Family Office of America Reports No Revenue and Increased Losses in Latest Financial Filing

Family Office of America, Inc. (formerly Qualis Innovations, Inc.) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company recorded no revenue for both the three and nine months ended September 30, 2025, maintaining a consistent trend from the previous year. However, the company experienced a substantial increase in operating expenses, which rose to $257,955 for the nine months ended September 30, 2025, compared to $67,473 for the same period in 2024. This increase of 282.3% was primarily attributed to higher costs associated with stock-based compensation, consulting fees, and warrants for services.

The net loss for the nine months ended September 30, 2025, was $249,493, a significant increase from the $70,064 loss reported in the same period of the previous year. For the third quarter alone, the net loss was $50,944, compared to $22,676 in the prior year. The company's accumulated deficit reached $4,780,285 as of September 30, 2025, reflecting ongoing challenges in achieving profitability. The total assets of the company increased to $829,347, primarily due to a cash balance of $827,598, while total liabilities decreased to $25,682 from $44,021 at the end of the previous fiscal year.

In terms of strategic developments, Family Office of America, Inc. incorporated a new subsidiary, Family Office of Maryland, LLC, in September 2025, which is focused on providing family office services in Maryland. Additionally, the company entered into an Asset Purchase Agreement on October 1, 2025, to acquire certain assets from Toone & Associates, LLP, for $1.5 million. This acquisition is expected to enhance the company's service offerings in accounting and related services. The purchase price is structured with payments spread over two years, contingent on the performance of the acquired assets.

Operationally, the company has not reported any customer counts or user statistics, as it has yet to generate revenue since its inception. The company’s employee headcount remains unspecified, but it has indicated a focus on expanding its operational capabilities and service offerings. Family Office of America is also planning geographic expansion, with intentions to open offices in several U.S. cities, including Phoenix, Houston, and Nashville, to broaden its market reach.

Looking ahead, the company acknowledges the need for additional capital to support its operations and growth initiatives. Management is exploring options for raising funds through private offerings and is optimistic about the potential for future revenue generation. However, the company cautions that its ability to continue as a going concern is contingent upon successfully implementing its business plan and securing necessary financing. The filing underscores the inherent risks and uncertainties associated with the company's operational strategy and market conditions.