 |
| Plant and machinery |  | 8 |
| Server & networking |  | 3 |
| Vehicles |  | 5 |
| Pay per use systems |  | 10 |
| Demo system |  | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Long-lived Assets</u> 

In accordance with ASC 360, "*Property Plant and Equipment*", the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and current expectation that the asset will more than likely not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the discounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain circumstances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

&nbsp;&nbsp;&nbsp;&nbsp;p) <u>Stock Compensation Expense</u> 

Under the fair value recognition provisions of ASC Topic 718, Compensation-Stock Compensation, cost is measured at the grant date based on the fair value of the award and is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.

Determining the fair value of stock-based awards at the grant date requires significant judgment, including estimating the expected term over which the stock awards will be outstanding before they are exercised and the expected volatility of our stock.

*Stock Options*: These provide employees with the right, but not the obligation, to purchase shares of the Company's stock at a specified price within a defined period, as per the terms of the stock option agreement. Stock-based compensation expense associated with AVRA 2016 Stock Incentive Plan is measured at fair-value using a Black-Scholes option-pricing model at commencement of each offering period and recognized over that offering period.

*Stock Units (Restricted Stock Units, or RSUs):* These do not require the employee to exercise any options. Each stock unit automatically converts into a specified number of shares upon vesting. The Company uses last three month's average share price of common stock on OTC (prior to April 24, 2025) or on NASDAQ (subsequent to April 24, 2025) as grant date fair value for RSUs.

The Company recognizes stock-based compensation expense in the condensed consolidated statement of operations and comprehensive loss for both employees and non-employee directors based on the grant-date fair value of the awards. These costs are recognized on a straight-line basis over the requisite service period, or until the date at which the recipient becomes eligible for retirement, if shorter. Forfeitures of equity awards are accounted for as they occur.

The Company accounts for equity instruments issued in exchange for goods or services from non-employees in accordance with ASC Topic 718 Stock Compensation. The costs associated with these equity instruments are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable.

&nbsp;&nbsp;&nbsp;&nbsp;q) <u>Income Taxes</u> 

We record income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carry forwards. The carrying amounts of deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, the duration of statutory carry forward periods, and tax planning alternatives. We use a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals and litigation processes, if any. The second step is to measure the largest amount of tax benefit as the largest amount that is more likely than not to be realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

The Company determines the tax provision for interim periods using an estimate of its annual effective tax rate. Each quarter, the Company updates its estimate of annual effective tax rate for India Jurisdiction, and if its estimated tax rate changes, the Company makes a cumulative adjustment.

Management judgment is required in determining provision for income taxes, deferred tax assets and liabilities, tax contingencies, unrecognized tax benefits, and any required valuation allowance, including taking into consideration the probability of the tax contingencies being incurred. Management assesses this probability based upon information provided by its tax advisers, its legal advisers and similar tax cases. If at a later time the assessment of the probability of these tax contingencies changes, accrual for such tax uncertainties may increase or decrease.

The Company has a valuation allowance due to management's overall assessment of risks and uncertainties related to its future ability in the U.S. to realize and, hence, utilize certain deferred tax assets, primarily consisting of net operating losses ("NOLs"), carry forward temporary differences and future tax deductions.

The effective tax rate for annual and interim reporting periods could be impacted if uncertain tax positions that are not recognized are settled at an amount which differs from the Company's estimate. Finally, if the Company is impacted by a change in the valuation allowance resulting from a change in judgment regarding the realizability of deferred tax assets, such effect will be recognized in the interim period in which the change occurs.

&nbsp;&nbsp;&nbsp;&nbsp;r) <u>Basic and Diluted Loss per Share</u> 

The following table sets forth the computation of basic and diluted earnings per share:

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| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **September 30, <br> 2025** | **September 30,<br> 2024** |
| Net Loss (a) | (3717964) | (3245483) |
| Basic weighted average common shares outstanding (b) | 193589845 | 170781337 |
| Dilutive effect of convertible note |  | 550562 |
| Dilutive effect of stock-based awards | 9266656 | 10553370 |
| Diluted weighted average common shares outstanding | 202856501 | 181885269 |
| Earnings per share attributable to SS Innovations International, Inc. stockholders: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted (a)/(b) | (0.02) | (0.02) |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Net Loss (a) | (9656008) | (17227806) |
| Basic weighted average common shares outstanding (b) | 188720115 | 170750183 |
| Dilutive effect of convertible note (1) |  | 476258 |
| Dilutive effect of stock-based awards | 9259623 | 10553370 |
| Diluted weighted average common shares outstanding | 197979738 | 181779811 |
| Earnings per share attributable to SS Innovations International, Inc. stockholders: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | (0.05) | (0.10) |

---

(1) Represents dilution effect related to the interest on convertible notes in the calculation of diluted weighted average shares outstanding for the portion of the period. Refer Note 10 – Notes Payable to the condensed consolidated financial statements for further details.

Basic net loss per share is calculated by dividing the net loss attributable to SSII stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which we report net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;s) <u>Research and Development Costs</u> 

In accordance with ASC Topic 730 Research and development costs are expensed as incurred and include costs of material, salaries, benefits and other headcount-related costs, contract and other outside service fees, and facilities and overhead costs.

&nbsp;&nbsp;&nbsp;&nbsp;t) <u>Fair Value of Financial Instruments</u> 

Our financial instruments consist principally of accounts receivable, amounts due to related parties and promissory notes payable. The carrying amounts of cash and cash equivalents and promissory notes approximate fair value because of the short-term nature of these items.

&nbsp;&nbsp;&nbsp;&nbsp;<u>u)</u> <u>Recent Accounting Pronouncements</u> 

In November 2024, FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. An entity's share of earnings or losses from investments accounted for under the equity method is not a relevant expense caption that requires disaggregation. Such ASU's amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our disclosures and our consolidated financial statements.

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting ("ASC Topic 280"): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements on an annual and interim basis for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

We adopted this ASU on December 31, 2024, and applied the amendment retrospectively to all periods presented in our consolidated financial statements (refer to Note 3, Segments, for further details).

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU's amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;v) <u>Leases</u> 

The Company determines if an arrangement is a lease at inception of the contract. The Company's assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.

Operating leases are presented within "Right-of-use assets, operating lease" "Current portion of operating lease liabilities" and "Operating lease liabilities, less current portion" in the Company's condensed consolidated balance sheet.

Right-of-use (ROU) assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. The Company determines the incremental borrowing rate by adjusting the benchmark reference rates with appropriate financing spreads applicable to the respective geographies where the leases are entered and lease specific adjustments for the effects of collateral, if applicable. Lease terms include the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.

Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. Lease payments include payments for common area maintenance, utilities such as electricity, heating and water, among others, and property taxes, and other similar payments paid to the landlord, which are treated as non-lease component.

The Company accounts for lease-related concessions in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.

The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in condensed consolidated statement of operations and comprehensive loss.

The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

**Comprehensive Loss**

Comprehensive loss consists of net loss and other gains and losses affecting stockholders' equity that, under GAAP, are excluded from net loss. Our other comprehensive loss represents foreign currency translation adjustment attributable to Indian operations and retirement benefits due to change in actuarial assumptions. Refer to Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss.

**NOTE 3 – SEGMENT INFORMATION**

The Company is focused on designing, manufacturing and marketing an advanced, next-generation and affordable surgical robotic system called the SSi Mantra, and the instruments and accessories used with SSi Mantra to perform a wide range of soft-tissue, robotically assisted surgeries. The Company is committed to accelerating access to surgical robotics technologies in all parts of the world and particularly in underserved regions through a comprehensive ecosystem of providing an affordable surgical robotic system, its related instruments and accessories backed up by clinical, field service and maintenance support also provided by the Company. The systems as well as instruments and accessories are primarily designed, developed and manufactured by the Company in its manufacturing facility located in India.

During the three months ended September 30, 2025, and 2024, the Company's revenue from within India accounted for 94% and 86% of total revenue, respectively, while revenue from the Company's markets outside India accounted for 6% and 14% of total revenue, respectively. During the nine months ended September 30, 2025, and 2024, the Company's revenues from within India accounted for 85% and 91% of total revenue, respectively, while revenue from the Company's markets outside India accounted for 15% and 9% of total revenue, respectively. The Company manages the business activities on a consolidated basis and operates in one reportable segment. Our determination that we operate as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM utilizes the Company's long-range plan, which includes product development, technology refinement plans and long-range selling and financial models, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using gross margins and net income / loss from operations.

Significant segment expenses within income from operations, as well as within net income / loss, include cost of revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company's Consolidated Statements of Operations. Other segment items within net income include interest and other income, net, and income tax expense.

The Company's long-lived assets consist primarily of property, plant and equipment. As of September 30, 2025 and December 31, 2024, 95% of long-lived assets were in India and 5% were outside India.

**NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET**

The Company's property, plant and equipment consisted of the following as of:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Gross Amount |  |  |
| Computer & peripheral | 436675 | 290724 |
| Furniture | 335516 | 175538 |
| Leasehold improvement | 735402 | 254468 |
| Office equipment | 406181 | 156579 |
| Pay Per Use Systems | 4821194 | 3374228 |
| Plant and machinery | 555490 | 377121 |
| Server & networking | 40828 | 34926 |
| Vehicles | 687768 | 191961 |
| Demo system | 1548645 | 1128305 |
| Capital work in progress |  | 47592 |
| Accumulated depreciation | (1317974) | (645487) |
| Total | **8249725** | **5385955** |

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Depreciation expenses for the three months ended September 30, 2025 and 2024 amounted to $297,173 and $119,502, respectively.

Depreciation expenses for the nine months ended September 30, 2025 and 2024 amounted to $766,416 and $290,079, respectively.

From its inventory, the Company determined to use six systems for demonstration purposes. As of September 30, 2025, five systems are situated in the Company's premises while one system is situated at a partner's location. Hence, these systems are recorded as property, plant and equipment in accordance with ASC 360.

