Company: OWLS
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0000950123-25-000547
Chunk: 364

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-01-24
Form: DRS/A
Chunk 364
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ital. The distribution of residual earnings together with any undistributed retained earnings at the beginning shall be proposed by the Board of Directors and resolved at the shareholders’ meeting.

| NOTE 11. | Income taxes |

Reconciliation of the expected income tax expense computed based on the statutory income tax rate of 20% compared with the actual income tax expense as reported in the statement of profit or loss is as follows:

|                                                      |     | 2022 |           |
|:-----------------------------------------------------|:----|:-----|----------:|
| Profit before income tax                             |     | $    | 4,319,067 |
| Income tax calculated based on net profit before tax |     |      |   863,813 |
| Others                                               |     |      |    98,208 |
| Income tax expense                                   |     | $    |   962,021 |

As of December 31, 2022, there was no temporary differences and no deferred tax asset or liability recognized.

| NOTE 12. | Revenue |

Disaggregation of revenue from contracts with customers is as follows:

|                                                                          |     | 2022 |              |
|:-------------------------------------------------------------------------|:----|:-----|-------------:|
| Revenues from payment gateway service                                    |     | $    |  107,311,189 |
| Revenue from logistic service                                            |     |      |   49,406,207 |
| Revenues from electronic invoicing system and other value-added services |     |      |    6,617,743 |
|                                                                          |     |      | $163,335,139 |

F-96

PayNow Inc. Notes to the Financial Statements (Continued) The Company has recognized the following contract liabilities in relation to revenue from contracts with customers:

|                                |     | December 31, 
 2022         |           |
|:-------------------------------|:----|:-------------|----------:|
| Contract liabilities - current |     | $            | 8,712,006 |

As of January 1, 2022, contract liabilities amounted to $11,918,391. Revenue recognized in the current reporting period, which was included in the contract liability balance at the beginning of the period, amounted to $11,860,957 for the year ended December 31, 2022. Receipt from customers upon entering contracts amounted to $8,654,572 for the year ended December 31, 2022. The changes in contract liabilities were mainly due