Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 320

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 320
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 U.S. GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company not using US$ as its functional currency.

Segment reporting

In accordance with ASC Topic 280, Segment Reporting, the Company’s chief operating decision maker (“CODM”) was identified as the Chief Executive Officer. The Company’s CODM reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only reportable segment.

Concentrations of risks

| (a) | Concentration of credit risk |

Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts as at the balance sheet dates. As of March 31, 2025 and September 30, 2024 (audited), cash of $ and $ respectively, was held at major financial institutions in mainland PRC, where there RMB 500,000 (approximately $70,000) deposit insurance limit for a legal entity’s aggregated balance at each bank. To limit the exposure to credit risk relating to deposits, the Company primarily places cash deposits with large financial institutions in the PRC. The Company conducts credit evaluations of its customers and suppliers, and generally does not require collateral or other security from them. The Company establishes an accounting policy to provide for allowance for doubtful accounts based on the individual customer’s and supplier’s financial condition, credit history, and the current economic conditions.

| (b) | Significant customers |

Customers that make up 10% or more of revenue for the six months ended March 31, 2025 and 2024 are as follows:

| ​          | ​ |    ​ | ​ |    ​ | ​ |
| ​          |   | 2025 |   | 2024 | ​ |
| Customer A |   | 32.9 | % | 43.4 | % |
| Customer B |   |    — |   | 10.4 | % |
| Customer C |   | 13.6 | % |    — | ​ |
| Customer D |   | 10.2 | % |    — | ​ |

F-46

Major customers that make up 10% or more of accounts receivable as of March 31, 2025 and September 30, 202