Company: FVN
Filing Date: 2025-01-07
Form Type: DRS/A
Source: 0001829126-25-000092
Chunk: 544

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-01-07
Form: DRS/A
Chunk 544
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 is primarily dependent on the Company receiving distributions of funds from its subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by VIWO PRC entities only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of VIWO PRC entities.

As a result of the foregoing restrictions, VIWO PRC entities are restricted in their ability to transfer their assets to the Company. Foreign exchange and other regulation in the PRC may further restrict VIWO PRC entities from transferring funds to the Company in the form of dividends, loans and advances. As of September 30, 2024, amounts restricted are the paid-in-capital and statutory reserve of VIWO PRC entities, which amounted to RMB 2,494,986 (USD 356,050).

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Note 14 — Commitments and contingencies

Contingencies

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, “Loss Contingencies”, we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

We are not currently a party to any material litigation or other legal proceedings brought against us. We are also not aware of any legal proceeding, investigation or claim, or other legal exposure that has a more than remote possibility of having a material adverse effect on our business, financial condition or results of operations.

Note 15 — Segments

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments.

The Company’s chief operating decision maker is the Chief Executive Officer, Fidel Yang, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The Company has determined that it has two operating segments: (1) AI+Martech Services; (2) AI+Software development services;

The following tables present summary information by segment for the years ended