SOCIETY PASS INCORPORATED. Revenue Disclosure
NOTE－4 REVENUE
Revenue was generated from the following activities:
| Years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| At a point in time: | ||||||||
| Sales – online ordering | $ | 34,808 | $ | 512,124 | ||||
| Sales – digital marketing | 3,506,052 | 3,936,733 | ||||||
| Sales – online ticketing and reservation | 885,017 | 1,606,800 | ||||||
| Sales – data | 4,898 | 24,018 | ||||||
| Over a period of time: | ||||||||
| Sales – digital marketing | 2,667,918 | 2,029,878 | ||||||
| Software sales | 6,837 | 62,082 | ||||||
| $ | 7,105,530 | $ | 8,171,635 | |||||
Contract liabilities recognized were related to online ticketing and reservation and digital marketing and the following is reconciliation for the years presented:
Schedule of Contract liabilities:
| Years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Contract liabilities, brought forward | $ | 1,265,753 | $ | 1,405,090 | ||||
| Add: recognized as deferred revenue | 1,426,901 | 1,265,753 | ||||||
| Less: recognized as revenue | (1,265,753 | ) | (1,405,090 | ) | ||||
| Contract liabilities, carried forward | $ | 1,426,901 | $ | 1,265,753 | ||||
The contract liabilities are expected to be recognized within the next twelve months.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Apr 16, 2025 | Showing above |
| 2023 | Apr 15, 2024 | |
| 2022 | Mar 23, 2023 | |
| 2021 | Mar 30, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.