Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 287

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 287
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             2023 
           Before 
 Reclassification |     | Reclassification |   |     |             2023 
            After 
 Reclassification |
| Cost of revenue            |     |        3,683,844 |     |          166,340 |   |     |        3,850,184 |
| Operating expenses         |     |                  |     |                  |   |     |                  |
| General and administration |     |        7,045,235 |     |       (1,744,057 | ) |     |        5,301,178 |
| Sales and marketing        |     |          900,032 |     |          595,172 |   |     |        1,495,204 |
| Research and development   |     |          233,594 |     |          982,545 |   |     |        1,216,139 |
| Total Operating expenses   |     |        8,178,861 |     |         (166,340 | ) |     |        8,012,521 |

For the year ended April 30, 2023, (1) employment expenses of USD166,340 (salaries and social security benefits), relating to operations onsite staff cost, were reclassified from General and administration expense to Cost of revenue; (2) employment expenses of USD595,172 (salaries and social security benefits), relating to Sales and Marketing team, were reclassified from General and administration expense to Sales and marketing expense; and (3) employment expenses of USD982,545 (salaries and social security benefits), relating to Research and Development team, were reclassified from General and administration expense to Research and development expense. The employment expenses were initially classified for the 2023 fiscal year based on individual employee’s cost in respective cost centre without specific identification of their time spent on different functional activities they performed. Upon a further review of their time spent on different functional activities, these expenses are assessed to be more appropriate to be reclassified to the respective Cost Centre. The reclassifications are assessed necessary and better reflect their time spent on different functional activities. The Company assessed the materiality of the misstatement quantitatively and qualitatively and has concluded that this is an immaterial misstatement as the correction of the classification errors is primarily reclassifications within operating expenses and/or between operating expenses and cost of revenue, and is not material to the consolidated financials taken as a whole for