Company: APM
Filing Date: 2025-10-06
Form Type: S-4
Source: 0001213900-25-096656
Chunk: 469

Company: Aptorum Group Ltd
Filing Date: 2025-10-06
Form: S-4
Chunk 469
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 |              |   |     |   |              |   |
| Tax loss carry forward                         |     | $ |   15,107,318 |   |     | $ |   16,956,748 |   |
| Share-based payment expenses                   |     |   |            — |   |     |   |      229,126 |   |
| Depreciation and amortization                  |     |   |      128,896 |   |     |   |      128,866 |   |
| Impairment loss on assets                      |     |   |      537,830 |   |     |   |       92,416 |   |
| Total Deferred tax asset                       |     |   |   15,774,044 |   |     |   |   17,407,156 |   |
| Valuation allowance                            |     |   |  (15,774,044 | ) |     |   |  (17,407,156 | ) |
| Deferred tax asset, net of valuation allowance |     | $ |            — |   |     | $ |            — |   |

As of December 31, 2024 and 2023, the Group had net operating loss carry-forwards of $ and $, respectively, including its Hong Kong, Singapore, the United States, and the United Kingdom operations, which are available to reduce future taxable income and have an unlimited carryover period. For the year ended December 31, 2024, there was no tax loss carried forward expired, while tax loss brought forward of $ was cancelled due to the disposal of various subsidiaries.

Valuation allowance was provided against deferred tax assets in entities where it was determined, it was more likely than not that the benefits of the deferred tax assets will not be realized. The Group had deferred tax assets which consisted of tax loss carry forward, which can be carried forward to offset future taxable income. The Group maintains a full valuation allowance on its net deferred tax assets. The management determines it is more likely than not that all of its deferred tax assets will not be utilized.

Changes in valuation allowance are as follows:

|                           |     |   |   Year ended 
 December 31, 
         2024 |   |     |   |   Year ended 
 December 31, 
         2023 |   |     |   |   Year ended 
 December 31, 
         2022 |
|:--------------------------|:----|