Core Insights - SS Innovations International, Inc. has successfully completed the world's first robotic telesurgery for weight loss using the SSi Mantra 3 surgical robotic system, marking a significant advancement in robotic surgery technology [1][4] Company Overview - SS Innovations is dedicated to making robotic surgery affordable and accessible globally, with a focus on innovative surgical robotic technologies [5] - The company is headquartered in India and aims to expand its global presence with user-friendly and cost-effective surgical robotic solutions [5] Technological Achievement - The robotic telesurgery bridged a distance of 560 miles between Gurugram and Indore, India, performed with zero perceptible lag and flawless precision [2][7] - The procedures involved two One-Anastomosis Gastric Bypass (OAGB) surgeries, showcasing the capabilities of the SSi Mantra 3 system [3][7] Leadership Commentary - Dr. Sudhir Srivastava, CEO, emphasized that this achievement bridges healthcare gaps and makes advanced surgical expertise accessible to remote regions [4] - Dr. Mohit Bhandari, who led the surgery, highlighted the potential of robotic telesurgery to redefine surgical care and improve access to healthcare [4] Future Vision - SS Innovations aims to continue refining its technology to enhance surgical efficiency and improve patient outcomes, particularly in underserved areas [4]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) This section summarizes SS Innovations' strong financial performance in Q1 2025 and outlines key business and strategic advancements [First Quarter 2025 Overview](index=1&type=section&id=First%20Quarter%202025%20Overview) SS Innovations reported record quarterly revenue of $5.1 million for Q1 2025, a 40.8% increase year-over-year, driven by higher sales of its SSi Mantra 3 surgical robotic system Q1 2025 Financial Highlights (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $5.1 million | $3.6 million | +40.8% | | Gross Profit | $1.1 million | $0.7 million | +49.3% | | Gross Margin | 21.23% | 20.02% | +121 bps | | Net Loss | $(5.7) million | $(9.8) million | Narrowed | | Net Loss per Share | $(0.03) | $(0.06) | Narrowed | | SSi Mantra Installations | 15 units | 9 units | +66.7% | Q1 2025 Revenue Breakdown and Operational Metrics (vs. Q1 2024) | Category | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | System sales | $4,502,482 | $3,494,759 | +28.8% | | Instrument sales | $477,208 | $118,515 | +302.7% | | Warranty sales | $122,504 | $9,407 | +1,202.3% | | **Total revenue** | **$5,120,610** | **$3,637,693** | **+40.8%** | | SSi Mantra installations | 15 | 9 | +67% | | Cumulative installed base | 78 | 24 | +225% | | SSi Mantra surgeries | 787 | 361 | +118% | | Cumulative surgeries | 3,568 | 981 | +264% | - The company ended the quarter with **$15.9 million** in cash and cash equivalents and zero long-term debt[5](index=5&type=chunk) [Business and Strategic Developments](index=1&type=section&id=Business%20and%20Strategic%20Developments) Following the quarter, the company uplisted its stock to the Nasdaq Capital Market, while focusing on global expansion and key operational milestones - The company is on track to submit a De Novo application for the SSi Mantra 3 system to the U.S. Food and Drug Administration (FDA) by the end of July 2025[1](index=1&type=chunk)[6](index=6&type=chunk) - SS Innovations is pursuing a European Union CE Mark decision, with a target of late 2025[6](index=6&type=chunk) - Subsequent to the quarter end, on April 25, 2025, the company's common stock was uplisted to The Nasdaq Capital Market®[3](index=3&type=chunk) - Key Q1 achievements include: - The SSi Mantra 3 system enabled the world's first robotic cardiac telesurgery - The company debuted a state-of-the-art mobile telesurgery unit in India - Received medical device regulatory approvals in the Philippines and Ukraine[9](index=9&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the condensed consolidated balance sheets, statements of operations, and cash flows for SS Innovations, highlighting key financial positions and performance metrics [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets grew to $63.5 million from $42.4 million at year-end 2024, largely due to a significant increase in cash and inventory Balance Sheet Summary | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $15,873,217 | $466,500 | | Total Current Assets | $47,619,943 | $27,416,291 | | **Total Assets** | **$63,456,961** | **$42,385,213** | | Total Current Liabilities | $14,996,713 | $21,330,222 | | **Total Liabilities** | **$22,902,671** | **$28,928,110** | | **Total Stockholders' Equity** | **$40,554,290** | **$13,457,103** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, revenues increased 40.8% to $5.1 million, with a significant reduction in stock compensation expense leading to a narrowed net loss of $5.7 million Statement of Operations Summary (Three Months Ended) | Account | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Revenue | $5,120,610 | $3,637,693 | | Gross Profit | $1,087,208 | $728,182 | | Total Operating Expenses | $7,009,061 | $10,560,501 | | Loss from Operations | $(5,921,853) | $(9,832,319) | | **Net Loss** | **$(5,681,353)** | **$(9,841,753)** | | Net Loss Per Share (basic and diluted) | $(0.03) | $(0.06) | - Stock compensation expense decreased significantly to **$2.4 million** in Q1 2025 from **$7.1 million** in Q1 2024, which was a primary driver for the reduction in net loss[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, the company used $6.1 million in cash from operating activities, offset by $22.4 million provided by financing activities, resulting in a net increase in cash of $15.4 million Cash Flow Summary (Three Months Ended) | Activity | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,103,374) | $(2,671,918) | | Net cash used in investing activities | $(872,804) | $(127,255) | | Net cash provided by financing activities | $22,406,019 | $2,638,259 | | **Net change in cash** | **$15,429,841** | **$(160,914)** | | Cash and cash equivalents at end of period | $22,078,788 | $6,895,580 | - Financing activities were primarily driven by **$28 million** in proceeds from the issuance of convertible notes to a principal shareholder[17](index=17&type=chunk) - As a supplemental disclosure, **$30.6 million** of convertible notes, including interest, were converted into common stock during the period[17](index=17&type=chunk) [Company and Product Overview](index=2&type=section&id=Company%20and%20Product%20Overview) This section provides an overview of SS Innovations International, Inc., its mission to democratize robotic surgery, and details its flagship SSi Mantra surgical robotic system [About SS Innovations](index=2&type=section&id=About%20SS%20Innovations) SS Innovations International, Inc. is an American company, headquartered in India, that develops surgical robotic technologies with a mission to make robotic surgery affordable and accessible globally - The company's vision is to democratize robotic surgery by making it affordable and accessible to a larger segment of the global population[8](index=8&type=chunk) - The product portfolio includes the SSi Mantra surgical robotic system and SSi Mudra surgical instruments, which support various procedures including robotic cardiac surgery[8](index=8&type=chunk) [About the SSi Mantra](index=3&type=section&id=About%20the%20SSi%20Mantra) The SSi Mantra is a modular, multi-arm surgical robotic system designed for user-friendliness, featuring advanced technologies and clinical validation across over 100 surgical procedures in India - The system is modular with 3 to 5 robotic arms and features an open-faced ergonomic surgeon command center with a large 3D 4K monitor[10](index=10&type=chunk) - It utilizes over 40 different types of robotic endo-surgical instruments to support specialties including cardiac surgery[10](index=10&type=chunk) - The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures[10](index=10&type=chunk)

