Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 184

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 184
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 of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum Asia CPAs LLP

Marcum Asia CPAs LLP

We have served as the Company’s auditor
from 2023 to 2025.

New York, New York

October 18, 2024

F-3

SCAGE
FUTURE

CONSOLIDATED
BALANCE SHEETS

(In
U. S. dollars, except for share and per share data, or otherwise noted)

                                                                                                                                                                                                            As of June 30,                                                
                                                                                                                                                                                                            2025                                  2024                    
  ASSETS                                                                                                                                                                                                                                                                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current assets:                                                                                                                                                                                                                                                         
  Cash                                                                                                                                                                                                      $                         90,758      $            1,977,494  
  Restricted cash                                                                                                                                                                                                                      6,980                       6,880  
  Accounts receivable, net                                                                                                                                                                                                         2,580,730                   2,006,000  
  Contract assets, current                                                                                                                                                                                                           236,054                           -  
  Inventories, net                                                                                                                                                                                                                 1,013,303                   1,666,722  
  Amounts due from related parties, net                                                                                                                                                                                               11,387                      39,489  
  Prepaid expenses and other current assets, net                                                                                                                                                                                   1,075,837                   2,857,031  
  Total current assets                                                                                                                                                                                                             5,015,049                   8,553,616  
  Non-current assets:                                                                                                                                                                                                                                                     
  Property and equipment, net                                                                                                                                                                                                        713,402                   1,090,737  
  Right-of-use assets, net                                                                                                                                                                                                           126,173                     283,607  
  Deferred offering costs                                                                                                                                                                                                                  -                     598,527  
  Long-term investments                                                                                                                                                                                                           20,336,325                           -  
  Contract assets, non-current                                                                                                                                                                                                       292,814                           -  
  Other non-current assets                                                                                                                                                                                                                 -                      30,719