Business context and reporting period
Filing identity mismatch: The request names SS Innovations International, Inc., but the supplied Form 10-K is for AVRA Medical Robotics, Inc. This is an annual report for the fiscal year ended December 31, 2019—not a standalone fourth-quarter report. It was signed and filed in February 2022.
AVRA was a development-stage medical robotics company with no product revenue. It was developing an AI-guided robotic platform, initially aimed at skin-resurfacing procedures such as microneedling and laser treatment. The company described its system as under development; commercial readiness and regulatory clearance were not established in this filing.
Financial results and position
| Metric | 2019 | 2018 |
|---|---|---|
| Revenue | $0 | $0 |
| Research and development expense | $60,874 | $27,125 |
| Compensation expense | $2,509,792 | $529,068 |
| General and administrative expense | $752,018 | $404,188 |
| Net loss | $3,385,973 | $960,322 |
| Basic and diluted loss per share | $0.16 | $0.05 |
| Net cash used in operating activities | $424,105 | $443,288 |
| Cash at year-end | $28,474 | $35,716 |
| Total assets | $132,524 | $145,434 |
| Total liabilities | $1,195,782 | $368,471 |
| Stockholders’ deficit | $1,063,258 | $223,037 |
Gross margin is not applicable because the company reported no revenue. Cash flow from operations remained negative. Current liabilities exceeded current assets substantially: current assets were $34,764 at year-end 2019, versus current liabilities of $1,195,782. The filing reports no off-balance-sheet arrangements material to investors.
Changes versus 2018
- Net loss increased by approximately $2.43 million, primarily alongside higher compensation expense; the filing also reports substantial stock-based compensation and stock issued for services.
- Research and development expense more than doubled, while general and administrative expense increased. The company attributed increased spending to development work.
- Liabilities rose by approximately $827,000 and the stockholders’ deficit widened materially, while cash declined by $7,242.
- A $43,548 impairment charge eliminated the carrying value of the company’s UCF-related intellectual property asset.
Outlook, risks and unusual items
- Going concern: The auditor and management identified substantial doubt about AVRA’s ability to continue as a going concern. The company had no established revenue base, limited cash, significant losses and no committed future financing. Management expected to seek equity or debt funding and possible development partnerships; financing was not assured and could dilute shareholders or require curtailed operations.
- Development and regulatory uncertainty: AVRA described planned preclinical, software validation, proof-of-concept and potential clinical testing, and anticipated pursuing FDA and other market clearances. Its projected timing was conditional on funding, FDA discussions and review; the filing does not report that the proposed system had received FDA clearance.
- Funding and related parties: The company relied on private financings and loans from CEO Barry Cohen. It reported $367,500 in related-party notes payable at year-end 2019 and $90,000 in other promissory notes. Several CEO loans were later extended or converted into shares, as described in subsequent-event disclosures.
- Controls and reporting: Management concluded disclosure controls were ineffective, citing material weaknesses in written control documentation and segregation of accounting duties. Remediation depended on resources becoming available. The filing also explains that periodic reporting had been interrupted after the prior auditor’s principal died and the firm ceased operations; the stock moved to the OTC Expert Market in September 2021.
- COVID-19: The filing said the pandemic’s effects on the company’s financial condition, liquidity and operations could not be estimated at the time.
- Other items: The 2019 statements received an unqualified audit opinion, with a separate going-concern emphasis. AVRA disclosed no pending or threatened legal proceedings. It did not pay dividends and did not expect to do so in the foreseeable future.
Most important facts for investors to verify
- Confirm the intended issuer: this filing is for AVRA Medical Robotics, Inc., not SS Innovations International, Inc.
- Review the audited financial statements and notes for the composition, maturity and subsequent settlement or conversion of liabilities, especially CEO-related debt.
- Verify current cash, financing availability, operating status and whether the going-concern uncertainty has been resolved since the 2019 reporting date.
- Confirm the current development stage and regulatory status of the robotic system, including any FDA submissions, clearances, testing results or commercial sales.
- Assess dilution risk from stock awards, options, warrants, related-party conversions and future fundraising; the filing’s 2022 share count is not the 2019 year-end count.
- Review remediation of the disclosed material weaknesses and the company’s subsequent SEC filing and trading status.