Quarterly Report (10-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

	or

¨	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 333-207765

ACRO BIOMEDICAL CO., LTD.
(Exact name of registrant as specified in its charter)

Nevada

47-1950356

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

2175 Visionary Way, Suite 1160; Fishers, Indiana 46038
(Address of principal executive offices)

(317) 286-6788
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ¨ Yes x No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x
(Do not check if a smaller reporting company)		Emerging growth company	¨

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): ¨ Yes x No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 47,660,000 shares of common stock on June 30, 2018.

ACRO BIOMEDICAL CO., LTD.

INDEX

		Page No.

Part I: Financial Information

Item 1:	Financial Statements	4
	Balance Sheets as of March 31, 2018 and September 30, 2017 (Unaudited)	4
	Statements of Operations for the three and six months ended March 31, 2018 and 2017 (Unaudited)	5
	Statements of Cash Flows for the six months ended March 31, 2018 and 2017 (Unaudited)	6
	Notes to Financial Statements (Unaudited)	7
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3:	Quantitative and Qualitative Disclosures about Market Risk	13
Item 4:	Controls and Procedures	13

Part II: Other Information

Item 6:	Exhibits	14

FORWARD LOOKING STATEMENTS

This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements.

Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings “Risks Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended September 30, 2017, in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q and information contained in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.

We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. You can also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330 FREE.

We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

Table of Contents

PART 1: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

ACRO BIOMEDICAL CO., LTD.

Balance Sheets

(Unaudited)

	March 31,		September 30,
	2018		2017

ASSETS
Current Assets
Cash and cash equivalents	$	471,831	$	36,810
Inventories		300,600		-
Purchase deposit to vendor		-		481,000
Prepaid expenses		90,500		30,500
Total Current Assets		862,931		548,310

Security deposit		4,992		-

TOTAL ASSETS	$	867,923	$	548,310

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued expenses	$	18,242	$	600
Income tax payable		28,559		-
Deferred revenue		64,818		-
Due to related parties		95,294		36,379
Total Current Liabilities		206,913		36,979

TOTAL LIABILITIES		206,913		36,979

Stockholders' Equity
Preferred stock: 25,000,000 authorized; $0.001 par value; no shares issued or outstanding		-		-
Common stock: 100,000,000 authorized; $0.001 par value; 47,660,000 shares issued and outstanding		47,660		47,660
Additional paid-in capital		557,912		557,912
Retained earnings (accumulated deficit)		55,438		(94,241	)
Total Stockholders’ Equity		661,010		511,331

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	867,923	$	548,310

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

ACRO BIOMEDICAL CO., LTD.

Statements of Operations

(Unaudited)

	Three Months Ended					Six Months Ended
	March 31,					March 31,
	2018		2017			2018		2017

Revenues	$	1,964,000	$	-		$	3,409,000	$	-
Cost of revenues		1,767,600		-			3,068,100		-
Gross profit		196,400		-			340,900		-

Operating expenses
General and administrative	$	98,389	$	22,443			162,662		29,856
Total operating expenses		98,389		22,443			162,662		29,856

Income (loss) before provision for income taxes		98,011		(22,443	)		178,238		(29,856	)
Provision for income taxes		28,559		-			28,559		-
Net income (loss)	$	69,452	$	(22,443	)	$	149,679	$	(29,856	)

Basic and diluted income (loss) per share of common stock	$	0.00	$	(0.00	)	$	0.00	$	(0.00	)

Weighted average number of shares of common stock outstanding		47,660,000		47,160,000			47,660,000		47,160,000

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

ACRO BIOMEDICAL CO., LTD.

Statements of Cash Flows

(Unaudited)

	Six Months Ended
	March 31,
	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	149,679		$	(29,856	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Inventories and purchase deposit to vendor		180,400			-
Prepaid expenses		(60,000	)		(2,000	)
Security deposit		(4,992	)		-
Accounts payable and accrued expenses		17,642			2,241
Income tax payable		28,559			-
Deferred revenue		64,818			-
Net cash provided by (used in) operating activities		376,106			(29,615	)

CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties		58,915			29,461
Repayment to related parties		-			(2,379	)
Net cash provided by financing activities		58,915			27,082

Net change in cash and cash equivalents		435,021			(2,533	)
Cash at beginning of period		36,810			2,533
Cash at end of period	$	471,831		$	-

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	$	-		$	-
Cash paid for interest	$	-		$	-

NON CASH INVESTING AND FINANCING ACTIVITIES
Debt forgiveness recorded in additional paid in capital	$	-		$	28,372

The accompanying notes are an integral part of these unaudited financial statements.

Table of Contents

ACRO BIOMEDICAL CO., LTD.

