Company: LDDD
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-013782
Chunk: 22

Company: Longduoduo Co Ltd
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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41,172  
    $50,070 
  
    Liabilities 

    Operating lease liabilities – current 
    $17,886  
    $17,618 
  
    Operating lease liabilities – non-current 
     18,593  
     18,314 
  
    Total Operating lease liabilities 
    $36,479  
    $35,932 

F-13

LONGDUODUO COMPANY LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND
DECEMBER 31, 2023

(UNAUDITED)

As most of the Company’s leases do not provide
an implicit rate, the Company uses 1-5 years borrowing rate from bank of 3.95% and 4.75% based on the information available
at commencement date in determining the present value of lease payments.

Maturities of lease liabilities are as follows:

    For the year ending December 31: 

    2025 
    $18,771 
  
    2026 
     18,771 
  
    Total lease payments 
     37,542 
  
    Less: imputed interest 
     (1,063)
  
    Total lease liabilities 
    $36,479 

NOTE 8. CONTINGENCIES

Contingencies

Certain
conditions may exist as of the date the consolidated financial statements are issued which may result in a loss to the Company but which
will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such
contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal
proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel
evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought
or expected to be sought.

If the assessment
of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated,
then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential
material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
li