Company: OTSA
Filing Date: 2025-07-16
Form Type: F-1/A
Source: 0001213900-25-064434
Chunk: 359

Company: OTSAW Ltd
Filing Date: 2025-07-16
Form: F-1/A
Chunk 359
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 of October 31, 2024 and April 30, 2024, we had an outstanding balance under this loan

F-74 OTSAW LIMITED AND ITS SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023 18.Loans and Borrowings (cont.) of S$6,829,935 (US$5,153,501) and S$5,302,596 (US$3,895,531), respectively. From May 2, 2024 to July 19, 2024, the Company borrowed US$140,000 from Mr. Ling Ting Ming at an interest rate of 12%. The loan is fully repaid by December 30, 2024. As of October 31, 2024, we had an outstanding balance under this loan of US$154,177. (4)During the fiscal year ended April30, 2024, the Company entered into an oral loan agreement with Mr. Goh Way Siong, a shareholder of the Company, in connection with working capital requirements of the Company, for a loan of US$1,243,170 at an interest rate of 12% which matures on December31, 2025 and is due to be paid upon listing of our Class A Ordinary Shares on Nasdaq. As of October 31, 2024 and April 30, 2024, we had an outstanding balance under this loan of US$1,481,482 and US$1,277,871 respectively. Mr.Goh Way Siong was previously also a director of the Company and resigned on August31, 2024. (5)In the prior year, the Company obtained funds from Ararrat Capital Pte. Ltd., a company owned by director. The loan is unsecured, bears interest at 6% per annum and repayable on demand. As of April30, 2024, the outstanding balance under this loan was US$1,103,749, which was all accrued interest. During the six months ended October31, 2024, the accrued interest due to Ararrat Capital Pte. Ltd. was reclassified to Serial Microelectronics Pte Ltd, Mr.Ling Ting Ming, Mr.Goh Way Siong, and other individuals. (6)On September4, 202