**NOTE 5 – RECAPITALIZATION**

***The Transaction***

On April 14, 2023 ("**Closing**"), the Company consummated the acquisition of CardioVentures, Inc., a Delaware corporation ("**CardioVentures**"), pursuant to a Merger Agreement dated November 7, 2022 (the "**Merger Agreement**"). This agreement was executed among AVRA-SSI Merger Corporation, a wholly owned subsidiary of the Company ("**Merger Sub**"), CardioVentures, and Dr. Sudhir Srivastava, who, through his holding company, owned a controlling interest in CardioVentures.

At Closing, Merger Sub merged with and into CardioVentures (the "**Merger**"), with CardioVentures being determined as the accounting acquirer for financial reporting purposes in accordance with ASC 805. The transaction was accounted for as a recapitalization, with AVRA being treated as the Accounting Acquiree. This determination was based on several factors:

● CardioVentures' stockholders obtained the largest portion of voting rights in the post-combination company.

● The Board and management of the combined entity are primarily composed of individuals associated with CardioVentures.

● CardioVentures had a larger entity size based on historical operations, assets, revenues, and workforce.

● The ongoing operations, post-combination, are those of CardioVentures.

**Merger Consideration and Share Issuance:** As part of the Merger, holders of CardioVentures' outstanding common stock, including certain parties who provided interim convertible financing, were issued 135,808,884 shares of SSII common stock, representing approximately 95% of the issued and outstanding shares of SSII post-merger, while the existing SSII stockholders retained approximately 5% (6,545,531 shares) of the post-merger issued shares.

Pursuant to the Merger Agreement, the holders of CardioVentures' common stock also received 5,000 shares of newly designated Series A Non-Convertible Preferred Stock (the "**Series A Preferred Shares**"). These shares:

● Vote together with SSII common stock as a single class, except as required by law.

● Entitle holders to exercise 51% of the total voting power of the Company.

● Are not convertible into common stock, have no dividend rights, and carry a nominal liquidation preference.

● Include protective provisions requiring the majority vote of Series A Preferred Shares to amend their rights.

● Are subject to automatic redemption for nominal consideration if holders own less than 50% of the shares received in the Merger.

**Restructuring and Capital Contributions:** Concurrent with the Merger:

● The Company changed its name to "**SS Innovations International, Inc.**," effected a one-for-ten reverse stock split, and increased its authorized common stock to 250,000,000 shares.

● Dr. Sudhir Srivastava, our Chief Executive Officer, through his holding company, assigned patents, trademarks, and other intellectual property related to its surgical robotic systems to a wholly owned subsidiary of SSII.

● Two investors, including a current director, provided interim financing during 2022, contributing $3,000,000 each. As a result, the current director received 7% of SSII's post-merger issued and outstanding common stock on a fully diluted basis, with 4% treated as stock compensation expenses for strategic value. The second investor received 2.86% of SSII's post-merger issued shares.

**Recapitalization Impact:** As part of the recapitalization, CardioVentures acquired the net assets of AVRA at fair value at Closing. The fair value of AVRA's net assets was assessed to be zero by management, resulting in a recognized loss of $5,000,000 in additional paid-in capital. This loss was due to the difference between the fair value of the shares issued (5% of the total) and AVRA's net assets.

**NOTE 6 – ACCOUNTS RECEIVABLE, NET**

Accounts receivable consisted of the following as of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2024** |
| Accounts receivable, net |  | 6917040 |  | 4466047 |
| Accounts receivable, net (non-current) | | 6,922,700 | | 3,299,032 |
|  | | **13,839,740** | | **7,765,079** |

---

Activity in the allowance for the credit losses for the three and nine months ended September 30, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the <br> three months<br> ended <br> September 30, <br> 2025** | **For the <br> three months<br> ended <br> September 30, <br> 2024** |
| Balance at beginning of period | 377722 | 255536 |
| Additions charged to expense | 471040 | 158992 |
| Foreign currency translation adjustment | (5603) | (1167) |
| Balance at end of period | **843159** | **413361** |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> nine months <br> ended<br> September 30, <br> 2025** | **For the<br> nine months<br> ended <br> September 30, <br> 2024** |
| Balance at beginning of period | 545799 |  |
| Additions/(reversals) | 302963 | 414780 |
| Foreign currency translation adjustment | (5603) | (1419) |
| Balance at end of period | **843159** | **413361** |

---

The Company performed an analysis of the trade receivables related to SSI India and determined, based on the deferred payment terms of the contracts, that a $6,922,700 (December 31, 2024: $3,299,032) may not be due and collectible in next one year and thus company classified these receivables as non-current.

Details of customers which accounted for 10% or more of total revenues during the three and nine months ended September 30, 2025, and September 30, 2024 and 10% or more of total accounts receivables as at September 30, 2025, and December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Percentage of revenue <br> for the nine months ended** | **Percentage of revenue <br> for the nine months ended** | **Percentage of revenue <br> for the three months ended** | **Percentage of revenue <br> for the three months ended** | **Percentage of accounts receivables** | **Percentage of accounts receivables** |
|  | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2025** | **September 30, <br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Customer A | 0% |  | 0% |  |  | 13% |
| Customer B | 0% | 11% | 0% |  |  |  |
| Customer C | 0% | 9% | 0% | 26% |  |  |
| Customer D | 0% | 4% | 0% | 10% |  |  |
| Customer E | 0% | 4% | 0% | 11% |  |  |
| Customer F | 0% | 4% | 0% | 12% |  |  |
| Customer G | 4% | 5% | 0% | 14% | 3% | 6% |

---

**NOTE 7 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH**

For the purpose of condensed consolidated statement of cash flows, cash, cash equivalents and restricted cash (Current) & (Non-Current) consisted of the following as of:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **September 30, <br> 2025** | **December 31, <br> 2024** |
| **Cash and cash equivalents** |  | **5681657** | **466500** |
| Fixed Deposit | &nbsp;&nbsp;Lien Against Overdraft Facility | 5964640 | 5768396 |
|  | &nbsp;&nbsp;Lien Against Letter of Credit |  | 24757 |
|  | &nbsp;&nbsp;Lien Against Bank Guarantee | 43674 | 45355 |
|  | &nbsp;&nbsp;Lien Against Credit Card Facility | 15619 | - |
| **Restricted cash (Current)** |  | **6023933** | **5838508** |
| Fixed Deposit | &nbsp;&nbsp;Lien Against Bank Guarantee | 333657 | 302307 |
|  | &nbsp;&nbsp;Lien Against Credit Card Facility | - | 16220 |
| **Restricted cash (Non-current)** |  | **333657** | **318527** |
| **Total Cash, cash equivalents and restricted cash** |  | **12039247** | **6623535** |

---

We have classified fixed deposits (FDs), which are subject to withdrawal restrictions, as Restricted cash. Additionally, time deposits with remaining maturity of over one year have been classified as non-current.

The Company has secured a bank overdraft facility from HDFC Bank, collateralized by fixed deposits held with HDFC Bank. This facility includes a withdrawal restriction tied to the fixed deposit. (Refer Note 11 – Bank Overdraft.)

**NOTE 8 – PREPAID, CURRENT AND NON-CURRENT ASSETS**

Prepaid, Current and Non-Current Assets consisted of the following as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31, <br> 2024** |
| Balances from statutory authorities | 5081260 | 2691800 |
| Prepaid expense-stock compensation current | 1157911 | 1074991 |
| Security deposits | 317844 | 157574 |
| Other prepaid-current assets | 3209188 | 2513973 |
| **Prepaid and other current assets** | **9766203** | **6438338** |
| Prepaid expense-stock compensation non current | 2544836 | 3052445 |
| Security deposits | 361521 | 145198 |
| Other prepaid-non current assets | 126121 | 143885 |
| **Prepaid and other non current assets** | **3032478** | **3341528** |
| **Total prepaid, current and non current assets** | **12798681** | **9779866** |

---

Prepaid expenses – stock compensation represents unamortized portion of common stock granted to advisors for services to be rendered by them in future. (Refer Note 19 – Stock Compensation Expenses)

**NOTE 9 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

Accounts payable and accrued expenses consisted of the following as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31, <br> 2024** |
| **Accounts payable** | **4656966** | **2312382** |
| Payable to statutory authorities | 99350 | 55699 |
| Client liabilities | 239086 | 574603 |
| Salary payable | 27878 | 91825 |
| Other accrued liabilities | 3240125 | 1162687 |
| **Other accrued liabilities** | **3606439** | **1884814** |
| Provision for Gratuity Long term | 121903 | 74817 |
| Other accrued liabilities | 67499 | - |
| **Other accrued liabilities- Non Current** | **189402** | **74817** |
| Total accounts payable, accrued current and non current expenses | **8452807** | **4272013** |

---

Accounts payable at $4,656,966 as of September 30, 2025 (December 31, 2024: $2,312,382), reflect the amounts due to various vendors of supplies and services in the normal course of business operations. Other accrued liabilities of $3,240,125 as of September 30, 2025 (December 31, 2024: $1,162,687), mainly include accrued expenses of $944,965. (December 31, 2024: $834,291).

**NOTE 10 – NOTES PAYABLE**

In February 2024, the Company raised $2,450,000 through a private offering of 7% One-Year Convertible Promissory Notes ("Notes") from two affiliates of $1,000,000 each and $450,000 from three other investors to finance its ongoing working capital requirements. These notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $4.45.

In April 2024, the Company raised $2,000,000 from its affiliate by issuance of two One-Year 7% Promissory Notes of $1,000,000 each, to meet certain working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In July 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In October and November 2024, the Company raised $500,000 from its affiliate by issuance of One-Year 7% Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes.

In December 2024, the Company raised $2,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In January 2025, the Company raised $28,000,000 from its affiliate by issuance of One-Year 7% Convertible Promissory Notes to finance its ongoing working capital requirements. These Notes are payable in full after 12 months from the respective date of issuance of these Notes and are convertible at the election of noteholder at any time through the maturity date at a per share price of $1.38.

