SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-06
Accession Number: 0001493152-25-016953
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225016953/filename1.htm

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fully mature. See Note 4. Note 8 – Obligation for intellectual property The Company has licensed certain patents to be used in the development of future products. Certain licensing agreements provide for minimum payments as well as royalties on future net sales. An agreement entered into by the Company requires a payment of $50,000 within 60 days of the first commercial sale by the Company of any product capable of treating a heart by drawing heart walls together. In addition to the minimum payment above, the licensing agreement also provides for the payment of a royalty due on the sale of products at 3% of net sales, as defined in the agreement. The Company has liability a balance of $140,213 and at December 31, 2024, and 2023. No royalty expense for this agreement was recorded during the years ended December 31, 2024, and 2023. Note 9 – Related party transactions:

January 2023, a member of the Board of Directors converted a $500,000 note payable to an unsecured convertible note in the same amount.

February 2023, the Company issued 88,291 shares of Series B Preferred stock to a firm related to a member of the Board of Directors,
in payment of $1,324,200 of placement agent services that had been accrued at December 31, 2022. The Company determined that fees for
placement services were at a reasonable market rate. See Note 11.

February 2023, two members of the Board of Directors and entities they controlled received dividends of 485,600 shares of preferred stock.
See Note 11.

March 2023, two members of the Board of Directors and entities controlled by them purchased 702,500 Preferred Series A shares for $7,025,000.
See Note 11.

February 2024, two members of the Board of Directors and entities controlled by them purchased 650,000 Preferred Series A shares from
other investors. The directors subsequently sold 195,780 of these shares to the Company at cost to be used as incentive for certain purchasers
of Series A Secured Convertible Notes (the “Sweetener Shares”). The Company acquired an additional 30,120 Preferred Series
A shares from an investor for a total of 225,900 Sweetener Shares. See Note 11.

March 2024, a member of the Board of Directors and entities controlled by him purchased $1,830,000 Series A Secured Convertible Notes
from the Company. See Note 7.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

April 2024, the Company issued 225,900 Sweetener Shares to certain purchasers of Series A Secured Convertible Notes. An entity controlled
by a member of the Board of Directors received 148,400 of the Sweetener Shares related to his $1,830,000 purchase of notes in March 2024.

April 2024, the Company issued 216,000 restricted stock awards to two officers of the Company. These awards fully vested, resulting in
$172,800 of stock-based compensation expense recorded in 2024. See Note 11.

September 2024, the Company issued 88,000 restricted stock awards to two officers of the Company of which 51,300 vested, resulting in
$41,064 of stock-based compensation expense recorded in 2024. The remaining 36,670 restricted stock awards vested in May 2025. See Note

Note
10 – Income taxes

There
is no provision for federal income taxes because the Company has incurred cumulative operating losses from the date of inception. The
Company has made tax payments consisting of the state minimum tax. A reconciliation between the expected income tax provision at the
federal statutory tax rate and the reported income tax provision is as follows:

Federal income tax at statutory rate (21.0	)% (21.0	)%

State income tax net of federal benefit (6.3	)% 76.2	%

Change in valuation allowance (22.0	)% (65.1	)%

Permanent differences 0.0	% 0.1	%

Net operating loss expiration 5.3	% 0.0	%

Stock compensation conversion 0.0	% 9.8	%

Effective income tax rate 0.0	% 0.0	%

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

The
tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities
as of December 31, 2024, and 2023, are related to the following:

Deferred tax assets: 2024 2023

Net operating loss carryforwards $	38,505,661 $	36,694,554

Capitalized research and development 4,967,980 5,941,531

Research and development credits 1,174,548 1,174,548

Stock compensation 105,509 -

Lease liability 99,552 126,792

Inventory 80,600 177,165

Less valuation allowance (44,836,353	) (43,986,446	)

Deferred tax liabilities

Fixed assets $	(3,385	) $	(6,535	)

Right-of-use assets (94,112	) (121,609	)

