Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 234

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 3
Chunk 234
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 Jocom Holdings
Corp. and its subsidiaries for the year ended December 31, 2024 is prepared in accordance with accounting principles generally accepted
in the United States of America (“US GAAP”) and include the accounts of Jocom Holdings Corp. and its wholly owned subsidiaries,
Jocom Holdings Corp. Intercompany accounts and transactions have been eliminated on consolidation. The Company has adopted December 31
as its fiscal year end.

Basis of consolidation

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

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 year 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, thus the useful
life of the asset shall be considered to be indefinite.

Plant and equipment 

Plant and equipment are stated at cost less accumulated
depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected
useful lives from the date on which they become fully operational.

    Categories
     
    Estimated useful life
  
    Renovation
     
    2 years

Expenditures for maintenance and repairs are expensed
as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying
amount of the relevant assets and is recognized in the statement of operations

Leases

Effective November 1, 2019, the Company adopted the
guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use