Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 294

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 294
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 agreement stipulated a training period of fourmonths, and required the technical supplier to provide the computing power for this training, and it needs to be inspected and confirmed by the Company after the training is completed, and the trained vertical LLM should be deployed according to the Company’s requirements and support language teaching, etc. By January 2024, this vertical LLM training had been delivered and has been in use on the Company’s English smart learning system, which has already attracted some college users. As a result, the Company recorded a receivablefrom sale of shares of $ 1,900,000as of September 30, 2023. Upon receiving the full set of vertical LLM training materials, the total cost of $ 2,000,000was recorded as R&D expense.

NOTE 5 — ADVANCE TO VENDORS

Advance to vendors consisted of the following as of September 30, 2024 and 2023:

| ​                                                  | ​ 
 ​ | ​ |         ​ 
      2024 | ​ | ​ |         ​ 
      2023 |
|:---------------------------------------------------|:--|:--|----------:|:--|:--|----------:|
| Prepayments for technical service and IT equipment | ​ | $ | 1,124,030 | ​ | $ | 1,057,682 |

F-21

NOTE 6 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consist of the following as of September 30, 2024 and 2023:

| ​                              | ​ 
 ​ | ​ |        ​ 
     2024 | ​ | ​ |        ​ 
     2023 |
|:-------------------------------|:--|:--|---------:|:--|:--|---------:|
| Electronic equipment           | ​ | $ |  598,738 | ​ | $ |  575,891 |
| Office furniture               |   | ​ |    4,417 |   | ​ |    4,249 |
| Transportation equipment       |   | ​ |   37,784 |   | ​ |   36,342 |
| Subtotal                       |   | ​ |  640,939 |   | ​ |  616,482 |
| Less: accumulated depreciation |   | ​ | -601,232 |   | ​ | -567,606 |
| Property and equipment, net    | ​ | $ |   39,707 |