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, management's analysis, market risk disclosures, and controls and procedures [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For Q1 2025, total assets increased to $63.5 million, liabilities decreased to $22.9 million, and net loss improved to $5.7 million, though going concern doubts persist Condensed Consolidated Balance Sheet Data (Unaudited) | Balance Sheet Items | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $15,873,217 | $466,500 | | Total Current Assets | $47,619,943 | $27,416,291 | | Total Assets | $63,456,961 | $42,385,213 | | **Liabilities & Equity** | | | | Total Current Liabilities | $14,996,713 | $21,330,222 | | Total Liabilities | $22,902,671 | $28,928,110 | | Total stockholders' equity | $40,554,290 | $13,457,103 | Condensed Consolidated Statements of Operations (Unaudited) | Income Statement Items | Three months ended March 31, 2025 ($) | Three months ended March 31, 2024 ($) | | :--- | :--- | :--- | | Total revenue | $5,120,610 | $3,637,693 | | Gross Profit | $1,087,208 | $728,182 | | Loss from operations | ($5,921,853) | ($9,832,319) | | Net Loss | ($5,681,353) | ($9,841,753) | | Net loss per share - basic and diluted | ($0.03) | ($0.06) | Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Items | Three months ended March 31, 2025 ($) | Three months ended March 31, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($6,103,374) | ($2,671,918) | | Net cash used in investing activities | ($872,804) | ($127,255) | | Net cash provided by financing activities | $22,406,019 | $2,638,259 | | Net change in cash | $15,429,841 | ($160,914) | - The company's reliance on related parties for funding and a history of net losses raise substantial doubt about its ability to continue as a going concern, necessitating further funding for operations[26](index=26&type=chunk)[36](index=36&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports a 40.8% revenue increase and reduced net loss in Q1 2025, driven by higher sales and lower stock compensation, despite ongoing going concern doubts [Results of Operations](index=34&type=section&id=Results%20of%20Operations) For Q1 2025, total revenue increased to $5.1 million, gross profit rose to $1.1 million, and net loss decreased to $5.7 million due to reduced stock compensation expenses Comparison of Operations for the three months ended March 31 | Metric | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Total Revenue | $5,120,610 | $3,637,693 | | Gross profit | $1,087,208 | $728,182 | | Research & development expense | $1,010,095 | $527,991 | | Stock compensation expense | $2,379,212 | $7,108,750 | | Selling, general and administrative expense | $3,410,872 | $2,843,659 | | Loss from operations | ($5,921,853) | ($9,832,319) | | Net loss | ($5,681,353) | ($9,841,753) | - Revenue increased primarily due to the sale of an increased number of surgical robotic systems and instruments in Q1 2025 compared to Q1 2024[181](index=181&type=chunk) - The significant decrease in net loss was primarily the result of a **$4.7 million reduction** in stock compensation expense, partially offset by a **$0.57 million increase** in SG&A expenses[189](index=189&type=chunk) - Research and development expenses nearly doubled to **$1.01 million**, reflecting the company's continued focus on improving its SSi Mantra surgical robotic system[183](index=183&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company's Q1 2025 liquidity significantly improved due to $22.4 million in financing activities, primarily from a $28 million convertible note issuance, despite ongoing going concern doubts - In January 2025, the company raised **$28 million** from an affiliate through a 7% convertible promissory note, with **$30 million** in principal plus accrued interest subsequently converted into common stock in February and March 2025[196](index=196&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) Cash Flow Summary for the three months ended March 31, 2025 | Cash Flow Activity | Amount ($) | | :--- | :--- | | Net cash used in operating activities | ($6,103,374) | | Net cash used in investing activities | ($872,804) | | Net cash provided by financing activities | $22,406,019 | | **Cash at the end of period** | **$22,078,788** | - Despite recent fundraising, management states there are no committed sources of funding, raising substantial doubt about the Company's ability to continue as a going concern[207](index=207&type=chunk) [Critical Accounting Policies](index=37&type=section&id=Critical%20Accounting%20Policies) Critical accounting policies involve significant management judgment, particularly in valuing stock options and determining standalone selling prices for bundled revenue contracts - Critical accounting policies involve significant estimates, including the fair value of stock options and the standalone selling price in bundled revenue contracts[209](index=209&type=chunk) - The fair value of stock-based awards is determined at the grant date using models like Black-Scholes, which requires significant judgment on inputs like expected volatility and term[210](index=210&type=chunk)[211](index=211&type=chunk) - For sales with multiple products and services, revenue is allocated based on relative standalone selling prices, estimated using market conditions and historical data if not directly observable[214](index=214&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section is not applicable for the reporting period - Not applicable[217](index=217&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2025, the company's disclosure controls were ineffective due to material weaknesses, prompting a remediation plan including enhanced reviews and a new ERP system - Management concluded that the company's disclosure controls and procedures were **not effective** as of March 31, 2025[220](index=220&type=chunk) - Material weaknesses identified include: failure to properly apply U.S. GAAP, lack of written documentation of internal control policies, and insufficient segregation of duties within accounting functions[220](index=220&type=chunk) - The remediation plan includes enhancing transaction review processes, engaging external experts for guidance, and implementing a new comprehensive cloud-based ERP system[221](index=221&type=chunk)[222](index=222&type=chunk) [PART II - OTHER INFORMATION](index=41&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, unregistered equity sales, defaults, mine safety, other information, and exhibits [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in litigation in the Bahamas regarding a disputed 9% ownership claim in its subsidiary, Otto Pvt Ltd, with the CEO providing full indemnification - In April 2024, an ex-shareholder of the subsidiary Otto Pvt Ltd initiated litigation in the Bahamas, claiming ownership of **9,000 shares** (approx. **9% interest**)[226](index=226&type=chunk) - The company asserts the shareholding was cancelled in July 2022 due to the plaintiff's failure to pay the agreed-upon consideration, and the company believes the outcome will be favorable[226](index=226&type=chunk) - The company's CEO, Dr. Sudhir Srivastava, has entered into an Indemnification Agreement to fully cover any claims, damages, and legal fees the company may incur from this litigation[227](index=227&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors.) This section is not applicable for the reporting period - Not Applicable[229](index=229&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) Between December 2024 and March 2025, the company received **$30 million** in financing from its CEO's holding company via convertible notes, which were subsequently converted into **21,858,368 shares** of common stock at **$1.38 per share** - The company received **$30 million** in financing from its CEO's holding company, Sushruta Pvt Ltd, through several tranches of one-year 7% convertible promissory notes issued between December 2024 and March 2025[230](index=230&type=chunk) - As of March 31, 2025, the entire **$30 million principal** plus **$164,548 in interest** was converted into **21,858,368 shares** of common stock at a conversion price of **$1.38 per share**[230](index=230&type=chunk) - The securities were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933[231](index=231&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) None reported - None[232](index=232&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This section is not applicable - Not applicable[233](index=233&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information.) None reported - None[233](index=233&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) The report includes Section 302 and Section 906 certifications from the CEO and CFO, along with Inline XBRL financial data files - Filed exhibits include Section 302 and 906 certifications from the CEO and CFO[234](index=234&type=chunk) - Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, and Presentation) are also included as exhibits[234](index=234&type=chunk)

Core Viewpoint - SS Innovations International, Inc. is focused on making robotic surgery affordable and accessible globally, and it has reiterated its guidance for the first quarter of 2025, indicating a positive growth trajectory following its uplisting to Nasdaq [1][2]. Company Updates - The company anticipates reporting its first quarter 2025 financial results around May 15, 2025 [2]. - As of March 31, 2025, a total of 78 SSi Mantra surgical robotic systems have been installed, with 14 systems installed during the first quarter of 2025 [6]. - Revenue for the first quarter of 2025 is expected to be approximately $6.4 million, with a gross margin of around 45% based on preliminary unaudited results [6]. - By April 30, 2025, 80 SSi Mantra robotic surgical systems were installed in 75 hospitals, and over 3,800 surgeries have utilized the SSi Mantra, including more than 200 robotic cardiac surgeries [6]. - In April 2025, the company received 9 orders for the SSi Mantra robotic surgical system, representing a 200% increase from 3 orders in April 2024 [6]. Product Information - The SSi Mantra Surgical Robotic System features a modular design with 3 to 5 robotic arms, an ergonomic surgeon command center, a large 3D 4K monitor, and a virtual real-time image display [4]. - The system supports various surgical specialties, including cardiac surgery, and has been clinically validated in over 100 different types of surgical procedures in India [4].

