Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 43

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 revision become known and are accounted for as changes in estimates. Management
believes the Company maintains reasonable estimates based on prior experience; however, many factors contribute to changes in estimates
of contract costs. Accordingly, estimates made with respect to uncompleted projects are subject to change as each project progresses and
better estimates of contract costs become available. All contract costs are recorded as incurred, and revisions to estimated total costs
are reflected as soon as the obligation to perform is determined. Provisions are recognized for the full amount of estimated losses on
uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue, regardless
of the stage of completion. When the Company incurs additional costs related to work performed by subcontractors, the Company may be able
to utilize contractual provisions to back charge the subcontractors for those costs.

Revenue in excess of billings on the contracts
is recorded as costs and estimated earnings in excess of billings. Billings in excess of revenues recognized on the contracts are recorded
as deferred revenue until the above revenue recognition criteria are met. Recognition of accounts receivable and costs and estimated earnings
in excess of billings are stated set out in Note 2(I) of International Endeavors Corporation of notes to consolidated financial statements
for the years ended December 31, 2024 and 2023.

If at any time the costs to complete the contract
are estimated to exceed the remaining amount of the consideration under the contract, then a provision is recognized.

Project design and management services

Revenues derived from design and management services
are recognized over time by using percentage of completion certified by engineer to measure the progress towards the completion of the
performance obligation as the customer simultaneously receives and consumes the benefits from the services rendered by the Company. The
contracts for design and building services are legally enforceable and binding agreements between the Company and customers.

    ·
    Income taxes

The Company adopted the ASC 740 “Income
tax” provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to
be claimed on a tax return should be recorded in the consolidated financial statements. Under paragraph 740-10-25-13, the Company may
recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on
examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated
financial statements from such a position