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 June 30, 2017

 

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.)

 

6F. No. 398, Xingshan Rd., Neihu Dist., Taipei City 114, Taiwan, Republic of China

(Address of principal executive offices)

 

+886-2-2790-6189

(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.  x Yes   ¨ 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):  x Yes   ¨ No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 47,160,000 shares of common stock on August 10, 2017.

 

 
 
 
 

 

ACRO BIOMEDICAL CO., LTD.

 

INDEX

 

 

Page No.

 

 

 

Part I: Financial Information

 

 

Item 1:

Financial Statements

4

 

 

Balance Sheets as of June 30, 2017 (Unaudited) and September 30, 2016

4

 

 

Statements of Operations for the three and nine months ended June 30, 2017 and 2016 (Unaudited)

5

 

 

Statements of Cash Flows for the nine months ended June 30, 2017 and 2016 (Unaudited)

6

 

 

Notes to Unaudited Financial Statements

7

 

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

10

 

Item 3:

Quantitative and Qualitative Disclosures about Market Risk

12

 

Item 4:

Controls and Procedures

12

 

 

 

Part II: Other Information

 

 

Item 6:

Exhibits

13

 

 

 
2
 
 

 

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, 2016, 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.

 

 
3
 
 

 

PART 1: FINANCIAL INFORMATION

 

ITEM 1: FINANCIAL STATEMENTS

 

ACRO BIOMEDICAL CO., LTD.

Balance Sheets

 

 

 

June 30,

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$ -

 

 

$ 2,533

 

Prepaid expenses

 

 

2,500

 

 

 

-

 

Total Current Assets

 

 

2,500

 

 

 

2,533

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$ 2,500

 

 

$ 2,533

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$ 4,400

 

 

$ 7,326

 

Due to related parties

 

 

26,264

 

 

 

10,000

 

Total Current Liabilities

 

 

30,664

 

 

 

17,326

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

30,664

 

 

 

17,326

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

 

 

Preferred stock: 25,000,000 authorized; $0.001 par value no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock: 100,000,000 authorized; $0.001 par value 47,160,000 shares issued and outstanding

 

 

47,160

 

 

 

47,160

 

Additional paid-in capital

 

 

58,412

 

 

 

30,040

 

Accumulated deficit

 

 

(133,736 )

 

 

(91,993 )

Total Stockholder’s Deficit

 

 

(28,164 )

 

 

(14,793 )

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$ 2,500

 

 

$ 2,533

 

 

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

 

 
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ACRO BIOMEDICAL CO., LTD.

Statements of Operations

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

$ -

 

 

$ 18

 

 

$ 713

 

 

$ 69

 

Professional fees

 

 

11,887

 

 

 

17,107

 

 

 

41,030

 

 

 

37,232

 

Total operating expenses

 

 

11,887

 

 

 

17,125

 

 

 

41,743

 

 

 

37,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$ (11,887 )

 

$ (17,125 )

 

$ (41,743 )

 

$ (37,301 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and dilutive loss per share of common stock

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.00 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

 

47,160,000

 

 

 

47,160,000

 

 

 

47,160,000

 

 

 

47,160,000

 

 

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

 

 
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ACRO BIOMEDICAL CO., LTD.

Statement of Cash Flows

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

June 30,

 

 

 

2017

 

 

2016

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$ (41,743 )

 

$ (37,301 )

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

(2,500 )

 

 

1,985

 

Accounts payable and accrued expenses

 

 

(2,926 )

 

 

10,182

 

Net Cash Used in Operating Activities

 

 

(47,169 )

 

 

(25,134 )

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Advances from related parties

 

 

47,015

 

 

 

-

 

Repayment to related party

 

 

(2,379 )

 

 

-

 

Net cash provided by Financing Activities

 

 

44,636

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net cash decrease for period

 

 

(2,533 )

 

 

(25,134 )

Cash at beginning of period

 

 

2,533

 

 

 

27,275

 

Cash at end of period

 

$ -

 

 

$ 2,141

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$ -

 

 

$ -

 

Cash paid for interest

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

NON CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Debt forgiveness by related party

 

$ 28,372

 

 

$ -

 

 

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

 

 
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ACRO BIOMEDICAL CO., LTD.

