Company: LDDD
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-013782
Chunk: 20

Company: Longduoduo Co Ltd
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 $9,696 related to its operations in the PRC as of December
31, 2024 and June 30, 2024, respectively. The PRC valuation allowance has increased by $0 and decreased by $30,559 for
the six months ended December 31, 2024 and 2023,
respectively.

The Company incurred losses from its United
States operations during the six months ended December 31, 2024 of approximately
$138,500. The Company’s United States operations consist solely of ownership of its foreign subsidiaries, and the losses arise
from administration expenses. Accordingly, management provided a 100% valuation allowance of approximately $242,521 and
$213,436 against the deferred tax assets related to the Company’s United States operations as of December 31,
2024 and June 30, 2024, respectively, because the deferred tax benefits of the net operating loss carry forwards in the United
States are not likely to be utilized. The US valuation allowance has increased by approximately $29,085 and $28,490 for
the six months ended December 31, 2024, and 2023, respectively.

F-12

LONGDUODUO COMPANY LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND
DECEMBER 31, 2023

(UNAUDITED)

The Company
is subject to examination by the Internal Revenue Service (IRS) in the United States as well as by the taxing authorities in China, where
the Company has significant business operations. The table below presents the earliest tax year that remains subject to examination
by major jurisdiction. 

     Earliest tax year that remains subject to examination  U.S. Federal  June 30, 2021  China  June 30, 2020 

NOTE
7. LEASES

On November 20, 2024, Chengheng leased an office
space (approximately 611 square meters) under an operating lease agreement from Dongsheng District Baiyan Health Consultation Department.
Under the terms of the agreement, Chengheng is committed to make lease payments of approximately $16,720 (RMB120,000) for the period between
November 20, 2024 and November 20, 2025.

On March 10 of 2024