Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 137

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 137
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 to 55.5% for the year ended April 30, 2024, compared to 40.0% for the year ended April 30, 2023. The increase in the gross profit margin for the two revenue streams was primarily driven by the successful launch of new -generationproducts that closely follow technological and market trends. The upgraded products typically yield a relatively higher gross profit margin than the old generation products. Other income Other income decreased by approximately US$0.3 million from approximately US$0.7 million for the year ended April 30, 2023 to approximately US$0.4 million for the year ended April 30, 2024. This decrease was primarily due to a change in the consideration value for the acquisition of Swisslog’s AGV business. The acquisition consideration was initially calculated based on the anticipated revenue at the time of the acquisition; however, it is variable and subsequently adjusted based on the actual revenue. Variances between actual and anticipated revenue impact the estimated value of the consideration. Operating expenses General and administrative expenses primarily comprise personnel -relatedcosts for executive management and administrative functions, including finance and accounting, human resources, general corporate expenses, and general insurance. These expenses also include depreciation of property and equipment, amortization of our intangible assets primarily related to favorable rights, contract backlogs, and customer relationships, as well as amortization of right -of -useassets, and are recognized as incurred. For the year ended April 30, 2024, general and administrative expenses decreased by US$117,354 or 2.2%, compared to the year ended April30, 2023. The decline was primarily attributed to the absence of a US$0.77 million obsolescence provision and asset write -offrecorded in the prior year. Additionally, audit and legal fees decreased by US$0.23 million compared to the prior year. The decline was offset mainly by an increase in salaries and wages of US$0.44 million and a foreign exchange impact of US$0.44 million. 82

Sales and marketing expenses decreased by approximately US$0.46 million to approximately US$1.0 million for the year ended April 30, 2024. This decrease was primarily driven by the non -recurrenceof the commission payment in relation to the fundraising activities. Research and development expenses decreased by approximately $0.3 million, totaling approximately $0.9 million for the year ended April 30, 2024. This decrease is