Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 291

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 291
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865 and USD 12,701,025 respectively for the prior year. The Group also incurred a net loss before tax of USD 6,458,189 and net operating cash outflow of USD 2,304,590 for the financial year then ended. The Group has incurred recurring losses and has an accumulated losses of $21,868,746 as of April 30, 2024. These factors indicate the existence of a material uncertainty which may cast significant doubt over the Group’s ability to continue as going concerns. The ability of the Group to continue as going concern is dependent on the undertaking of its shareholder and CEO, Mr.Ling Ting Ming, to provide continuing financial support to enable the Group to meet their liabilities as and when they fall due. 2.3Basis of consolidation The Consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries. Subsidiaries are entities (including structured entities) (i) over which the Group has power and the Group is (ii) able to use such power to (iii) affect its exposure, or rights, to variable returns from then through its involvement with them. The Group reassesses whether it controls the subsidiaries if facts and circumstance indicate that there are changes to the one or more of the three elements of control. When the Group has less than a majority of the voting rights of an investee, it still has power over the investee when the voting rights are sufficient, after considering all relevant facts and circumstances, to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers, among others, the extent of its voting rights relative to the size and dispersion of holdings of the other vote holders, currently exercisable substantive potential voting rights held by all parties, rights arising from contractual arrangements and voting patterns at previous shareholders’ meetings. Subsidiaries are consolidated from the date on which control is transferred to the Group up to the effective date on which control ceases, as appropriate. Intra -groupassets and liabilities, equity, income, expenses and cashflows relating to intragroup transactions are eliminated on consolidation.

F-11 OTSAW LIMITED AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024 2.Summary of significant accounting policies (cont.) The financial statements of the subsidiaries used in the preparation of the Consolidated financial statements are prepared for the same reporting date as that