# EDGAR Filing Document

**Accession Number:** 0002071166
**File Stem:** 0001213900-25-091006
**Filing Date:** 2025-9
**Character Count:** 864078
**Document Hash:** d1c925810b20069191b893ec7d87e5c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-091006.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001213900-25-091006

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORENZO DEVELOPMENTS INC.
- **CENTRAL INDEX KEY:** 0002071166
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290068
- **FILM NUMBER:** 251336733

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 202A 3459 SHEPPARD AVE E
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO
- **PROVINCE COUNTRY:** Z4
- **ZIP:** 00000
- **BUSINESS PHONE:** 416-865-7771

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 202A 3459 SHEPPARD AVE E
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO
- **PROVINCE COUNTRY:** Z4
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on September 24 , 2025.
**Registration No. 333**-290068

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549
**_____________________________________**

#### AMENDMENT No. 1 <br> to<br> FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933
**_____________________________________**

#### LORENZO DEVELOPMENTS INC .<br> (Exact name of Registrant as specified in its charter)

#### Not Applicable<br>(Translation of Registrant's name into English)
**_____________________________________**

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| | | |
|:---|:---|:---|
|  **Canada** | **1531** | **Not Applicable** |
|  **(State or other jurisdiction of** <br>**incorporation or organization)** | **(Primary Standard Industrial** <br>**Classification Code Number)** | **(I.R.S. Employer** <br>**Identification Number)** |

---

#### 3459 Sheppard<br> Avenue East, Unit 218, Toronto, Ontario, M1T3K4, Canada<br> 416-865-7771<br> (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

#### _____________________________________
**Cogency Global Inc.<br>122 East 42**<sup>nd</sup> **St, 18**<sup>th</sup> **Floor<br>New York, NY 10168<br>(212) 947**-7200<br>**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

#### Copies to:

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| | |
|:---|:---|
|  **Ying Li, Esq.** <br>**Brian B. Margolis, Esq.** <br>**Hunter Taubman Fischer & Li LLC <br>950 Third Avenue, 19**<sup>th</sup> **Floor <br>New York, NY 10022 <br>212-530-2206** | **Anthony N. DeMint, Esq.** <br>**DeMint Law, PLLC** <br>**3753 Howard Hughes Parkway** <br>**Second Floor, Suite 314** <br>**Las Vegas, NV 89169** <br>**Tel: (702) 714**-0889 |

---

#### _____________________________________

#### Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

---

| | |
|:---|:---|
|  **SUBJECT TO COMPLETION** | **PRELIMINARY PROSPECTUS SEPTEMBER 24, 2025** |

---

#### 2,000,000 Common Shares

#### LORENZO DEVELOPMENTS INC .
This is the initial public offering of common shares, par value CAD0.0001 per share ("Common Shares"), of LORENZO DEVELOPMENTS INC. (referred to herein as the "Company," "we," "us," "our" and similar terms).

We are offering 2,000,000 Common Shares. We expect the initial public offering price of the Common Shares will be in the range of $4.00 to $6.00 per share. The public offering price of the Common Shares will be determined between the underwriters and us at the time of pricing, considering our historical performance and capital structure, prevailing market conditions, and overall assessment of our business. Therefore, the assumed public offering price per Common Share used throughout this prospectus may not be indicative of the actual public offering price for the Common Shares.

Currently, no public market exists for our Common Shares. We have applied to list our Common Shares on the NASDAQ Capital Market ("Nasdaq"). At this time, Nasdaq has not yet approved our application to list our Common Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Common Shares will be approved for listing on Nasdaq. If Nasdaq does not approve our listing application, this offering will be terminated.

We are an "emerging growth company" as defined under Section 2(a) of the Securities Act of 1933, and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to comply with reduced public company reporting requirements for future filings.

**Investing in our Common Shares is highly speculative and involves a significant degree of risk. See "<u>Ri</u><u>sk Fac</u><u>tors</u>" beginning on page 10 of this prospectus for a discussion of information that should be considered before making a decision to purchase our Common Shares.**

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price<sup>(1)</sup> | $[\*] | $[\*] |
|  Underwriting discounts and commissions<sup>(2)</sup> | $[\*] | $[\*] |
|  Proceeds to us, before expenses<sup>(3)</sup> | $[\*] | $[\*] |

---

____________

(1) The table above assumes that the underwriters do not exercise their over-allotment option. For more information, see "Underwriting" in this prospectus.

(2) We have agreed to pay the underwriters a discount equal to 7.0% of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the representative of the underwriters, American Trust Investment Services, Inc. ("ATIS " or the "Representative"). These payments will further reduce proceeds available to us before expenses. For a description of compensation payable to the underwriters, see "Underwriting."

(3) The amount of offering proceeds to us presented in this table does not give effect to any exercise of the over-allotment option we have granted to the underwriters. We expect our total cash expenses payable by us for this offering, excluding the underwriting discount and other fees and expenses payable to the underwriters, to be approximately $820,859.

This offering is being conducted on a firm commitment basis. The underwriters are obligated to purchase and pay for all of the Common Shares if any such Common Shares are purchased. We have granted the underwriters a thirty (30) day option to purchase up to 15% of the number of Common Shares at the initial public offering price, less underwriting discounts and commissions, to cover any over-allotments. If the underwriters exercise the option

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in full, and assuming an offering price of $4.00 per Common Share, the total gross proceeds to us, before underwriting discounts and expenses, will be $8,000,000. For a more complete description of the terms of the underwriters' compensation, see "Underwriting."

The underwriters expect to deliver the Common Shares against payment on or about [\*], 2025.

***Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities regulators have approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.***

#### Sole Book-Running Manager

#### American Trust Investment Services, Inc .

#### The date of this prospectus is [\*], 2025

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T21) | 1 |
|  [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#T991990) | 9 |
|  [RISK FACTORS](#T991989) | 10 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T99800) | 25 |
|  [USE OF PROCEEDS](#T18) | 26 |
|  [DIVIDEND POLICY](#T17) | 27 |
|  [CAPITALIZATION](#T16) | 28 |
|  [DILUTION](#T15) | 29 |
|  [CORPORATE HISTORY AND STRUCTURE](#T14) | 31 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T13) | 32 |
|  [INDUSTRY](#T12) | 40 |
|  [BUSINESS](#T11) | 45 |
|  [REGULATIONS](#T99101) | 56 |
|  [MANAGEMENT](#T10) | 60 |
|  [PRINCIPAL SHAREHOLDERS](#T9) | 67 |
|  [RELATED PARTY TRANSACTIONS](#T8) | 68 |
|  [DESCRIPTION OF SHARE CAPITAL](#T7) | 69 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T6) | 73 |
|  [TAXATION](#T5) | 75 |
|  [UNDERWRITING](#T4) | 83 |
|  [EXPENSES RELATING TO THIS OFFERING](#T99100) | 88 |
|  [LEGAL MATTERS](#T3) | 89 |
|  [EXPERTS](#T2) | 89 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 89 |
|  [INDEX TO FINANCIAL STATEMENTS](#T300) | F-1 |

---

Please read this prospectus carefully. It describes our business, our financial condition, and our results of operations. We have prepared this prospectus so that you will have the information necessary to make an informed investment decision. You should rely only on the information contained in this prospectus or in any related free writing prospectus. We have not, and the underwriters have not, authorized anyone to provide you with information different from that contained in this prospectus or in any related free writing prospectus. We and the underwriters take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, the Common Shares only in jurisdictions where offers and sales are permitted. This prospectus will be updated and made available for delivery to the extent required by the federal securities laws. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the Common Shares. Our business, financial condition, results of operations, and prospects may have changed since that date.

**For investors outside the United States:** Neither we nor the underwriters have taken any action to permit a public offering of the Common Shares outside the United States or to permit the possession or distribution of this prospectus or any filed free writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus or any filed free writing prospectus must inform themselves about and observe any restrictions relating to the offering of the Common Shares and the distribution of the prospectus or any filed free writing prospectus outside the United States.

We are incorporated under the laws of the Canada and all of our outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended.

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The Company's reporting and functional currency is the Canadian Dollar ("CAD"). Translations of balances in the balance sheets, statements of operations and comprehensive (loss)/income and statements of cash flows from CAD into U.S. Dollars ("USD" or "$") are solely for the convenience of the reader and were calculated at the rate of USD1.00 to CAD1.4379, which was the foreign exchange rate on March 31, 2025, as reported by the Board of Governors of the Federal Reserve System in its weekly release on March 31, 2025. The translation is not intended to imply that the CAD amounts could have been, or could be, converted, realized or settled into USD at that rate on March 31, 2025, or at any other rate. Historical and current exchange rate information may be found at *https://www.federalreserve.gov/releases/h10/*.

**Until [\*] (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell, or trade the Common Shares, whether participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

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#### TRADEMARKS
"Lorenzo Developments," our logo, and other trade names, trademarks, and service marks of LORENZO DEVELOPMENTS INC. appearing in this prospectus are the property of the Company. Other trade names, trademarks, and service marks appearing in this prospectus are the property of their respective holders. Trade names, trademarks, and service marks contained in this prospectus may appear without the "®" or "™" symbols. Such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to those trade names, trademarks, and service marks.

#### INDUSTRY AND MARKET DATA
The market data and certain other statistical information used throughout this prospectus are based on independent industry publications, government publications, reports by market research firms, or other published independent sources. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable. Our estimates of the potential market opportunities for our product candidates include several key assumptions based on our industry knowledge, industry publications, third-party research, and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section of this prospectus titled "Risk Factors" and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

#### NOTES ON PROSPECTUS PRESENTATION
Numerical figures included in this prospectus have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. Some market data and statistical information contained in this prospectus is also based on management's estimates and calculations, which are derived from our review and interpretation of the independent sources listed above, our internal research and our knowledge of the real estate development management and consulting services industry in Canada.

#### Conventions that Apply to this Prospectus
Throughout this prospectus, unless otherwise designated or the context suggests otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all references to the "Company," "registrant," "we," "our," or "us" in this prospectus mean LORENZO DEVELOPMENTS INC.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "year" or "fiscal year" mean the fiscal year ended March 31;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAD" refers to the Canadian dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all U.S. Dollar," "USD," "dollar" or "$" references when used in this prospectus refer to United States dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unless otherwise specifically stated, the information in this prospectus does not consider the possible purchase of additional Common Shares pursuant to the exercise of the underwriters' over-allotment option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all references to the Securities Act mean the United States Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all references to the Exchange Act mean the United States Securities Exchange Act of 1934, as amended.

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#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Common Shares, discussed under "Risk Factors," before deciding whether to invest in our Common Shares.*

#### Overview
We are engaged in providing real estate-related services, consisting of real estate development management and consulting.

Our real estate development management services include managing the process of securing all necessary governmental approvals, permits, and licenses for development projects; arranging for professional services such as engineering and legal support; overseeing project execution to ensure quality, safety, and on-time delivery; and maintaining consistent communication with clients throughout the project lifecycle. Our real estate consulting services include delivering professional feasibility assessment reports or suggestions, based on the completion of a series of interrelated tasks, such as feasibility study, purchase and sale advisory, and investment consultation.

Across both service lines, we integrate market research, zoning analysis, and urban planning insights to deliver informed and practical guidance. By combining strategic planning with seamless execution coordination, we help our clients navigate complex development processes and maximize the long-term value of their real estate investments.

#### Competitive Strength
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A deep understanding of the industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comprehensive and customized real estate development solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multidisciplinary and experienced team.

#### Challenges
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client concentration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dependence on third-party service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainty in securing development permits and licenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reliance on key management and personnel.

#### Growth Strategies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development of artificial intelligence technology to enhance client services and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic acquisitions to strengthen operational capabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion into distressed asset acquisition and affordable housing development.

#### Operating Results
For the fiscal years ended March 31, 2024 and 2025, we had total revenue of CAD182,500 (US$126,921) and CAD1,709,809 (US$1,189,102), respectively. Our net loss was CAD207,661 (US$144,420) for the fiscal year ended March 31, 2024, and our net income was CAD1,138,338 (US$791,667) for the fiscal year ended March 31, 2025. As of March 31, 2024 and 2025, our Company had cash of CAD1,710 (US$1,189) and CAD252,036 (US$175,281), respectively, and had working capital of CAD447,942 (US$311,525) and CAD675,891 (US$470,054), respectively.

#### Summary of Risk Factors
Investing in our Common Shares involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our Common Shares. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled "Risk Factors."

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*Risks Related to Our Business and Industry*

Risks and uncertainties related to our business include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our industry is highly competitive, and we may be unable to compete effectively, which could result in reduced revenue, profitability and market share (see the risk factor beginning on page 10 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demand for our services is impacted by economic downturns, reductions in client spending, and times of political uncertainty (see the risk factor beginning on page 10 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating history may not be indicative of our future growth or financial results, and we may not be able to sustain our historical growth rates (see the risk factor beginning on page 11 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is geographically concentrated, which subjects us to greater risks from changes in local or regional conditions (see the risk factor beginning on page 11 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We use third-party services in connection with our business, and any disruption to these services could result in a disruption to our business, negative publicity, and a slowdown in the growth of our customer base, materially and adversely affecting our business, financial condition, and results of operations (see the risk factor beginning on page 11 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misconduct and errors by our employees and the employees of third parties we work with could harm our business and reputation (see the risk factor beginning on page 12 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evolving government policies and regulatory requirements may delay or increase the cost of obtaining necessary approvals, permits, and licenses for our development projects (see the risk factor beginning on page 12 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project sites are inherently dangerous workplaces. Failure to maintain safe work sites by us, the owner or others working at the project site can lead to our employees, third-party service providers, or others becoming injured, disabled, or even losing their lives, and exposes us to significant financial losses and reputational harm, as well as civil and criminal liabilities (see the risk factor beginning on page 12 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to complete our projects on time, or at all (see the risk factor beginning on page 13 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into a number of related party transactions in the ordinary course of business, and may continue to enter into related party transactions in the future (see the risk factor beginning on page 13 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High customer concentration exposes us to all of the risks faced by our major customers and may subject us to significant fluctuations or declines in revenue, which may have a material adverse impact on our business, financial condition, and results of operations (see the risk factor beginning on page 13 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing inflation, rising or continued high interest rates, and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts (see the risk factor beginning on page 14 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of our contracts, particularly any fixed-price contracts, subjects us to risks of cost overruns. We may experience reduced profits or losses if costs increase above budgets or estimates or the project experiences delays (see the risk factor beginning on page 14 of this prospectus)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our development of a proprietary artificial intelligence model involves significant risks, including technical complexity, reliance on open-source software and technologies, data quality concerns, cybersecurity vulnerabilities, and evolving regulatory requirements, any of which could adversely affect our business, financial condition, and results of operations (see the risk factor beginning on page 15 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we do not obtain substantial additional financing, including the financing sought in this offering, our ability to execute our business plan as outlined in this prospectus will be impaired (see the risk factor beginning on page 15 of this prospectus);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot retain, attract, and motivate key personnel, we may be unable to effectively implement our business plan (see the risk factor beginning on page 16 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to implement and maintain an effective system of internal controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified, we may fail to meet our reporting obligations or be unable to accurately report our results of operations or prevent fraud, and investor confidence and the market price of our Common Shares may be materially and adversely affected (see the risk factor beginning on page 16 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to obtain, maintain or renew licenses, approvals, permits, registrations, or filings necessary to conduct our operations could have a material adverse impact on our business, financial condition, and results of operations (see the risk factor beginning on page 17 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Damage to our brand image could have a material adverse effect on our growth strategy and our business, financial condition, results of operations, and prospects (see the risk factor beginning on page 17 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are not able to implement our strategies to achieve our business objectives, our business operations and financial performance will be materially and adversely affected (see the risk factor beginning on page 17 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to legal and regulatory proceedings from time to time in the ordinary course of our business (see the risk factor beginning on page 17 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions outside of the United States against us or our management that reside outside the United States based on foreign laws. It may also be difficult for you or overseas regulators to conduct investigations or collect evidence outside of the United States (see the risk factor beginning on page 18 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business could be materially and adversely disrupted by an epidemic or pandemic (such as the COVID-19 pandemic), or similar public threat, or fear of such an event, and the measures that the governmental authorities implement to address it (see the risk factor beginning on page 18 of this prospectus); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Systems and information technology interruption could materially and adversely impact our ability to operate (see the risk factor beginning on page 19 of this prospectus).

*Risks Relating to this Offering and the Trading Market*

We are subject to general risks and uncertainties relating to this offering and the trading market, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Common Shares prior to this offering, and you may not be able to resell our Common Shares at or above the price you pay for them, or at all (see the risk factor beginning on page 19 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The initial public offering price for our Common Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile (see the risk factor beginning on page 19 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate and substantial dilution in the net tangible book value of Common Shares purchased (see the risk factor beginning on page 19 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur substantial increased costs as a result of being a public company (see the risk factor beginning on page 19 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial future sales of our Common Shares or the anticipation of future sales of our Common Shares in the public market could cause the price of our Common Shares to decline (see the risk factor beginning on page 20 of this prospectus);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to pay dividends in the foreseeable future (see the risk factor beginning on page 20 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Common Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price (see the risk factor beginning on page 20 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of our Common Shares could be subject to rapid and substantial volatility. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares (see the risk factor beginning on page 21 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our chief executive officer has substantial influence over our Company. His interests may not be aligned with the interests of our other shareholders, and he will be able to exert significant influence to prevent or cause a change of control or other transactions (see the risk factor beginning on page 21 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Common Shares (see the risk factor beginning on page 22 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting, and other expenses that we would not incur as a foreign private issuer (see the risk factor beginning on page 22 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer (see the risk factor beginning on page 22 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot continue to satisfy the listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which could negatively impact the price of our securities and your ability to sell them (see the risk factor beginning on page 22 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could affect investor confidence in us and our Common Shares (see the risk factor beginning on page 23 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are classified as a PFIC, United States taxpayers who own our Common Shares may have adverse United States federal income tax consequences (see the risk factor beginning on page 23 of this prospectus); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pre-IPO shareholders will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act (see the risk factor beginning on page 24 of this prospectus).

#### Corporate Information
Our main office is located at 3459 Sheppard Avenue East, Unit 218, Toronto, Ontario, M1T3K4, Canada. Our telephone number is 416-865-7771. Our website is *https://lorenzodevelopments.com/*. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> St, 18<sup>th</sup> Floor, New York, NY 10168.

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#### Corporate Structure
The following diagram illustrates our corporate structure as of the date of this prospectus.

![](tflowchart_001.jpg)

____________

Notes:

(1) Represents 9,900,000 Common Shares held by Sky Pivot Corp., a Canadian company incorporated in Ontario, which is 100% owned by Tianshu Wang, our chief executive officer, president, and director as of the date of this prospectus.

(2) Represents 3,636,000 Common Shares held by YUYUKPING LIMITED, a British Virgin Islands company, which is 100% owned by Yuk Ping Yu, as of the date of this prospectus.

(3) Represents 4,464,000 Common Shares held by six minority shareholders, each of which holds less than 5% of our Common Shares, as of the date of this prospectus.

(4) The calculations are based on 20,000,000 Common Shares issued and outstanding after this offering, assuming no exercise of the underwriters' over-allotment option.

#### Impact of the COVID-19 Pandemic on Our Operations and Financial Performance
On January 30, 2020, the World Health Organization declared the outbreak of coronavirus disease 2019 ("COVID-19") a "public health emergency of international concern," and on March 11, 2020, the World Health Organization characterized the outbreak as a "pandemic". Governments in affected countries imposed travel bans, quarantines, and other emergency public health measures, which had caused material disruption to businesses globally resulting in an economic slowdown. Canada began easing COVID-19 restrictions in May 2020, with most provincial mask mandates lifted by spring 2022 and all federal travel-related requirements, including quarantine and masking, ending in October 2022.

In the longer-term, if there is any resurgence of COVID-19 pandemic in Canada, it is likely to adversely affect the economies and financial markets of many countries, and could result in a global economic downturn and a recession. This would likely adversely affect our business, financial condition, and results of operations.

Our operations may be negatively affected if any of our employees or employees of our customers is suspected of contracting or having contracted COVID-19, since this may require us and our customers to quarantine some or all of the relevant employees and disinfect our project sites and facilities. If these adverse impacts materialize and persist for a substantial period of time, they may significantly and adversely affect our business, financial condition, and results of operations.

For the fiscal years ended March 31, 2024 and 2025, no construction activities on our project sites were temporarily suspended due to confirmed COVID-19 case. Based on the best estimation of our management, our projects are expected to complete according to their respective project schedule, and we did not experience any cancellation of existing work orders in respect of the projects affected by COVID-19.

However, the extent of the impact of COVID-19 on our future financial results will be dependent on future developments, such as the length and severity of the pandemic, the potential resurgence of the pandemic, future government actions in response to the pandemic and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, it is impracticable for us to quantify the expected impact of the COVID-19 pandemic on our future operations, financial condition, liquidity, and results of operations if the current situation continues.

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#### Implications of Our Being an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the "JOBS Act." An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as "compensation discussion and analysis";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on frequency," and "say-on-golden-parachute" votes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form 20-F following the effectiveness of our initial public offering.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Common Shares held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

#### Foreign Private Issuer Status
We are a foreign private issuer within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for interim reporting, we are permitted to comply solely with our home country's requirements, which are less rigorous than the rules that apply to domestic public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

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#### THE OFFERING

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| | |
|:---|:---|
|  Securities being offered | 2,000,000 Common Shares on a firm commitment basis. |
|  Offering price per share | We currently estimate that the initial public offering price will be in the range of $4.00 to $6.00 per Common Share. |
|  Over-allotment option | We have granted the underwriters an option for 30 days from the date of this prospectus to purchase up to an additional 300,000 Common Shares (equal to 15% of the Common Shares offered hereby) on the same terms as the other shares being purchased by the underwriters from us. |
|  Shares outstanding before<br>this offering | <br>18,000,000 Common Shares |
|  Shares outstanding after this<br>offering | <br>20,000,000 Common Shares (or 20,300,000 Common Shares assuming that the underwriters' over-allotment option is exercised in full).  |
|  Listing | We have applied to have our Common Shares listed on Nasdaq under the symbol "LCDC." The Common Shares will not be listed on any other stock exchange or traded on any automated quotation system. No assurance can be given that such a listing will be approved or that a liquid trading market will develop for our Common Shares. The approval of such a listing on Nasdaq is a condition to closing this offering. |
|  Proposed Ticker Symbol | LCDC |
|  Transfer Agent | Transhare Corporation |
|  Use of proceeds | Based upon an assumed initial public offering price of $4.00 per Common Share, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, we estimate that our net proceeds from this offering will be approximately $6,389,141, after deducting estimated underwriting discounts and commissions and estimated offering expenses and assuming no exercise of the over-allotment option granted to the underwriters. We intend to use these net proceeds for, among other things, developing our existing business, potential mergers and acquisitions in the future, investing in technology research and development; and working capital and other general corporate purposes. See "Use of Proceeds" for more information. |
|  Indemnity Escrow | On the closing date of this offering, the Company will deposit $300,000 of the offering proceeds into a U.S.-based escrow account for the benefit of the Representative. These funds will serve as security for the Company's indemnification obligations under the underwriting agreement. The escrowed amount will remain in place for a period of twelve months following the closing date of this offering, after which any remaining balance will be released to the Company.  |

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| | |
|:---|:---|
|  Lock-up | Our directors, officers, and holders of 5% or more of the Company's outstanding shares as of the effective date of the registration statement have agreed to enter into customary "lock-up" agreements in favor of the representative of the underwriters for a period of six (6) months from the date of the closing of the offering.<br> Each of the Company and any successors of the Company has agreed, for a period of six (6) months from the closing date, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any common shares of the Company or any securities convertible into or exercisable or exchangeable for common shares of the Company (subject to customarily excluded issuances to be set forth in the underwriting agreement); or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any common shares of the Company or any securities convertible into or exercisable or exchangeable for common shares of the Company.  |
|  Risk Factors | Investing in our Common Shares is highly speculative and involves a significant degree of risk. As an investor, you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section of this prospectus before deciding to invest in our Common Shares. |

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#### DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this prospectus, including statements included or incorporated by reference in this prospectus, are not statements of historical fact and constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and are intended to be protected by the safe harbor provided by such provisions. These forward-looking statements reflect our current expectations and views of future events and are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business."

Known and unknown risks, uncertainties, and other factors, including those listed under "Risk Factors," may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "intends," "plans," "will," "would," "continue," "should," "could," "may," or similar expressions, or the negatives thereof, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our growth strategies, including our ability to meet our goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract customers and further enhance our brand recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our relationships with customers, suppliers, investors, borrowers and partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business development, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relevant government policies and regulations governing our business and industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our proposed use of proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital requirements and our ability to raise any additional financing which we may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political conditions in Canada and elsewhere; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions underlying or related to any of the foregoing.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from our expectations. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," and other sections in this prospectus. You should read thoroughly this prospectus and the documents that we refer to with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part, completely and with the understanding that our actual future results may be materially different from what we expect.

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#### RISK FACTORS
*An investment in our Common Shares involves a high degree of risk. Before deciding whether to invest in our Common Shares, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations, or cash flow could be materially and adversely affected, which could cause the trading price of our Common Shares to decline, resulting in a loss of all or part of your investment. The risks described below and discussed in other parts of this prospectus are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in our Common Shares if you can bear the risk of loss of your entire investment.*

#### Risks Related to Our Business and Industry

#### Our industry is highly competitive, and we may be unable to compete effectively, which could result in reduced revenue, profitability and market share.
We are engaged in a highly competitive business. The markets we serve are highly competitive and we compete with a large number of regional, national, and international companies. These competitors may have greater financial and other resources than we do. Others are smaller and more specialized and concentrate their resources in particular areas of expertise. The extent of our competition varies by the markets and geographic area. In addition, the technical and professional aspects of some of our services generally do not require large upfront capital expenditures and provide limited barriers against new competitors. If we are unable to compete effectively, we may experience a loss of market share or reduced profitability or both, which could have a material adverse impact on our business, financial condition, and results of operations.

The degree and type of competition we face is also influenced by the type and scope of a particular project. Our clients make competitive determinations based upon qualifications, experience, performance, reputation, technology, customer relationships, price and ability to provide the relevant services in a timely, safe and cost-efficient manner.

#### Demand for our services is impacted by economic downturns, reductions in client spending, and times of political uncertainty.
The demand for our services has been, and we expect will continue to be, subject to significant fluctuations due to a variety of factors beyond our control, including economic conditions and changes in client spending, particularly during periods of economic or political uncertainty. Consequently, our results have varied, and may continue to vary, depending upon the demand for future projects in the markets and the locations in which we operate.

Uncertain global economic, socioeconomic, and political conditions may negatively impact our clients' ability and willingness to fund their projects, including their ability to raise capital and pay, or timely pay, our invoices. These factors may also cause our clients to reduce their capital expenditures, alter the mix of services purchased, seek more favorable pricing and other contract terms, and otherwise slow their spending on our services. In addition, under such conditions, many of our competitors may be more inclined to take greater or unusual risks or accept terms and conditions in contracts that we might not deem acceptable. These conditions may reduce the demand for our services, which may have a material adverse impact on our business, financial condition, and results of operations.

Additionally, uncertain economic, socioeconomic, and political conditions may make it difficult for our clients, our suppliers and third-party service providers, and us to accurately forecast and plan future business activities. We cannot predict the outcome of changing trade policies or other unanticipated socioeconomic or political conditions, nor can we predict the timing, strength or duration of any economic recovery or downturn worldwide or in our clients' markets. Weak economic conditions could have a material adverse impact on our business, financial condition and results of operations.

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***Our operating history may not be indicative of our future growth or financial results, and we may not be able to sustain our historical growth rates.***

Our operating history may not be indicative of our future growth or financial results. We had revenue of CAD1,709,809 (US$1,189,102) and CAD182,500 (US$126,921) for the years ended March 31, 2025 and 2024, respectively. In addition, we had net income of CAD1,138,338 (US$791,667) for the year ended March 31, 2025 and net loss of CAD207,661 (US$144,420) for the year ended March 31, 2024. There is no assurance that we will be profitable or if we will able to grow our revenues in future periods. Our growth rates may decline for any number of possible reasons, and some of them are beyond our control, including decreasing customer demand, increasing competition, declining growth of our industry in general, or changes in government policies or general economic conditions. We plan to continue to expand our business and upgrade our services. However, the execution of our expansion plan is subject to uncertainty and our business may not grow at the rate we expect for the reasons stated above.

If our growth rates decline, investors' perceptions of our business and prospects may be adversely affected and the market price of our Common Shares could decline.

#### Our business is geographically concentrated, which subjects us to greater risks from changes in local or regional conditions.
We primarily operate in Toronto. Specifically, during the fiscal year ended March 31, 2025 and 2024, all of our revenue were derived from our services performed in Greater Toronto Area. Due to this geographic concentration, our results of operations and financial conditions are subject to greater risks from changes in general economic and other conditions in these areas, than the operations of more geographically diversified competitors. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in economic conditions and unemployment rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decline in the number of real estate purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in competitive environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters.

As a result of the geographic concentration of our business, we face a greater risk of a negative impact on our business, financial condition, results of operations, and prospects in the event that any of the areas in which we provide our services is more severely impacted by any such adverse condition, as compared to other areas or countries.

***We use third-party services in connection with our business, and any disruption to these services could result in a disruption to our business, negative publicity, and a slowdown in the growth of our customer base, materially and adversely affecting our business, financial condition, and results of operations.***

Our business depends on services provided by, and relationships with, various third parties. In particular, construction companies, architects, engineers, and real estate lawyers. See "Business — Third-party Service Providers."

The completion of our projects depends on the availability and skill of third-party service providers. While we have been in the past able to cooperate with reliable third-party service providers and believe that we have a good professional relationship with them, we can provide no assurance that these relationships will not deteriorate and that they will continue to be available at reasonable rates in our markets.

We are also exposed to risks that the performance of the third-party service providers may not meet our or our clients' standards or specifications. Even though we put our best efforts in quality control and, to date, we have not discovered that the third-party service providers have engaged in improper practices, we cannot guarantee that they will continuously provide the services meeting our or our clients' standards. Negligence or poor work quality by any third-party service providers may result in project delays, cost overruns, and financial losses, which may harm our reputation or expose us to third-party claims. Even if the third-party service provider performing the work in such instances is ultimately held responsible for the consequences of any such defects, any such incidents could have lasting adverse effects on us and our business reputation. We work with multiple third-party service providers on different projects and we cannot guarantee that we can effectively monitor their work at all times. In addition, third-party service providers may make use of subcontractors with which we have no direct relationship, further limiting our ability to

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manage the foregoing risks. Moreover, the third-party service providers may undertake projects from other companies, engage in risky undertakings, or encounter financial or other difficulties, such as supply shortages, labor disputes, or work accidents, which may cause delays in the completion of our projects or increases in the project costs.

Any disruption in our relationship with these third-party service providers, or a failure on their part to meet expected performance standards, may compromise our ability to deliver projects on time, within budget, and to the satisfaction of our clients. We may also face difficulties in identifying and securing alternative service providers on comparable terms, particularly under tight timelines. If the third-party service providers on which we depend fail to meet their obligations or encounter issues beyond our control, we could suffer service interruptions, reduced revenue, or increased costs, any of which may have a material adverse effect on our business, financial condition, and results of operations.