Core Viewpoint - SS Innovations International, Inc. has received approval for its common stock to be listed on The Nasdaq Capital Market, with trading expected to commence on April 25, 2025, under the ticker symbol "SSII" [1][2] Company Overview - SS Innovations is focused on developing innovative surgical robotic technologies aimed at making robotic surgery affordable and accessible globally [4] - The company is headquartered in India and plans to expand its global presence with advanced, user-friendly, and cost-effective surgical robotic solutions [4] Product Information - The SSi Mantra Surgical Robotic System is a modular, multi-arm system featuring advanced technology such as 3 to 5 robotic arms, a 3D 4K monitor, and over 40 types of robotic endo-surgical instruments [5] - The SSi Mantra has been clinically validated in over 100 different types of surgical procedures in India [5] Recent Achievements - The company has installed 80 SSi Mantra systems in 75 hospitals across India and other countries, performing over 3,500 surgeries, including 195 robotic cardiac surgeries with no reported device-related complications [7] - SS Innovations is the first company in India to receive regulatory approval for telesurgery and tele-proctoring procedures, having conducted 16 telesurgeries, including the world's first robotic cardiac telesurgeries over distances up to 1,200 miles [7] - For the year ended December 31, 2024, the company reported revenue of $20.6 million, a 251% increase from $5.9 million in 2023, with a gross margin of 40.9%, up from 12.3% in 2023 [7][8] Strategic Expansion - The uplisting to Nasdaq coincides with the company's global expansion plans into countries such as Nepal, Ecuador, Guatemala, the Philippines, Indonesia, Sri Lanka, and Ukraine, as well as strategic entry into Europe and the United States [3] - The company is pursuing EU CE Mark and U.S. FDA approval for the SSi Mantra surgical robotic system, anticipated in late 2025 and early 2026, respectively [3]

Part I [Business](index=6&type=section&id=Item%201.%20Business) SS Innovations is a commercial-stage surgical robotics company focused on democratizing advanced surgical robotics, particularly in underserved markets - The company is a commercial-stage surgical robotics firm focused on making advanced surgical robotics affordable and accessible, primarily with its **SSi Mantra system**[23](index=23&type=chunk)[24](index=24&type=chunk) - As of December 31, 2024, the company has installed **62 SSi Mantra systems** (58 in India, 4 overseas) and completed over **3,500 surgical procedures**[26](index=26&type=chunk)[29](index=29&type=chunk) - The company is actively seeking regulatory approval in the United States and the European Union, pursuing the FDA's Investigational Device Exemption (IDE) pathway and discussing CE certification[27](index=27&type=chunk) Surgical Procedures Performed with SSi Mantra (as of Dec 31, 2024) | Type of Surgical Procedure | No. of Procedures | % of total procedures | | :--- | :--- | :--- | | General Surgery | 1,077 | 39% | | Urology | 843 | 31% | | Gynaecology | 391 | 14% | | Cardiac | 151 | 5% | | Colorectal | 156 | 6% | | Gastroenterology | 73 | 3% | | Thoracic | 45 | 2% | | Head and Neck | 19 | 1% | | Plastic/Reconstructive | 4 | - | | **Total** | **2,759** | **100%** | [Products and Technology](index=9&type=section&id=Item%201.%20Business%20-%20Products%20and%20Technology) The SSi Mantra 3 system, with 3D 4K vision and modular arms, is the core product, complemented by 'Mudra' instruments and telesurgery - The SSi Mantra 3 system features a surgeon console with **3D 4K resolution** and up to **10x magnification**, modular robotic arm carts, and a separate vision cart for the surgical team[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company offers over **30 reusable 'Mudra' instruments** with wristed joints and motion scaling technology to enhance precision[48](index=48&type=chunk)[49](index=49&type=chunk) - SSi is the only company with **CDSCO approval for telesurgery** and has successfully performed remote cardiac surgeries over distances up to **2,000 kilometers**[51](index=51&type=chunk) - Products under development include the NADI anastomotic connector, a multi-fire clip applier, a robotic stapler, and mixed reality/AI software tools like SSi Maya and SSi Chitrasa[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Market and Strategy](index=12&type=section&id=Item%201.%20Business%20-%20Market%20and%20Strategy) The company's strategy focuses on penetrating underserved markets like India with its cost-effective SSi Mantra system before expanding globally - The initial strategy is to focus on underserved markets like India, which has a large number of hospitals but very low penetration of robotic surgery, before expanding to the U.S. and Europe[72](index=72&type=chunk) - Marketing efforts target large multi-specialty hospitals and leading surgeons to drive broad adoption and build confidence in the SSi Mantra system[73](index=73&type=chunk)[74](index=74&type=chunk) - The company has established evaluation and training agreements with hospital networks in India and with Johns Hopkins University in the U.S. to facilitate familiarization with its system[76](index=76&type=chunk) [Competition](index=19&type=section&id=Item%201.%20Business%20-%20Competition) SS Innovations competes with traditional surgical methods and established robotic surgery companies possessing greater resources and longer operating histories - The company competes with traditional surgical methods and other medical treatments, as well as other robotic surgery companies[123](index=123&type=chunk) - Major competitors in the robotic surgery space include Intuitive Surgical, Medtronic, Johnson & Johnson, and CMR Surgical, most of whom possess greater financial resources and longer operating histories[124](index=124&type=chunk) [Intellectual Property](index=19&type=section&id=Item%201.%20Business%20-%20Intellectual%20Property) The company protects its technology through a portfolio of patents, trademarks, and copyrights, all of which are internally owned Intellectual Property Portfolio Summary | IP Type | Granted | Pending/Applications | | :--- | :--- | :--- | | Utility Patents | 5 | 65 | | PCT International (WIPO) | 0 | 10 | | Design Patents | 30 | 4 | | Trademarks (India) | 40 | 53 (93 total apps) | | Trademarks (International) | 13 | 18 (31 total apps) | | Copyrights | 2 | 0 | - The company's patents and patent applications are not licensed to or from any third parties[132](index=132&type=chunk) [Government Regulation](index=22&type=section&id=Item%201.%20Business%20-%20Government%20Regulation) The company's products are subject to extensive regulation, holding CDSCO approval in India and pursuing FDA and CE certifications for global market entry - The company has CDSCO approval in India for its products, including a unique approval for telesurgery and tele-proctoring capabilities[139](index=139&type=chunk)[140](index=140&type=chunk) - For U.S. market access, the company is pursuing the FDA's Investigational Device Exemption (IDE) pathway and anticipates starting its U.S. IDE study in Q3 2025[142](index=142&type=chunk) - The company is preparing for EU market entry and expects to submit its CE certification application in the second quarter of 2025[159](index=159&type=chunk) - Current approvals permit marketing in **50 non-FDA/EU countries** without further regulatory hurdles and require only minimal registration in an additional **79 countries**[170](index=170&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) As a "smaller reporting company," SS Innovations is not required to provide specific risk factor disclosures - The company is not required to provide risk factor disclosures as it qualifies as a "smaller reporting company"[177](index=177&type=chunk) [Cybersecurity](index=28&type=section&id=Item%201C.%20Cybersecurity) The company maintains a cybersecurity program overseen by the board to protect sensitive data and ensure compliance with medical device standards - The cybersecurity program is overseen by the Head-Server and Network Administrator, with ultimate oversight from the board of directors[180](index=180&type=chunk)[181](index=181&type=chunk) - A specialized consulting firm has been engaged to ensure product cybersecurity compliance with medical device standards such as HIPPA, FDA regulations, and IEC 62443[182](index=182&type=chunk) - The company has not experienced any cybersecurity incidents that have had a material impact on its business, operations, or financial condition[183](index=183&type=chunk) [Properties](index=28&type=section&id=Item%202.%20Properties) The company's primary property is a leased 70,000 sq. ft. facility in Gurugram, India, serving as its headquarters and manufacturing site - The company's principal property is a leased **70,000 sq. ft.