Company: CHOW
Filing Date: 2025-03-19
Form Type: DRS/A
Source: 0001493152-25-010898
Chunk: 282

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-03-19
Form: DRS/A
Chunk 282
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 of December 31, 2023 |     |            | As of June 30, 2024 |     |                 |         |
|:-----------------------------|:----|:----|---------------------:|:----|:-----------|--------------------:|:----|:----------------|--------:|
|                              |     | HK$ |                      |     | HK$        |                     |     | US$ (Note 2(e)) |         |
|                              |     |     |                      |     | -Unaudited |                     |     | -Unaudited      |         |
| Payroll and welfare payables |     |     |              272,685 |     |            |             486,539 |     |                 |  62,377 |
| Accrued expenses             |     |     |            1,250,987 |     |            |             632,062 |     |                 |  81,033 |
|                              |     |     |            1,523,672 |     |            |           1,118,601 |     |                 | 143,410 |

Payroll and Welfare Payables: The payroll
and welfare payables represent amounts owed to employees for services rendered and the associated mandatory provident fund (MPF) contributions.
Under the Hong Kong MPF Scheme, the Company is required to make contributions based on a percentage of qualified employees’ salaries.
The Company recognized employee benefit expenses of HK$1,737,810 and HK$2,306,328 (US$295,683) for the six months ended June 30, 2023,
and 2024, respectively.

Composition of Accrued Expenses

Accrued expenses primarily consist of amounts due
for professional services, sales commission, marketing expenses and other office and operating expenses related to ongoing operational
activities. These expenses are recognized as liabilities when the Company has received the services but has not yet paid for them as
of the balance sheet date. The components of accrued expenses as of June 30, 2024, include:

| (i)  | Professional services fees: HK$608,000 (US$77,948)       |
| (ii) | Other office and operating expenses:HK$24,062 (US$3,085) |

The decrease in accrued expenses from HK$1,250,987
as of December 31, 2023 to HK$632,062 as of June 30, 202