#### Misconduct and errors by our employees and the employees of third parties we work with could harm our business and reputation.
We are exposed to many types of operational risks, including the risk of misconduct and errors by our employees and the employees of third-party business partners that we work with. Our business depends on our employees and third parties, such as construction contractors, engineers, and lawyers to provide services. We could be materially and adversely affected if these employees or partners engage in misconduct or negligence. It is not always possible to identify and deter misconduct or errors by employees or third-party business partners, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses. If any of our employees or employees of third-party business partners take, convert, or misuse funds or documents, or fail to follow rules and procedures when interacting with current or prospective clients, we could be liable for damages and subject to regulatory actions and penalties. We could also be perceived to have facilitated or participated in the illegal misappropriation of funds or documents, or the failure to follow rules and procedures, and therefore be subject to civil or criminal liability. Any of these occurrences could result in the diminished ability to operate our business, potential liability to clients, inability to attract new clients, reputational damage, regulatory intervention, and financial harm, which could materially and adversely impact our business, financial condition, and results of operations.

#### Evolving government policies and regulatory requirements may delay or increase the cost of obtaining necessary approvals, permits, and licenses for our development projects.
One of the primary challenges we face in managing real estate development projects is navigating the complex and evolving regulatory landscape. Our ability to initiate and complete projects depends on obtaining various governmental approvals, permits, and licenses, including those related to zoning, architectural design, mechanical systems, and structural compliance. These approvals are governed by regulatory frameworks that are subject to change at the municipal, provincial, or federal level.

New or amended policies may result in longer review timelines, increased application costs, more extensive documentation requirements, or additional procedural steps. These changes may create uncertainty and lead to delays in project commencement or completion, as well as increased administrative and compliance costs. In some cases, the cumulative effect of these changes may render certain projects infeasible or financially unattractive, thereby influencing our clients' willingness to proceed with proposed developments. If we are unable to adapt to regulatory changes in a timely and cost-effective manner, our business operations, financial condition, and results of operations may be materially and adversely affected.

***Project sites are inherently dangerous workplaces. Failure to maintain safe work sites by us, the owner or others working at the project site can lead to our employees, third-party service providers, or others becoming injured, disabled, or even losing their lives, and exposes us to significant financial losses and reputational harm, as well as civil and criminal liabilities.***

Project sites often put our employees, third-party service providers, and others in close proximity with large pieces of mechanized equipment, moving vehicles, chemical and manufacturing processes, and hazardous and highly regulated materials, in a challenging environment. We may be responsible for safety on some project sites, and, accordingly, we have an obligation to implement effective safety procedures. The failure by us or others working at such sites to implement safety procedures or the implementation of ineffective procedures, or the failure to implement and follow appropriate safety procedures, subjects our employees, third-party service providers, and others to the risk of injury, disability, or loss of life, and subjects us to risk that the completion or commencement of our projects may be delayed

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and we may be exposed to litigation or investigations. Unsafe work sites also have the potential to increase employee turnover, increase the cost of a project to our clients, and raise our operating and insurance costs. If we fail to maintain adequate safety standards, we could suffer harm to our reputation, reduced profitability, or the loss of projects or clients, which could have a material adverse impact on our business, financial condition, and results of operation.

#### We may be unable to complete our projects on time, or at all.
The progress for our projects can be adversely affected by many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in obtaining necessary licenses, permits, or approvals from government agencies or authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shortages of materials, equipment, third-party service providers, and skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes with third-party service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failures by third-party service providers to comply with our or our clients' designs, specifications, or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficult geological situations or other geotechnical issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• onsite labor disputes or work accidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• epidemics or pandemics, such as the resurgence of COVID-19; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural catastrophes or adverse weather conditions.

As a result, any significant delay or failure to complete our projects could materially and adversely affect our business, financial condition, results of operations, and reputation.

***We have entered into a number of related party transactions in the ordinary course of our business, and may continue to enter into related party transactions in the future.***

In the ordinary course of our business, we have entered into transactions with related parties. For the fiscal years ended March 31, 2025 and 2024, our total revenues were CAD1,709,809 (US$1,189,102) and CAD182,500 (US$126,921), respectively, while the revenues generated by transactions with related parties were CAD143,830 (US$100,028) and nil, respectively, which accounted for 8.4% and nil of our total revenues, respectively.

Based on the foregoing analysis, we conclude that we have not relied on a large number of related party transactions to conduct our ordinary business transactions. Nevertheless, the statistics in the past may not reflect the future. We cannot guarantee that we will not continue to enter into related party transactions in the future. In addition, there can be no assurance that we have achieved and will continue to achieve the most favorable terms with related parties for each related party transaction. Furthermore, there can be no assurance that the above-mentioned transactions or any future related party transactions that we may enter into will not have a material adverse effect on our business, financial condition, and results of operations. Further, the transactions with the related parties may potentially involve conflicts of interests. Additionally, there can be no assurance that any disputes that may arise among us and related parties will be resolved in our favor. For details, see "Related Party Transactions."

***High customer concentration exposes us to all of the risks faced by our major customers and may subject us to significant fluctuations or declines in revenue, which may have a material adverse impact on our business, financial condition, and results of operations.***

Four clients, 2519558 Ontario Inc., 2484508 Ontario Ltd., Eva Capital Investment Inc., and 3471 Sheppard Developments Inc., accounted for 35%, 13%, 12%, and 11% of our total revenue for the fiscal year ended March 31, 2025, respectively. One client, 3471 Sheppard Developments Inc., accounted for 99% of our total revenue for the fiscal year ended March 31, 2024. As of March 31, 2025, 2484508 Ontario Ltd accounted for approximately 53.5% of our accounts receivable.

The Company has entered into service agreements with the aforementioned clients, each of which is similar to the form of real estate development management agreement or form of real estate consulting agreement filed as Exhibit 10.4 and Exhibit 10.5 to the registration statement of which this prospectus forms a part.

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Although we continually seek to diversify our customer base, we cannot assure you that the proportion of the revenue contribution from these customers to our total revenue will decrease in the near future. Dependence on these customers will expose us to the risks of substantial losses. Specifically, any one of the following events, among others, may cause material fluctuations or declines in our revenue and have a material and adverse effect on our business, financial condition, and results of operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an overall decline in the business of these clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the decision by these clients to switch to our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reduction in the prices of our services agreed by these clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure or inability of any of these clients to make timely payment for our services.

If we fail to maintain relationships with these clients, and if we are unable to find replacement clients on commercially desirable terms or in a timely manner or at all, our business, financial condition, and results of operations may be materially and adversely affected.

***Continuing inflation, rising or continued high interest rates, and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts.***

Rising inflation, interest rates, and/or construction costs could reduce the demand for our services. The rising costs of materials, particularly for essential construction inputs such as steel and concrete, have introduced challenges for fixed-price contracts. Furthermore, the rise in wages has resulted in a general increase in project costs, which could potentially impact demand and negatively affect overall revenues. We bear all of the risk of high inflation with respect to those contracts that are fixed-price. Recent inflationary pressures have materially and adversely affected certain aspects of our business operations. For example, recent inflationary pressures have led to an increase in the costs associated with real estate development projects, including construction materials, labor, energy, and logistics. These increased costs cannot be transferred under fixed-price contracts, which results in compressed profit margins. Also, the recent inflationary pressures have changed the risk and return characteristics of real estate investments, necessitating a reassessment of the viability of various projects. As part of this reassessment, increased attention is being directed toward asset classes with strong inflation-hedging characteristics, such as multi-family residential developments.

We may continue to experience inflationary pressures, and inflation may have a larger impact on our results of operations in the future, particularly if we expand our business into markets and geographic areas where fixed-price and lump-sum work is more prevalent. Therefore, continued inflation, rising or continued high interest rates, and/or construction costs could have a material adverse impact on our business, financial condition and results of operations.

***The nature of our contracts, particularly any fixed-price contracts, subjects us to risks of cost overruns. We may experience reduced profits or losses if costs increase above budgets or estimates or the project experiences delays.***

For fiscal years ended March 31, 2025 and 2024, all of our revenue was earned under fixed-price contracts, respectively. For fixed-price contracts, we may benefit from any cost-savings, but we bear greater risk of paying some, if not all, of any cost overruns. Fixed-price contracts are established in part on proposed designs, which may be partial or incomplete, cost and scheduling estimates that are based on a number of assumptions, including those about future economic conditions, commodity and other materials pricing, and cost and availability of labor, equipment and materials, and other exigencies. Cost overruns can occur, leading to reduced profits or, in some cases, a loss for that project for a variety of reasons, including if the design or the estimates prove inaccurate or if circumstances change due to, among other things, unanticipated technical problems, difficulties in obtaining permits or approvals, changes in local laws or labor conditions, weather or other delays beyond our control, changes in the costs of equipment or raw materials, third-party service providers' inability or failure to perform, or changes in general economic conditions and inflationary pressures. We may present change orders and claims to our clients for, among other things, additional costs exceeding the original contract price. If we fail to properly document the nature of our claims and change orders or are otherwise unsuccessful in negotiating reasonable settlements with our clients, we will likely incur cost overruns,

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reduced profits or, in some cases, a loss for a project. These risks are exacerbated for projects with long-term durations because there is an increased risk that the circumstances on which we based our original estimates will change in a manner that increases costs. The occurrence of significant costs overruns could have a material adverse impact on our business, financial condition, and results of operations.

***Our development of a proprietary artificial intelligence model involves significant risks, including technical complexity, reliance on open-source software and technologies, data quality concerns, cybersecurity vulnerabilities, and evolving regulatory requirements, any of which could adversely affect our business, financial condition, and results of operations.***

We are in the process of developing a proprietary artificial intelligence ("AI") model designed to improve the accuracy, efficiency, and scalability of our real estate consulting services, market analysis, and business operations. The model is being developed internally and incorporates open-source software and technologies. While we believe this approach offers flexibility and cost efficiency, it introduces several significant risks.

The development of AI systems, particularly for commercial deployment, presents numerous technical and operational challenges. Data quality is critical for training and validating AI models; inaccurate, incomplete, or biased data can result in flawed outputs and decision-making errors, potentially undermining the reliability and integrity of our services. Additionally, model accuracy must be continuously monitored and refined, as AI models can produce unpredictable or suboptimal results, especially when applied to new data or use cases beyond their original training parameters.

We may also be exposed to cybersecurity risks related to the collection, storage, and processing of data used to train and operate the model. Any breach or unauthorized access could compromise sensitive information, result in legal or regulatory liability, and damage our reputation. Furthermore, as AI development becomes increasingly regulated, we face the risk of non-compliance with emerging legal and regulatory frameworks related to data privacy, algorithmic accountability, transparency, and ethical AI deployment. Non-compliance could result in fines, operational restrictions, or reputational harm.

Although we are developing the model in-house, we utilize various open-source software components, which may be subject to specific licensing requirements, including obligations to disclose or make available derivative works or modifications under certain conditions. This may limit our ability to claim full proprietary rights over the resulting software and could potentially expose us to intellectual property risks, such as inadvertent infringement or the obligation to publicly release portions of our source code. Additionally, reliance on third-party open-source tools may reduce our control over the long-term development and maintenance of key components of the model.

There is no assurance that our AI model will perform as intended, achieve the desired performance improvements, or be successfully integrated into our operations. If we are unable to complete development, if the model underperforms, or if we encounter unforeseen legal, technical, or operational barriers, our business, financial condition, and results of operations could be materially and adversely affected.

***If we do not obtain substantial additional financing, including the financing sought in this offering, our ability to execute our business plan as outlined in this prospectus will be impaired.***

Our plans for business expansion and development are dependent upon our raising significant additional capital, including the capital sought in this offering. Our plans call for significant new investments in developing our existing business, mergers and acquisitions, and research and development of AI-powered real estate platforms. Management estimates that our capital needs for expansion will be approximately US$2.4 million for a period of six months. Although we expect the proceeds of this offering and our net earnings to substantially fund our planned growth and development, our management will be required to properly and carefully administer and allocate these funds. Should our capital needs be higher than estimated, or should additional capital be required after the closing of this offering, we will be required to seek additional investments, loans, or debt financing to fully pursue our business plans. Such additional investment may not be available to us on terms that are favorable or acceptable, or at all. Should we be unable to meet our full capital needs, our ability to fully implement our business plan will be impaired.

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#### If we cannot retain, attract, and motivate key personnel, we may be unable to effectively implement our business plan.
Our success depends in large part upon our ability to retain, attract, and motivate highly skilled management, research and development, marketing, and sales personnel. The loss of and failure to replace key technical management and personnel could adversely affect multiple development efforts. Recruitment and retention of senior management and skilled technical, sales and other personnel is very competitive, and we may not be successful in either attracting or retaining such personnel. We may lose key personnel to other companies, and many larger companies with significantly greater resources than us may aggressively recruit key personnel. As part of our strategy to attract and retain key personnel, we may offer equity compensation through grants of share options, restricted share awards or restricted share units. Potential employees, however, may not perceive our equity incentives as attractive enough. In addition, due to the intense competition for qualified employees, we may be required to, and have had to, increase the level of compensation paid to existing and new employees, which could materially increase our operating expenses.

***If we fail to implement and maintain an effective system of internal controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified, we may fail to meet our reporting obligations or be unable to accurately report our results of operations or prevent fraud, and investor confidence and the market price of our Common Shares may be materially and adversely affected.***

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. Our management identified certain material weaknesses and control deficiencies in its assessment of our internal control over financial reporting. The material weaknesses identified relate to (i) the lack of formal internal control policies and internal independent supervision functions to establish formal risk assessment process and internal control framework over financing reporting; and (ii) the lack of accounting staff and resources with appropriate knowledge of generally accepted U.S. GAAP and SEC reporting and compliance requirements to design and implement formal period-end financial reporting policies and procedures to address complex U.S. GAAP technical accounting issue in accordance with U.S. GAAP and the SEC requirements.

To address the material weaknesses and control deficiencies identified, we plan to take the following remedial measures: (i) hiring additional qualified accounting and financial personnel with appropriate knowledge and experience in U.S. GAAP accounting and SEC reporting; and (ii) organizing regular training for our accounting staff, especially training related to U.S. GAAP and SEC reporting requirements. We also plan to adopt additional measures to improve our internal control over financial reporting, including, among others, creating a U.S. GAAP accounting policies and procedures manual, which will be maintained, reviewed, and updated, on a regular basis, to the latest U.S. GAAP accounting standards, and establishing an audit committee and strengthening corporate governance.

However, the implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price of our Common Shares, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud.

Upon completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our second annual report after becoming a public company. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified, if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational, and financial resources and systems for the foreseeable future. We may be unable to complete our evaluation testing and any required remediation in a timely manner.

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***Our failure to obtain, maintain or renew licenses, approvals, permits, registrations, or filings necessary to conduct our operations could have a material adverse impact on our business, financial condition, and results of operations.***

Regulatory authorities in various jurisdictions oversee different aspects of our business operations. Our current operations (real estate development management and consulting) do not require any particular licenses or permissions under the laws of Ontario and Canada. However, if we expand into new business areas, we may be required to obtain a number of licenses, approvals, permits, registrations, and filings and may also be subject to certain reporting obligations required for maintaining our subsidiaries and personnel in such jurisdictions. In addition, legislation may change in the future, which may result in new licenses and permissions being required for our current operations. We cannot assure you that we have obtained all of these licenses, approvals, permits, registrations, and filings or that we will be able to maintain, renew, or remain fully compliant with all such requirements.

If we fail to obtain any of the necessary authorizations, we may be subject to various penalties, such as confiscation of revenues generated without authorization, fines, suspension, discontinuation, or restriction of business operations, or other sanctions imposed by relevant authorities. In Canada, failure to obtain, maintain, or comply with required approvals could result in: administrative consequences, such as monetary fines, late fees, or compliance orders from regulators; restrictions or suspension of business activities, including stop-work orders from the City of Toronto or the inability to complete projects; and revocation of rights to operate, through loss of municipal or provincial permits required for construction or development activities. Any such outcome could materially and adversely affect our business, financial condition, and results of operations.

In addition, there can be no assurance that we will be able to maintain our existing licenses, approvals, registrations, or permits in the relevant jurisdictions, renew any of them when their current term expires, or update existing licenses or obtain additional ones necessary for our business expansion from time to time. Any failure to do so, or any delay in obtaining such approvals, our business operations and financial performance will be materially and adversely affected, which will materially and adversely affect our financial condition and results of operations as well.

***Damage to our brand image could have a material adverse effect on our growth strategy and our business, financial condition, results of operations, and prospects.***

Maintaining and enhancing our brand is critical to expanding our base of clients. Our ability to maintain and enhance our brand depends largely on our ability to maintain client confidence in our service offerings. If clients do not have a satisfactory experience with our services, our clients may seek out alternatives from our competitors and may not return to us in the future, or at all.

In addition, unfavorable publicity regarding, for example, our practices relating to privacy and data protection, competitive pressures, litigation or regulatory activity, could seriously harm our reputation. Such negative publicity also could have an adverse effect on the size, engagement, and loyalty of our client base and result in decreased total revenue which could adversely affect our business, financial condition, and results of operations. Client complaints or negative publicity about our services, company practices, employees, client data handling, and security practices could rapidly and severely diminish our clients' confidence in us and result in harm to our brands.

***If we are not able to implement our strategies to achieve our business objectives, our business operations and financial performance will be materially and adversely affected.***

Our business plan and growth strategy are based on currently prevailing circumstances and the assumption that certain circumstances will or will not occur, as well as the inherent risks and uncertainties involved in various stages of development. However, there is no assurance that we will be successful in implementing our strategies or that our strategies, even if implemented, will lead to the successful achievement of our objectives. If we are not able to successfully implement our strategies, our business operations and financial performance will be materially and adversely affected, which will materially and adversely affect our financial condition and results of operations as well.

#### We are subject to legal and regulatory proceedings from time to time in the ordinary course of our business.
We have not been subject to any material allegations or complaints in the past, but we may be involved in legal and other disputes in the ordinary courses of our business, including allegations against us for potential infringement of third-party intellectual property rights, as well as client complaints in relation to the quality of our services and other dissatisfaction. We might also be involved in governmental investigations for content posted on our website or other

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aspect of our business operation in the future. Any claims against us, with or without merit, could be time-consuming and costly to defend or litigate, divert our management's attention and resources or harm the brand equity. If a lawsuit or governmental proceeding against us is successful, we may be required to pay substantial damages or fines. We may also lose, or be limited in, the rights to offer some of our services or be required to make changes to our offerings or business model. As a result, the scope of our service offerings could be reduced, which could adversely affect our ability to attract new clients, harm our reputation and have a material adverse effect on our business, financial condition, and results of operations.

Moreover, becoming a public company will raise our public profile, which may result in increased litigation as well as increased public awareness of any such litigation. There is substantial uncertainty regarding the scope and application of many of the laws and regulations to which we are subject, which increases the risk that we will be subject to claims alleging violations of those laws and regulations. In the future, we may also be accused of having, or be found to have, infringed, misappropriated, or otherwise violated third-party intellectual property rights.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions outside of the United States against us or our management that reside outside the United States based on foreign laws. It may also be difficult for you or overseas regulators to conduct investigations or collect evidence outside of the United States.***

As a company incorporated under the laws of the Province of Ontario in Canada, we conduct all of our operations in Canada and substantially all of our assets are located in Canada. In addition, our directors or director nominees and officers are based in Toronto, Canada, except for one of our independent director nominees Lee Yeung, who resides in Hong Kong. All or a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult for you to effect service of process upon those persons outside the United States. It may be difficult for you to enforce judgements obtained in U.S. courts based on civil liability provisions of the U.S. federal securities laws against us and our officers and directors who do not currently reside in the U.S. or have substantial assets in the U.S.

In addition, there is uncertainty as to whether the courts of the Province of Ontario in Canada would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the U.S. or any state. A judgment of a United States court may be recognized and enforced by an Ontario court if the U.S. court had a real and substantial connection to the underlying dispute, the judgment is final and conclusive, and it is for a definite sum of money (other than taxes, fines, or penalties). Ontario courts will not re-litigate the merits of the case, but they may refuse to recognize or enforce a U.S. judgment if, among other reasons, it was obtained in a manner contrary to natural justice, is contrary to Ontario public policy, or is based on U.S. securities laws imposing multiple damages.

***Our business could be materially and adversely disrupted by an epidemic or pandemic (such as the COVID-19 pandemic), or similar public threat, or fear of such an event, and the measures that the governmental authorities implement to address it.***

An epidemic, pandemic, or similar serious public health issue, and the measures undertaken by governmental authorities to address it, could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period, and thereby, along with any associated economic and social instability or distress, have a material adverse impact on our business, prospects, liquidity, financial condition, and results of operations.

On March 11, 2020, the World Health Organization declared the outbreak of the COVID-19 virus to be a global pandemic. For the fiscal years ended March 31, 2024 and 2025, no construction activities on our project sites were temporarily suspended due to confirmed COVID-19 case. Based on the best estimation of our management, our projects are expected to complete according to their respective project schedule, and we did not experience any cancellation of existing work orders in respect of the projects affected by COVID-19.

While the World Health Organization declared an end to the global Public Health Emergency for COVID-19 on May 5, 2023, we cannot estimate or predict with any degree of certainty the full impact of any future epidemic or pandemic on our financial condition and future results of operations. The ultimate impacts of the epidemic or pandemic and related mitigation efforts will depend on future developments, including the duration of the epidemic or pandemic, the

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acceptance and effectiveness of vaccines, the impact of epidemic or pandemic and related containment and mitigation measures on our clients, employees, and third-party service providers, workforce availability, and the timing and extent to which normal economic and operating conditions resume.

#### Systems and information technology interruption could materially and adversely impact our ability to operate.
We rely heavily on computer, information, and communications technology and related systems in order to properly operate. From time to time, we experience occasional system interruptions and delays. If we are unable to continually add software and hardware, effectively upgrade our systems and network infrastructure, and take other steps to improve the efficiency of and protect our systems, systems operation could be interrupted or delayed. In addition, our computer and communications systems and operations could be damaged or interrupted by natural disasters, telecommunications failures, acts of war or terrorism, computer viruses, physical or electronic security breaches, and similar events or disruptions. Any of these or other events could cause system interruption, delays, and loss of critical data, could delay or prevent operations, and could materially and adversely affect our operating results.

#### Risks Relating to this Offering and the Trading Market
***There has been no public market for our Common Shares prior to this offering, and you may not be able to resell our Common Shares at or above the price you pay for them, or at all.***

Prior to this offering, there has not been a public market for our Common Shares. We have submitted our application for the listing of our Common Shares on the Nasdaq Capital Market. At this time, Nasdaq has not yet approved our application to list our Common Shares. An active public market for our Common Shares, however, may not develop or be sustained after the offering, in which case the market price and liquidity of our Common Shares will be materially and adversely affected.

***The initial public offering price for our Common Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.***

The initial public offering price for our Common Shares will be determined by negotiations between us and the underwriters and may not bear a direct relationship to our earnings, book value, or any other indicia of value. We cannot assure you that the market price of our Common Shares will not decline significantly below the initial public offering price. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. Volatility in the price of our Common Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

#### You will experience immediate and substantial dilution in the net tangible book value of Common Shares purchased.
The initial public offering price of our Common Shares is substantially higher than the net tangible book value per share of our Common Shares. Consequently, when you purchase our Common Shares in the offering, upon completion of the offering you will incur immediate dilution of $0.34 per share, assuming an initial public offering price of $4.00, the low end of the estimated price range set forth on the cover page of this prospectus, assuming no exercise of the underwriters' over-allotment option. See "Dilution." In addition, you may experience further dilution to the extent that additional Common Shares are issued upon exercise of outstanding options we may grant from time to time.

#### We will incur substantial increased costs as a result of being a public company.
Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements on the corporate governance practices of public companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers.

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We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Common Shares that is held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

After we are no longer an "emerging growth company," or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures.

We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***Substantial future sales of our Common Shares or the anticipation of future sales of our Common Shares in the public market could cause the price of our Common Shares to decline.***

Sales of substantial amounts of our Common Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of our Common Shares to decline. An aggregate of 18,000,000 Common Shares is outstanding before the consummation of this offering. An aggregate of 20,000,000 Common Shares, assuming no exercise of the underwriters' over-allotment option, or 20,300,000 Common Shares, assuming full exercise of the underwriters' over-allotment option, will be outstanding immediately after the consummation of this offering. Sales of these shares into the market could cause the market price of our Common Shares to decline.

#### We do not intend to pay dividends in the foreseeable future.
As of the date of this prospectus, none of our subsidiaries has made any dividends or distributions to us and we have not made any dividends or distributions to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future. As a result, you may only receive a return on your investment in our Common Shares if the market price of our Common Shares increases.

***The market price of our Common Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.***

The initial public offering price for our Common Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Common Shares following our initial public offering. If you purchase our Common Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Common Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. The market price of our Common Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our revenue and other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of research or reports about our business published by securities or industry analysts, or negative report regarding our Common Shares published by them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, stockholders have filed securities class litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and materially and adversely affect our business.

***The price of our Common Shares could be subject to rapid and substantial volatility. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares.***

There have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with a relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume, and less liquidity than large-capitalization companies. In particular, our Common Shares may be subject to rapid and substantial price volatility, low volumes of trades, and large spreads in bid and ask prices. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares.

In addition, if the trading volumes of our Common Shares are low, persons buying or selling in relatively small quantities may easily influence the price of our Common Shares. This low volume of trades could also cause the price of our Common Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Common Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Common Shares. As a result of this volatility, investors may experience losses on their investment in our Common Shares. A decline in the market price of our Common Shares also could adversely affect our ability to issue additional shares of Common Shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Common Shares will develop or be sustained. If an active market does not develop, holders of our Common Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

***Our chief executive officer has substantial influence over our Company. His interests may not be aligned with the interests of our other shareholders, and he will be able to exert significant influence to prevent or cause a change of control or other transactions.***

As of the date of this prospectus, Mr. Tianshu Wang, our chief executive officer, beneficially owns approximately 55.0% of our outstanding Common Shares. Following the completion of this offering, Mr. Wang will have voting control over 9,900,000 Common Shares, representing 49.5% of the total voting power of our outstanding capital stock (or 48.8% if the underwriters exercise their over-allotment option in full). As a result, Mr. Wang may exert significant influence over the outcome of corporate transactions or other matters submitted to shareholders for approval, including mergers, consolidations, the election of directors, and other major corporate actions. He will also be able to exert significant influence to prevent or cause a change in control. Without the consent of Mr. Wang, we may be prevented from entering into transactions that could be beneficial to us or our minority shareholders. In addition, he could violate his fiduciary duties by diverting business opportunities from us to himself or others. The interests of Mr. Wang

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may differ from the interests of our other shareholders. The concentration in the ownership of our Common Shares may cause a material decline in the value of our Common Shares. For more information regarding Mr. Wang and his affiliated entity, see "Principal Shareholders."

***Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Common Shares.***

We anticipate that we will use approximately 30% of the funds raised from this offering for developing our existing business, approximately 30% of the funds raised from this offering for potential mergers and acquisitions of peer companies or businesses along the industry value chain, approximately 25% of the funds raised from this offering for research and development of AI-powered real estate platform, and approximately 15% of the funds raised from this offering for working capital. Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Common Shares.

***If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting, and other expenses that we would not incur as a foreign private issuer.***

We expect to qualify as a foreign private issuer upon the completion of this offering. As a foreign private issuer, we will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic issuers, and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are required to disclose. While we currently expect to qualify as a foreign private issuer immediately following the completion of this offering, we may cease to qualify as a foreign private issuer in the future, in which case we would incur significant additional expenses that could have a material adverse effect on our results of operations.

***Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.***

Nasdaq listing rules require listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country, Canada, does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of our Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our Company may decrease as a result. In addition, Nasdaq listing rules also require U.S. domestic issuers to have a compensation committee, a nominating/corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject to these requirements. Nasdaq listing rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, and certain share issuances. We intend to comply with the requirements of Nasdaq listing rules in determining whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. We may, however, consider following home country practice in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection to investors.

***If we cannot continue to satisfy the listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We have applied to have our Common Shares listed on the Nasdaq Capital Market upon consummation of this offering. It is a condition to the closing of this offering that our Common Shares qualify for listing on a national securities exchange. Following this offering, in order to maintain our listing on the Nasdaq Capital Market, we will be required to comply with certain rules of the Nasdaq Capital Market, including those regarding minimum stockholders' equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if

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we initially meet the listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities could be subject to delisting.

If the Nasdaq Capital Market subsequently delists our securities from trading, we could face significant consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability for market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity with respect to our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Common Shares are a "penny stock," which will require brokers trading in our Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

***Because we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could affect investor confidence in us and our Common Shares.***

For as long as we remain an "emerging growth company," as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies," including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of shareholder approval of any golden parachute payments not previously approved. Because of these lessened regulatory requirements, our shareholders would be left without information or rights available to shareholders of more mature companies. Further, we elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares and our share price may be more volatile. See "Implications of Our Being an Emerging Growth Company."

#### If we are classified as a PFIC, United States taxpayers who own our Common Shares may have adverse United States federal income tax consequences.
A non-U.S. corporation such as ourselves will be classified as a PFIC for any taxable year if, for such year, either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 75% of our gross income for the year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average percentage of our assets (determined at the end of each quarter) during the taxable year which produce passive income or which are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business), and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our Common Shares, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC, which could have adverse U.S. federal income tax consequences for U.S. taxpayers who are shareholders. We will make this determination

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following the end of any particular tax year. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were or are determined to be a PFIC, see "Material Income Tax Consideration — Material United States Federal Income Tax Consequences — PFIC Consequences."

#### Our pre-IPO shareholders will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act.
18,000,000 of our Common Shares are issued and outstanding as of the date of this prospectus. Our pre-IPO shareholders may be able to sell their Common Shares under Rule 144 after the completion of this offering. See "Shares Eligible for Future Sale." Because these shareholders have paid a lower price per Common Share than participants in this offering, when they are able to sell their pre-IPO shares under Rule 144, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the Common Shares following the completion of the offering, to the detriment of participants in this offering. Under Rule 144, before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Common Shares to be sold pursuant to Rule 144 during the pendency of this offering.

The shareholders who own 5% or more of our Common Shares, as well as our officers and directors, have agreed not to sell any of their Common Shares for a period of six (6) months from the date of this prospectus. See "Underwriting — Lock-Up Agreements" for more information.

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#### ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of the Province of Ontario. Our directors and officers are based in Toronto, Canada except for one independent director, Lee Yeung, who is located in Hong Kong, and all or a substantial portion of their assets, and a substantial portion of our assets, are located outside of the United States. We have appointed an agent for service of process in the United States, but it may be difficult for shareholders who reside in the United States to effect service within the United States upon those directors, officers, and experts who are not residents of the United States. It may also be difficult for shareholders who reside in the United States to realize in the United States upon judgments of courts of the United States predicated upon our civil liability and the civil liability of our directors, officers, and experts under the United States federal securities laws. There can be no assurance that U.S. investors will be able to enforce against us, members of our board of directors, officers, or certain experts named herein who are residents of Canada or other countries outside the United States, any judgments in civil and commercial matters, including judgments under the federal securities laws.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us under the federal securities laws of the United States or of any state in the United States.

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#### USE OF PROCEEDS
Based upon an assumed initial public offering price of $4.00 per Common Share, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, we estimate that we will receive net proceeds from the sale of our Common Shares of approximately $6,389,141, after deducting estimated underwriting discounts and commissions and estimated offering expenses. If the underwriters' option to purchase additional Common Shares is exercised in full, we estimate, based on the assumptions stated above, that we will receive net proceeds of approximately $7,493,141, after deducting estimated underwriting discounts and commissions and estimated offering expenses.

Each $1.00 increase (decrease) in the assumed initial public offering price of $4.00 per share, would increase (decrease) the net proceeds to us from this offering by approximately $1,839,878, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions.