** facility in Gurugram, India, used for headquarters and manufacturing[184](index=184&type=chunk) [Legal Proceedings](index=28&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in litigation in the Bahamas regarding a disputed 9% interest in an indirect subsidiary, with the CEO providing indemnification - An ex-shareholder of an indirect subsidiary, Otto Pvt Ltd., has initiated litigation in the Bahamas claiming a **9% interest** in Otto from a 2021 transaction[185](index=185&type=chunk) - The company believes the claim is invalid as the plaintiff failed to pay for the shares, leading to the cancellation of the shareholding in 2022[185](index=185&type=chunk) - Dr. Sudhir Srivastava has agreed to fully indemnify the company for all costs and damages related to this litigation[186](index=186&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=29&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades sporadically on the OTC Pink market, with a Nasdaq listing application pending, and no plans for future dividends - The common stock trades sporadically on the OTC Pink market under the symbol "**SSII**". The company has applied for a Nasdaq listing, but approval is not guaranteed[189](index=189&type=chunk) - As of April 14, 2025, there were **193,559,340 shares** of common stock outstanding[8](index=8&type=chunk)[190](index=190&type=chunk) - The company has not paid dividends and does not plan to, intending to retain earnings for business use[191](index=191&type=chunk) Equity Compensation Plan Information | Plan category | Number of securities to be issued upon exercise | Weighted average exercise price | Number of securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 12,142,838 shares | $3.863 | 7,213,096 shares | | Equity compensation plans not approved by security holders | 0 shares | – | 0 shares | | **Total** | **12,142,838** | **$0** | **7,213,096** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2024, revenue increased to $20.6 million, but a $19.2 million net loss persisted due to high non-cash stock compensation and operational growth costs [Results of Operations](index=31&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20-%20Results%20of%20Operations) For 2024, revenue increased to $20.65 million, and gross profit grew, but a net loss of $19.15 million was recorded due to rising operating expenses Consolidated Statement of Operations Summary (in USD) | Particulars | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenue | 20,649,528 | 5,875,314 | | Gross profit | 8,452,366 | 725,528 | | Loss from operations | (18,975,962) | (20,273,984) | | Net loss | (19,151,197) | (20,878,292) | - Revenue increased significantly to **$20.65 million** in 2024 from **$5.88 million** in 2023, driven by increased sales of surgical robotic systems and instruments[205](index=205&type=chunk) - Stock compensation expense rose to **$14.34 million** in 2024 from **$9.72 million** in 2023, mainly due to new stock grants and options awarded to employees and executives[207](index=207&type=chunk) - Research and Development expenses increased to **$2.49 million** in 2024 from **$1.06 million** in 2023, aligning with the company's focus on enhancing its SSi Mantra system and expanding its product line[206](index=206&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20-%20Liquidity%20and%20Capital%20Resources) The company had a $6.1 million working capital surplus but faces going concern doubts, relying on external financing to fund operations and expansion - The company has a working capital surplus of **$6.1 million** as of Dec 31, 2024, but faces substantial doubt about its ability to continue as a going concern due to recurring losses[215](index=215&type=chunk)[349](index=349&type=chunk) Summary of Cash Flows (in USD) | Particulars | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | (9,503,030) | (15,361,645) | | Net cash used in investing activities | (661,479) | (453,327) | | Net cash provided by financing activities | 9,425,980 | 22,796,286 | | **Cash at end of year** | **6,623,535** | **7,087,845** | - Cash from financing activities in 2024 totaled **$9.4 million**, sourced from a bank overdraft facility (**$2.0M**), convertible notes to the principal shareholder (**$3.0M**), promissory notes (**$3.0M**), and convertible notes to other investors (**$1.45M**)[219](index=219&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20-%20Critical%20Accounting%20Estimates) Key accounting estimates involve determining fair value for stock compensation and estimating Standalone Selling Price for bundled revenue contracts - The company identifies determining the fair value of stock-based compensation as a critical accounting estimate, requiring judgment on inputs like stock volatility and expected term[225](index=225&type=chunk)[226](index=226&type=chunk) - Estimating the Standalone Selling Price (SSP) for different components in bundled sales arrangements is another critical estimate, used to allocate revenue among performance obligations like the system, instruments, and services[224](index=224&type=chunk)[229](index=229&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%209A.%20Controls%20And%20Procedures) Management concluded that disclosure controls were ineffective as of December 31, 2024, due to material weaknesses, and a remediation plan is underway - Management concluded that disclosure controls and procedures were not effective as of December 31, 2024[236](index=236&type=chunk) - Material weaknesses identified include: inadequate controls for applying U.S. GAAP, lack of documented internal control policies, and insufficient segregation of duties[247](index=247&type=chunk) - A remediation plan is underway, involving external experts and the implementation of a new cloud-based ERP system to improve internal controls[241](index=241&type=chunk)[242](index=242&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=37&type=section&id=Item%2010.%20Directors,%20Executive%20Officers,%20and%20Corporate%20Governance) The company's leadership includes eight directors, four independent, with established committees and a Code of Ethics, though some insider filings were late - The board consists of eight members, four of whom (Dr. Annadurai, Dr. Somashekhar, Dr. Moll, and Mr. Adams) are determined to be independent[263](index=263&type=chunk) - The company has established Audit, Compensation, and Nominating and Corporate Governance committees, with Tim Adams serving as the 'audit committee financial expert'[262](index=262&type=chunk)[263](index=263&type=chunk) - Dr. Sudhir Srivastava (Chairman & CEO) and Dr. Vishwajyoti P. Srivastava (President & COO – South Asia) are father and son[260](index=260&type=chunk) - Several Form 4 filings for insiders, including Dr. Sudhir Srivastava, were filed late during the reporting period due to administrative oversights[270](index=270&type=chunk)[276](index=276&type=chunk) [Executive Compensation](index=43&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation in 2024 primarily comprised base salaries and substantial stock-based awards, with Dr. Sudhir Srivastava receiving a **$13.3 million** option award 2024 Executive Compensation Summary | Name and Principal Position | Salary ($) | Option Awards ($) | Total ($) | | :--- | :--- | :--- | :--- | | Sudhir Srivastava, M.D. (Chairman and CEO) | 600,000 | 13,307,213 | 14,196,780 | | Anup Kumar Sethi (CFO) | 177,385 | 0 | 178,251 | | Vishwajyoti P. Srivastava, M.D. (President and COO – South Asia) | 200,000 | 2,883,468 | 3,095,632 | | Barry F. Cohen (COO-Americas) | 180,000 | 2,883,468 | 3,063,468 | - The company has employment agreements with its named executive officers, with base salaries ranging from **$175,000 to $600,000** and terms of three to five years[280](index=280&type=chunk)[281](index=281&type=chunk) - Non-employee directors are compensated with periodic grants of options. For 2024, Dr. S.P. Somashekhar received a stock award of **50,000 restricted shares**, which fully vested[286](index=286&type=chunk)[288](index=288&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=46&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Dr. Sudhir Srivastava is the principal shareholder, beneficially owning 58.94% of common stock and controlling 51% of total voting power Beneficial Ownership of Common Stock | Names of beneficial owners | Number of shares | Percentage of class (%) | | :--- | :--- | :--- | | **Directors and executive officers** | | | | Sudhir Srivastava, M.D. | 117,158,445 | 58.94% | | Dr. Frederic H Moll | 20,335,045 | 10.23% | | All directors and executive officers as a group (eight persons) | 152,026,515 | 76.48% | | **5% or greater shareholders** | | | | Manipal Global Health Services | 14,949,070 | 7.52% | - Dr. Sudhir Srivastava holds controlling voting power through his beneficial ownership of **58.94% of common stock** and **100% of Series A Preferred Shares**, which grant