Company: NTCL
Filing Date: 2025-02-18
Form Type: 20-F
Source: 0001410578-25-000153
Chunk: 132

Company: NetClass Technology Inc
Filing Date: 2025-02-18
Form: 20-F
Item: Item 6
Chunk 132
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,                                         
                                       2024                     2023      2022               
  Shanghai Youfu Network Co., Ltd      $                        $         $         137,645  
  Total                                $                        $         $         137,645  
 ─────────────────────────────────────────────────────────────────────────────────────────────

Borrowings from related parties

                                                       2024                  2023                  2022  
  Shanghai Longruan Business Consulting Co., Ltd.      $              —      $         72,307      $     
  Lang Wide Investment Inc.                                      25,000                     —            
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  Jianbiao Dai                                                   17,147                   766            
  Total                                                $         42,147      $         73,073      $     

Table of Contents

(3) Due to related parties

                                                         2024                   2023               
 ───────────────────────────────────────────────────────────────────────────────────────────────────
  Due to related parties                                                                           
  Shanghai Chuangbo Enterprise Development Co., Ltd      $               —      $             274  
  Shanghai Longruan Electronics Group Co., Ltd                      71,249                 68,531  
  Jianbiao Dai                                                      18,564                  1,373  
  Shanghai Youfu Network Co., Ltd                                  114,138                109,923  
  Lang Wide Investment Inc.                                         25,000                      —  
  Total                                                  $         228,951      $         180,101  

Private Placement Subscription Agreement

On September 20, 2023, the Company entered into a private placement with Dragonsoft Holding Limited, a company wholly owned by Mr. Jianbiao Dai (Chief Executive Officer and Chairman of the Company), pursuant to which we issued 760,000 Class A ordinary shares of the Company to Dragonsoft Holding Limited, for $1,900,000.

On October 5, 2023, instead of direct capital injection to the Company, Dragonsoft Holding Limited made the payment of HK$15,000,000 ($1,900,000, equivalent to the cash consideration for sale of shares) to an AI development supplier (an independent third party) on behalf of the Company as a deposit for an AI Technical Development Service Agreement entered on October 2, 2023, approved by the Board of Directors.

7. C. Interests of Experts and Counsel

Not applicable.

ITEM 8