Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 325

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 325
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FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023 These notes form an integral part of and should be read in conjunction with the accompanying unaudited condensed consolidated financial statements. 1.Reporting entity Otsaw Limited (“Otsaw” or the “Company”), was incorporated on 10 June 2022 in the Cayman Islands and is wholly owned by Ling, Ting Ming. Otsaw Digital Pte Ltd (“Otsaw Digital”) is a private company incorporated on 4 May 2015 in the Republic of Singapore. Ling, Ting Ming is the founder and current CEO of Otsaw Digital. Otsaw acquired 100 percent interest in Otsaw Digital effective 3 May 2023. Otsaw’s acquisition of Otsaw Digital was facilitated through a share swap arrangement. Subsequent to the acquisition, Otsaw became the legal and beneficial owner of such Otsaw Digital shares and full control was acquired by Otsaw on this date. The acquisition of control of Otsaw Digital by Otsaw is considered to be a transaction under common control as ultimately both entities were controlled by Ling, Ting Ming before and after the transaction. Therefore, the unaudited condensed consolidated financial statements have been retrospectively recast to reflect Otsaw’s controlling interest in Otsaw Digital for all periods presented. For the period prior to the incorporation of Otsaw, the unaudited condensed consolidated financial statements reflect Ling, Ting Ming’s controlling interest in Otsaw Digital, which he held through Arrarat Capital Pte Ltd, a personal holding company owned and controlled by Ling, Ting Ming with no other operations that does not form part of the consolidated group. There is currently no specific guidance on accounting for common control transactions under International Financial Reporting Standards issued by the International Accounting Standards Board (“IFRS”). In the absence of specific guidance Otsaw elected to apply the “pooling of interests” method of accounting. Under “pooling of interests” the assets and liabilities of Otsaw Digital are carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest period presented. These unaudited condensed consolidated six months financial statements comprise Otsaw and its subsidiaries (collectively the “group” and individually “group companies”). The group is primarily involved in telepresence robot services, development of telepresence robotic software and investment holding. The unaudited