Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 549

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 549
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 20, 2021      |     | 51%           |     | Vehicle wholesale and retail                                                                                                                                     |
| Hunan Scage Automobile Technology Co., Ltd. (“Scage Hunan”)                  |     | Scage Nanjing |     | December 20, 2021 |     | 51%           |     | No actual operation, propose to engage in vehicle wholesale and retail in the future                                                                             |
| Beijing Scage Future Automobile Co., Ltd. (“Scage Future Beijing”)           |     | Scage HK      |     | December 13, 2023 |     | 96%           |     | No actual operation, propose to engage in new energy business in the future                                                                                      |

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). (b)Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are those entities in which the Group, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. (c) Non-controlling interests Non -controllinginterest represents the portion of the net assets of subsidiaries attributable to interests that are not owned or controlled by the Group. The non -controllinginterest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. For the Company’s consolidated financial statements for the years ended June 30, 2024 and 2023, non -controllinginterests represent the minority shareholders’ 31% equity interests in one subsidiary, Scage Shanghai HET, and the minority shareholders’ 49% equity interests in the subsidiaries including Hebei Scage Qilian Automobile Technology Co., Ltd., Scage Shanghai NET, Sichuan Scage Automobile Technology Co., Ltd., Scage Xinjiang and Scage Hunan. Non -controllinginterest’s operating results are presented on the consolidated statements of operations and comprehensive loss as an allocation of the total loss for the years to seven non -controllingshareholders (of which are six corporate non -controllingshareholders and one