| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation and Consolidation The
accompanying consolidated financial statements are prepared in conformity with U.S. Generally Accepted Accounting Principles (“US
GAAP”). The functional currency of AiXinZhonghong, Aixin Shangyan Hotel, Aixintang Pharmacies, and Runcangsheng is the Chinese
Renminbi (“RMB”). The accompanying consolidated financial statements are translated from RMB and presented in U.S. dollars
(“USD”). The
consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, AiXin HK, AiXinZhonghong, Aixin
Shangyan Hotel, Aixintang Pharmacies, and Runcangsheng. Intercompany transactions and accounts were eliminated in consolidation. These
unaudited interim financial statements should be read in conjunction with the annual consolidated financial statements and the accompanying
notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023. Unaudited
Interim Financial Information These
unaudited interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations
of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote
disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion
of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations
and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily
indicative of the results to be expected for the year ending December 31, 2024. Going
Concern The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in
the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash
flows from operations, and to pursue financing arrangements to support its working capital requirements. The
Company suffered net losses of $ 546,186 and
$ 438,156 for
the three months ended September 30, 2024 and 2023, and $ 1,326,569 and
$ 1,065,486 for
the nine months ended September 30, 2024 and 2023, respectively, and net cash outflow in operating activities of $ 548,130 and
$ 219,874 for
the nine months ended September 30, 2024 and 2023, respectively, and has an accumulated deficit of $ 18,546,961 as
of September 30, 2024. These facts and conditions raise substantial doubt about the Company’s ability to continue as a going
concern. From January 1, 2024 through September 30, 2024, the Company’s cash and cash equivalents increased from $ 443,758 to
$ 568,318 mainly
due to an increase in cash inflow from financing activities. Management
believes that it has developed a liquidity plan, summarized below, that, if executed successfully, should provide sufficient liquidity
to meet the Company’s obligations as they become due for a reasonable period of time, and allow the development of its core business.
The plan includes: ●
Gaining positive cash-inflow from operating activities through continuous cost reductions and the sales of higher margin products. ●
Raising cash through loans from related parties and potential equity offerings. While
the Company’s management believes that the measures in its liquidity plan including those described above will be adequate to satisfy
its liquidity requirements for the twelve months after the date that these financial statements are issued, there is no assurance that
the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan may have a material adverse
effect on the Company’s business, results of operations and financial position, and may adversely affect its ability to continue
as a going concern. These consolidated financial statements do not include any adjustments related to the recoverability and classification
of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company
be unable to continue as a going concern. Global
Uncertainties The
Company’s liquidity may be adversely impacted by various risks and uncertainties, including, but not limited to future and current
impacts of global events such as a widespread health crisis, the continuation of the war in the Ukraine or the conflict in Palestine,
the outbreak of another conflict or the expansion of the conflict in Palestine to other countries, the ongoing tensions between the United
States and China, the Russian Federation and certain countries in the Middle East, increases in inflation, and other risks detailed in
the Company’s Annual Report on Form 10-K or other reports filed with the Securities and Exchange Commission. While
the invasion of Ukraine, the conflict in Palestine and responses thereto have not interrupted the Company’s operations, these or
future developments which disrupt the international financial markets could make it difficult to access debt and equity capital on attractive
terms, if at all, and impact the Company’s ability to fund business activities, including proposed acquisitions. Use
of Estimates In
preparing consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements,
as well as the reported amounts of revenues and expenses during the reporting period. Significant
estimates required by management, include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve for
obsolete and slow-moving inventories. Actual results could differ from those estimates. Cash
and Cash Equivalents For
financial statement purposes, the Company considers all highly liquid investments with an original maturity of three months or less to
be cash and cash equivalents. Restricted
Cash The
restricted cash was cash maintained in temporarily frozen bank accounts held by Aixintang Pharmacy and its branches by the court for
a judgement against Aixintang Pharmacy (see Note 17 – litigation). Accounts
Receivable The
Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves. As of September 30, 2024 and December 31, 2023,
the bad debt allowance was $ 89,935 80,640 The
following table summarizes the activity related to the Company’s accounts receivable allowance for doubtful accounts for the nine
months ended September 30, 2024 and 2023: SCHEDULE
OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS
For the nine months ended September 30,
2024 2023
Beginning balance $ 80,640 $ 272,550
Provision for bad debts 8,140 62,100
Recoveries/Write offs - (72,350 )
Effect of translation 1,155 (14,547 )
Ending balance $ 89,935 $ 247,753 Inventories Inventories
mainly consist of health supplements, drugs, pharmaceutical and nutritional products, food and beverage, hotel supplies and consumables,
and raw materials. Inventories are valued at the lower of average cost or market, cost being determined on a moving weighted average
