Company: KNRX
Filing Date: 2025-01-15
Form Type: F-1/A
Source: 0001493152-25-002249
Chunk: 237

Company: KNOREX LTD.
Filing Date: 2025-01-15
Form: F-1/A
Chunk 237
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 (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 June 30, 2024 and December 31, 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the six months ended June 30, 2024 and 2023.

Note 14 – Concentrations of risks

(a) Major customers

For the six months ended June 30, 2024, one customer accounted for approximately 69.6% of the Company’s total revenues, which was individually more than 10% of the Company’s total revenues. For the six months ended June 30, 2023, three customers accounted for approximately 29.0%, 28.6% and 16.9% 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 six months ended June 30, 2024, two vendors accounted for approximately 40.8% and 18.7% of the Company’s total purchases, which were individually more than 10% of the Company’s total purchases. For the six months ended June 30, 2023, three vendors accounted for approximately 24.1%, 20.7% and 19.4% of the Company’s total purchases, which were individually more than 10% of the Company’s total purchases.

(c) Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Federal Deposit Insurance Corporation (FDIC) standard insurance amount is up to US$250,000 per depositor per insured bank. As of June 30, 2024 and December 31, 2023, the Company had cash balance of approximately US$0.6 million and US$0.5 million, was maintained at banks in the United States, of approximately US$135,000 and US$38,000 was subject to credit risk, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Singapore Deposit Insurance Corporation Limited (SDIC) insures deposits in a Deposit Insurance (DI) Scheme member bank or finance company up to approximately US$56,788 (S$75,000) per account. This was raised to US$75,717 (S