Company: KNRX
Filing Date: 2025-01-15
Form Type: F-1/A
Source: 0001493152-25-002249
Chunk: 276

Company: KNOREX LTD.
Filing Date: 2025-01-15
Form: F-1/A
Chunk 276
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 related the Company and its Singapore as of December 31, 2023 and 2022 respectively.

| F-52 |

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023 and 2022, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the years ended December 31, 2023 and 2022.

Note 14 – Concentrations of risks

(a) Major customers

For the year ended December 31, 2023, three customers accounted for approximately 40.1%, 20.0%, and 14.6% of the Company’s total revenues, which were individually more than 10% of the Company’s total revenues. For the year ended December 31, 2022, three customers accounted for approximately 17.4%, 15.1% and 10.5% of the Company’s total revenues, which were individually more than 10% of the Company’s total revenues.

(b) Major vendors

For the year ended December 31, 2023, three vendors accounted for approximately 28.2%, 19.1% and 13.8% of the Company’s total purchases, which were individually more than 10% of the Company’s total purchases. For the year ended December 31, 2022, three vendors accounted for approximately 23.6%, 20.2% and 19.2% of the Company’s total purchases, which were individually more than 10% of the Company’s total purchases.

(c) Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Federal Deposit Insurance Corporation (FDIC) standard insurance amount is up to US$250,000 per depositor per insured bank. As of December 31, 2023 and 2022, the Company had cash balance of approximately US$0.5 million and US$0.4 million, was maintained at banks in the United States, of approximately US$38,000 and US$0.1 million was subject to credit risk, respectively. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Singapore Deposit Insurance Corporation Limited (SDIC) insures deposits in a Deposit Insurance (