Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 231

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 231
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 | $      | 382 |   |     | $          |          — |   |     | $           | (3,190,466 | ) |     | $             |  (3,190,084 | ) |

| (1) | Includes an aggregate of up to 562,500 Class B ordinary                                                                             
 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On September 26, 
 2024, the underwriters partially exercised their over-allotment option to purchase an additional 300,000 units at a purchase price  
 of $10.00 per Unit, and forfeited their option to purchase an additional 1,950,000 units. As a result, 487,500 Founder Shares were  
 forfeited on September 26, 2024 (see Note 5).                                                                                       |

<div align='center'>The accompanying notes are an integral part of
these financial statements.

F-5

BLACK SPADE ACQUISITION II CO

STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM MAY 9, 2024 (INCEPTION) THROUGH DECEMBER 31, 2024</div>

| Cash Flows from Operating Activities:                                                       |     |   |              |   |
|:--------------------------------------------------------------------------------------------|:----|:--|-------------:|:--|
| Net income                                                                                  |     | $ |    1,232,096 |   |
| Adjustments to reconcile net income to net cash used in operating activities:               |     |   |              |   |
| Payment of general and administrative costs through promissory note                         |     |   |       58,059 |   |
| Interest income on cash held in Trust Account                                               |     |   |   (2,475,445 | ) |
| Change in fair value of over-allotment liability                                            |     |   |     (221,227 | ) |
| Changes in operating assets and liabilities:                                                |     |   |              |   |
| Prepaid expenses and other current assets                                                   |     |   |     (133,094 | ) |
| Accounts payable and accrued expenses                                                       |     |   |    1,096,908 |   |
| Due to related party                                                                        |     |   |       41,286 |   |
| Net cash used in operating activities                                                       |     |   |     (401,417 | ) |
| Cash