Based upon the assumptions stated above, we intend to use the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for developing our existing business, including hiring more business development managers, project managers, and client relationship specialists, diversifying our service offerings, and enhancing marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for potential mergers and acquisitions of peer companies or businesses along the industry value chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 25% for research and development of AI-powered real estate platform integrating comprehensive real estate data, industry trends, and advanced analytics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% for working capital and other general corporate purposes.

The precise amounts and percentage of proceeds we would devote to particular categories of activity will depend on prevailing market and business conditions as well as particular opportunities that may arise from time to time. This expected use of our net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including any unforeseen cash needs. Similarly, the priority of our prospective uses of proceeds will depend on business and market conditions as they develop. Accordingly, our management will have significant flexibility and broad discretion in applying the net proceeds of the offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus.

Although we may use a portion of the proceeds for the acquisition of, or investment in, companies, technologies, products, services, or assets that complement our business, we have no present understandings, commitments, or agreements to enter into any acquisitions or make any investments. We cannot assure you that we will make any acquisitions or investments in the future. As of the date of this prospectus, we have not identified any specific companies for potential merger or acquisition.

Based on our current operations and scheduled expansion plans, we believe that our existing cash and cash equivalents, together with the anticipated net proceeds from this offering, will enable us to operate our existing operations and administrative functions and also provide the planned funds for capital expenditures through the fiscal year ending March 31, 2025. For additional information regarding our potential capital requirements, see "Risk Factors."

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#### DIVIDEND POLICY
While we have previously declared and paid cash dividends, we have no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

The holders of our Common Shares are entitled to dividends out of funds legally available when and as declared by our directors. Should we decide in the future to pay dividends, our ability to do so depends upon our future operations and earnings, capital requirements and surplus, general financial conditions, and other factors that our directors may deem relevant.

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#### CAPITALIZATION
The following table sets forth our capitalization as of March 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a pro forma basis to give effect to (a) the sale of 8,100,000 Common Shares at a price of CAD0.1010 (US$0.0702) per share on April 15, 2025, and (b) the sale of 2,000,000 Common Shares by us in this offering at an assumed initial public offering price of $4.00 per share, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated underwriting commissions and estimated offering expenses, and assuming that the underwriters do not exercise their over-allotment option.

You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus. See "Use of Proceeds" and "Description of Share Capital."

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro forma<sup>(1)</sup>** |
|  Cash and cash equivalents | $175281 | $175281 |
|  Bank loans – current and non-current | $32325 | $32325 |
|  **Shareholder's Equity:** |  |  |
|  Common shares, CAD0.0001 par value, 500,000,000 shares authorized, 9,900,000 shares issued and outstanding; 18,000,000 shares issued and outstanding as of April 15, 2025, 20,000,000 shares issued and outstanding without exercise of over-allotment option, as adjusted | $689 | $1392 |
|  Additional paid-in capital – 8,100,000 shares issued on April 15, 2025 | $— | $567883 |
|  Additional paid-in capital – assuming the issuance of 2,000,000 Common Shares in this offering |  | 6389141 |
|  Retained earnings | $507124 | $507124 |
|  Accumulated other comprehensive income | $— | $— |
|  Total shareholders' equity | $507813 | $7465540 |
|  **Total capitalization** | $540138 | $7497865 |

---

____________

(1) As of the date of this prospectus, we have 18,000,000 Common Shares outstanding and the value of Common Shares increased from CAD990 (US$689) as of March 31, 2025 to CAD1,800 (US$1,253) as of April 15, 2025.

The number of our Common Shares that would be outstanding after this offering is based on 18,000,000 Common Shares outstanding as of September 4, 2025, assuming the issuance of 2,000,000 Common Shares in this offering.

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#### DILUTION
If you invest in our Common Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Common Share and the pro forma net tangible book value per Common Share after the offering. Our historical net tangible book value as of March 31, 2025 was $507,813, or $0.03 per share. We calculate our historical net tangible book value per share by dividing our total tangible assets less our total liabilities by the number of our outstanding Common Shares. Our net tangible book value dilution per share to new investors represents the difference between the amount per share paid by purchasers of our Common Shares in this offering and the pro forma as adjusted net tangible book value per share of our Common Shares immediately after completion of this offering.

Dilution results from the fact that the per Common Share offering price is substantially in excess of the book value per Common Share attributable to the existing shareholders for our presently outstanding Common Shares. After giving effect to the issuance and sale of 2,000,000 shares in this offering at an assumed initial public offering price of $4.00 per share, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and offering expenses payable by us, the pro forma as adjusted net tangible book value as of March 31, 2025 would have been $7,465,540 or $0.37 per share. This represents an immediate increase in net tangible book value to existing shareholders of $0.34 per share. The public offering price per share will significantly exceed the net tangible book value per share. Accordingly, new investors who purchase shares in this offering will suffer an immediate dilution of their investment of $3.63 per share. The following table illustrates this per share dilution to the new investors purchasing shares in this offering:

---

| | |
|:---|:---|
|  Assumed initial public offering price per share | $4.00 |
|  Historical net tangible book value per share of March 31, 2025 | $0.03 |
|  Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering | $0.34 |
|  Pro forma net tangible book value per share immediately after this offering | $0.37 |
|  Dilution per share to new investors in this offering | 3.63 |

---

A $1.00 increase (decrease) in the assumed public offering price of $4.00 per share would increase (decrease) the pro forma net tangible book value by $1,839,878, the pro forma net tangible book value per share after this offering by $0.47 per share and the dilution in pro forma net tangible book value per share to investors in this offering by $3.53 per share, assuming that we will issue 2,000,000 Common Shares in this offering and after deducting the estimated underwriting discount and offering expenses payable by us. If the underwriters' option to purchase additional shares in this offering is exercised in full, the pro forma net tangible book value, as adjusted to give effect to this offering, would be $0.42 per share and the dilution to new investors would be $3.58 per share.

We may also increase or decrease the number of shares we are offering. A one million share increase in the number of shares offered by us would increase the pro forma net tangible book value per share by $0.16 and decrease the dilution per share to investors participating in this offering by $0.16, assuming the assumed initial public offering price of $4.00 per share remains the same and after deducting the estimated underwriting discount and estimated offering expenses payable by us. A one million share decrease in the number of shares offered by us would decrease the pro forma as adjusted net tangible book value per share after this offering by $0.17 and increase the dilution per share to new investors participating in this offering by $0.17, assuming the assumed initial public offering price of $4.00 per share remains the same and after deducting the estimated underwriting discount and estimated offering expenses payable by us.

The following charts illustrate our pro forma proportionate ownership, upon completion of this offering by present shareholders and investors in this offering, compared to the relative amounts paid by each, assuming the sale of 2,000,000 Common Shares at an assumed initial public offering price of $4.00 per share, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus. The charts reflect payment by present shareholders as of the date the consideration was received and by investors in this offering for the assumed number of Common Shares at the assumed offering price without deduction of commissions or expenses. The charts further assume no changes in net tangible book value other than those resulting from this offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price <br>Per Share<br>($)** |
|  | **Amount <br>(#)** | **Percent <br>(%)** | **Amount <br>($)** | **Percent <br>(%)** | **Average Price <br>Per Share<br>($)** |
|  Existing shareholders | 18000000 | 90.0% | 569136 | 6.6% | 0.03 |
|  New investors | 2000000 | 10.0% | 8000000 | 93.4% | 4.00 |
|  Total | 20000000 | 100.0% | 8569136 | 100.0% | 0.43 |

---

The table below shows what happens when the over-allotment option exercised, based upon the same assumptions stated above:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price<br>Per Share<br>($)** |
|  | **Amount <br>(#)** | **Percent <br>(%)** | **Amount <br>($)** | **Percent <br>(%)** | **Average Price<br>Per Share<br>($)** |
|  Existing shareholders | 18000000 | 88.7% | 569136 | 5.8% | 0.03 |
|  New investors | 2300000 | 11.3% | 9200000 | 94.2% | 4.00 |
|  Total | 20300000 | 100.0% | 9769136 | 100.0% | 0.48 |

---

If the underwriters' over-allotment option of 300,000 shares is exercised in full, the percentage of shares held by existing stockholders would be reduced to 88.7% of the total number of shares to be outstanding after this offering; and the number of shares held by the new investors would be increased to 2,300,000 shares, or 11.3%, of the total number of shares outstanding after this offering.

The number of our Common Shares reflected in the discussion and tables above is based on 18,000,000 Common Shares outstanding as of September 4, 2025.

The pro forma information discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual initial public offering price of our Common Shares and other terms of this offering determined when this offering goes effective.

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#### CORPORATE HISTORY AND STRUCTURE

#### Corporate History
Lorenzo Developments Inc. (formerly known as "Lorenzo Consulting Inc.") is a limited company incorporated under the Business Corporation Act of Ontario, Canada, on April 22, 2016. On November 18, 2019, we filed Articles of Amendment on change of name with Ontario Business Registry, Canada, to change its name from Lorenzo Consulting Inc. to Lorenzo Developments Inc.

#### Our Corporate Structure
The following diagram illustrates our corporate structure as of the date of this prospectus.

![](tflowchart_001.jpg)

____________

Notes:

(1) Represents 9,900,000 Common Shares held by Sky Pivot Corp., a Canadian company, incorporated in Ontario which is 100% owned by Tianshu Wang, our chief executive officer, president, and director as of the date of this prospectus.

(2) Represents 3,636,000 Common Shares held by YUYUKPING LIMITED, a British Virgin Islands company, which is 100% owned by Yuk Ping Yu, as of the date of this prospectus.

(3) Represents 4,464,000 Common Shares held by six minority shareholders, each of which holds less than 5% of our Common Shares, as of the date of this prospectus.

(4) The calculations are based on 20,000,000 Common Shares issued and outstanding after this offering, assuming no exercise of the underwriters' over-allotment option.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included in this prospectus. In addition to historical financial information, the following discussion contains forward*-looking *statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward*-looking *statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus, particularly in "Risk Factors" and in "Disclosure Regarding Forward*-Looking *Statements." All amounts included in the fiscal years ended March 31, 2024 and 2025 have been prepared in accordance with U.S. GAAP.*

#### Overview
We are engaged in providing real estate-related services, consisting of real estate development management and consulting.

Our real estate development management services include managing the process of securing all necessary governmental approvals, permits, and licenses for development projects; arranging for professional services such as engineering and legal support; overseeing project execution to ensure quality, safety, and on-time delivery; and maintaining consistent communication with clients throughout the project lifecycle. Our real estate consulting services include delivering professional feasibility assessment reports or suggestions, based on the completion of a series of interrelated tasks, such as feasibility study, purchase and sale advisory, and investment consultation.

Across both service lines, we integrate market research, zoning analysis, and urban planning insights to deliver informed and practical guidance. By combining strategic planning with seamless execution coordination, we help our clients navigate complex development processes and maximize the long-term value of their real estate investments.

For the fiscal years ended March 31, 2024 and 2025, we had total revenue of CAD182,500 and CAD1,709,809 (US$1,189,102), respectively. Our net loss was CAD207,661 for the fiscal year ended March 31, 2024, and our net income was CAD1,138,338 (US$791,667) for the fiscal year ended March 31, 2025. As of March 31, 2024 and 2025, our Company had cash of CAD1,710 and CAD252,036 (US$175,281), respectively, and had working capital of CAD447,942 and CAD675,891 (US$470,054), respectively.

#### Factors Affecting Our Results of Operations
In addition to the general factors affecting the Canadian economy, the global economy and our industry, our results of operations and financial condition are affected by a number of industry- and company-specific factors, including those set forth below:

*Relationships with customers:* Our ability to secure new contracts and maintain ongoing projects is closely tied to the strength of our relationships with clients. In this industry, long-term customer relationships are often built on a track record of quality, reliability, and responsiveness. Customer satisfaction affects repeat business, the awarding of future contracts, and our reputation in the marketplace. Therefore, maintaining effective communication, meeting project timelines, and consistently delivering value are central to both our operational success and financial performance.

*Competition in the real estate development industry:* The real estate development industry in Canada is highly competitive, with numerous local, national, and international firms competing for both public and private sector projects. We face challenges not only on price, but also on the basis of project delivery timelines, quality of work, safety performance, technical expertise, and customer service. Furthermore, fluctuations in material costs, labor availability, and new technologies may shift competitive advantages.

#### COVID-19 Affecting Our Results of Operations
On January 30, 2020, the World Health Organization declared the outbreak of COVID-19 a "public health emergency of international concern," and on March 11, 2020, the World Health Organization characterized the outbreak as a "pandemic". Governments in affected countries imposed travel bans, quarantines, and other emergency public health measures, which had caused material disruption to businesses globally resulting in an economic slowdown. Canada began easing COVID-19 restrictions in May 2020, with most provincial mask mandates lifted by spring 2022 and all federal travel-related requirements, including quarantine and masking, ending in October 2022.

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In the longer-term, if there is any resurgence of COVID-19 pandemic in Canada, it is likely to adversely affect the economies and financial markets of many countries, and could result in a global economic downturn and a recession. This would likely adversely affect the Company's business, financial condition, and results of operations.

Our operations may be negatively affected if any of our employees or employees of our customers is suspected of contracting or having contracted COVID-19, since this may require us and our customers to quarantine some or all of the relevant employees and disinfect our project sites and facilities. If these adverse impacts materialize and persist for a substantial period of time, they may significantly and adversely affect our business operations and financial performance.

For the fiscal years ended March 31, 2024 and 2025, no construction activities on our project sites were temporarily suspended due to confirmed COVID-19 case. Based on the best estimation of our management, our projects are expected to complete according to their respective project schedule, and we did not experience any cancellation of existing work orders in respect of the projects affected by COVID-19.

However, the extent of the impact of COVID-19 on our future financial results will be dependent on future developments, such as the length and severity of the pandemic, the potential resurgence of the pandemic, future government actions in response to the pandemic and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, it is impracticable for us to quantify the expected impact of the COVID-19 pandemic on our future operations, financial condition, liquidity, and results of operations if the current situation continues.

#### Results of Operations
The following is a summary of our statements of income as derived from our financial statements included elsewhere in this prospectus, and this summary should be read in conjunction therewith.

#### Comparison of Results of Operations for the Fiscal Years Ended March 31, 2024 and 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal year ended March 31** | **For the fiscal year ended March 31** | **For the fiscal year ended March 31** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp; Management services | 182500 | 1226230 | 852793 |
| &nbsp;&nbsp;&nbsp; Consulting services |  | 483579 | 336309 |
|  **Total Revenues** | **182500** | **1709809** | **1189102** |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | 477122 | 343856 | 239138 |
|  **(Loss)/Income from Operations** | **(294622)** | **1365953** | **949964** |
| &nbsp;&nbsp;&nbsp; Interest expenses, net | (10372) | (7455) | (5185) |
| &nbsp;&nbsp;&nbsp; Other income, net | 51636 | 104186 | 72457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income, net | 41264 | 96731 | 67272 |
|  **(Loss)/Income before Income Taxes** | **(253358)** | **1462684** | **1017236** |
|  **Income Taxes Provision/(benefit)** | **(45697)** | **324346** | **225569** |
|  **Net (Loss)/Income** | **(207661)** | **1138338** | **791667** |

---

#### Revenue

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Revenue** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **Increase** | **Increase** |
|  **Revenue** | **2024** | **2024** | **2025** | **2025** | **2025** | **Increase** | **Increase** |
|  **Revenue** | **CAD** | **%** | **CAD** | **US$** | **%** | **CAD** | **%** |
|  Management services | 182500 | 100% | 1226230 | 852793 | 72% | 1043730 | >100% |
|  Consulting services |  |  | 483579 | 336309 | 28% | 483579 | 100% |
|  Total revenue | 182500 | 100% | 1709809 | 1189102 | 100% | 1527309 | >100% |

---

Our revenue is generated from real estate development management services and real estate consulting services. Our real estate development management services include managing the process of securing all necessary governmental approvals, permits, and licenses for development projects; arranging for professional services such as engineering and legal support; overseeing project execution to ensure quality, safety, and on-time delivery; and maintaining consistent communication with clients throughout the project lifecycle. Our real estate consulting services include delivering professional feasibility assessment reports or suggestions, based on the completion of a series of interrelated tasks.

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Our revenue increased from CAD182,500 for the fiscal year ended March 31, 2024 to CAD1,709,809 (US$1,189,102) for the fiscal year ended March 31, 2025, which was mainly due to: (i) our business expansion to real estate consulting services for the fiscal year ended March 31, 2025; (ii) our management's deep understanding of the industry, accumulation of customer resources, and good relationship with local engineering, architectural, and legal service providers, which ensured the sustainability of our business; and (iii) employment of additional site supervisor, who enhanced our execution capabilities and provided more quality services.

Our revenue generated from real estate development management services increased by CAD1,043,730 (US$725,871) from CAD182,500 for the fiscal year ended March 31, 2024 to CAD1,226,230 (US$852,793) for the fiscal year ended March 31, 2025, which was mainly due to expansion on our real estate development management business. For the fiscal year ended March 31, 2025, we added nine customers to our real estate development management business.

For the fiscal year ended March 31, 2025, our Company expanded its business to real estate consulting services and the revenue generated from consulting services amounted to CAD483,579 (US$336,309), as a result of our enhanced business development efforts and new expansion of consulting services. For the fiscal year ended March 31, 2025, we totally served 16 customers, while 1 customer we served is originally our development management client for the fiscal year ended March 31, 2024.

#### General and administrative expenses

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **General and administrative expenses** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  **General and administrative expenses** | **2024** | **2024** | **2025** | **2025** | **2025** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  **General and administrative expenses** | **CAD** | **%** | **CAD** | **US$** | **%** | **CAD** | **%** |
|  Salaries and wages | 112476 | 24% | 196691 | 136790 | 57% | 84215 | 75% |
|  Rental expenses | 53379 | 11% | 40664 | 28280 | 12% | (12715) | (24)% |
|  Consulting fee | 55310 | 12% | 3500 | 2434 | 1% | (51810) | (94)% |
|  Meals and entertainment expenses | 18911 | 4% | 25010 | 17393 | 7% | 6099 | 32% |
|  Office expenses | 5260 | 1% | 13268 | 9227 | 4% | 8008 | 152% |
|  Professional Fees | 8274 | 2% | 45858 | 31892 | 13% | 37584 | 454% |
|  Amortization expenses | 7859 | 2% | 4025 | 2799 | 1% | (3834) | (49)% |
|  Credit loss | 206447 | 42% | 1653 | 1150 | 1% | (204794) | (99)% |
|  Others | 9206 | 2% | 13187 | 9173 | 4% | 3981 | 43% |
|  Total general and administrative expenses | 477122 | 100% | 343856 | 239138 | 100% | (133266) | (28)% |

---

Our general and administrative expenses mainly consisted of salaries and wages, rental expenses, meals and entertainment expenses, professional fees, and credit loss. General and administrative expenses decreased by CAD133,266 (US$92,681) or 28%, from CAD477,122 for the fiscal year ended March 31, 2024, to CAD343,856 (US$239,138) for the fiscal year ended March 31, 2025. This decrease was mainly attributable to: (i) the decrease in credit loss and consulting fee and partially offset by (ii) the increase in salary and wages resulting from the increase in salaries of existing staff and the recruitment of additional employees for our management department; (iii) the increase in meals and entertainment resulting from the business expansion; and (iv) the increase in professional fee resulting from the increase in lawyer fee which incurred from updating the Company's shareholding structure and the industry analysis report fee on Canada property development industry. The decrease in credit loss was primarily due to the accrued expected credit loss for other receivables, which amounted to CAD206,447 for the fiscal year ended March 31, 2024, compared to nil for the fiscal year ended March 31, 2025, and newly added expected credit loss for accounts receivables, which amounted to CAD1,653 for the fiscal year ended March 31, 2025. The decrease in consulting fee was primarily due to the decrease in investor relationship management and public relationship services, which amounted to CAD40,000 for the fiscal year ended March 31, 2024 and nil for the fiscal year ended March 31, 2025.

#### Other income (expenses)
Our other income (expenses) primarily consisted of income from disposal of long-term investment, government subsidies, interest expenses, and others. Other income (expenses) increased by CAD55,467 (US$38,575), or 134%, from CAD41,264 for the fiscal year ended March 31, 2024 to CAD96,731 (US$67,272) for the fiscal year ended March 31, 2025, primarily because of the increase in net income on disposal of the long-term investment amounted to CAD60,000 (US$41,728) in the fiscal year ended March 31, 2025.

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***(Loss)/Income before income taxes***

Income before income taxes was CAD1,462,684 (US$1,017,236) for the fiscal year ended March 31, 2025, representing an increase of CAD1,716,042 (US$1,193,436) as compared to a loss of CAD253,358 for the fiscal year ended March 31, 2024. The increase was primarily attributable to the increased revenue and decrease in general and administrative expenses.

#### Income Taxes Provision / (benefit)
Our provision for income taxes was CAD324,346 (US$225,569) for the fiscal year ended March 31, 2025, representing an increase of CAD370,043 (US$257,350) compared to the income tax benefit of CAD45,697 for the fiscal year ended March 31, 2024. The increased income tax provision was mainly due to increased taxable income in the fiscal year ended March 31, 2025.

Under the current Canadian income tax act, the first CAD500,000 of profits of the Company will be subject to a combined provincial and federal corporate income tax of 12.2%, and profits in excess of CAD500,000 will be taxed at a combined provincial and federal corporate income tax of 26.5%.

The difference between the amount of the provision for income taxes and the amount computed by multiplying income before income taxes by the statutory Canadian tax rate is reconciled as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **US$** |
|  Income (loss) before tax | (253358) | 1462684 | 1017236 |
|  Statutory Canadian tax rate | 26.50% | 26.50% | 26.50% |
|  Income tax based on statutory tax rate | (67140) | 387611 | 269568 |
|  Preferential rate deduction |  | (72349) | (50316) |
|  Non-deductible expenses | 21645 | 6186 | 4302 |
|  Temporary differences-losses and tax credits | (202) | 2898 | 2015 |
|  Income taxes provision/(benefit) | (45697) | 324346 | 225569 |

---

#### Net (loss) / income
Our net income was CAD1,138,338 (US$791,667) for the fiscal year ended March 31, 2025, representing an increase of CAD1,345,999 (US$936,087) compared to the net loss of CAD207,661 for the fiscal year ended March 31, 2024. The increase in net income was primarily due to the higher revenue for the fiscal year ended March 31, 2025, as discussed above under revenue sections.

#### Liquidity and Capital Resources
The following table sets forth our current assets and current liabilities as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br>2024** | **March 31,<br>2025** | **March 31,<br>2025** |
|  | **CAD** | **CAD** | **US$** |
|  **CURRENT ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalent | 1710 | 252036 | 175281 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net |  | 105697 | 73508 |
| &nbsp;&nbsp;&nbsp; Deferred IPO costs |  | 215685 | 150000 |
| &nbsp;&nbsp;&nbsp; Due from related parties | 607383 | 907828 | 631357 |
|  **TOTAL CURRENT ASSETS** | **609093** | **1481246** | **1030146** |
|  **CURRENT LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Long-term loans – current portion | 21580 | 19920 | 13854 |
| &nbsp;&nbsp;&nbsp; Accrued and other payables | 96830 | 460263 | 320095 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities – current | 23795 | 29781 | 20711 |
| &nbsp;&nbsp;&nbsp; Income tax payable | 18946 | 295391 | 205432 |
|  **TOTAL CURRENT LIABILITIES** | **161151** | **805355** | **560092** |
|  **WORKING CAPITAL** | **447942** | **675891** | **470054** |

---

[**Table of Contents**](#TOC001)

#### Accounts receivable, net
Our accounts receivables represent the Company's right to consideration in exchange for services that the Company has transferred to the customer before payment is due. Our accounts receivable, net balance was nil as of March 31, 2024 and increased to CAD105,697 (US$73,508) as of March 31, 2025. The increase was mainly due to increased real estate development management services rendered.

#### Loans
As of March 31, 2024 and 2025, we had total loans of CAD68,060 and CAD46,480 (US$32,325), respectively. The following table sets forth the breakdown of our loans as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br>2024** | **March 31,<br>2025** | **March 31,<br>2025** |
|  | **CAD** | **CAD** | **US$** |
|  Long-term loans – current portion | 21580 | 19920 | 13854 |
|  Long-term loans – non-current portion | 46480 | 26560 | 18471 |
|  **Total loans** | **68060** | **46480** | **32325** |

---

The long-term loans (including the current portion) outstanding as of March 31, 2024 and 2025 carried a floating interest rate of prime rate plus 4.03% per annum, were denominated in CAD, with a term from February 2, 2022 to July 10, 2027. The effective interest rates were 13.33% and 11.08% for the fiscal years ended March 31, 2024 and 2025, respectively.

#### Lease Liabilities
We recognized total lease liabilities of CAD44,482 and CAD34,186 (US$23,774) as of March 31, 2024 and 2025, respectively. The decrease was primarily due to the expiration of one of our lease agreements during the year.

#### Contractual Obligations
The following table sets forth our contractual obligations as of March 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment due by Period** | **Payment due by Period** | **Payment due by Period** | **Payment due by Period** | **Payment due by Period** |
|  | **Total** | **Less than<br>1 Year** | **1 – 3 Years** | **3 – 5 Years** | **More than<br>5 Years** |
|  | **CAD** | **CAD** | **CAD** | **CAD** | **CAD** |
|  Long-term loans | 68060 | 21580 | 39840 | 6640 |  |
|  Lease liabilities | 50100 | 27600 | 22500 |  |  |
|  Total | 118160 | 49180 | 62340 | 6640 |  |

---

The following table sets forth our contractual obligations as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment due by Period** | **Payment due by Period** | **Payment due by Period** | **Payment due by Period** | **Payment due by Period** |
|  | **Total** | **Less than<br>1 Year** | **1 – 3 Years** | **3 – 5 Years** | **More than<br>5 Years** |
|  | **CAD** | **CAD** | **CAD** | **CAD** | **CAD** |
|  Bank loans | 46480 | 19920 | 26560 |  |  |
|  Lease liabilities | 36000 | 31500 | 4500 |  |  |
|  Total | 82480 | 51420 | 31060 |  |  |

---

Apart from what is shown above, we did not have any significant capital commitments or long-term obligations or guarantees as of March 31, 2025 and 2024.

#### Capital Expenditures
Our capital expenditure mainly consisted of expenditures on property, plant, and equipment. The Company did not have any significant capital commitments as of March 31, 2024 and 2025.

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We have historically funded our working capital needs primarily from cash generated from our operations, bank loans, and advance payments from shareholders. Our working capital requirements are affected by the efficiency of our operations, the numerical volume and dollar value of our revenue contracts, the progress or execution on our customer contracts, and the timing of accounts receivable collections. Our management believes that current levels of cash and cash flows from operations will be sufficient to meet our anticipated cash needs for at least the next 12 months from the date of this prospectus. However, we may need additional cash resources in the future if we experience changed business conditions or other developments, and may also need additional cash resources in the future if we wish to pursue opportunities for acquisitions, research and development investment, or other similar initiatives. If it is determined that the cash requirements exceed our amounts of cash on-hand, we may seek to issue debt or equity securities or obtain a credit facility.

#### Cash flows for the fiscal years ended March 31, 2024 and 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **US$** |
|  Net cash (used in)/generated from operating activities | (107849) | 1645036 | 1144055 |
|  Net cash generated from investing activities | 58111 | 259555 | 180510 |
|  Net cash generated from/(used in) financing activities | 47740 | (1654265) | (1150473) |
|  Net (decrease)/increase in cash and cash equivalent | (1998) | 250326 | 174092 |
|  Total cash and cash equivalents, beginning of year | 3708 | 1710 | 1189 |
|  Total cash and cash equivalents, end of year | 1710 | 252036 | 175281 |

---

#### Operating activities
Net cash provided by operating activities was CAD1,645,036 (US$1,144,055) for the fiscal year ended March 31, 2025, compared to the net cash used in operating activities of CAD107,849 for the fiscal year ended March 31, 2024. The change was primarily attributable to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. net income increased by CAD1,345,999 (US$936,087) for the fiscal year ended March 31, 2025 as compared to the fiscal year ended March 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. accounts receivable increased by CAD107,350 (US$74,657) for the fiscal year ended March 31, 2025, compared to nil for the fiscal year ended March 31, 2024, mainly due to increased management services provided near year-end, for which payments were not yet received as of March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. other assets increased nil for the fiscal year ended March 31, 2025, compared to an increase of CAD111,500 for the fiscal year ended March 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. accrued and other payables increased by CAD376,933 (US$262,141) for the fiscal year ended March 31, 2025, compared to an increase of CAD37,925 for the fiscal year ended March 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. lease liabilities — operating lease decreased by CAD20,545 (US$14,288) for the fiscal year ended March 31, 2025, compared to a decrease of CAD33,000 for the fiscal year ended March 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. income tax payable increased by CAD276,445 (US$192,256) for the fiscal year ended March 31, 2025, compared to an increase of CAD11,241 for the fiscal year ended March 31, 2024.

#### Investing activities
Net cash generated from investing activities was CAD259,555 (US$180,510) for the fiscal year ended March 31, 2025, compared to the cash generated from investing activities of CAD58,111 for the fiscal year ended March 31, 2024. During the fiscal year ended March 31, 2025, we generated CAD560,000 (US$389,457) from disposals of long-term investment and used CAD300,445 (US$208,947) of the proceeds to provide loans to related parties. During the fiscal year ended March 31, 2024, we spent CAD1,769 on the purchase of fixed assets and generated a repayment received from shareholder loans of CAD59,880.

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#### Financing activities
Net cash used in financing activities was CAD1,654,265 (US$1,150,473) for the fiscal year ended March 31, 2025, compared to the cash provided by financing activities of CAD47,740 for the fiscal year ended March 31, 2024. During the fiscal year ended March 31, 2025, net cash used in financing activities included: (i) repayment of loans of CAD21,580 (US$15,008), (ii) redemption of preferred shares of CAD1,350,000 (US$938,869), (iii) dividends paid for preferred shares of CAD67,000 (US$46,569), and (iv) deferred costs related to the initial public offering of CAD215,685 (US$150,000). During the fiscal year ended March 31, 2024, net cash generated from financing activities included: (i) repayment of loans of CAD18,260, (ii) proceeds from issuance of preferred shares of CAD150,000, and (iii) dividends paid for preferred shares of CAD84,000.

#### Inflation risk
Recent inflationary pressures have materially and adversely affected certain aspects of our business operations. For example, recent inflationary pressures have led to an increase in the costs associated with real estate development projects, including construction materials, labor, energy, and logistics. These increased costs cannot be transferred under fixed-price contracts, which results in compressed profit margins. Moreover, the recent inflationary pressures have changed the risk and return characteristics of real estate investments, necessitating a reassessment of the viability of various projects. As part of this reassessment, increased attention is being directed toward asset classes with strong inflation-hedging characteristics, such as multi-family residential developments.

In response to the inflationary pressures outlined above, the Company is in the process of developing a proprietary AI model to support its real estate consulting services, market analysis, and business operations. This initiative is intended to reduce reliance on manual labor, thereby mitigating increased labor costs and improving overall operational efficiency. In parallel, the Company plans to implement more flexible pricing policies and payment structures to ease financial pressure on clients, sustain demand, and preserve its competitive position in the market.

We may continue to experience inflationary pressures, and inflation may have a larger impact on our results of operations in the future, particularly if we expand our business into markets and geographic areas where fixed-price and lump-sum work is more prevalent. Therefore, continued inflation, rising or continued high interest rates, and/or construction costs could have a material adverse impact on our business, financial condition, and results of operations. See "Risk Factors — Risks Related to Our Business and Industry — Continuing inflation, rising or continued high interest rates, and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts."

