Quarterly Report (10-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 333-216054

AVRA MEDICAL ROBOTICS, INC.

(Exact name of registrant as specified in its charter)

Florida		47-3478854
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

3259 Progress Drive, Suite 112A, Orlando, FL 32826

(Address of Principal Executive Offices)

(407) 956-2250

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files.) Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “accelerated filer”, “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 39,197,099 shares of common stock, $0.0001 par value, of the Registrant issued and outstanding as of November 1, 2022.

TABLE OF CONTENTS

		Page

PART I – FINANCIAL INFORMATION		1

Item 1.	Financial Statements	1

	Condensed Balance Sheets as of June 30, 2021 and December 31, 2020 (unaudited)	1

	Condensed Statements of Operations for the three and six months ended June 30, 2021 and June 30, 2020 (unaudited)	2

	Condensed Statement of Stockholders’ (Deficit) for the three and six months ended June 30, 2021 and June 30, 2020 (unaudited)	3

	Condensed Statements of Cash Flows for the six months ended June 30, 2021 and June 30, 2020 (unaudited)	4

	Notes to Condensed Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative Disclosures About Market Risks	25

Item 4.	Controls and Procedures	25

PART II - OTHER INFORMATION		26

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	27

SIGNATURES		28

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

AVRA MEDICAL ROBOTICS, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

	June 30, 2021			December 31, 2020

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	307,565		$	160,709
Other prepaid expenses and deposit		2,291			2,290
Total Current Assets		309,856			162,999

EQUIPMENT:
Equipment		98,592			98,592
Accumulated depreciation		(71,801	)		(60,385	)
Total Equipment, net		26,790			38,207

INVESTMENT:
Investment in Avra Air LLC		103,392			115,542

OTHER ASSETS:
Website		36,122			36,122
Accumulated amortization		(36,122	)		(35,000	)
Total Other Assets, net		-			1,122

TOTAL ASSETS	$	440,038		$	317,870

LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accounts payable	$	107,771		$	131,719
Accrued expenses		995,200			860,200
Notes payable - related party		195,000			195,000
Total Current Liabilities		1,297,971			1,186,919

Commitments and contingencies (see Note 8)

STOCKHOLDER’S DEFICIT:
Preferred stock, 5,000,000 shares authorized, $.0001 par value par value, none issued or outstanding
		-			-
Common stock, 100,000,000 shares authorized, $.0001 par value, 27,125,349 and 25,721,971 issued and outstanding at June 30, 2021 and December 31, 2020 respectively	$	2,712		$	2,572
Common stock liability, 413,172 and 289,697 shares, $.0001 par value at June 30, 2021 and December 31, 2020, respectively		245,958			100,925
Additional paid-in capital		6,599,513			6,021,201
Accumulated Deficit		(7,706,116	)		(6,993,747	)
Total Stockholders’ Deficit		(857,933	)		(869,049	)

TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT	$	440,038		$	317,870

See accompanying notes to unaudited Condensed Financial Statement

AVRA MEDICAL ROBOTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	FOR THE THREE MONTHS ENDED JUNE 30,						FOR THE SIX MONTHS ENDED JUNE 30,
	2021			2020			2021			2020

Revenues	$	-		$	-		$	-		$	-

OPERATING EXPENSES:
Research and Development		1,000			-			1,000			2,000
Compensation Expense		326,035			151,487			545,636			375,432
General and Administrative		85,316			68,501			165,794			149,227
Total Operating Expenses		412,352			219,988			712,429			526,659

OTHER INCOME AND (EXPENSES)
Interest Earned		38			-			60			-
Interest Expense		-			(313	)		-			(657	)
Total Other Income and (Expenses), net		38			(313	)		60			(657	)

Loss before Income Taxes		(412,314	)		(220,301	)		(712,369	)		(527,316	)

Provision for Income Taxes		-			-			-			-

NET LOSS	$	(412,314	)	$	(220,301	)	$	(712,369	)	$	(527,316	)

Loss per common share - basic and diluted		(0.02	)		(0.01	)		(0.03	)		(0.02	)

Weighted average common shares outstanding - basic and diluted		26,986,656			21,427,546			26,636,454			22,984,643

See accompanying notes to unaudited Condensed Financial Statements.

AVRA MEDICAL ROBOTICS

CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIT

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Unaudited)

					Common						Additional					Total
	Common Stock				Stock to be Issued						Paid-In		Accumulated			Stockholders’
	Number		Amount		Number			Amount			Capital		Deficit			Deficit

BALANCE AT DECEMBER 31, 2020		25,721,971	$	2,572		289,697		$	100,925		$	6,021,201	$	(6,993,747	)	$	(869,049	)
Stock based compensation expense		-		-		-			-			37,674		-			37,674
Stock issued for services		60,000		6		-			-			1,81,136		-			1,81,142
Security Offering		940,000		94		-			-			117,964		-			118,058
Common stock issuable for services						80,783			72,726			-		-			72,726
Common stock issued		25,000		3		(25,000	)		(22,217	)		22,215		-			-
Net loss		-		-		-			-			-		(300,056	)		(300,056	)

BALANCE AT MARCH 31, 2021		26,746,971	$	2,675		345,480		$	151,434		$	6,380,190	$	(7,293,803	)	$	(759,504	)
Stock based compensation expense		-		-		-			-			30,254		-			30,254
Stock issued for services		1,10,000		11								89,544					89,555
Common stock issuable for services						1,56,070			1,65,861			-		-			1,65,861
Common stock issued		88,378		9		(88,378	)		(71,337	)		71,328		-			-
Security Offering		180,000		18								28,197		-			28,215
Net loss		-		-		-			-			-		(412,314	)		(412,314	)

BALANCE AS AT JUNE 30, 2021		27,125,349	$	2,712		413,172		$	245,958		$	6,599,513	$	(7,706,116	)	$	(857,933	)


BALANCE AT DECEMBER 31, 2019		21,857,218	$	2,186		128,909		$	254,564		$	4,549,058	$	(5,869,066	)	$	(1,063,258	)

Stock based compensation expense		-		-		-			-			126,059		-			126,059
Stock issued for services		1,013,334		101		-			-			119,899		-			120,000
Stock warrants		122,200		12		-			-			203,832		-			203,844
Common stock issuable for services						(13,901	)		(170,938	)		-		-			(170,938	)
Net loss		-		-		-			-			-		(307,015	)		(307,015	)

BALANCE AT MARCH 31, 2020		22,992,752	$	2,299		115,008		$	83,626		$	4,998,848	$	(6,176,081	)	$	(1,091,308	)

Stock based compensation expense		-		-		-			-			32,905		-			32,905
Common stock issuable for services						257,133			73,582			-		-			73,582
Net loss		-		-		-			-			-		(220,301	)		(220,301	)
BALANCE AS AT JUNE 30, 2020		22,992,752	$	2,299		372,141		$	157,208		$	5,031,753	$	(6,396,382	)	$	(1,205,122	)

See accompanying notes to unaudited Condensed Financial Statements.

AVRA MEDICAL ROBOTICS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Six Months Ended June 30,
	2021			2020

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(712,369	)	$	(527,316	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		12,538			18,716
Stock compensation expense		455,636			285,432
Non-cash interest		-			-
Changes in operating assets and liabilities:
Prepaid Expenses					4,000
Accounts payable and accrued expenses		111,052			147,980
Net Cash Used in Operating Activities		(133,144	)		(71,188	)

INVESTING ACTIVITIES:
Equipment acquisition		-			(4,000	)
Investment in Avra Air LLC		12,150			-
Net Cash Used in Investing Activities		12,150			(4,000	)

FINANCING ACTIVITIES:
Proceeds from related party		-			112,500
Proceeds from promissory notes		-			(65,000	)
Proceeds from SBA		-			4,630
Proceeds from securities offering		267,850			-
Net Cash Provided by Financing Activities		267,850			52,130

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		146,856			(23,058	)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		160,709			28,474

CASH AND CASH EQUIVALENTS - END OF PERIOD	$	307,565		$	5,416

Supplemental information of non-cash investing and financing activities:
Non-cash investing activities:
Cash paid for interest	$	-		$	657
Cash received for interest	$	60		$	-

Non-cash financing activities:
Related party note payable converted into common stock	$	-		$	100,000
Promissory note converted into common stock	$	-		$	20,000
Reduction of account payable and equipment	$	4,743		$	25,000

See accompanying notes to unaudited Condensed Financial Statements

AVRA MEDICAL ROBOTICS, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – COMPANY AND BASIS OF PRESENTATION

Organization

AVRA Medical Robotics, Inc. (the “Company” or “AVRA”) was incorporated as AVRA Surgical Microsystems, Inc. in the State of Florida on February 4, 2015. Effective November 5, 2015, the Company’s corporate name was changed to AVRA Medical Robotics, Inc. The Company was established to develop advanced medical surgical devices. The Company is structured to invest in four principal areas – surgical robotic systems, surgical tools, implantable devices and surgical robotic training.

