Company: ACBM
Filing Date: 2025-07-18
Form Type: 10-K
Source: 0001640334-25-001245
Chunk: 1

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-18
Form: 10-K
Item: Item 1
Chunk 1
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 ended December 31, 2023 and 2022, we recorded stock-based compensation of $8,060,983 and $15,712,400, respectively. The agreements expired in May and August 2023, and at December 31, 2023, the value of the stock compensation was fully amortized.  The development effort did not generate a marketable product.

Our business plan is in the preliminary stages, and we will require significant funding to implement our business plan, with no assurance that we can or will be successful in developing and implementing our business plan. If we are not able to implement our business plan, our business may be materially impaired. We have no plans to recommence the development effort for a cordyceps-based chicken feed, although we may seek to recommence this development effort or seek to develop another product.  Our revenue to date has resulted from the purchase of inventory and selling the products to customers who we believe either sell the product in the form purchased from us or use it as an ingredient in their own product.  We cannot assure you that we will seek to develop our proposed cordyceps-based chicken feed product or any other product or that any development efforts we may commence will result in a marketable product.  Although we intend to recommence our operations, we cannot give any assurance that we will be successful in these efforts.  

All of our marketing and sales activities to date have been conducted by our chief executive officer, Pao-Chi Chu, who is our only employee and who provides his services on a part-time basis. All sales to date were made by Mr. Chu.  We have not had any sales during the second and third quarters of 2022 or subsequent to December 31, 2022 through the date of this annual report.

At December 31, 2023, we had $376 in cash, no accounts receivable and no inventory.  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 in 2023 we recognized a provision for doubtful account in the amount of $480,000.  We also recognized a provision for an inventory deposit write-off 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.