SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-08-05
Accession Number: 0001641172-25-022123
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000164117225022123/filename1.htm

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in Note 9, the Company issued shares for cash, services, recapitalization and conversion of debts. Auditing management’s evaluation of the shares issued involves significant judgments and estimates in determining the proper classification of the shares, as well as the value of the shares. We evaluated management’s assessment of the appropriateness and accuracy of the classification and valuation of the shares and stock-based compensation. M&K CPAS, PLLC have served as the Company’s auditor since 2025. The Woodlands, Texas July 2, 2025 BIOVENTRIX, INC. Consolidated Balance Sheets As of December 31, ASSETS Current assets: Cash and cash equivalents $ 2,637,635 $ 646,349 Prepaid expenses 104,711 173,388 Total current assets 2,742,346 819,737 Long-term assets: Property and equipment, net 146,884 192,079 Lease right of use asset 344,487 455,133 Deposits 45,532 45,532 Total long-term assets 536,903 682,744 Total assets $ 3,279,249 $ 1,502,481 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Accounts payable $ 2,470,535 $ 2,180,551

Accrued liabilities 784,350 432,488

Lease liability, current 142,061 137,885

Convertible notes 4,710,000 -

Total current liabilities 8,106,946 2,750,294

Lease liability, non-current 222,332 326,214

Total liabilities 8,329,278 3,077,138

Stockholders’ deficit:

Common stock, $0.0001 par value, 25,000,000 shares authorized; 5,616,390 and 5,000,971 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively 561 500

Convertible preferred stock, $0.0001 par value, 12,500,000 shares authorized; 1,565,000 shares issued
and outstanding at December 31, 2024, and December 31, 2023, respectively 157 157

Additional paid-in capital 218,533,820 218,147,685

Accumulated deficit (223,584,567	) (219,722,999	)

Total stockholders’ deficit (5,050,029	) (1,574,657	)

Total liabilities and stockholders’ deficit $	3,279,249 $	1,502,481

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Operations

For the Year Ended December 31,

Operating income:

Sales $	- $	197,584

Cost of goods sold - 19,208

Gross profit - 178,376

Operating expenses:

Research and development 589,851 8,240,683

Selling, general and administrative 2,972,565 5,826,854

Total operating expenses 3,562,516 14,067,537

Loss from operations (3,562,516	) (13,889,161	)

Other expense:

Interest, net 292,134 565,496

Other 6,918 4,449

Total other expense 299,052 569,945

Loss from operations before provision for income taxes (3,861,568	) (14,459,106	)

Provision for Income taxes - -

Net loss $	(3,861,568	) $	(14,459,106	)

Net loss per share – basic and diluted $	(0.72	) $	(3.18	)

Weighted average common shares outstanding – basic and diluted 5,355,663 4,551,195

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Statements
of Changes in Stockholders’ Deficit

Preferred Stock Common Stock Additional Paid Accumulated Total Stockholders’

Shares Amount Shares Amount In Capital Deficit Deficit

Balances, January 1, 2023 3,952,736 $	395 26,179 $	3 $	194,234,422 $	(197,972,242	) $	(3,737,355	)

Payment of accrued financing commission 88,291 $	9 $	1,320,044 $	1,320,053

Preferred stock dividends 672,071 $	7,291,651 $	(7,291,651	) $	-

Exchange of shares for stock options and warrants 261,694 $	26 $	(1,292	) $	(1,266	)

Recapitalization (4,713,098	) $	(471	) 4,713,098 $	471 $	-

Issuance of preferred shares – net of issuance costs of $372,960 1,000,000 $	100 $	9,626,941 $	9,627,041

Conversion of convertible notes 565,000 $	57 $	5,650,000 $	5,650,000

Stock-based compensation expense $	25,976 $	25,976

Net Loss $	(14,459,106	) $	(14,459,106	)

Balances, December 31, 2023 1,565,000 $	157 5,000,971 $	500 $	218,147,685 $	(219,722,999	) $	(1,574,657	)

Stock-based compensation expense 482,745 $	48 $	386,148 $	386,196

Issuance of common shares to former Preferred A-1 shareholders 132,674 $	13 $	(13	) $	-

Net loss $ $	(3,861,568	) $	(3,861,568	)

Balances, December 31, 2024 1,565,000 $	157 5,616,390 $	561 $	218,533,820 $	(223,584,567	) $	(5,050,029	)

