Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 728

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 14
Chunk 728
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 ability to continue as a going concern within one year of the date that
the financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is
unable to continue as a going concern.

The Company’s ability to continue as a going
concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes
the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become
due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that
are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions
on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

    F-7

JOCOM HOLDINGS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023

(Currency expressed in United States Dollars (“US$”),
except for number of shares)

Basis of presentation

The consolidated financial statements for 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 in which the Company is the primary beneficiary. 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.

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