Company: JOCM
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011600
Chunk: 28

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 28
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TO CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

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

(UNAUDITED)

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of presentation

The
accompanying unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2025, and 2024 have
been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced
disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance
with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted.
Operating results for the period ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year
ended December 31, 2025. The condensed consolidated balance sheet information as of December 31, 2024 was derived from the Company’s
audited Consolidated Financial Statements as of and for the year ended December 31, 2024. These financial statements should be read in
conjunction with that report.

The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries, which the
Company controls and entities for which the Company is the primary beneficiary. Acquired businesses are included in the consolidated
financial statements from the date on which control is transferred to the Company. All inter-company accounts and transactions have been
eliminated in the consolidation.

Basis
of consolidation

The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and
transactions have been eliminated upon consolidation.

Revenue
recognition

The
Company follows the guidance of ASC 606, “Revenue from Contracts”. ASC 606 creates a five-step model that requires
entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements
with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price,
(4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance
obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect
the