Company: KNRX
Filing Date: 2025-09-30
Form Type: 424B4
Source: 0001493152-25-016175
Chunk: 228

Company: KNOREX LTD.
Filing Date: 2025-09-30
Form: 424B4
Chunk 228
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 forward of approximately US$19.9 million and US$18.8 million, respectively, from the Company’s U.S. subsidiaries. The net operating losses can be carried forward indefinitely. Due to the Company’s U.S. subsidiaries have been operating at losses, the Company is uncertain when these net operating losses can be utilized. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately US$5.6 million and US$5.3 million related to U.S. subsidiary as of December 31, 2024 and 2023, respectively.

As of December 31, 2024 and 2023, the Company and its Singapore subsidiary had net operating losses carry forward of approximately US$22.9 million and US$20.6 million, respectively, from the Company and its Singapore subsidiary. The net operating losses from the Company and its Singapore subsidiary can be carried forward indefinitely. Due to the Company and its Singapore subsidiary have been operating at losses, the Company is uncertain when these net operating losses can be utilized. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately US$3.9 million and US$3.5 million related the Company and its Singapore as of December 31, 2024 and 2023, respectively.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the years ended December 31, 2024 and 2023.

Note 14 – Concentrations of risks

(a) Major customers

For the year ended December 31, 2024, one customer accounted for approximately 73.3% of the Company’s total revenues, which was individually more than 10% of the Company’s total revenues. For the year ended December 31, 2023, three customers accounted for approximately 40.1%, 20.0% and 14.6% of the Company’s total revenues, which were individually more than 10% of the Company’s total revenues.

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(b) Major vendors

For the year ended December 31, 2024, two vendors accounted for approximately 35.9%