Notes to Financial Statements

March 31, 2018

(Unaudited)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Acro Biomedical Co., Ltd. (the “Company”) is a Nevada corporation incorporated on September 24, 2014 under the name Killer Waves Hawaii, Inc. On January 30, 2017, the Company’s corporate name was changed to Acro Biomedical Co., Ltd.

The Company has been engaged in the business of developing and marketing nutritional products that promote wellness and a healthy lifestyle. In this connection, the Company intends to conduct research and development on its own proprietary products based on cordyceps sinensis. Cordyceps is a fungus that is used in traditional Chinese medicine. The Company’s first sale was made in September 2017. The Company’s initial business plan was to build a family waterpark in a state-of-the-art designed aquatic center in several locations throughout the Hawaiian Islands. The Company was not able to develop this business and it did not generate any revenues in this business. Following a change of control on January 30, 2017, the Company discontinued its efforts to develop aquatic centers.

NOTE 2 - 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 the instructions to Regulation S-X. Accordingly, the 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 September 30, 2017 have been omitted; these financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended September 30, 2017 included within the Company’s Annual Report on Form 10-K.

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 financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

Certain amounts in last year’s financial statements have been reclassified to conform to current year presentation.

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.

Related Parties

The Company follows ASC 850, “ Related Party Disclosures, ” for the identification of related parties and disclosure of related party transactions.

Table of Contents

Revenue Recognition

The Company recognizes revenue from the sale of products in accordance with ASC 605, “ Revenue Recognition.” and ASC 606, “ Revenue From Contracts With Customers” . The Company recognizes revenue only when all of the following criteria have been met:

	i)	Persuasive evidence for an agreement exists;
	ii)	Service has been provided;
	iii)	The fee is fixed or determinable; and
	iv)	Collection is reasonably assured.

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

May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued a converged standard, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 addresses the recognition of revenue based upon the payment and performance obligations of the seller and buyer. Since the Company sells products with no contingent payment obligations and no obligations on its part subsequent to the delivery of products, the adoption of Topic 606 did not change the Company's revenue recognition.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high creditworthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits.

During the six months ended March 31, 2018, all revenue was derived from four sales contracts with one customer.

During the six months ended March 31, 2018, all purchases were derived from four purchase contracts with one supplier.

There was no revenue or purchases during the six months ended March 31, 2017.

Inventories

Inventories consist primarily 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. As of March 31, 2018 and September 30, 2017, the Company had $300,600 and $0 in inventories, respectively.

Deferred Revenue

Deferred revenue arises from payments received prior to delivery of products to the customer. As of March 31, 2018 and September 30, 2017, the Company had deferred revenue of $64,818 and $0, respectively.

Financial Instruments

The carrying values of our financial instruments, including cash and cash equivalents, inventories, prepaid inventories, prepaid expenses, accounts payable and accrued expenses and deferred revenue, approximate their fair values due to the short-term maturities of these financial instruments.

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due to related parties due to their related party nature.

Table of Contents

Recent Accounting Pronouncements

In March 2018, the FASB issued ASU 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”. This ASU adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements.

The Company’s management has considered all other recent accounting pronouncements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

NOTE 3 - INCOME TAXES

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law including lowering the corporate tax rate from 34% to 21%. The new rate is effective for tax years beginning after December 31, 2017. Accordingly, the new rate does not apply to the year ending September 30, 2018. Since the entire net operating loss at September 30, 2017 was used up in the year ending September 30, 2018, the new tax legislation does not affect the way the Company can use and carry forward net operating losses, at least in the year ending September 30, 2018.

The reconciliation of income tax expense at the U.S. statutory rate of 34%, to the Company’s effective tax rate is as follows:

	Six Months Ended March 31,
	2018			2017
Income tax expense (benefit) at statutory rate	$	60,601		$	(10,151	)
Change of valuation allowance		(32,042	)		10,151
Income tax expense	$	28,559		$	-

Table of Contents

NOTE 4 - RELATED PARTY TRANSACTIONS

During the six months ended March 31, 2018, the Company’s chief executive officer paid a security deposit of $4,992 for the rent on behalf of the Company and a stockholder paid various expenses of $53,923 on behalf of the Company.

During the six months ended March 31, 2017, the Company (i) borrowed $8,710 from its chief executive officer, (ii) borrowed $20,751 from its former chief executive officer and (iii) repaid $2,379 to the former chief executive officer. On January 30, 2017, in connection with the sale by the former chief executive officer of his stock, a non-interest bearing demand loan of $28,372, was cancelled by the former chief executive officer and recorded as additional paid-in capital.

As of March 31, 2018 and September 30, 2017, the Company had due to related parties of $95,294 and $36,379, respectively.

