[Part I – Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Unaudited Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) The unaudited financial statements for the period ended September 30, 2024, reflect decreased total assets, increased liabilities, a net loss improvement, and negative operating cash flow, with a significant 'going concern' warning [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets decreased to $19.55 million, total liabilities increased to $14.15 million due to current liabilities, and total equity declined to $5.40 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 (Unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$19,551** | **$20,583** | | Total Current Assets | $1,397 | $851 | | Total Non-current Assets | $18,154 | $19,732 | | **Total Liabilities** | **$14,149** | **$13,214** | | Total Current Liabilities | $12,332 | $6,763 | | Total Non-current Liabilities | $1,817 | $6,451 | | **Total Equity** | **$5,401** | **$7,369** | - The working capital deficit significantly worsened, reaching approximately **$10.94 million** as of September 30, 2024[21](index=21&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q3 2024, net loss was $1.68 million, while the nine-month net loss improved to $5.18 million due to reduced operating expenses, despite a shift in equity method investment Key Operating Results (in thousands) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Real Property Rental Revenue | $345 | $331 | $988 | $934 | | Loss from Operations | $(1,270) | $(1,141) | $(3,617) | $(5,963) | | **Net Loss** | **$(1,679)** | **$(1,485)** | **$(5,179)** | **$(7,152)** | | **Net Loss Per Share (Basic & Diluted)** | **$(1.82)** | **$(2.06)** | **$(6.45)** | **$(10.34)** | - A significant shift occurred in the equity method investment in Lab Services MSO, which generated a loss of **$447,909** in Q3 2024 compared to an income of **$354,500** in Q3 2023, due to amortization and a goodwill impairment charge[5](index=5&type=chunk)[215](index=215&type=chunk) [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 operations was $3.89 million, offset by $4.73 million from financing activities, resulting in a net cash increase to $1.02 million Cash Flow Summary for the Nine Months Ended September 30 (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(3,891) | $(5,708) | | Net Cash Used in Investing Activities | $(100) | $(22) | | Net Cash Provided by Financing Activities | $4,727 | $4,091 | | **Net Increase (Decrease) in Cash** | **$739** | **$(1,649)** | | **Cash at End of Period** | **$1,024** | **$342** | - Financing activities in 2024 included **$3.37 million** from issuing convertible debt and **$2.86 million** from an equity offering, offset by **$3.1 million** in repayments of convertible debt[9](index=9&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the company's business structure, a significant 'going concern' warning due to financial deficits, terms of convertible debt, related party transactions, and a recent reverse stock split - The company is a commercial-stage entity focused on precision diagnostics and clinical laboratory services, primarily through its **40% equity investment** in Lab Services MSO and ownership of an income-producing real estate property[11](index=11&type=chunk)[13](index=13&type=chunk)[15](index=15&type=chunk) - There is substantial doubt about the company's ability to continue as a going concern due to a working capital deficit of approximately **$10.9 million**, recurring net losses (**$5.18 million** for the nine months ended Sep 30, 2024), and negative operating cash flow (**$3.89 million**)[21](index=21&type=chunk)[22](index=22&type=chunk) - In June 2024, the company issued a **$2.845 million** convertible note to Mast Hill, using part of the proceeds to pay off previously issued notes; this note carries a **13% interest rate** and has a conversion price of **$11.25 per share**[85](index=85&type=chunk)[88](index=88&type=chunk) - The company effectuated a **1-for-15 reverse stock split** on October 28, 2024, and decreased authorized common shares from **490 million to 100 million**[51](index=51&type=chunk)[177](index=177&type=chunk) - An impairment loss of **$259,579** was recognized on the equity method investment in Laboratory Services MSO during the nine months ended September 30, 2024[62](index=62&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic focus, reiterates the 'going concern' risk due to liquidity issues, and analyzes operational results showing a reduced net loss primarily from cost-cutting, despite a loss from the Lab Services MSO investment [Overview and Strategy](index=37&type=section&id=Overview%20and%20Strategy) The company's strategy focuses on a laboratory rollup, R&D with MIT, and KetoAir commercialization, with cellular therapy R&D suspended to conserve cash - Core business strategies include a laboratory rollup (starting with a **40% interest** in Lab Services MSO), R&D with MIT, and product commercialization[183](index=183&type=chunk)[184](index=184&type=chunk)[187](index=187&type=chunk) - The company is commercializing the KetoAir, a handheld breathalyzer for detecting ketosis, targeting diabetes and obesity markets in North America, South America, the EU, and the UK[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - All research and development efforts related to cellular therapy have been suspended to preserve cash and focus on core strategies[191](index=191&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) For the nine months ended September 30, 2024, real property rental revenue increased, but a significant loss from the Lab Services MSO investment occurred, while sharp cuts in advertising and professional fees led to a decreased loss from operations Comparison of Operating Results for the Nine Months Ended September 30 | Item | 2024 (in millions) | 2023 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | Real Property Rental Revenue | $0.99 | $0.93 | +5.7% | | (Loss) Income from Equity Investment | $(0.67) | $0.37 | N/A | | Other Operating Expenses | $(3.14) | $(6.49) | -51.6% | | **Loss from Operations** | **$(3.62)** | **$(5.96)** | **-39.3%** | | **Net Loss** | **$(5.18)** | **$(7.15)** | **-27.6%** | - The loss from the equity investment in Lab Services MSO for the nine months ended Sep 30, 2024 was **$669,777**, which included a **$259,579 impairment of goodwill** and **$500,199** in amortization of intangible assets[218](index=218&type=chunk) - Advertising and marketing expenses for the nine months decreased by **84.6%** to **$252,394**, and professional fees decreased by **55.3%** to **$1,190,125**, reflecting significant cost-cutting measures[221](index=221&type=chunk)[222](index=222&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces critical liquidity issues with a $10.9 million working capital deficit, relying on $4.73 million from financing activities, but current cash is insufficient for the next 12 months, reinforcing the 'going concern' risk - The company's working capital deficit increased by **85.0%** to **$10.9 million** at September 30, 2024, from **$5.9 million** at December 31, 2023[245](index=245&type=chunk) - Net cash provided by financing activities for the nine months ended Sep 30, 2024 was **$4.73 million**, sourced from convertible debt, equity offerings, and advances from a related party[247](index=247&type=chunk)[253](index=253&type=chunk) - Management estimates that available cash is insufficient to satisfy cash requirements for the next year, and future operations depend on securing additional financing[243](index=243&type=chunk)[260](index=260&type=chunk) - The company has a **$20 million** line of credit from its Chairman, with approximately **$13.2 million** remaining available as of September 30, 2024[256](index=256&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Avalon GloboCare Corp is not required to provide information for this item - The company is exempt from this disclosure requirement as it qualifies as a smaller reporting company[264](index=264&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of September 30, 2024, due to un-remediated material weaknesses from the 2023 Annual Report, with no material changes to internal control during the quarter - Management concluded that disclosure controls and procedures were not effective as of September 30, 2024[267](index=267&type=chunk) - The ineffectiveness is due to material weaknesses previously reported in the Form 10-K for the year ended December 31, 2023, which have not yet been remediated[267](index=267&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[268](index=268&type=chunk) [Part II – Other Information](index=48&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that are expected to have a material adverse effect on its business, financial condition, or operations - The company is not presently a party to any material legal proceedings[270](index=270&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes have occurred from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[272](index=272&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first nine months of 2024, the company issued 45,153 shares of common stock for services valued at $306,350; these issuances were exempt from registration under Section 4(a)(2) of the Securities Act as transactions not involving a public offering - In the nine months ended September 30, 2024, the company issued **45,153 shares** of common stock for services, valued at **$306,350**[273](index=273&type=chunk) - These securities were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act[274](index=274&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including a certificate of amendment for the reverse stock split, CEO and CFO certifications, and XBRL data files - The exhibit list includes the Certificate of Amendment for the reverse stock split, Sarbanes-Oxley certifications (302 and 906), and Inline XBRL documents[279](index=279&type=chunk)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-38728 AVALON GLOBOCARE CORP. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Tradi ...

