Company: AOAO
Filing Date: 2025-09-16
Form Type: S-1/A
Source: 0001493152-25-013575
Chunk: 111

Company: Alpha One Inc.
Filing Date: 2025-09-16
Form: S-1/A
Chunk 111
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issued ASU 2025-01 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).
The Board issued Update 2024-03 on November 4, 2024. Update 2024-03 states that the amendments are effective for public business entities
for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following
the issuance of Update 2024-03, the Board was asked to clarify the initial effective date for entities that do not have an annual reporting
period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written,
a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in Update
2024-03 in an interim reporting period, rather than in an annual reporting period. The Board’s intent in the basis for conclusions
of Update 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting
period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15,
2027. However, the Board acknowledges that there was ambiguity between the intent in the basis for conclusions in Update 2024-03 and
the transition guidance that was included in the Codification when Update 2024-03 was issued. We do not expect the adoption of this accounting
standard to have an impact on our combined financial statements.

The Company does not believe
other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s
balance sheets, statements of income and statements of cash flows.

NOTE 3 – PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets consisted of the following as of March 31, 2025 and 2024:

|                                            |     | As of March 31, |      2025 |   |     |   |      2024 |   |
|:-------------------------------------------|:----|:----------------|----------:|:--|:----|:--|----------:|:--|
| Prepaid to suppliers                       |     | $               | 1,698,432 |   |     | $ |    25,833 |   |
| Deposits of rental and project             |     |                 |