Company: CHOW
Filing Date: 2025-02-28
Form Type: DRS/A
Source: 0001493152-25-008591
Chunk: 108

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-28
Form: DRS/A
Chunk 108
---
2million (US$ 0.3million) for the year ended December 31, 2023, as compared to HK$ 0.7million for the same period of 2022. The significant increase in income tax expenses by HK$ 1.5million or 205.1% was due to increase in gross profit during the year ended December 31, 2023.

Net income

As a result of the above discussed, we recorded a net income of HK$12.1 million (US$ 1.6million) for the year ended December 31, 2023, representing a significant increase of HK$ 7.2million or 147.5% from a net income of HK$4.9 million for the year ended December 31, 2022.

| 63 |

Liquidity and Capital Resources

We financed our daily operations and business development through cash generated from the operations of SCS. As of June 30, 2023 and 2024, our cash and cash equivalents balance were HK$ 5.1million and HK$ 11.4million (US$ 1.5million), respectively.

The following table set forth a summary of our cash flows for the periods/years indicated:

|                                           |     | 2022 | Year ended December 31, |   |     | 2023 |            |   |     | 2023 |           |   |     | 2023            | Six months ended 
         June 30, |   |     | 2024            |            |   |     | 2024             |          |   |
|:------------------------------------------|:----|:-----|------------------------:|:--|:----|:-----|-----------:|:--|:----|:-----|----------:|:--|:----|:----------------|-----------------:|:--|:----|:----------------|-----------:|:--|:----|:-----------------|---------:|:--|
|                                           |     | HK$  |                         |   |     | HK$  |            |   |     | US$  |           |   |     | HK$ (Unaudited) |                  |   |     | HK$ (Unaudited) |            |   |     | US$  (Unaudited) |          |   |
| Net cash provided by operating activities |     |      |               8,