Company: CHOW
Filing Date: 2025-01-13
Form Type: DRS/A
Source: 0001493152-25-001833
Chunk: 257

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-01-13
Form: DRS/A
Chunk 257
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 | (1,964,662 | ) |     |                 | (251,880 | ) |
| Balance at end of year / period           |     |                      | 1,964,662 |   |     |                     |  1,259,804 |   |     |                 |  161,513 |   |

Contract assets represent the Company’s right
to consideration for work performed but not yet billed as of the reporting date. Contract assets arise when the Company performs services
or delivers goods in advance of billing the customer and are transferred to receivables when the right to consideration becomes unconditional,
typically upon reaching specified milestones or the billing phase stipulated in the contract.

For the year ended December 31, 2023, the Company’s
contract assets totalled HK$1,964,662, all of which were transferred to accounts receivable during the six months ended June 30, 2024.
As of June 30, 2024, contract assets totalled HK$1,249,804 (US$161,513). The Company expects that this balance will be transferred to
accounts receivable during the year ending December 31, 2024, once the associated performance obligations are completed and billing milestones
are reached.

|                                             |     | As                   
 of December 31, 2023 |              |   |     | As of June 30, 2024 |             |   |     |                 |             |   |
|:--------------------------------------------|:----|:---------------------|-------------:|:--|:----|:--------------------|------------:|:--|:----|:----------------|------------:|:--|
|                                             |     | HK$                  |              |   |     | HK$                 |             |   |     | US$ (Note 2(e)) |             |   |
|                                             |     |                      |              |   |     | -Unaudited          |             |   |     | -Unaudited      |             |   |
| Deferred revenue (Contract liabilities):    |     |                      |              |   |     |                     |             |   |     |                 |             |   |
| Balance at beginning of the year / period   |     |                      |    7,790,830 |   |     |                     |  18,585,792 |   |     |                 |   2,382,794 |   |
| Additions                                   |     |