UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly
period ended
or
Commission file
number:
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices)
(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 | ||
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.)
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 | ☐ |
| ☒ | 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
When used in this report, unless otherwise indicated, the terms “SSII,” “the Company,” “we,” “us” and “our” refer to SS Innovations International, Inc. f/k/a Avra Medical Robotics, Inc.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein particularly in view of the current state of our operations, the inclusion of such information should not be regarded as a statement by us or any other person that our objectives and plans will be achieved. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the factors set forth under the heading “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” in this report and under the headings “Item 1. Business” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”). We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
EXPLANATORY NOTE
On April 14, 2023, a wholly owned subsidiary of the Company merged with CardioVentures, Inc., a Delaware corporation(“CardioVentures”), which is the indirect parent of Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company engaged in the business of developing innovative surgical robotic technologies. As a result of such transaction, a “change in control” of the Company took place. In addition, among other matters, the Company changed its name to “SS Innovations International, Inc.” and implemented a one for ten reverse stock split. The financial statements, financial information and share and per share information contained in this report reflect the operations of both the Company and Cardio Ventures and give pro forma effect to the reverse stock split.
TABLE OF CONTENTS
i
PART I – FINANCIAL INFORMATION
SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Item 1. Financial Statements.
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Accounts receivable, net of allowances | ||||||||
| Notes Receivables - Acquisition | ||||||||
| Inventory | ||||||||
| Prepaids and other current assets | ||||||||
| Total Current Assets | ||||||||
| Non-Current Assets: | ||||||||
| Property, plant, and equipment, net | ||||||||
| Long Term Receivable | ||||||||
| Loans & Advances ( Related Party) | ||||||||
| Total Non-Current Assets | ||||||||
| Total Assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||
| Current Liabilities | ||||||||
| Bank Overdraft Facility | $ | $ | ||||||
| Notes Payable | ||||||||
| Accounts payable | ||||||||
| Deferred tax liability | ||||||||
| Other accrued liabilities | ||||||||
| Total Current Liabilities | ||||||||
| Other accrued liabilities-Non current | ||||||||
| Total Liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Stockholders’ (deficit) equity : | ||||||||
| Common stock, | ||||||||
| Translation adjustment | ( | ) | ||||||
| Additional Paid in Capital | ||||||||
| Accumulated other comprehensive income (loss) | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ (deficit) equity | ||||||||
| Total liabilities and stockholders’ (deficit) equity | $ | $ | ||||||
See accompanying notes to unaudited Condensed Consolidated Financial Statements
1
SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three months ended | ||||||||
| June 30, | June 30, | |||||||
| 2023 | 2022 | |||||||
| REVENUES | ||||||||
| System Sales | $ | |||||||
| Warranty Sales | ||||||||
| Cost of revenue | ( | ) | ||||||
| GROSS (LOSS) PROFIT | ||||||||
| OPERATING EXPENSES: | ||||||||
| Selling, general and administrative | ||||||||
| TOTAL OPERATING EXPENSES | ||||||||
| Loss from operations | ( | ) | ( | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest and other income, net | ( | ) | ( | ) | ||||
| TOTAL OTHER (EXPENSE) INCOME | ( | ) | ( | ) | ||||
| NET LOSS | ( | ) | ( | ) | ||||
| Net loss attributable to Cardio Ventures, Inc. | $ | ( | ) | $ | ( | ) | ||
| ( | ) | ( | ) | |||||
| Weighted average | ||||||||
See accompanying notes to unaudited Condensed Consolidated Financial Statements.
2
SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Six months ended | ||||||||
| June 30, | June 30, | |||||||
| 2023 | 2022 | |||||||
| REVENUES | ||||||||
| System Sales | $ | |||||||
| Warranty Sales | ||||||||
| Cost of revenue | ( | ) | ||||||
| GROSS (LOSS) PROFIT | ||||||||
| OPERATING EXPENSES: | ||||||||
| Selling, general and administrative | ||||||||
| TOTAL OPERATING EXPENSES | ||||||||
| Loss from operations | ( | ) | ( | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest and other income, net | ( | ) | ||||||
| TOTAL OTHER (EXPENSE) INCOME | ( | ) | ||||||
| NET LOSS | ( | ) | $ | ( | ) | |||
| Net loss attributable to Cardio Ventures, Inc. | ( | ) | $ | ( | ) | |||
| ( | ) | ( | ) | |||||
| Weighted average | ||||||||
See accompanying notes to unaudited Condensed Consolidated Financial Statements.