Net deferred tax asset $	- $	-

The
Company has incurred significant tax losses since inception. Based on the available objective evidence, management cannot conclude it
is more likely than not that the net deferred tax assets will be fully realized. Accordingly, the Company has provided a full valuation
allowance against its net deferred tax assets.

of December 31, 2024, the Company had net operating loss carryforwards of $174,721,780 for federal tax purposes available to reduce future
taxable income, if any. These carryforwards will expire as follows:

Thereafter 63,578,627

Indefinite 96,214,947

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

of December 31, 2024, the Company had net operating loss carryforwards of $24,052,418 for state tax purposes available to reduce future
taxable income, if any. These carryforwards will expire as follows:

Benefits
from net operating loss carryforwards may be impaired or limited in certain circumstances. Events which may cause, or may have caused,
limitation in the amount of net operating losses that the Company may utilize in any one year include but are not limited to a cumulative
ownership change of more than 50% over a three-year period. The impact of any limitations that may be imposed due to current or future
issuances of equity securities, including issuances with respect to acquisitions, has not been determined.

of December 31, 2024, and 2023 the Company has research development credit carryforwards of $1,174,548 for federal and state tax purposes.
If not utilized, the federal carryforward will expire in beginning in 2039.

The
Company has not undertaken a detailed analysis of all amounts claimed as research and development credits for federal or state tax purposes.
As a result, amounts ultimately realized for research and development credits were included in management’s consideration of uncertain
tax benefits.

The
Company does not have any unrecognized tax benefits as of December 31, 2024. The Company did not recognize any expense for interest and
penalties related to uncertain tax positions during 2024, and the Company does not have any amounts related to interest and penalties
accrued at December 31, 2024.

The
Company’s income tax returns for the years ending December 31, 2021, and later, remain open for examination. Carryforward attributes
from prior years may be adjusted upon examination by tax authorities if they are used in an open period.

Note
11 – Capital stock

The
Company’s Third Amendment to the Amended and Restated Certificate of Incorporation, was filed on March 23, 2022, stating the total
number of shares of all classes of stock which the corporation shall have authority to issue is 110,000,000 shares of common stock, $0.0001
par value per share.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Total
shares as January 1, 2023, were as follows:

Class of Security Shares Authorized Pre-Split Shares Issued and Outstanding Pre-Split Shares Issued and Outstanding Post-Split

Common Stock 110,000,000 19,770,626 26,179

Series A Preferred 5,000,000 2,020,391 134,969

Series A-1 Preferred 600,000 229,243 40,862

Series B Preferred 1,000,000 576,395 4,445,170

Blank Check Preferred 8,000,000 - -

January 1, 2023 124,600,000 22,596,655 4,647,180

January 2023, the Company issued 13,242 pre-split shares of Series B Preferred Stock as settlement in full of $1,324,200 placement agent
commissions related to the Series B Preferred equity financing that had been accrued as of December 31, 2022.

February 2, 2023, the Company’s shareholders approved a recapitalization plan to convert all the Company’s outstanding shares
of preferred stock, stock options, and warrants into shares of common stock of the Company and then undergo a 65,500:1 reverse stock
split. In conjunction with the recapitalization 1,645,899 dividend shares were declared on the preferred shares pursuant to the respective
certificates of designation for each class prior to giving effect to the reverse stock split. Related parties received 485,600 of the
dividend shares. See Note 7.

Each
class of security was first converted into common stock equivalents pursuant to the respective certificates of designation for each class
prior to giving effect to the reverse stock split. The effect of the recapitalization is summarized in the table below:

Class of Security Shares Outstanding Pre-Split Common Equivalent Shares Common Shares Post-Split

Common Stock 19,770,626 19,770,626 148

Series A Preferred 3,470,652 3,470,652 766

Series A-1 Preferred 339,136 4,522,610 233

Series B Preferred 675,783 29,381,884 25,689

Common Stock Options 7,585,722 1,896,431 42

Common Stock Warrants 2,186,169 546,542 217

Series B Preferred Warrants 45,830 32,081 1,224

February 2, 2023 34,073,918 59,620,826 28,319

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023