Avant Technologies Inc. (formerly Trend Innovations Holding Inc.) reported significant financial challenges in its latest 10-Q filing for the period ending September 30, 2024. The company did not generate any revenue during the three and six months ended September 30, 2024, mirroring the same period in the previous year. Total operating expenses for the three months increased to $623,046 from $388,328 in 2023, primarily due to higher consulting service costs. For the six months, operating expenses rose to $1,140,340 from $799,850 in the prior year.

The net loss for the three months ended September 30, 2024, was $623,046, compared to a loss of $399,621 in the same period of 2023. For the six months, the net loss increased to $1,151,889 from $811,143 in the previous year. The company’s total assets decreased to $181,033 from $322,014 as of March 31, 2024, while total liabilities rose to $1,994,499, leading to a stockholders’ deficit of $1,813,466, up from $1,466,566.

Cash and cash equivalents improved to $1,772 as of September 30, 2024, from $281 at the end of March 2024. However, the company reported substantial cash used in operating activities of $838,757 for the six months, compared to $480,127 in the same period of 2023. Financing activities generated $840,248, indicating reliance on external funding to sustain operations.

Strategically, Avant Technologies has been active in acquisitions, having acquired Avant! AI, InstantFAME, and technology assets from Wired4Health, Inc. These acquisitions are aimed at enhancing its capabilities in artificial intelligence and IT consulting services. The company has also undergone significant management changes, including the appointment of Chris Winter as CEO in November 2024, following the termination of Kenneth L. Waggoner.

The company faces ongoing challenges, including a substantial accumulated deficit of $4,128,284 and a need for additional capital estimated at $10 million to fully implement its business plan. Management has expressed concerns about the company's ability to continue as a going concern, emphasizing the necessity for further investment to cover operating expenses. The stock is traded on the OTC QB under the symbol AVAI, with limited market activity affecting liquidity and valuation.