3
SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND JUNE 30, 2022
(Unaudited)
| Common Stock to be | Additional | Additional | Accumulated other | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Common Stock | Issued | Paid-In | Paid-In | Treasury | Accumulated | comprehensive | Stockholders’ | ||||||||||||||||||||||||||||||||||||||||
| Number | Amount | Number | Amount | Number | Amount | Capital | Capital | Stock | Deficit | income (loss) | Equity | |||||||||||||||||||||||||||||||||||||
| BALANCE AT DECEMBER 31, 2022 | $ | $ | $ | ( | ) | $ | - | $ | ||||||||||||||||||||||||||||||||||||||||
| - | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock based compensation expense | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Stock issued for services | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Security offerings | ||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | $ | ( | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
| BALANCE AT MARCH 31, 2023 | $ | - | $ | - | $ | $ | $ | - | $ | - | $ | ( | ) | $ | - | |||||||||||||||||||||||||||||||||
| Recapitalization | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||
| Conversion of Notes Payable to equity | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Recapitalization | $ | $ | ( | ) | $ | ( | ) | - | ||||||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income(loss) | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | $ | ( | ) | - | ||||||||||||||||||||||||||||||||||||||||||||
| BALANCE AT JUNE 30, 2023 | - | $ | - | $ | - | $ | - | $ | - | $ | $ | - | $ | ( | ) | $ | ||||||||||||||||||||||||||||||||
| BALANCE AT DECEMBER 31, 2021 | $ | $ | $ | $ | $ | $ | - | $ | ( | ) | $ | |||||||||||||||||||||||||||||||||||||
| Stock based compensation expense | - | |||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of debt to equity | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
| Treasury stock | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||
| Common stock issuable for services | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | - | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | $ | - | $ | - | $ | $ | - | $ | - | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||||||||||||
| BALANCE AT MARCH 31, 2022 | $ | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | - | $ | ||||||||||||||||||||||||||||||||||
| Stock based compensation expense | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
| Conversion of debt to equity | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
| Stock issued for services | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Security offerings | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
| Common stock issuable for services | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | $ | ( | ) | |||||||||||||||||||||||||||||||||||||||
| BALANCE AT JUNE 30, 2022 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
See accompanying notes to unaudited Condensed Consolidated Financial Statements.
4
SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Six Months ended | ||||||||
| June 30, | June 30, | |||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( |
) | $ | ( |
) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Translation diff | ( |
) | ||||||
| Prepaid expenses and other assets | ( |
) | ||||||
| Stock compensation expense | ||||||||
| Accounts payable and accrued expenses | ( |
) | ||||||
| Net cash used in operating activities | ( |
) | ( |
) | ||||
| Cash flows from investing activities: | ||||||||
| Notes Receivables - Acquisition | ||||||||
| Purchase of property and equipment | ( |
) | ||||||
| Long Term Receivable | ( |
) | ||||||
| Net cash used in investing activities | ( |
) | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from loan | ||||||||
| Proceeds of Demand Notes Payable | ||||||||
| Proceeds from securities offering | ||||||||
| Accumulated other comprehensive income (loss) | ||||||||
| Repayment of notes | ( |
) | ||||||
| Net cash provided by financing activities | ||||||||
| Net change in cash | ( |
) | ( |
) | ||||
| Cash at beginning of year | ||||||||
| Cash at end of year | $ | $ | ||||||
| (0.00 | ) | - | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for income taxes | ||||||||
| Cash paid for interest | ||||||||
See accompanying notes to unaudited Condensed Consolidated Financial Statements.
5
SS INNOVATIONS INTERNATIONAL, INC. F/K/A AVRA MEDICAL ROBOTICS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – COMPANY AND BASIS OF PRESENTATION
Organization
SS Innovations International, Inc. (the “Company” or “SSII”) 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 and is continuing to develop advanced medical and surgical robotic systems.
On April 14, 2023, a wholly owned subsidiary of the Company merged with CardioVentures, Inc., a Delaware corporation (“CardioVentures”), which is the indirect parent of Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company engaged in the business of developing innovative surgical robotic technologies. As a result of such transaction, a “change in control” of the Company took place. In addition, among other matters, the Company changed its name to “SS Innovations International, Inc.” and implemented a one for ten reverse stock split. The financial statements, financial information and share and per share information contained in this report reflect the operations of both the Company and Cardio Ventures and give pro forma effect to the reverse stock split.
