Company: ACBM
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001640334-25-001257
Chunk: 19

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 1
Chunk 19
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 as a result of which the Company may not be able to raise funds for capital expenditures, working capital and other cash requirements and will have to rely on advances from a minority stockholder and an officer. If the Company cannot generate revenue from its products, it may not be able to continue in its business.

NOTE 4 - RELATED PARTY TRANSACTIONS AND BALANCES During the three months ended March 31, 2024 and 2023, a minority stockholder who is not a 5% stockholder paid expenses of $13,288 and $36 on behalf of the Company, respectively. At March 31, 2024 and December 31, 2023, the Company owed $100,984 and $87,696 to the minority stockholder referred to in the preceding paragraph for non-interest-bearing advances made to or paid expenses on behalf of the Company, and are due on demand, respectively. At March 31, 2024 and December 31, 2023, the Company owed $1,100 to its chief executive officer for non-interest-bearing advances made to or paid expenses on behalf of the Company and are due on demand. The Company has imputed interest at the rate of 4% on the advances made to or paid expenses on behalf of the Company in the amount of $954 and $788 during the three months ended March 31, 2024 and 2023, respectively.

 9Table of Contents

NOTE 5 - LEASES On November 1, 2023, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at an annual rental of HK$17,900 (approximately $2,315) per month and HK$35,800 (approximately $4,600) as a security deposit.  These payments were paid by a minority stockholder on behalf of the Company (see Note 4).  The lease expires in December 2025. In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities, which had balances as follows:   March 31,  December 31,   2024  2023 Operating lease ROU asset $46,041  $52,233    March 31,  December 31, Operating lease liabilities 2024  2023 Current portion $23,402  $25,335