Company: QSJC
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001683168-25-001892
Chunk: 214

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1C
Chunk 214
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 to present
the net carrying value at the amount expected to be collected on the financial asset. The Company has adopted this standard on January
1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements. 

In November 2021, the FASB issued ASU 2021-10,
“Government Assistance (Topic 832)” which enhances disclosure of transactions with governments that are accounted for
by applying a grant or contribution model. The new pronouncement requires entities to provide information about the nature of the transaction,
terms and conditions associated with the transaction and financial statement line items affected by the transaction. The Company adopted this
standard on January 1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU No.2023-07,
“Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07). This ASU primarily requires
incremental disclosures of disaggregate expense information about a company’s reportable segments. The amendments are effective
for fiscal years beginning after December 15, 2023. The adoption of this guidance did not have a material impact on the Company’s
consolidated financial statements.

The Company has considered all other recently
issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated
financial statements.

 30 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 

Index to Financial
Statements 

    Contents
     
    Page(s)
  
    Report of Independent Registered Public Accounting Firm
    F-1
  
    Consolidated Balance Sheets as of December 31, 2024 and 2023
    F-2
  
    Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023
    F-3
  
    Consolidated Statements of Changes in Deficit for the years ended December 31, 2024 and 2023
    F-4
  
    Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023
    F-5
  
    Notes to Consolidated Financial Statements for the years ended December 31,