Company: JOCM
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-022470
Chunk: 9

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 9
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 with that report.

The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries,
which the Company controls and entities for which the Company is the primary beneficiary. Acquired businesses are included in the consolidated
financial statements from the date on which control is transferred to the Company. All inter-company accounts and transactions have been
eliminated in the consolidation.

Basis
of consolidation

The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and
transactions have been eliminated upon consolidation.

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.

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 periods reported. Actual results may differ from these estimates.

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