Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 288

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 288
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 functional currency.

Segment reporting

In accordance with ASC Topic 280, Segment Reporting, the Company’s chief operating decision maker (“CODM”) was identified as the Chief Executive Officer. The Company’s CODM reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only reportable segment.

F-17

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Concentrations of risks

| (a) | Concentration of credit risk |

Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts as at the balance sheet dates. As of September 30, 2024 and 2023, cash of $ and $ respectively, was held at major financial institutions in mainland PRC, where there RMB 500,000 (approximately $70,000) deposit insurance limit for a legal entity’s aggregated balance at each bank. To limit the exposure to credit risk relating to deposits, the Company primarily places cash deposits with large financial institutions in the PRC. The Company conducts credit evaluations of its customers and suppliers, and generally does not require collateral or other security from them. The Company establishes an accounting policy to provide for allowance for doubtful accounts based on the individual customer’s and supplier’s financial condition, credit history, and the current economic conditions.

| (b) | Significant customers |

Major customers that make up 10% or more of revenue for the years ended September 30, 2024, 2023 and 2022 are as follows:

| ​                                   | ​ |    ​ | ​ |    ​ | ​ |    ​ | ​ |
| ​                                   |   | 2024 |   | 2023 |   | 2022 | ​ |
| Percentage of the Company’s revenue | ​ |      | ​ |      | ​ |      |   |
| Customer A                          |   | 35.6 | % | 43.1 | % |    — | ​ |
| Customer B                          |   |    * |   | 10.6 | % |    * | ​ |
| Customer C                          |   |    * |   |    * |   | 14.1 | % |
| Customer D                          |   |    * |   |    * |   | 11.7 | % |
| Customer