Company: EZOO
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001641172-25-010460
Chunk: 399

Company: Ezagoo Ltd
Filing Date: 2025-05-15
Form: 10-K
Item: Item 15
Chunk 399
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’s subsidiary in People’s Republic of China maintains its books and record in its local currency,
Chinese Yuan (“RMB”), which is functional currency as being the primary currency of the economic environment in which the
entity operates.

In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into
US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet
date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation
of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income (loss) within
the statements of stockholders’ deficit.

Translation
of amounts from RMB into US$1 has been made at the following exchange rates for the respective periods:

SCHEDULE OF FOREIGN CURRENCY TRANSLATION OF
EXCHANGE RATES

    2024  
    2023 

    As
    of and for the  year ended  December 31, 

    2024  
    2023 
  
    Period-end RMB: US$1 exchange rate 
     7.30  
     
    7.10 
  
    Period-average RMB: US$1 exchange rate 
     7.20  
     
    7.08 
  
    Period-end HK$: US$1 exchange rate 
     7.77  
     
    7.81 
  
    Period-average HK$: US$1 exchange rate 
     7.81  
     
    7.83 

    Foreign exchange rate 
     7.81  
     
    7.83 

● Cash and cash equivalents

The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

● Account receivable

Account
receivable are stated at the customer obligations due under normal trade terms net of allowance for doubtful accounts.

    F-8

EZAGOO
LIMITED

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

● Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives,