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Avalon GloboCare Corp. (ALBT-0.21%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Avalon GloboCare Corp. is a commercial-stage company focused on precision diagnostic consumer products, including the Keto Air breathalyzer device. The company also owns commercial real estate in New Jersey.
The company reported real property rental revenue of $1,333,403 for the year, a 6.2% increase from the previous year. This increase was attributed to a higher number of tenants.
Avalon GloboCare Corp. recorded a net loss of $7,903,394 for the fiscal year, a decrease from the $16,707,010 loss reported in 2023. The company attributes this improvement to reduced operating expenses.
The company has identified a material weakness in its internal control over financial reporting due to a lack of segregation of duties and oversight of the financial statement close process.
Avalon GloboCare Corp. has a significant working capital deficit and has raised concerns about its ability to continue as a going concern without additional financing.
The company has entered into various financing agreements, including a $20 million line of credit from its chairman and several convertible note financings to support its operations.
Avalon GloboCare Corp. has also engaged in strategic transactions, including the acquisition and subsequent redemption of a 40% interest in Laboratory Services MSO, LLC.
The company continues to focus on the commercialization of the Keto Air breathalyzer and has secured exclusive distributorship rights for certain territories.
Avalon GloboCare Corp. is actively seeking additional capital to fund its operations and implement its business plan. The company acknowledges the potential need to raise significant additional capital in the near future.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.