Company: ACBM
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001640334-25-001257
Chunk: 33

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 2
Chunk 33
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2023 and 2024 

For the three months ended March 31, 2024, we had no revenue or cost of revenue.  Our operating expenses were $10,298 which are primarily relating to expenses and professional fees relating to our status as a public company. We also incurred interest expense to a minority stockholder of $954. As a result, we had a net loss of $11,252 or $(0.00) per share (basic and diluted).

 12Table of Contents

For the three months ended March 31, 2023, we did not generate any revenue.  Our operating expenses were $4,003,566, of which $2,520,000 represented research and development expenses related primarily to the development project for cordyceps-infused chicken feed, and $1,483,566 represented selling, general and administrative expenses, of which $1,438,100 related to services provided by our consultants and $45,466 to expenses and professional fees relating to our status as a public company. The compensation to our consultants for research and development services and selling, general and administrative services totaling $3,928,100 represented the amortization of deferred stock compensation issued to the consultants in 2021. We also incurred interest expense to a minority stockholder of $788. As a result, we had a net loss of $4,004,354 or $(0.07) per share (basic and diluted).

Liquidity and Capital Resources

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

  March 312024  December 31,2023  Change  % Change Current assets $151  $1,626  $(1,475 )  (90.7 )%Current liabilities $297,780  $288,575  $9,205   3.2%Working capital (deficiency)  $(297,629 ) $(286,949 ) $(10,680 )  3.7%

The following table summarizes our cash flows for the three months ended March 31, 2024 and 2023: 

  Three months EndedMarch 31,   2024  2023 Cash (used in) operating activities $(13,513 ) $(5,566 )Cash provided by financing activities $13,288  $36 Cash