Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 144

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 19
Chunk 144
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 beginning on January 1, 2024.
The adoption of ASU 2023-07 does not have a material impact on the Group’s consolidated financial statements.

In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In
November 2024, the FASB ASU 2024-03, Income Statement - Reporting Comprehensive Income -

Except
as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted,
would have a material effect on the Group’s consolidated balance sheets, statements of operations and statements of cash flows.

MAGIC
EMPIRE GLOBAL LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. DEPOSITS AND PREPAYMENTS

Deposits
and prepayments consist of the following:

SCHEDULE
OF DEPOSITS AND PREPAYMENTS

                                   2023                                2024                   2024               
                                   As                                                                            
                                   of December 31,                                                               
                                   2023                                2024                   2024               
                                   HK$                                 HK$                    US$                
  Prepaid                                                 170,335                      —                      —  
  rent                                                                                                           
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Prepaid                                                  31,557                 32,633                  4,201  
  Prepaid                                                  56,950                 53,550                  6,894  
  Rental                                                  681,340                516,384                 66,478  
  Deposit                                                 103,276                130,532                 16,804  
  Refund                                                        —                141,100                 18,165  
  Others                                                   52,791                 11,249                  1,449  
  Total                                                 1,096,249                885,448                113,991  

4. PROPERTY AND EQUIPMENT, NET

Property
and equipment, net consist of the following:

SCHEDULE
OF PROPERTY AND EQUIPMENT, NET

                                As                                                                              
                                of December 31,                                                                 
                                2023                                2024                     2024               
                                HK$                                 HK$                      US$                
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Leasehold                                          1,758,217                1,758,217                226