Company: FVN
Filing Date: 2025-01-07
Form Type: DRS/A
Source: 0001829126-25-000092
Chunk: 519

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-01-07
Form: DRS/A
Chunk 519
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 internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the board of directors and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

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Revenue recognition

As discussed in Notes 2 to the consolidated financial statements, revenue are primarily derived from providing AI+Martech service and AI+Software development services that are recognized as the performance obligations are satisfied point in time. During the two years ended September 30, 2024 and 2023, AI+Martech service and AI+Software development services provided was delivered approximately $46.9 million and $38.5 million in revenue pursuant to the service agreements entered, respectively. Pursuant to the contracts, the Company is responsible for assisting its clients in effective advertising solutions by optimizing advertising content and precisely matching content with targeted consumers by processing a massive amount of data through efficient automation.

We identified the accounting for revenue recognition of AI+Martech service and AI+Software development services as a critical audit matter due to the fact that the AI+Martech services provided highly relied on central processing algorithms established in the cloud storage and the transactions were processed frequently, and AI+Software development services are subject to client’s acceptance. This led to a high degree of auditor judgment, subjectivity and significant