Company: FVN
Filing Date: 2025-05-30
Form Type: S-4/A
Source: 0001829126-25-004067
Chunk: 573

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-05-30
Form: S-4/A
Chunk 573
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 time when the related services have been delivered based on the specific terms of the contract, which are commonly based on specific action (i.e. cost per Mille impression (“CPM”) for online display.)

The Company enters advertising contracts with advertisers where the amounts charged per specific action are fixed and determinable, the specific terms of the contracts were agreed on by the Company, and the advertisers. Revenue is recognized on a CPM basis as impressions.

(ii) Software development services

The Company also offers Software development services based on customers’ specific needs. The contract is typically fixed priced and does not provide any post-contract customer support or upgrades. The Company’s performance obligation is to design, develop, test and install the related software for customers, all of which are considered one performance obligation as the customers do not obtain benefit for each separate service.

The duration of the development period is generally short, usually less than two months. Therefore, the Company’s Software development service revenue is recognized at a point in time when the software product has been delivered to and accepted by customers.

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Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company has no contract assets as of September 30, 2023 and 2024.

The contract liability represents the billings or cash received for services in advance of revenue recognition which is recognized as revenue when all the Company’s revenue recognition criteria are met. The Company’s contract liabilities amounted to RMB 265,080 and RMB 1,176,621 (USD 167,911) as of September 30, 2023 and 2024, respectively. The Company expects to recognize this balance as revenue over the next 12 months.

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Cost of revenue for Martech Services comprised of costs paid to channel distributors based on the sales agreements. There are no incentives or commissions paid to channel distributors.

For Software development services, the cost of revenue consists primarily of the third-party software development costs.

There are no selling and marketing expenses or general and administrative expenses that are directly attributable to fulfilling our performance obligations under contractual service agreements.

The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260