Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 182

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 182
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We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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 audit, 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 audit included performing procedures to assess
the risks of material misstatement of the 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 financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

  /s/ HTL International, LLC                           
  HTL International, LLC                               
  We have served as the Company’s auditor since 2025.  
  Houston, Texas                                       
  November 12, 2025                                    

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To Board of Directors and Shareholders of

Scage International Limited

Opinion on the Financial Statements

We have audited, before the effects of the adjustments
to retrospectively present the Reverse Recapitalization related to the Business Combination completed on June 27, 2025 as described in
Note 1 and Note 15, the accompanying consolidated balance sheet of Scage International Limited and its subsidiaries (the “ Company”)
as of June 30, 2024, the related consolidated statements of operations and comprehensive loss, changes in shareholders’ deficit
and cash flows for each of the two years in the period ended June 30, 2024, and the related notes (collectively referred to as the “financial
statements”). In our opinion, the financial statements, before the effects of the adjustments to retrospectively present the Reverse
Recapitalization related to the Business Combination completed on June 27, 2025 as described in Note 1 and Note 15, present fairly, in
all material respects, the financial position of the Company as of June