Acro Biomedical (ACBM) 10-Q 14 Feb 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Feb. 10, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	ACRO BIOMEDICAL CO., LTD.
Entity Central Index Key	1,622,996
Trading Symbol	kwvh
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,720,000
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Current Assets
Cash and cash equivalents	$ 2,391	$ 2,533
Total Current Assets	2,391	2,533
TOTAL ASSETS	2,391	2,533
Current Liabilities
Accounts payable	14,597	7,326
Due to related party	10,000	10,000
Total Current Liabilities	24,597	17,326
TOTAL LIABILITIES	24,597	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, 15,720,000 shares issued and outstanding	15,720	15,720
Additional paid in capital	61,480	61,480
Accumulated deficit	(99,406)	(91,993)
Total Stockholder's Deficit	(22,206)	(14,793)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 2,391	$ 2,533

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Sep. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	15,720,000	15,720,000
Common stock, shares outstanding	15,720,000	15,720,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues
Operating Expenses
Selling, general and administrative	62	33
Professional fees	7,351	13,793
Total operating expenses	7,413	13,826
Net loss	$ (7,413)	$ (13,826)
Basic and dilutive loss per share of common stock (in dollars per share)	$ 0	$ 0
Weighted average number of shares of common stock outstanding (in shares)	15,720,000	15,720,000

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (7,413)	$ (13,826)
Changes in operating assets and liabilities:
Prepaid expenses		1,635
Accounts payable	7,271	823
Net Cash Used in Operating Activities	(142)	(11,368)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by Financing Activities
Net cash decrease for period	(142)	(11,368)
Cash at beginning of period	2,533	27,275
Cash at end of period	2,391	15,907
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes
Cash paid for interest

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	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 has determined to discontinue its efforts to develop aquatic centers, and it will seek 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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; this report 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. 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 $2,391 and $2,533 in cash and cash equivalents at December 31, 2016 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,” Recent Accounting Pronouncements In January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” 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.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Dec. 31, 2016
Going Concern [Abstract]
GOING CONCERN	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 December 31, 2016, the Company has a loss from operations of $7,413, an accumulated deficit of $99,406 and has generated no revenues since inception. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue 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 cash requirements for the year ended September 30, 2017. 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.

EQUITY

EQUITY	3 Months Ended
	Dec. 31, 2016
Equity [Abstract]
EQUITY	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 December 31, 2016, 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 15,720,000 shares were outstanding on December 31, 2016. The Company has no stock option plan, warrants or other dilutive securities.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 - RELATED PARTY TRANSACTIONS During the year ended September 30, 2016, the Company borrowed $10,000 from the CEO of the Company. As of December 31, 2016 and September 30, 2016, the company had due to related party of $10,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 - SUBSEQUENT EVENTS On January 30, 2017, the Company had a change of control when the officers and directors of the Company sold their common shares, representing 76.3% of the issued and outstanding common shares, and resigned all positions. In connection with the change of control, the Company’s chief executive officer forgave the $10,000 debt owing to him.

SUMMARY OF SIGNIFICANT ACCOUN12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Unaudited Interim Financial Statements	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; this report 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	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.
Cash and Cash Equivalents	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 $2,391 and $2,533 in cash and cash equivalents at December 31, 2016 and September 30, 2016, respectively.
Financial Instruments	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	Related Parties The Company follows ASC 850, “Related Party Disclosures,”
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” 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.

SUMMARY OF SIGNIFICANT ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,391	$ 2,533	$ 15,907	$ 27,275

GOING CONCERN (Detail Textuals)

GOING CONCERN (Detail Textuals) - USD ($)	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Going Concern [Abstract]
Loss from operations	$ 7,413
Accumulated deficit	$ (99,406)	$ (91,993)

EQUITY (Detail Textuals)

EQUITY (Detail Textuals) - $ / shares	Dec. 31, 2016	Sep. 30, 2016
Equity [Abstract]
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	15,720,000	15,720,000
Common stock, shares outstanding	15,720,000	15,720,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Related Party Transactions [Abstract]
Borrowed from CEO	$ 10,000
Due to related party	$ 10,000	$ 10,000

SUBSEQUENT EVENTS (Detail Textu

SUBSEQUENT EVENTS (Detail Textuals) - Subsequent event	Jan. 30, 2017USD ($)
Subsequent Event [Line Items]
Percentage of common stock shares sold	76.30%
Debt forgive by CEO	$ 10,000