Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 22

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 1
Chunk 22
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 performance obligations in the contract; and ·recognize revenue as the performance obligation is satisfied.

 8Table of Contents

Under these criteria, the Company generally recognizes revenue when its products are delivered to customers in accordance with the written sales terms. Cash received in advance from customers is recorded as deferred revenue. Accounts Receivable Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company has determined that $480,000 of the accounts receivable at December 31, 2022 are not collectible and wrote off $480,000 of such accounts receivables during the three and nine months ended September 30, 2023. There was no impairment of accounts receivable during the year ended December 31, 2022. Inventories Inventories consist of finished goods. Inventories are valued at the lower of cost or net realizable value. The Company determines cost on the basis of first-in, first-out methods. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are written down or written off. The Company has no inventory at September 30, 2023 and December 31, 2022.  The Company wrote off of purchase deposit for inventory of $12,000 for the three and nine months ended September 30, 2023.  Net Income (Loss) Per Share of Common Stock The Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless the result would be antidilutive. There were no potentially dilutive shares of common stock outstanding for the three and nine months ended September 30, 202