Family Office of America Reports Reduced Net Loss and Strategic Rebranding

Family Office of America, Inc., formerly known as Qualis Innovations, Inc., reported a net loss of $100,484 for the fiscal year ending December 31, 2024, a significant reduction from the previous year's loss of $805,021. The company, which has not generated any revenue since its inception, attributed the decrease in losses primarily to a reduction in operating expenses, which fell by 58.1% to $96,513 from $230,241 in 2023. This decline was driven by decreased stock-based compensation, consulting fees, and other operational costs as the company reorganized its administrative structure.

The company underwent a name change in December 2024, transitioning from Qualis Innovations, Inc. to Family Office of America, Inc., along with a change in its stock ticker from "QLIS" to "FOFA." This rebranding aligns with its strategic focus on expanding operations to provide business management and financial consulting services. Additionally, Family Office of America is in the process of developing its sole product, the SOLACE device, which aims to offer non-invasive pain management solutions. However, the company has not yet finalized the development of this device and has not generated cash flows from operations related to it.

In terms of operational metrics, Family Office of America reported total assets of $20,581 as of December 31, 2024, primarily consisting of cash and other current assets. The company’s liabilities stood at $44,021, indicating a working capital deficit of $23,440. The company has no full-time employees and has relied on financing from its CEO for working capital needs. As of March 7, 2025, the company initiated a Regulation D offering to sell up to 6,000,000 common shares at $0.10 per share, raising $275,000 from accredited investors.

Looking ahead, the company faces substantial challenges, including the need for additional capital to support its operations and product development. Management has indicated that it intends to raise funds through public offerings or asset sales, but there are no guarantees regarding the availability of financing on favorable terms. The company’s ability to continue as a going concern is contingent upon successfully implementing its business plan and generating revenue, which remains uncertain given its current operational status and lack of historical revenue generation.

Overall, Family Office of America is navigating a transitional phase as it seeks to establish itself in the medical device market while managing financial constraints and operational challenges. The company’s future performance will depend on its ability to finalize the development of the SOLACE device, secure necessary funding, and effectively execute its strategic initiatives.