Avalon GloboCare Files Q3 2024 10-Q
Ticker: ALBT · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 1630212
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Avalon GloboCare filed its Q3 10-Q. Financials are in.
AI Summary
Avalon GloboCare Corp. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Delaware, operates in the biological products sector. Its principal executive offices are located at 4400 Route 9 South, Suite 3100, Freehold, New Jersey.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Avalon GloboCare Corp. during the third quarter of 2024.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information and operational updates which can significantly impact stock price, but it does not represent a new event or crisis.
Key Players & Entities
- Avalon GloboCare Corp. (company) — Registrant
- September 30, 2024 (date) — Quarterly period end date
- Delaware (location) — State of incorporation
- 4400 Route 9 South, Suite 3100, Freehold, New Jersey 07728 (location) — Principal executive offices address
- 000-38728 (other) — Commission File Number
FAQ
What is the primary business of Avalon GloboCare Corp.?
Avalon GloboCare Corp. is primarily involved in Biological Products (No Diagnostic Substances), as indicated by its Standard Industrial Classification code [2836].
When was the quarterly period covered by this 10-Q filing?
The quarterly period covered by this 10-Q filing ended on September 30, 2024.
What is the company's state of incorporation?
The company is incorporated in Delaware.
Where are Avalon GloboCare Corp.'s principal executive offices located?
The principal executive offices are located at 4400 Route 9 South, Suite 3100, Freehold, New Jersey 07728.
What is the Commission File Number for Avalon GloboCare Corp.?
The Commission File Number for Avalon GloboCare Corp. is 000-38728.
Filing Stats: 4,698 words · 19 min read · ~16 pages · Grade level 18.6 · Accepted 2024-11-12 07:24:54
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share ALBT The Nasdaq Capital Marke
Filing Documents
- ea0219860-10q_avalon.htm (10-Q) — 1801KB
- ea021986001ex31-1_avalon.htm (EX-31.1) — 13KB
- ea021986001ex31-2_avalon.htm (EX-31.2) — 13KB
- ea021986001ex32-1_avalon.htm (EX-32.1) — 5KB
- ea021986001ex32-2_avalon.htm (EX-32.2) — 5KB
- 0001213900-24-096205.txt ( ) — 8931KB
- avco-20240930.xsd (EX-101.SCH) — 77KB
- avco-20240930_cal.xml (EX-101.CAL) — 52KB
- avco-20240930_def.xml (EX-101.DEF) — 412KB
- avco-20240930_lab.xml (EX-101.LAB) — 698KB
- avco-20240930_pre.xml (EX-101.PRE) — 419KB
- ea0219860-10q_avalon_htm.xml (XML) — 1049KB
– Financial Information
Part I – Financial Information
Unaudited Financial Statements
Item 1. Unaudited Financial Statements Condensed Consolidated Balance Sheets – At September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) – For the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Equity (Unaudited) — For the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) – For the Nine Months Ended September 30, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 42
Controls and Procedures
Item 4. Controls and Procedures 42
– Other Information
Part II – Other Information
Legal Proceedings
Item 1. Legal Proceedings 43
Risk Factors
Item 1A. Risk Factors 43
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 43
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 43
Other Information
Item 5. Other Information 43
Exhibits
Item 6. Exhibits 43 Exhibit Index 44
Signatures
Signatures 45 i PART 1 - FINANCIAL INFORMATION Item 1. Financial Statements. AVALON GLOBOCARE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash $ 1,024,197 $ 285,400 Rent receivable 77,667 197,473 Prepaid expense and other current assets 294,957 367,994 Total Current Assets 1,396,821 850,867 NON-CURRENT ASSETS: Operating lease right-of-use assets, net 37,149 128,250 Property and equipment, net 31,163 38,083 Investment in real estate, net 7,064,892 7,191,404 Equity method investments, net 10,813,355 12,095,020 Other non-current assets 207,253 278,912 Total Non-current Assets 18,153,812 19,731,669 Total Assets $ 19,550,633 $ 20,582,536 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accrued professional fees $ 613,466 $ 1,804,100 Accrued research and development fees 153,772 208,772 Accrued payroll liability and compensation 387,700 588,722 Accrued litigation settlement 373,450 450,000 Accrued liabilities and other payables 560,915 272,915 Accrued liabilities and other payables - related parties 713,279 206,458 Operating lease obligation 43,149 129,396 Advance from pending sale of noncontrolling interest - related party 2,508,159 485,714 Equity method investment payable - 666,667 Derivative liability 123,506 24,796 Note payable, net 4,718,584 - Convertible note payable, net 2,136,193 1,925,146 Total Current Liabilities 12,332,173 6,762,686 NON-CURRENT LIABILITIES: Operating lease obligation - noncurrent portion - 4,855 Note payable, net - noncurrent portion 967,056 5,596,219 Loan payable - related party 850,000 850,000 Total Non-current Liabilities 1,817,056 6,451,074 Total Liabilities 14,149,229 13,213,760 Commitments and Contingencies (Note 15) EQUITY: Preferred stock,
financial statements
financial statements. 1 AVALON GLOBOCARE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 REAL PROPERTY RENTAL REVENUE $ 345,159 $ 331,290 $ 987,634 $ 934,360 REAL PROPERTY OPERATING EXPENSES 245,528 288,083 794,142 781,931 REAL PROPERTY OPERATING INCOME 99,631 43,207 193,492 152,429 (LOSS) INCOME FROM EQUITY METHOD INVESTMENT - LAB SERVICES MSO ( 447,909 ) 354,500 ( 669,777 ) 370,060 OTHER OPERATING EXPENSES: Advertising and marketing expenses 144,734 437,750 252,394 1,634,720 Professional fees 303,332 435,144 1,190,125 2,659,895 Compensation and related benefits 343,360 469,959 1,054,164 1,375,637 Other general and administrative expenses 130,257 195,990 644,418 815,068 Total Other Operating Expenses 921,683 1,538,843 3,141,101 6,485,320 LOSS FROM OPERATIONS ( 1,269,961 ) ( 1,141,136 ) ( 3,617,386 ) ( 5,962,831 ) OTHER (EXPENSE) INCOME Interest expense - amortization of debt discount and debt issuance costs ( 278,811 ) ( 199,136 ) ( 1,115,433 ) ( 290,794 ) Interest expense - other ( 257,722 ) ( 229,144 ) ( 726,776 ) ( 527,702 ) Interest expense - related party ( 10,712 ) ( 10,712 ) ( 31,904 ) ( 23,000 ) Change in fair value of derivative liability 169,209 87,173 380,758 128,894 Impairment of equity method investment - Epicon - - - ( 464,406 ) Other (expense) income ( 31,203 ) 7,880 ( 67,998 ) ( 12,037 ) Total Other Expense, net ( 409,239 ) ( 343,939 ) ( 1,561,353 ) ( 1,189,045 ) LOSS BEFORE INCOME TAXES ( 1,679,200 ) ( 1,485,075 ) ( 5,178,739 ) ( 7,151,876 ) INCOME TAXES - - - - NET LOSS $ ( 1,679,200 ) $ ( 1,485,075 ) $ ( 5,178,739 ) $ ( 7,151,876 ) LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST - - - - NET LOSS ATTRIBUTABLE TO AVALON GLOBOCARE CORP. COMMO