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Consolidated
Statements of Cash Flows

For the Year Ended December 31,

Cash flows from operating activities:

Net loss $	(3,861,568	) $	(14,459,106	)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation 45,195 37,663

Stock based compensation 386,196 25,976

Gain on exchange of stock options and warrants - (1,266	)

Changes in operating assets and liabilities:

Accounts payable 289,984 1,034,193

Accrued liabilities 356,038 (1,205,331	)

Inventories - 19,208

Lease liability (103,882	) (89,384	)

Lease asset 100,646 207,723

Deposits - 26,727

Prepaid expense 68,677 66,261

Net cash used in operating activities (2,718,714	) (14,337,336	)

Cash flows from investing activities:

Purchases of property and equipment - (183,060	)

Net cash used in investing activities - (183,060	)

Cash flows from financing activities:

Proceeds from issuance of preferred stock, net of issuance costs - 9,627,041

Proceeds from convertible notes payable 4,710,000 4,650,000

Net cash provided by financing activities 4,710,000 14,277,041

Increase (Decrease) in cash and cash equivalents $	1,991,286 $	(243,355	)

Cash and cash equivalents, start of year 646,349 889,704

Cash and cash equivalents, end of year $	2,637,635 $	646,349

Supplemental disclosure of cash flow information

Non-cash operating activities:

Payment of accrued financing commission in preferred stock $	- $	1,320,044

Non-cash financing activities:

Conversion of convertible notes to Preferred A shares $	- $	5,650,000

Recapitalization - 471

Issuance of common shares to former A-1 shareholders 13 -

Cash paid during the year for:

Income taxes $	- $	-

See
accompanying notes which are an integral part of these financial statements.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Note
1 – Organization and operations and basis of presentation:

BioVentrix,
Inc. (the “Company”) is a private medical device company that was incorporated in the state of California on October 15,
2003, as CHF Technologies, Inc. During 2012, the Company created BioVentrix, Inc., a Delaware corporation, which it then merged into
CHF Technologies, Inc. From 2004 through 2007, the Company marketed products and services to treat various heart related issues. In 2007,
the Company ceased sales and marketing of these product lines and began developing a new product to treat heart failure. In June 2016
the Company received CE Mark Certification for its product Revivent TC ™ TransCatheter Ventricular Enhancement System. In 2016
the Company tested and marketed the system in Europe, but did not recognize revenues. In May 2016 the Company received Food and Drug
Administration (“FDA”) Investigational Device Exemption (“IDE”) approval for its clinical trial and began to
test and market the system in the United States in 2017. The Company’s trial, which was completed in 2023 (the “ALIVE Trial”),
achieved statistical significance with a subpopulation on functional status and Quality-of-Life (“QoL”) measures, three of
the measures in our efficacy endpoint composite. Leveraging this subpopulation finding, the Company proposed and was approved by the
FDA via an IDE for the RELIVE Trial for 84 treated patients and 42 control patients, for a total of 126 trial patients (135 randomized
patients starting the trial to account for trial patient attrition). In November 2024, the Company received an investigational device
exemption (“IDE”) from the U.S. Food and Drug Administration (the “FDA”) under Breakthrough Therapy Designation
(“BTD”) to begin a pivotal trial (the “RELIVE Trial”). The FDA grants BTD if preliminary clinical evidence suggests
the procedure may improve substantially upon at least one clinically significant endpoint for a serious or life-threatening condition
compared to existing therapies.

Going
Concern – The accompanying financial statements are prepared in accordance with generally accepted accounting principles applicable
to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The
Company has experienced net operating losses and negative cash flows from operations since inception, which raise substantial doubt about
its ability to continue as a going concern. Since inception, the Company has accumulated a deficit of approximately $224 million as of
December 31, 2024, and management expects to incur additional losses in the foreseeable future. Management believes that successful marketing
and sales of its products will result in lower losses. To date, the Company has financed its operations primarily with proceeds from
private equity offerings and various debt arrangements (see Note 13, Subsequent events). Management believes that it will be able to
obtain additional capital from private equity, corporate partners, or from other sources, however there can be no assurance that it will
be successful in securing additional capital. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern for at least one year from the date of this report. The financial statements do not include any adjustments relating
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result
from the outcome of this uncertainty.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Note
2 – Summary of significant accounting policies: