Company: AOAO
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001493152-25-001624
Chunk: 104

Company: Alpha One Inc.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 104
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, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

| F-13 |

Recent Accounting Pronouncement

In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 on a retrospective basis. Early adoption is permitted. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

NOTE 3 – PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets consisted of the following as of March 31, 2024 and 2023:

|                                            |     | As of March 
 31,         |      2024 |   |     |   |    2023 |   |
|:-------------------------------------------|:----|:------------|----------:|:--|:----|:--|--------:|:--|
| Prepaid to suppliers                       |     | $           |    25,833 |   |     | $ |  57,345 |   |
| Deposits of rental and project             |     |             |   323,320 |   |     |   |  61,837 |   |
| Advances to employees                      |     |             |    37,954 |   |     |   |  39,184 |   |
| Other prepaid operating expenses           |     |             |   766,556 |   |     |   |   3,354 |   |
| Total prepayments and other