Company: YDDL
Filing Date: 2025-01-21
Form Type: F-1
Source: 0001213900-25-004967
Chunk: 163

Company: One & one Green Technologies. INC
Filing Date: 2025-01-21
Form: F-1
Chunk 163
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 consideration the Company expects to receive in exchange for transferring the finished goods to customers, which generally reflects current market prices at the time the contract is entered into. Consideration is recorded net of value -addedtax, and there is no variable consideration exists in the trading of the goods. The Company did not have contract assets as of December31, 2023 or 2022. Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $611,283 and $5,137,331 as of December31, 2023 and 2022, and are included in advances from customers in the consolidated balance sheets. These amounts represent the Company’s unsatisfied performance obligations as of the balance sheet dates. The amounts of revenue recognized in the years ended December31, 2023, and 2022, that were included in the opening advances from customers were $4,851,033 and $nil, respectively. F-11 ONE AND ONE GREEN TECHNOLOGIES. INC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2.Summary of Significant Accounting Policies (cont.) n)Cost of revenues Cost of revenues primarily consist of cost of goods sold which are manufactured by the Company. o)Income taxes The Company follows the guidance of ASC Topic 740 “Income taxes” and uses liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more -likely-than-notthat some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in statement of income and comprehensive income in the period that includes the enactment date. The Company uses a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the impact of an uncertain income tax position is recognized at the largest amount that is more -likely-than-notto be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. p)Value added tax (“VAT”) The Company is subject to VAT on revenue generated from