Company: KNRX
Filing Date: 2025-01-15
Form Type: F-1/A
Source: 0001493152-25-002249
Chunk: 240

Company: KNOREX LTD.
Filing Date: 2025-01-15
Form: F-1/A
Chunk 240
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 part of the Reorganization prior to completion of its initial public offering. The Company believed it is appropriate to reflect above transactions on a retroactive basis similar to stock split or dividend pursuant to ASC 260. All shares and per share amounts used herein and in the accompanying unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the share issuance.

Cancellation of warrants

On October 9, 2024, one of the Company’s warrant holders forfeited its exercise rights and cancelled its existing 67,850 warrants.

Exercise of warrants

In January 2025, a total of 164,713 warrants were
exercised to subscribe for the Company’s Class A Ordinary Shares for a total consideration of approximately US$0.2 million with
the balance payment of US$196,507.63 for 159,713 Class A Ordinary Shares expected to be received no later than January 24, 2025.

| F-29 |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

Board of Directors and Shareholders

Knorex Ltd.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Knorex Ltd. as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive loss, change in shareholders’ deficit, and cash flows for the years ended December 31, 2023 and 2022, and the related notes to the financial statements (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Knorex Ltd. as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the year ended December 31, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the entity will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the entity has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the entity’s management. Our responsibility is to express an