method at the end of the month. Management compares the cost of inventories with the net realizable value and an allowance is made for
writing down inventories to market value, if lower. The Company recorded reversal of
inventory reserve 3,523 8,558 Property
and Equipment Property
and equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments that significantly
extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs
are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided
using the straight-line method for substantially all assets with 5 SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED LIVES
Office furniture 5
Electronic equipment 2 3
Machinery 3
Leasehold improvements 3
Vehicles 5 Impairment
of Long-Lived Assets Long-lived
assets, which include property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable, but at least annually. Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by it. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an
impairment charge is recognized by the amount by which the carrying amount of the asset exceeds its fair value. Fair value is generally
determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Based on its review,
the Company believes that, as of September 30, 2024 and December 31, 2023, there were no significant impairments of its long-lived assets. Goodwill The
Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the
carrying value may not be recoverable. In testing goodwill for impairment, the Company may elect to utilize a qualitative assessment
to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative
assessment indicates that goodwill impairment is more likely than not, the Company performs a two-step impairment test. The Company tests
goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting
units. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not
that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair
value of goodwill and the carrying value. The Company estimates the fair value of the reporting units using discounted cash flows. Forecasts
of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category
expansion, pricing, market segment share, and general economic conditions. The Company recorded goodwill in the amount of $ 0 Income
Taxes Income
taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable
income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The
Company follows Accounting Standards Codification (“ASC”) Topic 740, which prescribes a more-likely-than-not threshold for
financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides
guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities,
accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Under
ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities,
while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately
sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on
all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including
the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax
positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than
50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions
taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying
balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest
associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative
expenses in the statement of income. At
September 30, 2024 and December 31, 2023, the Company did not take any uncertain positions that would necessitate recording a tax related
liability. Revenue
Recognition Revenue
from sale of goods under Topic 606
● executed
contract(s) with customers that the Company believes is legally enforceable;
● identification
of performance obligation in the respective contract;
● determination
of the transaction price for each performance obligation in the respective contract;
● allocation
of the transaction price to each performance obligation; and
● recognition
of revenue only when the Company satisfies each performance obligation. The
Company’s revenue recognition policies for its various operating segments are as follows: Direct
Sales The
Company’s revenue from direct sales of products is recognized when goods are delivered to the customer and no other obligation
exists. The Company does not provide unconditional return or other concessions to customers. The Company’s sales policy
allows for the return of unopened products for cash after deducting certain service and transaction fees. As an alternative to the product
return option, customers have the option of asking for an exchange for products with the same value. Sales
revenue of AiXin Zhonghong represents the invoiced value of goods, net of value-added taxes (“VAT”). All of the Company’s
products sold in China are subject to the PRC VAT of 13 Hotel Hotel
revenues are primarily derived from the rental of rooms, food and beverage sales and other ancillary goods and services, including but
not limited to souvenir, parking and conference reservation. Each of these products and services represents a distinct performance obligation
and, in exchange for these services, the Company receives fixed amounts based on published rates or negotiated contracts. Payment is
due in full at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis
when rooms are occupied. Food and beverage revenue and other goods and services revenue are recognized when they have been delivered
or rendered to the guests as the respective performance obligations are satisfied. All of the hotel’s goods sold in China are subject
to the PRC VAT of 6 Pharmacy The
Company’s retail drugstores (Aixintang Pharmacies) recognize revenue at the time the customer takes possession of the merchandise.
For pharmacy sales, each prescription claim is its own arrangement with the customer and is a performance obligation. Aixintang Pharmacies
generally receives payments from customers as it satisfies its performance obligations. The Company records a receivable when it has
an unconditional right to receive payment and only the passage of time is required before payment is due. Sales revenue represents the
invoiced value of goods, net of VAT. Aixintang Pharmacies’ products sold in China are subject to the PRC VAT of 0 13 Manufacture
and Sale The
Company’s subsidiary Runcangsheng recognizes revenue at the time products are shipped as this satisfies its performance obligation.