NOTE 5 - COMMITMENTS AND CONTINGENCIES

On November 30, 2017, the Company entered into a lease agreement to rent a storage place in Hong Kong for a two-year term at HK$19,500 (approximately $2,500) per month. The Company paid $4,992 (HK$39,000) as a security deposit. For the three and six months ended March 31, 2018, the Company incurred $7,533 and $10,053 rent expense, respectively. There were no rent expense incurred in the three and six months ended March 31, 2017.

NOTE 6 - SUBSEQUENT EVENTS

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

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

Since January 30, 2017, following a change of control, we have been seeking to engage in the business of developing and marketing nutritional products that promote wellness and a healthy lifestyle. In this connection we intend to conduct research and development on our own proprietary products based on cordyceps sinensis. Cordyceps is a fungus that is used in traditional Chinese medicine. Cordyceps sinensis has been described as a medicine in old Chinese medical books and Tibetan medicine. It is a rare combination of a caterpillar and a fungus and found at altitudes above 4500m in Sikkim.

We first sold products during the fourth quarter of the year ended September 30, 2017. We generated revenues of $1,964,000 for the three months ended March 31, 2018 and $3,409,000 for the six months ended March 31, 2018. We did not generate any revenue during the three or six months ended March 31, 2017. All of our sales, which were sales of Cordycepin and cordyceps powder, were made to one customer, all of our purchases were from one supplier and our gross margin on all of our revenues was 10%. We are dependent upon this one customer and this one supplier. We can give no assurance that we can or will be successful in developing marketable products or expanding our customer base. At present, we have no full-time employees. We face significant risks in implementing our business plan including, but not limited to, our ability to raise the necessary financing either through the sale of debt or equity securities or through a loan facility, our ability to hire and retain qualified research and development, marketing and administrative personnel, our ability to develop products and to market in the United States and other western markets any products we may develop, our ability to comply with any government regulations relating to the manufacture, distribution and marketing any products we develop. We cannot assure you that we can or will generate revenue or profits in the future.

We require funds in order to expand our operations. Although we intend to seek to raise funds in the equity market, we can give no assurance as to the availability or terms of any such financing. There is no trading market in our common stock, and any sale of our equity securities could result in material dilution to the stockholders. If we are not able to raise the necessary funds, we may be unable to expand our business.

Stock Distribution

On May 18, 2017, we effected a three-for-one stock distribution pursuant to which we issued two shares of common stock for each share of common stock outstanding on the record date, May 18, 2017. All share and per share information in this report retroactively reflect this stock distribution.

Results of Operations

For the three and six months ended March 31, 2018 and 2017.

For the three months ended March 31, 2018, we had revenues of $1,964,000, a gross profit of $196,400, operating expenses of $98,389, principally professional fees relating to our SEC filings, income from operations of $98,011 and income tax of $28,559. The net loss carryforward at September 30, 2017 of $94,241 was used during the quarter ended March 31, 2018. As a result of the foregoing, our net income was $69,452, or $0.00 per share (basic and diluted).

For the six months ended March 31, 2018, we had revenues of $3,409,000, a gross profit of $340,900, operating expenses of $162,662, principally professional fees relating to our SEC filings, income from operations of $178,238 and income tax of $28,559. As a result of the foregoing, our net income was $149,679, or $0.00 per share (basic and diluted).

During the three and six months ended March 31, 2017, we were engaged in our prior business, which was attempting to develop aquatic center in the Hawaiian Islands, from which we generated no revenue and a net loss of $22,443, or ($0.00) per share (basic and diluted) for the three months ended March 31, 2017 and $29,856, or ($0.00) per share (basic and diluted) for the six months ended March 31, 2017.

Table of Contents

Liquidity and Capital Resources

The following table summarizes our changes in working capital from September 30, 2017 to March 31, 2018:

	March 31, 2018		September 30, 2017		Change		% Change
Current assets	$	862,931	$	548,310	$	314,621		57.4	%
Current liabilities	$	206,913	$	36,979	$	169,934		459.5	%
Working capital	$	656,018	$	511,331	$	144,687		28.3	%

The following table summarizes our cash flows for the six months ended March 31, 2018 and 2017:

	Six Months Ended
	March 31, 2018		March 31, 2017
Cash provided by (used in) operating activities	$	376,106	$	(29,615	)
Cash provided by financing activities		58,915		27,082
Non-cash financing activities		-		28,372
Cash and cash equivalents end of period		471,831		--

Cash provided by operating activities of $376,106 for the six months ended March 31, 2018 reflected primarily our net income of $149,679, a decrease in inventories and related accounts of $180,400, and increases in accounts payable and accrued expenses of $17,642, an increase in income tax payable of $28,559, an increase in deferred revenue of $64,818 offset by an increase in prepaid expenses of $60,000 and an increase in security deposit of $4,992. The cash used in operating activities for the six months ended March 31, 2017 of $29,615 primarily reflected the $29,856 net loss for the period.