In February 2025, the Company paid $4,212,637 towards repayment of five 7% One-Year Promissory Notes totaling $4,000,000 in principal amount raised from Sushruta Pvt Ltd., an affiliate, on various dates during 2024, along with interest due thereon.

In February 2025, the Company paid $1,068,849 towards repayment of one 7% One-Year Convertible Promissory Note of $1,000,000 in principal amount issued to an investor in February 2024 along with the interest due thereon.

In February 2025, the Company converted three 7% One Year Convertible Promissory Notes totaling $450,000 issued to several investors in February 2024, along with the interest accrued thereon, into 108,048 shares of common stock the Company as per the conversion rights exercised by the note holders.

In February 2025, the Company converted Convertible Notes totaling $22,000,000, in principal amount, along with the interest accrued thereon, issued to Sushruta Pvt Ltd. into 16,046,814 shares of common stock of the Company.

In March 2025, the Company converted Convertible Notes totaling $8,000,000 in principal amount, along with the interest accrued thereon, issued to Sushruta Pvt Ltd into 5,811,554 shares of common stock of the Company.

**NOTE 11 – BANK OVERDRAFT FACILITY**

Bank overdraft facility consisted of the following as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31, <br> 2024** |
| HDFC Bank Ltd overdraft (with lien against fixed deposits) (OD1) | 3313048 | 4486181 |
| HDFC Bank Ltd overdraft (OD2) | 6756735 | 3508725 |
| &nbsp;&nbsp;&nbsp;Bank overdraft | **10069783** | **7994906** |

---

The HDFC Bank overdraft facility (OD1), amounting to $3,313,048, is availed against a lien on fixed deposits totaling $4,641,361 provided by the Company and the HDFC Bank LTD Overdraft (OD2) facility is secured by a charge over all current assets, plant, and machinery of the Company, as well as a lien on fixed deposits of $675,107 in favor of HDFC Bank. Additionally, both overdraft facilities are secured by personal guarantees provided both by Dr. Sudhir Prem Srivastava and Dr. Vishwajyoti P Srivastava. As of September 30, 2025, and December 31, 2024, the Company was in compliance with all financial and non-financial covenants under the bank overdraft facility agreements.

HDFC Bank has sanctioned overdraft facilities subject to operational terms and conditions, including payment on demand, comprehensive insurance coverage against all risks of primary security, periodic inspections of the plant by the bank, and submission of monthly stock and financial records to the bank within 30 days after each month-end. Security for this facility includes current assets, plant and machinery, furniture and fixtures, computers, other moveable fixed assets and a personal guarantee of both Dr. Sudhir Srivastava and Dr. Vishwajyoti P Srivastava.

The cash credit facility is sanctioned at an interest rate of 8.90% (linked with 1-month Repo rate + 3.4%) per annum on the working capital overdraft limit, with interest payable monthly on the first day of the subsequent month. Overdraft facility against fixed deposits is sanctioned with an interest rate of 1.25% over and above prevailing rate of interest on fixed deposits, payable at monthly intervals on the first day of the following month.

**NOTE 12 – DEFERRED REVENUE**

Contract liabilities (deferred revenue) consist of advance billings and billing in excess of revenues recognized. Deferred revenue also includes the amount for which services have been rendered but other conditions of revenue recognition are not met, for example, where the Company does not have an enforceable contract.

The revenues attributable to the warranty is recognized over the period to which it relates. During the three and nine months ended September 30, 2025, the Company sold 28 and 55 surgical robotic systems, respectively. The revenues attributable to warranty for the agreed warranty period in respect of each of the sales contract is deferred for recognition over the period to which it relates.

In case of systems sold on a deferred payment basis, the present value of the invoiced system sales, realizable over the deferred payment period, is recognized as system sales. The difference between the invoiced amount and its present value is adjusted (reduced) in the accounts receivable balance. This difference is recorded as interest income under other income, with a corresponding impact on accounts receivable over the collection period of contract. The Company recorded $290,753 and $249,946 as interest income on account of deferred financing component during the nine months ended September 30, 2025 and September 30, 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31, <br> 2024** |
| Deferred revenue- beginning of period | 6452555 | 1095480 |
| Additions | 4195775 | 5685704 |
| Net changes in liability for pre-existing contracts | 10648330 | 6781184 |
| Revenue recognized for system sales | 409422 | 177518 |
| Revenue recognized for instrument sales | 887997 |  |
| Revenue recognized for warranty sales | 560262 | 151111 |
| Deferred revenue- end of period | **8790649** | **6452555** |
| Deferred revenue expected to be recognized in: |  |  |
| &nbsp;&nbsp;&nbsp;One year or less | 2512990 | 1278602 |
| &nbsp;&nbsp;&nbsp;More than one year | 6277659 | 5173953 |
|  | **8790649** | **6452555** |

---

**For the three months ended September 30, 2025 and 2024:**

The following table disaggregates our revenue by major source as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30,<br> 2024** |
| System sales | 11705375 | 3969805 |
| Instruments sale | 854440 | 337580 |
| Warranty sale | 244399 | 58547 |
| Lease income | 25135 | 20584 |
| Total revenue | **12829349** | **4386516** |

---

Revenues for three months ended September 30, 2025 and 2024 by geographic region (determined based upon customer domicile), were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** |
| India |  | 12043038 |  | 3784127 |
| Iraq |  | 770593 |  |  |
| UAE |  | 8252 |  |  |
| Nepal |  | 7335 |  |  |
| Indonesia | | 131 | | 602,389 |
|  | | **12,829,349** | | **4,386,516** |

---

**For the nine months ended September 30, 2025 and 2024:**

The following table disaggregates our revenue by major source as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| System sales | 24988895 | 11722762 |
| Instruments sale | 2339478 | 660216 |
| Warranty sale | 560262 | 96749 |
| Lease income | 61629 | 53608 |
| Total revenue | **27950264** | **12533335** |

---

Revenues for nine months ended September 30, 2025 and 2024 by geographic region (determined based upon customer domicile), were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| India | 23796743 | 11422881 |
| Philippines | 1409925 |  |
| Indonesia | 1020967 | 602389 |
| South America | 917721 |  |
| Iraq | 770593 |  |
| UAE | 22833 |  |
| Nepal | 11482 | 508065 |
|  | **27950264** | **12533335** |

---

**NOTE 13 – STOCKHOLDERS' EQUITY**

***Common Stock***

The Company is authorized to issue up to 250,000,000 shares of common stock, $0.0001 par value per share. The Company has one class of common stock outstanding. Holders of the Company's common stock are entitled to one vote per share. Upon the liquidation or dissolution of the Company, its common stockholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The Company's shares of common stock have no pre-emptive, subscription, redemption or conversion rights.

As of September 30, 2025, there were 193,592,410 (December 31, 2024: 171,579,284) issued and outstanding common shares. Holders of common stock are entitled to one vote for each share of common stock.

***Preferred Stock***

The Company is authorized to issue up to 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company has one class of preferred stock outstanding "**Series A- Preferred Stock**".

 ****

As of September 30, 2025, there were 1,000 (December 31, 2024: 1,000) issued and outstanding shares of Series A Preferred Stock.

***Common Stock issued at the time of Merger***

 ****

At Closing of the Merger on April 14, 2023, 135,808,884 shares of our common stock and 1,000 shares of our Series A Preferred Stock were issued to Cardio Ventures. This includes common stock that was issued to Dr. Frederic Moll and one other accredited investor, who each provided $3,000,000 in interim financing to the Company pending consummation of the Merger. Following the Merger an additional 3,818,028 shares of our common stock were issued to Dr. Frederic Moll per his interim financing agreement with the Company.

***Common Stock issued post-Merger***

On March 1, 2024, the Company issued 15,000 shares of common stock to PCG Advisory, for investor and digital marketing services. The total value of such services is $101,250.

On August 31, 2024, the Company issued 125,000 shares of common stock to five advisors in exchange for advisory services to be rendered over a 5 year period. The total value of such services is $40,000. The value of services is calculated at the fair market value of shares as of the date of contract.

On November 27, 2024, the Company issued 169,118 shares of common stock to Group Chief Financial Officer, Anup Kumar Sethi, which is second tranche of 20% of a total grant of 845,592 shares awarded to him against services pursuant to the Company's 2016 Incentive Stock Plan. The balance of 60% vests in three equal annual instalments subject to his remaining employed by the Company or its subsidiaries.

On November 27, 2024, the Company issued 536,747 shares of common stock to 80 employees of the Company's subsidiary which is second tranche of 20% of the total shares awarded to them in Nov 2023 pursuant to the Company's 2016 Incentive Stock Plan. The balance of 60% vests in three equal annual instalments subject to such employees remaining employed by the Company or its subsidiaries.

On December 2, 2024, the Company issued 9,034 shares of common stock to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company.

On February 12, 2025, the Company issued 48,030 shares of common stock to an investor upon against the conversion of note amounting to $213,732 including interest thereon at a conversion price of $4.45 per share.

On February 13, 2025, the Company issued 30,010 and 30,008 shares of common stock to two investors, respectively, upon the conversion of notes amounting to $133,546 and $133,534, including interest thereon, respectively at a conversion price of $4.45 per share.

On February 20, 2025, the Company issued 16,046,814 shares of common stock to Sushruta Pvt Ltd upon against the conversion of notes amounting to $22,144,603 including interest thereon, at a conversion price of $1.38 per share.

On March 1, 2025, the Company issued 7,858 common shares to one ex-employee and 2,619 shares of common stock to an ex-director of the Company upon cashless exercise of stock options previously granted to them under the Company's 2016 Stock Incentive Plan.

On March 31, 2025, the Company issued 5,811,554 shares of common stock to Sushruta Pvt Ltd, upon the conversion of notes amounting to $8,019,945, including interest thereon, at a conversion price of $1.38 per share.

On April 2, 2025, the Company issued 3,163 shares of common stock to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company.

