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

Chunk 77 of 89
Word Count: 1437
Character Count: 9671

Document Content:

) Total current liabilities 7,731,654 2,750,924 Long-term liabilities: Derivative liability 364,398 - Lease liability, non-current 222,332 326,214 Total long-term liabilities 586,730 326,214 Total liabilities 8,318,384 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 (223,573,673 ) (219,722,999 ) Total stockholders’ deficit (5,039,135 ) (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, (Restated) 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 309,971 565,496

Other (21,813	) 4,449

Total other expense 288,158 569,945

Loss from operations before provision for income taxes (3,850,674	) (14,459,106	)

Provision for Income taxes - -

Net loss $	(3,850,674	) $	(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 $	67 $	7,291,584 $	(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 $	5,649,943 $	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 $ $	(3,850,674	) $	(3,850,674	)

Balances, December 31, 2024 1,565,000 $	157 5,616,390 $	561 $	218,533,820 $	(223,573,673	) $	(5,0539,135	)

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,

(Restated)

Cash flows from operating activities:

Net loss $	(3,850,674	) $	(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	)

Change in fair value of derivative
liability (28,731	) -

Discount on convertible notes 17,837 -

Changes in operating assets and liabilities:

Accounts payable 289,984 1,034,193

Accrued liabilities 351,862 (1,205,331	)

Inventories - 19,208

Lease liability (99,706	) (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

Derivative liability $	393,129 -

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. 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 ended 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 16, 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

Use
of estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of expenses during the reported period. Management bases its estimates on historical experience and market specific or other relevant
assumptions that it believes are reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, including
those related to accruals for research and development costs, fair value of equity instruments and accounting for stock-based compensation.
Actual results could differ from those estimates