Company: ACBM
Filing Date: 2025-07-18
Form Type: 10-K
Source: 0001640334-25-001245
Chunk: 106

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-18
Form: 10-K
Item: Item 12
Chunk 106
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 party transactions and balances. Revenue Recognition The Company recognizes revenue in accordance with Topic 606, which requires revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:  ·identify the contract with a customer; ·identify the performance obligations in the contract; ·determine the transaction price; ·allocate the transaction price to performance obligations in the contract; and ·recognize revenue as the performance obligation is satisfied. The Company recognizes revenue when products are delivered to customers in accordance with the written sales terms. Deferred Revenue The Company’s business is the sale of products pursuant to agreements for the delivery of products to customers. The Company receives cash in advance and records it as deferred revenue. Deferred revenue was $20,000 at December 31, 2023 and 2022. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In March 2024, the FASB issued ASU 2024-02 "Codification Improvements – Amendments to Remove References to the Concepts Statements" ("ASU 2024-02"), which contains amendments to the Codification to remove references to various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. Generally, ASU 2024-02 is not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective for the Company for fiscal years beginning after December 15, 2024. The Company does not expect this update to have a material impact on its financial