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Avalon GloboCare Corp. (ALBT-0.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in real property rental revenue to $345,159 from $331,290 in the same quarter the previous year. The increase is attributed to a higher number of tenants occupying the building.
Real property operating expenses for the quarter decreased to $245,528 from $288,083 in the previous year, primarily due to a reduction in repairs and maintenance fees.
The company reported a real property operating income of $99,631 for the quarter, compared to $43,207 in the previous year, with the increase attributed to higher rental revenue and lower operating expenses.
A loss of $447,909 was recorded from the equity method investment in Lab Services MSO, which includes amortization of intangible assets and impairment of goodwill.
Other operating expenses decreased to $921,683 from $1,538,843, primarily due to reduced advertising and marketing expenses and lower professional fees.
Net loss for the quarter was $1,679,200, up from $1,485,075 in the previous year. The increase in net loss is mainly due to higher interest expenses and lower income from equity method investments.
Cash used in operating activities was $3,890,993, while cash provided by financing activities was $4,726,942, primarily from the issuance of convertible debts and equity offerings.
Avalon had a working capital deficit of $10,935,352 as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing also details the issuance of convertible notes and related warrants, as well as the company's strategy to focus on laboratory acquisitions and product commercialization.
Avalon does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting, which has not yet been remediated.
Avalon continues to focus on its laboratory rollup strategy and commercialization of diagnostic testing products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avalon GloboCare Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.