FREEHOLD, N.J., July 18, 2024 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. ("Avalon" or the "Company") (NASDAQ:ALBT), a developer of innovative cell-based technology, cellular therapy and precision diagnostics, today announced the official launch of online sales for the KetoAir™ breathalyzer device and related accessories in the U.S. The products are now available at www.ketoair.us. KetoAir™ is a breathalyzer featuring Hot App shareable technology with AI-enabled software, specifically engineered for ketogeni ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-38728 AVALON GLOBOCARE CORP. (Exact name of registrant as specified in its charter) | Delaware | No. 47--1685128 | | --- | --- | | (State or other jurisdiction of | (I.R.S. ...

Celebration, FL, May 21, 2024 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC) ("La Rosa" or the "Company"), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has appointed Lourdes Felix to its Board of Directors. Ms. Felix was also appointed to serve as the Chairperson of the Audit Committee and as a member of the Board's Compensation Committee and Nominating and Corporate Governance Committee. Ms. Lourdes Feli ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

FREEHOLD, N.J., April 22, 2024 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. ("Avalon" or the "Company") (NASDAQ:ALBT), a developer of innovative cell-based technology, cellular therapy and precision diagnostics, today announced the official launch of the KetoAir™ breathalyzer device and related accessories in the U.S. at the Hack Your Health by KetoCon 2024 Conference being held from May 31 to June 2, 2024 in Austin, Texas. KetoAir™ is a cutting-edge breathalyzer featuring Hot App shareable technology with AI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission file number: 001-38728 (Exact name of registrant as specified in its charter) Delaware 47-1685128 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 4400 Route 9 So ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-38728 AVALON GLOBOCARE CORP. (Exact name of registrant as specified in its charter) | Delaware | No. 47--1685128 | | --- | --- | | (State or other jurisdiction of | (I. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-38728 AVALON GLOBOCARE CORP. (Exact name of registrant as specified in its charter) | Delaware | No. 47--1685128 | | --- | --- | | (State or other jurisdiction of | (I.R.S. ...