The Company records a receivable for its sales when it has an unconditional right to receive payment and only the passage of time is
required before payment is due. Sales revenue represents the invoiced value of goods, net of value-added taxes (“VAT”). All
of Runcangsheng’s products sold in China are subject to the PRC VAT of 13 Unearned
Revenue The
Company’s unearned revenue primarily consists of advances received from customers for the purchase of products prior to the delivery
of goods, and for the rental of hotel rooms prior to the delivery of service. The delivery of products and room rental services is based
upon contract terms and customer demand, normally within one year. Concentration
of Credit Risk The
operations of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may
be influenced by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy. The
Company has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned banks
is covered by insurance up to RMB 500,000 72,500 407,521 289,059 The
Company has not experienced any losses in such accounts and believes they are not exposed to any risks on its cash in these bank accounts. During
the three months ended September 30, 2024, the Company had two customers that accounted for 13 11 122,050 100,735 During the nine months ended September 30, 2024, the Company had one customer that accounted for 17 530,704 During
the three and nine months ended September 30, 2023, the Company had no customer that accounted for over 10 During
the three months ended September 30, 2024, the Company had three major suppliers that accounted for over 10% of its total purchases. SCHEDULE
OF CONCENTRATION OF RISK BY RISK FACTORS
Supplier Net purchases for the three months ended September 30, 2024 % of total purchase
C $ 219,595 44 %
A 131,264 26 %
B* 60,401 12 % During
the nine months ended September 30, 2024, the Company had three major suppliers that accounted for over 10% of its total purchases.
Supplier Net purchases for the nine months ended September 30, 2024 % of total purchase
A $ 315,886 23 %
C 289,900 21 %
B* 197,479 14 % During
the three months ended September 30, 2023, the Company had one major supplier that accounted for over 10% of its total purchases.
Supplier Net purchases for the three months ended September 30, 2023 % of total purchase
C $ 108,776 20 % During
the nine months ended September 30, 2023, the Company had two major suppliers that accounted for over 10% of its total purchases.
Supplier Net purchases for the nine months ended September 30, 2023 % of total purchase
C $ 216,710 15 %
D 162,980 12 %
* CEO
owns this entity with 100% ownership Leases The
Company determines if an arrangement is a lease at inception under FASB ASC Topic 842, Right of Use Assets (“ROU”) and lease
liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this
purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not
provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining
the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding
of what its credit rating would be. ROU assets are adjusted for prepayments and accrued lease payments. ROU assets also reflect any lease
payments made prior to commencement and are recorded net of any lease incentives received. The Company’s lease terms may include
options to extend or terminate the lease and such options are considered when determining the value of an ROU asset when it is reasonably
certain that the Company will exercise such options. ROU
assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject
to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets. ROU
assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent
from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used,
which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets
and liabilities. The Company recognized no impairment of ROU assets as of September 30, 2024 and December 31, 2023. Operating leases
are included in operating lease ROU and operating lease liabilities (current and non-current), on the consolidated balance sheets. Statement
of Cash Flows In
accordance with ASC Topic 230, “Statement of Cash Flows,” Fair
Value of Financial Instruments The
carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accrued liabilities and
accounts payable, approximate their fair value due to their short maturities. FASB ASC Topic 825, “Financial Instruments,”
requires disclosure of the fair value of financial instruments held by the Company. The carrying amounts reported in the consolidated
balance sheets for current liabilities each qualify as financial instruments and are a reasonable estimate of their fair value because
of the short period of time between the origination of such instruments and their expected realization and the current market rate of
interest. Fair
Value Measurements and Disclosures ASC
Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, and establishes a three-level valuation hierarchy
for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels are defined
as follow:
● Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
● Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
● Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. As
of September 30, 2024 and December 31, 2023, the Company did not identify any assets and liabilities that are required to be presented
on the balance sheet at fair value. Foreign
Currency Translation and Comprehensive Income (Loss) The
functional currency of the Company is RMB. For financial reporting purposes, RMB is translated into USD as the reporting currency. Assets
and liabilities are translated at the exchange rate in effect at the balance sheet dates. Revenues and expenses are translated at the
average rate of exchange prevailing during the reporting period. Translation
adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’
equity as “Accumulated other comprehensive income”. Gains and losses resulting from foreign currency transactions are included
in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date. The
Company uses FASB ASC Topic 220, “Comprehensive Income”. Comprehensive loss is comprised of net loss and all changes to the
statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions
to stockholders. Comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 consisted of net income
(loss) and foreign currency translation adjustments. Earnings
per Share Basic
income (loss) per share is computed on the basis of the weighted average number of common shares outstanding during the period. Dilution
is computed by applying the treasury stock method for options and warrants. Under this method, options and warrants are assumed to be
exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase
common stock at the average market price during the period. As
of September 30, 2024 and December 31, 2023, the Company did not have any potentially dilutive instruments. Stock-Based
Compensation The
Company periodically grants stock options, warrants and awards to employees and non-employees in non-capital raising transactions as
compensation for services rendered. The Company accounts for stock option, stock warrant and stock award grants to employees based on
the authoritative guidance provided by the FASB where the value of the award is measured on the date of grant and recognized over the
vesting period. The Company accounts for stock option, stock warrant and stock award grants to non-employees in accordance with the authoritative
guidance of the FASB where the value of the stock compensation is determined based upon the measurement date at either a) the date at
which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete.
Stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where
there are no future performance requirements by the employees and non-employees, option, warrant and award grants are immediately vested
and the total stock-based compensation charge is recorded in the period of the measurement date. Segment
Reporting ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s chief operating decision maker organizes segments within the Company for making
operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company. The
Company manages its business as four operating segments, direct sales, pharmacy, hotel, and manufacture and sales, all of which are located
in the PRC. All of its revenues are derived in the PRC. All long-lived assets are located in PRC. The
following table shows the Company’s operations by business segment for the three months ended September SCHEDULE
OF SEGMENTS INFORMATION
For the Three Months Ended September 30,
2024 2023
Net revenue
Direct sales $ 102,370 $ 208,699
Pharmacy 266,664 273,416
Hotel 190,861 169,462
Manufacture and sale 376,511 415,342
Total revenues, net $ 936,406 $ 1,066,919
Operating costs and expenses
Direct sales
Cost of goods sold $ 499 $ 67,709
Operating expenses 373,449 421,417
Pharmacy
Cost of goods sold 70,739 126,459
Operating expenses 104,840 115,006
Hotel
Hotel operating costs 360,803 447,419
Operating expenses 65,322 61,859
Manufacture and sale
Cost of goods sold 284,502 315,555
Operating expenses 278,835 246,750
Total operating costs and expenses $ 1,538,989 $ 1,802,174
Income (loss) from operations
Direct sales $ (271,578 ) $ (280,427 )
Pharmacy 91,085 31,951
Hotel (235,264 ) (339,816 )
Manufacture and sale (186,826 ) (146,963 )
Loss from operations $ (602,583 ) $ (735,255 ) The
following table shows the Company’s operations by business segment for the nine months ended September 30, 2024 and 2023.
For the Nine Months Ended September 30,
2024 2023
Net revenue
Direct sales $ 625,132 $ 1,064,668
Pharmacy 764,495 802,118
Hotel 465,423 892,409
Manufacture and sale 1,265,565 538,494
Total revenues, net $ 3,120,615 $ 3,297,689
Operating costs and expenses
Direct sales
Cost of goods sold $ 47,240 $ 367,237
Operating expenses 1,163,018 1,249,461
Pharmacy
Cost of goods sold 222,832 446,967
Operating expenses 323,904 361,200
Hotel
Hotel operating costs 1,185,992 1,387,993
Operating expenses 222,029 106,219
Manufacture and sale
Cost of goods sold 893,568 322,207
Operating expenses 554,686 448,398
Total operating costs and expenses $ 4,613,269 $ 4,689,682
Income (loss) from operations
Direct sales $ (585,126 ) $ (552,030 )
Pharmacy 217,759 (6,049 )
Hotel (942,598 ) (601,803 )
Manufacture and sale (182,689 ) (232,111 )
Loss from operations $ (1,492,654 ) $ (1,391,993 ) The
following table shows the Company’s assets by business segment as of September 30, 2024 and as of December 31, 2023.
Segment assets As of September 30, 2024 As of December 31, 2023
Direct sales $ 382,317 $ 270,932
Pharmacy 487,041 425,546
Hotel 2,149,991 1,654,165
Manufacture and sale 2,629,227 2,491,715
Total assets $ 5,648,576 $ 4,842,358 New
Accounting Pronouncements In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU
2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements through enhanced disclosures about
significant segment expenses that are regularly provided to the chief operating decision maker (CODM). In addition, the amendments enhance
interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide
new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07
will be effective for annual reporting periods beginning after December 15, 2023, and interim periods within annual reporting periods
beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-01 did not have a material impact on the Company’s
consolidated financial statement presentation or disclosures. In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),
which requires disclosures of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes
paid, among other disclosure requirements. This ASU will be effective for annual reporting periods beginning after December 15, 2024.
Early adoption is permitted. ASU 2023-09 will be applied on a prospective basis with the option to apply the standard retrospectively.
The Company’s management does not believe that the adoption of ASU 2023-09 will have a material impact on the Company’s consolidated
financial statement presentation or disclosures. The
Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently
adopted, would have a material impact on the Company’s financial statement presentation or disclosures. |
