Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 224

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 224
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 difference between
the face value of the Promissory Notes and the amount allocated to the host debt. At each subsequent reporting date, the derivative liability
is remeasured to its fair value, with any changes in fair value recognized in earnings. The host debt is accounted for at amortized cost
using the effective interest method. The debt discount is amortized as interest expense over the respective lives of the Promissory Notes.

  13.      CONVERTIBLE                  

The
Group completed several rounds of equity financing as follows:

Series
Angel

In
December 2020, two investors (“ Series Angel Investors”) and the Group entered into Series Angel convertible redeemable
preferred shares of Scage International (“ Series Angel Convertible Redeemable Preferred Shares”) investment agreement,
with the aggregate investment amount of US$ 2,652,066 17,250,000 0.19 13,613,762

F-30

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(In
U. S. dollars, except for share and per share data, or otherwise noted)

  13.      CONVERTIBLE                          

Series
Pre-A

In
April 2021, six investors and the Group entered into Series Pre-A convertible redeemable preferred shares of Scage International
(“ Series Pre-A Convertible Redeemable Preferred Shares”) investment agreement, with the aggregate investment amount
of US$ 5,903,423 38,000,000 0.47 12,495,712 1,308,732 608,705 4,000,000 77,634 520,000

Series
A

In
September 2022, the Group entered into Series A convertible redeemable preferred shares of Scage International (“ Series A
Convertible Redeemable Preferred Shares”) investment agreement with Gongqingcheng Lanyan and three new investors (“ Series A
Investors”), with the aggregate investment amount of US$ 6,010,445 42,690,000 1.18 5,082,112 716,947 5,100,000 716,947 5,100,000 889,816 6,345,000 4,398,320 31,000,000

As
of June 30, 2025 and 2024, the above issued convertible redeemable preferred shares (“ Convertible Redeemable Preferred Shares”)
in the consolidated balance sheets