Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 387

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 6
Chunk 387
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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 intangible asset that is
not subject to amortization shall be tested for impairment annually. There is no legal, regulatory, contractual, competitive, economic,
or no foreseeable limit on the period of time over which it is expected to contribute to the cash flows of the Company, thus the useful
life of the asset shall be considered to be indefinite.

Plant and equipment

Plant and equipment are stated at cost less accumulated
depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected
useful lives from the date on which they become fully operational.

SCHEDULE OF USEFUL LIFE PROPERTY PLANT AND EQUIPMENT 

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