Company: PLTYF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001338
Chunk: 101

Company: Plastec Technologies, Ltd.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 18
Chunk 101
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 lessee of non-cancellable operating leases for a corporate office premise for the year ended December 31, 2023. The Group determines if the arrangements are lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. The lease standard, ASC 842, allows for practical expedients to simplify an entity’s ongoing accounting. The Group has elected to apply the short-term lease exception for leases with an initial term of 12 months or less. Consequently, these short-term leases are not reflected on the balance sheet as right-of-use (“ROU”) assets or operating lease liabilities. Therefore, the Group chooses not to recognize these leases on the balance sheet. Instead, lease expense is recognized on a straight-line basis over the lease term.During the years ended December 31, 2022, 2023 and 2024, the Group recorded rental expenses of HK$Nil, HK$41 and HK$412, included in selling, general and administrative expenses, respectively.Impairment of long-lived assets
The Group periodically evaluates the carrying value of long-lived assets to be held and used when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose.Intangible asset
Intangible asset consists of acquired golf club membership. Intangible asset with an indefinite useful life is not amortized. During the year ended December 31, 2024, the intangible asset of HK$438 is disposed to an independent third party at the same amount.Fair value of financial instruments
The Group has no financial instruments that are measured at fair value.The carrying amounts of cash and cash equivalents, short term bank deposits, accounts receivable and accounts payable, approximate their fair value due to the short-term maturities of such instruments.Selling, general and Administrative Expenses
Selling, general and administrative expenses consisted primarily of office expenses, depreciation, legal and professional expenses, directors’ compensation, insurances, transportation and