him **51% of the total voting power**[294](index=294&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=47&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Significant related-party transactions occurred, primarily with CEO Dr. Sudhir Srivastava and his holding company, involving substantial financing and stock compensation - The company received significant financing from its principal shareholder, Sushruta Pvt. Ltd. (owned by CEO Dr. Sudhir Srivastava), including **$6,000,000 in proceeds** from notes issued during 2024[501](index=501&type=chunk) - Significant non-cash ESOP expenses were recorded for key management personnel, including **$6.4 million** for Dr. Sudhir Srivastava and **$1.3 million** for CFO Anup Sethi in 2024[501](index=501&type=chunk) - As of December 31, 2024, the company had a payable balance of **$6,000,000** for notes issued to Sushruta Pvt. Ltd[502](index=502&type=chunk) [Principal Accounting Fees and Services](index=48&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Total audit fees for 2024 significantly increased to $686,326, covering annual audits, quarterly reviews, and services for restatement and S-1 filing Accountant Fees (in USD) | Fee Category | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Audit Fees | 686,326 | 112,500 | | Audit-Related Fees | - | - | | Tax Fees | - | - | | All Other Fees | - | - | | **Total** | **686,326** | **112,500** | - Audit fees for 2024 included expanded services related to the company's financial restatement and S-1 registration statement filing[299](index=299&type=chunk) - All audit services were pre-approved by the Board of Directors, as the audit committee was only recently constituted[304](index=304&type=chunk)[305](index=305&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=49&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section includes consolidated financial statements, an auditor's report with a going concern warning, and detailed notes on accounting policies and subsequent events - The independent auditor's report from BDO India LLP expresses substantial doubt about the company's ability to continue as a going concern due to recurring losses and negative cash flows[322](index=322&type=chunk) - The auditor identified the determination of Standalone Selling Price (SSP) for multiple-element revenue arrangements as a Critical Audit Matter, due to the significant management judgment involved[327](index=327&type=chunk)[328](index=328&type=chunk) - Subsequent to year-end, in early 2025, the company raised a total of **$28 million** in convertible notes from its principal shareholder, Sushruta Pvt Ltd., and converted a total of **$30 million** in notes and interest into common stock, significantly improving its equity position[504](index=504&type=chunk) [Consolidated Financial Statements](index=55&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of $42.4M, total liabilities of $28.9M, and a net loss of $19.2M for FY2024 Consolidated Balance Sheet Data (as of Dec 31, in USD) | | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets | 42,385,213 | 31,515,994 | | Total Liabilities | 28,928,110 | 11,797,916 | | Total Stockholders' Equity | 13,457,103 | 19,718,078 | Consolidated Statement of Operations Data (for the year ended Dec 31, in USD) | | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenue | 20,649,528 | 5,875,314 | | Gross Profit | 8,452,366 | 725,528 | | Loss from Operations | (18,975,962) | (20,273,984) | | Net Loss | (19,151,197) | (20,878,292) | | Net loss per share | (0.11) | (0.14) | [Note 5 – Reverse Recapitalization](index=70&type=section&id=Note%205%20%E2%80%93%20REVERSE%20RECAPITALIZATION) The April 14, 2023, transaction with CardioVentures was accounted for as a reverse recapitalization, with CardioVentures as the accounting acquirer - The April 14, 2023 transaction with CardioVentures was accounted for as a reverse recapitalization, with CardioVentures as the accounting acquirer[416](index=416&type=chunk) - Post-merger, former CardioVentures shareholders held **~95% of the common stock** and controlled the company via new Series A Preferred Stock, which carries **51% of the total voting power**[416](index=416&type=chunk)[417](index=417&type=chunk) [Note 20 – Stock Compensation Expenses](index=83&type=section&id=Note%2020%20%E2%80%93%20STOCK%20COMPENSATION%20EXPENSES) Stock compensation expense increased to $14.3 million in 2024, with $25.1 million in unrecognized expense remaining as of year-end Stock Compensation Expense (in USD) | Category | 2024 | 2023 | | :--- | :--- | :--- | | Stock options | 7,546,149 | 3,152,066 | | Restricted stock units (RSU) | 5,479,441 | 6,095,401 | | Advisory shares | 1,317,194 | 476,025 | | **Total** | **14,342,784** | **9,723,492** | - As of Dec 31, 2024, **$25.1 million** of total unrecognized compensation expense remains, to be recognized over a weighted-average period of **2.91 years**[500](index=500&type=chunk) [Note 23 – Subsequent Events](index=87&type=section&id=Note%2023%20%E2%80%93%20SUBSEQUENT%20EVENTS) In early 2025, the company engaged in significant financing, raising $28 million in convertible notes and converting $30 million in notes into common shares - In January and March 2025, the company raised a total of **$28 million** by issuing convertible promissory notes to its principal shareholder, Sushruta Pvt Ltd[504](index=504&type=chunk) - In February and March 2025, the company converted a total of **$30 million** in principal from convertible notes held by Sushruta Pvt Ltd., plus accrued interest, into **21,858,368 common shares**[504](index=504&type=chunk) - In February 2025, the company repaid promissory notes totaling approximately **$5.2 million** to Sushruta Pvt Ltd. and another investor[504](index=504&type=chunk)

[Form 8-K Filing](index=1&type=section&id=Form%208-K) This Form 8-K details the company's financial condition, regulatory disclosures, forward-looking statements, and accompanying exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) This section states that the disclosure regarding the company's results of operations and financial condition is incorporated by reference from the information provided under Item 7.01 of the same report - The disclosure for Item 2.02 is incorporated by reference from the disclosure set forth under Item 7.01 of this Report[7](index=7&type=chunk) [Item 7.01 Regulation FD Disclosure](index=2&type=section&id=Item%207.01.%20Regulation%20FD%20Disclosure.) The company issued a press release on March 31, 2025, detailing 2024 milestones, preliminary financial results, and Q1 2025 revenue guidance, with the information furnished rather than filed - On March 31, 2025, the Company issued a press release to provide a review of significant milestones achieved in 2024[8](index=8&type=chunk) - The press release included preliminary unaudited revenue and net loss for the year ended December 31, 2024, and anticipated revenue for the first quarter of 2025[8](index=8&type=chunk) - The information in this section and the associated press release is deemed "furnished" and not "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, limiting certain legal liabilities[9](index=9&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section provides a standard safe harbor warning regarding forward-looking statements, advising investors that actual results may differ due to inherent risks and uncertainties - The report contains forward-looking statements concerning future events and financial performance, which involve known and unknown risks and uncertainties[10](index=10&type=chunk) - Investors are cautioned not to place undue reliance on these statements as actual results may differ materially[10](index=10&type=chunk) - A full description of risks and uncertainties can be found in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other SEC filings[10](index=10&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits.) This section lists the exhibits accompanying the Form 8-K, primarily the March 31, 2025 press release and the interactive data file Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release, dated March 31, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited financial statements for September 30, 2024, reflect significant revenue growth but a substantial net loss increase, with all figures subject to restatement pending a reaudit - The company is undergoing a reaudit of its FY2022 and FY2023 financial statements by BDO India LLP, with previously issued statements for these periods and interim 2023/Q1 2024 statements subject to restatement and not to be relied upon[9](index=9&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - This quarterly report is filed without auditor review to comply with Over-the-Counter Market requirements and will be amended upon audit completion[14](index=14&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets increased to **$37.8 