Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 24

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 1
Chunk 24
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 $2,349 on behalf of the Company, respectively. At September 30, 2023 and December 31, 2022, the Company owed $77,978 and $77,726 to the minority stockholder referred to in the preceding paragraph for non-interest-bearing advances made to or paid expenses on behalf of the Company, and are due on demand, respectively. At September 30, 2023 and December 31, 2022, the Company owed $1,100 to its chief executive officer for non-interest-bearing advances made to or paid expenses on behalf of the Company and are due on demand. The Company has imputed interest at the rate of 4% on the advances made to or paid expenses on behalf of the Company in the amount of $2,367 and $919 during the nine months ended September 30, 2023 and 2022, respectively and in the amount of $790 and $499 during the three months ended September 30, 2023 and 2022, respectively.

NOTE 5 - LEASES On November 3, 2021, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at HK$17,000 (approximately $2,190) per month and paid HK$33,000 (approximately $4,230) as a security deposit. In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities, which had balances as follows:   September 30,  December 31,   2023  2022 Operating lease ROU asset $6,526  $25,719    September 30,  December 31,   2023  2022 Operating lease liabilities – all current portion $6,526  $25,719  Future minimum lease payments under operating leases at September 30, 2023, were as follows: Remainder of 2023 $6,570 2024 and thereafter  - Total $6,570  The Company recognized total lease expenses of $19,710 and $19,710 for the nine months ended September 30, 2023 and 2022, respectively and of $6,570 and $6,570 for the three months ended September 30, 2023 and 2022