SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Acro Biomedical Co., Ltd. – ‘10-Q’ for 6/30/22 – ‘R15’

On:  Friday, 8/12/22, at 4:17pm ET   ·   For:  6/30/22   ·   Accession #:  1640334-22-1752   ·   File #:  0-55643

Previous ‘10-Q’:  ‘10-Q’ on 5/16/22 for 3/31/22   ·   Next:  ‘10-Q’ on 11/21/22 for 9/30/22   ·   Latest:  ‘10-Q’ on 8/14/23 for 6/30/23

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/12/22  Acro Biomedical Co., Ltd.         10-Q        6/30/22   37:1.7M                                   Pubco Reporting … Inc/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    456K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     17K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     13K 
 9: R1          Cover                                               HTML     61K 
10: R2          Balance Sheets                                      HTML     99K 
11: R3          Balance Sheets (Parenthetical)                      HTML     30K 
12: R4          Statements of Operations (Unaudited)                HTML     74K 
13: R5          Statements of Changes in Stockholders' Equity       HTML     54K 
                (Unaudited)                                                      
14: R6          Statements of Cash Flows (Unaudited)                HTML     66K 
15: R7          Organization and Description of Business            HTML     18K 
16: R8          Summary of Significant Accounting Policies          HTML     25K 
17: R9          Going Concern                                       HTML     16K 
18: R10         Related Party Transactions                          HTML     16K 
19: R11         Leases                                              HTML     26K 
20: R12         Stockholders' Equity                                HTML     19K 
21: R13         Concentration                                       HTML     15K 
22: R14         Subsequent Events                                   HTML     15K 
23: R15         Summary of Significant Accounting Policies          HTML     39K 
                (Policies)                                                       
24: R16         Leases (Tables)                                     HTML     26K 
25: R17         Summary of Significant Accounting Policies          HTML     14K 
                (Details Narrative)                                              
26: R18         Related Party Transactions (Details Narrative)      HTML     27K 
27: R19         Leases (Details)                                    HTML     14K 
28: R20         Leases (Details 1)                                  HTML     18K 
29: R21         Leases (Details 2)                                  HTML     21K 
30: R22         Leases (Details Narrative)                          HTML     20K 
31: R23         Stockholders' Equity (Details Narrative)            HTML     33K 
32: R24         Concentration (Details Narrative)                   HTML     24K 
35: XML         IDEA XML File -- Filing Summary                      XML     58K 
33: XML         XBRL Instance -- acro_10q_htm                        XML    302K 
34: EXCEL       IDEA Workbook of Financial Reports                  XLSX     46K 
 6: EX-101.CAL  XBRL Calculations -- acro-20220630_cal               XML     80K 
 8: EX-101.DEF  XBRL Definitions -- acro-20220630_def                XML    112K 
 5: EX-101.LAB  XBRL Labels -- acro-20220630_lab                     XML    344K 
 7: EX-101.PRE  XBRL Presentations -- acro-20220630_pre              XML    253K 
 4: EX-101.SCH  XBRL Schema -- acro-20220630                         XSD     63K 
36: JSON        XBRL Instance as JSON Data -- MetaLinks              150±   201K 
37: ZIP         XBRL Zipped Folder -- 0001640334-22-001752-xbrl      Zip     85K

‘R15’   —   Summary of Significant Accounting Policies (Policies)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Unaudited Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended December 31, 2021 has been omitted; and these unaudited interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2021 included within the Company’s annual report on Form 10-K for the year ended December 31, 2021.

 

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
Revenue Recognition

We recognize revenue in accordance with Topic 606, which requires revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

 

·

identify the contract with a customer;

 

 

 

 

·

identify the performance obligations in the contract;

 

 

 

 

·

determine the transaction price;

 

 

 

 

·

allocate the transaction price to performance obligations in the contract; and

 

 

 

 

·

recognize revenue as the performance obligation is satisfied.

Under these criteria, the Company generally recognizes revenue when its products are delivered to customers in accordance with the written sales terms.

 

Cash received in advance from customers is recorded as deferred revenue.
Accounts Receivable

Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company does not currently have any amount recorded as an allowance for doubtful accounts. Based on management’s estimate and based on all accounts being current, the Company has not deemed it necessary to reserve for doubtful accounts at this time.
Inventories

Inventories consist of finished goods. Inventories are valued at the lower of cost or net realizable value. The Company determines cost on the basis of first-in, first-out methods. The Company periodically reviews inventories for obsolescence and any inventories identified as obsolete are written down or written off. Although the Company believes that the assumptions it uses to estimate inventory write-downs are reasonable, future changes in these assumptions could provide a significantly different result. No inventory markdown was recorded for the six months ended June 30, 2022 and 2021. 
Net Income (Loss) Per Share of Common Stock

The Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless the result would be antidilutive. There were no potentially dilutive shares of common stock outstanding for the six months ended June 30, 2022 and 2021.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/12/22
For Period end:6/30/22
12/31/2110-K,  NT 10-K
6/30/2110-Q,  NT 10-Q
 List all Filings 
↑Top
Filing Submission 0001640334-22-001752   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Fri., May 17, 10:41:08.1am ET