Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 210

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 210
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005,471  
  Change in fair value                 ( 328,581  
  Fair value as of June 30, 2025        $676,890  

F-21

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(In
U. S. dollars, except for share and per share data, or otherwise noted)

  SUMMARY                                     

The
significant unobservable inputs used in the measurement of fair value of derivative liability as of June 30, 2025 are as follows:

                                As of June 30, 2025                                                                                    
                                First Promissory                    Second Promissory                   Second Promissory              
                                Note Agreement                      Note Agreement –                    Note Agreement –               
                                (Maturity Date:                     First Installment                   Second Installment             
                                June 26, 2026）                      (Maturity Date:                     (Maturity Date:                
                                                                    September 26, 2025)                 December 26, 2025)             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Expected term (in years)                                0.99                                0.24                               0.49  
  Volatility                                             43.30                               48.09                              41.68  
  Risk-free interest rate                                 3.94                                4.09                               4.08  
  Dividend yield                                             -                                   -                                  -  

Fair
value measurement on a non-recurring basis

The
Group’s non-financial assets, such as property and equipment, would be measured at fair value only if they were determined to be
impaired.

  (ac)      Commitments and contingencies  

In
the normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings
and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The
Group recognizes liability for any such contingencies if it determines it is probable that a loss has occurred and a reasonable estimate
of the loss can be made. The Group may consider many factors in making these assessments on liability for contingencies, including historical
and the specific facts and circumstances of each matter.

  (ad)      Concentration and credit risk  

Credit
risk

Assets
that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum
exposure of such assets to