Company: JL
Filing Date: 2025-04-03
Form Type: 20-F/A
Source: 0001213900-25-028675
Chunk: 191

Company: J-Long Group Ltd
Filing Date: 2025-04-03
Form: 20-F/A
Chunk 191
---
 transferred to the buyer when the goods arrive at the specified destination. In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. The Company generally requests customer to check the goods within 7 days upon receipt and do not accept shortage or claim beyond that period. Further, the Company’s liability is limited to either a credit equal to the purchase price or replacement of the defective part. For the years ended March 31, 2024, 2023 and 2022, the Company was not aware of any material claims against the Company in relation to defective products, nor any material product returns from the Company’s customers. As such, the Company does not record a specific warranty reserve or consider activities related to such warranty, if any, to be a separate performance obligation. The Company typically incurs incremental costs to acquire customer contracts related to the Company’s sales in the form of sales commissions; however, because the expected benefit from these contracts is less than one year,the Company follows the ASC Topic 606 practical expedient and expenses these amounts as incurred. Disaggregation of revenue The Company disaggregates its revenue by sales term, product categories, and geographic areas which the Company believes best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The Company’s disaggregation of revenue for the years ended March 31, 2024, 2023 and 2022 is as following: F - 16 J-LONG GROUP LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2024, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)

Revenues by sales term

|                |     | For the year ended 
 March 31,          |       2022 |     |     |       2023 |     |     |       2024 |
|:---------------|:----|:-------------------|-----------:|:----|:----|-----------:|:----|:----|-----------:|
|                |     | USD                |            |     | USD |            |     | USD |            |
| CIF