Company: ACBM
Filing Date: 2025-07-24
Form Type: 10-K
Source: 0001640334-25-001300
Chunk: 242

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-24
Form: 10-K
Item: Item 1C
Chunk 242
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 products purchased from us which resulted in the bad debt provision of accounts receivable of $480,000 in 2023.

Results of Operations

Years Ended December 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 202