Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 221

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 221
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 and per share data, or otherwise noted)

  12.      CONVERTIBLE  

The
balance of convertible debts as of June 30, 2025 and 2024 consisted of the following:

                                          As of June 30,                                        
                                          2025                               2024               
 ────────────────────────────────────────────────────────────────────────────────────────────────
  Debt from Shenzhen Deju                 $                     885,728      $         873,101  
  Debt from Early Bird Capital, Inc.                          1,525,825                      -  
  Less: Debt issuance costs                                           -                ( 1,098  
  Total convertible debt, current         $                   2,411,553      $         872,003  

Debt
from Shenzhen Deju

In December 2021, the Group entered into a debt agreement with Shenzhen
Deju Brothers No.2 Enterprise Management Partnership (“ Shenzhen Deju”), pursuant to which Shenzhen Deju would provide US$885,728(RMB6,345,000) of debt which can be converted into755,383shares of Series A Convertible Redeemable Preferred Shares (defined below)
at US$1.18per share in the form of warrant at Shenzhen Deju’s request. The warrant in nature is a conversion option of the debt,
which can be exercised once Shenzhen Deju completes the foreign exchange registration procedures for Overseas Direct Investment (“ ODI”)
under State Administration for Foreign Exchange (“ SAFE”) requirements. The debt must be repaid by the Group to Shenzhen Deju
in full either in cash or in certain amount of Series A Convertible Redeemable Preferred Shares converted at US$1.18per share upon maturity
date. The Group received US$885,728(RMB6,345,000) cash in January 2022.

The
Group is obligated to pay interests at 3

On
August 30, 2023, the Group signed the second settlement agreement with Shenzhen Deju, which extended the maturity date to June 30, 2024,
on the assumption that the Group would get listed by June 30, 2024. On July 3, 2024, the Group signed the third settlement agreement
with Shenzhen Deju, which extended the maturity date to August 31, 2024, on the assumption that the Group would get listed by August
31, 2024. On August 27, 2024