Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock has been
listed on the Nasdaq Capital Market under the symbol “AVCO” since November 5, 2018. Our common shares were traded previously
on the OTC Market Group Inc.’s Venture Market (the “OTCQB”) since February 22, 2016, under the symbol “AVCO”
since October 18, 2016 and “GTHC” prior to October 18, 2016.
The following table sets
forth, for each of the calendar periods indicated, the quarterly high and low bid prices for our common stock quoted on the Nasdaq Capital
Market. The prices in the table represent prices between dealers and do not include adjustments for retail mark-up, markdown or commission
and may not represent actual transactions.
High
Low
2021
First Quarter
$ 1.65
$ 1.03
Second Quarter
$ 1.57
$ 0.87
Third Quarter
$ 1.19
$ 0.80
Fourth Quarter
$ 1.15
$ 0.79
2020
First Quarter
$ 2.04
$ 0.50
Second Quarter
$ 2.19
$ 1.05
Third Quarter
$ 2.16
$ 1.10
Fourth Quarter
$ 1.33
$ 1.06
On March 28, 2022, the closing
trading price of our shares of common stock was $0.73 per share and there were 88,625,709 common shares outstanding. On that date, there
were approximately 217 registered holders of record of our shares of common stock, based upon information received from our stock transfer
agent. However, this number does not include beneficial owners whose shares were held of record by nominees or broker dealers.
Dividends
The Company has never declared
or paid any cash dividends on its common stock. The Company currently intends to retain future earnings, if any, to finance the expansion
of its business. As a result, the Company does not anticipate paying any cash dividends in the foreseeable future.
Securities Authorized for Issuance Under Equity Compensation Plans
The
Company held its annual meeting on August 4, 2020. During its annual meeting, the Company approved 2020 Incentive Stock Plan and reserved
5,000,000 shares of common stock for issuance thereunder.
Recent Sales of Unregistered Securities
Common Shares Issued for Services
During the year ended December 31, 2021, the Company
issued a total of 1,405,679 shares of its common stock for services rendered and to be rendered. These shares were valued at
$1,507,488, the fair market values on the grant dates using the reported closing share prices on the dates of grant, and the Company recorded
stock-based compensation expense of $1,075,756 for the year ended December 31, 2021 and reduced accrued liabilities of $276,032 and
recorded prepaid expense of $155,700 as of December 31, 2021 which will be amortized over the rest of corresponding service periods.
Common
Shares Issued Pursuant to Related Party Debt Settlement Agreement and Release
On December
21, 2021, the Company and Mr. Lu entered into and closed a Debt Settlement Agreement and Release pursuant to which $3.0 million debt owed
under the Line of Credit were settled by issuance of the Company’s 2,400,000 shares of common stock. The 2.4 million shares issued
had a fair value of $3 million.
The offers, sales, and issuances
of the securities described above were deemed to be exempt from registration under the Securities Act of 1933 in reliance on Section 4(a)(2)
of the Securities Act of 1933 or Regulation D promulgated thereunder as transactions by an issuer not involving a public offering. The
recipients of securities in each of these transactions acquired the securities for investment only and not with a view to or for sale
in connection with any distribution thereof and appropriate legends were affixed to the securities issued in these transactions. Each
of the recipients of securities in these transactions was an accredited or sophisticated person and had adequate access, through employment,
business or other relationships, to information about us.
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ITEM 6. [RESERVED]