On April 30, 2025, the Company issued 1,639 shares of common stock to an advisor in exchange for rendering the services in accordance with the agreement entered with the advisor.

On May 22, 2025, the Company issued 20,000 shares of common stock to an advisor in exchange for advisory services to be rendered over a 5year period. The total value of such services is $196,800. The value of services is calculated at the fair market value of the shares as of the date of the advisory services contract.

On May 28, 2025, the Company issued 7,431 shares of common stock to one individual upon the cashless exercise of a stock option previously granted under the Company's 2016 Stock Incentive Plan.

On August 28, 2025, the Company issued 4,000 shares of common stock to an advisor in exchange for advisory services to be rendered over a 5 year period. The total value of such services is $43,560. The value of services is calculated at the fair market value of shares as of the date of the advisory services contract.

**NOTE 14 – INVENTORY**

Inventory consisted of the following as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31,<br> 2024** |
| Raw materials (includes goods in transit $981,039 (December 31, 2024: $969,959)] | 8198802 | 4461898 |
| Work-in-progress | 1661914 | 1436250 |
| Finished goods | 10175289 | 4308750 |
|  | **20036005** | **10206898** |

---

**NOTE 15 – LEASES**

The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates.

**The following is a summary of operating lease assets and liabilities as of:**

---

| | | |
|:---|:---|:---|
| **Operating leases** | **September 30, <br> 2025** | **December 31, <br> 2024** |
| *Assets* |  |  |
| Right of use operating lease assets | 2458573 | 2623880 |
| *Liabilities* |  |  |
| Current portion of operating lease liabilities | 341371 | 409518 |
| Non Current portion of operating lease liabilities | 2273111 | 2349118 |
| Total lease liabilities | **2614482** | **2758636** |

---

---

| | | |
|:---|:---|:---|
| **Operating leases** | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Weighted average remaining lease terms (years) |  |  |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 3rd Floor | 4.44 | 5.19 |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 1st Floor | 4.83 | 5.58 |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology Ground Floor | 6.67 | 7.42 |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology Basement-3 | 4.44 |  |
| &nbsp;&nbsp;&nbsp;Village Chhatarpur-1849-1852-Farm |  | 0.58 |
| Weighted average discount rate |  |  |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 3rd Floor | 12.00% | 12.00% |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology 1st Floor | 12.00% | 12.00% |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology Ground Floor | 12.00% | 12.00% |
| &nbsp;&nbsp;&nbsp;Ilabs Info Technology Basement-3 | 12.00% |  |
| &nbsp;&nbsp;&nbsp;Village Chhatarpur-1849-1852-Farm | 10.00% | 10.00% |

---

Supplemental cash flow and other information related to leases are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, <br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2024** | **September 30, <br> 2024** |
| Cash payments for amounts included in the measurement of lease liabilities: | | | | |
| Operating cash outflows for operating leases |  | 573363 |  | 519018 |

---

Maturities of lease liabilities as of September 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Fiscal year** | **Operating<br> Leases Amount <br> (in $)** |
| 2025 | 155024 |
| 2026 | 636975 |
| 2027 | 662675 |
| 2028 | 689661 |
| 2029 | 717996 |
| 2030 and thereafter | 697248 |
| Total lease payment | 3559579 |
| Less: Imputed Interest | 945097 |
| Present value of lease liabilities | 2614482 |

---

**NOTE 16 – INCOME TAX**

The Company recorded an income tax expense of $1,847,059 and $2,200,788 for the three and nine months ended September 30, 2025, respectively. The consolidated effective tax rate for the nine months ended September 30, 2025, was (29.52%), compared to nil in the prior-year period.

The Company will continue to reassess its valuation allowance position quarterly and update the effective tax rate accordingly based on expected changes in the mix and level of earnings.

The components of income / (loss) before income taxes consist of the following:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Domestic | (11463123) | (14921678) |
| Foreign | 4007903 | (2306128) |
| **Total** | **(7455220)** | **(17227806)** |

---

Income tax expense/(benefit) consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the<br> nine months<br> ended <br> September 30,<br> 2025** | **For the <br> nine months<br> ended<br> September 30,<br> 2024** |
| Current Provision: |  |  |
| Domestic |  |  |
| Foreign | 2355844 |  |
| Deferred Provision/(Benefit): |  |  |
| Domestic |  |  |
| Foreign | (155056) |  |
| Income tax expense | 2200788 |  |

---

Deferred income taxes recognized in OCI were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the<br> nine months<br> ended<br> September 30,<br> 2025** | **For the<br> nine months<br> ended<br> September 30, <br> 2024** |
| Deferred taxes benefit / (expense) recognized on: |  |  |
| Retirement benefits | 5126 |  |
| **Total** | **5126** |  |

---

The Company has federal and state net operating losses as of September 30, 2025 and December 31, 2024.

The Company's U.S. operations continue to generate losses, and a full valuation allowance has been maintained against its U.S. federal and state deferred tax assets. As a result, no tax benefit has been recognized for U.S. losses in the current period.

Management has considered available positive and negative evidence, including forecasted taxable income, reversal of temporary differences, and tax planning strategies. Based on this assessment, deferred tax assets related to the Indian operations are considered realizable, and no valuation allowance has been recorded for those jurisdictions.

The Company's practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrual of interest and penalties on the Company's balance sheets and has not recognized interest and penalties in the condensed consolidated statement of operations and comprehensive loss for the nine month period ended September 30, 2025, and September 30, 2024.

The Company is subject to taxation in the United States and India. The Company's tax returns as filed have no pending examinations except for the Indian subsidiary which is under review with the Indian Income Tax Department for Assessment Year 2024-25.

The effective income tax rate differs from the amount computed by applying the income tax rate of India to Income/(Loss) before income taxes approximately as follows:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30,<br> 2025** | **September 30, <br> 2024** |
| **Accounting loss before income tax** | (7455220) | (17227806) |
| Income tax expense/(benefit) at federal statutory rate at 21% | (1565596) | (3617839) |
| Foreign tax rate differential | 533188 | (718055) |
| US GAAP accounting difference over Indian jurisdiction profit\* | 1125045 |  |
| Non-deductible expenses | (304231) | 179089 |
| Excess tax benefit on depreciation |  | (44067) |
| Excess tax benefit on security deposit |  | 77 |
| Impact of unrecognized deferred tax asset on the loss of the year | 2407256 | 4200796 |
| Income tax expense | 2195662 |  |

---

\* The domicile of the Parent Company is in Florida, USA, where the applicable corporate income tax rate is 21%. The Group's major tax jurisdiction is in India, where tax rates of 25.17% have been applied to the profit, as per local GAAP applicable in India for the expected tax expense which resulting in incremental tax expenses of $1,125,045.

The Company recorded an income tax expense of $1,847,059 and $2,200,788 for the three and nine months ended September 30, 2025, respectively.

The components of the deferred tax balances were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31,<br> 2024** |
| **Deferred tax assets:** | | |
| Net operating loss carry forwards | 8966345 | 5123862 |
| Net operating loss | 2407256 | 3842483 |
| Lease payments | 18445 | 28299 |
| Credit loss reserve | 299157 | 198703 |
| Others | 159042 | 44204 |
|  | **11850245** | **9237551** |
| Valuation allowance | (11373601) | (9150495) |
| Deferred tax assets | 476644 | 87056 |
| **Deferred tax liabilities:** |  |  |
| Depreciation and amortization | 321588 | 74285 |
| Others | - | 12771 |
| Deferred tax liabilities | **321588** | **87056** |
| Net deferred tax assets/liability | **155056** | **-** |

---

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. The Company performed an analysis of the realizability of deferred tax assets as of September 30, 2025, and December 31, 2024, and recorded a valuation allowance of $11,373,601 and $9,150,495, respectively.

**NOTE 17 – EMPLOYEE BENEFIT PLAN**

The Company's Gratuity Plan in India provides for a lump sum payment to employees on retirement or upon termination of employment in an amount based on the respective employee's salary and years of employment with the Company. Liabilities under this plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans, are recognized and amortized over the remaining period of service of the employees.

The Gratuity Plan is unfunded, and the Company does not make contributions to the plan assets.

The benefit obligation has been measured as of September 30, 2025, and December 31, 2024. The following table sets forth the activity and the amounts recognized in the Company's consolidated financial statements at the end of the relevant periods:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| **Change in projected benefit obligation** | | |
| Projected benefit obligation as on beginning | 80833 | 34005 |
| &nbsp;&nbsp;&nbsp;Service cost | 35102 | 16915 |
| &nbsp;&nbsp;&nbsp;Interest cost | 4244 | 1799 |
| &nbsp;&nbsp;&nbsp;Benefits paid |  |  |
| Actuarial loss ^ | 20366 | 9860 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes | (471) | (63) |
| Projected benefit obligation at end | 140074 | 62516 |
| Unfunded status in the end | 140074 | 62516 |
| Unfunded amount recognized in consolidated balance sheets |  |  |
| &nbsp;&nbsp;&nbsp;Non-current liability (included under other non-current liabilities) | 121903 | 58144 |
| &nbsp;&nbsp;&nbsp;Current liability (included under accrued employee costs) | 18171 | 4372 |
| Total accrued liability | 140074 | 62516 |
| Accumulated benefit obligation at end | 76026 | 35260 |

---

^ During the period ended September 30, 2025 and December 31, 2024, actuarial loss was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

Components of net periodic benefit costs recognized in condensed consolidated statements of operations and comprehensive loss and actuarial loss reclassified from accumulated other comprehensive income ("AOCI"), were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2024** | **September 30, <br> 2024** |
| Service cost |  | 35102 |  | 16915 |
| Interest cost |  | 4244 |  | 1799 |
| Expected return on plan assets |  |  |  |  |
| Amortization of actuarial loss, gross of tax |  |  |  |  |
| Net gratuity cost |  | 39346 |  | 18714 |

---

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| Net actuarial loss / (gain) | 20366 | (9860) |
| Amount recognized in AOCI, excluding tax effects | 20366 | (9860) |

---

The weighted average actuarial assumptions used to determine benefit obligations and net gratuity cost were:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| Discount rate | 7.38% | 7.15% |
| Rate of increase in compensation levels | 12.50% | 12.50% |
| Expected long-term rate of return on plan assets per annum |  |  |

---

The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are either based on current market yields on government securities or yields on government securities adjusted for a suitable risk premium, if available.

