Company: EZOO
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001641172-25-010460
Chunk: 154

Company: Ezagoo Ltd
Filing Date: 2025-05-15
Form: 10-K
Item: Item 9A
Chunk 154
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 CONCERN UNCERTAINTIES

As
of December 31, 2024, the Company suffered an accumulated deficit of $5,324,244, total current liabilities $3,790,276 and negative operating cashflow of $ 620,934.00
and operated a net loss of $585,330.
The continuation of the Company as a going concern through December 31, 2024 is dependent upon improving the profitability and the fund support is provided by the company’s CEO, Tan Xiaohao, who is the
largest shareholder of the company. The Amount due to director is payable to Tan Xiaohao. The Amount due to related party J is also the
largest payable related party, which is also a holding company of Tan Xiaohao. Because we believe that Tan Xiaohao has the ability to
provide financial support. Management believes the existing shareholders or external financing will provide the additional
cash to meet the Company’s obligations as they become due.

These
and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result in the Company not being able to continue as a going concern.

3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The
accompanying audited consolidated financial statements reflect the application of certain significant accounting policies as described
in this note and elsewhere in the accompanying consolidated financial statements and notes.

● Basis of consolidated presentation

These
consolidated financial statements, accompanying notes, and related disclosures have been prepared pursuant to the rules and regulations
of the U.S. Securities and Exchange Commission (“SEC”). These accompanying consolidated financial statements have been prepared
in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s
fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.

The
consolidated financial statements include the accounts of EZAGOO LIMITED and its subsidiaries. All significant inter-company balances
and transactions within the Company have been eliminated upon consolidation.

● Use of estimates

In
preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets
and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.

● Foreign currencies translation and re-measurement

Transactions
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