Company: IDVV
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001683168-25-006029
Chunk: 125

Company: ModuLink Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 125
---
 financial institutions and all highly liquid investments with an
original maturity of three months or less as of the purchase date of such investments.

    ·
    Impairment of long-lived assets

In accordance with the provisions of ASC Topic
360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as plant and equipment and intangible
assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount
of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be
impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value
of the assets. There has been no impairment charge for the years presented.

    ·
    Revenue recognition

The Company derives a significant portion of revenues
from contracts with its customers during the six months ended June 30, 2025 and 2024, predominantly by performing design and building
services and project design and management services for both public and private projects, with an emphasis on commercial and residential
developments.

In accordance with ASC 606, Revenue From Contracts
with Customers, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects
the consideration the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that are within the scope of the standard, the entity performs the following five steps: (i) identify the contract(s) with a customer;
(ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price
to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
The standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with
customers. The standard also includes criteria for the capitalization and amortization of certain contract acquisition and fulfillment
costs.

Design and building services

Revenues derived from design and building services
are recognized over time by using the cost-to-cost method to measure the progress towards the completion of the performance obligation
as the customer simultaneously receives and consumes the benefits from the services rendered by the Company.as the Company satisfies its
performance obligations