Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 90

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 90
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 often as a result of the need to make estimates about the effect of matters that
are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their
significance to consolidated financial statements and because of the possibility that future events affecting the estimate may differ
significantly from management's current judgments. We believe the following accounting policies are critical in the preparation of our
consolidated financial statements.

    ·
    Use of estimates and assumptions

In preparing these consolidated financial statements,
management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues
and expenses during the years reported. Actual results may differ from these estimates. If actual results significantly differ from the
Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant
estimates in the period include the revenue recognition, allowance for Expected Credit Losses and deferred tax valuation allowance.

 13 

    ·
    Basis of consolidation

The consolidated financial statements include
the financial statements of International Endeavors Corporation, ModuLink Investment Limited and its subsidiaries and associated company
for which it is the primary beneficiary. Upon making this determination, the Company is deemed to be the primary beneficiary of these
entities, which are then required to be consolidated for financial reporting purpose. All significant intercompany transactions and balances
have been eliminated upon consolidation.

Transactions involving entities under common control
are accounted for using the merger accounting. The consolidated financial statements of the combining entities are presented as if the
reorganization occurred at the beginning of the earliest reporting period presented. No gain or loss is recognized in the consolidated
financial statements as a result of the reorganization. The historical financial information of all entities under common control is combined
retroactively for all periods presented. The financial statements reflect consistent accounting policies and principles across all entities.

    ·
    Cash and cash equivalents

Cash and cash equivalents are carried at cost
and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an
original maturity of three months or less as of the purchase date of such investments.

    ·
    Impairment of long-lived assets

In accordance with the provisions of ASC Topic
360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as plant and equipment and intangible
assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recover