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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an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments over the term. Lease ROU assets and liabilities are recognized at commencement based on the present value of lease payments over the lease term, using the Company’s incremental borrowing rate unless the rate implicit in the lease is readily determinable. Lease-related assets and liabilities consist of the following: March 31, December Lease right of use asset $ 317,371 $ 344,487 Lease liability, current 143,057 142,061 Lease liability, non-current 193,737 222,332 Total lease liability $ 336,795 $ 364,393 Lease payments remaining at March 31, 2025, consist of the following : Total lease payments 384,329 Less: imputed interest at 11.67% (47,534 ) Present value of lease payments $ 336,795 Weighted-average remaining lease term 2.50 years Lease expense of $57,282 and $49,460 was recorded during the three months ended March 31, 2025, and 2024, respectively.

the normal course of business, the Company is subject to various legal matters from which contingent liabilities may arise. The Company
assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates are
recorded when and if it is determined that a loss-related matter is both probable and reasonably estimable. As of March 31, 2025, and
December 31, 2024, the Company did not have any material reserve estimates recorded.

Note
11 – Employee benefit plans:

The
Company has a 401(k) Plan in which employees who have met certain eligibility requirements may participate. Each eligible employee may
elect to contribute to the 401(k) Plan, and the Company may make discretionary contributions. The Company recorded contributions of $6,929
and $10,549 for the three months ended March 31, 2025 and 2024, respectively.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

March
31, 2025 and 2024

(unaudited)

Note
12 – Segments:

The
Company operates in one reportable segment, which is the development of a new product to treat heart failure. The Company’s chief
operating decision maker (“CODM”) is the chief executive officer. The CODM regularly reviews and uses consolidated net loss,
as reported on our Consolidated Statements of Operations in evaluating the overall performance of our single reporting segment. As a
result, the Company has determined that it has only one reportable segment.

Although
the Company has generated no revenue during the reporting period, it continues to incur expenses related to research and development,
general and administrative activities, and other operational costs. The CODM uses these expense categories to assess the Company’s
performance and allocate resources.

The
accounting policies of the single segment are the same as those described in the summary of significant accounting policies. There have
been no significant changes in measurement methods during the reporting period.

Geographically,
we have no assets in a foreign country requiring separate disclosure.

The
following table provides the significant expenses that management used to manage our one reportable segment for the three months ended
March 31:

Research and development $	109,868 $	228,594

Selling, general and administrative 961,728 692,884

Total operating expenses $	1,071,596 $	921,478

Note
13 – Subsequent events:

preparing the financial statements, the Company has evaluated all subsequent events and transactions for potential recognition or disclosure
through July 31, 2025, the date the financial statements were available for issuance.

The
Company issued $1,417,000 of Series A-1 Secured Convertible Notes during the period April 1 – July 8, 2025.

BIOVENTRIX,
INC.

CONSOLIDATED

FINANCIAL STATEMENTS

Years
Ended December 31, 2024 and 2023

and
Report of Independent Registered Accounting Firm

BIOVENTRIX,
INC.

CONSOLIDATED

FINANCIAL STATEMENTS

Years
Ended December 31, 2024 and 2023

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the Board of Directors and

Stockholders of Bioventrix, Inc.

Opinion
on the Financial Statements

have audited the accompanying consolidated balance sheets of Bioventrix, Inc. (the Company) as of December 31, 2024 and 2023 and the
related consolidated statements of operations, statements of changes in stockholders’ deficit and cash flows for the two years
period then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the
results of its operations and its cash flows for each of the years in the two year periods ended December 31, 2024, in conformity with
accounting principles generally accepted in the United States of America.

The
Company’s Ability to Continue as a Going Concern

The
accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed
in Note 1 to the accompanying financial statements, the Company has not yet generated any significant revenue, has incurred recurring
losses from operations, generated negative cash flows from operating activities and had an accumulated deficit that raises substantial
doubt about the Company’s ability to continue as a going concern. Management’s evaluation of the events and conditions and management’s
plans in regarding these matters are also described in Note 1. The 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 audit. 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 audit 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 audit, 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 audit included performing procedures to assess the risks of material misstatement of the 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 financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.

Critical
Audit Matters

The
critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that: (1) relate 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 matters does not alter in any way our opinion on the financial statements, taken as a whole, and
we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.

Going
Concern

discussed in Note 1, the Company has not yet generated any significant revenue, has incurred recurring losses from operations, generated
negative cash flows from operating activities and had an accumulated deficit that raises substantial doubt about the Company’s
ability to continue as a going concern. Auditing management’s evaluation of a going concern can be a significant judgment given
the fact that the Company uses management estimates on future revenues and expenses, which are difficult to substantiate. We evaluated
the appropriateness of the going concern, we examined and evaluated the financial information along with management’s plans to
mitigate the going concern and management’s disclosure on going concern.

Capital
Stock and Other Equity Accounts

discussed 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