The significant accounting policies of AVRA were described in Note 1 to the audited financial statements included in the Company’s 2020 Annual Report on Form 10-K (“2020 Form 10-K”). There have been no significant changes in the Company’s significant accounting policies for the three and six months ended June 30, 2020.

Basis of Presentation

The accompanying unaudited condensed financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Therefore, they do not include all information and footnotes normally included in annual consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the 2020 Form 10-K for the year ended December 31, 2020. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period.

Going Concern

The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. At June 30, 2021, the Company’s stockholders’ deficit was $857,933 which raises substantial doubt about the Company. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company regularly evaluates 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 revenues and expenses during the reporting period. Actual results could differ from those estimates made by management.

Cash and Cash Equivalents

The Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains its principal cash balance in a financial institution. These balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At June 30, 2021 and 2020, $24,327 and $0 were in excess of the FDIC insured limit respectively.

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU and all subsequently issued clarifying ASUs replaced most existing revenue recognition guidance in U.S. GAAP. The ASU also required expanded disclosures relating to the nature amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the new standard effective January 1, 2018, the first day of the Company’s fiscal year. For these reasons, the adoption of this ASU did not have a significant impact on the Company’s financial statements

Effective January 1, 2018, the Company adopted guidance issued by the FASB regarding recognizing revenue from contracts with customers. The revenue recognition policies as enumerated below reflect the Company’s accounting policies effective January 1, 2018, which did not have a materially different financial statement result than what the results would have been under the previous accounting policies for revenue recognition.

Equipment

Equipment is recorded at cost and depreciated using the straight-line method at rates determined to estimate the useful lives of the assets. The annual rates used in calculating depreciation is as follows:

Equipment -5 years straight-line

Intangibles

Intangible assets continue to be subject to amortization, and any impairment is determined in accordance with ASC 360, “Property, Plant, and Equipment,” intangible assets are stated at historical cost and amortized over their estimated useful lives. The Company uses a straight-line method of amortization, unless a method that better reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up can be reliably determined

The Company purchased existing Intellectual Property from the University of Central Florida. Management regularly assesses the carrying value of the intellectual property to determine if there has been any diminution of value.

Website

Website is recorded at cost and amortized using the straight-line method over its estimated life of 3 years.

Long-lived Assets

In accordance with ASC 360, “Property Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to : significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset and current expectation that the asset will more than likely not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the discounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain circumstances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

Stock Compensation Expense

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with Accounting Standards Codification (“ASC”) Topic 505, “Equity.” Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC Topic 505.

Income Taxes

The Company accounts for income taxes pursuant to ASC Topic 740 “Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company applies the provisions of ASC Topic 740-10-05 “Accounting for Uncertainty in Income Taxes.” The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Basic and Diluted Loss per Share

In accordance with ASC Topic 260 “Earnings Per Share,” basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period, only in periods in which such effect is dilutive. The Company has stock options, warrants, and convertible promissory notes that may be converted to outstanding potential common shares.

Research and Development Costs

In accordance with ASC Topic 730 “Research and Development”, with the exception of intellectual property that is purchased from another enterprise and have alternative future use, research and development expenses are charged to operations as incurred.

Fair Value of Financial Instruments

Our financial instruments consist principally of accounts receivable, amounts due to related parties and promissory notes payable. The carrying amounts of cash and cash equivalents and promissory notes approximate fair value because of the short-term nature of these items.

Recent Accounting Pronouncements

Compensation- Stock Compensation

In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting,” that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new guidance became effective for the Company on January 1, 2018 and was applied on a prospective basis, as required. The adoption of this standard did not have an impact on the financial statements or the related disclosures.

Leases

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued ASU 2016-02 to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessors will account for leases using an approach that is substantially equivalent to existing GAAP for sales-type leases, direct financing leases and operating leases. Unlike current guidance, however, a lease with collectability uncertainties may be classified as a sales-type lease. If collectability of lease payments, plus any amount necessary to satisfy a lessee residual value guarantee, is not probable, lease payments received will be recognized as a deposit liability and the underlying assets will not be derecognized until collectability of the remaining amounts becomes probable. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and must be adopted using a modified retrospective transition. The Company did not adopt the standard effective January 1, 2019, utilizing the lessor practical expedient. On November 15, 2019, the FASB issued ASU 2019-10 which amended the effective dates for ASC 842, to give implementation relief. Under the FASB’s new framework, two “buckets” were defined, bucket 1 includes public companies that are SEC filers but excludes “Small Reporting Companies” (SRC’s). Bucket 2 includes all other entities, including SRC’s. Bucket 2 entities have to apply ASC 842 for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021.

NOTE 3 – NOTES PAYABLE – RELATED PARTY

On December 31, 2018, the Company borrowed $15,000 under a non-interest bearing promissory note from a related party. The note matured on December 31, 2019 and was extended to December 31, 2020.

On February 6, 2019, the Company borrowed from its CEO, $17,500 under a non-interest bearing promissory note which matures on February 6, 2020 and was extended to December 31, 2020.

On May 8, 2019, the Company borrowed from its CEO, $25,000 under a non-interest bearing promissory note which matures on May 8, 2020 and was extended to December 31, 2020.

On May 29, 2019, the Company borrowed from its CEO, $25,000 under a non-interest bearing promissory note which matures on May 29, 2020 and was extended to December 31, 2020.

On June 26, 2019, the Company borrowed from its CEO, $40,000 under a non-interest bearing promissory note which matures on June 26, 2020 and was extended to December 31, 2020.

On July 19, 2019, the Company borrowed from its CEO, $50,000 under a non-interest bearing promissory note which matures on July 19, 2020 and was extended to December 31, 2020.

On October 11, 2019, the Company borrowed from its CEO, $30,000 under a non-interest bearing promissory note which matures on March 11, 2020 and was extended to December 31, 2020.

On November 14, 2019, the Company borrowed from its CEO, $7,000 under a non-interest bearing promissory note which matures on November 14, 2020 and was extended to December 31, 2020.

On March 1, 2020, the Company entered into a promissory notes totaling $194,500 for the above notes, as an incentive to its CEO for entering into this agreement, issued option to purchase 389,000 restricted common shares of the Company at $0.25 per share. The option will be fully vested as of March 1, 2020.

On August 26, 2019, the Company borrowed from its CEO, $100,000 under a non-interest bearing promissory note which matures on December 26, 2019.

On December 3, 2019, the Company borrowed from its CEO, $3,000 under a non-interest bearing promissory note which matures on December 3, 2020.

On December 6, 2019, the Company borrowed from its CEO, $30,000 under a non-interest bearing promissory note which matures on December 6, 2020.

On December 30, 2019, the Company borrowed from its CEO, $25,000 under a non-interest bearing promissory note which matures on December 30, 2020.

On January 3, 2020, the Company borrowed from its CEO, $95,000 under a non-interest bearing promissory note which matures on January 3, 2021.

On January 5, 2020, the related party exercised his option and converted his note of $100,000 into 1,000,000 shares at $0.10 per share.

On March 31, 2020, the Company borrowed from its CEO, $6,000 under a non-interest bearing promissory note which matures on December 31, 2020.

On May 4, 2020, the Company borrowed from its CEO, $2,500 under a non-interest bearing promissory note which matures on December 31, 2020.

On June 1, 2020, the Company borrowed from its CEO, $4,000 under a non-interest bearing promissory note which matures on December 31, 2020.

On June 30, 2020, the Company borrowed from its CEO, $5,000 under a non-interest bearing promissory note which matures on December 31, 2020.

NOTE 4 – PROMISSORY NOTES

On December 31, 2018, the Company borrowed an additional $15,000, with interest payable annually at 4%, maturing on December 31, 2019. This note was paid in full on January 7, 2020.

During January 2019, the Company borrowed $20,000 under a non-interest bearing promissory note which matures on December 31, 2019, this amount was converted to 13,334 shares of common stock in 2020.

On March 11, 2019, the Company borrowed $25,000 under a promissory note bearing an annual interest rate of 5% and which matures on September 11, 2019. The loan includes a warrant to purchase 12,500 common shares at a strike price of $1.25 per share. The warrant expires in 3 years. This note was paid in full on January 16, 2020.

On March 14, 2019, the Company borrowed $25,000 under a promissory note bearing an annual interest rate of 5% and which matures on September 14, 2019 and was extended until December 31, 2020. The loan includes a warrant to purchase 12,500 common shares at a strike price of $1.25 per share. The warrant expires in 3 years.

On March 29, 2019, the Company borrowed $25,000 under a promissory note bearing an annual interest rate of 5% and which matures on September 29, 2019. The loan includes a warrant to purchase 12,500 common shares at a strike price of $1.25 per share. The warrant expires in 3 years. This note was paid in full on January 21, 2020.