The significant accounting policies of SSII were described in Note 1 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 1, 2022 and were also included in financial statements subsequently filed under cover of a Form 8-K/A on June 26, 2023. There have been no significant changes in the Company’s significant accounting policies for the quarterly period ended June 30, 2023.
Going Concern
The accompanying consolidated financial statements have been prepared on a going concern basis which implies the Company will continue to meet its obligations for the next 12 months as of the date these financial statements are issued.
The Company had
a working capital deficit of $
Company launched the commercial sale of its “SSI Mantra” surgical robotic system in India, which has been well received by hospitals and healthcare institutions there. As of June 30, 2023, the Company has, sold nine surgical robotic systems and is now generating regular revenues as additional purchase orders are also being received.
The Company
has also been able to access financial resources to further supplement its operations and in this regard, on April 15, 2023, the
Company executed a Convertible Promissory Note (the “Line of Credit Note”) with Sushruta Pvt Ltd.
(“SPL”), the Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer and
principal shareholder. Pursuant to the Line of Credit Note, SPL, in its discretion may make multiple advances to the Company through
December 31, 2023 (the “Maturity Date”), in an aggregate amount of up to $US
6
The management of the Company is making efforts to raise further funding to scale up operations and meets its longer-term capital needs. While management of the Company believes that it will be successful in its capital formation and planned expansion of its operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in generating additional revenues and ultimately achieving profitability. 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.
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 Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and financial statements subsequently filed under cover of a Form 8-K/A on June 26, 2023. 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, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the quarterly period ended June 30, 2023, are not necessarily indicative of the operating results for the full fiscal year or any future period.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of 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 investment with a maturity of three months or less to be cash and cash equivalents.
Accounts Receivable
The Company’s account receivables are due from customers relating to contracts to supply surgical robotic systems, instruments, and accessories and to provide post sales warranty/maintenance services. The Company also sells surgical robotic systems under deferred payment arrangement and in such cases, the amounts due and recoverable beyond one year period at the balance sheet date are classified as long-term receivables. Collateral is currently not required. The Company also maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s customers to make payments. The Company periodically reviews these estimated allowances, including an analysis of the customers’ payment history and creditworthiness, the age of the trade receivable balances and current economic conditions that may affect a customer’s ability to make payments as well as historical collection trends for its customers as a whole. Based on this review, the Company specifically reserves for those accounts deemed uncollectible or likely to become uncollectible. When receivables are determined to be uncollectible, principal amounts of such receivables outstanding are deducted from the allowance. The allowance for doubtful accounts as of June 30, 2023 and December 31, 2022 amounted to $ and $ respectively.
7
Foreign Currency Translation
The Company’s reporting currency is U.S. Dollars. The accounts of one of the Company’s subsidiaries is maintained using the appropriate local currency, Indian Rupees (“INR”) as the functional currency. All assets and liabilities are translated into U.S. Dollars at balance sheet date, shareholders’ equity is translated at historical rates and revenue and expense accounts are translated at the average exchange rate for the year or the reporting period. The translation adjustments are reported as a separate component of stockholders’ equity, captioned as accumulated other comprehensive (loss) gain. Transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of operations as foreign currency exchange variance.
The
relevant translation rates are as follows: for the three months ended June 30, 2023 closing rate at
Inventory
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 United States financial institutions, where deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”)
up to $
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC, 606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue can be recognized:
| ● | Identification of a contract with a customer or placement of a purchase order by the customer. |
| ● | Identification of the performance obligations in the contract or the purchase order as the case may be. |
| ● | Determination of the transaction price which is reflected in the purchase order placed by the customer. |
| ● | Allocation of the transaction price to the performance obligations in the contract; and |
| ● | Recognition of revenue when or as the performance obligations are satisfied as per the terms of the purchase order received from the customer. |
8
The Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties are identified, payment terms are identified, and collectability of consideration is probable. Product type and payment terms vary by client.
The Company recognizes
the revenue at the time when the risk and reward related to that equipment gets transferred immediately when we dispatch. We also sell
instruments which are used by surgeons when they use our robotic system for surgeries. These instruments are like consumables for the
hospitals, and we recognize the revenues for sale of instruments as and when the risk and reward related to those instruments get transferred
immediately when we dispatch. The revenues attributable to the warranty is recognized over the period to which it relates. In six month
period ended June 30, 2023, we have sold six surgical robotic systems and the revenues attributable to warranty is deferred for recognition
over the period to which it relates. Due to application of ASC606, as of June 30, 2023, the sum of US$
Property Plant & Equipment
| Years | ||
| Office furniture and fixtures | ||
| Plant and equipment | ||
| Motor vehicles |
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.
