Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 190

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 190
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 deemed the accounting acquirer, based on the following factors:

  Scage                                                                                   

  Scage                                                                               

  Scage                                                                               

  Scage                                                                                     

  Scage                                                                       

Accordingly,
for accounting purposes, the financial statements of the post-combination company represent a continuation of the financial statements
of Scage International. Finnovate was treated as the “acquired” company for accounting purposes. As Finnovate does not meet
the definition of a “business” for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Scage
International issuing shares for the net assets of Finnovate, accompanied by a recapitalization. The net assets of Finnovate were stated
at historical cost, with no goodwill or other intangible assets recorded. The consolidated financial statements reflect (i) the historical
operating results of Scage International Group prior to the Reverse Recapitalization; (ii) the combined results of the Company and Scage
International Group following the closing of the Reverse Recapitalization; (iii) the assets and liabilities of Scage International Group
at their historical cost; and (iv) the Company’s equity structure for all periods presented.

All
of the ordinary shares and convertible redeemable preferred shares of Scage International that were issued and outstanding immediately
prior to the Reverse Recapitalization were cancelled and converted into an aggregate of 67,482,407

The
consolidated statements of changes in shareholders’ deficit for the years ended June 30, 2024 and 2023 were also adjusted retrospectively
to reflect these changes. The weighted average number of ordinary shares outstanding used in computing loss per ordinary share - basic
and diluted was adjusted retrospectively from 104,766,463 104,766,463 50,716,451 50,716,451

Net
loss per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding multiplied by
the exchange ratio. The par value of ordinary shares changed from $ 0.00001 0.0001

The
loss per ordinary share before and after the retrospective adjustments of comparative historical

                               For the years ended June 30,                                                                                                         
                               2024                                                                            2023                                                 
  Loss per ordinary share      Before Adjustment                             After Adjustment                  Before Adjustment                  After Adjustment  
  — Basic and diluted          $                                 ( 0.07      $                     ( 0.15      $                      ( 0.09      $