Company: ACBM
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0001640334-25-001281
Chunk: 13

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-23
Form: 10-Q
Item: Item 1
Chunk 13
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 partially resulted from the aftereffects of the COVID-19 restrictions of the Chinese government.  Our customers suffered tremendous financial losses due to COVID-19 restrictions, including the Chinese government’s No-COVID policy.  Our customers sold their products into China and the Chinese economy was having difficulty in bouncing back.  We believe these factors also affected the ability of our customer to pay for the products purchased from us which resulted in a $480,000 account receivable reserve in 2023. 

 12Table of Contents

Results of Operations

Three and Nine Months Ended September 30, 2024 and 2023 

For the three months ended September 30, 2024, we had no revenue or cost of revenue.  Our operating expenses were $9,106, which are primarily relating to expenses and professional fees relating to our status as a public company. We also incurred interest expense to a minority stockholder of $1,123. As a result, we had a net loss of $10,229, or $(0.00) per share (basic and diluted).

For the three months ended September 30, 2023, we had no revenue or cost of revenue.  Our operating expenses were $1,588,700, of which $396,550 represented research and development expenses related primarily to development work on our proposed cordyceps-infused chicken feed product, $700,150 represented selling, general and administrative expenses, of which $612,883 related to services provided by our consultants and the balance was primarily to expenses and professional fees relating to our status as a public company, $480,000 to the write-off of accounts receivable and $12,000 to the write-off of a deposit for inventory. The compensation to our consultants for research and development services and selling, general and administrative services totaling $1,009,433 represented the amortization of deferred stock compensation issued to the consultants in 2021. We also incurred interest expense to a minority stockholder of $790. As a result, we had a net loss of $1,589,490 or $(0.03) per share (basic and diluted).

For the nine months ended September 30, 2024, we had no revenue or cost of revenue.  Our operating expenses were $28,490, which are primarily relating to expenses and professional fees relating to our status as a public company. We also incurred interest expense to a minority stockholder of $3,134. As a result, we