Company: EZOO
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001641172-25-010460
Chunk: 860

Company: Ezagoo Ltd
Filing Date: 2025-05-15
Form: 10-K
Item: Item 4
Chunk 860
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Liabilities
for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment can be reasonably estimated.

● Related party transaction

A
related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families,
(ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction
is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.

● Recent accounting pronouncements

The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of
any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

4.
                                            PROPERTY AND EQUIPMENT

SCHEDULE
OF PROPERTY AND EQUIPMENT

    2024  
    2023 

    As
    of December 31, 

    2024  
    2023 
  
    Office equipment 
    $42,332  
    $42,332 
  
    Less: Accumulated depreciation 
     (42,332) 
     (42,332)
  
    Property and
    equipment, net 
    $-  
    $- 

Depreciation
expense, classified as operating expenses, was $0 and $1,124 for the twelve months ended December 31, 2024 and 2023, respectively.

    F-11

EZAGOO
LIMITED

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

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

5.
AMOUNT DUE FROM RELATED PARTIES