Company: OWLS
Filing Date: 2025-02-07
Form Type: DRS/A
Source: 0000950123-25-001222
Chunk: 391

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-02-07
Form: DRS/A
Chunk 391
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 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:

|                                                      |     | For the four   
 months ended   
 April 30, 2023 |           |
|:-----------------------------------------------------|:----|:---------------|----------:|
| Profit before income tax                             |     | $              | 3,690,202 |
| Income tax calculated based on net profit before tax |     |                |   738,040 |
| Others                                               |     |                |         — |
| Income tax expense                                   |     | $              |   738,040 |

As of April 30, 2023, 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:

|                                                                          |     | For the four   
 months ended   
 April 30, 2023 |            |
|:-------------------------------------------------------------------------|:----|:---------------|-----------:|
| Revenues from payment gateway service                                    |     | $              | 24,860,429 |
| Revenue from logistic service                                            |     |                | 16,844,646 |
| Revenues from electronic invoicing system and other value-added services |     |                |  1,813,274 |
|                                                                          |     | $              | 43,518,349 |

The Company has recognized the following contract liabilities in relation to revenue from contracts with customers:

|                                |     | April 30, 2023 |           |
|:-------------------------------|:----|:---------------|----------:|
| Contract liabilities - current |     | $              | 8,063,191 |

As of January 1, 2023, contract liabilities amounted to $8,712,006. Revenue recognized in the current reporting period, which was included in the contract liability balance at the beginning of the period, amounted to $5,916,415 for the four months ended April 30, 2023. Receipt from customers upon entering contracts amounted to $5,267,600 for the four months ended April 30, 2023. F-122

PayNow Inc. Notes to the Financial Statements (Continued) The changes in contract liabilities were mainly due to the time differences when