#### Trend Information
The increase in our revenue for the fiscal year ended March 31, 2025 is primarily attributable to (i) our business expansion to real estate consulting services for the fiscal year ended March 31, 2025; (ii) our management's deep understanding of the industry, accumulation of customer resources, and good relationship with local engineering, architectural, and legal service providers, which ensured the sustainability of our business; and (iii) employment of additional site supervisor, who enhanced our execution capabilities and provided more quality services.

While the expansion into real estate consulting services contributed significantly to our revenue in the fiscal year ended March 31, 2025, such increase was partly due to the fact that this business segment was newly launched and did not contribute to revenue in the prior fiscal year. As a result, the year-over-year growth from this segment may not be as pronounced in future periods. However, we plan to retain and further develop this business line as a recurring part of our operations, and expect it to continue contributing to revenue on an ongoing basis, even if the margins or growth rate moderate.

Our management's industry knowledge, customer relationships, and collaborations with local engineering, architectural, and legal service providers are core strengths that we expect to support the continued growth and sustainability of our business over the long term.

In addition, while the hiring of an additional site supervisor in the fiscal year ended March 31, 2025 was a specific response to increased business needs, we expect to continue expanding our team in line with project demand. As such, future staffing enhancements will be made as necessary, reflecting a sustainable approach to supporting our operations rather than a one-time event.

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Since the expansion into real estate consulting services was the primary driver of our revenue increase for the fiscal year ended March 31, 2025, we do not expect the same level of year-over-year revenue growth to continue in future periods.

Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition or results of operations.

#### Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements, including arrangements that would affect our liquidity, capital resources, market risk support, and credit risk support or other benefits, except the following:

On April 15, 2025, our shareholders approved the subscription by seven subscribers for an aggregate of 8,100,000 Common Shares at a subscription price of CAD0.10101 per share (the "Shares Subscription"). Following the Shares Subscription, we had a total of 18,000,000 Common Shares issued and outstanding.

#### Critical Accounting Estimates
The discussion of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates and assumptions on an ongoing basis using the best information available. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates.

Critical accounting policy is both material to the presentation of financial statements and requires management to make difficult, subjective, or complex judgments that could have a material effect on financial condition or results of operations. Accounting estimates and assumptions may become critical when they are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and that have a material impact on financial condition or operating performance.

Critical accounting estimates are those that involve making assumptions about uncertain matters at the time the estimate is made. If different estimates, which could reasonably have been used, or changes in those estimates that are likely to occur from period to period, have a material impact on the presentation of our financial condition, changes in financial condition, or results of operations, they are considered critical. Some of our accounting policies require higher degrees of judgment than others in their application. We determined that there were no critical accounting estimates.

#### Recently Issued Accounting Pronouncements
A list of recent relevant accounting pronouncements is included in Note 2 "Summary of Significant Accounting Policies" of our financial statements.

Except as mentioned in Note 2 "Summary of Significant Accounting Policies" of our financial statements, we do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on our balance sheets, statements of operations and comprehensive (loss)/income, and statements of cash flows.

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#### INDUSTRY
*All the information and data presented in this section have been derived from Frost & Limited's ("Frost & Sullivan") industry report commissioned by us entitled "Canada Real Estate Development Services Market Study" (the "Frost & Sullivan Report") unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

#### OVERVIEW OF REAL ESTATE DEVELOPMENT SERVICES IN CANADA

#### Definition
The real estate development services industry encompasses a range of professional activities that support the planning, development, and management of real estate projects across residential, commercial, and industrial sectors. Industry players in this domain are critical for bridging the gap between raw land and fully developed properties, offering expertise and services that enable efficient and sustainable real estate development. The industry's scope includes project development, project management, and consultancy services, catering to developers, investors, and other stakeholders involved in real estate projects.

![](timage_001.jpg)

*Source: Frost & Sullivan Report*

#### Value Chain
The upstream stage focuses on the initial groundwork required for real estate development, including land preparation, regulatory compliance, and resource procurement. Landowners provide the raw land, while developers act as the central coordinators, conceptualizing projects and ensuring they align with market demand and regulatory requirements. Raw material suppliers provide essential resources such as construction materials, equipment, and infrastructure components.

The midstream stage encompasses the actual execution of real estate projects, focusing on construction, quality assurance, and risk mitigation, and is primarily driven by project management firms, which oversee the entire construction process, ensuring that timelines, budgets, and quality standards are met. These firms coordinate closely with other stakeholders, including main contractors and subcontractors, to translate project plans into completed structures. Main contractors are responsible for managing the core construction activities, such as structural work, system installation, and compliance with safety and design standards. Meanwhile, subcontractors handle specialized tasks, such as interior finishing, landscaping, or specific technical installations.

At the downstream stage, real estate agents play a crucial role in marketing and facilitating the sale or lease of properties to end-users. They act as intermediaries between developers and potential buyers or tenants, ensuring that properties reach the right audience and transactions proceed smoothly. The owners or tenants of premises represent the final users

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of the developed real estate. Additionally, transaction and investment consultants provide advisory services to buyers, investors, and developers at this stage. They assist with property valuations, market analysis, regulatory compliance, and negotiation support, ensuring that transactions are executed effectively and align with financial objectives.

![](timage_002.jpg)

*Source: Frost & Sullivan Report*

#### Market Size
The real estate development services market in Canada showed a steady growth from 2019 to 2024, increasing from CAD37.0 billion in 2019 to CAD53.8 billion in 2024, at a compoubd annual growth rate ("CAGR") of 7.8%, driven by the urbanization, population growth, rising demand for residential and mixed-use developments, and government investment in affordable housing and infrastructure projects. Additionally, commercial expansion in major cities like Toronto, Vancouver, and Montreal contributed significantly to this increase. Looking ahead, the market is projected to grow to CAD73.4 billion by 2029, reflecting a CAGR of 6.4% from 2025 to 2029, supported by continued investment in urban infrastructure, housing, and commercial projects during this period.

Among the three key segments, project management of construction has emerged as a critical growth driver, reaching CAD14.2 billion in 2024 with a CAGR of 9.9% from 2019 to 2024. The segment's sustained momentum, with a projected CAGR of 6.8% from 2025 to 2029, underscores its pivotal role in navigating Canada's expanding construction landscape. The rising complexity of large-scale developments, fueled by growing urbanization and population growth, has heightened the demand for professional project management services that ensure efficient execution of residential, commercial, and industrial projects. Additionally, increasing construction spending in Canada which increased from CAD283.51 billion in 2019 to CAD408.47 billion in 2024, has created opportunities for project managers to oversee timeline planning, quality assurance, and compliance with sustainability and green building standards.

Similarly, the market size of consultancy in real estate transactions reached CAD12.5 billion in 2024 with a CAGR of 7.6% from CAD8.7 billion in 2019. The growing complexity of real estate transactions, driven by fluctuating property prices, regulatory changes, and diverse financing structures, has made consultancy services indispensable. With Canada's major cities experiencing rapid population growth and surging demand for housing, developers and investors increasingly rely on consultants for property valuations, market research, and investment strategies. Rising affluence and changing lifestyle preferences have also fueled demand for high-quality residential and mixed-use developments,

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further driving the need for expert advisory services to align projects with market demand. Additionally, consultants are playing a crucial role in helping stakeholders navigate stringent regulatory frameworks, secure financing, and adopt data-driven decision-making tools, such as predictive analytics, to maximize returns and mitigate risks.

![](tbarchart_001.jpg)

*Source: Frost & Sullivan Report*

#### Market Drivers
***Urbanization, Population Growth, and Rising Affluence:*** Urbanization, population growth, and rising affluence are significant drivers of the real estate development services industry in Canada. As more people move to urban centers in search of opportunities and a higher quality of life, the demand for residential, commercial, and industrial properties continues to expand. Major cities such as Toronto, Vancouver, and Montreal are experiencing rapid population growth, leading to increased demand for housing, office spaces, and infrastructure. The population in Canada has grown from 37.62 million in 2019 to 41.53 million in 2024, representing a CAGR of approximately 2.0% during this period. Furthermore, rising affluence has contributed to changing lifestyle preferences, with growing demand for high-quality residential developments, mixed-use properties, and modern commercial spaces. The average income of individuals in Canada and Ontario has also increased consistently at a CAGR of 1.3% and 1.4%, respectively, over the past five years. This reflects stronger purchasing power and the ability of households to invest in real estate. Collectively, these factors have created opportunities for project management services to ensure that construction projects meet the evolving expectations of affluent buyers and investors.

***Rising Complexity of Real Estate Transactions:*** The increasing complexity of real estate transactions is a also significant driver of the real estate development services industry in Canada. As the real estate market evolves, factors such as fluctuating property prices, regulatory changes, diverse financing structures, and shifting buyer preferences have made transactions more intricate. Additionally, the growing emphasis on compliance with local, provincial, and federal regulations further complicates the transaction process. The rising complexity has driven demand for consultancy services, including market research, negotiation support, and regulatory guidance, as stakeholders seek professional assistance to ensure informed decision-making and successful transactions.

***Growth in Housing Starts:*** The increase in housing starts across Canada, particularly in metropolitan areas, is a key driver of the real estate development services industry. The number of new housings starts in metropolitan areas grew from 196.74 thousand units in 2019 to 223.81 thousand units in 2023, representing a CAGR of 3.3% during this period. Ontario, as a key market, saw an even higher growth rate, with housing starts rising from 67.86 thousand units in 2019 to 85.77 thousand units in 2023, reflecting a CAGR of 6.0%. As housing construction activity accelerates, developers

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increasingly require project management services to address challenges such as site selection, zoning compliance, and construction oversight. Moreover, the rising housing demand underscores the importance of consultancy services, including market research and feasibility studies, to ensure that projects align with market needs.

#### Market Opportunities
***Increasing Demand for Data***-Driven ***Decision***-Making***:*** As the industry becomes more competitive and complex, developers, investors, and other stakeholders are increasingly relying on advanced analytics, predictive modeling, and market intelligence to make informed decisions. Leveraging data enables accurate property valuations, risk assessments, and investment strategies while helping identify emerging market trends and opportunities. Additionally, advancements in technology, such as AI and machine learning, are further enabling the integration of real-time data and automation into decision-making processes.

***Focus on Sustainability and Green Building Standards:*** With increasing awareness of environmental issues and the push for energy-efficient and eco-friendly construction, developers are under pressure to incorporate sustainable practices into their projects. Programs such as Leadership in Energy and Environmental Design and Canada's Net-Zero building initiatives are driving demand for expertise in green construction, energy optimization, and sustainable design. This shift provides opportunities for service providers to offer specialized consultancy in green certifications, renewable energy integration, and sustainable material sourcing.

#### Market Constraints Analysis
***Economic Uncertainty:*** Economic uncertainty poses a significant challenge for the real estate development services industry in Canada, as factors such as tariff wars, geopolitical tensions, and inflationary pressures disrupt supply chains and drive up the costs of construction materials. Rising interest rates, introduced to combat inflation, have further increased borrowing costs for both developers and homebuyers, dampening housing demand and slowing project pipelines. Additionally, volatility in global trade policies and energy prices adds unpredictability to construction budgets and timelines. These developments have weakened consumer spending and investor confidence, forcing developers to adopt cautious strategies while balancing affordability concerns and profitability.

***Rising Construction Costs and Labor Shortages:*** The cost of construction materials, including lumber, steel, and concrete, has surged due to inflation, supply chain disruptions, the increase in certain tariffs, and global demand, placing pressure on project budgets and profitability. Additionally, labor shortages across the construction sector have intensified, with an aging workforce, a lack of skilled tradespeople, and increased competition for talent exacerbating the issue.

#### COMPETITION OVERVIEW
There are numerous participants in Canada's real estate development services market, with over 2,000 market participants in 2024, including local businesses and branches of multinational corporations. These companies varied significantly in terms of capital scale and the scope of their business operations. In terms of market concentration, the industry is predominantly led by top-tier integrated service providers from both local and international markets, such as Colliers International Group Inc. and Altus Group Limited. These leading firms offer comprehensive real estate solutions across the entire project lifecycle, including modular consulting services such as project development feasibility studies, project financing structure design, policy compliance consulting, and asset operation optimization. Leveraging their rich project experience, solid government-enterprise cooperation networks, as well as one-stop service scope, leading players hold a significant advantage in securing high-end residential, large-scale commercial, and mixed-use consulting projects, especially in core areas including Toronto and Vancouver.

Meanwhile, there are numerous consulting firms in the market that specialize in niche areas, e.g., Urban Strategies, Inc. and MHBC Planning Ltd. excel in land evaluation and planning and are able to provide more refined market analysis and regulatory consulting services. Meanwhile, integrated engineering consulting firms like Stantec Inc. and WSP Global Inc. specialize in engineering supervision and environmental assessment services. Moreover, regional markets exhibit significant differentiation in consulting demand, for example, local French-speaking service providers are more preferred in the Quebec region, and Alberta's energy transition has given rise to a demand for specialized land-use change consulting services, therefore, the varied needs offer rich competitive opportunities for market participants.

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#### Major players
*Source: Frost & Sullivan Report*

#### Entry Barriers
***Lack of Track Record:*** The Canadian market is highly dependent on long-established industry ecosystems, including government relations, developer and contractor partnerships, and supply chain management. New entrants face challenges due to a lack of track record, particularly in the high-end commercial development sector, where developers tend to favor service providers with extensive local project experience. Additionally, brand recognition influences customer decision-making. Overcoming this barrier requires years of relationship building and word-of-mouth marketing.

***Regulations and Compliance Requirements:*** In Canada, regulatory and compliance requirements present barriers to entry in the real estate development market. Real estate development management services providers must possess a strong understanding of local zoning bylaws, which regulate land use, building heights, and densities, and a comprehensive compliance review made by developers is essential during the initial stages of project planning. Additionally, buildings must be designed and constructed in accordance with the building codes to ensure safety and structural integrity, and variations in building codes across different provinces further complicate this process. Therefore, the fragmented nature of these policies and regulations requires new entrants to establish specialized legal and compliance teams across different regions and remain continuously updated on regulatory changes, potentially leading to longer development timelines and increased administrative costs.

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#### BUSINESS

#### Overview
We are engaged in providing real estate-related services, consisting of real estate development management and consulting.

Our real estate development management services include managing the process of securing all necessary governmental approvals, permits, and licenses for development projects; arranging for professional services such as engineering and legal support; overseeing project execution to ensure quality, safety, and on-time delivery; and maintaining consistent communication with clients throughout the project lifecycle. Our real estate consulting services include delivering professional feasibility assessment reports or suggestions, based on the completion of a series of interrelated tasks, such as feasibility study, purchase and sale advisory, and investment consultation.

Across both service lines, we integrate market research, zoning analysis, and urban planning insights to deliver informed and practical guidance. By combining strategic planning with seamless execution coordination, we help our clients navigate complex development processes and maximize the long-term value of their real estate investments.

#### Competitive Strengths
We believe that the following strengths have contributed to our success:

***A Deep Understanding of the Industry:*** Our management team has over 10 years of experience in the Canadian real estate development industry, providing them with deep insight into market dynamics, regulatory frameworks, and development practices. For example, Tianshu Wang, our chief executive officer, director, and president, has been involved in the real estate industry since 2014. Prior to founding the Company, he co-founded Pantheon Group Inc., where he served as the chief financial officer from September 2014 to April 2017. In that role, he led numerous land acquisition, land disposition, and financing transactions, bringing expertise across both operational and strategic aspects of real estate development, including deal structuring, market analysis, and stakeholder engagement. Xiaoyin Li, our chief financial officer, has been involved in the real estate industry since 2013. From February 2019 to January 2024, she worked at Baystreet Group Inc., a real estate sales and investment company, where she assisted clients with property transactions, deal negotiations, and market analysis. In addition, Chaoyu Wang, our vice president, is a licensed professional with certifications in both new home warranty administration and property management. He holds the designation required to manage new home construction in Ontario, Canada, issued by Tarion, a not-for-profit consumer protection organization established by the Ontario government to administer the province's new home warranty program, which allows him to ensure compliance with provincial warranty obligations and construction quality standards. He is also a licensed property manager, authorized to oversee residential property operations in accordance with regulatory requirements and tenant obligations. His dual qualifications in construction and property management provide him with a comprehensive understanding of both project execution and post-completion asset management. Over the course of his career, he has directly supervised the construction of multiple single-family and multi-family homes, coordinating contractors, managing site logistics, and ensuring timely project delivery.

***Comprehensive and Customized Real Estate Development Solutions:*** We offer comprehensive and customized solutions that cover many aspects of real estate development, including architectural design, budget control, legal compliance, and zoning coordination. By closely considering each client's specific needs, such as the intended use of the property, financial capacity, and aesthetic preferences, we deliver development strategies that are both practical and personalized. Our ability to integrate these elements into cohesive project plans enables our clients to achieve functional, compliant, and visually appealing real estate assets.

***Multidisciplinary and Experienced Team:*** We are supported by a seasoned team of professionals with diverse backgrounds in architecture, engineering, finance, law, and project management. This multidisciplinary expertise allows us to approach real estate development from multiple dimensions, ensuring that each project is designed with aesthetic integrity, financial feasibility, legal compliance, and operational efficiency in mind. In addition, approximately 33% of team members have 10 years of industry experience and our team has successfully completed 23 projects since our inception. The integration of technical knowledge and practical experience enables us to respond effectively to complex development challenges and deliver high-quality results for our clients.

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#### Challenges
Set forth below are the challenges we face in our business operations:

***Client Concentration:*** Our business to some extent depends on a few major customers. For the fiscal year ended March 31, 2025, four clients, 2519558 Ontario Inc., 2484508 Ontario Ltd., Eva Capital Investment Inc., and 3471 Sheppard Developments Inc., accounted for 35%, 13%, 12%, and 11% of our total revenue, respectively. For the fiscal year ended March 31, 2024, one client, 3471 Sheppard Developments Inc., accounted for 99% of our total revenue. Dependence on these customers will expose us to the risks of substantial losses. If we fail to maintain relationships with these clients, and if we are unable to find replacement clients on commercially desirable terms or in a timely manner or at all, our business, our financial condition, and results of operations may be materially and adversely affected.

***Dependence on Third***-party ***Service Providers:*** To offer our clients a diversified selection of services, we must maintain healthy relationships with a variety of third parties. If such third parties increase the prices of their services, fail to provide their services effectively, or discontinue their relationships with us, we could suffer service interruptions and increased costs, which may have a material adverse effect on our business, financial condition, and results of operations.

***Uncertainty in Securing Development Permits and Licenses:*** One of the challenges we face in managing development projects is the potential impact of evolving government policies on the approval process. Securing the necessary governmental approvals, permits, and licenses, particularly those related to zoning, architectural, mechanical, and structural compliance, is subject to regulatory frameworks that may change over time. New or revised policies can lead to prolonged review timelines, higher application cost, increased documentation requirements, or additional procedural steps, which present an ongoing risk to our project timelines and cost estimates, and may also affect project feasibility and influencing our clients' willingness to proceed with proposed developments.

***Reliance on Key Management and Personnel:*** Our success depends in large part upon our ability to retain, attract, and motivate highly skilled management. The loss of and failure to replace key technical management and personnel could adversely affect multiple development efforts. Due to the intense competition for qualified employees, we may be required to, and have had to, increase the level of compensation paid to existing and new employees, which could materially increase our operating expenses.

#### Growth Strategies
We intend to develop our business and strengthen brand loyalty by implementing the following strategies:

***Development of Artificial Intelligence Technology to Enhance Client Services and Operations:*** We plan to develop an AI model to enhance the accuracy, efficiency, and scalability of our real estate consulting services, market analysis, and internal business operations. By integrating zoning regulations, geographic and environmental data, and predictive analytics, our AI system is expected to enable us to deliver data-driven insights to clients while streamlining internal workflows. We intend to expand the application of this technology to support personalized client services, identify emerging market opportunities, and optimize operational efficiency, thereby strengthening our competitive position and supporting our long-term growth.

***Strategic Acquisitions to Strengthen Operational Capabilities:*** We plan to acquire architectural firms, construction teams, and real estate consulting groups to enhance our operational capabilities and reinforce our market presence. By integrating the expertise, processes, and technologies of established industry players, we aim to improve efficiency, strengthen cost controls, and mitigate operational risks. These strategic acquisitions are expected to allow us to deliver higher-quality real estate projects with greater consistency and profitability. In addition, expanding our internal resources through targeted acquisitions will enable us to broaden our service offerings, improve project execution, and provide more comprehensive, end-to-end real estate solutions to our clients.

**Expansion into Distressed Asset Acquisition and Affordable Housing Development:** As part of our growth strategy, we plan to expand into the acquisition and development of distressed real estate assets, including bank-seized and foreclosed properties, underutilized development projects, and government-incentivized rental housing. We intend to seek out bank-repossessed and foreclosed properties and utilize our proprietary AI model to identify high-potential

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assets available at discounted prices. These properties are expected to be held, developed, or resold to generate long-term returns. In parallel, we plan to acquire underdeveloped or stalled projects — whether at the initial planning stage or mid-construction — where we can serve as a buyer or financial partner. Additionally, we intend to pursue partnerships with government programs that promote affordable and rental housing in response to increasing demand in the Toronto market. By applying strategic oversight, efficient execution, and data-driven insights, we aim to unlock value in these assets and further strengthen our market position in the Greater Toronto Area.

#### Revenue Model
We derive our revenue from the following sources: (i) real estate development management services; and (ii) real estate consulting services.

For the fiscal years ended March 31, 2025 and 2024, the revenue derived from real estate development management services was CAD1,226,230 (US$852,793) and CAD182,500, accounting for 72% and 100% of our total revenue, respectively.

For the fiscal years ended March 31, 2025 and 2024, the revenue derived from real estate consulting services was CAD483,579 (US$336,309) and nil, accounting for 28% and nil of our total revenue, respectively.

#### Business Model
We are primarily engaged in real estate development management and real estate consulting services.

#### Real Estate Development Management
Our real estate development management services encompass the entire project lifecycle for the development and renovation of residential and commercial properties, including pre-development, development, and post-development phases. We provide customized solutions for timeline and project management, design coordination, budget control, legal compliance, and coordination with city services and zoning requirements.

*Pre-development*

In the pre-development phase, our development management services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) providing expert guidance through market analysis, feasibility studies, investment planning, and risk assessment to ensure alignment with industry trends and profitability goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) developing comprehensive project timelines and budgets, ensuring realistic scheduling, cost control, and alignment with the project's financial and operational objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) conducting detailed site planning to evaluate land use, access, infrastructure, and environmental considerations, ensuring optimal site layout and regulatory compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) collaborating with urban planners and engineers to create customized architectural solutions that balance aesthetics, functionality, and zoning compliance for commercial, residential, and mixed-use properties developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) managing the process of securing all necessary governmental approvals, permits, and licenses for development projects, including those related to zoning, architectural, mechanical, and structural requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) managing the tendering process and assisting with the selection of qualified contractors and suppliers to ensure competitive pricing, capability, and alignment with project requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) procuring general liability and builder's risk insurance to ensure appropriate coverage throughout the course of the project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) assisting clients in securing financing for the project, including identifying suitable funding sources, preparing required documentation, and coordinating with lenders or financial institutions.

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*Development*

In the development phase, our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) scheduling, coordinating, and overseeing contractors across all major trades, including electrical, mechanical, and structural work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) supervising the project site to ensure construction activities are carried out in accordance with design specifications, engineering standards, and regulatory requirements, while maintaining strict quality control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) monitoring on-site progress to ensure the project is completed safely, on time, and to the required standard, while proactively addressing any technical or construction-related challenges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) maintaining open and consistent communication with the client through regular progress updates and detailed reporting.

*Post-development*

In the post-development phase, our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) coordinating with municipal authorities to ensure compliance with all required city inspections and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) overseeing marketing and sales efforts to promote the property and facilitate successful transactions.

For the year ended March 31, 2025 and 2024, we completed 15 and one development management projects, respectively.

#### Real Estate Consulting Services
In addition to real estate development management, we also offer real estate consulting services, including feasibility study, purchase and sale advisory, and investment consultation.

*Feasibility Study*

As part of our consulting services, we conduct a feasibility study on the developmental potential of the property and engage the necessary professionals to prepare concept plans and supporting studies. The consultation may cover rezoning, renovation, and development proposals, depending on the project's specific objectives and site characteristics.

The scope of our feasibility study includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reviewing the current development plan, zoning regulations, and relevant provincial land use policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) assessing the potential for rezoning or identifying required variances for development/renovation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engaging an architect and urban planner to develop concept plans and supporting studies for the proposed development/renovation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) preparing preliminary development options to evaluate the highest and best use of the property.

We also coordinate and liaise with key stakeholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the municipal planning department to obtain initial feedback on the development/renovation potential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the local councilor for insights and preliminary discussions on rezoning and planning approvals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) mortgage brokerages to explore potential financing opportunities.

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*Purchase and Sale Advisory*

Our real estate purchase and sale advisory services are designed to support clients through the full transaction cycle, from due diligence to legal documentation. Our services cover a comprehensive due diligence review of all relevant drawings, reports, and application documents such as architectural plans, civil and utilities plans, energy efficiency reports, sun/shadow and wind studies, tree preservation plans, and transportation impact studies. We also conduct a detailed project pro forma to assess the financial viability of the proposed development and engage a construction cost expert to provide a construction cost estimate. In addition, we assist clients in engaging a qualified real estate lawyer to verify the property title and prepare a draft agreement of purchase and sale.

*Investment Consultation*

Our real estate investment consulting services include conducting a comprehensive analysis of current market conditions and performing risk management assessments related to potential investments. We assist in identifying, evaluating, and recommending potential and suitable investment vehicles, and developing exit strategies tailored to proposed investments. We also determine appropriate fund allocation strategies and provide periodic reports and investment recommendations throughout the service period.

For the year ended March 31, 2025 and 2024, we completed 19 and nil consultation projects, respectively.

#### Our Team
Our ability to deliver comprehensive and tailored services is driven by a dedicated and multi-disciplinary team, organized into specialized units to ensure expertise and efficiency across all phases of client engagement and project execution. Our team is composed of the following core groups:

*Business and Client Relations Team*

This team serves as the primary point of contact for our clients, focusing on understanding their needs and fostering long-term relationships. They maintain and expand client engagement by delivering customized solutions tailored to various property types. They also conduct in-depth market research and analysis to provide investment insights and strategies. In addition, the team actively identifies new business opportunities and works to establish and cultivate long-term strategic partnerships that support sustained growth. As of May 31, 2025, there are 2 members in our business and client relations team.

*Project Management and Development Team*

This team is responsible for the operational execution of our projects, ensuring quality, timeliness, and alignment with client expectations. They manage project timelines and budgets, coordinate with all stakeholders, implement quality control measures, and resolve challenges to keep developments on schedule and within scope. On-site, they ensure construction activities comply with safety standards, zoning regulations, and municipal building codes, while overseeing contractors and enforcing quality assurance protocols. They also develop customized architectural solutions that balance aesthetics, functionality, and regulatory requirements, working closely with urban planners and engineers on a wide range of commercial, residential, and mixed-use developments. In addition, the team provides strategic guidance on project planning, conducting market analysis, feasibility studies, investment planning, and risk assessments to ensure alignment with industry trends and long-term profitability. As of May 31, 2025, there are 3 members in our project management and development team.

*Legal and Urban Planning Team*

This team ensures that all our activities remain compliant with applicable laws and regulations, effectively navigating the complex legal and regulatory landscape of real estate development. They provide legal counsel to support full compliance in real estate transactions and development processes. Additionally, they manage critical components such as zoning applications, permit acquisition, and detailed feasibility assessments to ensure project viability and alignment with municipal planning requirements. As of May 31, 2025, there are 2 members in our legal and urban planning team.

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#### Clients
Our clients are primarily real estate owners. For the years ended March 31, 2025 and 2024, we had 23 and 2 clients, respectively.

Four clients, 2519558 Ontario Inc., 2484508 Ontario Ltd., Eva Capital Investment Inc., and 3471 Sheppard Developments Inc., accounted for 35%, 13%, 12%, and 11% of our total revenue for the fiscal year ended March 31, 2025, respectively. One client, 3471 Sheppard Developments Inc., accounted for 99% of our total revenue for the fiscal year ended March 31, 2024.

We enter into service agreements with our clients. Although each service agreement is unique, typical material terms include the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scope of Services: a general description of the services to be rendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Term of Agreement: the duration of the engagement, which could be project-based, a fixed term, or ongoing until terminated according to specific provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation and Payment: details of the fee structure (most of our service agreements are fix-priced contracts), the schedule for payments, and provisions for the reimbursement of pre-approved out-of-pocket expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client Responsibilities: outline of the client's obligations, which typically include providing necessary information, site access, and cooperation to facilitate the services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confidentiality: mutual obligations to protect sensitive or proprietary information shared between the parties during the engagement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination: conditions and procedures under which either party can end the agreement, along with the consequences of termination, such as final payments for services rendered up to that point.

#### Third-party Service Providers
We work with third parties to provide services to our clients. Third-party service providers we regularly work with include construction companies, architects, engineers, and real estate lawyers. We do not enter into engagement arrangements with these third-party service providers. Rather, we may introduce or recommend such service providers to our clients based on the specific needs of their projects. Following our referral, our clients independently assess, select, and contract with these service providers. During the fiscal years ended March 31, 2025 and 2024, we worked with 83 and 13 third-party service providers on eight and one projects, respectively.

To ensure that we only work with qualified third-party service providers, we formed a standard process to evaluate these service providers and control the quality of their services, which include the following steps:

Selection. We select the third-party service providers based on quality of services, prices, delivery time, and ability to fulfill contracts.

Inspection. After a third-party service provider begins working with us on a project, we regularly inspect its performance during different stages of the project according to detailed specifications and timeline for services in our agreement with the service provider.

Review. We review the performance of each third-party service provider after a project, and rate them according to quality of services, timeliness, and prices. Depending on the performance of a service provider, we will increase, decrease, or even terminate our cooperation with it.

We typically do not enter into long-term supply contracts with these third-party service providers, but only enter into an agreement for specific projects after we are engaged by our clients. Our agreements with third-party service providers specify scope of services, price of each service, delivery time, and payment date, among other things.

#### Quality Management
We primarily ensure our service quality through a combination of on-site supervision and a software-based management system.

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Our project management team conducts regular on-site supervision to ensure that all construction activities comply with applicable safety standards, zoning regulations, and municipal building codes. This includes monitoring contractor performance, verifying adherence to approved plans and specifications, identifying and addressing potential compliance issues in a timely manner, and coordinating with local authorities as needed to maintain regulatory alignment throughout the development process.

Our software-based management system, currently under active development and being piloted across several internal teams as part of a phased rollout, enables real-time monitoring of project timelines, budgets, and quality control metrics, allowing for proactive oversight and early detection of potential delays or cost overruns. By offering visibility into each phase of the development process, it helps ensure that projects remain on schedule, stay within budget, and meet the quality standards and expectations set by our clients. See "Business — Research and Development — Internal Software System."

#### Licenses and Permissions
Our current business, which is mainly focused on real estate development management and consulting does not require any particular licenses and permissions under the laws of Ontario and Canada. However, the legislation of Ontario and Canada may change in the future, which may result in new licenses and permissions being required for our current operations. If we expand our business, we may also be required to obtain licenses and permissions for the new business.

