Avalon filed chapter 11 banruptcy September 5th.in filing a claim I found that they kept moving. The Newport Beach phone was disconnected months ago yet they use it on SEC reports. The agent for service address listed with the state of CA is an address from 3 or 4 years ago.
They did a reverse merger in September and the financial statements after that never showed the combined company. They never talked about the fact that the state of Utah fined them $21K on 21 counts of misrepresentation and fruadulent business activities in March. Prior to Sept all the merged business's had a going concern audit report issued but that was never mentioned in any subsequent financial statements.
Avalon had a $75 million negative retained earnings balance prior to the Sept merger. One of the Board members has lent them money at interest rates ranging from 14% to 24% through a joint venture he controls.
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