Expected benefit payments as of September 30, 2025

---

| | |
|:---|:---|
| September 30, 2025 | 13930 |
| 2026 | 24959 |
| 2027 | 22923 |
| 2028 | 20551 |
| 2029 | 17671 |
| 2030-2034 | 100013 |

---

**NOTE 18 – FAIR VALUE MEASUREMENT – FINANCIAL INSTRUMENTS**

Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:

● Level 1: observable inputs such as quoted prices in active markets.

● Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and

● Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

The Company's financial assets, which are set out below in the table, are measured at fair value by considering the level III inputs. The company does not have financial assets which are measured using Level I or Level II inputs.

Carrying value and fair value of Level III Financial assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Carrying Value** | **Carrying Value** | **Fair Value** | **Fair Value** |
|  | **September 30, <br> 2025** | **December 31,<br> 2024** | **September 30, <br> 2025** | **December 31, <br> 2024** |
| **Financial Assets** | | | | |
| Account receivables, net (1) | 6922700 | 3299032 | 6922700 | 3299032 |
| Other non-current financial assets (2) | 361521 | 214252 | 361521 | 214252 |
| Total | **7284221** | **3513284** | **7284221** | **3513284** |
| **Financial Liabilities** |  |  |  |  |
| Lease liabilities (3) | 2273111 | 2349118 | 2273111 | 2349118 |
| Total | **2273111** | **2349118** | **2273111** | **2349118** |

---

(1) Account receivables net of allowance for credit losses represent the long-term debtors of the company in relation to the sales made during the year. The Company has presented the receivable balances account after reducing the significant financing component included using the discount rate of 10%.

(2) Other non-current assets include security deposits and long-term fixed deposits with banks. Company has calculated the fair value of security deposit at present value of future receipt using discount rate of 7% and fair value of long-term fixed deposit with banks are carried at cost which is approximate to the fair value.

(3) The Company has long term lease liabilities in relation to office properties which are carried at cost using the discount rate (Refer Note 15 Leases).

The Company has assessed that the financial instruments that are not carried at fair value consist primarily of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other current assets, note payable, Bank overdraft facility and account payable for which fair values approximate their carrying amounts due to the short-term maturities of these instruments.

**NOTE 19 – STOCK COMPENSATION EXPENSES**

*Stock Options issued to Employees:* The Company grants shares of the Company's common stock, par value $0.0001 to certain employees under the Company's 2016 Stock Incentive Plan (the "Plan"). The price at which the Grantee is entitled to purchase the Shares upon the exercise of the Option (the "Option Price") is $5.00 per Share. The Shares vest twenty percent (20%) as of the Grant Date, with the balance of the shares vesting in four equal annual installments on the first, second, third and fourth anniversaries of the Grant Date provided that the Grantee remains in the Continuous Employment of the Company or any of its subsidiaries or affiliates, as defined and provided for in the Plan. The Options, to the extent vested and not exercised, shall expire five (5) years from the Grant Date.

*Restricted Stock Units ("RSUs"): issued to Employees*: The Company grants restricted shares of the Company's common stock, $0.0001 per value to certain employees under the Plan. The grant of restricted shares is made in consideration of services to be rendered by the Grantee to the Company. The RSUS vest twenty percent (20%) as of the Grant Date, with the balance of the RSU vesting in four equal annual installments on the first, second, third and fourth anniversaries of the Grant Date, subject to the Grantee's continued employment by the Company, as provided for in the Plan. Unvested portions of the RSU Award may not be transferred at any time, except to the extent provided for in the Plan. Until the RSU granted under the Plan vests in accordance with the terms hereof, the Grantee shall have no rights as a stockholder (including, without limitation, voting and dividend rights) with respect to any of the shares of common stock covered by the RSU.

*Stock Options issued to Doctors/Proctors/Advisors ("Advisors")*: The Company issues shares of the Company's common stock ("Advisory Shares") to retain and compensate certain Advisors for performing services for the Company and in exchange for the compensation, which is issued in a phased manner as determined by the company. The "Services" include but are not limited to (a) providing proctoring and medical advisory services, (b) advising the Company on the development of surgical robotics procedures and improvements in design and technology (c) participation in case of observation and performance of live surgeries, and (d) disseminating information about the Company's products in various scientific meetings and surgical robotic conferences globally (e) investor's digital marketing support. The Company issues such Advisory Shares in a phased manner commensurate with the period over which the services are to be performed, as determined by the Company.

***Stock Options***

Stock options activity for the period ended September 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<br> subject to<br> options** | **Weighted<br> average grant <br> date fair value per share** |
| Unvested balance as of December 31, 2024 | 2536776 | $3.41 |
| Granted |  |  |
| Vested |  |  |
| Forfeited |  |  |
| Unvested balance as of September 30, 2025 | 2536776 | $3.41 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<br> subject to<br> options** | **Weighted average grant date fair value per share** |
| Exercisable balance as of September 30, 2025 | 5041405 | $2.06 |

---

During the nine months ended September 30, 2025, no stock options vested. Further there were no stock options issued during the period ending September 30, 2025.

***RSUs***

RSU activity for the period ended September 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<br> subject to<br> RSAs** | **Weighted<br> average grant<br> date fair value<br> per share** |
| Unvested balance as of December 31, 2024 | 2117598 | $7.76 |
| Granted |  |  |
| Vested |  |  |
| Forfeited | 510266 | $7.76 |
| Unvested balance as of September 30, 2025 | 1607332 | $7.76 |

---

During the nine months ended September 30, 2025, no RSAs are vested. Further, there were no RSAs issued during the nine months ended September 30, 2025.

***Advisory Shares***

Common stock issued to Advisors as advisory shares during the period as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant dates** | **Fair <br> value on<br> grant date** | **Unvested shares in the beginning** | **Shares <br> granted during the year** | **Shares <br> vested during the period** | **Unvested shares at the end of the period** |
| 31-Oct-23 | 8.99 | 39147 |  | 3454 | 35693 |
| 31-Oct-23 | 8.99 | 5270 |  | 465 | 4805 |
| 31-Oct-23 | 8.99 | 4193 |  | 370 | 3823 |
| 31-Oct-23 | 8.99 | 16533 |  | 1459 | 15074 |
| 15-Apr-25 | 9.15 |  | 1639 | 1639 |  |
| 30-Apr-25 | 10.89 |  | 20000 | 20000 |  |
| 16-May-25 | 9.84 | - | 20000 | 20000 | - |
|  |  | **65143** | **41639** | **47387** | **59395** |

---

During the nine months ended September 30, 2025, 25,639 advisory shares were issued to Advisors having total common stock value of $255,357.

The aggregate vesting date fair value of advisory shares vested was $481,270 and $418,694 during the nine months ended September 30, 2025 and year ended December 31, 2024, respectively.

***Stock compensation expenses***

During the nine months ended September 30, 2025 and September 30, 2024, the Company has recorded share compensation expense of $6,104,670 and $12,003,897, respectively, in relation to stock options, RSAs and advisory shares as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| Stock options | 2156676 | 6821384 |
| Restricted stock units (RSU) | 2986730 | 4185814 |
| Advisory shares | 961264 | 996699 |
| **Total stock compensation expenses** | **6104670** | **12003897** |

---

**Stock option model and assumptions**

The Black-Scholes-Merton option pricing model is used to estimate the fair value of stock options and RSU granted under the Company's share based compensation plans and the rights to acquire stock granted under the stock options plans. The weighted-average estimated fair values of stock options and the rights to acquire stock as well as the weighted-average assumptions used in calculating the fair values of stock options and the rights to acquire stock that were granted during the period ending September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| <br>**Grant date** |<br>**Stock Options February 13, 2024** | **Stock Options November 27, 2023** | **Restricted stock awards November 27, 2023** |
| Fair value on grant date | $1.39 | $3.41 | $7.76 |
| Risk free interest rate | 4.40% | 4.40% | 4.40% |
| Expected volatility | 24.96% | 18.50% | 18.50% |
| Exercise prices | $5.00 | $5.00 | 0.0001 |
| Share price on the grant date | $5.50 | $7.76 | $7.76 |
| Expected term of vesting | 2.5 years | 4 years | 4 years |

---

As share-based compensation expense recognized in the Condensed Consolidated Statements of Operations and Comprehensive Loss during the nine months ended September 30 2025, and September 30, 2024, is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures, if any.

As of September 30, 2025, there was $6,493,729, $9,363,209 of total unrecognized compensation expense related to unvested stock options and restricted stock units to acquire common stock under the 2016 Inventive Stock Plan, respectively. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 2.16 years for unvested stock options and restricted stock units for rights granted to acquire common stock under 2016 Incentive Stock Plan.

