ACRO Biomedical Reports No Revenue and Significant Losses in Q2 and First Half of 2024

ACRO Biomedical Co., Ltd. reported its financial results for the second quarter and first half of 2024, revealing a continued lack of revenue generation. For the three months ended June 30, 2024, the company recorded no revenue, consistent with the same period in 2023. Operating expenses for the quarter totaled $9,086, a significant decrease from $3,194,700 in the prior year, primarily due to the absence of research and development costs associated with previous consulting agreements. The net loss for the quarter was $10,143, compared to a net loss of $3,195,489 in the same quarter of 2023.

For the six months ending June 30, 2024, ACRO Biomedical also reported no revenue, with operating expenses amounting to $19,384, down from $7,198,266 in the first half of 2023. The net loss for this period was $21,395, compared to a net loss of $7,199,843 in the previous year. The reduction in operating expenses is attributed to the expiration of consulting contracts that had previously incurred substantial costs related to research and development efforts, which did not yield any marketable products.

The company continues to face significant operational challenges, including a lack of product orders and minimal cash reserves, with only $926 in cash as of June 30, 2024. The company has not generated any revenue since December 31, 2022, and has incurred a total loss of $21,395 for the first half of 2024. The financial statements raise substantial doubt about the company's ability to continue as a going concern, as it relies heavily on advances from a minority stockholder for funding.

ACRO Biomedical's operational metrics indicate that it has no full-time employees, with its chief executive officer working part-time without compensation. The company has not engaged in any new product development or marketing initiatives since the expiration of its consulting agreements in 2023. The lack of sales and the company's stock being traded on the OTC Market Group’s Expert Market further complicate its ability to raise funds for future operations.

Looking ahead, ACRO Biomedical plans to seek funding through product sales and equity financing arrangements, although it currently has no orders for products. The company acknowledges the risks associated with its financial condition and the potential impact of external factors, including inflation and supply chain disruptions, on its operations. Without a clear path to revenue generation, the company faces an uncertain future.