million** while total liabilities more than doubled to **$23.9 million**, leading to a decrease in stockholders' equity Condensed Consolidated Balance Sheet Data (as of Sep 30, 2024 vs. Dec 31, 2023) | Balance Sheet Item | Sep 30, 2024 | Dec 31, 2023 (Restated) | | :--- | :--- | :--- | | **Total Assets** | **$37,811,974** | **$30,825,337** | | Cash and cash equivalents | $220,364 | $2,022,276 | | Inventory | $9,190,414 | $6,327,256 | | **Total Liabilities** | **$23,919,989** | **$11,797,914** | | Total Current Liabilities | $18,941,275 | $8,473,718 | | Notes Payable | $4,950,000 | $0 | | **Total Stockholders' Equity** | **$13,891,985** | **$19,027,423** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three and nine months ended September 30, 2024, revenues significantly increased, but net losses widened substantially due to a massive rise in operating expenses, notably a **$6.6 million** stock compensation expense Operating Results (Nine Months Ended Sep 30) | Metric | 2024 | 2023 (Restated) | | :--- | :--- | :--- | | Total Revenues | $15,025,717 | $4,866,287 | | Gross Profit | $5,419,839 | $751,462 | | Total Operating Expenses | $16,767,142 | $4,185,959 | | Stock Compensation Expense | $6,586,381 | $0 | | Operating Loss | ($11,347,303) | ($3,434,497) | | **Net Loss** | **($11,699,076)** | **($4,060,806)** | | Net loss per share | ($0.07) | ($0.04) | Operating Results (Three Months Ended Sep 30) | Metric | 2024 | 2023 (Restated) | | :--- | :--- | :--- | | Total Revenues | $3,408,706 | $1,779,602 | | Gross Profit | $1,302,677 | $16,124 | | Total Operating Expenses | $7,238,746 | $785,946 | | Stock Compensation Expense | $3,337,465 | $0 | | Operating Loss | ($5,936,069) | ($769,822) | | **Net Loss** | **($6,119,381)** | **($1,222,340)** | | Net loss per share | ($0.04) | ($0.01) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash used in operating activities improved to **$5.5 million**, while financing activities provided **$6.0 million**, resulting in an overall cash decrease of **$1.2 million** Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Activity | 2024 | 2023 (Restated) | | :--- | :--- | :--- | | Net cash used in operating activities | ($5,474,776) | ($12,128,972) | | Net cash used in investing activities | ($1,655,495) | $629,247 | | Net cash provided by financing activities | $6,019,381 | $23,043,941 | | **Net change in cash** | **($1,110,890)** | **$11,544,216** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant events, accounting policies, and financial breakdowns, including the reverse merger, going concern assumption, new debt financing, related-party transactions, and a subsequent legal proceeding - The company has a working capital surplus of **$7.7 million** but an accumulated deficit of **$41.9 million** as of September 30, 2024, with management asserting going concern based on product sales and recent fundraising[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - In 2024, the company raised **$4.95 million** in short-term funds, including **$2.5 million** from a related party controlled by the CEO[38](index=38&type=chunk)[39](index=39&type=chunk)[101](index=101&type=chunk) - A legal proceeding was initiated in April 2024 against a downstream subsidiary by an ex-shareholder claiming a **9%** interest, with the company believing the outcome will be favorable and having an indemnification agreement with the CEO[123](index=123&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased sales of its SSi Mantra system, noting significant revenue growth for 2024, but also a sharp rise in operating expenses, leading to larger net losses and a reliance on uncommitted debt financing for expansion - The company is a commercial-stage surgical robotics firm marketing the SSi Mantra system, aiming to provide an affordable alternative in underserved global regions[124](index=124&type=chunk)[126](index=126&type=chunk) - As of September 30, 2024, **40** SSi Mantra systems have been sold, **5** installed on pay-per-use, and **2** are under clinical evaluation, with over **2,000** procedures performed in India[129](index=129&type=chunk) - Regulatory approvals have been secured in India, Indonesia, Nepal, Guatemala, and Ecuador, with US and EU approvals anticipated in late 2025[128](index=128&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Revenues for the three and nine months ended September 30, 2024, grew substantially due to increased sales, but escalating operating expenses, including a **$6.6 million** stock compensation expense, led to a widened net loss of **$11.7 million** for the nine-month period Comparison of Revenues (Nine Months Ended Sep 30) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Revenues | $15,025,717 | $4,866,287 | - The increased net loss for both periods in 2024 is primarily due to significant, non-recurring stock compensation expenses of **$3.3 million** and **$6.6 million**, respectively[133](index=133&type=chunk)[138](index=138&type=chunk)[141](index=141&type=chunk) - General & Administrative (G&A) expenses for the nine months ended September 30, 2024, increased to **$7.4 million** from **$3.3 million** due to increased operational scale, staff growth, and expanded marketing efforts[143](index=143&type=chunk)[145](index=145&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company requires substantial funds for expansion, having raised **$4.95 million** in debt during 2024, but lacks committed funding sources, potentially leading to curtailed expansion or dilutive new investments if further financing is not secured - The company has relied on private debt and equity offerings, raising **$4.95 million** in 2024 through one-year promissory notes, including **$2.5 million** from a related party controlled by the CEO[130](index=130&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - The company has no committed funding sources and may be forced to curtail expansion plans if adequate financing is not obtained, raising going concern considerations[151](index=151&type=chunk) [Item 3. Quantitative Disclosures About Market Risks](index=34&type=section&id=Item%203.%20Quantitative%20Disclosures%20About%20Market%20Risks) As a "smaller reporting company," the company is exempt from providing quantitative disclosures about market risks - The company is exempt from providing quantitative disclosures about market risks as it qualifies as a "smaller reporting company"[160](index=160&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) As of September 30, 2024, the CEO and CFO concluded that disclosure controls and procedures were ineffective due to material weaknesses in internal control over financial reporting, prompting remediation efforts including a new ERP system - Management concluded that disclosure controls and procedures and internal control over financial reporting were not effective as of September 30, 2024[163](index=163&type=chunk) - Material weaknesses identified in internal controls include improper U.S. GAAP application, lack of written policies, and insufficient segregation of duties[167](index=167&type=chunk) - Remediation efforts are underway, including enhancing transaction review processes, engaging external experts, and implementing a new ERP system[164](index=164&type=chunk) [PART II – OTHER INFORMATION](index=36&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company discloses ongoing litigation in the Bahamas involving its subsidiary, Otto Pvt Ltd., where an ex-shareholder claims a **9%** ownership stake, with the CEO providing an indemnification agreement - A lawsuit was filed in the Bahamas against the company's subsidiary, Otto, by an ex-shareholder claiming a **9%** interest, with the CEO filing a counter-action to confirm share cancellation[169](index=169&type=chunk) - The CEO entered into an Indemnification Agreement on October 12, 2024, to cover any claims, damages, and costs arising from this litigation[170](index=170&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.Risk%20Factors) As a "smaller reporting company," the company is exempt from providing risk factor disclosures - The company is exempt from providing risk factor disclosures in this report as it qualifies as a "smaller reporting company"[171](index=171&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In September 2024, the company issued **125,000** shares of common stock in a private transaction to five doctors/proctors in India for their ongoing support in surgeon training and proctoring - The company issued **125,000** shares of common stock to five doctors/proctors in India in a private transaction in September 2024 as consideration for training and proctoring services[172](index=172&type=chunk) [Item 3. Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities are reported [Item 4. Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No other material information is reported [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) The report includes various exhibits, such as Section 302 and 906 certifications by the CEO and CFO, and Inline XBRL data files

