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Equity Method Investment | 6 Months Ended
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Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract] |
EQUITY METHOD INVESTMENT | NOTE 5 – EQUITY METHOD INVESTMENT As of June 30, 2020 and December 31, 2019, the equity method investment amounted to $484,090 and $483,101, respectively. The investment represents the Company's subsidiary, Avalon Shanghai's interest in Epicon Biotech Co., Ltd. ("Epicon"). Epicon was incorporated on August 14, 2018 in PRC. Avalon Shanghai and the other unrelated company, Jiangsu Unicorn Biological Technology Co., Ltd. ("Unicorn"), accounted for 40% and 60% of the total ownership, respectively. Epicon is focused on cell preparation, third party testing, biological sample repository for commercial and scientific research purposes and the clinical transformation of scientific achievements. The Company treats the equity investment in the consolidated financial statements under the equity method. Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Company's share of the incorporated-date fair values of the investee's identifiable net assets over the cost of the investment (if any). Thereafter, the investment is adjusted for the post incorporation change in the Company's share of the investee's net assets and any impairment loss relating to the investment. For the three months ended June 30, 2020 and 2019, the Company's share of Epicon's net loss was $11,332 and $10,344, respectively, which was included in loss from equity-method investment in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. For the six months ended June 30, 2020 and 2019, the Company's share of Epicon's net loss was $20,416 and $23,087, respectively, which was included in loss from equity-method investment in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. Activity recorded for the Company's equity method investment in Epicon is summarized in the following table:
Equity investment carrying amount at January 1, 2020 |  | $ | 483,101 |
Payment made for equity method investment |  |  | 28,437 |
Epicon's net loss attributable to the Company |  |  | (20,416 | )
Foreign currency fluctuation |  |  | (7,032 | )
Equity investment carrying amount at June 30, 2020 |  | $ | 484,090 |
The tables below present the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:
|  | June 30, 2020 |  |  | December 31, 2019 |
Current assets |  | $ | 45,474 |  |  | $ | 77,272 |
Noncurrent assets |  |  | 259,002 |  |  |  | 247,590 |
Current liabilities |  |  | 7,136 |  |  |  | 324 |
Noncurrent liabilities |  |  | - |  |  |  | - |
Equity |  |  | 297,340 |  |  |  | 324,538 |
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net revenue |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Gross profit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss from operation |  |  | 28,458 |  |  |  | 25,861 |  |  |  | 51,169 |  |  |  | 57,717 |
Net loss |  |  | 28,328 |  |  |  | 25,861 |  |  |  | 51,039 |  |  |  | 57,717 |

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- References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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