9
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.
10
NOTE 3 - PROPERTY AND EQUIPMENT
| Period Ended | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Land & Building | ||||||||
| Machinery and equipment | $ | $ | - | |||||
| Furniture and Fittings | $ | $ | - | |||||
| Computer and office equipment | $ | $ | 98,592 | |||||
| Motor Vehicle | $ | $ | - | |||||
| R & D Equipment | $ | $ | - | |||||
| Website | $ | 36,122 | ||||||
| Server & Networking | $ | $ | - | |||||
| Leasehold improvements | ||||||||
| Property and equipment at cost | 134,714 | |||||||
| Less - accumulated depreciation | ( | ) | (123,315 | ) | ||||
| Property and equipment, net | $ | $ | 11,399 | |||||
Depreciation expenses for the six months ended June 30, 2023 and 2022
amounted to $
NOTE 4 – ACCOUNTS RECEIVABLE
| Accounts Receivable | Period Ended | |||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Accounts receivable | $ | $ | ||||||
| Less: Allowance for doubtful accounts | ||||||||
| Accounts receivable, net | $ | $ | ||||||
| Long Term Receivables | $ | |||||||
| $ | ||||||||
The Company performed an analysis of the trade receivables related
to SSI India and determined, based on the deferred payment terms of the contracts, that a $
NOTE 5 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| Period Ended | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Accounts payable | $ | |||||||
| Other accrued liabilities | ||||||||
| Total accounts payable and accrued expenses | $ | $ | ||||||
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NOTE 6 - NOTES PAYABLE
On April 15, 2023, the Company executed a
Convertible Promissory Note (the “Line of Credit Note”) with Sushruta Pvt Ltd. (“SPL”), the
Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer and principal shareholder. Pursuant
to the Line of Credit Note, SPL, in its discretion may make multiple advances to the Company through
NOTE 7 – Bank Overdraft
| Period Ended | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| HDFC Bank Limited OD against FDs | $ | |||||||
| HDFC Bank Ltd WCOD | $ | |||||||
| Bank Overdraft | $ | $ | ||||||
The HDFC Bank OD against FD of US$
NOTE 8– MERGER
On April 14, 2023 (“Closing”), the Company consummated the acquisition of CardioVentures, Inc., a Delaware corporation (“CardioVentures”), pursuant to a Merger Agreement dated November 7, 2022 (the “Merger Agreement”), by and among the Company, a wholly owned subsidiary of the Company (“Merger Sub”), CardioVentures and Dr. Sudhir Srivastava, who, through his holding company, owned a controlling interest in CardioVentures.
CardioVentures, through a subsidiary, owns a controlling interest in Sudhir Srivastava Innovations Pvt. Ltd., an Indian private limited company (“SSI-India”). Based in Haryana, India, SSI-India is engaged in the business of developing innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger part of the global population. SSII’s product range includes its proprietary “SSI Mantra” surgical robotic system and a wide range of surgical instruments capable of supporting a variety of cardiac and other surgical procedures. The Company now intends to focus on the business of SSI-India and has plans to globally expand the presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions.
Pursuant to the Merger Agreement, at Closing,
Merger Sub merged with and into CardioVentures (the “Merger”). In the Merger, holders of the outstanding shares of
common stock of CardioVentures (including certain parties who provided interim convertible financing during the pendency of the Merger
Agreement, were issued
Pursuant to the Merger Agreement, at Closing, the holders of CardioVentures common stock also received shares of newly designated Series A Non-Convertible Preferred Stock (the “Series A Preferred Shares”).
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The Series A Preferred Shares vote together with
shares of SSII common stock as a single class on all matters presented to a vote of shareholders, except as required by law, and entitle
the holders of the Series A Preferred Shares to exercise
Contemporaneously with the Closing, the Company
also changed its name to “SS Innovations International, Inc.,” effected a one for ten reverse stock split and increased
its authorized common stock to
In addition to the foregoing, following Closing,
As a result of the foregoing, a “Change in Control” of the Company occurred, with Dr. Sudhir Srivastava becoming the Company’s principal and controlling shareholder.
