Company: IDVV
Filing Date: 2025-05-30
Form Type: 10-12G
Source: 0001683168-25-004098
Chunk: 159

Company: ModuLink Inc.
Filing Date: 2025-05-30
Form: 10-12G
Chunk 159
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 the Company incurs additional costs related to work performed by subcontractors, the Company may be able
to utilize contractual provisions to back charge the subcontractors for those costs.

Revenue in excess of billings on the contracts
is recorded as costs and estimated earnings in excess of billings. Billings in excess of revenues recognized on the contracts are recorded
as deferred revenue until the above revenue recognition criteria are met. Recognition of accounts receivable and costs and estimated earnings
in excess of billings are stated set out in Note 2(I).

If at any time the costs to complete the contract
are estimated to exceed the remaining amount of the consideration under the contract, then a provision is recognized.

Revenues derived from design and management services
are recognized over time by using percentage of completion certified by engineer to measure the progress towards the completion of the
performance obligation as the customer simultaneously receives and consumes the benefits from the services rendered by the Company. The
contracts for design and building services are legally enforceable and binding agreements between the Company and customers.

(L) Income Taxes

The Company recognizes deferred tax liabilities
and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax
returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis
of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company
estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction.
A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the
benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated
on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other
circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would
be reduced.

The Company recognizes tax benefits from uncertain
tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based
on the technical merits of the position. Once this threshold has been met, the Company’s measurement of its expected tax benefits
is recognized in its consolidated financial statements. The Company accrues interest on unrecognized tax benefits as a component of income
tax expense. Pen