Company: YDDL
Filing Date: 2025-01-21
Form Type: F-1
Source: 0001213900-25-004967
Chunk: 188

Company: One & one Green Technologies. INC
Filing Date: 2025-01-21
Form: F-1
Chunk 188
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 and risks, bearing the risk of loss or damage to inventory, and bearing the credit risk associated with customers’ ability to pay for the goods. The revenue is recognized at a point in time concurrent with the transfer of control, which usually occurs, depending on shipping terms, upon shipment, issuance of bill of lading or customer receipt. In addition, revenue is deferred when cash payments are received or due in advance of performance. Payment terms and conditions vary by contract type, although the Company generally requires customers to pay 30 days after the Company satisfies the performance obligations. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined the contracts do not include a significant financing component. Revenues are measured as the amount of consideration the Company expects to receive in exchange for transferring the finished goods to customers, which generally reflects current market prices at the time the contract is entered into. Consideration is recorded net of value -addedtax, and there is no variable consideration exists in the trading of the goods. F-35 ONE AND ONE GREEN TECHNOLOGIES. INC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 2.Summary of Significant Accounting Policies (cont.) The Company did not have contract assets as of June 30, 2024 and December 31, 2023. Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $nil and $611,283 as of June 30, 2024 and December 31, 2023, and are included in advances from customers in the consolidated balance sheets. These amounts represent the Company’s unsatisfied performance obligations as of the balance sheet dates. The amounts of revenue recognized in the six months ended June 30, 2024 and 2023, that were included in the opening advances from customers were $611,283 and $4,844,485, respectively. n)Cost of revenues Cost of revenues primarily consist of cost of goods sold which are manufactured by the Company. o)Income taxes The Company follows the guidance of ASC Topic 740 “Income taxes” and uses liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if