Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 248

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 248
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. The management determines it is more likely than not that
all of its deferred tax assets will not be utilized.

Changes in valuation allowance are as follows:

                                 Year ended                         Year ended                        Year ended                    
                                 December 31,                       December 31,                      December 31,                  
                                 2024                               2023                              2022                          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance as of January 1        $                  17,407,156      $                 15,705,088      $                 12,632,164  
  Additions                                            702,123                         1,705,603                         3,072,924  
  Disposal                                         ( 2,335,235                           ( 3,535                                 -  
  Balance as of December 31      $                  15,774,044      $                 17,407,156      $                 15,705,088  

12. RELATED PARTY BALANCES AND TRANSACTIONS

The following is a list of a director and related parties to which
the Group has transactions with:

  (a)      Ian Huen, the Chief Executive Officer and Executive Director of the Group since November 2023. He was a Non-executive Director from June 2022 to November 2023. Before June 2022, he was the Chie...  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  (b)      Jurchen Investment Corporation, the holding company and an entity controlled by Ian Huen;                                                                                                             
  (c)      CGY Investment Limited, an entity owns more than 10% voting interest of the Group before April 2024;                                                                                                  
  (d)      Aeneas Group Limited, an entity controlled by Ian Huen;                                                                                                                                               

F-22

APTORUM GROUP LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in U. S. Dollars)

  (e)      Aenco Technologies Ltd, an entity being 34.56% effectively owned by Ian Huen;                                                                                                                         
  (f)      Aeneas Management Limited, an entity controlled by Ian Huen;                                                                                                                                          
  (g)      Talem Medical Group Limited, an entity which Clark Cheng was a director;                                                                                                                              
  (h)      Libra Sciences