We did not use any cash in investing activities for the six month ended March 31, 2018 and 2017.

For the six months ended March 31, 2018, our cash flow from financing activities consisted of advances from related parties of $58,915. For the six months ended March 31, 2017, our cash flow from financing activities consisted of an advance from related parties of $29,461 and a repayment to a related party of $2,379.

There was no non-cash financing activities in the six months ended March 31, 2018. Non-cash financing activities for the six months ended March 31, 2017 related to the forgiveness of debt due to a related party of $28,372.

Critical Accounting Policy and Estimates

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect our reported assets, liabilities, and expenses and the disclosure of contingent assets and liabilities. We use assumptions that we believe to be reasonable under the circumstances. Future events, however, may differ markedly from our current expectations and assumptions. We believe there have been no significant changes in accounting policies for the period ended March 31, 2018. See Note 2 to the statements in this Quarterly Report for a complete discussion of our significant accounting policies and estimates.

Table of Contents

Recent Accounting Pronouncements

In March 2018, the FASB issued ASU 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”. This ASU adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. We are currently evaluating the impact of the adoption of this guidance on our financial statements.

Management has considered all other recent accounting pronouncements. Our management believes that these recent pronouncements will not have a material effect on our financial statements.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Smaller reporting companies are not required to provide the information required by this item.

ITEM 4: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of our “disclosure controls and procedures” (“Disclosure Controls”), as defined by Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2018, the end of the period covered by this Quarterly Report on Form 10-Q. The Disclosure Controls evaluation was done under the supervision and with the participation of management, including our chief executive officer and chief financial officer, which positions are held by the same person who assumed such positions on January 30, 2017 and who is our only employee and who does not work for us on a full-time basis. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon this evaluation, our chief executive officer and chief financial officer, concluded that, due to the inadequacy of our internal controls over financial reporting, our sole employee being our chief executive and financial officer and our limited internal audit function, our disclosure controls were not effective as of March 31, 2018, such that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the president and treasurer, as appropriate to allow timely decisions regarding disclosure.

Changes in Internal Control over Financial Reporting

As reported in our annual report on Form 10-K for the year ended September 30, 2017, management has determined that our internal controls contain material weaknesses due to the absence of segregation of duties, as well as lack of qualified accounting personnel and excessive reliance on third party consultants for accounting, financial reporting and related activities. The lack of any separation of duties, with the same person, who is our only employee who serves as both chief executive officer and chief financial officer, who is our sole director and who does not have an accounting background and serves on a part-time basis, makes it unlikely that we will be able to implement effective internal controls over financial reporting in the near future.

During the period ended March 31, 2018, there was no change in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II – OTHER INFORMATION

ITEM 6: EXHIBITS

Exhibits

Exhibit Number		Description of Exhibits
31.1		Section 302 Certificate of Chief Executive Officer and Principal Financial Officer.
32.1		Section 906 Certificate of Chief Executive Officer and Principal Financial Officer.
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Schema Document
101.CAL		XBRL Taxonomy Calculation Linkbase Document
101.DEF		XBRL Taxonomy Definition Linkbase Document
101.LAB		XBRL Taxonomy Label Linkbase Document
101.PRE		XBRL Taxonomy Presentation Linkbase Document

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ACRO BIOMEDICAL CO., LTD.

Dated: August 1 , 2018	By:	/s/ Pao-Chi Chu
		Pao-Chi Chu
		Chief Executive Officer and Chief Financial Officer

Arco Biomedical (CE) (USOTC:ACBM)
Gráfico Histórico do Ativo
De Fev 2025 até Mar 2025

Click aqui para mais gráficos Arco Biomedical (CE).

Arco Biomedical (CE) (USOTC:ACBM)
Gráfico Histórico do Ativo
De Mar 2024 até Mar 2025

Dados

Notícias

Ferramentas

Mercados

Comunidade

Recursos principais

Follow Feed

Fluxo de Opções

Monitor

ACBM Arco Biomedical Company Ltd (CE)

Notícias Acro Biomedical Co., Ltd.

Seu Histórico Recente

Empresa

Negócios

Popular

Obter o aplicativo

Tendências Agora

Rankings

Dados

Notícias

Ferramentas

Mercados

Comunidade

Recursos principais

Follow Feed

Fluxo de Opções

Monitor

ACBM Arco Biomedical Company Ltd (CE)

Notícias Acro Biomedical Co., Ltd.

Seu Histórico Recente

Empresa

Negócios

Popular

Obter o aplicativo

Vá sem anúncios