Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 652

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 652
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F-93 FINNOVATE ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Recent Accounting Standards In August 2020, the FASB issued ASU No. 2020 -06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020 -06”). The update simplifies the accounting for convertible instruments by removing certain separation models in Subtopic 470 -20, Debt—Debt with Conversion and Other Options for convertible instruments and introducing other changes. As a result of ASU No. 2020 -06, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost and more convertible preference shares will be accounted for as a single equity instrument measured at its historical cost, as long as no features require bifurcation and recognition as derivatives. The amendments are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing what impact, if any, that ASU 2020 -06would have on its financial position, results of operations or cash flows. In June 2022, the FASB issued ASU 2022 -03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The ASU amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The ASU applies to both holders and issuers of equity and Equity -LinkedSecurities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing what impact, if any, that ASU 2022 -03would have on its financial position, results of operations or cash flows. In December 2023, the FASB issued