Company: OWLS
Filing Date: 2025-02-07
Form Type: DRS/A
Source: 0000950123-25-001222
Chunk: 375

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-02-07
Form: DRS/A
Chunk 375
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 standing ready to provide services. Therefore, the progress towards complete satisfaction of these F-103

PayNow Inc. Notes to the Financial Statements (Continued) performance obligations is measured over time. The performance obligations that have not been fulfilled are recognized as contract liabilities, and subsequently recognized as revenue over time. Cost of services is recognized when the corresponding revenue is recognized. Transaction fee charged by the banks before the Company fulfills its obligation to provide services is deferred and recognized as prepaid cost under other current assets. Please refer to Note 4(i) for an explanation of the relevant accounting policies.

| 3 | Recognition of leases as a lessee under IFRS 16 |

As a lessee, the Company previously classified leases as operating leases and recognized lease payments in profit or loss on a straight-line basis over the lease term. Under IFRS 16, the Company recognizes right-of-useassets and lease liabilities on the statement of financial position for all leases with exception for leases of low-valueassets and short-term leases. In addition, the Company used the following practical expedients when applying IFRS 16 to leases.

| • |     | Applied a single discount rate to a portfolio of leases with similar characteristics. |

| • |     | Applied the exemption not to recognize                                                 
 right-of-use assets and liabilities for leases with less than 12 months of lease term. |

| • |     | Excluded initial direct costs from measuring the       
 right-of-use asset at the date of initial application. |

| • |     | Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease. |

For an explanation of how the Company recognizes and measures leases as a lessee under IFRS 16, please refer to Note 4(f). F-104

Independent Auditor’s Report

To the Board of Directors of Obook Holdings Inc.:

Report on the Audit of the Financial Statements

Qualified Opinion

We have audited the financial statements of PayNow Inc. (the Company), which comprise the statement of financial position as of April 30, 2023, and the
related statement of profit or loss and other comprehensive income, changes in equity, and cash flows for the four months then ended, and the related notes to the financial statements.

In our opinion, except for the omission of comparative financial information described in the Basis for Qualified Opinion section of our report, the
accompanying financial statements present fairly, in all material respects, the financial position of the Company as of April