AIBOTICS, INC.
For the period ended Dec 31, 2024. Filed Apr 11, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Apr 11, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-04-23.
0001096906-24-000907
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONCurrent report: 10-K
Period ended 2024-12-31; filed 2025-04-11.
0001096906-25-000487
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 34 previous paragraphs and 34 current paragraphs.
20 unchanged; 11 reworded; 2 added; 3 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Expenses from Operations
Current report
Refer to Note 3 of Notes to Consolidated Financial Statements for a discussion of recent accounting standards and pronouncements.
Removed paragraphs (3)
Previous report
Operating Expenses from Operations
Previous report
For the year ended December 31, 2023 compared to the year ended December 31, 2022 our interest expense from related parties decreased $7,203, or 100%, from $7,203 to $0. The decrease was a result of the repayment of the Company’s related party convertible note payables during the year ended December 31, 2022.
Previous report
Recently issued accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that require adoption and that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.
Reworded paragraphs (11)
Previous wording
Operating expenses from operations for the years ended December 31, 2023 and 2022, consisted solely of general and administrative expenses. General and administrative expenses consisted primarily of consulting fees, stock-based compensation, board compensation, and legal and professional services. For the year ended December 31, 2023 compared to the year ended December 31, 2022 our general and administrative expense decreased by $1,119,612, or 64%, from $1,736,336 to $616,724. The decrease in general and administrative expenses was the result of decreased stock compensation expenses and decreased compliance costs resulting from cost saving initiatives that we implemented.
Current wording
Expenses from operations for the years ended December 31, 2024 and 2023, consisted solely of general and administrative expenses. General and administrative expenses consisted primarily of consulting fees, board compensation, and legal and professional services. For the year ended December 31, 2024 compared to the year ended December 31, 2023 our general and administrative expense increased by $1,018,093 or 165%, from $616,724 to $1,634,817. The increase in general and administrative expenses was the result of increased amortization expenses of $607,664, increase in board compensation of $101,250, increase in product development expense of $178,665 and increase in consulting fees of $47,000.
Previous wording
Other expense for the years ended December 31, 2023 and 2022 was composed of interest expense and interest expense from related parties.
Current wording
Other expense for the years ended December 31, 2024 and 2023 was composed of interest expense..
Previous wording
For the year ended December 31, 2023 compared to the year ended December 31, 2022 our interest expense decreased $303,707, or 35%, from $868,330 to $564,623. The decrease primarily resulted from a lowered rate of debt discount amortization from the Company’s convertible notes. However, the decrease was offset by an increased interest expense due to the default interest accrued on the Company’s note payables in default.
Current wording
For the year ended December 31, 2024 compared to the year ended December 31, 2023 our interest expense decreased $351,165, or 62%, from $564,623 to $213,458. The decrease primarily resulted from $500,000 less in debt discount amortization from the Company’s convertible notes partially offset by $232,000 of additional interest expense accrued during the third quarter of 2024 due to the default interest on the Company’s convertible note payables in default.
Previous wording
For the years ended December 31, 2023 and 2022 we had a net loss of $1,181,347 and $2,611,869, respectively.
Current wording
For the years ended December 31, 2024 and 2023 we had a net loss of $1,848,275 and $1,181,347, respectively.
Previous wording
Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. As of December 31, 2023, we had $279,134 in cash and cash equivalents compared to $385,899 at December 31, 2022, a decrease of $106,765 resulting primarily from operating expenses. As of December 31, 2023, we had undiscounted obligations in the amount of approximately $1.1 million relating to the payment of indebtedness due within one year.
Current wording
Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. As of December 31, 2024, we had $185,097 in cash and cash equivalents compared to $279,134 at December 31, 2023, a decrease of $94,037 resulting primarily from cash used in operating expenses. As of December 31, 2024, we had undiscounted obligations in the amount of approximately $1.1 million relating to the payment of indebtedness due within one year.