During the three and six months ended June 30, 2020, 37,500 warrants were valued at $51,740 and expensed as stock compensation.

NOTE 5 – INCOME TAXES

The Company’s deferred tax assets at June 30, 2020 consist of net operating loss carry forwards of $4,395,785. Using a new federal statutory tax rate of 21%, the valuation allowance balance as of June 30, 2020 total of $0. The increase in the valuation allowance balance for the six months ended June 30, 2021 of $50,489 is entirely attributable to the net operating loss.

Due to the uncertainty of their realization, no income tax benefits have been recorded by the Company for these loss carry forwards as valuation allowances have been established for any such benefits. The increase in the valuation allowance was the result of increases in the net operating losses discussed above. Therefore, the Company’s provision for income taxes is $-0- for the six months ended June 30, 2021 and 2020.

At June 30, 2021 and December 31, 2020, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. At June 30, 2021 and December 31, 2020, the Company has not recorded any provisions for accrued interest and penalties related to uncertain tax positions.

The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations.

NOTE 6 – STOCKHOLDERS’ DEFICIT

The Company is authorized to issue up to 100,000,000 shares of common stock, $0.0001 par value per share plus 5,000,000 shares of preferred stock, par value $0.0001.

On February 23, 2018, the board of directors of AVRA authorized the issuance of an aggregate of 218,000 shares of AVRA’s common stock (the “Shares”) as follows:

●

150,000 Shares at a value of $1.25 per Share, to six consultants and service providers for services rendered through December 31, 2017;

●

35,000 Shares, at a value of $1.25 per Share, to Farhan Taghizadeh, M.D., AVRA’s Chief Medical Officer, for services rendered during the period September 1, 2017 to December 31, 2017; and

●

19,500 and 13,500 Shares, at a value of $2.00 per Share, to Barry F. Cohen and A. Christian Schauer, our Chief Executive Officer and its former Chief Financial Officer, respectively, pursuant to Conversion Agreements with each of such officers, under which they converted all December 31, 2017 accrued but unpaid compensation due them under their respective employment agreements with the Company into the Shares.

On August 13, 2018 the Company sold 16,000 shares of its common stock for $20,000.

On October 4, 2018, the Board of Directors adopted the following resolutions and took the following actions by unanimous written consent in lieu of a meeting in accordance with the applicable provisions of the Florida business Corporation Act:

●

128,300 shares of restricted common stock required to be issued, to six consultants and service providers for services rendered through September 30, 2018;

●

400 shares of restricted common stock required to be issued, for services rendered through February 28, 2018;

On January 4, 2019, 115,050 Shares at a value of $1.25 per share were issued for services rendered.

On April 1, 2019, 95,050 shares at a value ranging from $1.25-$2.41 per share were issued for services rendered.

On July 1, 2019, 79,672 shares at a value ranging from $1.25-$2.76 per share were issued for services rendered

On August 28, 2019, 600,000 shares at a value ranging from $1.25-$2.00 per share were issued for services rendered.

On December 1, 2019, the Company canceled 250,000 restricted shares of the Company’s common stock that were previously issued under the Stock Award letter dated August 28, 2019.

During the first quarter of 2020, 122,200 shares at a value ranging from $.42-$2.79 per share were issued for services rendered.

During the first quarter 2021, 1,025,000 shares at a value ranging from $0.89-$1.07 per share were issued for services rendered.

During the second quarter 2021, 378,378 shares at a value ranging from $0.89-$1.02 per share were issued for services rendered.

Holders are entitled to one vote for each share of common stock. No preferred stock has been issued.

NOTE 7 – 2016 INCENTIVE STOCK PLAN

On August 1, 2016, the Company adopted the 2016 Incentive Stock Plan (the “Plan”). The Plan provides for the granting of options to employees, directors, consultants and advisors to purchase up to 3,000,000 shares of the Company’s common stock. The Board is responsible for administration of the Plan. The Board determines the term of each option, the option exercise price, the number of shares for which each option is granted and the rate at which each option is exercisable. Incentive stock options may be granted to any officer or employee at an exercise price per share of not less than the fair market value per common share on the date of the grant. On August 1, 2019, the Board increased the plan to 10,000,000 shares of common stock.

For options granted October 1, 2017, the following factors were used: volatility 45.07%; expected term of 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.25 per share.

For options granted July 1, 2018, the following factors were used: volatility 31.34%; expected term of 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.25 per share.

For options granted May 1, 2018, the following factors were used: volatility 62.16%; expected term of 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.25 per share.

On July 1, 2018 options for 75,000 shares were issued to our Counsel for services rendered totaling $21,000. These shares are vested immediately and expire on July 1, 2023. The exercise price is $1.25.

For the year ended December 31, 2019 and 2018, 210,000 and -0- options were exercised, respectively. Non-vested Options for 97,639 shares were forfeited during March 2018.

On December 1, 2019, the Company granted to its majority shareholder options to purchase 750,000 common shares of the Company at an exercise price per share will be $1.00. All shares will immediately vest, and the Option will expire five years from the date of issuance.

At December 31, 2019 and 2018 options representing 3,486,667 shares and 2,243,250 shares were vested or exercisable, respectively.

All options issued to-date expire after five years from the issue date. Except for the option for 1,750,000 shares issued to the CEO and to the Company’s counsel for 40,000 shares that vested immediately, all the options issued to date vest over three years.

Stock options are accounted for in accordance with FASB ASC Topic 718, Compensation –Stock Compensation, with option expense amortized over the vesting period based on the Black-Scholes option-pricing model fair value on the grant date, which includes a number of estimates that affect the amount of expense.

During the three months ended June 30, 2021 and 2020, $30,254 and $106,487 respectively, of expensed stock options has been recorded as stock-based compensation. During the six months ended June 30, 2021 and 2020, $67,928 and $158,964, respectively, of expensed stock options has been recorded as stock-based compensation. The total amount of unrecognized compensation cost related to non-vested options was $186,975 as of June 30, 2021. This amount will be recognized over a period of 39 months expiring September 30, 2024.

The grant date fair value of options granted during the year of 2018 and 2019 were estimated on the grant date using the Black-Scholes model with the following assumptions:

For options granted May 1, 2018, the following factors were used; volatility 62.16%; expected term of 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.25 per share.

For options granted July 1, 2018, the following factors were used; volatility 31.34%; expected term of 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.25 per share.

For options granted February 1, 2019: Volatility 50.58%, term 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $2.00 per share. For options granted April 1, 2019: Volatility 48.52%, term 3 yrs, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.25 per share.

For options granted August 1, 2019: Volatility 62.43%, term 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $2.00 per share.

For options granted October 1, 2019: Volatility 48.57%, term 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $2.00 per share.

For options granted December 1, 2019: Volatility 61.91%, term 3 years, risk-free interest rate of 2.00%, dividend yield of 0% and exercise price of $1.00 per share.

The grant date fair value of options granted during the year of 2020 were estimated on the grant date using the Black-Scholes model with the following assumptions:

For options granted March 1, 2020 the fair market value is $0.45, exercise $0.25, rate 2%, and volatility 39.73%.

No options were granted during the first six months of 2021

Option values are calculated using Black Scholes with the following inputs: expected volatilities are based on the average volatilities of six similar companies; fair market values are calculated using the implied share values of recent company financings or OTC closing prices for that day, whichever is more suitable; risk-free rate used was 2%.

NOTE 8 – COMMITMENTS

Intellectual property

Effective May 1, 2016, the Company entered into a Research Agreement (the “Research Agreement”) with the University of Central Florida (“UCF” or the “University”) for the development of a prototype surgical robotic device supporting minimal invasive surgical facial corrections.

The Agreement provides that the University will provide personnel to accomplish the objectives as stated in the Statement of Work over a period extending to September 30, 2017. Effective May 1, 2016, the research agreement with the University of Central Florida has been extended to April 30, 2021. No additional payments to the University were required.

The Company agreed to extend funding of $163,307 from AVRA’s existing funds.

In addition, AVRA has paid $43,548 for outright ownership of the University’s Intellectual Property resulting from the collaboration, which amount is shown as Intellectual Property. Management has assessed the carrying value of the asset at December 31, 2019 and has recorded an impairment loss in the amount of $43,548.

For the three and nine months ended, September 30, 2020 and 2019, $-0- had been paid under the Agreement. The balance of the amount owing to the University was fully paid on February 24, 2017 and April 7, 2017. Additionally, a $68,952 matching funds grant from the Florida High Tech Corridor Council (FHTCC) was approved on July 16, 2016 which will provide the University research funds in addition to the Company’s funding obligation to the University. The FHTCC research grant is subject to certain research obligations and action requirements which if not met may result in the loss of the FHTCC research funding. The agreement further provides for the payment of a 1% royalty to the University in any year when the sales of products using the intellectual property exceeds $20,000,000.