Notes to the Unaudited Financial Statements

June 30, 2017

(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 accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is September 30.

 

To date, the Company’s activities have been limited to its formation and the raising of equity capital. 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, and it is seeking to engage 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. 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.

 

On April 25, 2017, the sole director of the Company approved a three-for-one stock distribution pursuant to which the Company is issuing 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 these financial statements retroactively reflect this stock distribution.

 

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 consolidated financial statements for fiscal year 2016 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, 2016 included within the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016.

 

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.

 

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.

 

 
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Cash and Cash Equivalents

 

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $0 and $2,533 in cash and cash equivalents at June 30, 2017 and September 30, 2016, respectively.

 

Financial Instruments

 

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

 

Related Parties

 

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

 

Recent Accounting Pronouncements

 

Management has considered all other recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

 

NOTE 3 - GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of June 30, 2017, the Company has a loss from operations of $41,743, an accumulated deficit of $133,736 and has generated no revenues since inception and had no cash. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining financing to enable it to commence operations, and development and implementation of its business plan. The Company intends to seek to fund its operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other near-term cash requirements. The Company has no agreements with respect to the sale of equity securities and can give no assurance that it will be able to raise any funds in the equity market or otherwise.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 
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NOTE 4 - EQUITY

 

Preferred Stock

 

The Company has authorized 25,000,000 shares preferred stock with a par value of $0.001 per share. The board of directors is authorized to issue the preferred stock in one or more series and each such series shall have such voting powers, full or limited, or no voting powers, and such designations, preferences, limitations or restrictions as the Board of Directors of the Corporation may determine. As of June 30, 2017, no series of preferred stock has been designated and no shares of preferred stock had been issued.

 

Common Stock

 

The Company has 100,000,000 authorized shares of common stock, with a par value of $0.001 per share, of which 47,160,000 shares were outstanding on June 30, 2017.

 

The Company has no stock option plan, warrants or other dilutive securities.

 

NOTE 5 - RELATED PARTY TRANSACTIONS

 

During the nine months ended June 30, 2017, the Company borrowed $26,264 from the chief executive officer of the Company.

 

During the nine months ended June 30, 2017, the Company borrowed $20,751 from the former chief executive officer of the Company and repaid $2,379. On June 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 June 30, 2017 and September 30, 2016, the Company had due to related party of $26,264 and $10,000, respectively.

 

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

 

Overview

 

Our 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. We were not able to develop this business and we did not generate any revenues in this business since our organization. On January 30, 2017, our then principal stockholder sold his stock in our company, which represented more than 76% of our outstanding stock. Following a change of control on January 30, 2017, we discontinued our efforts to develop aquatic centers, and we are 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.

 

As of the date of this report, our operations in our new business are in the planning stages. We can give no assurance that we can or will be successful in developing marketable products. 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.

 

We require funds for our operations. At June 30, 2017, we had no cash and our only asset was a prepaid expense of $2,500. 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 commence operations in our proposed business.

 

Results of Operations

 

For the three and nine months ended June 30, 2017 and 2016.

 

We have not generated any revenue since our organization. For the three months ended June 30, 2017, we incurred operating expenses, all of which were professional fees, of $11,887 and a net loss of $11,887, or $(.0.00) per share (basic and diluted), as compared with operating expenses, primarily consisting of professional fees, of $17,125, resulting a net loss of $17,125, or $(0.00) per share (basic and diluted) for the comparable period of 2016.

