POWERBRIDGE TECHNOLOGIES : UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Form 6-K
Summary
POWERBRIDGE TECHNOLOGIES CO., LTD. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Accounts receivable represents the amounts that the Company has an unconditional right to consideration and is recorded net of allowance for credit losses. POWERBRIDGE TECHNOLOGIES CO., LTD. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The Company follows the provisions of Accounting Standards Codification ("ASC") 985-20, "Costs of Software to be Sold, Leased, or Marketed." POWERBRIDGE TECHNOLOGIES CO., LTD. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The Company does not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18. The convertible notes are classified as level 3 instruments as the valuation was determined based on unobservable inputs which are supported by little or no market activity and reflect the Companys own assumptions in measuring fair value. POWERBRIDGE TECHNOLOGIES CO., LTD. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS On August 5, 2021, the Company issued 4,014,964 (split-adjusted 16,729) ordinary shares held in an escrow account as reserve solely for potential stock options.
Funding
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