Employment Agreements

On July 1, 2016, the Company entered into an Employment Agreement with its Chairman and Chief Executive Officer. The agreement provides for an annual salary of $120,000 per year, increasing to $180,000 per year beginning July 2017. Through December 2016, the employee agreed to not receive the compensation in cash until the Board of Directors deemed it prudent to pay some or all of his salary. Further the Agreement provides that the employee will receive a three-year option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $0.10 per share, and becoming fully vested on August 15, 2016.

On August 1, 2016, the Company entered into a one-year Employment Agreement with its Chief Financial Officer. The agreement provides for an annual salary of $108,000 per year. Through December 2016, the employee agreed to not receive the compensation in cash until the Board of Directors deemed it prudent to pay some or all of his salary. Further the Agreement provides that the employee will receive a three-year option to purchase 210,000 shares of the Company’s common stock at an exercise price of $0.10 per share, with 70,000 shares becoming fully vested upon each yearly anniversary. The options are to be surrendered and cancelled if the Agreement is terminated. The Agreement has expired but its compensation terms continue in effect as long as the employee remains employed by the Company.

On August 1, 2016, the Company entered into a three-year Employment Agreement with its Vice President of Global Business Development. The agreement provides for an annual salary of $96,000 per year, increasing to $144,000 per year beginning July 2017. Through December 2016, the employee agreed to not receive the compensation in cash until the Board of Directors deemed it prudent to pay some or all of his salary. Further the Agreement provides that the employee will receive a three-year option to purchase 300,000 shares of the Company’s common stock at an exercise price of $0.10 per share, with 100,000 shares vested on each yearly anniversary.

Further, on July 1, 2016, the Company entered into Indemnification Agreements with the Chairman and Chief Executive Officer, and on August 1, 2016 the Chief Financial Officer and the Vice-President of Global Business Development providing for the Company to indemnify the individuals for all expenses, judgments, etc. incurred while serving in various capacities with the Company.

Commencing March 1, 2018, the Company entered into an employment agreement with its new Chief Strategy Officer whereby compensation will be determined upon sufficient funding of the Company. The Company granted a 300,000 share stock award under its 2016 Incentive Stock Plan, which vests in five equal annual installments of 60,000 shares each.

In addition, on May 1, 2018 options for 250,000 shares that vest monthly over 3 years were also issued to our Chief Strategy Officer. These options expire on May 1, 2023 and are exercisable at $1.25.

Commencing January 1, 2019, the Company entered into a consulting agreement with an IR/PR Company whereby compensation will be $1,500 per month for six months. During third quarter 2019, these services stopped. On July 1, 2019, the Company issued 36,000 restricted common shares as part of the compensation.

Effective July, 1, 2020, the Company entered into an employee agreement with its Chairman and Chief Executive Officer, for a term of 48 months. The employee’s base salary is $15,000 monthly, beginning with the July 2020 payment, which rate shall be inclusive of all claims by the employee for his services. However, employee agrees to accrue his salary from the July 1, 2020 through and including December 2020 and allows the Board of Directors to decide on whether to convert any or all accrued salary into Company restricted common shares. Beginning on the July 1, 2020, normal direct business expenses will be covered, including business class travel on flights over 5 hours. Employee will receive a $500 per month vehicle expense stipend to help mitigate the costs of the frequent travel required to visit the Orlando office and University of Central Florida from the employee’s home. Employee will also be granted an option pursuant to the Company’s Equity Incentive Plan to purchase 1,000,000 restricted shares of the Company’s common stock, with an exercise price of $0.25 per share, and a Start Date of July 1, 2020. All 1,000,000 shares will be fully vested on July 1, 2020.

Lease

The Company occupies office and laboratory space in Orlando, Florida under a lease agreement that expired on July 31, 2018. Effective August 1, 2018 and expiring July 31, 2019, the Company signed a new agreement, with monthly payments of $1,829.25 plus applicable sales tax. Effective August 1, 2019, the Company signed a year lease agreement, provides that the Company pay insurance, maintenance and taxes with a monthly lease expense of $2,454.75 plus applicable sales tax. Effective January 15, 2020, the Company amended its August 1, 2019 lease agreement reducing its monthly lease payment to $2,223 plus applicable sales tax. the Company signed a lease that was effective August 1, 2020 through July 31, 2021, which provides that the Company pay insurance, maintenance and taxes with a monthly lease expense of $1,474.17 plus applicable sales tax.

Effective January 1, 2021, the Company signed an amendment which modified the August 1, 2020 agreement, increasing the monthly lease expense to $1,964.74 plus applicable sales tax.

Either party may cancel the agreement at any time with 30 days’ notice.

NOTE 9 – OTHER MATTERS

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020.

On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES act was enacted as a response to the COVID-19 outbreak discussed above and is meant to provide companies with economic relief. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property.

NOTE 10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date that the financial statements were issued and determined that there were subsequent events requiring adjustments to or disclosure in the financial statements.

In July, 2021 several holders of stock options elected to exercise their stock options with a cashless exercise provision resulting in the issuance of 629,375 shares of common stock.

On September 22, 2021, the Company’s CEO, converted a total of $50,000 of notes payable into 384,615 shares of common stock and converted $50,000 of accrued salary into 384,615 shares of common stock.

In July, 2021 several holders of stock options elected to exercise their stock options with a cashless exercise provision resulting in the issuance of 629,375 shares of common stock.

On October 1, 2021, the Company’s CEO, converted a total of $595,000 of accrued salary into 5,950,000 shares of common stock at a price of $0.10 per share and agreed to receive 450,000 shares of common stock for $45,000 of the remaining salary due for the three months ending December 31, 2021at a price of $0.10 per share.

On October 1, 2021, a former employee now a consultant elected to convert a total of $251,500 of accrued consulting fees into 2,515,000 shares of common stock at a price of $0.10 per share, converted $161,500 of accrued salary into 1,615,000 shares of common stock at a price of $0.10 per share. and $4,500 of expenses into 45,000 shares of common stock at a price of $0.10 per share.

Between October 5, 2021 and December 8, 2021 the Company sold a total of 2,229,231 shares of common stock at prices ranging between $0.13 and $0.52 per share. The Company received proceeds of $315,200.

On October 1, 2021 the Company issued a total of 1,500,000 of stock options to consultants with an exercise price of $0.25 per option.

On October 1, 2021 the Company issued 50,000 of stock options to each of its independent Directors with an exercise price of $0.25 per option.

On October 1, 2021 the Company issued 350,000 of stock options to its Chief Medical Officer with an exercise price of $0.25 per option.

On October 1, 2021 the Company issued a total of 390,000 of stock options to Company’s CEO with an exercise price of $0.25 per option for the extension of loans.

On October 1, 2021 the Company issued a total of 174,553 shares of common stock to several consultants.

On October 1, 2021 the Company issued 25,000 shares of common stock to its Chief Medical Officer.

On July 1, 2022 the Company paid $5,000 and issued to a consultant an option for 2,520,000 common shares with an exercise price of $0.10 per share as a performance bonus and for foregoing all accrued and unpaid fees due for 2022 and for foregoing a portion of the fees due for the remaining five months of calendar year 2022. The option vested immediately.

On July 1, 2022 the Company issued to its CEO an option for 5,400,000 common shares with an exercise price of $0.10 per share as a performance bonus and for foregoing all of his 2022 salary. The option vested immediately.

On July 1, 2022 the Company issued to its Chief Medical Officer an option for 500,000 common shares with an exercise price of $0.10 per share as a performance bonus. The option vested immediately.

On July 1, 2022 the Company issued to its Chief Strategy Advisor an option for 500,000 common shares with an exercise price of $0.10 per share as a performance bonus. The option vested immediately.

On July 1, 2022 the Company issued 240,270 shares of common stock as payment in full for the accrued but unpaid fees due to its Counsel.

On July 1, 2022 the Company issued 27,250 shares of common stock to its patent attorney per their fee agreement.

On July 1, 2022 the Company issued 160,000 shares of common stock to its Chief Strategy Officer as required by his Stock Grant Award dated April 15, 2019 and his Employment Agreement dated March 1, 2018.

On July 1, 2022 the Company issued 40,000 shares of common stock to its Chief Medical Officer as required by his employment agreement dated September 15, 2020

On July 1, 2022 the Company issued a total of 569,747 shares of common stock to several consultants.

In July 2022, four investors exercised their put options obtained from the Offering dated October 26, 2020, transferred their Membership Units in Avra Air LLC back to AVRA and received 301,027 shares of the Company’s common stock in return.

On July 25, 2022 the Directors and Shareholders holding a majority of the issued and outstanding common shares of the Company adopted, by joint written consent, a resolution to increase the Company’s common stock reserved for issuance under the Company’s 2016 Incentive Stock Plan to 20,000,000.

