Company: ACBM
Filing Date: 2025-07-18
Form Type: 10-K
Source: 0001640334-25-001245
Chunk: 165

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-18
Form: 10-K
Item: Item 15
Chunk 165
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). The lease expired in December 2023. On November 1, 2023, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at an annual rental of HK$17,900 (approximately $2,315) per month and HK$35,800 (approximately $4,600) as a security deposit.  These payments were paid by a minority stockholder on behalf of the Company (see Note 6). The lease expires in December 2025. In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities as follows:    December 31,  December 31,   2023  2022 Operating lease ROU asset $52,233  $25,719     December 31,  December 31, Operating lease liabilities 2023  2022 Current portion $25,335  $25,719 Non-current portion  26,898   - Total $52,233  $25,719  The present value of future lease payments was measured using an incremental borrowing rate of 6.00% and 4.00% per annum as of December 31, 2023 and 2022, respectively. Future minimum lease payments under operating leases at December 31, 2023 were as follows: 2024 $27,780 2025  27,780 Thereafter  - Total  55,560 Less Imputed interest  (3,327 )Operating lease liabilities $52,233      The Company recognized total lease expense of $26,280 and $26,280 for the years ended December 31, 2023 and 2022, respectively.

 F-14Table of Contents

NOTE 8 – CONCENTRATION Revenue and accounts receivable The Company did not generate any revenue for the year ended December 31, 2023 and did not have any accounts receivable at December 31, 2023. Of the accounts receivable of $638,500 at December 31, 2022, the Company collected $158,500 from customer A and $0 from customer B and wrote off $480,000. The following table sets forth information to customers who accounted for 10% of more of the Company’s revenue for the year ended December 31, 202