Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 129

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 129
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 exercisable since
February 22, 2023.

(5) including 100,000 stock options exercisable since
February 22, 2023.

(6) including 40,000 stock options exercisable since
February 22, 2023.

(7) including 5,000 stock options exercisable since
February 22, 2023.

(8) Mr. Bong Lau, the Chief Executive Officer
and Chairman of the Board, owns 2,000,000 of the Company’s Series A Preferred Shares, par value US$0.0001, since February 19,
2025, and each Series A Preferred Share is entitled to twenty (20) votes.

* less than 1%

  78  

  ITEM 7.      MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS  
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7. A. Major Shareholders

See Item 6. E., “ Share Ownership” for a
description of our major shareholders.

7. B. Related Party Transactions

Employment Agreements, Director Agreements and Indemnification Agreements

See “ Item 6. Directors, Senior Management and
Employees - B. Compensation of Directors and Executive Officers - Employment Agreements, Director Agreements and Indemnification
Agreements.”

Share Incentives

See “ Item 6. Directors, Senior Management and
Employees - B. Compensation of Directors and Executive Officers - Share Incentive Plans.”

Other Transactions with Related Parties

The relationship and the nature of related party transactions
are summarized as follow:

In 2018, the Company entered into a rental agreement
with Kambo Security Products Limited for office space in Hong Kong. The rental agreement has been renewed annually. Kambo Security Products
Limited is owned by Mr. Bong Lau, Mr. Wynn Hui, and Mr. Bun Lau, major shareholders and directors of the Company. Rent expense for the
years ended December 31, 2024, 2023 and 2022 was $74,000, $74,000 and $54,000, respectively.

7. C. Interests of Experts and Counsel

Not applicable.

  ITEM 8.      FINANCIAL INFORMATION  
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Consolidated Statements and Other Financial Information

The financial statements required by this item may
be found at the end of this Annual Report on 20-F, beginning on page