Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 674

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 674
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 consolidated statements of operations and comprehensive loss. No allowance for credit losses has been recorded as of December 31, 2023, December 31, 2024, and June 30, 2025. Credit losses recorded through other comprehensive income (loss) for the five months ended December 31, 2023, the year ended December 31, 2024, and the six months ended June 30, 2025 were immaterial.

Accounts and other receivables mainly represents amounts due from collaboration and NRE arrangements and are recorded at original invoice amounts net of allowance for credit losses. The Company considers many factors in assessing the collectability of its accounts and other receivables, such as the age of the amounts due, the customer’s payment history, creditworthiness, financial conditions of the customers and industry trend. The Company also makes a specific allowance if there is strong evidence indicating that the receivable is likely to be unrecoverable. Accounts and other receivable balances are written off after all collection efforts have been exhausted. No allowance for credit losses has been recorded as of December 31, 2023, December 31, 2024, and June 30, 2025.

The Company’s long-term investment represents an equity security in Plus PRC, that does not provide the Company with significant influence over the issuer, and does not have a readily determinable fair value. Equity securities without readily determinable fair values that do not provide the Company with the ability to exercise significant influence over the operating and financial decisions of the investee are measured and recorded using an alternative measurement that measures the securities at cost less impairment, if any. Additionally, if the Company identifies any observable price changes in orderly transactions for identical or similar investments of the same issuer, the equity security is adjusted to fair value as of the date that the observable transaction occurred.

<div align='center'>F-52

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is computed using the straight-line method over the following estimated useful lives, as follows:

| Furniture and fixtures              |     | 3 years                                                 |
| Vehicles – research and development |     | 3 years                                                 |
| Research and development equipment  |     | 3 years                                                 |
| Computer hardware                   |     | 3 years                                                 |
| Software                            |     | 3 years                                                 |
| Leasehold improvement