Company: ACBM
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001640334-25-001257
Chunk: 3

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 8
Chunk 3
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31, 2023, the Company owed $1,100 to its chief executive officer for non-interest-bearing advances made to or paid expenses on behalf of the Company and are due on demand. The Company has imputed interest at the rate of 4% on the advances made to or paid expenses on behalf of the Company in the amount of $954 and $788 during the three months ended March 31, 2024 and 2023, respectively.

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NOTE 5 - LEASES 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 4).  The lease expires in December 2025. In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities, which had balances as follows:   March 31,  December 31,   2024  2023 Operating lease ROU asset $46,041  $52,233    March 31,  December 31, Operating lease liabilities 2024  2023 Current portion $23,402  $25,335 Non-current portion  20,324   26,898 Total $43,726  $52,233  Future minimum lease payments under operating leases at March 31, 2024, were as follows: Remainder of 2024 $18,520 2025  27,780 Thereafter  - Total  46,300 Less Imputed interest  (2,574)Operating lease liabilities $43,726  The Company recognized total lease expenses of $6,945 and $6,570 for the three months ended March 31, 2024 and 2023, respectively.

NOTE 6 - SUBSEQUENT EVENTS The Company has evaluated subsequent events that have occurred after the date of the balance sheet through the date of the issuance of these unaudited financial statements and determined that no subsequent event requires recognition or disclosure to the unaudited financial statements.

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