Company: MEGL
Filing Date: 2025-07-11
Form Type: F-1/A
Source: 0001641172-25-018709
Chunk: 195

Company: Magic Empire Global Ltd
Filing Date: 2025-07-11
Form: F-1/A
Chunk 195
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 | 2024 |        |
|                          |     |             HK$ |           |     |  HK$ |         |     |  US$ |        |
| Accrued professional fee |     |                 |   892,000 |     |      | 670,113 |     |      | 86,269 |
| Other accrued expenses   |     |                 |   187,000 |     |      |  23,121 |     |      |  2,977 |
| Total                    |     |                 | 1,079,000 |     |      | 693,234 |     |      | 89,246 |

8. RELATED PARTY TRANSACTIONS AND BALANCES

As of December 31, 2022, the Group has balances due from related parties of HK$96,700. Balances represented the funds advanced to the Chairman and Chief Executive Officer (“CEO”), who are also the directors of the Company. The balance is unsecured and interest-free.

In March 2023, the related parties repaid all the outstanding balances of HK$96,700 to the Group.

As of December 31, 2024 and 2023, the balance with related parties was nil.

9. CONTRACT LIABILITIES

The Group’s contract liabilities include the upfront payments received upon signing of the contract for IPO/IFA/FA services and advances from clients related to CA services on the Group’s consolidated balance sheets. These payments are non-refundable and are recognized as revenue as the Group’s performance obligation is satisfied. The Group’s contract liabilities are generally recognized as revenue within one year.

As of December 31, 2024 and 2023, the contract liabilities were comprised of the following:

|                        |     |              As 
 of December 31, |           |     |      |           |     |      |         |
|                        |     |            2023 |           |     | 2024 |           |     | 2024 |         |
|                        |     |             HK$ |           |     |  HK$ |           |     |  US$ |         |
| Contract liabilities   |     |                 | 1,100,000 |     |      | 1,400,000 |     |      | 180,233 |
| Advance from customers |     |                 |    64,000 |     |      |   244,000 |     |      |  31,412 |