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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The following table presents the Company’s total revenue disaggregated by revenue type for the years ended December 31: Sales under the CE label $ - $ 197,584 Sales to clinical trial participants under IDE - - Note 6 – Balance sheet components: Inventories at December 31, consist of the following: Finished goods $ 295,024 648,480 Reserve for obsolescence (295,024 ) (648,480 ) Property and equipment as of December 31, consists of the following: Leasehold improvements $ 229,742 $ 229,742 Accumulated depreciation (82,858 ) (37,663 ) Depreciation expense was $45,195 and $37,673 for the years ended December 31, 2024, and 2023, respectively. BIOVENTRIX, INC. Notes to Consolidated Financial Statements December 31, 2024 and 2023 Accrued liabilities at December 31, consist of the following: Accrued payroll liabilities $ 225,087 $ 225,117 Accrued interest 352,105 - Royalties 190,213 190,213 Other accrued expenses 16,945 17,158 Note 7 – Convertible notes payable: Unsecured Convertible Notes

January 2023, the Company issued $3,000,000 in principal amount of its unsecured convertible promissory notes (the “Unsecured Convertible
Notes”) to accredited investors which $3,000,000 principal amount included the exchange of $1,000,000 in principal amount of its
then outstanding unsecured short-term promissory notes for $1,000,000 in principal amount of Unsecured Convertible Notes. The Unsecured
Convertible Notes accrue interest at an annual rate of 10%, had a maturity date of June 30, 2023, and the principal amount automatically
converts into the type of securities issued by the Company in a subsequent equity financing of at least $10,000,000 in gross proceeds
at the price per share paid by investors in the equity financing. A cash fee of 1.5% of the principal amount of the Unsecured Convertible
Note is also due on the earlier of the conversion of the Unsecured Convertible Note or the maturity date of the Unsecured Convertible
Note. On March 21, 2023, the Company issued an additional Unsecured Convertible Note in the principal amount of $2,650,000. On March
29, 2023, the aggregate outstanding amount of $5,650,000 was converted into Series A Preferred Stock. See Note 9.

Series A Secured Convertible Notes

From
March 2024 through August 2024, the Company issued $3,000,000 in principal amount of its secured convertible promissory notes (the “Series
A Secured Convertible Notes”) to accredited investors the repayment of which is secured by a grant of security interest in all
of the Company’s assets. The Series A Secured Convertible Notes accrue interest at the annual rate of 15% compounded quarterly
and have a maturity date of December 31, 2027. The aggregate limit of the Series A Convertible Notes that can be issued is $3,000,000.

The
conversion features of the Series A Secured Convertible Notes are as follows:

Automatic
Conversion – The outstanding principal and unpaid accrued interest of each note shall be automatically converted into either
(i) such equity securities sold in the Qualified Financing (equity financing of at least $20 million) a conversion price equal to the
price paid per share for the equity securities paid by the investors in the Qualified Financing multiplied by 0.75, or (ii) Series A
Preferred Stock of the Company at the price of $1.00 per share.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Non-Qualified
Financing Conversion – The outstanding principal and unpaid accrued interest of each note may, at the sole election of the
noteholder, be converted into either (i) such equity securities sold in the Non-Qualified Financing (equity financing of at least $10
million) at a conversion price equal to the price paid per share for the equity securities paid by the investors in the Non-Qualified
Financing multiplied by 0.75, or (ii) Series A Preferred Stock of the Company at the price of $1.0 per share.

Maturity
Conversion – If the closing of a Qualified Financing or a Non-Qualified has not occurred on or before the Maturity Date, then
the holder of each note shall elect either: (i) the Company pay the holder an amount equal to the sum of all accrued and unpaid interest
due plus (2) two times (2x) the outstanding principal balance; or (ii) the outstanding principal and unpaid accrued interest be converted
into Series A Preferred Stock at the price of $1.00 per share.

Corporate
Transaction Conversion – In the event of a Corporate Transaction the holder of each note may elect either: (i) the sum of all
accrued and unpaid interest due plus (2) two times (2x) the outstanding principal balance; or (ii) the outstanding principal and unpaid
accrued interest will convert, effective immediately prior to, but contingent upon, the consummation of such Corporate Transaction, into
Series A Preferred Stock at the price of $1.00 per share.

Qualified
IPO Conversion – In the event of a sale of shares of Common Stock of the Company in a Qualified IPO (at least $7,500,000 of
gross proceeds), each note shall automatically convert into shares of Series A Preferred Stock of the Company.

Series A-1 Secured Convertible Notes

From
October 2024 through December 31, 2024, the Company issued $1,710,000 in principal amount of its secured convertible promissory notes
(the “Series A-1 Secured Convertible Notes”) to accredited investors the repayment of which is secured by a grant of security
interest in all of the Company’s assets which security interest is pari passu to the security interest granted to the Secured Convertible
Note holders. The Series A-1 Secured Convertible Notes accrue interest at the annual rate of 15% compounded quarterly and have a maturity
date of December 31, 2027. The aggregate limit of the Series A-1 Secured Convertible Notes that can be issued is $7,500,000. See Note

The
conversion features of the Series A-1 Secured Convertible Notes are as follows:

Automatic
Conversion – The outstanding principal and unpaid accrued interest of each note shall be automatically converted into either
(i) such equity securities sold in the Qualified Financing (equity financing of at least $20 million) a conversion price equal to the
price paid per share for the equity securities paid by the investors in the Qualified Financing multiplied by 0.75, or (ii) Series A-1
Preferred Stock of the Company at the price of $3.33 per share.

Non-Qualified
Financing Conversion – The outstanding principal and unpaid accrued interest of each note may, at the sole election of the
noteholder, be converted into either (i) such equity securities sold in the Non-Qualified Financing (equity financing of at least $10
million) at a conversion price equal to the price paid per share for the equity securities paid by the investors in the Non-Qualified
Financing multiplied by 0.75, or (ii) Series A-1 Preferred Stock of the Company at the price of $3.33 per share.

Maturity
Conversion – If the closing of a Qualified Financing or a Non-Qualified has not occurred on or before the Maturity Date, then
the holder of each note shall elect either: (i) the Company pay the holder an amount equal to the sum of all accrued and unpaid interest
due plus two times the outstanding principal balance; or (ii) the outstanding principal and unpaid accrued interest be converted into
Series A-1 Preferred Stock at the price of $3.33 per share.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

December
31, 2024 and 2023

Corporate
Transaction Conversion – In the event of a Corporate Transaction the holder of each note may elect either: (i) the sum of all
accrued and unpaid interest due plus (2) two times (2x) the outstanding principal balance; or (ii) the outstanding principal and unpaid
accrued interest will convert, effective immediately prior to, but contingent upon, the consummation of such Corporate Transaction, into
Series A-1 Preferred Stock at the price of $3.33 per share.

Qualified
IPO Conversion – In the event of a Qualified IPO the outstanding principal and unpaid accrued interest of each note will automatically
convert into shares of Series A-1 Preferred Stock of the Company at the price of $3.33 per share.

While
the Company anticipates an automatic conversion of the convertible notes due to achieving a Qualified Financing or Qualified IPO prior
to maturity, a derivative liability of $364,398 has been recorded as the fair value of the possibility the notes will 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: