Change Agents Corporation

What they do

The company operates two segments: an AI software segment through wholly owned subsidiary Avalon Quantum AI, LLC, formed from the December 2025 RPM Interactive merger, which develops the Catch-Up AI short-form video generation platform and an agentic Generative Engine Optimization search product; and a consumer health technology segment that distributes the Keto Air breathalyzer, a non-invasive device measuring ketosis that bears an FDA registration number. It holds exclusive North American distribution rights to Keto Air, which it sells through its website and social media. The company also announced intent to expand into drone interception and surveillance through a new entity, Autonomous Air Defense Systems LLC.

Revenue drivers

• Keto Air breathalyzer — Consumer health technology segment; the only clearly commercial product with disclosed sales, marketed through influencer relationships and a relationship with the Law Enforcement Association of America. The company describes itself as in an early-stage commercial testing phase for the product.
• AI software (Avalon Quantum AI / Catch-Up platform) — Segment formed from the December 2025 RPM Interactive acquisition; the Catch-Up video platform targets content creators, initially podcasters, plus an agentic GEO search product. No revenue contribution is disclosed in the excerpts.
• Bolt-on AI acquisitions — Management states it is actively seeking complementary AI acquisitions that could generate near-term revenue to supplement current operations.

Recent performance

Annual revenue has been essentially flat and small: $1.4M in 2020 and 2021, $1.2M in 2022, $1.3M in 2023 and $1.3M in 2024. Net losses remain large: $7.9M in 2024 and $18.3M in 2025, with diluted EPS of $-8.44 and $-5.64 respectively. Operating cash flow was negative in every year shown, at $-4.9M in 2024 and $-4.6M in 2025. Quarterly revenue has been roughly $345,769 to $350,406 across the four quarters from December 2024 through September 2025, indicating no material sequential growth. At June 30, 2026, total assets were $14.7M, total liabilities $4.6M, shareholder equity $10.1M, and cash and equivalents only $39,221; the 10-K cites an accumulated deficit of approximately $105.9M as of December 31, 2025.

Strategy

Management's stated focus is commercializing AI software (the Catch-Up short-form video platform and an agentic GEO search product) and the Keto Air breathalyzer, while actively pursuing complementary bolt-on AI acquisitions that could generate near-term revenue. The company suspended all cellular therapy research and development to preserve cash and redirected funding to these core strategies. It discontinued its THC breathalyzer development in March 2026 due to lack of available funding, and redeemed its 40% interest in Lab Services MSO effective February 2025, ending laboratory services. It has also announced intent to expand into drone interception and surveillance through Autonomous Air Defense Systems LLC. Prior MIT-sponsored research and Arbele CAR-T patent applications are no longer areas of active funding.

Risks

• Going concern — The 10-K states substantial doubt about the ability to continue as a going concern, with an explanatory paragraph in the audit report, a $105.9M accumulated deficit at December 31, 2025, and only $39,221 of cash at June 30, 2026.
• Limited operating history in current segments — The 10-K notes the company was initially a biotech platform and only pivoted to AI through the December 2025 RPM acquisition, making future prospects difficult to evaluate and offering no guarantee the AI platform or Keto Air businesses will produce profit or growth.
• Persistent losses and cash burn — Net losses were $7.9M in 2024 and $18.3M in 2025 with negative operating cash flow every year shown, while annual revenue has stayed near $1.3M.
• Dependence on financing and dilution — The company has repeatedly reported unregistered equity sales and new financial obligations in 8-K filings in July, August and September 2026, consistent with its history of funding losses through equity issuance.

Outlook

Management describes both segments as still developing and says it is actively seeking bolt-on AI acquisitions that could generate near-term revenue. The 10-K states the company plans to pursue additional diagnostic applications for the Keto Air technology and continues assessing the future strategic direction of the Keto Air product line in light of commercial performance. The 10-Q notes a recent announcement of intent to expand into drone interception and surveillance AI solutions via Autonomous Air Defense Systems LLC. The filings express substantial doubt about the ability to continue as a going concern absent additional funding or improved results.