Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 40

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 2
Chunk 40
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 which resulted in the account receivable write-of. 

Results of Operations

Three and Nine Months Ended September 30, 2023 and 2022 

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).

 13Table of Contents

For the three months ended September 30, 2022, we had no revenues or cost of revenue, and we incurred operating expenses of $4,010,823, of which represented stock-based compensation to consultants of $3,928,100 for research and development related primarily to development work on our proposed cordyceps-infused chicken feed product  ($2,520,000) and marketing expenses ($1,408,100), and the balance was primarily expenses and professional fees relating to our status as a public company. We also incurred interest expense to a related party of $499. As a result, we had a net loss of $4,011,322 or $(0.07) per share (basic and diluted).

For the nine months ended September 30, 2023, we had no revenues or cost of revenue, and we incurred operating expenses of $8,786,966, of which $4,794,825 represented research and development expenses related primarily to the cordyceps-infused chicken feed development project, $3,500,141 represented selling, general and administrative expenses, of which $3,266,158 related to services provided by our consultants and the balance primarily to expenses and professional fees relating to our status as