Previous wording
As of December 31, 2023, we had a working capital deficiency of $3,968,589 down from a working capital deficiency of $378,614 as of December 31, 2022. At December 31, 2023 our current assets were $279,134 and consisted solely of cash. At December 31, 2023 our current liabilities were $4,247,723 and consisted predominantly of accrued interest, convertible notes payable, and shares to be issued. We had an accumulated deficit of $8,960,981 as of December 31, 2023, an increase from an accumulated deficit of $7,779,634 as of December 31, 2022.
Current wording
As of December 31, 2024, we had a working capital deficiency of $4,666,666 down from a working capital deficiency of $3,394,768 as of December 31, 2023. At December 31, 2024 our current assets were $185,097 and consisted solely of cash. As of December 31, 2024 our current liabilities were $4,851,763 and consisted predominantly of accrued interest, convertible notes payable, and shares to be issued. We had an accumulated deficit of $10,809,256 as of December 31, 2024, an increase from an accumulated deficit of $8,960,981 as of December 31, 2023.
Previous wording
Our monthly operating costs averaged approximately $36,000 per month for the year ended December 31, 2023, excluding capital expenditures. We did not have capital expenditures during the year ended December 31, 2023. However, we did acquire new intangible assets in exchange for the issuance of preferred shares. We plan to fund our operations with our cash on hand and additional financing.
Current wording
Our monthly operating costs averaged approximately $22,000 per month for the year ended December 31, 2024, excluding capital expenditures. We did not have capital expenditures during the year ended December 31, 2024. However, we did acquire new intangible assets in exchange for the issuance of preferred shares. We plan to fund our operations with our cash on hand and additional financing.
Previous wording
Operating activities used net cash of $106,765 for the year ended December 31, 2023, as compared to using net cash of $656,620 for the year ended December 31, 2022. For the year ended December 31, 2023, cash used in operating activities was primarily driven by our net loss of $1,181,347; offset primarily by the amortization of debt discounts, the increase in related party accrued expenses, and the increase in accounts payable and accrued expenses. For the year ended December 31, 2022, cash used in operating activities was primarily driven by our net loss of $2,611,869; offset primarily by stock-based compensation, the amortization of debt discounts, and the increase in accounts payable and accrued expenses.
Current wording
Operating activities used net cash of $259,037 for the year ended December 31, 2024, as compared to using net cash of $106,765 for the year ended December 31, 2023. For the year ended December 31, 2024, cash used in operating activities was primarily driven by our net loss of $1,848,275; offset primarily by the amortization of debt discounts, the increase in related party accrued expenses, and the increase in accounts payable and accrued expenses.
Previous wording
Investing activities used net cash of $0 for the years ended December 31, 2023 and 2022. Cash used in financing activities was $0 and $225,000 for the years ended December 31, 2023, and 2022, respectively. We did not pay any cash for income taxes during the years ended December 31, 2023 and 2022. Cash paid for interest was $0 and $17,542 for the years ended December 31, 2023 and 2022, respectively.
Current wording
Financing activities produced cash flows of $165,000 and $0 for the year ended December 31, 2024, and 2023, respectively. We did not pay any cash for interest or for income taxes during the year ended December 31, 2024 and 2023.
Previous wording
Our consolidated financial statements have been prepared assuming we will continue as a going concern. Our ability to continue our operations as a going concern is dependent on management’s plans, which includes successfully integrating Mycotopia Therapies, Inc. which was acquired subsequent to December 31, 2020. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should we be unable to continue as a going concern.
Current wording
Our consolidated financial statements have been prepared assuming we will continue as a going concern. Our ability to continue our operations as a going concern is dependent on management’s plans, which includes successfully integrating AIBotics, Inc. which was acquired subsequent to December 31, 2024. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should we be unable to continue as a going concern.
Previous wording
We have no off-balance sheet arrangements.
Current wording
As of December 31, 2024, we had no significant off-balance sheet arrangements.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the year ended December 31, 2023, cash used in operating activities was primarily driven by our net loss of $1,181,347; offset primarily by stock-based compensation, the amortization of debt discounts, and the increase in accounts payable and accrued expenses.