Company: AOAO
Filing Date: 2025-09-16
Form Type: S-1/A
Source: 0001493152-25-013575
Chunk: 132

Company: Alpha One Inc.
Filing Date: 2025-09-16
Form: S-1/A
Chunk 132
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 directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts.

The Company may rely on a qualitative assessment when performing impairment test for its intangible asset. Otherwise, the impairment evaluation is performed at the lowest level of identifiable cash flows independent of other assets.

The Company’s intangible assets mainly represented project management system purchased by the Company. The project management system is classified as finite-lived intangible assets and amortized over its useful life of 10 years.

Operating leases

The Company adopted Accounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842) to account its lease on March 1, 2022.

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Company assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The Company classifies a lease as a financing lease at lease commencement when the lease meets any one of the criteria:

| f. | The                                                                                                                                 
 lease transfers ownership of the underlying asset to the lessee by the end of the lease term.                                       |
| g. | The                                                                                                                                 
 lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.               |
| h. | The                                                                                                                                 
 lease term is for a major part of the remaining economic life of the underlying asset.                                              |
| i. | The                                                                                                                                 
 present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the 
 lease payments equals or exceeds substantially all of the fair value of the underlying asset.                                       |
| j. | The                                                                                                                                 
 underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the    
 lease term.                                                                                                                         |

When none of the criteria are met, the Company classifies a lease as an operating lease.

| F-