Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 223

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 223
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 ASSET

    2024  
    2023 

    September 30, 

    2024  
    2023 

    Trademarks 
    $3,692  
    $3,551 
  
    Subtotal 
     3,692  
     3,551 
  
    Less: accumulated amortization 
     (1,144) 
     (745)
  
    Total intangible assets, net 
    $2,548  
    $2,806 

Intangible
assets consist of the Company’s trademarks of King Eagle Mall with a useful life of ten
years. Approximately $1,087, $1,397, $570,
$36, $516 and $86 will expire in July 2031, April 2031, April 2032, September 2032, October 2032 and October 2033,
respectively.

Amortization
expense was $360 and $363 for the years ended September 30, 2024 and 2023, respectively.

    F-37

NOTE
9 - DEFERRED REVENUE

SCHEDULE
OF DEFERRED REVENUE

    2024  
    2023 

    September 30, 

    2024  
    2023 
  
    Advance payments from customers 
    $584,116  
    $2,149,238 
  
    Total deferred revenue 
    $584,116  
    $2,149,238 

Deferred
revenue resulted from transactions where the Company has received the payments from the customers but revenue recognition criteria
under the five-step model have yet to be met. As at September 30, 2024 and 2023, the Company had a total deferred revenue of
$584,116 and
$2,149,238
respectively. As of September 30, 2024, the ending balance of $584,116, $583,491 was the advance payment from our customers for our
retail products to be delivered in the subsequent period. Once the five-step model criteria have been satisfied, revenues will be
recognized upon the transfer of risk and rewards to the customers. Management has agreed that the amount received is non-refundable.
However, this term is not bound by any written agreement. Thus, the customers may have the right to challenge and demand that the
advances be refunded