Company: ACBM
Filing Date: 2025-07-24
Form Type: 10-K
Source: 0001640334-25-001300
Chunk: 0

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-24
Form: 10-K
Item: Item 1
Chunk 0
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Since January 30, 2017, following a change of control, our business has been the development and marketing nutritional products that promote wellness and a healthy lifestyle. Our revenue to date has resulted from the purchase of products from three suppliers in the Republic of China (Taiwan), one of which accounted for all of our purchases in the year ended December 31, 2022. We have not generated any revenue in the second and third quarters of 2022 and subsequent to December 31, 2022 through the date of this annual report, and we did not purchase any inventory since the second quarter of 2022.

Substantially all of our sales to date have been sales of cordyceps related products.  Cordyceps is a fungus that is used in traditional Chinese medicine. Cordyceps sinensis has been described as a medicine in old Chinese medical books and Tibetan medicine. It is a rare combination of a caterpillar and a fungus and found at altitudes above 4500m in Sikkim. We may also seek to market other products which we see as complimentary to our present products; however, we have not entered into negotiations with respect to the distribution of other products and we cannot assure you that we will be able to market any other products. In the quarter ended June 30, 2018, we sold metallothionein MT-3 elizer.  We do consider metallothionein MT-as part of our business.   

In May and August 2021, we engaged consultants to work with us in various aspects of product development and marketing for a proposed product – cordyceps-based chicken feed – pursuant to consulting agreements.  Because of our lack of funds, we compensated our consultants through the issuance of stock. We issued 6,776,000 shares of common stock on May 25, 2021 and 5,506,000 shares of common stock on August 23, 2021 to consultants as stock grants pursuant to agreements with the consultants. The agreements provide for the consultants to perform services described in the contracts, which include research and development and marketing services for the two-year period commencing May 25, 2021 and August 23, 2021, respectively. The shares were valued at $19,311,600 and $12,113,200, based on the market price of the common stock on the respective dates of the agreements and were amortized over the two-year terms of the consulting agreement.  During the year