Company: ACBM
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0001640334-25-001279
Chunk: 27

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-23
Form: 10-Q
Item: Item 1
Chunk 27
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 and 2023: 

  Six Months EndedJune 30,   2024  2023 Cash (used in) operating activities $(19,842 ) $(3,316 )Cash provided by financing activities $20,392  $144 Cash at end of period $926  $2,680 

Cash used in operating activities of $19,842 for the six months ended June 30, 2024 reflected primarily our net loss of $21,395, increased primarily by imputed interest of $2,011, a reduction of prepaid expenses of $1,250 and decreased by a reduction of accounts payable and accrued expenses of $1,708.

 13Table of Contents

Cash used in operating activities of $3,316 for the six months ended June 30, 2023 reflected primarily our net loss of $7,199,843, increased primarily by stock-based compensation representing the amortization of deferred stock compensation of $7,051,550 and a decrease in accounts receivable of $140,000.

Cash provided by financing activities for the six months ended June 30, 2024 and 2023 reflected advances from a minority stockholder. The advances in six months ended June 30, 2024 provided us with funds to cover our cash used in operations.

Going Concern

The accompanying financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We had minimal cash as of June 30, 2024, had no revenue for the year ended December 31, 2023 and has not generated any revenue subsequent to December 31, 2022 through the date of this report, and incurred a loss from operations for the six months ended June 30, 2024, the years ended December 31, 2023 and 2022 as well as prior years, had negative cash flow from operations for the six months ended June 30, 2024 and the years ended December 31, 2023 and 2022. To date, we did not generate any revenue subsequent to December 31, 2022 and did not develop \any products from our research and development activities. Further, our common stock is presently on the OTC Market Group’s Expert Market, which means that our common stock is not eligible for proprietary broker-deal quotes, with the result that there are no published quotes