Company: KNRX
Filing Date: 2025-08-21
Form Type: F-1/A
Source: 0001641172-25-025066
Chunk: 90

Company: KNOREX LTD.
Filing Date: 2025-08-21
Form: F-1/A
Chunk 90
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 31, 2023   
 to approximately US$82,000 for the year ended December 31, 2024, primarily due to the decrease in government 
 grant that we received.                                                                                      |

| 49 |

Provision for income taxes.Our provision for income taxes increased from US$33,239 for the year ended December 31, 2023 to approximately US$58,223 for the year ended December 31, 2024, resulted from the increase in our net income before tax from our profitable subsidiaries in 2024 as compared to the same period in 2023.

Net loss. As a result of the foregoing, our net loss was US$5.9 million for the year ended December 31, 2024 and US$8.0 million for the year ended December 31, 2023.

Liquidity and Capital Resources

Our primary source of liquidity historically has been cash generated from our business operations, bank loans, proceeds from conversion price of convertible notes upon conversion into its ordinary shares, and equity financing, which have historically been sufficient to meet our working capital and capital expenditure requirements.

In March 2023, we completed our equity financing through the issuance of shares for approximately US$3.7 million. In November 2023, we completed additional equity financing through the issuance of shares for approximately US$4.5 million. Between November 2023 and March 2024, we received a total consideration of approximately US$1.8 million from the exercise of warrants to subscribe for our ordinary shares. In April 2024, we completed our convertible notes offering and raised approximately US$1.6 million. Between July and January 2025, we further raised US$2.5 million of short-term loans from third parties and related parties. In January 2025, we received a total consideration of approximately US$0.2 million from the exercise of warrants to subscribe for our ordinary shares. We also expect to use net proceeds from this offering to support our working capital and capital expenditure requirements.

Between
February and June 2025, we raised US$1.6 million of short-term debt financing from third parties, related parties, and existing investors,
with maturities in September 2025. Two of the lenders further subscribed for approximately US$0.1 million convertible notes. In May 2025,
we also obtained an additional US$0.2 million from a US-based bank.

In
May 2025, we secured approximately US$