Company: JL
Filing Date: 2025-05-20
Form Type: 20-F/A
Source: 0001213900-25-045507
Chunk: 191

Company: J-Long Group Ltd
Filing Date: 2025-05-20
Form: 20-F/A
Chunk 191
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There were no transfers of
marketable debt securities between Level 1, Level 2, and Level 3 during the years ended March 31, 2023 and 2024.

Related Parties

The Company adopted ASC 850,
Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

F - 12 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.) Cash and Cash Equivalents Cash and cash equivalents consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains all bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance. The maximum protection is up to HK$ 500,000per depositor per Scheme member, including both principal and interest. Restricted cash The restricted cash balance as of March 31, 2024 was USD$ 1million and relates to amounts held in escrow accounts to secure post-closing indemnification obligations of the Company pursuant to the agreement between underwriter and legal adviser respectively. The escrow account was held in The Hong Kong and Shanghai Banking Corporation Limited for 12 month period following the closing date January 26, 2024 of the listing. Accounts Receivable Net Accounts receivable represent trade receivable and are recognized initially at fair value and subsequently adjusted for any allowance for expected credit loss. The Company grant credit to customers, without collateral, under normal payment terms (typically 0 to 30 days after invoicing). Generally, invoicing occurs together with the products were delivered. The carrying value of such receivables, net of expected credit loss, represents its estimated realizable value. The Company expect to collect the outstanding balance of current accounts receivables, net within one year. The Company use loss-rate methods to estimate allowance for credit loss. For those past due balances over 1 year and other higher risk receivables identified by management are reviewed individually for collectability. In establishing an allowance for credit losses, the Company use reasonable and supportable information, which is based on historical collection experience, the financial condition of its customers and assumptions