[Preliminary Notes](index=2&type=section&id=Preliminary%20Notes) [Auditor Change and Financial Restatement](index=2&type=section&id=Auditor%20Change%20and%20Financial%20Restatement) The company is restating prior financial statements and filing this Q2 2024 report unaudited due to an auditor change and internal review - The company dismissed its independent auditor, BF Borgers CPA PC, on **May 13, 2024**, after the SEC barred them from practice[9](index=9&type=chunk) - BDO India LLP was engaged as the new auditor on **May 29, 2024**, and is reauditing financial statements for **FY2023 and FY22**[10](index=10&type=chunk)[11](index=11&type=chunk) - An internal review and ongoing reaudit necessitate restatement of financial statements for **FY2022, FY2023, and interim periods through Q1 2024** due to unreliability[12](index=12&type=chunk) - This Form 10-Q for **Q2 2024** is filed without required auditor review and will be amended post-completion[14](index=14&type=chunk) [PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q2 and H1 2024, showing revenue growth, increased net loss, and balance sheet changes, all subject to restatement [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets grew to $38.3 million from $30.9 million at year-end 2023, driven by increases in accounts receivable and property, plant, and equipment. Total liabilities rose significantly to $21.3 million from $11.7 million, mainly due to a new $4.45 million in notes payable and a larger bank overdraft. Consequently, total stockholders' equity decreased from $19.2 million to $17.0 million Consolidated Balance Sheet Data (as of June 30, 2024 vs. Dec 31, 2023) | Balance Sheet Item | June 30, 2024 ($) | Dec 31, 2023 (Restated) ($) | | :--- | :--- | :--- | | **Total Assets** | **38,317,405** | **30,945,213** | | Total Current Assets | 22,622,430 | 19,290,319 | | Total Non-Current Assets | 15,694,975 | 11,654,894 | | **Total Liabilities** | **21,334,483** | **11,728,685** | | Total Current Liabilities | 17,725,305 | 7,894,300 | | **Total Stockholders' Equity** | **16,982,922** | **19,216,528** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2024, revenues increased to $4.4 million from $1.6 million year-over-year, but the net loss widened to $2.9 million from $1.9 million due to higher operating expenses. For the six-month period, revenues grew to $11.6 million from $3.1 million, while the net loss increased to $5.6 million from $2.8 million Statement of Operations Highlights (Q2 & H1 2024 vs 2023) | Metric | Q2 2024 ($) | Q2 2023 ($) | H1 2024 ($) | H1 2023 ($) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **4,386,051** | **1,575,306** | **11,617,011** | **3,086,685** | | Gross Profit | 1,040,491 | 224,163 | 4,117,163 | 735,339 | | Loss from Operations | (2,767,056) | (1,758,890) | (5,411,234) | (2,664,675) | | **Net Loss** | **(2,931,834)** | **(1,850,423)** | **(5,579,695)** | **(2,838,466)** | | Net Loss Per Share | (0.02) | (0.01) | (0.03) | (0.03) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, the company used $2.1 million in cash from operating activities and $4.1 million in investing activities, primarily for property purchases and long-term receivables. These uses were funded by $6.2 million in cash from financing activities, including $4.45 million from new notes payable and $1.7 million from an increased bank overdraft. The ending cash balance was $7.1 million Cash Flow Summary (Six Months Ended June 30, 2024) | Cash Flow Activity | Amount ($) | | :--- | :--- | | Net cash used in operating activities | (2,094,584) | | Net cash used in investing activities | (4,118,959) | | Net cash provided by financing activities | 6,239,860 | | **Cash at end of period** | **7,074,165** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, going concern considerations, and specifics on financial statement line items. Key events include the commercial progress with 32 systems sold and 5 on a pay-per-use basis as of June 30, 2024. The company raised $4.45 million in debt during the period to fund operations. A subsequent event note discloses an additional $0.5 million was raised in July 2024. The company's ability to continue as a going concern depends on its ability to raise further capital - The company has an accumulated deficit of **$32.01 million** and a net loss of **$5.57 million** for H1 2024, with its going concern status dependent on securing further funding[31](index=31&type=chunk)[37](index=37&type=chunk) - As of **June 30, 2024**, the company sold **32** surgical robotic systems and installed **5** on a pay-per-use basis, totaling **40** systems including demo units[32](index=32&type=chunk) - In **H1 2024**, the company raised **$4.45 million** through one-year **7%** promissory notes, with **$2.45 million** convertible into common stock at **$4.45 per share**[35](index=35&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - In **July 2024**, the company raised an additional **$0.5 million** from Sushruta Pvt Ltd. via a one-year **7%** promissory note[99](index=99&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategy to democratize surgical robotics, highlighting significant sales growth, increased operating expenses, and the critical need for ongoing capital to fund expansion - The company's strategy focuses on democratizing access to advanced surgical robotics through its affordable **SSi Mantra system**[100](index=100&type=chunk) - Regulatory approvals for the **SSi Mantra system** are secured in India, Indonesia, Nepal, Guatemala, and Ecuador, with **US and EU approvals anticipated in H2 2025**[104](index=104&type=chunk) - As of **June 30, 2024**, the company sold **33 systems** and has an installed network of **40 systems**, with over **1400 procedures** performed in India[105](index=105&type=chunk) - The company requires substantial funds for expansion, having raised **$4.45 million** in notes in **H1 2024** and filed a Form S-1, but the lack of committed funding raises substantial doubt about its going concern ability[117](index=117&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Comparing the three and six months ended June 30, 2024, to the same periods in 2023, revenues showed strong growth due to increased sales of surgical robotic systems. However, net losses also widened significantly, driven by a substantial increase in Selling, General, and Administrative (SG&A) expenses related to higher manpower, marketing, and business promotion costs to support expansion Financial Performance Comparison (YoY) | Metric | Q2 2024 ($) | Q2 2023 ($) | H1 2024 ($) | H1 2023 ($) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **4,386,051** | **1,575,306** | **11,617,011** | **3,086,685** | | SG&A Expenses | 3,777,479 | 1,983,053 | 9,102,278 | 3,400,013 | | **Net Loss** | **(2,931,834)** | **(1,850,423)** | **(5,579,695)** | **(2,838,466)** | [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is strained, relying on recently raised capital to fund operations. In the first half of 2024, it raised $4.45 million through convertible and promissory notes. An additional $0.5 million was raised in July 2024. Despite these efforts, the company has no committed long-term funding sources, and its ability to secure future financing is critical for its survival and expansion plans - In **February 2024**, the company raised **$2.45 million** through **7%** one-year convertible promissory notes[118](index=118&type=chunk) - In **April 2024**, the company raised **$2.0 million** from Sushruta Pvt Ltd. via **7%** one-year promissory notes, with an additional **$0.5 million** raised in **July 2024**[119](index=119&type=chunk) - Management indicates that inability to obtain additional financing may force curtailment of operations, raising substantial doubt about its going concern ability[120](index=120&type=chunk) [Quantitative Disclosures About Market Risks](index=25&type=section&id=Item%203.%20Quantitative%20Disclosures%20About%20Market%20Risks) The company is not required to provide this information as it qualifies as a "smaller reporting company" - As a **"smaller reporting company,"** SS Innovations International, Inc. is exempt from providing quantitative disclosures about market risks[131](index=131&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of June 30, 2024, due to documentation and segregation issues, with remediation efforts underway including ERP implementation - The CEO and CFO concluded that the company's disclosure controls and procedures were **not effective** as of **June 30, 2024**[132](index=132&type=chunk) - Identified control deficiencies include insufficient written documentation for internal control policies and incomplete segregation of duties in accounting[136](index=136&type=chunk) - Remediation efforts are underway, including implementing a new **ERP system** at its Indian operating subsidiary[133](index=133&type=chunk) [PART II - OTHER INFORMATION](index=26&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) No new legal proceedings are reported beyond prior disclosures, though the company may face litigation in the ordinary course of business - No legal proceedings are currently pending or threatened against the company, other than those previously reported[138](index=138&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company is not required to provide this information as it qualifies as a "smaller reporting company" - As a **"smaller reporting company,"** the company is not required to provide risk factor disclosures in its Form 10-Q[139](index=139&type=chunk) [Other Part II Items](index=26&type=section&id=Other%20Part%20II%20Items) The company reported no unregistered equity sales, no defaults on senior securities, and no other disclosures under Item 5 for the quarter - Item 2: No unregistered sales of equity securities - Item 3: No defaults upon senior securities - Item 5: No other information to report