On August 5, 2022, AVRA entered into a non-binding letter of intent with Dr. Sudhir Srivastava (“Dr. Sudhir”), Cardio Ventures Pvt. Ltd., a Bahamian private limited company of which Dr. Sudhir is the sole stockholder(“Cardio”), Otto Pvt, Ltd., a Bahamian private limited company and direct subsidiary of Cardio (“Otto”) and Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company and indirect subsidiary of Cardio (“SSI,” and together with Cardio and Otto, the “SSI Parties”) with respect to a business combination between AVRA and the SSI Parties (the “Transaction”). SSI, based in Haryana, India is engaged in the development, commercialization, manufacturing and sale of medical and surgical robotic systems utilizing patents, trademarks and other intellectual property held by Dr. Sudhir (the “SSI Intellectual Property”).

If and when the transaction is consummated, the business of the SSI Parties, including the SSI Intellectual Property will be owned by AVRA. The shareholders of the SSI Parties will own 95% of the common stock of post-transaction AVRA and the current shareholders of AVRA will own 5% of the common stock of post-transaction AVRA. In addition, there will be changes in composition of the board of directors, implementation of corporate governance policies and changes in management, all with a view to listing the common stock of AVRA on the Nasdaq Stock Market, LLC or another National Securities Exchange. In addition, AVRA will change its name to “SS Innovations, Inc.”

Consummation of the Transaction is subject to, among other matters, the negotiation and execution of definitive agreements and documentation, containing, in addition to the above terms, terms and conditions customary for agreements of this type and nature, including, without limitation, representations, warranties, and indemnities of the parties.

Consummation of the Transaction is also subject to completion of a due diligence review by each party of the other, the results of which shall be satisfactory to the reviewing parties in their sole discretion.

Given the foregoing, there can be no assurance given that the Company will be able to successfully complete the Transaction.

In connection with executing the letter of intent, we advanced the SSI Parties, the amount of $990,000 (the “Interim Financing”). The Interim Financing is evidenced by two notes, one for $100,000 and one for $1,000,000. Both are one-year Automatically Convertible Notes made in favor of the Company by Cardio, Otto and Dr Sudhir, jointly and severally (the “Cardio Notes”). Interest on the Cardio Notes shall accrue at the rate of 7% per annum, payable together with the principal amount at maturity. The Cardio Notes have an original issue discount of 10%. If the Cardio Notes are not repaid in full on or at maturity, they will automatically convert into a percentage equity interest in Cardio determined by dividing the principal amount of and accrued interest on the Cardio Notes divided by $100 million. The Cardio Notes contains customary default provisions and other typical terms and conditions.

We may make additional advances to the SSI Parties of up to an aggregate principal amount of $5,000,000 of Interim Financing, evidenced by additional Cardio Notes. These Cardio Notes will be substantially similar in form and substance to the first Cardio Notes, provided, however, that Cardio Notes issued in excess of an aggregate principal amount of $2.000,000, will have an original issue discount of 6% as opposed to 10%, and the valuation for determining conversion will be $250 million as opposed to $100 million.

In order to fund the Interim Financing, the Company offered and sold to two accredited investors, $1,000,000 and $100,000 one-year convertible promissory notes (the “Convertible Notes”). The Convertible Notes will have the same interest rate and payment terms as the Cardio Notes and otherwise be substantially similar to the Cardio Notes, provided, however, that the Convertible Notes do not have an original issue discount. Further, upon consummation of the Transaction (if and when it is consummated) the Convertible Notes will automatically convert into a number of AVRA Shares determined by dividing the principal amount of the Convertible Notes by $100 million and multiplying such number expressed as a percentage by the number of AVRA Shares issued to Dr. Sudhir and the other shareholders of the SSI Parties (if any) upon closing of the Transaction. The Company may offer and sell up to an aggregate principal amount of $5,000,000 in Convertible Notes in order to fund the Interim Financing.

The Convertible Notes were issued in a private transaction pursuant to the exemptions from registration under the Section 4(a)2 of the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations promulgated thereunder.

In August 2022 the Company sold 1,000,000 shares of common stock at a price of $0.25 per share receiving proceeds of $250,000.

In September 2022 and thru the date of this document, the Company sold 1,631,000 shares of common stock at a price of $0.25 per share receiving proceeds of $407,750.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

When used in this report, unless otherwise indicated, the terms “Avra,” “the Company,” “we,” “us” and “our” refer to Avra Medical Robotics, Inc.

Note Regarding Forward Looking Statements

This report contains forward-looking statements that reflect our current views about future events. We use the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal” or the negatives of such terms or other similar expressions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Overview

We are a medical robotics company developing a fully autonomous medical robotic system using proprietary software which integrates Artificial Intelligence (“AI”) and Deep Learning, or machine learning, (“DL”). By using an AI and DL enhanced software program, we are creating an intelligent robotic system that we believe can “robotize” a wide range of medical procedures currently being performed by human hands. We are concentrating our research and development efforts to meet rising expectations of patients and practitioners alike for the precision, safety and speed offered by an AI enhanced robotics platform system that can be combined with proven medical devices, end-effectors and surgical instruments.

We believe that progress in mechanical and software engineering has made possible lightweight and relatively inexpensive robotic devices for difficult procedures in various medical fields. Medical robots are already being successfully employed in several areas of surgery, including Urology (Prostate), Colo-Rectal, Gynecology, Thoracic, General Surgery, Orthopedics, and Neuro and Spine Surgery. Robots are also being used for Telemedicine and assistive robotic methods are addressing the delivery of healthcare in inaccessible locations, ranging from rural areas lacking specialist expertise to post-disaster scenarios, and battlefield areas. With the aging population dominating demographics in the U.S. across all spectrums of healthcare, robotic technologies are being developed toward promoting improved function, lower morbidity and improved overall outcomes.

We are developing a treatment-independent autonomous robotics system utilizing our proprietary AI-driven precision guidance system, applicable to a variety of minimally and non-invasive procedures, with an initial focus on skin resurfacing aesthetic procedures utilizing several FDA approved skin enhancing techniques robotized for superior performance and optimal results. Our medical robotic system is being developed to deliver skin resurfacing treatments, such as micro-needling and laser therapies with improved efficiency, accuracy and precision over current procedures conducted by human hand, and only requiring the doctor to input or just confirm treatment parameters. As a result, use of our medical robotic system is expected to provide improved quality and safety as well as improve patient throughput and workflow.

Our autonomous medical robotics system is being developed to be compatible with available FDA approved surgical tools and end-effectors, enabling us to initially penetrate a sizable and fast-growing aesthetics market, which includes micro-needling and laser solutions. Our robotics system will allow doctors, and anyone permitted to treat patients, defined at the State level, such as a licensed aesthetician, to treat damaged skin autonomously by delivering, for example, micro-needling to the skin. The micro-needling catalyzes the natural process of collagen remodeling, consisting of formation of new collagen, elastin, and vascularization in the papillary dermis, similar to the effect of laser treatments.

We expect our robotic system to eliminate many of the common errors that occur during handheld procedures, such as over- or under- exposure of the needles or energy-based instruments that can have terrible cosmetic results and even injure the patient. In addition, our system is being designed to continuously adjust treatment parameters, such as penetration depth, time, and energy in order to individualize the outcome based on our algorithms.

Our robotic system has been designed and developed through a seamless collaboration of the surgeon, the engineer and the scientist. Since the medical robotic industry has progressed greatly in miniaturization, adaptability and lower costs, we believe that the Avra “brains” technology component can lead to dramatic opportunities in all of medicine.

The advantages of robotizing already FDA approved aesthetic devices are many. In contrast to a human using a handheld device, our aesthetics robotic system has the potential to perform each and every procedure with unsurpassed precision without constraint of age, proficiency, experience or fatigue. Likewise, in many skin related treatments the amount of energy delivered, distance and/or depth of the instrument to, or into, the skin, and treating only the affected area are critical to the outcome. The robotic system can maintain these parameters with unparalleled accuracy. The system can also replicate the same procedure time and again precisely. Delivery of certain aesthetic treatments by robotic systems is believed to be the most efficient option, requiring fewer visits per patient while increasing patient throughput — a benefit for patients and practitioners alike.

Advantages of using our medical robotic approach to procedures include:

●

Reduced cost per treatment.

●

Better treatment accuracy.

●

Better treatment outcomes.

●

Increased patient throughput and revenue generation for the physician.

●

Easier multi-platform integration.

●

Addresses shortfall of physicians/surgeons.

●

Easier future integration of medical and technological advancements such as molecular biologics.

We believe that our initial medical robotic system for the aesthetics market should find rapid acceptance based on the aforementioned advantages of using the attribute of robotics versus traditional manual applications. Furthermore, there is general acceptance by consumers for fee-for-service cash payments in the facial aesthetics market thereby avoiding medical insurance reimbursement issues.

