Acro Biomedical Reports Major Expense Cuts but Continues to Struggle with Zero Revenue and Losses

ACRO BIOMEDICAL CO., LTD. (PINK: ACBM) has reported its quarterly results for the period ending June 30, 2024. The analysis of their income statement reveals several noteworthy points.

Positive Aspects:

• Total Operating Expenses have significantly declined to $19,384 for the six months ended June 30, 2024, down from $7,198,266 in the same period of the previous year.
• Operating expenses for the three-month period also show a substantial reduction to $9,086 from $3,194,700 year-over-year.
• Interest expenses associated with related parties amount to just $2,011 in the six months ending June 30, 2024, compared to higher figures in the prior year, indicating improved financial management.

Negative Aspects:

• The company reported zero revenue for both the three and six months ended June 30, 2024, continuing a trend since 2022.
• Net losses increased to $21,395 for the six months ending June 30, 2024, compared to $7,199,843 during the same period last year.
• The total liabilities increased slightly from $315,473 at the end of December 2023 to $321,679 by July 2024, indicating potential liquidity issues.
• Stockholders' deficit grew to $(276,398) by June 30, 2024, compared to $(257,014) at the end of 2023.

Key Statistics:

• Current Assets: $926 (down from $1,626 in December 2023)
• Current Liabilities: $308,029 (up from $288,575 in December 2023)
• Working Capital Deficiency: $(307,103) (increased from $(286,949) in December 2023)
• Cash at End of Period: $926 (compared to $2,680 in June 2023)
• Weighted Average Number of Shares Outstanding: 60,042,000 for both periods reported.

Currently, Acro Biomedical is in a precarious financial position, struggling with ongoing losses and a lack of revenue generation. They continue to rely on advances from a minority stockholder to cover cash flow needs, raising concerns about sustainability.