Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 28

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 1
Chunk 28
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 or any other product. The agreements with the consultant expired in May and August 2023.  We do not have the funds or the revenue stream for us to hire any consultants or employees.  Our statements of operation reflects the amortization of common stock issued to consultants for research and development relating to our proposed chicken feed product.  We issued a total of 12,282,000 shares of common stock to consultants as stock grants pursuant to agreements with the consultants in May and August 2021. The agreements provide for the consultants to perform the services described in the contracts for the two-year period commencing the date of the agreements.  The shares were valued at $31,424,800, based on the market price of the common stock on the respective dates of the agreements, and were amortized over the two-year period of the agreement terms using the straight-line method. During the nine months ended September 30, 2023 and 2022, we recorded stock-based compensation of $8,060,983 and $11,784,300. At September 30, 2023, the deferred stock compensation was fully amortized. As of September 30, 2023, we had not developed any product as a result of the services from the consultants.  Our selling, general and administrative expenses do not include any compensation for our chief executive officer, who serves without compensation and is responsible for our purchases, sales and directing our research and development program.  As a result, the results of our operations do not reflect costs that would normally be associated with a chief executive officer who performs such functions.

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We require funds for our operations. At September 30, 2023, we had $3,271 in cash, and no accounts receivable.  Of the accounts receivable at December 31, 2022 of $638,500, we collected $158,500 and we determined that $480,000 was not collectible and was written off as September 30, 2023.  We also wrote off an inventory deposit of 12,000.  Although we may seek to raise funds in the equity market, we have no agreements or understandings with respect to any funding and we can give no assurance as to the availability or terms of any such financing. Because of our financial condition, the lack of sales in the nine out of 15 quarters from 2020 through September 30, 2023, including the nine months ended September 30,