Company: ACBM
Filing Date: 2025-07-18
Form Type: 10-K
Source: 0001640334-25-001245
Chunk: 298

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-18
Form: 10-K
Item: Item 2
Chunk 298
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Year EndedDecember 31,   2023  2022 Cash (used in) operating activities $(15,446 ) $(147,481 )Cash provided by financing activities $9,970  $58,085 Cash at end of period $376  $5,852 

Cash used in operating activities of $15,446 for the year ended December 31, 2023 reflected primarily our net loss of $8,807,573, increased primarily by stock-based compensation representing the amortization of deferred stock compensation of $8,060,983, and a bad debt provision of accounts receivable of $480,000, a reduction of accounts receivable of $158,500, and an increase in accounts payable and accrued expenses of $77,873.

Cash used in operating activities of $147,481 for the year ended December 31, 2022 reflected the net loss of $15,871,443, decreased primarily by stock-based compensation of $15,712,400. 

Cash provided by financing activities of $9,970 for the year ended December 31, 2023 and $58,085 for the year ended December 31, 2022 reflected advances from a minority stockholder.

 20Table of Contents

Going Concern

The accompanying financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company had minimal cash as of December 31, 2023, had no revenue for the year ended December 31, 2023, and incurred a loss from operations for the years ended December 31, 2023 and 2022 as well as prior years, and losses and the absence of revenue have continued, had negative cash flow from operations for the years ended December 31, 2023 and 2022, has not actively engaged in its business subsequent to September 30, 2023, and  did not generate any products from its research and development activities. Further, our common stock is presently on the OTC Market Group’s Expert Market, which means that our common stock is not eligible for proprietary broker-deal quotes, with the result that there are no published quotes for our common stock.  These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Although we propose