Company: EZOO
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001641172-25-010460
Chunk: 271

Company: Ezagoo Ltd
Filing Date: 2025-05-15
Form: 10-K
Item: Item 11
Chunk 271
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 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, using
the straight-line method. Estimated useful lives of the property and equipment are as follows:

 SCHEDULE
OF PLANT AND EQUIPMENT EXPECTED USEFUL LIVES

    Office
    equipment 
    3-5
    years

The
cost of maintenance and repairs is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.

● Lease

The
Company accounts for its leases in accordance with ASC 842 Leases. The Company leases office space. The Company concludes on whether
an arrangement is a lease at inception. This determination as to whether an arrangement contains a lease is based on an assessment as
to whether a contract conveys the right to the Company to control the use of identified property, plant or equipment for period of time
in exchange for consideration. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes
these lease expenses on a straight-line basis over the lease term.

The
Company has assessed its contracts and concluded that its leases consist of