Company: VTBAS
Filing Date: 2025-09-29
Form Type: 1-SA
Source: 0001493152-25-016012
Chunk: 16

Company: Vestible Assets, LLC
Filing Date: 2025-09-29
Form: 1-SA
Chunk 16
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 at each reporting date, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No impairments were recorded as of June 30, 2025 and December 31, 2024.

Revenue Recognition

ASC Topic 606, “Revenue from Contracts with Customers,” establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods and services to customers.

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

| ● | identification                 
 of a contract with a customer; |

| ● | identification                                  
 of the performance obligations in the contract; |

| ● | determination             
 of the transaction price; |

| ● | allocation                                                                   
 of the transaction price to the performance obligations in the contract; and |

| ● | recognition                                                    
 of revenue when or as the performance obligation is satisfied. |

Revenues are derived from the brand agreements each Series enters into. The Company recognizes revenues derived from its Brand Agreements at the point in time the athlete earns the income and becomes obliged to pay the Series its portion of the income. For the six-month periods ended June 30, 2025 and 2024, the Company and its Series have recognized $23,212 and $0 as revenue, respectively.

<div align='center'>No assurance is provided.</div>

| F-9 |

VESTIBLE ASSETS, LLC AND ITS SERIES

NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

As of June 30, 2025 (Unaudited) and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024 (Unaudited)

Organizational Costs

In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC