Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Fair Value, Assets Measured on Nonrecurring Basis

At December 31, 2017 and 2016, intangible assets were measured at fair value on a nonrecurring basis as shown in the following tables.

 

   

Quoted Price in Active Markets for Identical Assets 

(Level 1) 

   

Significant Other Observable Inputs 

(Level 2) 

   

Significant Unobservable Inputs 

(Level 3) 

    Balance at December 31, 2017     Impairment Loss  
Patents and other technologies   $     $     $ 1,583,260     $ 1,583,260     $ 923,769  
Goodwill                             397,569  
Total   $     $     $ 1,583,260     $ 1,583,260     $ 1,321,338  

 

      Quoted Price in Active Markets for Identical Assets
(Level 1)
      Significant Other Observable Inputs
(Level 2)
     

Significant Unobservable Inputs

 (Level 3)

     

Balance at December 31,

 2016 

      Impairment Loss  
Intangible assets   $     $     $     $     $  
Valuation of financial instrument

A rollforward of the level 3 valuation of the financial instrument is as follows:

 

    Patents and other technologies     Goodwill     Total  
Balance at December 31, 2016   $     $     $  
Intangible assets acquired     2,593,478       397,569       2,991,047  
Amortization of intangible assets     (86,449 )           (86,449 )
Impairment loss     (923,769 )     (397,569 )     (1,321,338 )
Balance at December 31, 2017   $ 1,583,260     $     $ 1,583,260  
Schedule of cash balances by geographic area

At December 31, 2017 and 2016, the Company’s cash balances by geographic area were as follows:

 

Country:   December 31, 2017     December 31, 2016  
United States   $ 1,700,024       56.2 %   $ 360,559       12.5 %
China     1,327,009       43.8 %     2,525,630       87.5 %
Total cash   $ 3,027,033       100.0 %   $ 2,886,189       100.0 %
Schedule of reconciliation of basic and diluted net income (loss) per share

The following table presents a reconciliation of basic and diluted net (loss) income per share:

 

    Year Ended December 31, 2017     Year Ended December 31, 2016  
Net (loss) income available to Avalon GloboCare Corp. for basic and diluted net (loss) income per share of common stock   $ (3,464,285 )   $ 55,581  
Weighted average common stock outstanding - basic and diluted     65,033,472       51,139,475  
Net (loss) income per common share attributable to Avalon GloboCare Corp. - basic and diluted   $ (0.05 )   $ 0.00