−Removed: Our principal offices are located at 4400 Route
−Removed: 9 South, Freehold, NJ 07728.
−Removed: The office building is owned by our subsidiary, Avalon RT 9 Properties, LLC, which is in business of owning
−Removed: and operating an income-producing real property.
−Removed: Our property is well maintained, adequately meets our needs, and is being utilized for
−Removed: its intended purpose.
−Removed: We lease additional office space for operations.
−Removed: Office location is not crucial to our operations, and we anticipate no difficulty in extending these leases or obtaining comparable office
+Added: Our principal executive offices are located at
+Added: 4400 Route 9 South, Freehold, New Jersey 07728, where we have maintained our offices since our founding in 2014.
+Added: We currently lease this
+Added: office space pursuant to a lease agreement, as described further below.
+Added: Sale of Route 9 Property
+Added: The building located at 4400 Route 9 South was
+Added: previously owned by our wholly owned subsidiary, Avalon RT 9 Properties, LLC.
+Added: On February 18, 2026, we completed the sale of 100% of the
+Added: membership interests of Avalon RT 9 Properties, LLC to Wenzhao Lu, a director of our company, for a total aggregate purchase price of approximately
+Added: The sale price was determined based on an independent appraisal of the property conducted by CBRE, which valued the building
+Added: at $8.7 million, and was reviewed and approved by the disinterested members of our Board of Directors in accordance with our related party
+Added: transaction policy.
+Added: The transaction is described further in Item 13 — Certain Relationships and Related Transactions of this Annual
+Added: Following the completion of the sale, we continue to lease our principal executive offices at 4400 Route 9 South from the new
+Added: owner pursuant to a lease agreement.
+Added: Other Office Space
+Added: We lease additional office space to support our
+Added: The location of our office facilities is not critical to our operations, and we anticipate no difficulty in extending our
+Added: existing leases or obtaining comparable office space on commercially reasonable terms as needed.
+Added: Lease Obligations
We are obligated under various lease agreements
1 unchanged sentence
Total rent expense under these lease agreements was
−Removed: approximately $127,000 and $129,000 for the years ended December 31, 2024 and 2023, respectively.
−Removed: We believe that our current office space is adequate
−Removed: for our current and immediately foreseeable operating needs.
+Added: approximately $97,000 and $127,000 for the fiscal years ended December 31, 2025 and 2024, respectively.
+Added: Adequacy of Facilities
+Added: We believe that our existing facilities are suitable
+Added: and adequate to meet our current operational needs.
+Added: We intend to add new facilities or expand our existing facilities as we add employees
+Added: and as our business grows, and we believe that suitable additional or substitute space will be available on commercially reasonable terms
+Added: to accommodate any such expansion.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.