Company: ACBM
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001640334-25-001257
Chunk: 9

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 8
Chunk 9
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,566 )Cash provided by financing activities $13,288  $36 Cash at end of period $151  $322 

 13Table of Contents

Cash used in operating activities of $13,513 for the three months ended March 31, 2024 reflected primarily our net loss of $11,252, increased primarily by a decrease in accounts payable and accrued expenses of $2,150 and a change in operating lease liability of $2,315.

Cash used in operating activities of $5,566 for the three months ended March 31, 2023 reflected primarily our net loss of $4,004,354, increased primarily by stock-based compensation representing the amortization of deferred stock compensation of $3,928,100, as well as an increase in accounts payable and accrued expenses of $51,215 and a decrease in accounts receivable of $30,000.

Cash provided by financing activities for the three months ended March 31, 2024 and 2023 reflected advances from a minority stockholder.

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. We had minimal cash as of March 31, 2024, had no revenue for the year ended December 31, 2023 and has not generated any revenue subsequent to December 31, 2023 through the date of this report, and incurred a loss from operations for the three months ended March 31, 2024, the years ended December 31, 2023 and 2022 as well as prior years, had negative cash flow from operations for the three months ended March 31, 2024 and the years ended December 31, 2023 and 2022. To date, we did not generate any revenue subsequent to December 31, 2023 and did not develop \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