Company: CHOW
Filing Date: 2025-02-28
Form Type: DRS/A
Source: 0001493152-25-008591
Chunk: 110

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-28
Form: DRS/A
Chunk 110
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ization of intangible asset of HK$0.3 million (US$33,412); (ii) allowance for the current expected credit losses on accounts receivable of HK$0.2 million (US$29,427) and (iii) deferred income tax of HK$0.1 million (US$14,544). Changes in operating assets and liabilities primarily driven by a decrease in deferred revenue (contract liabilities) of HK$14.3 million (US$1.8 million) and decrease in accounts payable of HK$3.6 million (US$0.5 million), partially offset by an decrease of prepayment and other current assets, net of HK$11.6 million (US$1.5 million).

Cash Used in Investing Activities:

For the six months ended June 30, 2023, net cash used in investing activities was HK$ 1.0million, which was mainly for the enhancement cost of an information technology service management system paid to a third-party system developer. For the six months ended June 30, 2024, net cash used in investing activities was HK$1.2 million (US$0.2 million), which was mainly for the enhancement cost of an information technology service management system paid to a third-party system developer.

Cash Used in Financing Activities:

For the six months ended June 30, 2024, net cash used in financing activities of HK$0.5 million (US$ 59,554) consisted of dividend paid of HK$5.5 million (US$ 0.7million) and proceeds from bank borrowings of HK$5.0 million (US$ 0.6million).

Cash Flow Activities for the Years Ended December 31, 2022 and 2023

Cash Provided by Operating Activities:

For the year ended December 31, 2022, net cash provided by operating activities was HK$ 8.7million, primarily resulted from the net income of HK$ 4.9million as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of allowance for the expected credit losses on accounts receivable of HK$0.8 million. Changes in operating assets and liabilities mainly included increase in accounts payable of HK$ 11.5million, decrease in prepayment and other current assets of HK$6.1 million and increase in deferred revenue (contract liabilities) of HK$3.5 million ,partially offset by increase in