If we are required to obtain any licenses and permissions under applicable laws and regulations in Ontario and Canada, our certificates, licenses or permits may fail to be obtained, renewed, or revoked under some circumstances. For example, if we become a real estate builder in Ontario, we may be required to hold and maintain a valid builder and/or vendor license issued by the Home Construction Regulatory Authority under the *New Home Construction Licensing Act, 2017*. We may also be required under the *Ontario New Home Warranties Plan Act* to enroll homes in the statutory warranty program. Without this registration, we cannot close sales of new homes and may face enforcement action.

We must also obtain and comply with provincial and municipal planning and building approvals before starting construction, including zoning by-law amendments, site plan and subdivision approvals, and building and demolition permits, for any such new business activities. Failure to obtain or maintain these approvals can result in stop-work orders and project delays. Any such disruption in business operations could materially and adversely affect our business, financial condition, and results of operations, which could adversely affect our financial condition and results of operations. We cannot assure you that we will be able to successfully maintain or timely complete any required updates or renewals of these licenses and permits on a timely basis.

Subject to future site selection strategies, we may need to acquire certain special approvals from various ministries, such as Ministry of Transportation of Ontario for developments near provincial highways. See "Risk Factors — Risks Related to Our Business and Industry — Our failure to obtain, maintain or renew licenses, approvals, permits, registrations, or filings necessary to conduct our operations could have a material adverse impact on our business, financial condition, and results of operations."

Other than the aforementioned general registration compliance and development activities, engaging in real estate development management and consulting activities does not require us to obtain specific operating licenses or permits under current Canadian and Ontario law.

#### Research and Development

#### Internal Software System
We are developing a proprietary internal software system designed to address core operational challenges related to project scheduling, financial modeling, and real-time workflow management.

The software, currently in active development, is being piloted across several internal teams as part of a phased rollout. It serves to consolidate project-related information into a single, consistently structured system, enabling consistent, data-driven analysis across our planning, development, and construction functions. The system also improves internal task coordination by integrating scheduling, document tracking, and departmental handoffs within a unified platform. It also facilitates the efficient generation of customized pro forma models tailored to each project's financial structure, allowing for faster and more accurate investment evaluations.

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Additionally, the software is enabled to produce customizable reports for our clients, providing transparent, real-time visibility into project progress, budget status, and forecasted returns. This functionality is expected to enhance the value of our services by presenting complex project data in an accessible and user-friendly format for our clients.

As of the date of this prospectus, we have invested CAD5,000 (US$3,477) in the development of this internal software system. We expect to complete its development and fully deploy it by October 2025, and we plan to apply for copyright protection upon its completion.

#### AI Model for Real Estate Consultation, Market Analysis, and Business Management
We are developing a proprietary AI model designed to enhance the accuracy, efficiency, and scalability of our real estate consulting services, market analysis, and business operations. The model is being developed through a combination of in-house development and third-party outsourcing. In-house development is expected to encompass market data analysis, project report generation, and planning application optimization, while customer service functions are expected to be built internally utilizing open-source software and technologies. Specialized components, including land value assessment and property fine management, are planned to be outsourced to third-party providers.

As of the date of this prospectus, we have spent CAD5,000 (US$3,477) on the development of the AI model, and we are currently (1) researching functionalities related to report generation and customer service communication; (2) organizing internal and third-party data for integration; and (3) recruiting talent with expertise in AI. We expect to complete the development of the AI model and fully deploy it by the first quarter of 2026. The AI model is expected to consist of the following key components:

*Data Collection and Integration*

The AI model is expected to aggregate and harmonize multiple layers of data critical to real estate development and analysis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• zoning by-laws, land use regulations, and municipal policies from local, regional, and provincial authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geographic data, including property size, land use classification, and infrastructure connectivity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• community environment data, such as demographic trends, economic indicators, and public amenities.

*Market Trend Analysis*

The AI model is anticipated to continuously monitor and interpret market data to support informed and forward-looking decision-making. Through advanced analytics and historical tracking, it is set to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collect and analyze historical real estate transaction data across Toronto, including monthly and annual sales figures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluate pricing trends, demand-supply dynamics, and investment behavior patterns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• apply predictive analytics to forecast market fluctuations and identify emerging investment opportunities.

*Business Management and Optimization*

The AI model is also planned for supporting internal operations by improving efficiency, decision-making, and client service, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing schedules, deadlines, and client follow-ups to streamline workflow and enhance productivity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• optimizing investment timing based on market trends and financial cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• responding to client inquiries on zoning regulations, market trends, and property valuations, and providing personalized property or investment recommendations based on client preferences and investment goals through an AI-powered virtual assistant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying operational inefficiencies, providing cost-effective strategies, improving resource allocation, and supporting budgeting and workload distribution.

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#### Sales and Marketing
Our current sales strategy is anchored in three primary channels, which have formed the foundation of our business development and client acquisition efforts.

The first channel is our long-standing partnerships with local real estate broker networks. These brokers are deeply embedded within the communities we serve and consistently provide us with access to qualified leads, off-market listings, and early-stage project opportunities. By combining their localized market insight with our development expertise, we are able to source deals more strategically and in alignment with our business objectives. As of the date of this prospectus, we have neither entered into any agreements with these real estate brokers for referring clients to us or providing market information and opportunities, nor have we paid any compensation to them for such referrals or related services. Despite the absence of formal arrangements, these brokers continue to refer clients and provide relevant information based on our strong reputation and the comprehensive nature of our services.

The second channel is our strong relationship with a network of real estate investors and developers. These relationships have been fostered through consistent communication, successful past collaborations, and a shared alignment in project vision and timelines.

The third channel is our referral-based client acquisition system. Our reputation for professionalism, reliability, and successful execution has earned us frequent referrals from satisfied clients, legal and financial advisors, and other industry participants. This word-of-mouth growth strategy has been effective in generating a consistent deal flow, reducing client acquisition costs, and enhancing long-term client retention.

For the fiscal year ended March 31, 2025, our revenue attributable to long standing partnerships with local real estate brokers, real estate investors and developers, and referral-based client acquisition amounted to approximately CAD372,000 (US$259,000), CAD719,000 (US$500,000) and CAD619,000 (US$430,000), respectively. For the fiscal year ended March 31, 2024, our revenue attributable to these partnerships and client acquisition channels amounted to CAD2,500, CAD180,000, and nil, respectively.

To support our continued expansion, we have outlined a comprehensive sales and marketing growth plan, focused on four areas:

#### Strengthening Referral Networks and Systemizing Client Management
We plan to continue to deepen our referral-based sales model by expanding partnerships with local real estate professionals, legal and financial advisors, and community stakeholders. In parallel, we intend to implement a customer relationship management system to organize and optimize our growing base of internal and external contacts. This system is expected to allow us to track lead sources, monitor client interactions, and develop more personalized follow-up strategies, improving both lead conversion and customer retention. Our aim is to move from informal network reliance to a structured, scalable, and data-informed relationship management approach.

#### Building a Professional Sales and Marketing Team
We are in the process of building a dedicated sales and marketing team to support more sophisticated and scalable outreach efforts. The team is expected to include business development professionals, marketing specialists, and client service managers with real estate experience, and is anticipated to focus on driving pipeline growth, managing key accounts, and delivering consistent brand messaging across all client touchpoints.

#### Expanding Digital Marketing and Online Visibility
We plan to increase our digital marketing presence by investing in targeted advertising across platforms such as Google, Facebook, Instagram, and LinkedIn. These campaigns are anticipated to focus on attracting real estate investors, development partners, and institutional buyers by highlighting our projects, market expertise, and investment capabilities. In addition to advertising, we intend to develop a content marketing strategy centered around educational and insight-driven materials, such as market analysis, investment trends, and project overviews. We also plan to implement digital tracking tools to monitor campaign performance, identify audience segments, and continually refine our strategy based on real-time data.

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#### Long-Term Brand Positioning and Industry Presence
Beyond direct sales efforts, we are committed to building long-term brand recognition within Ontario's real estate community. This may include participation in industry forums, real estate associations, investor seminars, and public speaking opportunities.

#### Competition
We face competition from large international firms dominating major institutional projects, mid-sized local competitors, and specialized boutique firms serving niche markets.

At the institutional level, large international firms such as CBRE Group, Inc., Jones Lang LaSalle Incorporated, and Colliers International Group Inc. continue to dominate major contracts, particularly those involving large-scale commercial developments or public-private partnership projects. These firms often have deeper institutional relationships and global infrastructure, which give them an edge in securing contracts with pension funds, real estate investment trusts, and other large-scale investors. While we compete in this space selectively, we recognize that such firms have advantages in branding and international reach.

Conversely, our competitive strength lies in mid-sized private developments, individual investors, and growing corporate clients. In these market segments, we have established a strong foothold by offering greater cost efficiency, lower overhead, and more personalized and client-focused service. Our ability to provide high-quality consulting, development, and management solutions, combined with deep local market knowledge and strong regional relationships, gives us an advantage when serving clients who value responsiveness, flexibility, and transparency.

Additionally, in certain niche markets such as custom home construction, land severance, and infill development projects, we do face competition from small, boutique firms. These firms often specialize in a narrow scope of work and may offer highly tailored services in specific areas. Rather than competing directly on specialization, we plan to identify and acquire select boutique firms that complement our existing capabilities. This acquisition approach not only helps us fill gaps in our service portfolio but also strengthens our presence in highly localized markets.

Although there can be no assurance that we will be able to continue to compete successfully in the future, we believe that we can compete successfully with these companies by leveraging our integrated service model, strong local networks, and prospective acquisitions, we aim to consolidate market share across both ends of the real estate service spectrum.

#### Seasonality
Our real estate development management and real estate consulting services are not subject to seasonality.

#### Employees
As of March 31, 2025 and March 31, 2024, we had 6 and 3 full-time employees, respectively.

The following table provides a breakdown of our employees by function as of March 31, 2025:

---

| | |
|:---|:---|
|  **Function** | **Number of<br>Employees** |
|  Management | 2 |
|  Operation | 1 |
|  Technology | 1 |
|  Accounting | 1 |
|  General | 1 |
|  **Total** | 6 |

---

Our success depends on our ability to attract, motivate, train, and retain qualified personnel. We believe we offer our employees competitive compensation packages and an environment that encourages self-development and, as a result, have generally been able to attract and retain qualified personnel and maintain a stable core management team.

We believe we maintain a good working relationship with our employees, and we have not experienced any material labor disputes. None of our employees are represented by a labor union.

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#### Intellectual Property
As of the date of this prospectus, we do not own any copyrights, patents, or trademarks.

#### Properties
We lease a commercial property located at Unit 218, 3459 Sheppard Avenue East, Toronto, Ontario, Canada, comprising approximately 800 square feet. The lease term runs from July 1, 2023, to June 30, 2026, with a monthly rent of approximately CAD1,500 (US$1,043).

#### Insurance
We have purchased and contributed to the Canada pension plan for our employees. This social insurance plan provides income protection for working individuals and their families in the event of retirement, disability, or death.

Except for the above, we do not carry any other insurances, such as key-man life insurance, professional liability insurance, property insurance, or business interruption insurance. We have determined that the costs of insuring for related risks and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical. We consider our insurance coverage to be sufficient for our business operations in Canada.

#### Legal Proceeding
As of the date of this prospectus, neither we nor our subsidiaries are a party to any material legal or administrative proceedings. From time to time, we may be subject to various claims and legal actions arising in the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including management's time and attention.

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#### REGULATION
As a real estate development company operating in Ontario, Canada, we are subject to Canadian municipal, provincial, and federal laws, regulations, and policies governing land acquisition, zoning, planning, environmental compliance, construction, and occupancy.

#### General Corporate Compliance
As a corporate entity incorporated in Ontario under the *Business Corporations Act* (Ontario), we are regulated by the Ministry of Public and Business Service Delivery. We are subject to ongoing compliance obligations, including requirements to maintain proper corporate records, file annual returns, hold shareholder and director meetings, and adhere to statutory duties of directors and officers. Non-compliance with Canadian corporate law requirements could result in regulatory action, civil liability, or reputational harm.

#### Pre-construction : Land Acquisition, Zoning, Planning, and Environmental Compliance
In Canada, federal and provincial laws would limit land acquisition and the locations of urban land development, subject to applicable federal, cultural, and environmental regulations, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Federal Real Property Act* imposes limitations on dealing with properties that may have federal connections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Canadian Environmental Protection Act* and related provincial legislation, including the *Clean Water Act*, *Ontario Water Resources Act*, *Endangered Species Act*, and *Environmental Noise Guideline*, require developers to assess and mitigate environmental risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ontario Heritage Act* authorizes municipal councils to designate properties or districts as having cultural heritage value or interest, which may restrict or prohibit demolition, alteration, or development without specific heritage approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The provincial *Greenbelt Act, 2005* and its associated *Greenbelt Plan* establish permanent protection for over 2 million acres of environmentally sensitive and agricultural land across southern Ontario subject to strict land use policies that significantly limit urban development, subdivision, or site alteration.

Prior to any construction, building permits must be obtained in accordance with the *Ontario Building Code* through engaging qualified professionals, conducting inspections, and satisfying technical and safety requirements. Failure to comply with the *Ontario Building Code* can lead to a stop work order under section 14 and fines under section 36.

In addition, the provincial *Planning Act* delegates authority to municipalities to control land use through official plans, zoning by-laws, subdivision approvals, site plan control, and development charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Toronto's zoning framework is complex due to the amalgamation of multiple municipalities. The current harmonized By-law 569-2013 is the primary zoning bylaw for the City of Toronto area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For York Region, York Zoning By-law 1-83 lists general requirements.

Compliance with municipal zoning regulations is a precondition for obtaining building permits and commencing construction.

We may also be subject to development charges and community benefits charges under the *Development Charges Act, 1997* levied by municipalities to fund infrastructure and services needed to accommodate the increase in population or economic activity in the development areas.

#### Construction Compliance and Liens
Our construction activities are subject to a range of provincial statutory and regulatory requirements that govern who may perform construction work, how construction must be conducted, and the procedures for inspection, acceptance, and payment. In Ontario, the *Building Code Act, 1992* establishes the legal framework of construction standards during all stages of construction under section 15 that extends duty of compliance to post-construction maintenance and building evaluation under section 15.10.

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Further, pursuant to the *Building Code Act*, the detailed technical requirements set out in the *Ontario Building Code* mandate inspections by municipal building officials — specifically those in Toronto and York Region in our case. Failure to obtain the necessary approvals and occupancy permits constitutes an offence under section 19 of the *Building Code Act* and may jeopardize the viability of our projects.

We are also subject to additional requirements of municipalities regarding building setbacks, shadow impacts, grading and drainage, tree protection, accessibility features, and green development standards. Non-compliance can delay issuance of building permits, final occupancy, or subdivision assumption, resulting in enforcement actions or financial penalties.

Payment practices are governed by the prompt payment and adjudication regime under the *Construction Act (Ontario)*, which imposes strict timelines for invoicing, payment, and dispute resolution. Contractors, subcontractors, and suppliers are entitled to register construction liens against title to a property for unpaid services or materials. The registration of a lien may delay project financing, impede property disposition, or result in litigation. We are required to comply with strict holdback and payment timelines, and failure to do so may expose us to liability.

#### Prospective Real Estate Policy Developments
On April 28, 2025, Canada held a federal election that resulted in a minority government led by the Liberal Party under the leadership of Mark Carney, who will continue to serve as Prime Minister. During the election campaign, each political party released its own platform outlining its policy priorities and proposed initiatives. This section summarizes key elements of the Liberal Party's platform as they pertain to the real estate industry.

Please note that campaign promises are not guaranteed to be implemented. As the Liberal Party leads a minority government, it will require the support of at least one other party to pass legislation. Accordingly, other parties may influence, amend, or block the Liberal Party's proposals through the legislative process.

The Liberal Party has suggested establishing a new federal agency called Build Canada Homes ("BCH"). This entity would function as a developer to build affordable housing at scale and create sustained demand by issuing bulk orders of units from manufacturers. This proposed entity would bring uncertainty to the markets of building materials and housing. The Liberal Party also promises under BCH to provide CAD25 billion in debt financing and CAD1 billion in equity financing to innovative Canadian prefabricated home builders, including those using Canadian technologies and resources like mass timber and softwood lumber. In order to acquire that federal funding, we may be required to align with federal design, density, and environmental standards.

#### Employment
Throughout the construction process, various provincial employment-related statutes and regulations would be in place. In Ontario, the *Employment Standards Act, 2000* sets out minimum standards for wages, hours of work, rest periods, overtime pay, vacation, leaves of absence, and termination and severance entitlements. In addition, we must comply with the *Occupational Health and Safety Act*, which imposes duties to maintain safe work environments, conduct risk assessments, train workers on safety procedures, and report workplace injuries.

Employers in the construction sector are also subject to registration, assessment, and reporting obligations under the *Workplace Safety and Insurance Act, 1997*, including the obligation to pay premiums to the Workplace Safety and Insurance Board. Failure to comply with employment laws can lead to inspections, orders, penalties, and prosecutions by the Ministry of Labour, Immigration, Training and Skills Development.

#### Sale and Mortgages
We are subject to extensive Canadian provincial regulations in connection with the marketing, sale, and financing of residential and commercial units. In Ontario, the sale of new residential condominium units is governed by the *Condominium Act, 1998* and the *New Home Construction Licensing Act, 2017*.

We are required to be licensed as a builder and vendor with the Home Construction Regulatory Authority in Canada and must comply with consumer protection obligations, including mandatory disclosure statements, statutory cooling-off periods, and restrictions on deposit handling. All new homes are subject to mandatory warranty coverage administered by Tarion under the *Ontario New Home Warranties Plan Act*.

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If the purchasers apply for mortgages as their financing option, we are subject to the provincial *Mortgages Act (Ontario)*. The act prescribes notice periods, redemption rights, and enforcement mechanisms (such as power of sale), all of which may affect cash flow, project timelines, and legal risk. The provincial *Mortgage Brokerages, Lenders and Administrators Act, 2006* would also require us to be licensed with the Financial Services Regulatory Authority of Ontario, unless an exemption applies.

Pursuant to the *Prohibition on the Purchase of Residential Property by Non*-Canadians *Act*, which came into force on January 1, 2023, non-Canadians are prohibited from purchasing residential properties in certain metropolitan areas across Canada, including the Greater Toronto Area, for a specified period. The act defines "non-Canadians" broadly to include foreign individuals, corporations, and entities controlled by non-Canadians, subject to certain exemptions. Violations may result in the forced sale of the property and monetary penalties. This restriction has reduced the pool of potential buyers for residential units in our developments and had a chilling effect on market demand, sales velocity, and pricing strategies. We are required to ensure compliance with this legislation when entering into purchase agreements and may be obligated to undertake due diligence to confirm the eligibility of purchasers.

Compliance with these statutes is essential to our ability to sell units, offer financing options, and meet consumer protection standards.

#### Taxation
As a real estate developer, we are subject to complex and evolving Canadian federal and provincial taxation laws. Generally, in the corporate level, the Canadian federal *Income Tax Act*, administered by the Canada Revenue Agency, governs the taxation of our corporate income, capital gains, and the deductibility of financing and development expenses (currently 15%). On top of this, Ontario imposes a provincial corporate income tax (currently 11.5%) under the *Corporations Tax Act (Ontario)*.

At the start of our development process, our compliance begins with the *Land Transfer Tax Act (Ontario)*, which imposes a tax on the acquisition of land or a beneficial interest in land based on the amount paid. The City of Toronto imposes an additional municipal land transfer tax in parallel. Soon as we hold the lands, the development lands are subject to discounted municipal property tax pursuant to Toronto and York Region by-laws until legal title is transferred to individual unit owners. If there are dispositions of property and development profits, we are subject to capital gains and losses treatment under the federal *Income Tax Act*.

During the construction phase, for lands classified as vacant or under development, the City of Toronto applies specific tax rates which vary annually and are detailed in the city's official tax documentation. At the same time, we must deduct and remit Canada pension plan contributions, employment insurance premiums, and personal income tax from employee wages.

Moving on to the sale phase, we are required to charge and remit goods and services tax (5%) on the sale of newly constructed or substantially renovated residential properties unless exemptions apply. We may be eligible to claim input tax credits for goods and services tax paid on inputs to construction, though eligibility may be denied or reassessed by the Canada Revenue Agency in the event of non-compliance or audit findings. Ontario harmonizes goods and services tax with a provincial portion (8%), resulting in 13% harmonized sales tax on new homes.

Furthermore, changes to real estate-specific tax measures, including the introduction of anti-flipping rules, vacant home taxes, speculation taxes, or foreign buyer taxes, can materially affect market demand and pricing. For instance, the *Underused Housing Tax Act (Canada)*, effective on January 1, 2022, imposes an annual 1% tax on the value of vacant or underused residential properties owned by certain non-resident, non-Canadian owners.

In the recent federal election in Canada, the Liberal Party platform included a proposal to reduce or eliminate goods and services tax on the sale of newly built homes to first-time homebuyers. If implemented, this measure may stimulate demand in the residential housing market and enhance affordability, potentially benefiting developers through increased sales volumes. However, the scope, eligibility criteria, and effective date of such goods and services tax relief remain subject to legislative development.

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#### Tariffs
Our operations may be materially affected by federal or international trade policies, including tariffs and import duties on construction materials such as steel, aluminum, lumber, and mechanical systems. Tariffs imposed under the *Customs Tariff* or pursuant to trade remedy legislation such as the *Special Import Measures Act* can increase the cost of imported materials, including those sourced from the United States, Europe, or Asia. Especially considering the volatile policies on tariffs and counter tariffs, any sustained increases in the price of construction materials could adversely affect our project budgets, profitability, and timelines.

In the recent federal election in Canada, the Liberal Party proposed amendments to the *Special Import Measures Act* to streamline and modernize Canada's trade remedy regime. This may include imposing legislated timelines for safeguard investigations, which could provide more predictability regarding tariffs on imported construction materials. Depending on the final form of these amendments, this could help mitigate material cost volatility currently faced by the construction sector.

#### Insurance
We do not directly engage in construction and development activities and, as such, are not required to obtain construction-related insurance. Instead, insurance policies such as commercial general liability, builders' risk, and workers' compensation insurance are obtained by the project entities responsible for carrying out specific projects. These insurance policies protect against construction-related injuries, property damage, and third-party claims as required under the *Occupational Health and Safety Act*, municipal building permit requirements, and other applicable regulations. Additionally, our operations are indirectly impacted by insurance obligations imposed on project entities under financing agreements, condominium disclosure requirements (including Tarion warranty coverage), and municipal development approvals.

#### Force Majeure
In any event of a national emergency authorized by the *Constitution Act*, 1982, Canadian federal policies on mobility restrictions, quarantine measures, and other increased government regulation imposed on one of our buildings or a market in which we operate could negatively impact our occupancy, and the reputation or attractiveness of that market. Any of these occurrences may have a material adverse effect on the real estate business and the results of our operations.

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth information regarding our directors and executive officers as of the date of this prospectus.

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| | | |
|:---|:---|:---|
|  **Directors and Executive Officers** | **Age** | **Position/Title** |
|  Tianshu Wang | 37 | Chief Executive Officer, President, Secretary, and Director |
|  Xiaoyin Li | 35 | Chief Financial Officer, Vice President, Director |
|  Chaoyu Wang | 31 | Vice President |
|  Chen Jin | 37 | Operation Manager |
|  Lee Yeung | 38 | Independent Director Appointee\* |
|  Ho Tung Au Yeung | 48 | Independent Director Appointee\* |
|  Han Peng Dong | 47 | Independent Director Appointee\* |

---

____________

\* These individuals will become directors of the Company upon the effectiveness of the registration statement of which this prospectus forms a part.

#### Biographical Information
***Tianshu Wang*** founded our Company in 2016 and has served as our chief executive officer, president, secretary, and director since its inception. Mr. Wang is also a director of 2484508 Ontario Ltd., 3471 Sheppard Developments Inc., 2687525 Ontario Inc., and 2769846 Ontario Inc., all of which are our Company's customers. Mr. Wang has been involved in the real estate industry since 2014. Prior to founding the Company, in 2014, Mr. Wang co-founded Pantheon Group Inc., a Toronto-based real estate development company and served as the chief financial officer from September 2014 to April 2017, where he gained extensive experience in complex development projects management and financial operations. Mr. Wang received his bachelor's degrees in economics from Dongbei University of Finance and Economics in 2008 and from University of Western Ontario in 2010, respectively, and received his master's degree in business economics from Brock University in 2013. We believe Mr. Wang is well-qualified to serve as our chief executive officer, president, and director due to his experience in corporate management and real estate development management.

***Xiaoyin Li*** has been our chief financial officer since April 2024, our vice president since February 2025, and our director since March 31, 2025. Mr. Li has been involved in the real estate industry since 2013. From February 2019 to January 2024, Mr. Li was a salesman at Baystreet Group Inc., a real estate sales and investment company where he assisted clients with property transactions, deal negotiations, and market analysis. From April 2013 to January 2019, Mr. Li worked as an accountant at Zhuhai Great Finance and Taxation Service Group, where he provided comprehensive financial support to corporate clients, encompassing financial statement preparation, bookkeeping, tax compliance, and audit assistance. Mr. Li received his bachelor's degree in economics from York University in 2012. We believe Mr. Li is well-qualified to serve as our chief financial officer, vice president, and director due to his expertise in accounting and experience in real estate industry.

***Chaoyu Wang*** has been our vice president since July 2021. Mr. Wang possesses a valid Condominium Management License in Ontario, Canada and has completed Home Construction Regulatory Authority approved courses such as construction technology, customer service & new home licensing and warranty, legal issues in housing, and project management & supervision fundamentals. From March 2020 to August 2020, Mr. Wang served as a management consultant at PricewaterhouseCoopers in Beijing, an accounting firm, where he evaluated the performance of a major bank's online financing platform, developed standard operating procedures, conducted system audits, and presented strategic recommendations to improve credit assessment and lending practices. From November 2019 to March 2020, Mr. Wang worked in the risk advisory division at Deloitte in Beijing, China, an accounting firm, where he developed a credit risk rating model for a New York-based branch of a major Chinese bank, analyzed commercial lending markets, and assessed lending practices across financial institutions. Mr. Wang received his bachelor's degree in philosophy and astrophysics from University of Toronto in 2017 and his master's degree in finance from Queens University in 2020. We believe Mr. Wang is well-qualified to serve as our site supervisor and our vice president due to his expertise in real estate management and construction.

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***Chen Jin*** has been our operation manager since April 2017, maintaining overall project workflows and company internal operations, and ensuring cross-functional coordination among planning, finance, legal, and executive teams. Ms. Jin received her bachelor's degrees in economics from Dongbei University of Finance and Economics in 2008 and from University of Western Ontario in 2010, respectively, and received her master's degree in business economics from Brock University in 2012. We believe Ms. Jin is well-qualified to serve as our operation manager due to her experience in real estate industry.

***Lee Yeung*** will serve as our independent director starting immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. Since January 2024, Ms. Yeung has been the company secretary at Shandong Weigao Group Medical Polymer Company Limited, a company listed on the Stock Exchange of Hong Kong ("SEHK") (01066). From August 2010 to February 2025, Ms. Yeung served as the company secretary at Great China Holdings (Hong Kong) Limited, a company listed on SEHK (00021) that specializes in property investment and development. From January 2021 to January 2024, Ms. Yeung served as the company secretary at Fantasia Holdings Group Co., Limited that specializes in property investment and development, and Colour Life Services Group Co., Limited, a company listed on SEHK (01778), that specializes in property management. Ms. Yeung was elected as an associate of chartered secretary and chartered governance professional in both Hong Kong and London in 2015. Ms. Yeung received her bachelor's degree in physics from Hong Kong University of Science and Technology in 2008. We believe Ms. Lee is well-qualified to serve as our independent director due to her experience in property development-related public companies.

***Ho Tung Au Yeung*** will serve as our independent director starting immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. Since September 2004, Mr. Au Yeung has been an active entrepreneur, currently serving as the president of InnoVision Holdings Corporation, an apparel and accessories company. He is also the president and co-founder of Nobis Inc., a premium outerwear company, since November 2006, and the founder and president of Fan Ink Ltd., a sports lifestyle company since January 2015. Mr. Au Yeung obtained a bachelor's degree in commerce and a bachelor's degree in computer science from the University of Toronto in 1999, and received his master's degress in economics from the University of Toronto in 2001. We believe Mr. Au Yeung is well-qualified to serve as our independent director due to his extensive leadership experience and entrepreneurial track record.

***Han Peng Dong*** will serve as our independent director starting immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. Mr. Dong has been a seasoned public affairs and government relations professional with nearly two decades of experience in Canadian politics, encompassing both provincial and federal levels. From October 2019 to April 2025, Mr. Dong served as a Member of Parliament in the House of Commons of Canada, representing the federal electoral district of Don Valley North. We believe Mr. Dong is well-qualified to serve as our independent director due to his experience and connections in policy development and community outreach across multiple ministries.

#### Involvement in Certain Legal Proceedings
To our knowledge, none of our current directors or executive officers have, during the past ten years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he or she was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been subject to any order, judgment, or decree, not subsequently reversed, suspended, or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending, or otherwise limiting, his or her involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended, or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty, temporary or permanent cease-and-desist order, removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity, or organization that has disciplinary authority over its members or persons associated with a member.

We are not currently a party to any legal proceedings, the adverse outcome of which, individually or in the aggregate, we believe will have a material adverse effect on our business, financial condition, or operating results.

#### Board of Directors
Our board of directors will consist of 5 directors upon closing of this offering, three of whom will be "independent" within the meaning of the corporate governance standards of the Nasdaq listing rules and will meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

Until changed in accordance with the *Business Corporations Act* (Ontario), the board shall consist of that number of directors, being a minimum of three (3) and a maximum of ten (10), as determined from time to time by resolution of the board. Our bylaws also provide that not less than 25% of the directors of our Company are required to be resident Canadians. Each director is required to be not less than 18 years of age. No person who is of unsound mind and has been so found by a court in Canada or elsewhere or who has the status of a bankrupt may be a director. At least one director (the audit committee member) shall be financially literate as defined in NI 52-110. If a director acquires the status of a bankrupt or becomes of unsound mind, he or she shall thereupon be removed as a director. A director need not be shareholder. Our board of directors shall hold meetings on at least a quarterly basis.

Subject to the requirement for financial literacy for at least one director referred to hereinabove, there are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed by us in a general meeting. There are no other arrangements or understandings pursuant to which our directors are elected or nominated.

A director shall not vote, attend a board meeting, or sign a document on our behalf with respect to any contract or transaction in which he or she is interested, except in the circumstances permitted under section 132(5) of the *Business Corporations Act* (Ontario). A director who is a party to, or who is a director or an officer of, or has a material interest in any person who is party to, a material contract or transaction or proposed material contract or transaction with us, is required to disclose in writing to us or request to have entered in the minutes of meetings of directors the nature and extent of his or her interest, which disclosure shall be made as required by the *Business Corporations Act* (Ontario).

#### Duties of Directors
Under Ontario's law, our directors owe a duty of loyalty (fiduciary duty) and duty of care to the Company. In particular, our directors must (a) act honestly and in good faith with a view to the best interests of the Company, and (b) exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances.

If these duties are breached, a shareholder, former shareholder, director, officer, or other complainant may, with leave of the court, bring a derivative action in the name of the Company to seek damages or other relief according to section 246 of the *Business Corporations Act* (Ontario). Any complainant may also apply to the court for a wide range of remedies, including monetary compensation and orders directing the Company or its directors to act or refrain from acting under the borad oppression remedy under section 248 of the *Business Corporations Act* (Ontario).

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Directors may be personally liable to the Company for losses arising from a breach but may be indemnified to the extent permitted by the *Business Corporations Act* (Ontario) and the Company's bylaws*.*

#### Family Relationships
Chen Jin is the spouse of Tianshu Wang, who is our chief executive officer, president, and director. Other than that relationship, there are no familial relationships among any of our directors or officers.

#### Terms of Directors and Officers
Directors are elected to serve for one year at each annual meeting of shareholders. Officers are appointed by the board of directors. Each director and officer shall hold office until their successor is appointed or until their resignation, removal or death, whichever shall first occur. All of our executive officers are appointed by and serve at the discretion of our board of directors.

#### Employment Agreements and Indemnification Agreements
We have entered into employment agreements with each of our executive officers. Pursuant to employment agreements, the form of which is filed as Exhibit 10.1 to the registration statement of which this prospectus forms a part, we agree to employ each of our executive officers for a specified time period. An executive officer may terminate his or her employment at any time with a 30-day prior written notice. Each executive officer has agreed to hold, during the employment agreement, in strict confidence and not to use or disclose to any person, corporation, or other entity without written consent, any confidential information.

Pursuant to our bylaws, and subject to the *Business Corporations Act* (Ontario), we shall indemnify our directors and officers, our former directors and officers, and any person who acts or acted as a director or officer of our subsidiaries for any costs or expense relating to any civil, criminal, administrative, investigative, or other action or proceedings by any stockholders or third-parties to which he/she/they are made a party in connection with their duties as an officer or director if the conduct was in good faith in our best interests, and, in the event that it is a criminal or administrative action resulting in a monetary penalty, the individual had reasonable grounds for believing that his/her/their conduct was lawful.

We will also enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company.

#### Compensation of Directors and Executive Officers
The directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid for all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors and executive officers. Our total salaries and other compensation paid to directors and executive officers were CAD50,000 and CAD119,667 (US$83,223) for the years ended March 31, 2024 and 2025, respectively.

As of the date of this prospectus, we have not developed, designed, and/or implemented any equity compensation plans or non-equity incentive plan compensation for our directors or officers. The compensation committee will assist in the directors in reviewing and approving such compensation structures for its directors and executive officers in the future.

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The following tables sets forth all direct and indirect compensation for, or in connection with, services provided to us for the fiscal year ended March 31, 2025, in respect of our directors and executive officers.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name and Principal Position** | **Year** | **Salary<br> (CAD)** | **Bonus<br> (CAD)** | **Stock<br> Awards<br> (CAD)** | **Option<br> Awards<br> (CAD)** | **Non-equity<br> Incentive Plan<br> Compensation<br> (CAD)** | **Nonqualified<br> deferred<br> compensation<br> earnings<br> (CAD)** | **Total<br> (CAD)** | **Total<br> (US$)** |
|  Tianshu Wang – Chief Executive Officer, President, and Director | 2025 | 35000 |  |  |  |  |  | 35000 | 24341 |
|  Xiaoyin Li – Chief Financial Officer, Vice President, and Director | 2025 | 38000 |  |  |  |  |  | 38000 | 26427 |
|  Chaoyu Wang – Vice President | 2025 | 25000 |  |  |  |  |  | 25000 | 17386 |
|  Chen Jin – Operation Manager | 2025 | 21667 |  |  |  |  |  | 21667 | 15068 |
|  Lee Yeung – Independent Director Appointee | 2025 |  |  |  |  |  |  |  |  |
|  Ho Tung Au Yeung – Independent Director Appointee | 2025 |  |  |  |  |  |  |  |  |
|  Han Peng Dong – Independent Director Appointee | 2025 |  |  |  |  |  |  |  |  |

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#### Insider Participation Concerning Executive Compensation
Our President and director, Mr. Tianshu Wang has been making all determinations regarding executive officer compensation from the inception of our Company. When our compensation committee is set up, it will be making all determination regarding executive officer compensation (please see below).

#### Committees of the Board of Directors
We will establish three committees under the board of directors prior to the closing of this offering: an audit committee, a compensation committee, and a nominating and corporate governance committee. The appointment to the committees will be effective immediately upon the effective date of the registration statement of which this prospectus forms a part. We will adopt a charter for each of the three committees. Each committee's members and functions are described below.

#### Audit Committee
Our audit committee will consist of Lee Yeung, Ho Tung Au Yeung, and Han Peng Dong. Lee Yeung will be the chairperson of our audit committee. We have determined that Lee Yeung, Ho Tung Au Yeung, and Han Peng Dong will satisfy the "independence" requirements of the Nasdaq listing rules under and Rule 10A-3 under the Exchange Act. Our board also has determined that Lee Yeung qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the Nasdaq listing rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent auditors any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

#### Compensation Committee
Our compensation committee will consist of Lee Yeung, Ho Tung Au Yeung, and Han Peng Dong. Han Peng Dong will be the chairperson of our compensation committee. We have determined that Lee Yeung, Ho Tung Au Yeung, and Han Peng Dong will satisfy the "independence" requirements of the Nasdaq listing rules and Rule 10C-1 under the Exchange Act. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the total compensation package for our most senior executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving and overseeing the total compensation package for our executives other than the most senior executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board with respect to the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any long-term incentive compensation or equity plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting compensation consultants, legal counsel, or other advisors after taking into consideration all factors relevant to that person's independence from management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing programs or similar arrangements, annual bonuses, employee pension, and welfare benefit plans.

#### Nominating and Corporate Governance Committee
Our nominating and corporate governance committee will consist of Lee Yeung, Ho Tung Au Yeung, and Han Peng Dong. Ho Tung Au Yeung will be the chairperson of our nominating and corporate governance committee. We have determined that Lee Yeung, Ho Tung Au Yeung, and Han Peng Dong will satisfy the "independence" requirements of the Nasdaq listing rules. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending to our board the directors to serve as members of committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

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#### Code of Ethics and Business Conduct
Our board of directors will adopt a code of business conduct and ethics, which will be filed as Exhibit 99.1 to the registration statement of which this prospectus forms a part, and which will be applicable to all of our directors, officers, and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering.

#### Executive Compensation Recovery Policy
Our board of directors will adopt an executive compensation recovery policy, which will be filed as Exhibit 99.2 to the registration statement of which this prospectus forms a part, and which will be applicable to our officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. We will make our executive compensation recovery policy publicly available on our website prior to the initial closing of this offering.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Common Shares as of the date of this prospectus by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our officers, directors, and director appointees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our officers, directors, and director appointees as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• five percent or greater beneficial owners of our Common Shares.

There is no other person or group of affiliated persons known by us to beneficially own more than five percent of our Common Shares.

Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she, or it possesses sole or shared voting or investment power of that security. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons named in the table below have sole voting and investment power with respect to all Common Shares shown that they beneficially own. The information does not necessarily indicate beneficial ownership for any other purpose.

Our calculation of the number of shares and percentage of beneficial ownership prior to this offering is based on 18,000,000 Common Shares outstanding as of the date of this prospectus. Our calculation of the number of shares and percentage of beneficial ownership after this offering is based on 20,000,000 Common Shares outstanding after the closing of this offering, assuming no exercise of the underwriters' option to purchase additional Common Shares.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is 3459 Sheppard Avenue East, Unit 218, Toronto, Ontario, M1T3K4, Canada.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned <br>Prior to the Offering** | **Shares Beneficially Owned <br>Prior to the Offering** | **Shares Beneficially Owned <br>After the Closing** | **Shares Beneficially Owned <br>After the Closing** |
|  **Name of Beneficial Owner** | **Number** | **Percent** | **Number** | **Percent** |
|  **Officers and Directors:** |  |  |  |  |
|  Tianshu Wang<sup>(1)</sup> | 9900000 | 55.0% | 9900000 | 49.5% |
|  Xiaoyin Li |  |  |  | —  |
|  Chaoyu Wang |  |  |  | —  |
|  Chen Jin |  |  |  | —  |
|  Lee Yeung |  |  |  | —  |
|  Ho Tung Au Yeung |  |  |  | —  |
|  Han Peng Dong |  |  |  | —  |
|  **5% Stockholders:** |  |  |  |  |
|  Sky Pivot Corp.<sup>(1)</sup> | 9900000 | 55.0% | 9900000 | 49.5% |
|  YUYUKPING LIMITED<sup>(2)</sup> | 3636000 | 20.2% | 3636000 | 18.2% |

---

____________

(1) Represents 9,900,000 Common Shares held by Sky Pivot Corp., a Canadian company incorporated in Ontario wholly owned by Tianshu Wang.

(2) Represents 3,636,000 Common Shares held by YUYUKPING LIMITED, a British Virgin Islands company wholly owned by YUK PING YU.

As of the date of this prospectus, none of our outstanding Common Shares is held by record holders in the United States.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

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#### RELATED PARTY TRANSACTIONS
In addition to the executive officer and director compensation arrangements discussed in "Management — Compensation of Directors and Executive Officers," below we describe transactions which we have been a participant, in which the amount involved in the transactions is material to us or the related party.

The relationship of related parties is summarized as follows:

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| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to the Company** |
|  Mr. Tianshu Wang | 100% owner of Sky Pivot Corp. and the chief executive officer, president, and director of the Company |
|  Sky Pivot Corp. | a private entity controlled by Mr. Tianshu Wang |
|  2687525 Ontario Inc. | a private entity significantly influenced by Mr. Tianshu Wang, which indirectly holds 10% or more of the Common Shares of 2687525 Ontario Inc. |
|  2769846 Ontario Inc. | a private entity significantly influenced by Mr. Tianshu Wang, the director of 2769846 Ontario Inc. |
|  Mr. Xiaoyin Li | key management of the Company since April 1, 2024 |
|  8899584 Canada Corp. | a private entity controlled by Mr. Xiaoyin Li who has been our key management since April 1, 2024. |

---

#### Amounts due from related parties
The amounts due from related parties consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, <br>2023** | **March 31, <br>2024** | **March 31, <br>2025** | **March 31, <br>2025** |
|  | **CAD** | **CAD** | **CAD** | **USD** |
|  Sky Pivot Corp. | 667,263 | 607,383 | 907,828 | 631,357 |

---

The amounts due from Sky Pivot Corp. are unsecured, interest-free, and repayable on demand. The loan was provided by the Company to Sky Pivot Corp. as short-term financing and was fully repaid on August 1, 2025.

#### Related party transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **CAD** | **USD** |
|  2687525 Ontario Inc.<sup>(1)</sup> |  |  | 93830 | 65255 |
|  2769846 Ontario Inc.<sup>(1)</sup> |  |  | 50000 | 34773 |
|  Mr. Xiaoyin Li<sup>(2)</sup> |  |  | 14000 | 9736 |
|  8899584 Canada Corp.<sup>(2)</sup> |  |  | 10500 | 7302 |
|  |  |  | 168330 | 117066 |

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____________

(1) For the fiscal year ended March 31, 2025, the Company provided management and consulting services to 2687525 Ontario Inc. and consulting services to 2769846 Ontario Inc. As of the date of this prospectus, the accounts receivables from these related parties have been fully collected.

(2) For the fiscal year ended March 31, 2025, the Company paid dividends to Mr. Xiaoyin Li and 8899584 Canada Corp. for the subscribed preferred shares, and all of the subscribed preferred shares were redeemed by the Company as of March 31, 2025.

#### Employment Agreements and Indemnification Agreements
See "Management — Employment Agreements and Indemnification Agreements."

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#### DESCRIPTION OF SHARE CAPITAL
*The following is a summary of the material terms of our share capital and certain provisions of our articles. Because it is a summary, this discussion should be read together with our articles and bylaws.*

#### General
Our articles of incorporation (the "Articles of Incorporation") provide that our authorized capital consists of 500,000,000 Common Shares, par value CAD0.0001 per share, which do not have any special rights or restrictions and an unlimited number of preference shares (the "Preference Shares"), with the rights specified in the Articles of Incorporation.

As of the date of this prospectus, we have 18,000,000 Common Shares issued and outstanding. No Preference Shares, no options or warrants exercisable for Common Shares, and no securities convertible into Common Shares are issued and outstanding.

#### Rights, Preferences, and Restrictions Attaching to Our Common Shares
The *Business Corporations Act* (Ontario) provides the following rights, privileges, restrictions, and conditions attaching to our Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to vote at meetings of shareholders, except meetings at which only holders of a specified class of shares are entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to the rights, privileges, restrictions, and conditions attaching to any other class of shares of our Company, to share equally in the remaining property of our Company on liquidation, dissolution, or winding-up of our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Common Shares are entitled to receive dividends if, as, and when declared by the board of directors.

Our Articles of Incorporation provides the following rights, privileges, restrictions and conditions attaching to our Common Shares:

Each holder of Common Shares is entitled to receive notice of and to attend all meetings of shareholders of the Company, except meeting at which only holders of a specified class of shares (other than Common Shares) or a specified series of shares are entitled to vote. At such meetings attended by holders of Common Shares, each holder of Common Shares is entitled to one vote in respect of each Common Share held by the holder. Holders are entitled to elect all nominees to the board of directors of the Company.

Subject to the rights, privileges, restrictions, conditions, and limitations of any other class of shares of the Company, Common Share holders are entitled to receive any dividends of the Company and, upon a liquidation, dissolution, and winding-up of the Company, whether voluntary or involuntary, to receive the remaining property of the Company.

#### Rights, Preferences, and Restrictions Attaching to Our Preference Shares
Our Articles of Incorporation provides the following rights, privileges, restrictions, and conditions attaching to our Preference Shares:

#### Dividends
All holders of Preference Shares are entitled to receive, and we shall pay, dividends only if and when declared by the board of directors. Dividends are non-cumulative and are to be paid only out of money of the Company properly applicable to the payment of the dividends.

The board of directors has discretion and may determine the priority that Preference Shares dividends are paid to Common Shares and if and when Common Shares dividends are paid and not the Preference Shares dividends, and vice-versa. Holders of the Preference Shares are not entitled to any dividend other than or more than the dividends as stated above.

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#### Participation in Assets on Dissolution
If we are liquidated, dissolved, or wound up, either voluntarily or involuntarily, or if there is a reduction of capital, or any distribution of assets among shareholders by way of repayment of capital, holders of the Preference Share are entitled to be paid the redemption amount for each preference share plus all unpaid dividends that have been declared. Such payment holds priority to any payment or distribution to holders of Common Shares. If the amount payable is insufficient to pay in full the redemption amount owing on all Preference Shares, the amount will be paid on a pro rata basis. All assets remaining after payment to the holders of Preference Shares are to be paid or distributed ratably among the holders of Common Shares, and the holders of Preference Shares will have no further right of participation in such assets.

#### Redemption
We, on notice and as the discretion of the board of directors, have the right at any time to redeem all or any portion of the Preference Shares for the redemption amount for each Preference Share together with any declared and unpaid dividends without the consent of the holders of such shares. We, at the discretion of the board of directors, may redeem all or any part of the Preference Shares of any Preference Shares holders in priority to any other Preference Shares holders, and is not required to redeem the Preference Shares of any other Preference Shares holders. The redemption amount is the amount that will be the actual paid-up amount at the time of redemption.

#### Voting Rights
Except in the instances where there is an amendment of the Articles of Incorporation with respect to the Preference Shares or to create special shares ranking in priority to or on par with the Preference Shares, Preference Shares holders do not possess any voting rights at any meeting of our shareholders, but are entitled to notice of the meetings when called for the purpose of authorizing our dissolution. The holders vote separately as a class on any amendment that affects their rights or that creates a class ranking ahead of or on parity with the Preference Shares.

#### Amendment of the Articles of Incorporation
Confirmation of any special resolution to amend our articles to delete or vary any preference, right, condition, restriction, limitation, or prohibition attaching to the Preference Shares or to create special shares ranking in priority to or on a parity with the Preference Shares may be given by at least two-thirds (2/3) of the votes cast at a meeting of the holders of the Preference Share duly called for that purpose.

#### Shareholder Meetings
The *Business Corporations Act* (Ontario) provides that: (i) a general meeting of shareholders shall be held at such place in or outside Ontario as the directors determine or, in the absence of such a determination, at our registered office is located; (ii) directors must call an annual meeting of shareholders not later than 18 months after the date of incorporation and no later than 15 months after the last preceding annual meeting; (iii) for the purpose of determining shareholders entitled to receive notice of or vote at meetings of shareholders, the directors may fix in advance a date as the record date for that determination, provided that such date shall not precede by more than 50 days or by less than 21 days, if we are a public company, otherwise 10 days, the date on which the meeting is to be held; (iv) the holders of not less than five percent of the issued shares entitled to vote at a meeting may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition; (v) only shareholders entitled to vote at the meeting, our directors and our auditor are entitled to be present at a meeting of shareholders; and (vi) upon the application of a director or shareholder entitled to vote at the meeting, the Superior Court of Justice may order a meeting to be called, held, and conducted in a manner that the court directs.

Our bylaws provide that a quorum is met when holders of not less than a majority of the shares entitled to vote at the meeting of shareholders are present in person or represented by proxy.

The holders of our Common Shares are entitled to attend and vote at all meetings of our shareholders.

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#### Fully Paid and Non-assessable
All outstanding Common Shares are, and the Common Shares to be outstanding upon completion of this offering will be duly authorized, validly issued, fully paid, and non-assessable.

#### Authority of Directors
A director may not vote on a proposal, arrangement, or contract in which the director is materially interested, but such transaction must be approved by a majority of the independent directors and be on terms no less favorable than the terms that could be obtained from an unaffiliated third party. Under the charter of the compensation committee to be adopted by the board of directors, the committee has the authority to determine the compensation of directors, including the directors who are members of the committee. Article 2 of our bylaws grants the board of directors the power to delegate to a director or a committee of directors to authorize us to borrow money, issue debt obligations, guarantee the performance of obligations of other parties, and grant a security interest in our assets to secure our obligations. Neither our Articles of Incorporation or bylaws provide for any age limit requirement regarding the retirement of directors or require directors to be shareholders.

#### Penny Stock Regulation
The SEC has adopted regulations which generally define "penny stock" to be any equity security that has a market price of less than $5.00 per share or an exercise price of less than $5.00 per share. Such securities are subject to rules that impose additional sales practice requirements on broker-dealers who sell them. For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchaser of such securities and have received the purchaser's written consent to the transaction prior to the purchase. Additionally, for any transaction involving a penny stock, unless exempt, the rules require the delivery, prior to the transaction, of a disclosure schedule prepared by the SEC relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer's presumed control over the market. Finally, among other requirements, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. As our Common Shares immediately following this offering may be subject to such penny stock rules, purchasers in this offering will likely find it more difficult to sell their Common Shares in the secondary market.

#### Limitations on Liability and Indemnification of Officers and Directors
In accordance with the *Business Corporations Act* (Ontario) and pursuant to the bylaws of the Company, subject to certain conditions, we shall, to the maximum extent permitted by law, indemnify a director or officer, a former director or officer, or another individual who acts or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including any amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative, or other proceeding in which the individual is involved because of that association with us or other entity. We shall advance monies to a director, officer, or other individual for costs, charges, and expenses reasonably incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfill the conditions described below or is not successful on the merits in their defense of the action or proceeding. Indemnification is prohibited unless the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acted honestly and in good faith with a view to our best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a criminal or administrative action or proceeding enforced by a monetary penalty, had reasonable grounds to believe the conduct was lawful; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not judged by a court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done.

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#### Registration of Common Shares
All transfers of our securities shall be made in accordance with the *Business Corporations Act* (Ontario) and the Securities Transfer Act. Subject to the provisions of the *Business Corporations Act* (Ontario) and the Securities Transfer Act, no transfer of shares represented by a security certificate (as defined in the *Business Corporations Act* (Ontario)) shall be registered in a securities register except upon presentation of the certificate representing such shares with an endorsement which complies with the *Business Corporations Act* (Ontario) and the Securities Transfer Act made thereon or delivered therewith duly executed by an appropriate person as provided by the *Business Corporations Act* (Ontario) and the Securities Transfer Act, together with such reasonable assurance that the endorsement is genuine and effective as the board of directors may from time to time prescribe, upon payment of all applicable taxes and any fees prescribed by the board of directors, upon compliance with such restrictions on transfer as are authorized by the articles and upon satisfaction of certain liens enumerated in the bylaws. While the Common Shares currently issued and outstanding are physically certificated, we anticipate that the Common Shares sold in this offering will be DTC eligible and can be held and transferred through book entry.

#### Transfer Agent and Registrar
The transfer agent and registrar for our Common Shares is Transhare Corporation.

#### Listing
We have applied to list our Common Shares on the Nasdaq under the symbol "LCDC", which symbol has been reserved. There is no assurance that the offering will close. We will not complete this offering unless we are listed on the Nasdaq.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no market for our Common Shares. Future sales of substantial amounts of our Common Shares in the public market or the perception that such sales might occur could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our Common Shares in the public market after the restrictions lapse. This may adversely affect the prevailing market price of our Common Shares and our ability to raise equity capital in the future.

After completion of this offering, we will have 20,000,000 shares of Common Shares outstanding, or 20,300,000 shares if the underwriters' option to purchase additional shares is exercised in full.

All the Common Shares sold in this offering will be freely tradable without restrictions or further registration under the Securities Act, unless the shares are purchased by our "affiliates" as that term is defined in Rule 144 and except certain shares that will be subject to the lock-up period described below after completion of this offering. Any shares owned by our affiliates may not be resold except in compliance with Rule 144 volume limitations, manner of sale and notice requirements, pursuant to another applicable exemption from registration or pursuant to an effective registration statement.

All the shares held by our directors, officers, and holders of at least five percent of our outstanding securities totaling 13,536,000 Common Shares, are anticipated to be subject to a lock-up restriction of six months as described under "Underwriting." Accordingly, there will be a corresponding increase in the number of shares that become eligible for sale after the lock-up periods expire.

As a result of these agreements, subject to the provisions of Rule 144 or Rule 701, shares will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning on the date of this prospectus, all the shares sold in this offering will be immediately available for sale in the public market (except as described above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning six months following the date on which the trading of the securities on the Nasdaq commences, at the expiration of the lock-up period for shares held by our officers, directors, and holders of at least five percent of our outstanding Common Shares will become eligible for sale in the public market, and beginning six months following the date on which the trading of the securities on the Nasdaq commences, at the expiration of their lock-up period shares held by other holders of our outstanding Common Shares will become eligible for sale in the public market. Shares held by affiliates will also be subject to the volume and other restrictions of Rule 144 and Rule 701 as described below.

#### Lock-Up Agreements
See "Underwriting — Lock-Up Agreements" for more information.

#### Rule 144
In general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144.

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In general, under Rule 144, as currently in effect, our affiliates or persons selling shares on behalf of our affiliates are entitled to sell upon expiration of the lock-up agreements described above, within any three-month period, a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our Common Shares then outstanding, which will equal approximately shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Common Shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
Rule 701 generally allows a shareholder who purchased our Common Shares pursuant to a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701 and are subject to the lock-up agreements described above.

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#### TAXATION

#### United States Federal Income Tax Consequences
The following is a general discussion of the principal U.S. federal income tax consequences of the acquisition, ownership, and disposition of our Common Shares that are generally applicable to a U.S. Holder, as defined below, with respect to shares that a U.S. Holder acquires pursuant to this offering. This summary assumes that the shares are held as capital assets (generally, property held for investment), within the meaning of the U.S. Internal Revenue Code of 1986, as amended, or the Code, in the hands of a U.S. Holder at all relevant times. This discussion is based on the Code, final, temporary, and proposed treasury regulations thereunder, or the Treasury Regulations, pertinent judicial decisions, interpretive rulings of the U.S. Internal Revenue Service, or the IRS, and such other authorities as we have considered relevant. Future legislative, judicial, or administrative modifications, revocations, or interpretations, which may or may not be retroactive, may result in U.S. federal income tax consequences significantly different from those discussed herein. This discussion is not binding on the IRS. No ruling has been or will be sought or obtained from the IRS with respect to any of the U.S. federal tax consequences discussed herein. There can be no assurance that the IRS will not challenge any of the conclusions described herein or that a U.S. court will not sustain such a challenge.

This discussion does not address the U.S. federal income tax consequences to U.S. Holders subject to special rules, including U.S. Holders that (i) are banks, financial institutions, or insurance companies, (ii) are regulated investment companies or real estate investment trusts, (iii) are brokers, dealers, or traders in securities or currencies, (iv) are tax-exempt organizations, (v) are governments or agencies or instrumentalities thereof, (vi) are U.S. expatriates, (vii) elect to mark their securities to market, (viii) hold the shares as part of hedges, straddles, constructive sales, conversion transactions, or other integrated investments, (ix) acquire the shares as compensation for services or through the exercise or cancellation of employee stock options or warrants, (x) have a functional currency other than the U.S. dollar, or (xi) own or have owned directly, indirectly, or constructively, shares of the Company representing 10% or more of the voting power or value of the Company.

In addition, this discussion does not address tax considerations relevant to U.S. Holders under any non-U.S., state or local tax laws, the Medicare tax on net investment income, U.S. federal estate, gift tax, other non-income tax, or the alternative minimum tax. Each U.S. Holder is urged to consult his or its tax advisors regarding the U.S. federal, state, local, and non-U.S. income and other tax considerations of an investment in the shares.

As used herein, "U.S. Holder" means a beneficial owner of Common Shares that is (i) an individual who is a citizen or resident of the United States for U.S. federal income tax purposes, (ii) a corporation (or other entity taxable as a corporation for U.S. federal tax purposes) created or organized under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source, or (iv) a trust that (a) is subject to the primary supervision of a court within the United States and for which one or more U.S. persons have authority to control all substantial decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

If a pass-through entity, including a partnership or other entity taxable as a partnership for U.S. federal income tax purposes, holds Common Shares, the U.S. federal income tax treatment of an owner or partner generally will depend on the status of such owner or partner and on the activities of the pass-through entity. A U.S. person that is an owner or partner of a pass-through entity holding common shares is urged to consult its own tax advisor.

#### Distributions on the Shares
Subject to the PFIC (as defined below) rules discussed below, the gross amount of any distribution paid by us will generally be subject to U.S. federal income tax as foreign source dividend income to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such amount will be includable in gross income by a U.S. Holder as ordinary income on the date that such U.S. Holder actually or constructively receives the distribution in accordance with such holder's regular method of accounting for U.S. federal income tax purposes. The amount of any distribution made by us in property other than cash will be the fair market value (determined in U.S. dollars) of such property on the date of the distribution. Because we do not intend to calculate our earnings and profits on the basis of U.S. federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes. Dividends paid by us will not be eligible for the dividends received deduction allowed to corporations.

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To the extent that a distribution exceeds the amount of our current and accumulated earnings and profits, as determined under U.S. federal income tax principles, such distribution will be treated first as a tax-free return of capital, causing a reduction in a U.S. Holder's adjusted basis in the shares held by such U.S. Holder (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by such U.S. Holder upon a subsequent disposition of the shares), with any amount that exceeds such U.S. Holder's adjusted basis being taxed as a capital gain recognized on a sale or exchange (as discussed below).

So long as the shares are listed on the Nasdaq or we are eligible for benefits under the Income Tax Convention between the U.S. and Canada, dividends a U.S. Holder receives from us will be "qualified dividend income" if certain holding period and other requirements (including a requirement that we are not a PFIC in the year of the dividend or the immediately preceding year) are met. Qualified dividend income of an individual or other non-corporate U.S. Holder is subject to a reduced maximum U.S. federal income tax rate.

Subject to certain limitations, Canadian tax withheld with respect to distributions made on the shares may be treated as foreign taxes eligible for credit against a U.S. Holder's U.S. federal income tax liability. Alternatively, a U.S. Holder may, subject to applicable limitations, elect to deduct the otherwise creditable Canadian withholding taxes for U.S. federal income tax purposes. The rules governing the foreign tax credit are complex and involve the application of rules that depend upon a U.S. Holder's particular circumstances. Accordingly, a U.S. Holder is urged to consult its tax advisor regarding the availability of the foreign tax credit under its particular circumstances.

#### Sale, Exchange, or Other Taxable Disposition of the Shares
Subject to the PFIC rules discussed below, a U.S. Holder generally will recognize gain or loss upon the taxable sale, exchange or other disposition of the shares in an amount equal to the difference between (i) the U.S. dollar value of the amount realized upon the sale, exchange or other taxable disposition and (ii) such U.S. Holder's adjusted tax basis in the shares. A U.S. Holder's adjusted tax basis in such shares will generally be its U.S. dollar cost. Generally, such gain or loss will be capital gain or loss and will be long-term capital gain or loss if, on the date of the sale, exchange or other taxable disposition, such U.S. Holder has held the shares for more than one year. If such U.S. Holder is an individual or other non-corporate U.S. Holder, long-term capital gains generally will be subject to a reduced maximum U.S. federal income tax rate. The deductibility of capital losses is subject to limitations under the Code. Gain or loss, if any, that a U.S. Holder realizes upon a sale, exchange or other taxable disposition of the shares generally will be treated as having a U.S. source for U.S. foreign tax credit limitation purposes.

#### PFIC Rules
A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the Code, for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of its gross income for such taxable year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Common Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.

Based on our operations, current and projected income and assets, and the composition of our income and assets (taking into account the current and expected income generated from our investment products purchased from banks), we do not expect to be treated as a PFIC for the current taxable year or the foreseeable future under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, and there can be no

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assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. Because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Common Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Common Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Common Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Common Shares from time to time and the amount of cash we raise in this offering) that may not be within our control.

If we are a PFIC for any year during which you hold Common Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Common Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Common Shares.

If we are a PFIC for your taxable year(s) during which you hold Common Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Common Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Common Shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Common shares cannot be treated as capital, even if you hold the Common Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Common Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Common Shares as of the close of such taxable year over your adjusted basis in such Common Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Common Shares over their fair market value as of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Common Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Common Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Common Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Common Shares. Your basis in the Common Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us.

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The mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable Treasury Regulations), including Nasdaq. If the Common Shares are regularly traded on Nasdaq and if you are a holder of Common shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable Treasury Regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Common Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Common Shares, including regarding distributions received on the Common Shares and any gain realized on the disposition of the Common Shares.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Common Shares, then such Common Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Common Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Common Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Common Shares for tax purposes.

Section 1014(a) of the Code provides for a step-up in basis to the fair market value for our Common Shares when inherited from a decedent that was previously a holder of our Common Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Common Shares, or a mark-to-market election and ownership of those Common Shares are inherited, a special provision in Section 1291(e) of the Code provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Common Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Common Shares.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Common Shares and the elections discussed above.

#### Receipt of Foreign Currency
The U.S. dollar value of any cash distribution made in Canadian dollars to a U.S. Holder will be calculated by reference to the exchange rate prevailing on the date of actual or constructive receipt of the distribution, regardless of whether the Canadian dollars are converted into U.S. dollars at that time. For U.S. Holders following the accrual method of accounting, the amount realized on a disposition of the shares for an amount in Canadian dollars will be the U.S. dollar value of this amount on the date of disposition. On the settlement date, such U.S. Holder will recognize U.S. source foreign currency gain or loss (taxable as ordinary income or loss) equal to the difference (if any) between the U.S. dollar value of the amount received based on the exchange rates in effect on the date of sale or other disposition and the settlement date. However, in the case of shares traded on an established securities market that are sold by a cash method U.S. Holder (or an accrual method U.S. Holder that so elects), the amount realized will be based on the spot rate in effect on the settlement date for the disposition, and no exchange gain or loss will be recognized at that time. A U.S. Holder will generally have a basis in Canadian dollars equal to their U.S. dollar value on the date of receipt of such distribution, on the date of disposition, or, in the case of cash method U.S. Holders (and accrual method U.S. Holders that so elects), on the date of settlement. Any U.S. Holder that receives payment in Canadian dollars and converts or disposes of the Canadian dollars after the date of receipt may have a foreign currency exchange gain or

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loss that would be treated as ordinary income or loss and that generally will be U.S. source income or loss for foreign tax credit purposes. U.S. Holders are urged to consult their own U.S. tax advisors regarding the U.S. federal income tax consequences of receiving, owning, and disposing of Canadian dollars.