Our medical robotic system utilizes a robotic arm that has 7-degrees of freedom integrated with our proprietary AI-driven control software and algorithms. The robotic arm was designed and built under the required medical device standards of the U.S. Food and Drug Administration (the “FDA”). Our strategy is to integrate the robotic arm with FDA approved devices, which is expected to allow for a more expedited approval of the integrated system. We believe that the FDA approval process will primarily focus upon validation of the medical robotic system’s software control. This could lead to a less onerous, more de-risked regulatory path to approval, particularly if strong preclinical results are achieved. Subsequent to the completion of the FDA preclinical work, estimated to take six months, we believe that we will be able to additionally modify and robotize certain non-invasive instruments that do not require FDA approvals and proceed to the cosmetic treatments marketplace. This action could sharply reduce the time to commercial operations and revenues.

We previously retained the services of The Horizon Phoenix Group (“HPG”), a consulting firm experienced in securing U.S. and foreign regulatory approvals for medical devices, in order to initiate the regulatory process. Working with HPG, we prepared and filed an application with the FDA for our initial medical robotic system and in August 2019 held an initial pre-collaboration meeting with the FDA. We believe that this is the first of a series of meetings where the Avra system and its regulatory requirements will be discussed in ever-increasing specificity. This should allow for a more focused regulatory process, saving both resources and time. The robotic arm that we intend to utilize for our system has already been granted approval in the EU and received a CE mark. We have begun implementing a quality and regulatory system that will serve as the foundation for U.S., Canadian, European, Australian, Japanese, and Brazilian market access for our medical robotic system. The Medical Device Single Audit Program(“MDSAP”), which we plan to employ, is a single inspection that, when completed, is expected to support market access to these six most important medical device marketplaces.

Since 2016, we had a research partnership with the University of Central Florida (“UCF”) to develop a prototype intelligent medical robotic system. UCF is recognized particularly for its work in the area of medical robotic research and design, with a focus on the guidance systems. Avra has paid UCF a one-time fee for outright ownership of work developed by UCF in the collaboration. The Research Agreement was extended several times and expired on April 30, 2021. To further the depth of our research and development we also began a partnership in 2021 with Florida Polytechnic University and are actively working with them on developing our system. Avra recently brought in two Associate Professors and a graduate to join Avra’s engineering development team. Effective October 11^th, 2021 Avra executed a Sponsored Student Project Agreement which included two payments of $8,030 each covering Fall semester in 2021 and Spring semester in 2022.

On September 10, 2019, we entered into a collaborative research and development agreement with Infinite Mind, LLC, now known as Avra Air, LLC (“Avra Air”). Avra Air is in the business of developing computerized systems for robot operation and automation employing software and AI for applications in various industries and has more recently expanded to the development of air sanitizing devices to help address such pathogens as COVID-19. Our CEO is also an owner of Avra Air. Avra Air, with the use of Avra’s facilities and cooperation of Avra personnel, will seek to develop software and AI systems for robots that are relevant to the field of medical treatment or diagnostics. As part of the collaboration, Avra Air has granted Avra an exclusive, worldwide, full paid-up, perpetual, royalty-free license to commercialize any technology (including any patents) developed by Avra Air individually or jointly with Avra during the term of the agreement as well as existing technology of AVRA AIR in the field of medical robotics. This license survives termination of the agreement.

On November 6, 2020, AVRA made an investment of $210,000 in Avra Air which was made with $40,000 in cash and the balance by the issuance to Avra Air of 472,222 restricted shares of our common stock valued at $0.36 per share. In exchange for the investment. Avra received (a) a 49.8% limited liability company membership interest in Avra Air; and (b) the remaining 50% of a vehicular air sterilization provisional patent that Avra did not yet control. In addition, Avra also agreed to pay Avra Air a royalty payment of $1.50 per vehicular air sterilization kit for two years from the date that a first kit that uses the patent is sold. On December 22, 2020, the Company issued 472,222 shares of its common stock towards the acquisition of its interest in Avra Air. Avra Air has recently built a prototype portable air de-contaminant system which it plans to market soon.

Our senior leadership team and advisory boards have broad and deep experience in clinical practice, medical research, innovation and development in the medical robotics field. We believe that our team, which has been active in the medical robotics field for many years, brings the necessary skills and experience to develop and commercialize intelligent medical robotic systems, as well as in marketing, supply chain management, and the implementation of all other aspects of our planned business operations.

We believe we can rapidly develop and commercialize its initial medical robotic system in the aesthetic skin resurfacing market because of the following advantages and progress made to date, including:

●

Our team is experienced in medical robotic engineering.

●

We are working in conjunction with preeminent physicians, engineers and scientific institutions.

●

We have substantially completed the design phase and are ready to complete a final, integrated prototype for the regulatory approval process which has been initiated.

●

Our robotic arm was built under the required medical device standards of the FDA and has already received a CE Mark in Europe.

●

Our strategy is to integrate the robotic arm with FDA approved devices for skin resurfacing, which we anticipate will allow for a more expedited regulatory approval, with the FDA approval process primarily focused upon validation of the medical robotic system’s software control. We held a pre-collaboration meeting with the FDA in August 2019, which should allow us to better focus on only the meaningful required activities, saving both resources and time.

●

We have begun implementing a quality and regulatory system that will serve as the foundation for U.S., Canadian, European, Australian, Japanese, and Brazilian market access for AVRA’s medical robotic system. MDSAP, which we plan to employ, is a single inspection that, when completed, is expected to support market access to the six most important medical device marketplaces.

●

We believe that our treatment-independent medical robotics platform system will be compatible with currently and yet to be approved end-effectors and/or surgical tools enabling rapid entry into the skin resurfacing and other markets with new and improved devices.

Results of Operations

Introduction

The financial statements appearing elsewhere in this report have been prepared assuming the Company will continue as a going concern. The Company was recently formed and has not established sufficient operations or revenues to sustain the Company. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The following table provides selected balance sheet data for our Company at June 30, 2021 (unaudited) and December 31, 2020:

Balance Sheet Data:	As of			As of
	June 30,			December 31,
	2021			2020

Cash	$	307,565		$	160,709
Total Assets	$	440,038		$	317,870
Total Liabilities	$	1,297,971		$	1,186,919
Total Stockholders’ Deficit	$	(857,933	)	$	(869,049	)

To date, the Company has relied on debt and equity raised in private offerings and shareholder loans to finance operations and no other sources of capital has been identified. If we experience a shortfall in operating capital, we could be faced with having to limit our research and development activities.

Three months ended June 30, 2021, as compared to three months ended June 30, 2020

Revenues. We had no revenues during either the three months ended June 30, 2021 or the three months ended June 30, 2020.

Research and Development Expenses. Research and development expenses during the three months ended June 30, 2021 and June 30, 2020 were $1,000 and 0.

General and Administrative Expenses. We incurred $85,316 and $68,501 in general and administrative expenses during the three months ended June 30, 2021 and June 30, 2020, respectively. General and administrative expenses include legal and other professional expenses related to the Company’s filings as a public company with the Securities and Exchange Commission (the “SEC”).

Compensation Expense. We had compensation expense of $326,035 and $151,487 during three months ended June 30, 2021 and June 30, 2020, respectively. This include compensation for the management staff and stock-based compensation expense related to the Company’s 2016 Stock Incentive Plan.

Other Income/Expenses. We have $38 interest earned in three months ended June 2021 as compare to $313 of interest expenses during the three months ended June 30, 2020.

Net Loss. We incurred a net loss of $412,314 for the three months ended June 30, 2021, as compared to a net loss of $220,301 for the three months ended June 30, 2020. The decrease in net loss from the 2020 quarter to the 2021 quarter is in large part due to increase in stock-based compensation expense.

Six months ended June 30, 2021, as compared to six months ended June 30, 2020

Revenues. We had no revenues during either the six months ended June 30, 2021 or the six months ended June 30, 2020.

Research and Development Expenses. Research and development expenses during the six months ended June 30, 2021 were $1,000, as compared to $2,000 for the six months ended June 30, 2020. Research and development expenses reflect continuing development work on the Company’s prototype robotic system at its facilities at UCF’s incubator in Orlando, Florida.

General and Administrative Expenses. We incurred $165,794 and $149,227 in general and administrative expenses during the six months ended June 30, 2021 and June 30, 2020, respectively. General and administrative expenses include legal and other professional expenses related to the Company’s filings as a public company with the Securities and Exchange Commission (the “SEC”).

Compensation Expense. We had compensation expense of $545,636 and $375,432 during the six months ended June 30, 2021 and June 30, 2020, respectively. This includes compensation for the management staff and stock-based compensation expenses related to the Company’s 2016 Stock Incentive Plan.

Other Income/Expenses. We have $60 interest earned in six months ended June 2021 as compare to $657 of interest expenses during the six months ended June 30, 2020.

Net Loss. We incurred a net loss of $712,369 for the six months ended June 30, 2021, as compared to a net loss of $527,316 for the six months ended June 30, 2020. The decrease in net loss from the 2020 period to the 2021 period is in large part due to decreases in stock-based compensation expense.

