Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 183

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 183
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30, 2024, and the results of its operations and its cash flows
for each of the two years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the United
States of America.

We were not engaged to audit, review, or apply
any procedures to 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, accordingly, we do not express an opinion or any other form of assurance about whether
such retrospective adjustments are appropriate and have been properly applied. Those adjustments were audited by HTL International, LLC.

Explanatory Paragraph - Going Concern

The financial statements have been prepared assuming
that the Company will continue as a going concern. As described in Note 3 to the financial statements, the Company has incurred losses
and negative operating cash flows since its inception. As of June 30, 2025, the Group had a significant working capital deficit. These
matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans with regard
to these matters are also described in Note 3. The financial statements do not include any adjustments that may be necessary should the
Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB”)
and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits 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 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