Concurrent with consummation of the Merger, Dr.
Sudhir Srivastava, through his holding company, assigned patents, trademarks and other intellectual property used in the development,
commercialization, manufacturing and sale of its medical and surgical robotic systems and products (the “SSII Intellectual Property”)
to a wholly owned subsidiary of SSII. In consideration thereof, Dr. Srivastava’s holding company will receive a quarterly royalty
of three percent (
NOTE 9 – STOCKHOLDERS’ EQUITY
The Company is authorized to issue up to
At Closing of the Merger on April 14, 2023,
Holders of common stock are entitled to
NOTE 10 – COMMITMENTS
Employment Agreements
At closing of the Merger, Alen Sands York and Ettore Tomasetti resigned as directors of the Company and Barry F. Cohen, Dr. Ray Powers and Dr. Farhan Taghizadeh resigned as Chief Executive Officer and Acting Chief Financial Officer, Chief Operating Officer, and Chief Medical Officer of the Company, respectively. Mr. Cohen continues as a director of the Company and assumed the office of Chief Operating Officer–Americas and to this effect, an employment agreement effective April 14, 2023, was executed between the Company and Mr. Cohen.
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Mr. Cohen’s employment agreement is for
a 36-month period and provides for a base salary of US$
In addition to the above, Dr. Sudhir Srivastava
became a director, Chairman and Chief Executive Officer of SSII, Dr. Vishwajyoti P. Srivastava, the son of Dr. Sudhir Srivastava, became
a director and President and Chief Operating Officer–South Asia and Anup Sethi became Chief Financial Officer of the Company. The
Company, through Otto Pvt. Ltd., a wholly owned subsidiary, is also party to employment agreements with each of Dr. Sudhir Srivastava,
Dr. Vishwajyoti P. Srivastava and Anup Sethi. Dr. Sudhir Srivastava’s employment agreement is for a
Lease
The Company occupies officed and laboratory space
in Orlando, Florida under a lease agreement that expired on
Effective November 1, 2022 the Company signed
an amendment which further modified the August 1, 2020 agreement, reducing the monthly lease expense to $
The Company, through its SSI-India subsidiary,
occupies office, manufacturing and assembly space in Gurugram, Haryana (India) under a lease signed entered into in March 2021, with monthly
payments of US$
NOTE 11 - RELATED PARTY TRANSACTIONS
| Period Ended | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
Loan & Advances | ||||||||
Loan & Advances | $ | |||||||
On April 15, 2023, the Company executed a
Convertible Promissory Note (the “Line of Credit Note”) with Sushruta Pvt Ltd. (“SPL”), the
Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer and principal shareholder. Pursuant
to the Line of Credit Note, SPL, in its discretion may make multiple advances to the Company through
SPL may, at its option, convert the principal
amount of any advance into shares of our common stock, at a conversion price of US$
NOTE 12 – SUBSEQUENT EVENTS
Management has evaluated subsequent events through July 31, 2023, the date the consolidated financial statements were available to be issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in these financial statements
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Overview
General
We are a medical robotics company engaged in the business of developing, manufacturing and selling a surgical robotic system under our proprietary brand “SSI Mantra,” together with allied accessories and a wide range of surgical instruments capable of supporting cardiac and a variety of other surgical procedures. We are focused on making the benefits of robotic surgery affordable and accessible to a large part of the global population by consistently working on keeping our cost of production low. The modular design of our surgical robotic system is aimed at being more user friendly and relatively more adaptable to operating theatres of varying sizes and different geographical locations. Our primary research and development, manufacturing and marketing operations are based in India.
We believe that with the constant development of minimally invasive treatment technologies which are aimed at reducing patient recovery times, the use of surgical robotic systems equipped with technologically advanced surgical instruments is only going to increase. This is evidenced by the consistent year-on-year growth in number of robotic surgeries being performed worldwide. We believe that with our vision to make the benefits of robotic surgeries affordable and accessible, we can help to further accelerate the adoption of robot assisted surgeries thereby making its benefits reach to all those segments of the society who have hitherto been deprived to benefit from it.
A wide range of surgical procedures including Urology (Prostate), Colo-Rectal, Oncology, Gynecology, Thoracic, and General Surgery are already being done with the use of surgical robotic systems, including our SSI-Mantra surgical robotic system, we plan to extend the usage of our robotic system to complex Cardiac procedures as well. We believe that this this can be hugely beneficial for faster recovery of cardiac patients who have to currently undergo sternotomy which has a much longer recovery period.
We also believe that use of robotic systems is also going to help address the delivery of healthcare in inaccessible locations, ranging from rural areas lacking specialist expertise to post-disaster scenarios, and remote battlefield areas and that the robotic technologies are going to consistently evolve for promoting faster recovery periods, improved functionality, lower morbidity and improved overall medical outcomes of healthcare.
Merger
On April 14, 2023, a wholly owned subsidiary of the Company merged with CardioVentures, Inc., a Delaware corporation (“CardioVentures”), which is the indirect parent of Sudhir Srivastava Innovations Pvt. Ltd., (“SSI India”) an Indian private limited company engaged in the business of developing innovative surgical robotic technologies.
As a result of the transaction, a “change in control” of the Company took place. In addition, among other matters, the Company changed its name to “SS Innovations International, Inc.” and implemented a one for
ten reverse stock split. The financial statements, financial information and share and per share information contained in this report reflect the operations of both the Company and Cardio Ventures and give pro forma effect to the reverse stock split.
See Note 8 to the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this report for additional details regarding the business combination.
Results of Operations
Introduction
The financial statements appearing elsewhere in this report have been prepared assuming the Company will continue as a going concern. In the second half of 2022, the Company commercially launched its “SSI Mantra” robotic surgical system in India. As of June 30, 2023, we have sold 9 systems, which have performed more than 230 procedures of various types involving varying degrees of complexities.
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The following table provides selected balance sheet data for our Company as of June 30, 2023 (unaudited) and December 31, 2022:
| Balance Sheet Data | As of | As of | ||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Cash | $ | 423,060 | $ | 1,351,364 | ||||
| Total Assets | $ | 9,693,331 | $ | 4,371,441 | ||||
| Total Liabilities | $ | 8,871,736 | $ | 4,051,229 | ||||
| Total Stockholders’ Equity | $ | 821,595 | $ | 320,213 | ||||
The Company has been consistently making efforts to raise debt and equity capital to meet the demands of and further scale up its growing operations. 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 face slower revenue growth and we may be faced with having to slow down our expansion plans.
Three months ended June 30, 2023 , as compared to three months ended June 30, 2022
Revenues. We had revenues of $1,575,307 for the three months ended June 30, 2023, compared to $ 0 for the three months ended June 30, 2022, reflecting the commercial launch of our robotic surgical system in late 2022..
Selling, General and Administrative Expenses. We incurred $1,983,053 in selling, general and administrative expenses during the three months ended June 30, 2023, and $170,030 June 30, 2022, respectively. General and administrative expenses include compensation expenses including compensation for the management staff and stock-based compensation, consultancy charges and legal and other professional expenses related to the Company’s filings as a public company with the Securities and Exchange Commission (the “SEC”).
Other Income/Expenses. We incurred other expenses of $91,533 for the three months ended June 30, 2023 as compared to $29 of other expenses during the three months ended June 30, 2022. Other expenses consisted of interest expense related to loans.
Net Loss. We incurred a net loss of $1,850,423 for the three months ended June 30, 2023, as compared to a net loss of $170,002 for the three months ended June 30, 2022.
Six months ended June 30, 2023, as compared to six months ended June 30, 2022
Revenues. We had revenues of $3,086,686 for the six months ended June 30, 2023, as compared to $ 0 for the six months ended June 30, 2022, reflecting the commercial launch of our robotic surgical system in late 2022.
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Selling, General and Administrative Expenses. We incurred $3,400,013 and $250,486 in general and administrative expenses during the six months ended June 30, 2023, and June 30, 2022, respectively. General and administrative expenses include legal and other professional expenses related to the Company’s filings as a public company with the SEC.
Other Income/Expenses. We incurred $173,791 in other expenses for the six months ended June 2023, as compared to $64 in other expenses during the six months ended June 30, 2022. Other expenses consisted of interest expense related to loans.
Net Loss. We incurred a net loss of $2,838,465 for the six months ended June 30, 2023, as compared to a net loss of $250,422 for the six months ended June 30, 2022.
Liquidity and Capital Resources
The Company expects to require substantial funds for scaling up its operations, for incurring capital expenditure to have its own in-house machining and tooling capacity to meet its growing manufacturing and assembly needs and also to reduce its dependence on outsourcing vendors which, in turn, would help the Company to ensure consistency in quality and delivery schedules of the components and potentially also bring down the manufacturing costs.
Due to the launch of our surgical robotic system in later part of 2022, operating activities in terms of manufacturing and selling of our surgical robotic system significantly increased in 2023, and as a result, $10,679,114 was net cash used in operating activities during the six months ended June 30, 2023, as compared to $216,766 during the six months ended June 30, 2022. To supplement, support and finance this increase in the operating activities, the Company raised an aggregate of $11,258,363 in the form of Bank Overdrafts (Demand Notes Payable) and securities offered in private financings during the six months ended June 30, 2023, as compared to $72,081 in the corresponding period in 2022.
On April 15, 2023, the Company executed a Convertible Promissory Note (the “Line of Credit Note”) with Sushruta Pvt Ltd. (“SPL”), the Bahamian holding company owned by Dr. Sudhir Srivastava, our Chairman, Chief Executive Officer and principal shareholder. Pursuant to the Line of Credit Note, SPL, in its discretion may make multiple advances to the Company through December 31, 2023 (the “Maturity Date”), in an aggregate amount of up to $US20.0 million for working capital purposes. The advances under the Line of Credit Note do not bear interest and are due and payable on or before the Maturity Date. SPL may, at its option, convert the principal amount of any advance into shares of our common stock, at a conversion price of US$0.74 per share. As of June 30, 2023, US$1,225,000 in advances were outstanding under the Line of Credit Note. The foregoing description of the Line of Credit Note is qualified in its entirety by reference to the copy of the Line of Credit Note filed as Exhibit 10.1 to this report.
While we have been successful in raising funds to meet our working capital needs to date, believe that we have the resources to do so for the balance of , we do not have any committed sources of funding and there are no assurances that we will be able to secure additional funding if and when needed. The condensed consolidated financial statements included in this report 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.
Cash Flows From Operating Activities
During the six months ended June 30, 2023, net cash used in operating activities was $10,679,114, reflecting the initial commercial sales of our robotic surgical system and resulting from our net loss of $2,838,465, partially offset by non-cash charges of $310,897, primarily attributable to depreciation charges. During the 2023 period,, we had cash provided by our operating assets and liabilities of $8,151,546, primarily driven by increases in accounts payable and prepaid expenses.
In comparison, during the six months ended June 30, 2022, net cash used by operating activities was $216,766, resulting from our net loss of $250,421, partially offset by depreciation charges of $99,351. During the period, we had cash used in our operating assets and liabilities of $65,696 primarily due to increases in accounts payable.
Cash Flows From Investing Activities
During the six months ended June 30, 2023, we had net cash used in investing activities of $1,507,552, including repayment of $3,000,000 of notes receivable, $736,006 in purchase of property and equipment, as well as an increase in a long term receivable of $3,771,547.
During the six months ended June 30, 2022, we had no cash flows from investing activities.
Cash Flows From Financing Activities
During the six months ended June 30, 2023, we had net cash used in investing activities of $11,258,363, including increase in bank overdraft facility by $4,963,385 and $8,170,061 in private securities offerings, as well as our other comprehensive income (loss) of $899,917 and repayments of notes of $2,775,000.
During the six months ended June 30, 2022, we had private securities offerings of $72,081.
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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 Chief Financial 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, 2023, 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 Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of June 30, 2023, 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, 2022. However, we believe that subsequent to the Merger, we have begun to remediate these weaknesses by appointing a new Chief Financial Officer and utilizing the accounting and financial staff employed by SSI-India.
Our Chief Executive Officer and Chief Financial Officer do 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 Chief Executive Officer and Chief Financial Officer have 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 errors 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 have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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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 | |
| 10.1 | Promissory Note dated April 15, 2023, made by the Company in favor of Sushruta Pvt. Ltd. | |
| 10.2 | Employment Agreement between the Company and Barry F. Cohen* | |
| 31.1 | Section 302 Certification – Chief Executive Officer | |
| 31.2 | Section 302 Certification – Chief Financial Officer | |
| 32.1 | Section 906 Certification – Chief Executive Officer | |
| 32.2 | Section 906 Certification – Chief Financial Officer | |
| 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). |
| * | Management Compensation Plan or Arrangement. |
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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.
| SS INNOVATIONS INTERNATIONAL, INC. | ||
| Dated: August 7, 2023 | By: | /s/ Anup Sethi |
| Anup Sethi Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) | ||
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