#### Information with Respect to Foreign Financial Assets
Individuals and certain entities that own "specified foreign financial assets", with an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) are generally required to file an information report on IRS Form 8938, Statement of Specified Foreign Financial Assets, with respect to such assets with their tax returns for each year in which they hold shares. "Specified foreign financial assets" include any financial accounts maintained by certain foreign financial institutions, as well as securities issued by non-U.S. persons if they are not held in accounts maintained by financial institutions. U.S. Holders are urged to consult their tax advisors regarding the application of this reporting requirement to their ownership of the shares.

#### Information Reporting and Backup Withholding
In general, information reporting will apply to dividends paid to a U.S. Holder in respect of the shares and the proceeds received by such U.S. Holder from the sale, exchange or other disposition of the shares within the United States unless such U.S. Holder is a corporation or other exempt recipient. Backup withholding may apply to such payments if a U.S. Holder fails to provide a taxpayer identification number or certification of exempt status or fails to report dividend and interest income in full. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or credit against a U.S. Holder's U.S. federal income tax liability, provided that the required information is timely furnished to the IRS.

#### Certain Canadian Tax Consequences for Canadian and Non-Canadian Investors
Disclaimer:

*This summary is based on the provisions of the Income Tax Act of Canada in force as of the date hereof and our understanding of the current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. This summary considers all the proposed amendments and assumes that all proposed amendments will be enacted in the form proposed. However, no assurances can be given that the proposed amendments will be enacted as proposed, or at all. This summary does not otherwise consider or anticipate any changes in law or administrative policy whether by legislative, regulatory, administrative, or judicial action, nor does it consider tax legislation or considerations of any province, territory, or foreign jurisdiction, which may differ from those discussed herein*.

In the U.S. the choice is largely between the New York Stock Exchange ("NYSE") and the Nasdaq, with larger industrial companies generally choosing the NYSE and smaller technology-oriented companies usually going public on the Nasdaq. To gain access to a larger, deeper capital market and, often, more specialized capital market analysts, particularly in the case of technology companies, we decided to use Nasdaq for its public offering.

The initial public offering does not normally trigger any taxation. Taxes normally only apply when the taxpayers dispose of the shares. As Canadian tax residents, they must pay Canadian income taxes on their worldwide investment income. (Income *tax Act — ITA, Section 2(1*)). For shareholders who are not Canadian tax residents, income derived from dividends or the disposition of shares may still be subject to Canadian income tax. These tax implications are discussed in greater detail below.

***A. For "Canadian Holder" — the Resident in Canada for Tax Purpose***

*1. Residency consideration*

As a Canadian-incorporated company, we are considered resident in Canada for tax purposes and subject to Canadian tax on worldwide income under section 2(1) of the Income Tax Act ("ITA").

For tax law purposes, a public corporation is generally defined in section 89(1) of the *Income Tax Act* as a corporation resident in Canada the shares of which are listed on a designated stock exchange in Canada (including the Toronto Stock Exchange (TSX), Tiers 1 or 2 of The TSX Venture Exchange, the Montreal Exchange, the Canadian National

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Stock Exchange, and the NEO Exchange (formerly, the Aequitas NEO Exchange). Therefore, a corporation that only has its securities listed on a foreign exchange does not fall with this definition of "public corporation". We are in this category.

*2. Dividends*

As a Canadian corporation, shareholders who are residents and non-residents of Canada (including US residents) are subject to different sets of tax rules under the Canadian law for the dividend income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Residents of Canada

Under the ITA, dividends received or deemed to be received on the common shares by a holder who, for the purposes of the ITA or at all relevant times, is or is deemed to be resident in Canada (a "Canadian Resident Holder") must be included in the holder's income for the year in which the dividend is received.

For individual Canadian Resident Holders, such dividends will be subject to the gross-up and dividend tax credit rules contained in the ITA.

We do not fall with the definition of "public corporation" as defined in subsection 89(1) of the ITA. Therefore, dividends paid by the Company will generally be treated as non-eligible dividends and subject to the associated gross-up (currently 15%) and dividend tax credit (currently 9.03% federally) available to individuals.

There is no gross-up or dividend tax credit for dividends received by a corporation. Dividends received from Canadian corporations may be deductible under section 112 of the ITA, subject to the application of anti-avoidance rules such as those in subsection 55(2). However, Part IV tax (ITA s. 186 – 187) may be payable on these dividends at a tax rate of 38 1/3% (33 1/3% for taxation years ending before 2016) of the dividends received. Part IV tax becomes part of the corporation's refundable dividend tax on hand ("RDTOH"). RDTOH is available as a dividend refund to the corporation when dividends are paid to shareholders of private corporations.

Canadian Resident Holders should consult their own tax advisors with respect to the characterization and tax treatment of dividends, particularly if the Company later qualifies or elects to become a "public corporation," at which point dividends may be designated as eligible dividends, thereby attracting a higher gross-up (currently 38%) and more favourable tax credit treatment (currently 15.02% federally).

Dividends received by Canadian Registered Plans such as RRSPs, RRIFs, and TFSAs are generally exempt from taxation under the ITA, provided the shares are a qualified investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Residents of Canada

A shareholder who, at all relevant times, is not resident in Canada for purposes of the ITA and does not use or hold (or be deemed to use or hold) the shares in the course of carrying on business in Canada will generally be subject to Canadian withholding tax under Part XIII of the ITA on dividends paid or credited (or deemed to be paid or credited) on the common shares. The statutory rate of withholding is 25%, but this rate may be reduced under the terms of an applicable income tax treaty between Canada and other nations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) U.S. Residents

A shareholder who, for the purposes of the ITA and the Canada — United States Income Tax Convention (1980), as amended (the "Canada — U.S. Tax Treaty"), is resident in the United States and is fully entitled to benefits under the Canada — U.S. Tax Treaty (a "U.S. Holder") will generally be subject to withholding tax in Canada at a treaty-reduced rate (currently 15%). Where such beneficial owners are corporations that own at least 10% of our voting shares, the rate is further reduced (currently 5%).

U.S. Holders may be entitled to claim a foreign tax credit or deduction for the Canadian withholding tax paid, subject to detailed rules under U.S. tax law. The gross-up and dividend tax credit provisions of the ITA do not apply to non-residents, including U.S. Holders.

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U.S. investors are urged to consult their own tax advisors regarding the application of Canadian withholding tax and the availability of foreign tax credits under U.S. federal, state, or local tax laws. To obtain the treaty-reduced rate, a U.S. Holder must provide appropriate documentation, including Form NR301, to the Company or its withholding agent.

The dividend income must be converted to Canadian dollars to determine the amount to include in the taxable income. The taxpayer can convert using the exchange rates on the dates of the foreign dividend income is received, or he/she can use the average annual exchange rate, as published by the Bank of Canada, for all the dividends received in the year.

*3. Tax Treaty*

Tax treaties act to reduce or eliminate double taxation by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• specifying each country's right to tax or not tax particular types of income, and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring one of the countries to grant tax credits for tax already paid on the income.

Tax treaties override the provisions of the ITA and are relevant to both residents and non-residents of Canada with respect to international a particular transaction or series of transactions, taxpayers need to first consult the ITA and then consider the provisions of the applicable tax treaty. Tax treaty to taxation of foreign-source income, while non-residents of Canada need to consider tax treaties as they apply to Canadian-source income earned and/or because of proximity to the United States, the tax treaty between Canada and the U.S. (Canada-U.S. Tax Convention) is most relevant for Canadian reside taxpayers earning Canadian-source income.

There are some examples of issues addressed in the Canada-U.S. Tax Convention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tie-breaker rules for establishing residency of an individual or a corporation where that individual or corporation is considered resident of both Canada and US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A definition of a permanent establishment for the purpose of determining whether a Canadian resident is carrying on business in the U.S. or Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Withholding tax rates for U.S. dividends or interest earned by a resident of Canada.

*4. Capital Gains and Losses*

Under ITA, s. 3(b), 38(a), 248(1), A capital gain or loss is the gain or loss resulting from the sale of property, such as stocks, bonds, art, stamp collections, real estate, and promissory notes. Gains or losses from bad debts, foreign exchange and call and put options are also normally considered capital gains or losses.

For shareholders who are tax residents of Canada, he/she/it will normally pay tax on capital gains and can deduct capital loss against capital gains as follows:

A taxable capital gain is 50% of a capital gain. The capital gain or loss is calculated by deducting the original cost of the asset from the proceeds received on the sale of the asset. Because only 50% of the gain is taxable, less tax is paid on capital gains than on income such as interest.

An allowable capital loss is 50% of a capital loss. It can only be used to reduce or eliminate taxable capital gains, except in the year of a taxpayer's death or the immediately preceding year, when it can be used to reduce other income.

For shareholders who are non-tax residents of Canada, they would not normally be subject to Canadian tax for capital gain on shares listed on a U.S. stock exchange unless they holds 25% or more of the issued shares of any class of the corporation in the 60 months before the disposition or have been a tax resident of Canada during the shareholding. However, they may be taxed on capital gains in the jurisdictions in which they are tax residents. For example, U.S. tax residents who dispose of our shares may be taxed in the U.S. for their capital gain/loss.

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*5. Foreign Currency Purchase and Sale of Securities*

Individuals will most commonly encounter foreign exchange gains or losses when they are involved in purchasing or selling securities with settlement amounts denominated in a foreign currency. For purposes of distinguishing between ordinary capital gains and those that can be classified under the ITA 39(2) as being in respect of foreign currencies, IT-95R provides the following examples of the time when the Canada Revenue Agency considers a transaction resulting in the application of ITA 39(2) to have taken place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. At the time of conversion of funds in a foreign currency into another foreign currency or into Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. At the time funds in a foreign currency are used to make a purchase or a payment in such a case the gain or loss would be the difference between the value of the foreign currency expressed in Canadian dollars when it arose, and its value expressed in Canadian dollars when the purchase or payment was made.

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#### UNDERWRITING
We have entered into an underwriting agreement dated __, 2025 with American Trust Investment Services, Inc. (the "Representative"), who is serving as the representative of the underwriters and the lead book running manager for this offering. Under the terms and subject to the conditions contained in the underwriting agreement, the underwriters severally and not jointly, agree to purchase from us on a firm commitment basis, at the assumed public offering price of $4.00 per share, less the underwriting discounts and commissions, the respective number of Common Shares shown opposite its name in the table below:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Shares** |
|  American Trust Investment Services, Inc. | [\*] |
|  | [\*] |
|  Total | [\*] |

---

The Common Shares to be sold in this offering are expected to be ready for delivery on or about [__], 2025, against payment in immediately available funds. The underwriters may reject all or part of any order. Offers and sales for this offering may be conducted both inside and outside the United States through the underwriters and their respective selling agents. All offers or sales in the United States will be conducted by broker-dealers registered with the SEC and as members of Financial Industry Regulatory Authority (the "FINRA"). American Trust Investment Services, Inc., as the representative of the underwriters, may retain other brokers or dealers to act as sub-agents or selected dealers on its behalf in connection with this offering. The Common Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. If all of the Common Shares are not sold at the initial offering price, the underwriters may change the offering price and the other selling terms. The underwriters have advised us that they do not intend to make sales to discretionary accounts. The description of the underwriting agreement herein is only a summary, does not purport to be complete, and is qualified in its entirety by reference to the underwriting agreement, a copy of which is filed as an exhibit to the registration statement filed with the SEC of which this prospectus forms a part, and is incorporated herein by reference.

The underwriting agreement provides that the obligation of the underwriters to purchase all of the Common Shares being offered to the public is subject to specific conditions, including, but not limited to obtaining listing approval on the Nasdaq, the absence of any material adverse change in our business or in the financial markets, and the receipt of certain legal opinions, certificates, and letters from us, our counsel, and the independent auditors. Subject to the terms of the underwriting agreement, the underwriters will purchase all of the shares being offered to the public, other than those covered by the over-allotment option described below, if any of these shares are purchased.

#### Over-Allotment Option
We have granted to the underwriters an option, exercisable not later than 30 days after the date of the final prospectus, to purchase up to 15% additional Common Shares at the public offering price, less the underwriting discounts and commissions. The underwriters may exercise this option only to cover over-allotments made in connection with the sale of the shares offered by this prospectus. To the extent that the underwriters exercise this option, the underwriters will become obligated, subject to conditions, to purchase, and we will be obligated to sell, the additional shares. If any additional shares are purchased, the underwriters will offer the additional shares on the same terms as those on which the other shares are being offered hereunder.

#### Discounts, Commissions, and Expenses
We estimate that the total expenses of this offering, excluding underwriting discounts, will be $820,859. These expenses are payable by us. Under the underwriting agreement, we have agreed to pay the underwriters an underwriting discount or spread of (a) 7.0% of the aggregate gross proceeds received from the offering, (b) a non-accountable expense allowance of 1.0% of the gross proceeds, and (c) a non-refundable professional fee of (i) $50,000 for the preliminary due diligence diagnosis, which was paid upon the signing of the engagement letter by and between the Company and the Representative, dated May 20, 2025 (the "Engagement Letter"), and (ii) $50,000 advisory fee immediately

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following the first confidential filing of the registration statement on Form F-1 with the SEC. The accountable fees and expenses of the Representative that we have agreed to reimburse and the non-accountable expenses and the advisory fee that we have agreed to pay are not included in the underwriting discounts set forth in the table below.

The table below summarizes the underwriting discounts that we will pay to the underwriters. These amounts are shown assuming both no exercise and full exercise of the over-allotment option:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Total (No <br>Exercise of <br>Over-<br>allotment <br>Option)** | **Total (Full <br>Exercise of <br>Over-<br>allotment <br>Option)** | **Total** |
|  Initial public offering price | $[\*] | [\*] | [\*] | [\*] |
|  Underwriting discounts and commissions (7.0%) | $[\*] | [\*] | [\*] | [\*] |
|  Proceeds to us, before expenses | $[\*] | [\*] | [\*] | [\*] |

---

In addition to the cash commission, the non-accountable expense fee, and the advisory fee, we will also reimburse the underwriters for the full amount of their reasonable accountable expenses, including its U.S. legal counsel fee in an amount not to exceed US$120,000. The underwriters' accountable expenses relating to the offering may include, but not be limited to: (a) all filing fees and communication expenses associated with the review of this offering by FINRA; (b) all fees, expenses, and disbursements relating to the registration, qualification, or exemption of securities offered under the securities laws of foreign jurisdictions designated by the Representative; (c) the underwriters' use of Ipreo's book-building, prospectus tracking and compliance software for the offering; (d) "road show" expenses for the offering; and (e) the costs associated with receiving commemorative mementos and lucite tombstones. Such actual out-of-pocket expenses shall be capped at US$150,000. As of the date of this prospectus, we have paid the Representative a $100,000 advance (the "Advance") to be credited against the accountable expenses actually incurred by the Representative upon the successful completion of this offering and reimbursed the Representative US$60,000 for their legal expenses. Any Advance received by the Representative will be reimbursed to us to the extent not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

#### Determination of Offering Price
Prior to this offering, there has been no public market for our Common Shares. The initial public offering price will be determined by negotiations between us and the underwriters. In determining the initial public offering price, we and the underwriters expect to consider a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information set forth in this prospectus and otherwise available to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects and the history and prospects for the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects for future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general condition of the securities markets at the time of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors deemed relevant by the underwriters and us.

The assumed public offering price set forth on the cover page of this preliminary prospectus is subject to change as a result of market conditions and other factors. Neither we nor the underwriters can assure investors that an active trading market will develop for our Common Shares, or that the shares will trade in the public market at or above the initial public offering price.

#### Right of First Refusal
We have granted the Representative the right to act as lead or joint-lead investment banker, lead or joint book-runner, and/or lead or joint placement agent with at least 50% of the economics for every future public and private equity and debt offering, including all equity linked financings, during the twelve (12) month period following the completion

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of this offering, for the Company, or any successor to or any subsidiary of the Company on terms customary to the Representative. For purposes of this Right of First Refusal, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering; and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company. The Right of First Refusal shall be subject to FINRA Rule 5110(g)(5).

#### Tail Financing
If within 12 months from the effective date of termination or expiration of the engagement letter, we complete a public or private offering of its securities with any investor(s) introduced to us by the Representative during the term of the engagement letter, then we shall pay the Representative a tail fee equal to the compensation that would have been payable had the Representative participated in such transaction, provided that such investor(s) were first introduced to us by the Representative and documented in writing during the term of the engagement letter. This provision is intended to comply with FINRA Rule 5110(g)(5)(B). If we terminate the engagement letter for cause — defined as the Representative's material breach of its obligations or willful failure to perform the services contemplated herein — no tail fee (or other post-termination compensation) shall be payable. Any tail fee must be reasonable in relation to the underwriting or placement services originally contemplated and shall not exceed the cash fee rate set forth in the engagement letter. No tail fee is owed for any transaction consummated after the tail period.

#### Lock-Up Agreements
All of our directors, executive officers, and existing beneficial owners of 5% or greater of our outstanding Common Shares will agree, subject to certain exceptions, not to, for a period of six (6) months from the date of the closing of this offering, offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities without the Representative's prior written consent.

Each of the Company and any successors of the Company will also agree, for a period of six (6) months from the closing of this offering, that each will not (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Common Shares of the Company or any securities convertible into or exercisable or exchangeable for Common Shares of the Company (subject to customarily excluded issuances to be set forth in the underwriting agreement); or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any Common Shares of the Company or any securities convertible into or exercisable or exchangeable for Common Shares of the Company.

#### Indemnity Escrow
We will agree to on the date of the closing of this offering, deposit into an escrow account, for the benefit of the Representative, with an escrow agent in the United States selected by the Representative, an amount equal to US$300,000 from the offering proceeds to be released to the Representative and its affiliate, and their respective directors, officers, employees, agents, and controlling persons, in connection with the payments of Company's indemnification obligations. The escrow account will remain in place for a period of twelve (12) months from the date of the closing of this offering.

#### Stamp Taxes
If you purchase Common Shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

#### Stabilization
The underwriters have advised us that it, pursuant to Regulation M under Exchange Act, and certain persons participating in the offering may engage in short sale transactions, stabilizing transactions, syndicate covering transactions, or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the Common Shares at a level above that which might otherwise prevail in the open market. These transactions may be effected on the Nasdaq, in the over-the-counter market or otherwise. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

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"Covered" short sales are sales made in an amount not greater than the maximum number of units sold in this offering. The underwriters may close out any covered short position by purchasing shares of securities in the open market. In determining the source of shares of securities to close out the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market.

"Naked" short sales are sales in excess of maximum number of units sold in this offering. The underwriters must close out any naked short position by purchasing securities in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our securities in the open market after pricing that could adversely affect investors who purchase in the offering.

A stabilizing bid is a bid for the purchase of Common Shares on behalf of the underwriters for the purpose of fixing or maintaining the price of the Common Shares. A syndicate covering transaction is the bid for or the purchase of Common Shares on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our Common Shares or preventing or retarding a decline in the market price of our Common Shares. As a result, the price of our Common Shares may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the Common Shares originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Common Shares. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued at any time.

#### Electronic Distribution
A prospectus in electronic format may be made available by e-mail or on the websites or through online services maintained by the underwriters or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of Common Shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters' websites and any information contained in any other website maintained by the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

#### Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in, and may in the future engage in, various activities, which may include securities trading, investment banking and other commercial dealings, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. The underwriters and certain of its affiliates have, from time to time, performed, and may in the future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses. In addition, from time to time, the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future.

In the ordinary course of their various business activities, the underwriters and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. If the underwriters or their affiliates have a lending relationship with us, they routinely hedge their credit exposure to us consistent with their customary risk management policies. The underwriters and their affiliates may hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates, including potentially the Common Shares offered hereby. Any such short positions could adversely affect future trading prices of the Common Shares offered hereby. The underwriters and certain of their affiliates may also communicate independent investment recommendations,

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market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Application for Nasdaq
We have applied to list our Common Shares on the Nasdaq under the symbol "LCDC." There is no assurance that the offering will close and we will not complete this offering unless we are listed on Nasdaq. If our Common Shares are listed on the Nasdaq, we will be subject to continued listing requirements and corporate governance standards. We expect these new rules and regulations to significantly increase our legal, accounting, and financial compliance costs.

#### Selling Restrictions
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions and accountable and non-accountable expenses, that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the FINRA filing fee, advisory fee, and the stock exchange application and listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  SEC Registration Fee | US$ | 2113 |
|  FINRA Fee |  | 3500 |
|  The Nasdaq Capital Market listing fee |  | 75000 |
|  Printing and Engraving Expenses |  | 25000 |
|  Legal Fees and Expenses |  | 625601 |
|  Accounting Fees and Expenses |  | 80000 |
|  Miscellaneous |  | 9645 |
|  **Total** | US$ | 820859 |

---

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#### LEGAL MATTERS
We are being represented by Hunter Taubman Fischer & Li LLC with respect to legal matters of United States federal securities law. The validity of the Common Shares offered by this prospectus and legal matters as to Ontario and Canadian laws will be passed upon for us by THC Lawyers. Hunter Taubman Fischer & Li LLC may rely upon THC Lawyers with respect to all matters governed by Ontario and Canadian laws. The Representative is being represented by DeMint Law, PLLC with respect to certain legal matters as to United States federal securities law.

#### EXPERTS
Our financial statements as of March 31, 2024 and 2025, and for the fiscal years then ended March 31, 2024 and 2025 included in this prospectus have been audited by ZH CPA, LLC, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act, including relevant exhibits and schedules, covering Common Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement on Form F-1, summarizes material provisions of contracts and other documents included in the registration statement. Since this prospectus does not contain all of the information contained in the registration statement on Form F-1, you should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and our securities.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC's website at *www.sec.gov* or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents, upon payment of a duplicating fee, by writing to the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors, and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We maintain a corporate website at *https://lorenzdevelopments.ca*. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus or the registration statement of which it forms a part. We have included our website address in this prospectus solely as an inactive textual reference. We will post on our website any materials required to be so posted on such website under applicable corporate or securities laws and regulations, including, posting any XBRL interactive financial data required to be filed with the SEC and any notices of general meetings of our shareholders.

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#### LORENZO DEVELOPMENTS INC.

#### Audited Financial Statements for Fiscal Years ended March 31, 2024 and 2025

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **LORENZO DEVELOPMENTS INC.** | **PAGE** |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 6413)](#T250) | F-2 |
|  [BALANCE SHEETS AS OF MARCH 31, 2024 AND 2025](#T251) | F-3 |
|  [STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME FOR THE FISCAL YEARS ENDED MARCH 31, 2024 AND 2025](#T252) | F-4 |
|  [STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE FISCAL YEARS ENDED MARCH 31, 2024 AND 2025](#T253) | F-5 |
|  [STATEMENTS OF CASH FLOWS FOR THE FISCAL YEARS ENDED MARCH 31, 2024 <br>AND 2025](#T254) | F-6 |
|  [NOTES TO AUDITED FINANCIAL STATEMENTS](#T255) | F-7 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
**To the Board of Directors and Shareholders of <br>Lorenzo Developments Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Lorenzo Developments Inc. (the "Company") as of March 31, 2025 and 2024, and the related statements of operations and comprehensive (loss) income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the "PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ ZH CPA, LLC

We have served as the Company's auditor since 2025.

Denver, Colorado

July 9, 2025

![](tzhcpa_footer.jpg)

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#### LORENZO DEVELOPMENTS INC.<br>BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br>2024** | **March 31,<br>2025** | **March 31,<br>2025** |
|  | **March 31,<br>2024** | **March 31,<br>2025** | **March 31,<br>2025** |
|  | **CAD** | **CAD** | **USD** |
|  **ASSETS** |  |  |  |
|  **CURRENT ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1710 | 252036 | 175281 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net |  | 105697 | 73508 |
| &nbsp;&nbsp;&nbsp; Deferred IPO costs |  | 215685 | 150000 |
| &nbsp;&nbsp;&nbsp; Due from related parties | 607383 | 907828 | 631357 |
|  **TOTAL CURRENT ASSETS** | **609093** | **1481246** | **1030146** |
|  Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 19988 | 14421 | 10029 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets – operating lease | 43002 | 20687 | 14387 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 51581 | 50150 | 34877 |
| &nbsp;&nbsp;&nbsp; Long-term investment | 500000 |  |  |
|  **TOTAL ASSETS** | **1223664** | **1566504** | **1089439** |
|  **LIABILITIES AND EQUITY** |  |  |  |
|  **CURRENT LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Long-term loans – current portion | 21580 | 19920 | 13854 |
| &nbsp;&nbsp;&nbsp; Accrued and other payables | 96830 | 460263 | 320095 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities – current | 23795 | 29781 | 20711 |
| &nbsp;&nbsp;&nbsp; Income tax payable | 18946 | 295391 | 205432 |
|  **TOTAL CURRENT LIABILITIES** | **161151** | **805355** | **560092** |
| &nbsp;&nbsp;&nbsp; Long-term loans – non-current portion | 46480 | 26560 | 18471 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities – long-term | 20687 | 4405 | 3063 |
|  **TOTAL LIABILITIES** | **228318** | **836320** | **581626** |
|  **COMMITMENTS AND CONTINGENCIES** |  |  |  |
|  **EQUITY:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Common shares, CAD0.0001 par value, 500,000,000 shares authorized, 9,900,000 shares issued and issued and outstanding as of March 31, 2024 and 2025\* | 990 | 990 | 689 |
| &nbsp;&nbsp;&nbsp; Preferred shares | 1350000 |  |  |
| &nbsp;&nbsp;&nbsp; (Accumulated deficits) Retained earnings | (355644) | 729194 | 507124 |
|  **TOTAL EQUITY ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY** | **995346** | **730184** | **507813** |
|  **TOTAL LIABILITIES AND EQUITY** | **1223664** | **1566504** | **1089439** |

---

____________

**\*** Shares and per share data are presented on a retroactive basis to reflect the stock split.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.<br>STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended <br>March 31,** | **For the fiscal years ended <br>March 31,** | **For the fiscal years ended <br>March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  Management services | 182500 | 1142200 | 794354 |
|  Management services – related party |  | 84030 | 58439 |
|  Consulting services |  | 423779 | 294721 |
|  Consulting services – related party |  | 59800 | 41588 |
|  **TOTAL REVENUES** | **182500** | **1709809** | **1189102** |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | 477122 | 343856 | 239138 |
|  **(LOSS)/INCOME FROM OPERATIONS** | **(294622)** | **1365953** | **949964** |
|  **OTHER INCOME (EXPENSES)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expenses, net | (10372) | (7455) | (5185) |
| &nbsp;&nbsp;&nbsp; Other income, net | 51636 | 104186 | 72457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income, net | 41264 | 96731 | 67272 |
|  **(LOSS)/INCOME BEFORE INCOME TAXES** | **(253358)** | **1462684** | **1017236** |
|  **INCOME TAXES PROVISION/(BENEFIT)** | **(45697)** | **324346** | **225569** |
|  **NET (LOSS)/INCOME ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY** | **(207661)** | **1138338** | **791667** |
|  **OTHER COMPREHENSIVE INCOME** |  |  |  |
|  Foreign currency translation adjustment |  |  |  |
|  **TOTAL COMPREHENSIVE INCOME <br>ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY** | **(207661)** | **1138338** | **791667** |
|  **BASIC AND DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY\*** |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | (0.02) | 0.11 | 0.08 |
| &nbsp;&nbsp;&nbsp; Weighted average number of shares outstanding\* |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | 9900000 | 9900000 | 9900000 |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the stock split.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.<br>STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Common Shares** | **<br>Common Shares** | **Preferred Shares** | **Preferred Shares** | **(Accumulated <br>Deficits) <br>Earnings** | **Total** |
|  | **Shares\*** | **Issued <br>Amount\*** | **Shares\*** | **Issued <br>Amount\*** | **(Accumulated <br>Deficits) <br>Earnings** | **Total** |
|  |  | **CAD** | | **CAD** | **CAD** | **CAD** |
|  **Balance as of March 31, 2023** | **9900000** | **990** | **1200000** | **1200000** | **(50483)** | **1150507** |
|  Issuance of preferred shares |  |  | 150000 | 150000 |  | 150000 |
|  Net loss for the fiscal year |  |  |  |  | (207661) | (207661) |
|  Dividends for preferred shares |  |  |  |  | (97500) | (97500) |
|  **Balance as of March 31, 2024** | **9900000** | **990** | **1350000** | **1350000** | **(355644)** | **995346** |
|  Net income for the fiscal year |  |  |  |  | 1138338 | 1138338 |
|  Dividends for preferred shares |  |  |  |  | (53500) | (53500) |
|  Redemption of preferred shares |  |  | (1350000) | (1350000) |  | (1350000) |
|  **Balance as of March 31, 2025** | **9900000** | **990** | **—** | **—** | **729194** | **730184** |
|  **Balance as of March 31, 2025 (USD)** | **9900000** | **689** | **—** | **—** | **507124** | **507813** |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the stock split.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.<br>STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended <br>March 31,** | **For the fiscal years ended <br>March 31,** | **For the fiscal years ended <br>March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
|  Total net (loss)/income | (207661) | 1138338 | 791667 |
|  Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 11457 | 5567 | 3872 |
| &nbsp;&nbsp;&nbsp; Non-cash operating lease | 51901 | 40664 | 28280 |
| &nbsp;&nbsp;&nbsp; Income from operating sub-lease | (18900) | (8100) | (5633) |
| &nbsp;&nbsp;&nbsp; Impairment loss of right-of-use assets | 1479 |  |  |
| &nbsp;&nbsp;&nbsp; Other income-disposal of long-term investment |  | (60000) | (41728) |
| &nbsp;&nbsp;&nbsp; Deferred tax | (56938) | 1431 | 995 |
| &nbsp;&nbsp;&nbsp; Expected credit loss | 206447 | 1653 | 1150 |
|  Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable |  | (107350) | (74657) |
| &nbsp;&nbsp;&nbsp; Prepayment and other current assets | (115000) |  |  |
| &nbsp;&nbsp;&nbsp; Other long-term assets | 3200 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued and other payables | 37925 | 376933 | 262141 |
| &nbsp;&nbsp;&nbsp; Change in lease liabilities – operating lease | (33000) | (20545) | (14288) |
| &nbsp;&nbsp;&nbsp; Income tax payable | 11241 | 276445 | 192256 |
|  **NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES** | **(107849)** | **1645036** | **1144055** |
|  **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
|  Purchase of property and equipment | (1769) |  |  |
|  Proceeds from disposal of long-term investment |  | 560000 | 389457 |
|  Loans to related parties |  | (300445) | (208947) |
|  Repayment received from shareholder loans | 59880 |  |  |
|  **NET CASH PROVIDED BY INVESTING ACTIVITIES** | 58111 | 259555 | 180510 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
|  Repayments of long-term loans | (18260) | (21580) | (15008) |
|  Proceeds from issuance of preferred shares | 150000 |  |  |
|  Redemption of preferred shares |  | (500000) | (347729) |
|  Redemption of preferred shares – related parties |  | (850000) | (591140) |
|  Dividends paid for preferred shares | (84000) | (42500) | (29558) |
|  Dividends paid for preferred shares – related parties |  | (24500) | (17038) |
|  Deferred costs related to initial public offering |  | (215685) | (150000) |
|  **NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES** | **47740** | **(1654265)** | **(1150473)** |
|  **NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS** | **(1998)** | **250326** | **174092** |
|  **TOTAL CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR** | **3708** | **1710** | **1189** |
|  **TOTAL CASH AND CASH EQUIVALENTS, END OF YEAR** | **1710** | **252036** | **175281** |
|  **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |
|  Cash paid for interest expense | 9624 | 8203 | 5705 |
|  Cash paid for income tax |  | 46469 | 32317 |
|  **Supplemental Schedule of Non-Cash Investing and Financing Activities** |  |  |  |
|  Right-of-use assets obtained in exchange for new operating lease liabilities | 45104 | 63124 | 43900 |
|  Right-of-use assets derecognized for termination of operating lease liabilities |  | 49398 | 34354 |

---

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 1 — Organization and principal activities
Lorenzo Developments Inc (formerly known as "Lorenzo Consulting Inc.") ("Lorenzo" or "the Company") is a limited company that was incorporated under the Business Corporation Act of Ontario, Canada, on April 22, 2016. On November 18, 2019, the Company filed Articles of Amendment on change of name with Ontario Business Registry, Canada, to change its name from Lorenzo Consulting Inc. to Lorenzo Developments Inc. The company is primarily engaged in providing end-to-end real estate ecosystem services related to development management business and consulting services related to investment services and real estate transactions. The Company are committed to building a vertically integrated and scalable real estate service platform, utilizing strategic acquisitions, diversified services, and data-driven insights to improve efficiency and long-term profitability.

