Company: OTSA
Filing Date: 2025-06-09
Form Type: F-1
Source: 0001213900-25-052720
Chunk: 279

Company: OTSAW Ltd
Filing Date: 2025-06-09
Form: F-1
Chunk 279
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,172 (salaries and social security benefits), relating to Sales and Marketing team, were reclassified from General and administration expense to Sales and marketing expense; and (3) employment expenses of USD982,545 (salaries and social security benefits), relating to Research and Development team, were reclassified from General and administration expense to Research and development expense. The employment expenses were initially classified for the 2023 fiscal year based on individual employee’s cost in respective cost centre without specific identification of their time spent on different functional activities they performed. Upon a further review of their time spent on different functional activities, these expenses are assessed to be more appropriate to be reclassified to the respective Cost Centre. The reclassifications are assessed necessary and better reflect their time spent on different functional activities. The Company assessed the materiality of the misstatement quantitatively and qualitatively and has concluded that this is an immaterial misstatement as the correction of the classification errors is primarily reclassifications within operating expenses and/or between operating expenses and cost of revenue, and is not material to the consolidated financials taken as a whole for the year ended April 30, 2023. These reclassifications had no impact on Total operating loss and Net loss in the consolidated finance statements. In addition, there is no impact on the Consolidated Statements of Financial Position, Consolidated Statements of Change in Equity and Consolidated Statements of Cash Flows. The Company analyzed and considered all relevant quantitative and qualitative factors and determined that the Consolidated Statement of Loss and Other Comprehensive Loss for the year ended April 30, 2023 should be corrected, even though such revision was assessed to be immaterial to the consolidated financial statements. Accordingly, the Company corrected its presentation of cost of revenue and each line item of operating expenses for the year ended April 30, 2023 within Consolidated Statement of Loss and Other Comprehensive Loss to reflect updated classifications of employment expenses based on functional activities that conform with 2024 fiscal year presentation.

F-9

OTSAW LIMITED AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024 1.Reporting entity (cont.) As of April 30, 2024, the Group’s principal subsidiaries consist of the following:

| Name of subsidiaries                        |     | Date and Country of    
 incorporation          |     | Principal activities                                                 |     | Issued and fully 
  paid/registered 
    share capital |