Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 42

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 2
Chunk 42
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  Nine months EndedSeptember 30,   2023  2022 Cash (used in) operating activities $(2,833 ) $(136,913 )Cash provided by financing activities $252  $57,853 Cash at end of period $3,271  $16,188 

 14Table of Contents

Cash used in operating activities of $2,833 for the nine months ended September 30, 2023 reflected primarily our net loss of $8,789,333, increased primarily by stock-based compensation representing the amortization of deferred stock compensation of $8,060,983, and a write-off of accounts receivable of $480,000, a reduction of accounts receivable of $158,500, and an increase in accounts payable and accrued expenses of $76,465.

Cash used in operating activities of $136,913 for the nine months ended September 30, 2022 reflected primarily our net loss of $11,936,762, increased primarily by amortization of deferred stock-based compensation of $11,784,300, as well as a decrease in inventories of $296,000, offset by an increase in accounts receivable of $319,500.

Cash provided by financing activities of $252 for the nine months ended September 30, 2023 and $57,853 for the nine months ended September 30, 2022 reflected advances from a minority stockholder.

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. The Company had minimal cash as of September 30, 2023, had no revenue for the nine months ended September 30, 2023, and incurred a loss from operations during the nine months ended September 30, 2023 and 2022 as well as prior years, and losses and the absence of revenue have continued, had negative cash flow from operations for the nine months ended September 30, 2023 and 2022, has not actively engaged in its business subsequent to September 30, 2023, and  did not generate any products from its 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 for our common stock.  These