Company: IDVV
Filing Date: 2025-09-18
Form Type: 10-12G/A
Source: 0001683168-25-007099
Chunk: 164

Company: ModuLink Inc.
Filing Date: 2025-09-18
Form: 10-12G/A
Chunk 164
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 the estimate to the allowance for
expected credit losses through provision for expected credit losses and reverses the allowance after the potential for recovery is considered
remote.

(H) Contract Assets Including Retainage, Net

Contract assets are generally based on amounts
billed and currently due from customers, amounts currently due but unbilled and amounts retained by customers pending satisfactory completion
of a project. It is common in the Company’s industry for a small portion of either progress billings or the contract price, typically
5%, to be withheld by the customer until the Company completes a project to the satisfaction of the customer in accordance with the applicable
contract terms. Such amounts, defined as retainage, are included on the Consolidated Balance Sheets as “Contract assets including
retainage, net.” Based on the Company’s experience with similar contracts in recent years, billings for such retainage balances
are generally collected within one year of the completion of the project.

Contract assets including retainage, net is stated
at the amount management expects to collect from outstanding balances. Management provides for uncollectible accounts through a charge
to earnings and a credit to the allowance for doubtful accounts based on its assessment of the current status of individual accounts,
type of service performed, current economic conditions, historical losses and other information available to management. Balances that
are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful
accounts and an adjustment to the contract receivable.

| F-26 |

<div align='center'>INTERNATIONAL ENDEAVORS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023</div>

| NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |

(I) Contract Assets and Contract Liabilities

Billing practices for the Company’s contracts
are governed by the contract terms of each project based on (i) progress toward completion approved by the owner, (ii) achievement of
milestones or (iii) pre-agreed schedules. Billings do not necessarily correlate with revenues recognized under the cost-to-cost input
method. The Company records contract assets and contract liabilities to account for these differences in timing.

The contract asset, “Costs and estimated
earnings in excess of billings on uncompleted contracts,” arises when the Company recognizes revenues for services performed under
its construction projects, but the Company is not yet entitled to bill the customer under the