FISHERS, Ind., Dec. 28, 2018 (GLOBE NEWSWIRE) -- Acro Biomedical Co., Ltd. ("Acro Biomedical" or the "Company") ACBM, a company focused on developing and marketing products that promote wellness and a healthy lifestyle, today reported financial results for the year ended September 30, 2018 as summarized below.
Full Fiscal 2018 Highlights:
- The Company generated revenue of $8.0 million.
- Company achieved record gross profit in fiscal year 2018 with $0.83 million.
- The Company generated Positive net income of $0.42 million.
Revenue for the year ended September 30, 2018 was $8.0 million, representing an increase of $7.5 million compared to $510,000 for the year ending September 30, 2017. The Company did not generate any revenue prior to the fourth quarter of the year ended September 30, 2017. All sales efforts to date have resulted from the sales efforts by the Company's chief executive officer, who is the Company's only employee. All sales in the year ended September 30, 2018 resulted from sales to two customers, one of which was the Company's sole customer in the prior year.
Gross profit margin increased from 10% to 10.4%. Due to the increase in total revenue, gross profit, or total revenue net of costs of revenue, for the year ending September 30, 2018 was $833,400 compared to $51,000 for the year ending September 30, 2017 for an increase of $782,400.
Total operating expenses increased from $53,248 in the prior year to $317,850 for the year ended September 30, 2018. A majority of the increase was due to an increase in professional fees and consulting fees, a significant portion of which were paid through the issuance of stock.
Net income increased to $419,660, or $0.01 per share (basic and diluted) for the year ended September 30, 2018 as compared with a loss of $2,248 or $(0.00) per share (basic or diluted) for the year ended September 30, 2017.
Pao-Chi Chu, Acro Biomedical's Chief Executive Officer, commented, "We believe that our revenue and net income for the year ended September 30, 2018 show that there is a market for our products. We are hoping to expand our customer base and work on product development during the current year."
About Acro Biomedical
Acro Biomedical is in the business of developing and marketing nutritional products that promote wellness and a healthy lifestyle. All of the Company's sales to date have been sales of cordyceps related products and, commencing in the second quarter of the year ended September 30, 2018, metallothionein MT-3 elizer. The Company may also seek to market other products which it sees as complementary to its present products and 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. Metallothionein MT-3 elizer is a protein that, in powder form, is used in health supplements. Our website is http://www.acrobiomedicalco.com. Information on or derived from our website or any other website is not part of this press release.
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including its ability to develop and market any products and raise any funding required for its operations, and the effect of the stock being trading on the OTCQB upon the market for or the market price of the Company's common stock. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include, but are not limited to, the Company's operating history and resources, its ability to increase its customer base from its present two customers and its supplier base from its present two suppliers, its ability to market or develop new products; the existence of a market in the United States for products being developed for that market, the development of a market for our common stock, our ability to raise any funds required for our business and economic, competitive and equity market conditions and the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-K for the year ended September 30, 2018 and the Company's other filings with the Securities and Exchange Commission.
ACRO BIOMEDICAL CO., LTD.
Statements of Operations
| Year Ended | ||||||||
| September 30, | ||||||||
| 2018 | 2017 | |||||||
| Revenues | $ | 8,014,500 | $ | 510,000 | ||||
| Cost of revenues | 7,181,100 | 459,000 | ||||||
| Gross profit | 833,400 | 51,000 | ||||||
| Operating expenses | ||||||||
| General and administrative | 317,850 | 53,248 | ||||||
| Total operating expenses | 317,850 | 53,248 | ||||||
| Other expense | ||||||||
| Interest expense - related party | 3,663 | - | ||||||
| Total other expenses | 3,663 | - | ||||||
| Income (loss) before provision for income taxes | 511,887 | (2,248 | ) | |||||
| Provision for income taxes | 92,227 | - | ||||||
| Net income (loss) | $ | 419,660 | $ | (2,248 | ) | |||
| Basic and dilutive income (loss) per share of common stock | $ | 0.01 | $ | (0.00 | ) | |||
| Weighted average number of shares of common stock outstanding | 47,661,235 | 47,173,699 | ||||||
The notes contained in our Annual Report on Form 10-K are an integral part of these consolidated financial statements.
ACRO BIOMEDICAL CO., LTD.
Balance Sheets
| September 30, | September 30, | |||||||
| 2018 | 2017 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 1,148 | $ | 36,810 | ||||
| Inventories | 1,146,600 | - | ||||||
| Purchase deposit to vendor | - | 481,000 | ||||||
| Prepaid expenses | 330,089 | 30,500 | ||||||
| Total Current Assets | 1,477,837 | 548,310 | ||||||
| Security deposit | 4,992 | - | ||||||
| TOTAL ASSETS | $ | 1,482,829 | $ | 548,310 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 7,312 | $ | 600 | ||||
| Income tax payable | 92,227 | - | ||||||
| Due to related parties | 141,136 | 36,379 | ||||||
| Total Current Liabilities | 240,675 | 36,979 | ||||||
| TOTAL LIABILITIES | 240,675 | 36,979 | ||||||
| Stockholders' Equity | ||||||||
| 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; 47,760,000 and 47,660,000 shares issued and outstanding, respectively | 47,760 | 47,660 | ||||||
| Additional paid-in capital | 868,975 | 557,912 | ||||||
| Retained earnings (Accumulated deficit) | 325,419 | (94,241 | ) | |||||
| Total Stockholders' Equity | 1,242,154 | 511,331 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,482,829 | $ | 548,310 | ||||
The notes contained in our Annual Report on Form 10-K are an integral part of these consolidated financial statements
Media and Investor Contact:
Kao Cheng Hsiang
Acro Biomedical Co., Ltd.
(317) 286-6788
pr@acrobiomedicalco.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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