Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 137

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 19
Chunk 137
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 substantially similar and result in the transfer of substantially similar services to the clients each month.
That is, the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary.
Therefore, the Group concludes that the monthly corporate services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for
as a single performance obligation. There is no variable consideration, significant financing components or noncash consideration in
the contracts. Accordingly, based on the output methods, the Group recognizes revenues from corporate services on a monthly basis when
it satisfies its performance obligations throughout the contract terms. There is no contract asset that the Group has right to consideration
in exchange for its corporate services that the Group has transferred to its clients. Such right is not conditional on something other
than the passage of time.

MAGIC
EMPIRE GLOBAL LIMITED

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

  SUMMARY                                     
  OF SIGNIFICANT ACCOUNTING POLICIES (cont.)  
 ──────────────────────────────────────────────

Disaggregation
of revenue from contracts with clients, in accordance with ASC Topic 606, by major service lines is as follows:

SCHEDULE
OF DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CLIENTS

                            For                                                                                                 
                            the years ended                                                                                     
                            December 31,                                                                                        
                            2022                                 2023                      2024                                 
                            HK$                                  HK$                       HK$                                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue:                                                                                                                      
  IPO                                             1,600,000                 4,500,000                   400,000         51,495  
  FA                                              5,035,000                 7,105,000                11,730,000      1,510,100  
  Corporate                                               —                   200,000                         —              —  
  CA                                              4,563,252                 1,987,030                   654,230         84,224  
                                                 11,198,252                13,792,030                12,784,230      1,645,819  

Revenue
disaggregated by timing of revenue recognition for 2024, 2023 and 2022 is disclosed in the table below:

SCHEDULE
OF REVENUE DISAGGREGATED BY TIMING OF RE