Company: ACBM
Filing Date: 2025-07-24
Form Type: 10-K
Source: 0001640334-25-001300
Chunk: 359

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-24
Form: 10-K
Item: Item 5
Chunk 359
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 of $8,060,983, and a bad debt provision of accounts receivable of $480,000, a reduction of accounts receivable of $158,500, and an increase in accounts payable and accrued expenses of $77,873.

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Cash provided by financing activities of $36,792 for the year ended December 31, 2024 and $9,970 for the year ended December 31, 2023 reflected advances from a minority stockholder. The advances in 2024 provided us with funds to cover our cash used in operations

Going Concern

The accompanying financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company had minimal cash as of December 31, 2024, had no revenue for the year ended December 31, 2024, and incurred a loss from operations for the years ended December 31, 2024 and 2023 as well as prior years, and the losses and the absence of revenue have continued through the date of this annual report. We had negative cash flow from operations for the years ended December 31, 2024 and 2023, have not actively engaged in its business subsequent to December 31, 2022, and did not generate any products from our research and development activities. Further, our common stock is presently on the OTC Market Group’s Expert Market, which means that our common stock is not eligible for proprietary broker-deal quotes, with the result that there are no published quotes for our common stock. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Although we propose to fund operations through sales of our products and equity financing arrangements, we do not presently have any orders for products, we incurred a bad debt provision of accounts receivable of $480,000, our common stock is reported on the Expert Market as a result of which there are no market makers in the common stock and we are delinquent in our filings with the Securities and Exchange Commission, as a result of which we may not be able to raise funds for capital expenditures, working capital and other cash requirements and will have to rely on advances from a minority stockholder and an officer with no assurance that such advances will continue. If we cannot generate revenue from our products, we may not be