SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-12-12
Accession Number: 0001493152-25-027406
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315225027406/filename1.htm

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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.

On February 2, 2023, the Company’s shareholders
approved a recapitalization plan to exchange all the Company’s outstanding capital stock (including shares of preferred
stock and common 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 exchanged for
common equivalent shares pursuant to the respective certificates of designation for each class prior to giving effect to the reverse
stock split.

To arrive at common equivalent shares in accordance
with the original certificate of designations for each class, shares outstanding were multiplied by the original issue price divided
by the conversion price. For Series A-1 Preferred Stock the original issue price was $100, and the conversion price was $7.50. For Series
B Preferred Stock the original issue price was $100, and the conversion price was $2.30.

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

March 29, 2023, the Company filed its “Third Amended and Restated Certificate of Incorporation” which split its common stock
at a rate of 176.582 :1 and authorized the issuance of up to 12,000,0000 shares of common stock and 4,850,000 shares of new Series A
preferred stock. Post split, there were 5,000,971 shares of common stock issued and outstanding.

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

Common Stock 12,000,000 5,000,971 6,999,029

Series A Preferred 4,850,000 - 4,850,000

March 29, 2023 16,850,000 5,000,971 11,849,029

All
shares on the Statement of Changes in Stockholders Equity as of January 1, 2023, are shown with retroactive effect to both the 65,500:1
reverse stock split on February 2, 2023, and subsequent 176.582 :1 stock split on March 29, 2023.