Company: LDDD
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-013782
Chunk: 11

Company: Longduoduo Co Ltd
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 of Longduoduo is the United States Dollar (“US Dollars” or “$”). The reporting currency
of these consolidated financial statements is in US Dollars.

The financial statements of Longduoduo’s
subsidiaries, which are prepared using the RMB, are translated into the Company’s reporting currency, the US Dollar. Assets and
liabilities are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using weighted
average rates prevailing during each reporting period, and stockholders’ equity (deficit) is translated at historical exchange rates.
Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income or expense.

Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions.
Foreign currency exchange gains and losses resulting from these transactions are included in operations.

The exchange rates used for foreign currency translation are as follows:

    For the Six Months Ended  December 31, 

    2024  
    2023 

    (RMB/HKD to USD)  
    (RMB/HKD to USD) 
  
    Assets and liabilities 
    period end exchange rate 
     7.2985/7.7658 
     7.0798/7.8085
  
    Revenue and expenses 
    period weighted average 
     7.1772/7.7868 
     7.2208/7.8191

F. Concentration of credit risk

The Company
maintains cash in state-owned banks in China. In China, the insurance coverage of each bank is RMB500,000 (approximately USD$69,000).
As of December 31, 2024 and June 30, 2024, the Company had $1,084,327 and $826,853 cash in excess of the insured amount,
respectively.

For each
of the six months ended December 31, 2024 and 2023, one customer accounted for 99.9% of commission revenue.

For the six months ended December
31, 2024 and 2023, the Company had three major suppliers that each accounted for over 10% of its total cost of revenue.

    For the Six Months Ended December 31, 2024  
    For the Six Months Ended December 31, 2023 

    Cost of revenue  
    Percentage of Cost