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Family Office of America, Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a name change from 'Qualis Innovations, Inc.' to 'Family Office of America, Inc.' effective December 17, 2024, with a corresponding stock ticker change from 'QLIS' to 'FOFA (FOFA0.00%)'.
The company reported no revenues for the fiscal year 2024. Operating expenses decreased to $96,513 from $230,241 the previous year, primarily due to reductions in stock-based compensation and consulting fees.
Other expenses amounted to $3,971, compared to $574,780 in the previous year. The prior year's expenses included a $500,000 settlement of a dispute and a $76,008 impairment of assets.
Family Office of America recorded a net loss of $100,484 for the year ended December 31, 2024, compared to a net loss of $805,021 in the previous year.
The company had total assets of $20,581 as of December 31, 2024, primarily consisting of cash and other current assets.
Liabilities totaled $44,021, with accounts payable and accrued expenses making up the majority.
The company has initiated a Regulation D offering to sell up to 6,000,000 common shares at $0.10 per share. As of March 7, 2025, 2,750,000 shares had been sold, raising $275,000.
Family Office of America plans to continue developing its SOLACE device, a non-invasive medical device for pain management, and is seeking FDA approval for its 510(k) application.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing an accumulated deficit of $4,530,792 and a working capital deficit of $23,440 as of December 31, 2024.
Family Office of America is exploring options to raise additional funds and expand operations to improve its financial position and generate revenues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FOFA annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.