 

For the nine months ended June 30, 2017, we incurred operating expenses, primarily consisting of professional fees, of $41,743, resulting in a net loss of $41,743, or $(.0.00) per share (basic and diluted), as compared with operating expenses of $37,301, primarily consisting of professional fees, resulting in a net loss of $37,301, or $(0.00) per share (basic and diluted) for the comparable period of 2016. Our principal expenses were legal, accounting and other professional fees that are primarily related to our filings with the SEC. The expenses during the three and nine months ended June 30, 3016, related to the proposed aquatic center business.

 

Liquidity and Capital Resources

 

 

 

June 30,

 

 

September 30,

 

 

 

 

 

 

 

 

2017

 

 

2016

 

 

Change

 

 

% Change

 

Current assets

 

$ 2,500

 

 

$ 2,533

 

 

$ (33 )

 

(1%)

 

Current liabilities

 

$ 30,664

 

 

$ 17,326

 

 

$ 13,338

 

 

 

77 %

Working capital deficiency

 

$ 28,164

 

 

$ 14,793

 

 

$ 13,371

 

 

 

90 %

 

 
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Working capital deficiency increased by $13,371, or approximately 90%, during the nine months ended June 30, 2017, reflecting our net loss, and our loans from our chief executive officer.

 

As of June 30, 2017, our only current asset was a prepaid expense of $2,500.

 

 

 

Nine Months Ended

 

 

 

June 30, 2017

 

 

June 30, 2016

 

Cash (used) in operating activities

 

$ (47,169 )

 

$ (25,134 )

Cash provided by investing activities

 

 

--

 

 

 

--

 

Cash provided by financing activities

 

 

44,636

 

 

 

-

 

Cash and cash equivalents end of period

 

$ --

 

 

$ 2,141

 

 

Cash used in operating activities of $47,169 for the nine months ended June 30, 2017 and $25,134 for the nine months ended June 30, 2016 primarily reflected the net loss for the respective periods.

 

From inception (September 24, 2014) through June 30, 2017, we did not use any cash for investing activities.

 

During the nine months ended June 30, 2017, our cash from financing activities reflected advances from related parties of $29,461, net of payments to related parties of $2,379. We did not receive any cash from financing activities in the nine months ended June 30, 2016.

 

We do not have sufficient cash for the next 12 months. If we are unable to meet our needs for cash from either our revenues or possible alternative sources, then we may be unable to continue, develop, or expand our operations.

 

Going Concern

 

We have a history of operating losses. The report of our independent auditors issued on our financial statements as of and for the year ended September 30, 2016, expresses substantial doubt about our ability to continue as a going concern. Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of June 30, 2017, we had a loss from operations of $41,743 for the nine months ended June 30, 2017, an accumulated deficit of $133,736 and we have generated no revenues since inception. Our ability to emerge from the development stage is dependent upon, among other things, obtaining financing to enable us to commence operations, and development and implementation of our business plan, as to which no assurance can be given. We intend to seek to fund our operations through equity financing arrangements, which may be insufficient to fund our near-term capital expenditures, working capital and other cash requirements. We have no agreements with respect to the sale of equity securities and can give no assurance that we will be able to raise any funds in the equity market or otherwise.

 

Critical Accounting Policy and Estimates

 

We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the financial statements are prepared and actual results could differ from our estimates and such differences could be material. We have identified below the critical accounting policies which are assumptions made by management about matters that are highly uncertain and that are of critical importance in the presentation of our condensed financial statements. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation our condensed financial statements.

 

 
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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 June 30, 2017, 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 June 30, 2017, 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, 2016, management has determined that our internal controls contain material weaknesses due to inadequate segregation of duties consistent with control objectives; and insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines as well as the lack of an audit committee or independent directors. These problems continue to affect us following a change in our directors and management and proposed direction of our business, as we only have one executive officer, who is our only employee and who serves as chief executive officer and chief financial officer on a part-time basis.

 

During the period ended June 30, 2017, 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.

 

 
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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

 

 
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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 11, 2017

By:

/s/ Pao-Chi Chu

 

 

Pao-Chi Chu

 

 

Chief Executive Officer and Chief Financial Officer

 

 

 

14

 

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