Company: KNRX
Filing Date: 2025-01-15
Form Type: F-1/A
Source: 0001493152-25-002249
Chunk: 221

Company: KNOREX LTD.
Filing Date: 2025-01-15
Form: F-1/A
Chunk 221
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 adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its unaudited condensed consolidated financial statements and related disclosures.

Recently adopted accounting pronouncements

In October 2021, the FASB issued ASU 2021-08, which is an update to ASU Updated No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides a single comprehensive accounting model on revenue recognition for contracts with customers. The amendments in this update require that an entity (acquirer) recognizes and measures contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. ASU 2021-08 is effective for the fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. Early adoption was permitted, including adoption in an interim period. The adoption of this standard on January 1, 2023 did not have a material impact on its unaudited condensed consolidated financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

Note 3 – Accounts receivable, net

Accounts receivable, net consist of the following:

|                                |     |     | As of June 
   30, 2024 |   |     |     | As of December 
       31, 2023 |   |
|:-------------------------------|:----|:----|-----------:|:--|:----|:----|---------------:|:--|
|                                |     | US$ |            |   |     | US$ |                |   |
| Accounts receivable            |     | $   |  1,964,048 |   |     | $   |      1,664,504 |   |
| Allowance for credit losses    |     |     |    (53,209 | ) |     |     |        (39,383 | ) |
| Total accounts receivable, net |     | $   |  1,910,840 |   |     | $   |      1,625,121 |   |

| F-17 |

Movements of