Company: ACBM
Filing Date: 2025-07-24
Form Type: 10-K
Source: 0001640334-25-001300
Chunk: 271

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-24
Form: 10-K
Item: Item 2
Chunk 271
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 31, 2024 and 2023

For the year ended December 31, 2024, we had no revenues or cost of revenues, and we incurred selling, general and administrative expenses of $37,958 primarily expenses relating to our status as a public company. We also incurred interest expense to a minority stockholder of $4,339. As a result, we had a net loss of $42,297 or $(0.00) per share (basic and diluted).

For the year ended December 31, 2023, we had no revenues or cost of revenue, and we incurred operating expenses of $8,804,367, of which $4,794,825 represented research and development expenses related primarily to the cordyceps-infused chicken feed development project, $3,517,542 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 a public company, bad debt provision of accounts receivable of $480,000 and provision for an inventory deposit of write-off of $12,000. The compensation to our consultants for research and development services and selling, general and administrative services totaling $8,060,983 represented the amortization of deferred stock compensation issued to the consultants in 2021. We also incurred interest expense to a minority stockholder of $3,206. As a result, we had a net loss of $8,807,573, or $(0.15) per share (basic and diluted).

Liquidity and Capital Resources

The following table summarizes our changes in working capital from December 31, 2023 to December 31, 2024:

  December 312024  December 31,2023  Change  % Change Current assets $5,076  $1,626  $3,450   212.2%Current liabilities $326,946  $288,575  $38,371   13.3%Working capital (deficiency)  $(321,870 ) $(286,949 ) $(34,921 )  12.2%

The following table summarizes our cash flows for the years ended December 31, 2024 and 2023: 

  Year EndedDecember 31,   2024  2023 Cash (used in) operating activities $(36,692