Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 181

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 181
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 STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT FOR THE YEARS ENDED JUNE 30, 2025, 2024 AND 2023       F-6  
  CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2025, 2024 AND 2023                             F-7  
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                                                                     F-8  

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of
Scage Future

Opinion on the Financial Statements

We have audited the consolidated balance sheet
of Scage Future (the “ Company”) as of June 30, 2025, and the related statement of operations and comprehensive loss, changes
in shareholders’ deficit, and cash flows for the year ended June 30, 2025, and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of June 30, 2025 and the results of its operations and its cash flows for the year ended June 30, 2025, in
conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph - Going Concern

The financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 3 to the
financial statements, the Company has incurred losses and negative operating cash flows since its inception. As of June 30, 2025, the
Group had a significant working capital deficit. These matters raise substantial doubt about the Company’s ability to continue as
a going concern. Management’s plans with regard to these matters are also described in Note 3. The financial statements do not include
any adjustments that may be necessary should the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB