Company: KNRX
Filing Date: 2025-01-15
Form Type: F-1/A
Source: 0001493152-25-002249
Chunk: 263

Company: KNOREX LTD.
Filing Date: 2025-01-15
Form: F-1/A
Chunk 263
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 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 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 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 December 
    31, 2023 |   |     |     |          As 
 of December 
    31, 2022 |
|:-------------------------------|:----|:----|------------:|:--|:----|:----|------------:|
|                                |     | US$ |             |   |     | US$ |             |
| Accounts receivable            |     | $   |   1,664,504 |   |     | $   |   1,821,237 |
| Allowance for credit losses    |     |     |     (39,383 | ) |     |     |           - |
| Total accounts receivable, net |     | $   |   1,625,121 |   |     | $   |   1,821,237 |

| F-45 |

Movements of allowance for credit losses are as follows:

|                                       |     |     |                      For 
 the Year Ended  December 
                 31, 2023 |   |     |     |                      For 
 the Year Ended  December 
                 31, 2022 |   |
|:--------------------------------------|:----|:----|-------------------------:|:--|:----|:----|-------------------------:|:--|
|                                       |     | US$ |                          |