**NOTE 20 – RELATED PARTY**

The details of transactions with the related parties for the nine months ended September 30, 2025 and September 30, 2024 and balances outstanding as on September 30, 2025 and December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Particulars** | **For the<br> nine months<br> ended <br> Sept 30, <br> 2025** | **For the<br> nine months<br> ended<br> Sept 30, <br> 2024** |
| ***Expenses incurred on behalf of affiliates*** | | |
| Srivastava Robotic Surgery Pvt Ltd | 53 | 71 |
| SS International Centre for Robotics Surgery Pvt Ltd | 12897 |  |
| Sudhir Srivastava Medical Innovations Pvt Ltd | 71 | 149 |
| Telegnosis Private Limited | 218 |  |
| Sudhir Prem Srivastava, M.D. | 18000 |  |
| ***Expenses incurred on behalf of the Company*** |  |  |
| Sudhir Prem Srivastava, M.D. | 136572 | 204156 |
| Barry F. Cohen | 5753 |  |
| Dr. Frederic H Moll | 11499 |  |
| Dr. S.P. Somashekhar | 5574 |  |
| ***2016 Stock Incentive Plans Expenses/(Reversal)*** |  |  |
| Anup Sethi | (122247) | 985168 |
| Barry F. Cohen | 431335 | 432915 |
| Dr. S.P. Somashekhar | 158190 | 157158 |
| Sudhir Prem Srivastava, M.D. | 1294006 | 5955553 |
| Vishwajyoti P. Srivastava, M.D | 431335 | 432915 |
| ***Consultancy charges and other perquisites*** |  |  |
| Anup Sethi# | 65738 | 131904 |
| Barry F. Cohen | 135000 | 135000 |
| Vishwajyoti P. Srivastava, M.D | 225510 | 159086 |
| Sudhir Prem Srivastava | 664586 | 658776 |
| Arvind Palaniappan# | 16202 |  |
| Naveen Kumar Amar# | 3080 |  |
| ***Proceeds from notes issued*** |  |  |
| Sushruta Pvt Ltd. | 28000000 | 3500000 |
| ***Interest accrued on notes*** |  |  |
| Sushruta Private Limited | 182400 | 115597 |
| ***Conversion of notes into common stock*** |  |  |
| Sushruta Private Limited | 30164548 |  |

---

**Balances outstanding at period and year end:**

---

| | | |
|:---|:---|:---|
| **Particulars** | **As on<br> Sept 30,<br> 2025** | **As on<br> December 31,<br> 2024** |
| ***Balance receivable / (payable)*** | | |
| ***Accrued expenses and other current liabilities:*** | | |
| Barry F. Cohen | (451253) | (310500) |
| Sushruta Pvt Ltd. |  | (194785) |
| Vishwajyoti P. Srivastava, M.D |  | (75006) |
| Naveen Kumar Amar# | (3080) |  |
| ***Prepaid & Other current assets:*** |  |  |
| Cardio Bahamas\* | (76741) | (76741) |
| Srivastava Robotic Surgery Pvt Ltd | 398 | 345 |
| SS International Centre for Robotics Surgery Pvt Ltd | 13845 | 948 |
| SSI PTE Singapore\* | (424546) | (424586) |
| Sudhir Prem Srivastava, M.D.\* | 2536533 | 1644825 |
| Sudhir Srivastava Medical Innovations Pvt Ltd | 562 | 491 |
| Sushruta Pvt Ltd | 5000 | 5000 |
| Telegnosis Private Limited | 935 | 727 |
| ***Notes Payable:*** |  |  |
| Sushruta Private Limited |  | (6000000) |

---

\* For these balances, Dr. Sudhir Prem Srivastava is considered as the ultimate beneficial owner, and the settlement is expected to be made on net basis. Accordingly, these balances have been disclosed under prepaids and other current assets.

# During the current period, Mr. Anup Sethi resigned from the position of Chief Financial Officer with effect from April 30, 2025. In his place, Mr. Arvind Palaniappan was appointed as the Interim Chief Financial Officer. Further Mr. Arvind Palaniappan resigned as Interim Chief Financial Officer effective July 23, 2025, meanwhile his responsibilities were assumed by Dr. Vishwajyoti P. Srivastava- Chief Operating Officer- Asia Pacific. On September 24, 2025, the Company appointed Mr. Naveen Kumar Amar as Chief Financial Officer.

**NOTE 21 – COMMITMENTS AND CONTINGENCIES**

***Other Commitments***

The Company, through its Indian subsidiary, occupies office, manufacturing, and assembly space in Gurugram, Haryana (India) under a lease agreement entered into in March 2021, with monthly payments of $24,229 plus applicable taxes. This lease expires in March 2030. Effective June 1, 2023, our Indian subsidiary signed another lease agreement for occupying an additional space in Gurugram, to further expand its manufacturing and assembly capacity. This lease provides for a monthly payment of $16,025 plus taxes and expires on May 31, 2032, subject to further renewal on mutually acceptable terms. Further effective from August 1, 2024, our SSI-India subsidiary signed another lease agreement for occupying an additional space in Gurugram, to further expand its operations. This lease provides for a monthly payment of $8,956 plus taxes and expires on July 31, 2030. In May 2025, the Company signed another lease agreement for occupying an additional space for warehouse purposes in Gurugram which provides for monthly payment of $3,439 plus taxes and expires in March 2030.

***Contingencies***

The Company's international transactions with its Associated Enterprises (AEs) were subject to transfer pricing regulations under the Income-tax Act, 1961. The case for the assessment year 2021-22 under consideration was selected for scrutiny and referred to the Transfer Pricing Officer (TPO).

The TPO proposed a Transfer Pricing adjustment of $550,617 primarily on account of:

● Rejection of the segmental margins computed by the Company and adoption of entity-level margins; and

● Modification of the filters applied by the Company in the selection of comparable companies.

Based on the TPO's findings, the Assessing Officer (AO), vide draft assessment order dated 29 November 2023 under section 144C(1) of the Income-tax Act proposed an addition of $550,617 to the returned income of $11,753.

The Company filed its objections before the Dispute Resolution Panel (DRP). The DRP, vide its directions dated 28 August 2024, granted partial relief of $17,336 on account of rectification in the operating margins of the comparable companies. Accordingly, the Transfer Pricing adjustment was reduced to $533,281.

Subsequently, the Company has filed an appeal before the Income Tax Appellate Tribunal (ITAT) on the remaining disputed issues. As informed by the Management, the matter is pending adjudication before the ITAT. The Company believes that its position will more likely than not be sustained upon final examination by the tax authorities and accordingly has not accrued any liabilities with respect to these matters in its consolidated financial statements.

**NOTE 22 – SUBSEQUENT EVENTS**

In October 2025, the Company issued 28,739 shares of common stock as per advisory shares under the Company's 2016 Stock Incentive Plan as per the terms of agreements signed with the advisors to provide advisory services to the Company.

**SS INNOVATIONS INTERNATIONAL, INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares of Common Stock** 

**PRELIMINARY PROSPECTUS**

**The date of this prospectus is , 2025**

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table indicates the expenses to be incurred in connection with the Offering described in this registration statement, other than underwriting discounts and commissions, upon the completion of this Offering, all of which will be paid by us. All amounts shown are estimates except for the SEC registration fee and the FINRA filing fee.

---

| | |
|:---|:---|
| SEC registration fee | \* |
| FINRA filing fee | \* |
| Printing expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Transfer agent fees | \* |
| Miscellaneous expenses | \* |
| &nbsp;&nbsp;&nbsp;Total | $\* |

---

\* To be filed by amendment.

**Item 14. Indemnification of Directors and Officers**

Under Section 607.0850 of the Florida Business Corporation Act, the Company has the authority to indemnify its directors and officers to the extent provided for in such statute. Our Amended and Restated Articles of Incorporation, Amended and Restated Bylaws, employment agreements and non-employee director appointment letters provide for indemnification of our directors and officers to the fullest extent permitted by the Florida Business Corporation Act.

See also the undertakings set out in response to **Item 17** herein.

**Item 15. Recent Sales of Unregistered Securities.**

During the past three years, we effected the following transactions in reliance upon exemptions from registration under the Securities Act, as amended (to the extent applicable, the following information has been adjusted to give effect to a 10-for-1 reverse stock split implemented in April 2023):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the quarter ended December 31, 2022, the Company issued and sold 440,100 shares of our common stock to 21 accredited investors in a private offering at $2.50 per share, generating gross proceeds of $1,100,250.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On February 1, 2023, the Company issued 500 shares of our common stock to our then Chief Medical Officer pursuant to his employment agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On February 24, 2023, the Company issued a total of 60,000 shares of our common stock to two accredited investors as a result of their exercising two warrants resulting in proceeds of $240,000 to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On March 4, 2023, the Company issued 660 shares to a vendor for consulting services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the quarter ended March 31, 2023, the Company issued a total of 67,000 shares of common stock to five accredited investors in private transactions at prices per share ranging from $2.50 to $4.00, generating gross proceeds of $189,500 to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the closing of our acquisition by merger of CardioVentures, Inc. on April 14, 2023, 135,808,884 shares of our common stock and 1,000 shares of our Series A Preferred Stock were issued to Sushruta Pvt. Ltd. ("**Sushruta**"), the Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer and principal shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Following the closing of our acquisition by merger of CardioVentures, Inc. on April 14, 2023, the Company issued 10,149,232 shares of our common stock to Dr. Frederic Moll, currently a director, and 3,879,938 shares of common stock to a second investor, in exchange for $3 million and $3 million in interim financing provided to the Company pending closing of the acquisition, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On April 15, 2023, the Company executed a Convertible Promissory Note (the "**Line of Credit Note**") with Sushruta. Pursuant to the Line of Credit Note, Sushruta in its discretion. agreed make multiple advances to the Company through December 31, 2023 (the "**LOC Maturity Date**"), in an aggregate amount of up to $20.0 million for working capital purposes. The advances under the Line of Credit Note did not bear interest and were due and payable on or before the Maturity Date. Sushruta was accorded the option, to convert the principal amount of any advance into shares of our common stock, at a conversion price of $0.74 per share. A total of $16.98 million in advances that were made under the Line of Credit Note were converted into 22,945,946 of our common stock on September 25, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On July 24, 2023, the Company issued 50,000 shares of our common stock to our former Chief Medical Officer upon exercise of a stock option held by him generating gross proceeds of $50,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In October, 2023, the Company issued a total of 90,514 shares of our common stock to two investors upon their exercise of previously issued warrants generating gross proceeds of $362,054.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Effective February 14, 2024, the Company sold $2,450,000 in principal amount of 7% Convertible One-Year Promissory Notes (the "**Bridge Notes**") to five investors in a private transaction, one of whom was Sushruta, who subscribed for a $1,000,000 Bridge Note. Interest on the Bridge Notes accrued at the rate of 7% per annum and was payable together with the principal amount upon maturity, which was one year from issuance. The Bridge Notes were convertible at the option of the noteholders, at any time prior to maturity into shares of our common stock at a conversion price of $4.45 per share. Sushruta's Bridge Note, together with accrued interest thereon, was repaid upon maturity in February 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In March, 2024, the Company issued 15,000 shares of our common stock to a vendor for advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In August 2024, the Company issued 125,000 shares to certain doctors/proctors for providing their proctoring/mentoring services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) In December 2024, the Company issued 9,034 shares of common stock to a marketing advisory services firm for providing dedicated support, production, graphics, post-production and distribution services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Dr. Sudhir Srivastava, through Sushruta, provided the Company with $2,000,000 in financing on December 4, 2024, $5,000,000 in financing on January 3, 2025, $10,000,000 in financing on January 20, 2025, $5,000,000 in financing on January 30, 2025 and $8,000,000 in financing on March 19. 2025.

