Company: OTSA
Filing Date: 2025-01-28
Form Type: DRS
Source: 0001213900-25-007614
Chunk: 252

Company: OTSAW Ltd
Filing Date: 2025-01-28
Form: DRS
Chunk 252
---
 and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

| Prager Metis CPAs LLC                               |
| We have served as the Company’s auditor since 2022. |
| Hackensack, New Jersey                              |
| October 23, 2024                                    |

F-2

OTSAW LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

|                                                    |     | Notes |     |        2024 |   |     |        2023 |   |
|                                                    |     |       |     |         USD |   |     |         USD |   |
| ASSETS                                             |     |       |     |             |   |     |             |   |
| Non-current assets                                 |     |       |     |             |   |     |             |   |
| Property, plant and equipment                      |     |    10 |     |   1,217,149 |   |     |   1,592,379 |   |
| Intangible assets                                  |     |    11 |     |   3,326,859 |   |     |   4,028,429 |   |
| Trade and other receivables                        |     |    13 |     |      74,746 |   |     |