Company: ACBM
Filing Date: 2025-07-11
Form Type: 10-Q
Source: 0001640334-25-001169
Chunk: 3

Company: ACRO BIOMEDICAL CO., LTD.
Filing Date: 2025-07-11
Form: 10-Q
Item: Item 8
Chunk 3
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 and  it is delinquent in its filings with the Securities and Exchange Commission, as a result of which the Company 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. If the Company cannot generate revenue from its products, it may not be able to continue in its business.

 9Table of Contents

NOTE 4 - RELATED PARTY TRANSACTIONS AND BALANCES During the nine months ended September 30, 2023 and 2022, a minority stockholder who is not a 5% stockholder paid expenses of $252 and $2,853 on behalf of the Company, respectively. During the three months ended September 30, 2023 and 2022, such minority stockholder paid expenses of $108 and $2,349 on behalf of the Company, respectively. At September 30, 2023 and December 31, 2022, the Company owed $77,978 and $77,726 to the minority stockholder referred to in the preceding paragraph for non-interest-bearing advances made to or paid expenses on behalf of the Company, and are due on demand, respectively. At September 30, 2023 and December 31, 2022, 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 $2,367 and $919 during the nine months ended September 30, 2023 and 2022, respectively and in the amount of $790 and $499 during the three months ended September 30, 2023 and 2022, respectively.

NOTE 5 - LEASES On November 3, 2021, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at HK$17,000 (approximately $2,190) per month and paid HK$33,000 (approximately $4,230) as a security deposit. In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities, which had balances as follows:   September 30,  December 31,   2023