Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 567

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 567
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 business partners of 3A Partners Limited, an affiliate of a consultant of Finnovate Acquisition Corp. (“Finnovate”). Finnovate is a party to the Business Combination Agreement entered into by the Company, Finnovate, and other parties on August 21, 2023 (the “Scage Business Combination Agreement”).

F-29

SCAGE INTERNATIONAL LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 6.PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (cont.) The aggregate balance was approximately $1,409,774 as of June 30, 2024, and is expected to be repaid by the Borrowers within 1 year from the date of each loan. In order to facilitate the business combination, the Borrowers utilized the funds to support the financial needs of Sunorange Limited, who is the general partner of the sponsor of Finnovate. Sunorange Limited is a third -partyto Scage. (2)On January 26, 2024, the Company accepted an unsecured promissory note (the “January 2024 Promissory Note”) in the aggregate principal amount of up to $1,500,000 from Finnovate, a party to the Business Combination Agreement entered into by the Company, Finnovate, and other parties on August 21, 2023 (the “Scage Business Combination Agreement”), for the Finnovate’s working capital needs. The January 2024 Promissory Note does not bear interest and matures upon the earlier of the closing of an initial Business Combination by the Finnovate and the Finnovate’s liquidation. As of June 30, 2024, the Company had $200,000 outstanding under the January 2024 Promissory Note. The Group recognized bad debt expense of US$207,378 and US$29,573 for the years ended June 30, 2024 and 2023, respectively. All bad debts were fully written off for the year ended June 30, 2023. Bad debt expenses recognized for the year ended June 30, 2024 were related to the non -performanceof advances for raw materials and unrecoverable amounts from R&D purpose vehicles sales. Movement of allowance for credit losses was as follows:

|                                         |     | For the years ended 
 June 30,            |    2024 |   |     |   |    2023 |   |
|:----------------------------------------|