Liquidity and Capital Resources

The Company expects to require substantial funds for research and development, to continue to develop, secure marketing approval for and ultimately manufacture and market its initial medical robotic system. Until the Company is able to generate revenues from the sale of its initial medical robotic system, it expects to meet its operating cash flow requirements from the net proceeds of this Offering and if necessary, from future public or private sales of its securities and, if possible, on favorable terms, by entering into development partnerships to assist the Company with its technology development activities.

During the period from inception (February 4, 2015) through June 30, 2021, the Company raised (a) $1,900 from an initial private offering of its common stock in February 2017; (b) $480,000 from the private offering of the convertible notes completed in June 2017; (c) $135,000 from a private offering of 135,000 shares of common stock at a price of $1.00 per share completed in February 2017; (d) $542,260 from a private offering of 433,808 shares of stock in a private offering at a price of $1.25 per share completed in September 2017; and (e) $20,000 from the private sale of 16,000 shares of our common stock at a price of $1.25 per share in August 2018.

In March 2019, the Company sold 7.5 Units in a private offering of ten (10) units (“Units”), each Unit consisting of a $10,000 principal amount six-month promissory note bearing interest at the rate of 5% per annum and a three-year warrant to purchase 5,000 shares of common stock at an exercise price of $1.25 per share.

In addition to the foregoing, from December 2018 thru June 2021, the Company obtained fourteen loans from Barry F. Cohen, our Chief Executive Officer totaling $468,500. The loans were due 12 months from funding date and did not bear interest. With the exception of two loans totaling $145,000, all of these loans were subsequently repaid in full via conversions into restricted company shares or Units including one loan for $100,000 which was used to exercise a stock option for 1,000,000 shares held by Mr. Cohen.

While we have been successful in raising funds to fund our operations since inception and we believe that we will be successful in obtaining the necessary financing to fund our operations going forward, we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, if the efforts noted above are not successful, it would raise substantial doubt about the Company’s ability to continue as a going concern. If we cannot obtain financing, then we may be forced to further curtail our operations or consider other strategic alternatives. Even if we are successful in raising the additional financing, there is no assurance regarding the terms of any additional investment and any such investment or other strategic alternative would likely substantially dilute our current shareholders.

Critical Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates included deferred revenue, costs incurred related to deferred revenue, the useful lives of property and equipment and the useful lives of intangible assets.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740.

ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3. Quantitative Disclosures About Market Risks.

As a “smaller reporting company,” we are not required to provide the information required by this Item.

Item 4. Controls and Procedures.

Our Chief Executive Officer and Acting Chief Financial Officer, as our principal executive, financial and accounting Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of June 30, 2020, to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC, including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Acting Chief Financial Officer, as our principal executive, financial and accounting officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Chief Executive Officer and Acting Chief Financial Officer, as our principal executive, financial and accounting officer, has concluded that as of June 30, 2021, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses identified and described in Item 9A(b) of our Annual Report on Form 10-K for the year ended December 31, 2020.

Our Chief Executive Officer and Acting Chief Financial Officer, as our principal executive, financial and accounting officer, does not expect that our disclosure controls or internal controls will prevent all error and all fraud. Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives and our principal executive officer has determined that our disclosure controls and procedures are effective at doing so, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented if there exists in an individual a desire to do so. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Controls Over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Not Applicable.

Item 1A. Risk Factors.

As a “smaller reporting company,” we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.		Description of Exhibit

31.1		Section 302 Certification

32.1		Section 906 Certification

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AVRA MEDICAL ROBOTICS, INC.

Dated: November 3, 2022	By:	/s/ Barry F. Cohen
		Barry F. Cohen, Chief Executive Officer and Acting Chief Financial Officer
		(Principal Executive, Financial and Accounting Officer)

