Company: CHOW
Filing Date: 2025-02-10
Form Type: DRS/A
Source: 0001493152-25-005658
Chunk: 106

Company: ChowChow Cloud International Holdings Ltd
Filing Date: 2025-02-10
Form: DRS/A
Chunk 106
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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 accounts receivable, net of HK$20.0 million.

For the year ended December 31, 2023, net cash provided by operating activities was HK$ 8.2million (US$ 1.1million), primarily resulted from the net income of HK$ 12.1million (US$ 1.6million) as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of (i) amortization of intangible asset of HK$0.4 million (US$48,564); and (ii) deferred income tax of HK$0.2 million (US$19,403), partially offset by the reversal of allowance for the expected credit losses on accounts receivable of HK$0.3 million (US$44,738). Changes in operating assets and liabilities primarily driven by an increase in deferred revenue (contract liabilities) of HK$10.8 million (US$1.4 million), decrease in accounts receivable of HK$7.0 million (US$0.9 million) and increase in tax payable of HK$2.0 million