Company: ACBM
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001640334-25-001257
Chunk: 8

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 8
Chunk 8
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 reserve in 2023. 

Results of Operations

Three Months Ended March 31, 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).

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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