Family Office of America Reports $1.32M Revenue and $138K Profit in Latest 10-Q Filing

Family Office of America, Inc. (formerly Qualis Innovations, Inc.) reported significant financial developments in its latest 10-Q filing for the six months ending June 30, 2026. The company generated net revenues of $1.32 million, a notable increase from zero revenues reported in the same period last year. This growth is attributed to the recent acquisitions of Toone & Associates and Benson Family Office, which have expanded the company's service offerings in the CPA and family office sectors. The gross profit for the period matched the revenue figure, indicating no cost of sales incurred.

In terms of profitability, Family Office of America recorded a net profit of $138,643 for the six months ended June 30, 2026, a significant turnaround from a net loss of $198,549 in the prior year. The company’s operating expenses surged to $1.20 million, up from $202,785 in the previous year, primarily due to increased consulting fees, professional services, and general administrative costs associated with the acquisitions. The increase in expenses reflects the company's strategic investments to enhance its operational capabilities and service delivery.

Operationally, Family Office of America has made strides in expanding its customer base and service offerings. The company reported total assets of $2.65 million as of June 30, 2026, compared to $1.54 million at the end of 2025. This increase is largely due to cash reserves, accounts receivable, and goodwill from the acquisitions. The company’s liabilities also rose to $1.65 million, driven by accounts payable and accrued expenses related to the acquisitions. The total number of shares outstanding increased to 30,592,004, reflecting the issuance of shares as part of the acquisition agreements.

Looking ahead, Family Office of America aims to continue its growth trajectory by leveraging its expanded service offerings and client base. The company is focused on raising additional capital to support its operations and strategic initiatives, including potential further acquisitions in the CPA sector. However, the management has acknowledged the challenges posed by its current cash position and the need for additional funding to sustain operations and growth. The company’s ability to execute its business plan and achieve profitability remains contingent on successfully implementing its strategies and securing necessary financial resources.