Each tranche of financing provided by Dr. Srivastava was evidenced by a one-year convertible promissory note (collectively, the "**One-Year Notes**"). The One-Year Notes bore interest at the rate of seven percent (7%) per annum, which accrued and was due at maturity. The One-Year Notes were convertible at the option of the holder into shares of our common stock at a conversion price of $1.38 per share, subject to adjustment for stock splits, stock dividends and similar recapitalization events. As of March 31, 2025, all $30,000,000 in principal amount of One-Year Notes, together with $164,548 in interest thereon, were converted by Sushruta into 21,858,368 shares of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) In April 2025, the Company issued 3,163 shares of common stock to an advisory firm in terms of the engagement document signed with them to provide production and graphics services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) In May 2025, the Company issued 20,000 shares of common stock to a physician for providing consulting services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) In October 2025, the Company issued 28,739 shares of common stock to certain doctors for providing their advisory services.

All of the foregoing securities were issued in accordance with the exemption from registration afforded by Section 4(a) (2) of and/or Regulation D or Rule 701 promulgated under the Securities Act, as amended, as the persons receiving such shares having provided the Company with appropriate representations as to their investment intent and their status as "accredited investors" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

**Item 16. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Exhibits*.

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Exhibit Title** |
| 2.1<br>| Form of Underwriting Agreement\*\* |
| 3.1(a) | [Amended and Restated Articles of Incorporation<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1676163/000161577417000590/s105290_ex3-1i.htm) |
| 3.1() | [Articles of Amendment to Amended and Restated Articles of Incorporation<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1676163/000121390023031058/ea177122ex3-1_ssinnov.htm) |
| 3.2 | [By-Laws<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1676163/000161577417000590/s105290_ex3-2.htm) |
| 5.1 | Opinion of Lewis Brisbois Bisgaard & Smith LLP\*\* |
| 10.1 | [2016 Incentive Stock Plan<sup>(1)+</sup>](http://www.sec.gov/Archives/edgar/data/1676163/000161577417000590/s105290_ex10-1.htm) |
| 10.2 | [Employment Agreement with Dr, Sudhir Srivastava<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1676163/000121390023031058/ea177122ex10-1_ssinnov.htm) |
| 10.3 | [Employment Agreement with Dr. Vishwajyoti P. Srivastava<sup>\*+</sup>](ea026607701ex10-3_ssinnovati.htm) |
| 10.4 | [Employment Agreement with Barry F. Cohen<sup>(3)+</sup>](http://www.sec.gov/Archives/edgar/data/1676163/000121390023064089/f10q0623ex10-2_ssinnova.htm) |
| 10.5 | <u>Employment Agreement with Naveen Kumar Amar<sup>(4)+</sup></u> |
| 10.6 | [Form of Director Appointment Agreement<sup>(1)+</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000161577417000590/s105290_ex10-6.htm) |
| 10.7 | [Form of Indemnification Agreement<sup>(1)+</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000161577417002230/s106100_ex10-8.htm) |
| 14.1 | [Code of Ethical Conduct<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000161577417000590/s105290_ex10-7.htm) |
| 21.1 | [List of Subsidiaries<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000121390025031773/ea023761901ex21-1_ssinnova.htm) |
| 23.1 | Consent of BDO India LLP\*\* |
| 23.2 | Consent of Lewis Brisbois Bisgaard & Smith LLP (included in Exhibit 5.1)\*\* |
| 24.1 | Power of Attorney (see signature page to this Registration Statement on Form S-1)\*\* |
| 99.1 | [Form of Audit Committee Charter<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000121390025031773/ea023761901ex99-1_ssinnova.htm) |
| 99.2 | [Form of Compensation Committee Charter<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000121390025031773/ea023761901ex99-2_ssinnova.htm) |
| 99.3 | [Form of Nominating and Corporate Governance Committee Charter<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1676163/000121390025031773/ea023761901ex99-3_ssinnova.htm) |
| 107 | Filing Fee Table\*\* |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith. <br>

\*\* To be filed by amendment.

<sup>(1)</sup> Filed as an exhibit to the Company's Registration Statement on Form S-1 (File No. 333-216054) and incorporated herein by reference.

<sup>(2)</sup> Filed as an exhibit to the Company's Current Report on Form 8-K filed on April 19, 2023, and incorporated herein by reference.

<sup>(3)</sup> Filed as an exhibit to the Company' Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed on August 7, 2023 and incorporated herein by reference.

<sup>(4)</sup> Filed as an exhibit to the Company's Current Report on Form 8-K, filed on September 26, 2025 and incorporated herein by reference.

<sup>(5)</sup> Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on April 15, 2025 and incorporated herein by reference.

+ Indicates management contract or compensatory plan or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Financial Statement Schedules.* No financial statement schedules are provided because the information called for is not required or is shown either in the financial statements or the notes thereto.

**Item 17. Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.; *provided, however*, that paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;(5) That for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the Offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the Offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the Offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the Offering made by the undersigned registrant to the purchaser.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to any charter provision, by law or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**SIGNATURES**

In accordance with the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and authorized this Registration Statement to be signed on its behalf by the undersigned, in Gurugram, Haryana, India on , 2025.

---

| | |
|:---|:---|
| **SS INNOVATIONS INTERNATIONAL, INC.** | **SS INNOVATIONS INTERNATIONAL, INC.** |
| By: |  |
|  | Sudhir Prem Srivastava, M.D. |
|  | Chairman and Chief Executive Officer |
|  | (Principal Executive Officer) |
| By: |  |
|  | Naveen Kumar Amar |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

**POWER OF ATTORNEY**

**KNOW ALL MEN BY THESE PRESENTS,** that each person whose signature appears below constitutes and appoints Sudhir Prem Srivastava, M.D. and Naveen Kumar Amar and each of them, as a true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for each of them and in each name, place and stead, in any and all capacities, to sign any and all pre- or post-effective amendments to this registration statement and any other registration statement for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as each might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute, may lawfully do or cause to be done by virtue hereof.

In accordance with the requirements of the Securities Act of 1933, as amended, this registration statement was signed by the following persons in the capacities and on the dates stated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  | Chairman and Chief Executive Officer and Director | ,2005 |
| Sudhir Prem Srivastava, M.D. | (Principal Executive Officer) |  |
|  | Chief Financial Officer | ,2005 |
| Naveen Kumar Amar | (Principal Financial Officer and Principal Accounting Officer) |  |
|  | Chief Executive Officer –Asia Pacific and Director | ,2005 |
| Vishwajyoti P. Srivastava |  |  |
|  | Chief Operating Officer – Americas and Director | ,2005 |
| Barry F. Cohen |  |  |
|  | Director | ,2005 |
| Dr. Mylswamy Annadurai |  |  |
|  | Director | ,2005 |
| Dr. S.P. Somashekhar |  |  |
|  | Director | ,2005 |
| Frederic H. Moll, M.D. |  |  |
|  | Director | ,2005 |
| Tim Adams |  |  |

---

## Exhibit 10.3

**Exhibit 10.3**

![](ex10-3_001.jpg)

**AGREEMENT**

**This Agreement**, effective as of May 1, 2025 (the **"Effective Date"**), is entered into by and between **SS Innovations International Inc.**, a corporation incorporated under the laws of Florida (the **"Company"**), and **Dr. Vishwajyoti Pascual Srivastava**, residing at 28A, Udyan Villa, Triveni Gardens Complex, Gadaipur, Mehrauli, Delhi, India (the **"Employee"**).

**WHEREAS** the Company wishes to engage the services and expertise of the Employee on the terms and conditions hereinafter set forth, and the Employee wishes to accept such an engagement.

**NOW THEREFORE** in consideration of the covenants of each of the parties given to the other and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

**1.** **SERVICES** 

Effective as of the Effective Date, the Company hereby engages the Employee, and the Employee hereby accepts an engagement, to serve as the **Chief Executive Officer- Asia Pacific** of the Company (the "**Services"**) transitioning from the Employee's prior role as Chief Operating Officer-Asia.

The Employee shall undertake the duties and responsibilities customarily associated with the Chief Executive Officer of a publicly listed company, with a regional focus on the Asia Pacific market. This position constitutes full-time employment, and the Employee agrees to devote the time, attention, and effort necessary for the diligent and effective performance of these duties.

The Employee further acknowledges that the Services may, from time to time, require significant travel.

While the Employee may assign the right to receive compensation under this Agreement, the obligation to personally perform the Services and carry out the responsibilities described herein shall be non-transferable and shall remain solely with the Employee.

**2.** **REMUNERATION** 

The Company agrees to compensate the Employee in accordance with the terms set forth in ***Schedule A***. Attached hereto and incorporated by reference into this Agreement.

