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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142,061 Lease liability, non-current 164,407 222,332 Total lease liability $ 308,532 $ 364,393 Lease payments remaining at June 30, 2025, consist of the following: Total lease payments 347,354 Less: imputed interest at 11.67% (38,822 ) Present value of lease payments $ 308,532 Weighted-average remaining lease term 2.25 years Lease expense of $119,650 and $86,438 was recorded during the six months ended June 30, 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 June 30, 2025, and December 31, 2024, the Company did not have any material reserve estimates recorded. Note 12 – 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 $21,700 and $10,549 for the six months ended June 30, 2025, and 2024, respectively.

BIOVENTRIX,
INC.

Notes
to Consolidated Financial Statements

June
30, 2025 and 2024

(unaudited)

Note
13 – 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 six months
ended June 30:

Research and development $	482,348 $	393,025

Selling, general and administrative 2,139,596 1,242,844

Total operating expenses $	2,621,944 $	1,635,869

Note
14 – Subsequent events

preparing the financial statements, the Company has evaluated all subsequent events and transactions for potential recognition or disclosure
through September 30, 2025, the date the financial statements were available for issuance.

Subsequent
to June 30, 2025, the Company raised $2,745,600 of Series A-1 Secured Convertible Notes and received commitments for purchases of an
additional $2,127,400.

The
Company granted 512,500 stock options at an exercise price of $1.14 per share. The options vest over 48 months, with no vesting until
after the twelfth month then vest each month for the following 36 months. Related parties were granted 330,000 of the 512,500 stock options
granted.

September 2025, the Company received a unanimous written consent of the board of directors to amend the Series A-1 Secured Convertible
Notes to provide for a discount of 8.25% to any purchaser of a secured convertible promissory note in the principal amount of at least
$2,327,400, increase the maximum aggregate amount of Series A-1 Secured Convertible Notes to $12,000,000 and to authorize the second
amendment to the certificate of designations of the Series A-1 preferred stock by 2,000,000 shares.

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.

Restatement
of the 2024 and 2023 Consolidated Financial Statements

discussed in Note 3 & 4 to the consolidated financial statements, the accompanying 2024 and 2023 consolidated financial statements
have been restated to correct for errors.

Critical
Audit Matter

The
critical audit matter communicated is a matter 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 matter 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 matter below, providing separate opinions on the critical audit matter or on the accounts
or disclosures to which it relates.

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 11, 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