0.01 0.02 0.02 0.03 21427546 22984643 26636454 26986656 181136 181142 110000 156070 165861 165861 false --12-31 Q2 0001676163 No 0001676163 2021-01-01 2021-06-30 0001676163 2022-11-01 0001676163 2021-06-30 0001676163 2020-12-31 0001676163 2021-04-01 2021-06-30 0001676163 2020-04-01 2020-06-30 0001676163 2020-01-01 2020-06-30 0001676163 us-gaap:CommonStockMember 2020-12-31 0001676163 avmr:CommonStockToBeIssuedMember 2020-12-31 0001676163 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001676163 us-gaap:RetainedEarningsMember 2020-12-31 0001676163 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001676163 avmr:CommonStockToBeIssuedMember 2021-01-01 2021-03-31 0001676163 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001676163 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001676163 2021-01-01 2021-03-31 0001676163 us-gaap:CommonStockMember 2021-03-31 0001676163 avmr:CommonStockToBeIssuedMember 2021-03-31 0001676163 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001676163 us-gaap:RetainedEarningsMember 2021-03-31 0001676163 2021-03-31 0001676163 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001676163 avmr:CommonStockToBeIssuedMember 2021-04-01 2021-06-30 0001676163 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001676163 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001676163 us-gaap:CommonStockMember 2021-06-30 0001676163 avmr:CommonStockToBeIssuedMember 2021-06-30 0001676163 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001676163 us-gaap:RetainedEarningsMember 2021-06-30 0001676163 us-gaap:CommonStockMember 2019-12-31 0001676163 avmr:CommonStockToBeIssuedMember 2019-12-31 0001676163 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001676163 us-gaap:RetainedEarningsMember 2019-12-31 0001676163 2019-12-31 0001676163 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001676163 avmr:CommonStockToBeIssuedMember 2020-01-01 2020-03-31 0001676163 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001676163 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001676163 2020-01-01 2020-03-31 0001676163 us-gaap:CommonStockMember 2020-03-31 0001676163 avmr:CommonStockToBeIssuedMember 2020-03-31 0001676163 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001676163 us-gaap:RetainedEarningsMember 2020-03-31 0001676163 2020-03-31 0001676163 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001676163 avmr:CommonStockToBeIssuedMember 2020-04-01 2020-06-30 0001676163 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001676163 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001676163 us-gaap:CommonStockMember 2020-06-30 0001676163 avmr:CommonStockToBeIssuedMember 2020-06-30 0001676163 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001676163 us-gaap:RetainedEarningsMember 2020-06-30 0001676163 2020-06-30 0001676163 avmr:PromissoryNoteMember 2018-12-31 0001676163 avmr:PromissoryNoteMember 2018-01-01 2018-12-31 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-02-06 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-02-01 2019-02-06 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-05-08 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-05-01 2019-05-08 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-05-29 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-05-01 2019-05-29 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-06-26 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-06-01 2019-06-26 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-07-19 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-07-01 2019-07-19 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-10-11 0001676163 2019-10-01 2019-10-11 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-11-14 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-11-01 2019-11-14 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-03-01 0001676163 2020-02-25 2020-03-01 0001676163 2020-03-01 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-08-26 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-08-01 2019-08-26 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-12-03 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-12-01 2019-12-03 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-12-06 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-12-01 2019-12-06 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-12-30 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2019-12-01 2019-12-30 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-01-03 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-01-01 2020-01-03 0001676163 2020-01-05 0001676163 2020-01-01 2020-01-05 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-03-31 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-03-05 2020-03-31 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-05-04 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-05-01 2020-05-04 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-06-01 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-06-01 2020-06-01 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-06-30 0001676163 srt:ChiefExecutiveOfficerMember avmr:PromissoryNoteMember 2020-06-01 2020-06-30 0001676163 2018-01-01 2018-12-31 0001676163 avmr:PromissoryNoteMember 2019-01-31 0001676163 2019-01-01 2019-01-31 0001676163 avmr:PromissoryNoteMember 2020-01-01 2020-12-31 0001676163 avmr:PromissoryNoteMember 2019-03-11 0001676163 avmr:PromissoryNoteMember 2019-03-01 2019-03-11 0001676163 2019-03-01 2019-03-11 0001676163 avmr:PromissoryNoteMember 2019-03-14 0001676163 avmr:PromissoryNoteMember 2019-03-01 2019-03-14 0001676163 2019-03-01 2019-03-14 0001676163 avmr:PromissoryNoteMember 2019-03-29 0001676163 avmr:PromissoryNoteMember 2019-03-01 2019-03-29 0001676163 2019-03-01 2019-03-29 0001676163 2018-02-23 0001676163 avmr:ConsultantMember 2017-12-01 2017-12-31 0001676163 avmr:ConsultantsMember 2017-12-31 0001676163 avmr:ChiefMedicalOfficerMember 2017-09-01 2017-12-31 0001676163 avmr:ChiefMedicalOfficerMember 2017-12-31 0001676163 avmr:BarryFCohenMember 2017-12-01 2017-12-31 0001676163 avmr:AChristianSchauerMember 2017-12-01 2017-12-31 0001676163 2017-12-31 0001676163 2018-08-13 2018-08-13 0001676163 avmr:ConsultantsMember 2018-09-01 2018-09-30 0001676163 2018-02-28 2018-02-28 0001676163 2019-01-01 2019-01-04 0001676163 2019-01-04 0001676163 2019-03-28 2019-04-01 0001676163 srt:MinimumMember 2019-04-01 0001676163 srt:MaximumMember 2019-04-01 0001676163 2019-06-28 2019-07-02 0001676163 srt:MinimumMember 2019-07-02 0001676163 srt:MaximumMember 2019-07-02 0001676163 2019-08-01 2019-08-28 0001676163 srt:MinimumMember 2019-08-28 0001676163 srt:MaximumMember 2019-08-28 0001676163 2019-12-01 2019-12-01 0001676163 srt:MinimumMember 2020-03-31 0001676163 srt:MaximumMember 2020-03-31 0001676163 srt:MinimumMember 2021-03-31 0001676163 srt:MaximumMember 2021-03-31 0001676163 srt:MinimumMember 2021-06-30 0001676163 srt:MaximumMember 2021-06-30 0001676163 us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001676163 avmr:StockPlan2016Member 2016-08-01 0001676163 avmr:StockPlan2016Member 2019-08-01 0001676163 avmr:StockPlan2016Member 2017-10-01 2017-10-01 0001676163 avmr:StockPlan2016Member 2017-10-01 0001676163 avmr:StockPlan2016Member 2018-07-01 2018-07-01 0001676163 avmr:StockPlan2016Member 2018-07-01 0001676163 avmr:StockPlan2016Member 2018-05-01 2018-05-01 0001676163 avmr:StockPlan2016Member 2018-05-01 0001676163 avmr:StockPlan2016Member avmr:CounselForServicesMember 2018-07-01 0001676163 avmr:StockPlan2016Member 2019-01-01 2019-12-31 0001676163 avmr:StockPlan2016Member 2018-01-01 2018-12-31 0001676163 avmr:StockPlan2016Member 2018-03-31 2018-03-31 0001676163 avmr:StockPlan2016Member 2019-12-01 2019-12-01 0001676163 avmr:StockPlan2016Member 2021-01-01 2021-06-30 0001676163 avmr:StockPlan2016Member 2021-06-30 0001676163 us-gaap:StockOptionMember avmr:StockPlan2016Member 2018-05-01 2018-05-01 0001676163 us-gaap:StockOptionMember avmr:StockPlan2016Member 2018-05-01 0001676163 us-gaap:StockOptionMember avmr:StockPlan2016Member 2018-07-01 2018-07-01 0001676163 us-gaap:StockOptionMember avmr:StockPlan2016Member 2018-07-01 0001676163 avmr:StockPlan2016Member 2019-02-01 2019-02-01 0001676163 avmr:StockPlan2016Member 2019-04-01 2019-04-01 0001676163 avmr:StockPlan2016Member 2019-02-01 0001676163 avmr:StockPlan2016Member 2019-04-01 0001676163 avmr:StockPlan2016Member 2019-08-01 2019-08-01 0001676163 avmr:StockPlan2016Member 2019-10-01 2019-10-01 0001676163 avmr:StockPlan2016Member 2019-10-01 0001676163 avmr:StockPlan2016Member 2019-12-01 0001676163 avmr:StockPlan2016Member 2020-03-01 0001676163 avmr:StockPlan2016Member 2020-03-01 2020-03-01 0001676163 us-gaap:IntellectualPropertyMember 2021-06-30 0001676163 us-gaap:IntellectualPropertyMember 2019-01-01 2019-12-31 0001676163 2020-07-01 2020-09-30 0001676163 2020-01-01 2020-09-30 0001676163 2019-07-01 2019-09-30 0001676163 2019-01-01 2019-09-30 0001676163 us-gaap:IntellectualPropertyMember 2016-07-02 2016-07-16 0001676163 us-gaap:IntellectualPropertyMember 2021-01-01 2021-06-30 0001676163 srt:ChiefExecutiveOfficerMember 2016-06-25 2016-07-01 0001676163 srt:ChiefFinancialOfficerMember 2016-07-25 2016-08-01 0001676163 2016-07-25 2016-08-01 0001676163 avmr:EmploymentAgreementsMember 2018-02-25 2018-03-01 0001676163 avmr:EmploymentAgreementsMember 2018-05-01 0001676163 avmr:EmploymentAgreementsMember 2018-04-25 2018-05-01 0001676163 avmr:EmploymentAgreementsMember 2019-01-01 2019-01-01 0001676163 avmr:EmploymentAgreementsMember 2019-07-01 2019-07-01 0001676163 2020-07-01 2020-07-01 0001676163 srt:ChiefExecutiveOfficerMember 2020-07-01 2020-07-01 0001676163 2018-08-01 2018-08-01 0001676163 2019-08-01 2019-08-01 0001676163 2020-01-01 2020-01-15 0001676163 2021-07-03 2021-07-31 0001676163 2020-12-02 2021-01-02 0001676163 us-gaap:SubsequentEventMember 2021-07-31 0001676163 srt:ScenarioForecastMember srt:ChiefExecutiveOfficerMember 2021-09-22 0001676163 srt:ScenarioForecastMember srt:ChiefExecutiveOfficerMember 2021-09-01 2021-09-22 0001676163 us-gaap:CommonStockMember us-gaap:SubsequentEventMember 2021-07-31 0001676163 srt:ScenarioForecastMember srt:ChiefExecutiveOfficerMember us-gaap:CommonStockMember 2021-09-22 0001676163 srt:ScenarioForecastMember srt:ChiefExecutiveOfficerMember us-gaap:CommonStockMember 2021-09-01 2021-09-22 0001676163 srt:ChiefExecutiveOfficerMember us-gaap:CommonStockMember srt:ScenarioForecastMember 2021-09-01 2021-09-22 0001676163 srt:ScenarioForecastMember 2021-10-01 2021-10-01 0001676163 srt:ScenarioForecastMember avmr:ConsultantsMember 2021-10-01 0001676163 srt:ScenarioForecastMember avmr:ConsultantsMember us-gaap:CommonStockMember 2021-10-01 0001676163 srt:ScenarioForecastMember 2021-10-01 0001676163 srt:ScenarioForecastMember 2021-10-05 2021-12-08 0001676163 srt:MinimumMember srt:ScenarioForecastMember 2021-12-08 0001676163 srt:MaximumMember srt:ScenarioForecastMember 2021-12-08 0001676163 srt:ScenarioForecastMember srt:DirectorMember 2021-10-01 2021-10-01 0001676163 srt:ScenarioForecastMember avmr:ChiefMedicalOfficerMember 2021-10-01 2021-10-01 0001676163 srt:ScenarioForecastMember srt:ChiefExecutiveOfficerMember 2021-10-01 2021-10-01 0001676163 srt:ScenarioForecastMember us-gaap:CommonStockMember 2021-10-01 0001676163 srt:ScenarioForecastMember avmr:ChiefMedicalOfficerMember 2021-10-01 0001676163 srt:ScenarioForecastMember 2022-07-01 2022-07-01 0001676163 srt:ScenarioForecastMember avmr:ConsultantsMember 2022-07-01 0001676163 srt:ScenarioForecastMember 2022-07-01 0001676163 srt:ScenarioForecastMember srt:ChiefExecutiveOfficerMember 2022-07-01 0001676163 srt:ScenarioForecastMember avmr:ChiefMedicalOfficersMember 2022-07-01 0001676163 srt:ScenarioForecastMember avmr:ChiefStrategyOfficerMember 2022-07-01 0001676163 srt:ScenarioForecastMember avmr:CounselMember 2022-07-01 0001676163 srt:ScenarioForecastMember avmr:PatentAttorneyMember 2022-07-01 0001676163 srt:ScenarioForecastMember srt:OfficerMember 2022-07-01 0001676163 srt:ScenarioForecastMember avmr:ConsultantMember 2022-07-01 0001676163 srt:ScenarioForecastMember 2022-07-01 2022-07-31 0001676163 srt:ScenarioForecastMember avmr:AvraAirLLCMember 2022-07-31 0001676163 srt:ScenarioForecastMember avmr:IncentiveStockPlanMember 2022-07-25 0001676163 avmr:SSIPartiesMember 2021-06-30 0001676163 avmr:SSIPartiesMember avmr:AVRAMedicalRoboticsIncMember 2021-06-30 0001676163 avmr:SSIPartiesMember 2021-01-01 2021-06-30 0001676163 avmr:SSIPartiesMember avmr:NoteOneMember 2021-06-30 0001676163 srt:ScenarioForecastMember 2022-08-31 0001676163 srt:ScenarioForecastMember 2022-09-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure

AVRA Medical Robotics (PK) (USOTC:AVMR)
Historical Stock Chart
From Mar 2024 to Apr 2024