Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION

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ACQUISITION
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
ACQUISITION

NOTE 4 – ACQUISITION

 

The Company accounts for acquisition using the acquisition method of accounting, whereby the results of operations are included in the financial statements from the date of acquisition. The purchase price is allocated to the acquired assets and assumed liabilities based on their estimated fair values at the date of acquisition, and any excess is allocated to goodwill.

 

Effective October 25, 2017, pursuant to the Stock Purchase Agreement as discussed in elsewhere in this report, the Company’s majority owned subsidiary, GenExosome, acquired 100% of Beijing GenExosome.

 

In according to the acquisition, Beijing GenExosome’s assets and liabilities were recorded at their fair values as of the effective date, October 25, 2017, and the results of operations of Beijing GenExosome are consolidated with results of operations of the Company, starting on October 25, 2017.

 

The following unaudited pro forma consolidated results of operations have been prepared as if the acquisition of Beijing GenExosome had occurred as of the beginning of the following periods:

 

    Three Months     Six Months  
    Ended     Ended  
    June 30, 2017     June 30, 2017  
Net revenues   $ 374,751     $ 441,037  
Net loss   $ (441,384 )   $ (1,497,762 )
Net loss attributable to Avalon GloboCare Corp. common shareholders   $ (437,034 )   $ (1,490,116 )
Net loss per share   $ (0.01 )   $ (0.02 )

 

Pro forma data does not purport to be indicative of the results that would have been obtained had these events actually occurred at the beginning of the periods presented and is not intended to be a projection of future results.