Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 331

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 331
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| PRC                 | ​ | $         |  90,316 | ​ | $             |  93,393 |
| Hong Kong           | ​ |           | 199,920 | ​ |               | 200,193 |
| Singapore           | ​ |           |  19,997 | ​ |               |  47,631 |
| Total taxes payable | ​ | $         | 310,233 | ​ | $             | 341,217 |

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2025 and September 30, 2024, the Group did t have any unrecognized uncertain tax positions and the Group does t believe that its unrecognized tax benefits will change over the next 12 months. For the six months ended March 31, 2025 and 2024, the Company did not incur any interest and penalties related to potential underpaid income tax expenses. As of March 31, 2025, the tax years ended December 31, 2019 through 2024 for the Group’s subsidiaries in the PRC are generally subject to examination by the PRC tax authorities.

F-53

NOTE 10 — ACQUISITION OF NETCLASS JAPAN

On February 28, 2025, NetClass Technology Inc. (the “Company”) acquired % of CreateSolutions Co., Ltd. (“Netclass Japan”), a company incorporated in Japan and principally engaged in software development services. Pursuant to the acquisition agreement, the Company invested JPY (approximately $) into Netclass Japan for newly issued shares of Netclass, which represents % total outstanding shares of Netclass Japan after this round capital injection. As a result of the transaction, the Company obtained control over Netclass Japan and accounted for the acquisition as a business combination under ASC 805