Company: GRAN
Filing Date: 2025-01-30
Form Type: F-1/A
Source: 0001213900-25-008225
Chunk: 273

Company: Grande Group Ltd/HK
Filing Date: 2025-01-30
Form: F-1/A
Chunk 273
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 contract assets were billed and had been collected.

F-45

NOTE 9 — CONTRACT ASSETS, NET AND CONTRACT LIABILITIES (cont.) Contract liabilities are recognized when the Company receives initial deposits from customers. Contract liabilities will be recognized as revenue when promised services are provided. The Company’s contract liabilities are generally recognized as revenue within one year. Contract liabilities consist of the following:

|                                              |     | As of | September 30, 
          2024 |     |   |  March 31, 
       2024 |   |
|:---------------------------------------------|:----|:------|--------------:|:----|:--|-----------:|:--|
| Balance at beginning of the period/year      |     | $     |       196,515 |     | $ |  1,265,230 |   |
| Additions                                    |     |       |        93,998 |     |   |     67,308 |   |
| Recognized to revenue during the period/year |     |       |       -67,308 |     |   | (1,136,023 | ) |
| Ending balance                               |     | $     |       223,205 |     | $ |    196,515 |   |

NOTE 10 — LEASES The Company has an operating lease for office space. On April 1, 2021, the Company adopted “Leases” (Topic 842), using the modified -retrospectiveapproach, and as a result recognized a right -of -useasset of $351,674 at the date of adoption, and a lease liability of $351,674. No cumulative -effectadjustment to retained earnings was required upon adoption of Topic 842. The lease agreements do not specify an explicit interest rate. The Company’s management believes that the Hong Kong Dollar Prime Rate at 5.88% and 5.88% during the six months ended September 30, 2024 and 2023, respectively, was the most indicative rate of the Company’s incremental borrowing cost for the calculation of the present value of the lease payments. As of September 30, 2024 and March 31, 2024, the right -of -useasset was $237,598, and $312,268, respectively. As of September 30, 2024 and March 31, 2024, lease liability consists of the following:

|                                       |     | As of | September