Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 564

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 564
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U 2023 -06to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023 -07(“ASU 2023 -07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023 -07is effective for fiscal years beginning after December15, 2023 on a retrospective basis. Early adoption is permitted. The Group expects the adoption of this ASU will not have a material effect on the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023 -09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023 -09is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Group expects the adoption of this ASU will not have a material effect on the Consolidated Financial Statements. Except for the above -mentionedpronouncements, there are no recently issued accounting standards that will have a material impact on the consolidated financial position, statements of operations and cash flows. 3.LIQUIDITY AND GOING CONCERN In accordance with Accounting Standards Update (“ASU”) 2014 -15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205 -40)”, the Group has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Group’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Group has incurred losses and negative cash flows since its inception. The Group incurred net losses of US$5,980,776 and US$6,618,209 for the years ended June 30, 2024 and 2023, respectively. Net cash used in operating activities were US$6,223,797 and US$4,892,650 for the years ended June 30, 2024 and 2023, respectively. The accumulated deficit amounted to US$27,269,342