Company: JOCM
Filing Date: 2025-05-05
Form Type: 10-K
Source: 0001641172-25-008460
Chunk: 283

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-05
Form: 10-K
Item: Item 4
Chunk 283
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November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The new standard requires entities to disclose
additional information about certain expenses, such as purchases of inventory, employee compensation, depreciation, intangible asset
amortization, as well as selling expenses included in commonly presented expense captions on the income statement. The FASB further clarified
the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement – Reporting Comprehensive Income –
Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for fiscal years beginning
after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply this guidance either
on a retrospective or prospective basis, and early adoption is permitted.

The Company is currently evaluating this
guidance to determine the impact it may have on its consolidated financial statements and related disclosures.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule
12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA

The financial statements required by this item are
located in PART IV of this Annual Report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosures Control and Procedures

We carried out an evaluation of the effectiveness
of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of
December 31, 2024. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and
our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of
December 31, 2024, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control
over financial reporting.

A material weakness in internal control over financial
reporting is a deficiency