Company: CHOW
Filing Date: 2025-09-02
Form Type: F-1/A
Source: 0001641172-25-026148
Chunk: 212

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-09-02
Form: F-1/A
Chunk 212
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 that it is more likely than not that the Company will realize the benefits of its deferred tax assets due to recurring profits. The assessment considered historical performance, future profitability projections, and tax planning strategies.

| F-37 |

Uncertain Tax Positions

In accordance with ASC 740-10, the Company evaluates each uncertain tax position based on its technical merits, and measures any unrecognized benefits associated with tax positions. Each position is reviewed individually, considering past audits, interpretations of tax law, and developments in tax regulations. The Company assesses whether it is more likely than not that a tax position will be sustained upon examination by the relevant tax authorities, based solely on the technical merits of the position.

As of December 31, 2023 and 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company also did not accrue any liability, interest, or penalties related to uncertain tax positions, as there were no positions where it was determined that an unfavourable outcome was probable.

The Company continues to monitor developments in tax law and evaluates any changes in its tax positions on a quarterly basis. Should any uncertain tax positions arise in the future, the Company will measure and record any potential liabilities in accordance with ASC 740.

14. BANK BORROWINGS

The following table presents the balances of bank borrowings as of December 31, 2023 and 2024:

|                                 |     |              As 
 of December 31, |   |     |      |           |     |             |         |
|                                 |     |            2023 |   |     | 2024 |           |     |             |         |
|                                 |     |             HK$ |   |     |  HK$ |           |     | US$         
 (Note 2(e)) |         |
| Bank                            
 borrowings, current portion     |     |                 | - |     |      |   284,404 |     |             |  36,462 |
| Bank                            
 borrowings, non-current portion |     |                 | - |     |      | 4,715,596 |     |             | 604,564 |
|                                 |     |                 | - |     |      | 5,000,000 |     |             | 641,026 |

On May 27, 2024, Sereno secured an instalment bank loan of HK$5,000,000 (US$641,026) under the SME Financing Guarantee Scheme with a 100