**3.** **CONFIDENTIALITY; OWNERSHIP OF DOCUMENTS; NON-COMPETE** 

3.1 **Confidential Information:** Employee recognizes and acknowledges that by reason of this Agreement and service to the Company, he will have access to confidential information of the Company and its affiliates, including, without limitation, information and knowledge pertaining to business methods, inventions, innovations, designs, ideas, plans, trade secrets, proprietary information, advertising, sales and profit figures, contact lists, and relationships between the Company and its affiliates, customers, clients, Employees, licensees, suppliers, and others who have business dealings with the Company and its affiliates ("Confidential Information"). Employee acknowledges that such Confidential Information is a valuable and unique asset and covenants that he will not, either during or at any time after the Term of this Agreement, disclose any such Confidential Information to any person for any reason whatsoever without the prior written authorization of the Company, unless such information is in the public domain through no fault of the Employee or except as, and to the extent as, may be required by law.

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America

**3.2** **Non-Competition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Employee recognizes that in his position as an Employee to the Company, he will acquire such information outlined in Section 3.1 hereof, and for good and valuable consideration, including his engagement by the Company, he agrees that during the Term of this Agreement and for a period of 12 months after termination of this Agreement, Employee will not, unless acting pursuant hereto or with the prior written consent of the Company, directly or indirectly, manage, operate, join, control, or participate in the management, operation, control, or be connected as an officer, director, employee, partner, principal, agent, representative, Employee, or otherwise with or use or permit his name to be used in connection with, any business or enterprise engaged in the primary line of business in which the Company is engaged in at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** The foregoing restriction shall not be construed to prohibit the ownership by the Employee of more than five percent (5%) of any class of securities of any corporation that is engaged in any of the foregoing businesses having a class of securities registered pursuant to the Securities Exchange Act of 1934, provided that such ownership represents a passive investment and that neither the Employee nor any group of persons including the Employee in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes any part in its business, other than exercising his rights as a shareholder, or seeks to do any of the foregoing.

**3.3** **Non-solicitation; Non-Association:** 

The Employee hereby acknowledges and agrees that he, together with other Employees engaged by the Company, is likely to be exposed to a significant amount of Confidential Information concerning the Company's, business methods, operations, employment relationships, and customers while engaged under this Agreement, that such information might be retained by the Employee and such other Employees in tangible form or simply retained in their memory, and that the protection of the Company's exclusive rights to such confidential information and the benefits flowing from it can best be ensured by means of a restriction on the Employee's activities after termination of this Agreement. Therefore, the Employee agrees that for 12 months period following termination of this Agreement, he shall not engage in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) He shall not solicit, divert, or initiate any contact (or attempt to solicit, divert, or initiate any contact) with any relationship of the Company or any affiliate with whom Employee dealt (including any customers or vendors), for the purpose of doing business in the same lines of business as the Company, and further will not solicit or initiate any contact with any potential relationship of the Company or affiliate, that the Employee solicited or contacted while engaged by the Company. This provision does not restrict Employee from developing relationships independently obtained outside of Employee's position with the Company.

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America

![](ex10-3_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) He shall not directly solicit the employment of or hire any employee or Employee of the Company or affiliate and will not attempt to persuade any employee or Employee to leave the employment or consulting relationship of the Company or such affiliate.

**3.4** **Equitable Relief:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employees acknowledge that the restrictions contained in Article 3 hereof are reasonable and necessary to protect the legitimate interests of the Company and that any violation of such restrictions would result in an irreparable injury to the Company. If the period of time or other restrictions specified in Article 3 should be adjudged unreasonable at any proceeding, then the period of time or such other restrictions shall be reduced by the elimination or reduction of such portion thereof so that such restrictions may be enforced in a manner adjudged to be reasonable. The Employee acknowledges that the Company shall be entitled to preliminary and permanent injunctive relief for a violation of any such restrictions without having to prove actual damages or to post a bond; the Company shall also be entitled to an equitable accounting of all earnings, profits and other benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or remedies to which Company may be entitled in law or equality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employee agrees that until the expiration of the covenants contained in Sections 3.2 and 3.3 of this Agreement, the Company may provide a copy of the covenant contained in such Sections to any business or enterprise (i) that Employee may directly or indirectly own, manage, operate, finance, join, control, or participate in the ownership, management, operation, financing, control, or control of, or (ii) with which he may be connected as an officer, director, employee, partner, principal, agent, representative, Employee, or otherwise, or in connection with which he may use or permit his name to be used.

**4.**  **<u>TERMINATION</u>** 

4.1. This Agreement may be terminated by either the Employee or the Company for cause, or in the event of willful misconduct or gross negligence by either party. The Board of Directors of the Company may, at its sole discretion, remove the Employee from the position of Chief Executive Officer – Asia Pacific at any time; however, such removal shall not in itself constitute a termination of this Agreement.

4.2 The obligations of the Employee—and, where applicable, those of the Employee's employees, agents, successors, and assignees—under Section 3 (Confidentiality; Ownership of Documents; Non-Compete), Section 5 (Indemnification), and Section 8 (Governing Law and Dispute Resolution) shall survive the completion of Services and the expiration or termination of this Agreement.

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America

![](ex10-3_001.jpg)

**5.** **REPRESENTATION AND WARRANTIES; INDEMNIFICATION** 

5.1 The Employee warrants and represents that he is duly qualified to perform his duties hereunder, and further covenants that in performing his duties hereunder, he will not engage in activity that is in violation of applicable laws or subject the Company to liability thereunder. The Employee further warrants that his execution of this Agreement and the performance of services hereunder does not violate any agreement to which Employee is a party nor give any prior employer, partner, associate or any other person any legal or equitable rights against the Employee or the Company.

5.2 This Agreement is conditional on the Company's commitment to obtain a directors' and officers' insurance policy as soon as commercially reasonable, and the Company signing an Indemnification Agreement satisfactory to the Employee. To the fullest extent permitted by applicable law, the Company agrees that it will not voluntarily change the terms of such D&O Insurance or the Indemnification Provisions to the detriment of the Employee at any time while he is entitled to benefit of such D&O Insurance or Indemnification Provisions. Additionally, the Employee shall be entitled to such indemnification by the Company as is prescribed in the laws of the State of Florida or in the Charter or Bylaws of the Company.

**6.** **NOTICES** 

Any notices delivered or received between either party shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it was delivered in person, on the date it was delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if it was sent by electronic facsimile transmission, on the date it was delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it was sent by registered mail, on the day it was received to the following address:

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale,

Florida – 33316, United States of America

By email: sudhir.srivastava@ssinnovations.org

Attention: CEO

Vishwajyoti P. Srivastava

By email: vishwa.srivastava@ssinnovations.org

Attention: CEO- Asia Pacific

**7.** **MODIFICATION OF AGREEMENT** 

Any modification of this Agreement must be made in writing and signed by the Employee and the Company, or it shall have no effect and shall be void.

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America

![](ex10-3_001.jpg)

**8.** **GOVERNING LAW** 

8.1 This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without giving effect to any conflict of law rules otherwise.

8.2 Any and all disputes arising hereunder, including disputes arising from or relating to termination and the grounds therefor, including all grounds arising from statutory claims alleging discrimination or violations of federal, state or local civil rights law, or otherwise, shall be resolved by binding arbitration in Florida before a single arbitrator in accordance with the arbitration rules of the American Arbitration Association (the "AAA") applicable to arbitration then in effect. Notice of the demand for arbitration by either party shall be given in writing to the other party to this Agreement. On such demand, the dispute shall be heard by arbitration before a single arbitrator selected pursuant to the AAA rules. Any award rendered by the arbitrator shall be conclusive and binding on the parties hereto; provided, however, that any such award shall be accompanied by a written opinion of the arbitrator giving the reasons for the award. The arbitrator shall be entitled to award equitable relief. Each party shall pay its own expenses of arbitration, including attorneys' fees. Nothing herein shall prevent the Company from seeking and obtaining preliminary equitable relief from a court pursuant to Section 3.5.

8.3 The parties hereby submit to the jurisdiction of the federal and state courts located in Florida for the purpose of an order to compel arbitration, for preliminary relief in aid of arbitration or for a preliminary injunction to maintain the status quo or prevent irreparable harm prior to the appointment of the arbitrators, and to the non-exclusive jurisdiction of the aforementioned courts for the enforcement of any award issued hereunder, and waive any right to stay or dismiss any such actions or proceedings brought before any such court on the basis of forum non conveniens or improper venue.

**9.** **HEADINGS** 

The headings utilized in this Agreement are for convenience only and are not to be construed in any way as additions or limitations of the covenants and agreements contained in this Agreement.

**10.** **GENERAL MATTERS** 

10.1 The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of the same or of any other provisions of this Agreement.

10.2 This Agreement shall be binding upon the parties hereto and shall enure to the benefit of and be enforceable by each of the parties hereto and their respective successors and assigns, except that the duties and responsibilities of Employee hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by the Employee without prior written consent of the Company.

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America

![](ex10-3_001.jpg)

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the 21<sup>st</sup> day of May 2025.

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| |
|:---|
| **SS INNOVATIONS INTERNATIONAL, INC.,** |
| *<u>/s/ Sudhir Srivastava</u>* |
| **DR. SUDHIR SRIVASTAVA** |
| **CHAIRMAN & CEO** |
| <u>/s/ Vishwajyoti P. Srivastava</u> |
| VISHWAJYOTI P. SRIVASTAVA |

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SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America

![](ex10-3_001.jpg)

**SCHEDULE "A"**

**REMUNERATION & BENEFITS**

● The Company will compensate the Employee with a base annual salary of $300,000 (Three Hundred Thousand Dollars), effective May 2025.

● The Company, either directly or through its subsidiaries, will provide fully maintained and furnished accommodation for the Employee and his dependent family members.

● The Company, either directly or through its subsidiaries, will provide a company-maintained vehicle along with a driver for the Employee's official and personal use.

● The Company, either directly or through its subsidiaries, will cover standard business-related expenses, including business class air travel.

● The Company, either directly or through its subsidiaries, will cover 100% of the health insurance premiums for the Employee, his spouse, and dependent children.

● The Employee will also be eligible for additional insurance coverage as per applicable Company policies.

SS Innovations International Inc.

1600 SE 15th Street, #512 Fort Lauderdale, Florida – 33316, United States of America