Company: CHOW
Filing Date: 2025-02-28
Form Type: DRS/A
Source: 0001493152-25-008591
Chunk: 93

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-28
Form: DRS/A
Chunk 93
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 something other than the passage of time (e.g., future performance or acceptance of goods or services by the customer). We evaluate contract assets for expected credit losses in accordance with ASC 326 and measure at the net realizable value.

Contract liabilities represent the billings to date, as allowed under the terms of a contract, but not yet recognized as contract revenue using our revenue recognition policy. Contract liabilities arise when billings exceed the amount of revenue recognized based on our revenue recognition policy under ASC 606. We recognize revenue over time or at a point in time as performance obligations are satisfied, depending on the nature of the contract and the specific terms of the agreement.

We classify contract assets and liabilities as current or noncurrent depending on the timing of when the performance obligations are expected to be satisfied and when the related billings will occur. For contracts with multiple promises, we allocate the transaction price to each performance obligation based on relative stand-alone selling prices. We regularly review our estimates of transaction prices, performance obligations, and the progress toward satisfaction of those obligations.

Any significant changes in contract assets and liabilities are disclosed separately in the financial statements and are primarily driven by the timing of the satisfaction of performance obligations and the receipt of customer payments.

| 57 |

Recent Accounting Pronouncements

See the discussion of the recent accounting pronouncements contained in Note 2 to the financial statements, “Summary of Significant Accounting Policies.”

Six Months ended June 30, 2023 and 2024

Results of Operations

The following table sets forth a summary of our consolidated results of operations for the periods indicated, both in absolute amount.

|                                                                           |     |                   Six 
 months ended June 30, |             |   |     |                 |             |   |     |                  |             |   |     |          |            |   |     |        |       |   |
|                                                                           |     |                  2023 |             |   |     |            2024 |             |   |     |                  |             |   |     | Variance |            |   |     |        |       |   |
|                                                                           |     |       HK$ (Unaudited) |             |   |     | HK$ (Unaudited) |             |   |     | US$  (Unaudited) |             |   |     | HK$      |            |   |     | %      
 Change |       |   |
| Revenues                                                                  |     |                       |  89,013,224 |   |     |