Company: IDVV
Filing Date: 2025-08-12
Form Type: 10-12G/A
Source: 0001683168-25-005941
Chunk: 84

Company: ModuLink Inc.
Filing Date: 2025-08-12
Form: 10-12G/A
Chunk 84
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4, after which the Company did not secure any new contracts within this service segment during the remainder of 2024.
However, in August 2024, the Company initiated a new engagement focused on design and project management services, representing a strategic
shift toward service-based offerings that leverage our technical expertise while requiring less capital commitment than traditional design
and build contracts.

In August 2024, we entered
into a design services management agreement with Zenith HK for a contract sum of HK$4,000,000. Under this agreement, we agreed to provide
technical design manpower services in connection with the Sheung Shui Town Lot No. 263 (F0874), Kwu Tung North – Podium and Tower
project. Our scope of work included the deployment of skilled technical personnel to support design development, project planning, coordination
activities, and close collaboration with Zenith HK’s internal team throughout the course of the project. This project was completed
in June 2025.

Looking ahead, the Company
intends to focus on design and project management services for future developments, particularly in overseas markets. Unlike the design
and build model, which typically involves obtaining multiple licenses, permits, and regulatory approvals that may vary significantly
across jurisdictions, our design and project management approach enables us to leverage our core competencies while minimizing regulatory
complexity and operational risk. This strategic shift is expected to enhance agility, reduce capital intensity, and position the Company
for more sustainable growth in diverse international markets.

Revenue from design and
build services is recognized over time using the cost-to-cost method to measure progress toward fulfilling our performance obligations.

Cost of Revenue

Cost of services were
$349,179 and $1,580,073, for the year ended December 31, 2024 and 2023 respectively. The significant decrease in cost of services is
primarily attributable to the corresponding reduction in revenue during the same period, reflecting the completion of our last design
and build project in early-2024.

Gross Profit

We recorded gross profit
of $60,163 and $44,229 for the years ended December 31, 2024 and 2023, respectively. The increase in gross profit for 2024 was primarily
attributable to the contribution from project design and management services introduced during the year.

General and administrative expenses (“G&A expenses”)

General and administrative
expenses were $298,675 for the year ended December 31, 2024, compared to $10,