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 2024 financial statements show increased assets and liabilities, **$6.85 million** revenue, a **$2.8 million** net loss, filed without auditor review due to auditor dismissal - The company filed this quarterly report without the required auditor review because its independent registered public accounting firm, **BF Borgers CPA PC**, was barred by the SEC on **May 3, 2024** The company dismissed Borgers on **May 13, 2024**, and will amend the report after engaging a new firm and completing the review[9](index=9&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to **$31.0 million**, liabilities to **$17.5 million**, and equity slightly decreased Condensed Consolidated Balance Sheet Data (in USD) | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $19,786,958 | $18,382,700 | | **Total Assets** | $31,045,225 | $25,479,086 | | **Total Current Liabilities** | $15,663,238 | $9,270,670 | | **Total Liabilities** | $17,509,627 | $11,181,102 | | **Total Stockholders' Equity** | $13,535,597 | $14,297,984 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 revenues surged to **$6.85 million**, gross profit reached **$2.98 million**, resulting in a **$2.80 million** net loss Statement of Operations Summary (Three months ended March 31, in USD) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Total Revenues** | $6,851,058 | $1,511,379 | | **Gross Profit** | $2,977,720 | $511,175 | | **Operating Loss** | $(2,718,177) | $(2,962,852) | | **Net Loss** | $(2,798,448) | $(2,992,362) | | **Net Loss Per Share** | $(0.02) | $(0.05) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 cash flows show positive operating cash, significant investing outflows, and financing inflows, resulting in a net cash decrease Cash Flow Summary (Three months ended March 31, in USD) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $1,338,218 | $(173,553) | | **Net Cash Used in Investing Activities** | $(4,207,606) | $(2,000,000) | | **Net Cash from Financing Activities** | $2,739,507 | $1,433,828 | | **Net Change in Cash** | $(129,881) | $(739,724) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail 'going concern' status, **$4.1 million** working capital surplus, **$38.1 million** accumulated deficit, Q1 2024 sales of **8** systems, and recent capital raises - The company acknowledges a 'going concern' risk, citing a net loss of **$2.8 million** for Q1 2024 and an accumulated deficit of **$38.1 million**, despite having a working capital surplus of **$4.1 million** Management is focused on raising further funding to scale operations[23](index=23&type=chunk)[24](index=24&type=chunk)[29](index=29&type=chunk) - In Q1 2024, the company sold **8** surgical robotic systems, bringing the total systems sold to **23** Additionally, it has installed **5** systems on a pay-per-use basis, **3** for clinical evaluation, and **1** at Johns Hopkins for training, totaling **32** systems in its network[26](index=26&type=chunk) - In February 2024, the company raised **$2.45 million** by issuing **7%** One-Year Convertible Promissory Notes, convertible at **$4.45** per share This included a **$1 million** investment from a holding company owned by the CEO[27](index=27&type=chunk)[59](index=59&type=chunk)[81](index=81&type=chunk) - As a subsequent event, the company raised an additional **$2.0 million** in April 2024 from Sushruta Pvt Ltd through two one-year **7%** promissory notes to meet working capital needs[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 revenue surge to **$6.85 million**, increased operating expenses, a **$2.8 million** net loss, recent capital raises, and ongoing 'going concern' risks - The company is a commercial-stage surgical robotics company focused on making its SSi Mantra system accessible in underserved regions As of March 31, 2024, it has a network of **32** systems installed (**23** sold, **5** pay-per-use, **3** for evaluation, **1** for research), with over **1000** procedures performed[83](index=83&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) Results of Operations Comparison (Three months ended March 31, in USD) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $6,851,058 | $1,511,379 | +353% | | **Salary & Payroll Expense** | $674,436 | $357,674 | +89% | | **SG&A Expenses** | $2,611,019 | $1,490,414 | +75% | | **Net Loss** | $(2,798,448) | $(2,992,362) | -6.5% | - The company raised **$2.45 million** in February 2024 through convertible notes and filed a Registration Statement on Form S-1 for a proposed public offering An additional **$2.0 million** was raised in April 2024[94](index=94&type=chunk)[95](index=95&type=chunk) - Management states that if efforts to raise additional capital are not successful, it would raise substantial doubt about the Company's ability to continue as a going concern, potentially forcing it to curtail operations[96](index=96&type=chunk) [Item 3. Quantitative Disclosures About Market Risks](index=23&type=section&id=Item%203.%20Quantitative%20Disclosures%20About%20Market%20Risks) The company is exempt from providing this information due to its status as a "smaller reporting company" - As a "smaller reporting company," SS Innovations International, Inc. is not required to provide the information for this item[107](index=107&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective as of March 31, 2024, due to documentation and segregation of duties issues, with remediation efforts underway - The Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2024, the company's disclosure controls and procedures were not effective at a reasonable assurance level[108](index=108&type=chunk) - Identified control deficiencies include: - Lack of written documentation for some internal control policies and procedures - Incomplete segregation of duties within accounting functions[112](index=112&type=chunk) - The company is remediating these weaknesses, including implementing a new ERP system at its Indian operating subsidiary (SSI-India) to integrate business functions[109](index=109&type=chunk) [PART II - OTHER INFORMATION](index=24&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) No new legal proceedings are currently pending or threatened against the company beyond those previously disclosed - There are no legal proceedings currently pending or threatened against the company, other than those previously reported in Exchange Act filings[114](index=114&type=chunk) [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company is exempt from providing this information due to its status as a "smaller reporting company" - As a "smaller reporting company," the company is not required to provide the information for this item[115](index=115&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None reported for the period[116](index=116&type=chunk) [Item 3. Defaults Upon Senior Securities](index=24&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported by the company - None reported[117](index=117&type=chunk) [Item 4. Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure item is not applicable to the company's operations - Not applicable[118](index=118&type=chunk) [Item 5. Other Information](index=24&type=section&id=Item%205.%20Other%20Information) No other information was reported by the company for the period - None reported[119](index=119&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) The report includes Section 302 and 906 certifications from the CEO and CFO, along with Inline XBRL data files - Exhibits filed with the report include: - **31.1** & **31.2**: Section 302 Certifications (CEO & CFO) - **32.1** & **32.2**: Section 906 Certifications (CEO & CFO) - **101** Series: Inline XBRL Documents - **104**: Cover Page Interactive Data File[120](index=120&type=chunk)