Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 33

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 1
Chunk 33
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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 September 30, 2023, had no revenue for the nine months ended September 30, 2023, and incurred a loss from operations during the nine months ended September 30, 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 nine months ended September 30, 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 to fund operations through sales of our products and equity financing arrangements, it does not presently have any orders for products, we incurred a write-off of accounts receivable of $480,000 with respect to sales previously made, our common stock is reported on the Expert Market as a result of which there are no market makers in the common stock and  we are delinquent in our filings with the Securities and Exchange Commission, as a result of which we 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 we cannot generate revenue from its products, we may not be able to continue in business.

Critical Accounting Policy and Estimates

Our critical accounting policies are disclosed in Note 2 of Notes to Financial Statements.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

Smaller reporting companies are not required to provide the information required by this item. 

Item 4: Controls