Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (4,049,645) $ 55,581
Adjustments to reconcile net (loss) income from operations to net cash (used in) provided by operating activities:    
Depreciation and amortization 181,637 26
Stock-based compensation 992,997 52,550
Impairment loss 1,321,338
Changes in operating assets and liabilities, net of assets and liabilities assumed in business acquisition:    
Accounts receivable (9,803)
Accounts receivable - related parties 72,187 (73,413)
Tenants receivable (38,469)
Inventory (1,509)
Prepaid expenses and other current assets (98,917) (50,619)
Security deposit (30,294)
Accounts payable 28
Accrued liabilities and other payables 214,628 5,758
Accrued liabilities and other payables - related parties 31,331 (9,607)
Deferred rental income 12,769
Income taxes payable (21,561) 21,927
VAT and other taxes payable (8,697) 11,781
Tenants' security deposit 92,288
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (1,339,692) 13,984
CASH FLOWS FROM INVESTING ACTIVITIES:    
Prepayment made for acquisition of real property (700,000)
Purchase of Avalon GloboCare Corp.'s shares by AHS (230,000)
Prepayment made for purchase of long-term assets (148,010)
Purchase of property, plant and equipment (53,812) (334)
Purchase of intangible assets (876,087)
Purchase of commercial real estate (7,008,571)
Cash acquired on acquisition of business 72,032
NET CASH USED IN INVESTING ACTIVITIES (8,014,448) (930,334)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received from loan payable 2,100,000
Repayments for loan (600,000)
Proceeds received from related parties' advance 210,000 9,000
Repayment for related parties' advance (307,150)
Proceeds received from AHS's founders' contribution 141,000
Refundable deposit in connection with Share Subscription Agreement 3,000,000
Proceeds received from sale of common stock 5,150,000 3,635,000
Payment of issuance costs related to sale of common stock (50,625)
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,502,225 3,785,000
EFFECT OF EXCHANGE RATE ON CASH (7,241) (92,047)
NET INCREASE IN CASH 140,844 2,776,603
CASH - beginning of period 2,886,189 109,586
CASH - end of period 3,027,033 2,886,189
Cash paid for:    
Interest
Income taxes 21,561
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued in connection with Share Subscription Agreement 300
Distribution of Avalon GloboCare Corp.'s shares to AHS's founders 230,000
Acquisition of real estate by decreasing prepayment for property 700,000
Common stock issued on purchase of intangible assets 500,000
GenExosome's shares issued on purchase of intangible assets 1,217,391
Business acquired on credit $ 450,000