Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 214

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 2
Chunk 214
---
 CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”),
except for number of shares)

Basis of presentation

The consolidated financial statements for Jocom Holdings
Corp. and its subsidiaries for the year ended December 31, 2024 is prepared in accordance with accounting principles generally accepted
in the United States of America (“US GAAP”) and include the accounts of Jocom Holdings Corp. and its wholly owned subsidiaries,
Jocom Holdings Corp. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31
as its fiscal year end.

Basis of consolidation

The consolidated financial statements include the
accounts of the Company and its subsidiaries in which the Company is the primary beneficiary. All inter-company accounts and transactions
have been eliminated upon consolidation.

Use of estimates

Management uses estimates and assumptions in preparing
these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the year reported.
Actual results may differ from these estimates.

Revenue recognition

The Company follows the guidance of ASC 606, “Revenue
from Contracts”. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of
contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in
the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations,
and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when
it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

The revenue generated was a service fee
paid by a client to carry out data analytic services in the Southeast Asia online grocery market.

Cash and cash equivalents

Cash and cash equivalents are carried at cost and
represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original
maturity of three months or less as of the purchase date of such investments.

Intangible Asset

The Company follows the guidance according ASC Topic
350, “Testing Indefinite-Lived Intangible Assets for Impairment” paragraph 350-30-35-18, an int