#### Note 2 — Summary of significant accounting policies

#### Basis of presentation
The accompanying financial statements have been prepared in accordance with the accounting principles generally accepted in the U.S. ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission.

#### Uses of estimates and assumptions
In preparing the financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. These estimates are based on information as of the date of the financial statements. The estimates required to be made by management include, but are not limited to, useful lives of property and equipment, the incremental borrowing rate used in operating lease right-of-use assets and lease liabilities, the valuation of accounts receivable and other receivables, the recoverability of long-lived assets, deferred tax assets and contingencies. Actual results could differ from those estimates.

#### Cash and cash equivalents
Cash and cash equivalents represent demand deposits placed with banks, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less and are readily convertible to known amounts of cash. The Company maintains majority of its bank accounts in Canada which are insured by Canadian Deposit Insurance Corporation for up to CAD100,000 per account for eligible deposits. As of March 31, 2024 and 2025, cash and cash equivalents balance were CAD1,710 in the Bank of Montreal and were CAD 252,036 (US175,281) in the Toronto-Dominion Bank, respectively.

#### Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — inputs to the valuation methodology are unobservable.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 2 — Summary of significant accounting policies (cont.)
Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash and cash equivalents, accounts receivable, due from related parties, accrued and other payables, approximates their recorded values due to their short-term maturities. The carrying amount of long-term bank loans reported in the balance sheet approximates their fair value due to their interest rates that approximate current market rates for similar instruments. For lease liabilities, fair value approximates their carrying value at the year end as the interest rates used to discount the host contracts approximate market rates. The Company noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring or non-recurring basis as of March 31, 2024 and 2025.

#### Accounts receivable, net
The accounts receivable represents the Company's right to consideration in exchange for services that the Company has transferred to the customer before payment is due. Accounts receivable is carried at net realizable value. The Company reviews its accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, customer's historical payment history, its current credit worthiness and current or future economic trends. Accounts are written off after exhaustive efforts at collection. If accounts receivable is to be provided for, or written off, it would be recognized in the statements of operations and comprehensive (loss)/income within operating expenses. The Company uses loss-rate methods to estimate allowance for credit loss. In establishing an allowance for credit losses, the Company uses reasonable and supportable information, which is based on historical collection experience, the financial condition of its customers and assumptions for the future movement of default rate. Loss-rate approach is based on the historical loss rates and expectations of future conditions. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than the carrying value. For the fiscal years ended March 31, 2024 and 2025, the expected credit loss amounted to nil and CAD1,653 (US$1,150), respectively.

#### Deferred IPO costs
Deferred IPO costs consist principally of legal, accounting and consulting costs in connecting with the proposed IPO. Such costs are deferred until the closing of the IPO, at which time the deferred costs are offset against the offering proceeds. In the event the IPO is unsuccessful or aborted, the costs will be expensed. Deferred offering costs as of March 31, 2024 and 2025 amounted to nil and CAD 215,685 (USD150,000) respectively and were included in deferred IPO costs.

#### Contingencies
In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines that it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

#### Property and equipment, net
Property and equipment are recorded at cost less accumulated depreciation and impairment. Depreciation is calculated on a declining balance and straight-line basis, after consideration of expected useful lives and estimated residual values. The estimated annual deprecation rates of these assets are generally as follows:

---

| | | |
|:---|:---|:---|
|  | **Depreciation method** | **Depreciation rate** |
|  Computer | Declining balance | 45% |
|  Furniture and equipment | Declining balance | 20% |
|  Leasehold improvement | Straight-line | shorter of the lease term and the remaining useful life |

---

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 2 — Summary of significant accounting policies (cont.)
Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the statements of operations and comprehensive (loss)/income as other income or expenses.

#### Long-term investment
Long-term investments are initially measured at the transaction price plus transaction costs and after initial recognition, long-term investments classified as equity method investments without readily determinable fair values are carried at cost, net of accumulated impairment losses. The Company annually performs a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Impairment indicators that an entity considers include but are not limited to a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee and if a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment's fair value. If the fair value is less than the investment's carrying value, the entity is required to recognize an impairment loss in the statements of operations and comprehensive (loss)/income as other expenses equal to the difference between the carrying value and fair value.

#### Impairment of long-lived assets
The Company evaluates the recoverability of its long-lived assets, including property and equipment, long-term investment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset, when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the fiscal years ended March 31, 2024 and 2025, the impairment of right-of-use assets amounted to CAD1,479 and nil, respectively, and no impairment for property and equipment and long-term investment.

#### Leases
The Company leases offices in Canada under operating leases. The Company determines whether an arrangement constitutes a lease at inception and records lease liabilities and right-of-use assets on its balance sheets at the lease commencement. The Company measures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on its incremental borrowing rate, as the rates implicit in its leases are not determinable. The Company's incremental borrowing rate is the estimated rate the Company would be required to pay for collateralized borrowing equal to the total lease payments over the term of the lease. The Company measures right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Company begins recognizing rent expenses when the lessor makes the underlying asset available to the Company.

The Company adopted Accounting Standards Codification ("ASC") Topic 842, Lease ("ASC 842") on April 1, 2021, using the modified retrospective method. The Company determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company's leases do not contain any material residual value guarantees or material restrictive covenants.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 2 — Summary of significant accounting policies (cont.)
As the lessee, the Company recognizes in the balance sheets a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, the Company makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities and recognizes lease expenses for such lease generally on a straight-line basis over the lease term. For the fiscal years ended March 31, 2024 and 2025, the Company did not have any lease expenses of the leases with a term of 12 months or less.

Operating lease assets are included within right-of-use assets — operating lease, and the corresponding operating lease liabilities are included within operating lease liabilities on the balance sheets as of March 31, 2024 and 2025.

#### Revenue recognition
The Company adopted ASC Topic 606, Revenue from Contracts with Customers for all periods presented. Accordingly, the financial statements for the fiscal years ended March 31, 2024 and 2025 are presented under ASC 606. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is the transaction price the Company expects to be entitled to in exchange for the promised services in a contract in the ordinary course of the Company's activities. To achieve that core principle, the Company applies the following steps:

Step 1: Identify the contract (s) with a customer;

Step 2: Identify the performance obligations in the contract;

Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

The Company's revenues are primarily from the provision of management services and consulting services.

*Revenue from management services*

The Company provides management services to its customers pursuant to contractual agreements. These services consist of a range of interrelated activities under the development manager role, including arranging for the retention of services of qualified individuals, firms, or corporations; supervising all consultants; and managing the day-to-day affairs and operations of the project. Responsibilities involve coordinating pre-development activities, securing necessary approvals, permits, consents, and licenses, and administering the design, development, and construction phases. During construction, services include collaborating with consultants, performing construction management to ensure renovations comply with standards, overseeing quality, safety, and timely completion, managing subcontractors and suppliers, and maintaining regular communication with the client. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable.

These activities are highly interrelated and interdependent, therefore are accounted for as a single performance obligation in accordance with ASC Topic 606. The customer cannot benefit from each individual service separately without significantly affecting the overall utility of the management services. As such, the Company combines the services into one integrated performance obligation. The transaction price is typically fixed, distinctive and not contingent upon the occurrence or non-occurrence of any other event for individual tasks.

The Company typically satisfies its performance obligations upon the day-to-day project management under the development manager role throughout the contract term. Therefore, the revenue from management services is recognized over the contract term on a straight-line basis as performance obligations are satisfied in accordance with ASC Topic 606, Revenue from Contracts with Customers.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 2 — Summary of significant accounting policies (cont.)
There are no material contract assets or liabilities associated with these services at period-end, and all performance obligations in progress are satisfied over time.

*Revenue from consulting services*

The Company provides integrated real estate consulting services such as feasibility study, purchase and sale advisory, and investment consultation, and finally the Company delivered a professional feasibility assessment report or suggestion based on the completion of a series of interrelated tasks. These interrelated tasks typically include evaluating the development potential of a property, coordinating with relevant professionals to prepare concept plans and supporting studies, and analyzing site-specific factors such as zoning, renovation potential, and development constraints. In our transaction advisory service, we assist clients by reviewing key documentation including architectural plans, civil and utility layouts, environmental reports, and planning studies to ensure the project's viability and compliance. For real estate investment consultation, we deliver a market-informed analysis and risk assessment report to help clients evaluate the viability of specific investment opportunities.

The transaction price is typically fixed, distinctive and not contingent upon the occurrence or non-occurrence of any other event for individual tasks. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. The Company's consulting services are performed for the sole benefit of our customers and the services we perform do not have alternative benefits for us. The revenue from consulting services is recognized as our obligations are satisfied at the point in time with the feasibility assessment report or suggestion is transferred to the customer and customers simultaneously receive and consume the benefits the Company provide.

Contract assets and liabilities are not material, as most services are short term and fulfilled shortly after contract inception. The Company exercises judgement in determining that its consulting services represent one integrated performance obligation and the revenue recognition is appropriate upon the customer's receipt of the final deliverable. There are no remaining performance obligations as of the reporting date.

#### Sales tax ("GST / HST")
The Company is registered under Canada's Goods and Services Tax (GST) and Harmonized Sales Tax (HST) account. Sales revenue represents the invoiced value of goods and services, net of GST/HST. The Company is operating mainly in the Province of Ontario which is subject to HST rate of 13% for its products and services supplied in Ontario.

#### Income taxes
The Company follows the liability method of accounting for income taxes in accordance with ASC740 ("ASC740"), Income Taxes. The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and penalties related to uncertain income tax positions as interest expense, which is then netted and reported within investment income. No significant penalties or interest relating to income taxes were incurred during the fiscal years ended March 31, 2024 and 2025.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 2 — Summary of significant accounting policies (cont.)

#### Related parties
The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

#### Segment reporting
The Company operates and manages its business as a single segment, in accordance with ASC 280, Segment Reporting. The Company's chief operating decision maker ("CODM") is the Chief Executive Officer. The Company's CODM assess the Company's performance and results of operations on a consolidated basis. The Company generates substantially all of its revenue from clients in Canada. Accordingly, no geographical segments are presented. Substantially all of the Company's long-lived assets are located in Canada.

#### Earnings per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share." ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential common shares (such as convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (such as those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the fiscal years ended March 31, 2024 and 2025, there were no dilutive shares.

#### Foreign currency translation
The Company's reporting and functional currency is the Canadian Dollar ("CAD").

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the statements of operations and comprehensive (loss)/income.

The Company's reporting currency is CAD. For entities within the Company that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity's functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenue, expenses, gains and losses are translated using the average rates for the fiscal year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the statements of operations and comprehensive (loss)/income and the statements of changes in shareholders' equity.

#### Convenience Translation into United States Dollars
Translations of balances in the balance sheets, statements of operations and comprehensive (loss)/income and statements of cash flows from CAD into USD are solely for the convenience of the reader and were calculated at the rate of USD1.00 to CAD1.4379 on March 31, 2025. The translation is not intended to imply that the CAD amounts could have been, or could be, converted, realized or settled into USD at that rate on March 31, 2025, or at any other rate.

#### Employee Defined Contribution Plan
The Company participate in a defined contribution retirement plan pursuant to which pension, the Canada Pension Plan and the Employment Insurance program are provided to eligible employees. The contributions to the plan are recognized as an expense when incurred. For the fiscal years ended March 31, 2024 and 2025, the Canada Pension Plan and the Employment Insurance program included as expenses in the accompanying statements of operations and comprehensive (loss)/income amounted to CAD 3,826 and CAD6,775 (US$4,712), respectively.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 2 — Summary of significant accounting policies (cont.)

#### Recently Issued Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2023-07 are required for all public entities, including those with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, on a retrospective basis, and early adoption is permitted. The Company has adopted the standard for its fiscal year beginning April 1, 2024 as disclosed in Note 10.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 720): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its financial statements.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements ("ASU 2024-02"). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2024-02 on its financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement — Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses." This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In January 2025, the FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) "to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027." Entities within the ASU's scope are permitted to early adopt the ASU. The Company is currently evaluating the impact of this standard on its financial statement disclosures.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on the balance sheets, statements of operations and comprehensive (loss)/income and cash flows.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 3 — Accounts receivable, net
Accounts receivable, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Accounts receivable |  | 107350 | 74658 |
|  Less: allowance for expected credit loss |  | (1653) | (1150) |
|  Total |  | 105697 | 73508 |

---

The movement of allowances for credit loss is as follow:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Balance at the beginning of the fiscal year |  |  |  |
|  Provision |  | (1653) | (1150) |
|  Balance at the end of the fiscal year |  | (1653) | (1150) |

---

#### Note 4 — Property and equipment, net
Property and equipment, net, consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Computer | 8974 | 8974 | 6241 |
|  Furniture and equipment | 28435 | 28435 | 19775 |
|  Leasehold improvement | 18500 |  |  |
|  Subtotal | 55909 | 37409 | 26016 |
|  Less: accumulated depreciation | (35921) | (22988) | (15987) |
|  Property and equipment, net | 19988 | 14421 | 10029 |

---

Depreciation expenses for the fiscal years ended March 31, 2024 and 2025 amounted to CAD11,457 and CAD5,567 (US$3,872), respectively.

#### Note 5 — Right-of -use assets and lease liabilities
Leases are classified as operating leases or finance leases in accordance with ASC 842. The Company's operating leases are mainly related to office facilities in Canada. For leases with terms greater than 12 months, the Company records the related asset and liability at the present value of lease payments over the term. The Company's lease agreements do not contain any material guarantees or restrictive covenants. The Company does not have any material finance lease. Short-term leases, defined as leases with initial term of 12 months or less, are not reflected on the balance sheets.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  Operating lease expenses | 51,901 | 40,664 | 28,280 |

---

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 5 — Right-of -use assets and lease liabilities (cont.)
The following table shows right-of-use assets and lease liabilities as of March 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  **Assets** |  |  |  |
|  Right-of-use assets – operating lease | 43002 | 20687 | 14387 |
|  **Liabilities** |  |  |  |
|  Operating lease liabilities – current | 23795 | 29781 | 20711 |
|  Operating lease liabilities – long-term | 20687 | 4405 | 3063 |
|  **Total lease liabilities** | **44482** | **34186** | **23774** |

---

Other information about the Company's lease is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  Operating cash flows used in operating lease | 33000 | 20545 | 14288 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets obtained in exchange for new <br>operating lease liabilities | 45104 | 63124 | 43900 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets derecognized for termination of operation lease liabilities |  | 49398 | 34354 |
|  Weighted-average remaining lease term-operating | 1.76 year | 1.17 year | 1.17 year |
|  Weighted-average discount rate-operating | 11.93% | 12.83% | 12.83% |

---

The following is a maturity analysis of the annual undiscounted cash flows for the lease liabilities as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Operating Lease** | **Operating Lease** |
|  | **CAD** | **USD** |
|  **Fiscal Years Ending March 31,** |  |  |
| 2026 | 31500 | 21907 |
| 2027 | 4500 | 3130 |
|  Total undiscounted lease payments | 36000 | 25037 |
|  Less: Imputed interest | (1814) | (1263) |
|  Lease liabilities recognized in the Balance Sheet | 34186 | 23774 |

---

#### Note 6 — Long-term investment
As of March 31, 2024, the long-term investment represented the investment in 3471 Sheppard Development Inc. amounted to CAD500,000. On February 21, 2025, the Company transferred the investment in 3471 Sheppard Development Inc. to a third party, 1001154113 ONTARIO INC., in consideration of CAD 560,000.

#### Note 7 — Accrued and other payables
Accrued and other payables consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  GST/HST Payable | 28758 | 198759 | 138229 |
|  Payroll liabilities | 53825 | 16671 | 11594 |
|  Dividend payable | 13500 |  |  |
|  Professional fee payable |  | 238116 | 165600 |
|  Others | 747 | 6717 | 4672 |
|  Total | 96830 | 460263 | 320095 |

---

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 8 — Bank loans
Outstanding balance of bank loans consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Loan from the Business Development Bank of Canada<sup>(a)</sup> | 68060 | 46480 | 32325 |
|  Less: Non – current portion | (46480) | (26560) | (18471) |
|  **Long-term loans – current portion** | 21580 | 19920 | 13854 |

---

____________

(a) On February 1, 2022, the Company obtained a loan of CAD100,000 from the Business Development Bank of Canada with a term from February 2, 2022 to July 10, 2027, with the floating interest rate of prime rate plus 4.03% per annum. The bank loan was guaranteed by the Company's largest shareholder Mr. Tianshu Wang.

(b) Interest expenses were CAD10,372 and CAD7,455 (US$5,185) for the fiscal years ended March 31, 2024 and 2025, respectively. The effective interest rates were 13.33% and 11.08% for the fiscal years ended March 31, 2024 and 2025, respectively.

#### Note 9 — Taxes
**(a) Corporate Income Taxes**

Under the current Canadian income tax act, the first CAD500,000 of profits of the Company will be subject to a combined provincial and federal corporate income tax of 12.2% and profits in excess of CAD500,000 will be taxed at a combined provincial and federal corporate income tax of 26.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i) The Company's provision for income taxes consisted of the following:***

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Current income tax | 11241 | 322914 | 224573 |
|  Deferred income tax | (56938) | 1432 | 996 |
|  **Total income tax provision** | (45697) | 324346 | 225569 |

---

***ii) The difference between the amount of the provision for income taxes and the amount computed by multiplying income before income taxes by the statutory Canadian tax rate is reconciled as follows:***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **US$** |
|  Income (loss) before tax | (253358) | 1462684 | 1017236 |
|  Statutory Canadian tax rate | 26.50% | 26.50% | 26.50% |
|  Income tax based on statutory tax rate | (67140) | 387611 | 269568 |
|  Preferential rate deduction |  | (72349) | (50316) |
|  Non-deductible expenses | 21645 | 6186 | 4302 |
|  Temporary differences-losses and tax credits | (202) | 2898 | 2015 |
|  Income tax (benefit) expenses | (45697) | 324346 | 225569 |

---

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 9 — Taxes (cont.)
***iii) The Company's deferred tax assets are as follows:***

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Property, Plant & Equipment | (5001) | (3685) | (2563) |
|  Right-of-use assets | 11396 | 5482 | 3813 |
|  Credit losses for receivables | 56975 | 57413 | 39928 |
|  Lease liabilities | (11789) | (9060) | (6301) |
|  Total deferred tax assets | 51581 | 50150 | 34877 |

---

**(b) Income tax payable**

Income tax payable consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Corporate income tax payable | 18,946 | 295,391 | 205,432 |

---

#### Note 10 — Segment reporting
The Company follows FSAB ASC No. 2023-07, Segment Reporting (Topic 280), which requires that companies disclose segment data based on how management makes decision about allocating resources to segments and evaluating their performance. Reportable operating segments include components of an entity about which separate financial information is available and which operating results are regularly reviewed by the chief operating decision maker ("CODM"), Mr. Tianshu Wang, to make decisions about resources to be allocated to the segment and assess each operating segment's performance.

The Company primarily offers management services and consulting services to building a vertically integrated services and scalable real estate service platform. As the CODM uses only operating results and financial data to allocate resources and assess performance, the Company considers itself to have a single operating segment and, therefore, only one reportable segment.

The CODM's resource allocation decisions typically affect the overall business rather than any individual service line. As a result, the Company does not allocate shared operating expenses to specific service lines for management reporting, and decisions are made based on financial results. This is supported by the fact that the Company's financial systems are not designed to budget, track transactions, or allocate shared costs for reporting operating margins at the service line level. The Company believes that presenting financial information as a single operating segment aligns with how management organizes and makes decisions about the business.

In addition, there has no significant long-lived assets for the fiscal years ended March 31, 2024 and 2025.

The following table disaggregates the revenue for the fiscal years ended March 31, 2024 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **US$** |
|  **Revenue by services line** |  |  |  |
|  Management services | 182500 | 1226230 | 852793 |
|  Consulting services |  | 483579 | 336309 |
|  Total revenues | 182500 | 1709809 | 1189102 |

---

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 10 — Segment reporting (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **US$** |
|  **Revenue by recognition method** |  |  |  |
|  Revenue recognized over time | 182500 | 1226230 | 852793 |
|  Revenue recognized at a point in time |  | 483579 | 336309 |
|  Total revenues | 182500 | 1709809 | 1189102 |

---

#### Note 11 — Shareholders' equity
*<u>*<u>Common shares</u>*</u>*

The Company was incorporated under the Business Corporation Act of Ontario, Canada on April 22, 2016. The Company is authorized to issue an unlimited number of shares designated as common shares with a par value of CAD1.0 each, and unlimited number of special shares designated as preference shares. On April 22, 2016, the Company issued 100 common shares to Sky Pivot Corp. at cost of CAD100.

On April 15, 2025, the shareholders of the Company approved: i) a share split to increase the number of issued and outstanding common shares to 9,900,000, on the basis of one existing common share being split into 99,000 new common shares (the "Stock Split"); ii) decrease of par value of the common shares from CAD1 to CAD0.0001 (the "Par Value Change"); iii) that the maximum common shares of the Company allowed to issue is set at 500,000,000. All share information included in the financial statements have been retroactively adjusted for the stock split as if such Stock Split and Par Value Change occurred on the first day of the first period presented.

*<u>*<u>Preferred shares</u>*</u>*

On October 15, 2022, the Company issued 500,000 preferred shares to 8899584 Canada Corp. (the "Shareholder A") at CAD1.0 per preferred share for the aggregate amount of CAD500,000. On January 1, 2023, the Company issued 300,000 preferred shares to Shuang He (the "Shareholder B") at CAD1.0 per preferred share for the aggregate amount of CAD300,000. On February 1, 2023, the Company issued 200,000 preferred shares to Xianping Wen (the "Shareholder C") at CAD1.0 per preferred share for the aggregate amount of CAD200,000. On February 1, 2023, the Company issued 200,000 preferred shares to Xiaoyin Li (the "Shareholder D") at CAD1.0 per preferred share for the aggregate amount of CAD200,000. On July 1, 2023, the Company issued 150,000 preferred shares to Shareholder A at CAD1.0 per preferred shares for the aggregate amount of CAD150,000. As of March 31, 2024, the Company had issued 1,350,000 preferred shares.

The preferred shares do not have voting rights and are redeemable only at the option of the Company. The preferred shares carry dividend rights at a rate of 12% per annum, or such higher rate as may be determined by the Board from time to time, calculated on the subscription price paid by the shareholders to the Company at the time of subscription. Such dividends shall accrue and shall be paid at the time that the Company redeems the Shareholders' shares.

On September 1, 2024, the Company redeemed the Shareholder B's preferred shares for CAD300,000, an amount equal to the aggregate subscription price for such shares, and the Company paid a dividend amounted to CAD60,000.

On November 1, 2024, the Company redeemed preferred shares held by the Shareholder A, Shareholder C and Shareholder D, for CAD150,000, CAD200,000 and CAD200,000, respectively, which equal to the aggregate subscription prices for such shares. The Company paid dividends amounted to CAD24,000, CAD42,000 and CAD42,000, respectively.

On January 1, 2025, the Company redeemed the Shareholder A's preferred shares for CAD500,000, an amount equal to the aggregate subscription price for such shares. Shareholder A waived the remaining unpaid dividends.

As of March 31, 2025, the Company redeemed all outstanding preferred shares.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 12 — Related party balances and transactions
The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Tianshu Wang, 100% owner of Sky Pivot Corp. and one of the directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sky Pivot Corp. ("Sky Pivot"), a private entity controlled by Mr. Tianshu Wang.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 2687525 Ontario Inc. ("2687525"), a private entity significant influenced by Mr. Tianshu Wang, indirectly holding 10% or more of the Common Shares of 2687525.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 2769846 Ontario Inc. ("2769846"), a private entity significant influenced by Mr. Tianshu Wang, the director of 2769846.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Mr. Xiaoyin Li, key management of the Company from April 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 8899584 Canada Corp., a private entity controlled by Mr. Xiaoyin Li who was appointed as key management of the Company from April 1, 2024.

#### Amounts due from related parties
The amounts due from related party consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Sky Pivot Corp. | 607,383 | 907,828 | 631,357 |

---

The amounts due from Sky Pivot Corp. are unsecured, interest-free and repayable on demand. The loan was provided by the Company to Sky Pivot Corp. as short-term financing and was fully repaid on August 1, 2025.

#### Related party transactions

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  2687525 Ontario Inc.<sup>(1)</sup> |  | 93830 | 65255 |
|  2769846 Ontario Inc.<sup>(1)</sup> |  | 50000 | 34773 |
|  Mr. Xiaoyin Li<sup>(2)</sup> |  | 14000 | 9736 |
|  8899584 Canada Corp.<sup>(2)</sup> |  | 10500 | 7302 |
|  |  | 168330 | 117066 |

---

____________

(1) For the fiscal years ended March 31, 2025, the Company provided management and consulting services to 2687525 Ontario Inc. and consulting services to 2769846 Ontario Inc. As of the date of this prospectus, the accounts receivables from these related parties have been fully collected.

(2) For the fiscal years ended March 31, 2025, the Company paid dividends to Mr. Xiaoyin Li and 8899584 Canada Corp. for the subscribed preferred shares. All of the subscribed preferred shares were redeemed as at March 31, 2025.

#### Note 13 — Concentrations and risks
**(a) Concentrations**

The risk is mitigated by the Company's assessment of the level of concentration on its major customers and its ongoing monitoring of outstanding balances. The loss of our significant customer or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition. The Company are actively working on diversifying our customer base by targeting new customers and expanding our services offerings to attract a wider range of customers.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 13 — Concentrations and risks (cont.)
The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **CAD** | **CAD** | **USD** |
|  Amount of the Company's revenue |  |  |  |
| &nbsp;&nbsp;&nbsp; Customer A |  | 604500 | 420405 |
| &nbsp;&nbsp;&nbsp; Customer B |  | 215500 | 149871 |
| &nbsp;&nbsp;&nbsp; Customer C |  | 200000 | 139092 |
| &nbsp;&nbsp;&nbsp; Customer D | 180000 | 185000 | 128660 |

---

The following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31,<br> 2025** | **March 31,<br> 2025** |
|  | **CAD** | **CAD** | **USD** |
|  Amount of the Company's accounts receivable |  |  |  |
| &nbsp;&nbsp;&nbsp; Customer B |  | 56,500 | 39,293 |
| &nbsp;&nbsp;&nbsp; Customer E |  | 50,850 | 35,364 |

---

**(b) Credit risk**

On April 1, 2023, the Company adopted ASC 326. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash and cash equivalents, accounts receivable and other receivables. The Company has designed their credit policies with an objective to minimize their exposure to credit risk.

The exposure to credit risk, which will cause a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our cash and cash equivalent, accounts receivable and other receivables. The Company considers the maximum exposure to credit risk equals to the carrying amount of these financial assets in the balance sheets. As of March 31, 2024 and 2025, the cash and cash equivalents of CAD1,710 and CAD252,036 (US$175,281), respectively, were substantially maintained at financial institutions in Canada, respectively.

The Company believes that there is no significant credit risk associated with cash and cash equivalents, which was held by reputable financial institutions in the jurisdictions where the Company is located.

The Company periodically evaluates the creditworthiness of the existing customers in determining a provision for allowance for expected credit losses primarily based upon the default rate and factors surrounding the credit risk of specific customers.

**(c) Interest rate risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to floating interest rate risk on bank loan, and the risks due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage the interest risk exposure.

[**Table of Contents**](#TOC001)

#### LORENZO DEVELOPMENTS INC.

#### NOTES TO FINANCIAL STATEMENTS

#### Note 13 — Concentrations and risks (cont.)
**(d) Liquidity risk**

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 12 months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

#### Note 14 — Contingencies

#### Contingencies
In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of March 31, 2025 and through the issuance date of these financial statements.

#### Note 15 — Subsequent Events
The Company has assessed all events from March 31, 2025, up through the date that these financial statements are available to be issued, and has determined that there are not any material subsequent events that require disclosure in these financial statement except the following:

On April 15, 2025, the shareholders of the Company approved the subscription by seven subscribers for an aggregate of 8,100,000 common shares of the Company at a subscription price of CAD 0.10101 per share (the "Shares Subscription"). After the Shares Subscription, the total issued common shares of the Company are 18,000,000.

[**Table of Contents**](#TOC001)

 **Until and including [\*], 2025 (25 days after the date of this prospectus), all dealers that buy, sell, or trade the Common Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to unsold allotments or subscriptions.**

#### 2,000,000 Common Shares

#### LORENZO DEVELOPMENTS INC.

#### American Trust Investment Services, Inc.

#### Prospectus dated [\*], 2025

------

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers.
Ontario law does not limit the extent to which a company's articles of incorporation may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Ontario courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

The Company's bylaws provide that we shall indemnify our directors and officers (each an indemnified person) against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such indemnified person, other than by reason of such person's own dishonesty, willful default or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such indemnified person in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in Ontario or elsewhere.

Pursuant to the indemnification agreements, the form of which is filed as Exhibit 10.2 to this registration statement, we agreed to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

The underwriting agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, will also provide for indemnification by the underwriters and our officers and directors for certain liabilities.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities.
During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

None of these transactions involved any underwriters' underwriting discounts or commissions, or any public offering.

---

| | | | |
|:---|:---|:---|:---|
|  **Purchaser** | **Date of Issuance** | **Number of <br>Common <br>Shares** | **Consideration** |
|  Sky Pivot Corp. | April 15, 2025 | 9900000.00<br> CAD | 100.00 |
|  YUYUKPING LIMITED | April 15, 2025 | 3636000.00<br> CAD | 367272.36 |
|  DUO DUO KAI Holding Limited | April 15, 2025 | 891000.00<br> CAD | 89999.91 |
|  WLWY Holdings Limited | April 15, 2025 | 891000.00<br> CAD | 89999.91 |
|  FTCNOOB Holdings Limited | April 15, 2025 | 891000.00<br> CAD | 89999.91 |
|  LJ Progressive Holdings Limited | April 15, 2025 | 891000.00<br> CAD | 89999.91 |
|  Qian Mu Limited | April 15, 2025 | 540000.00<br> CAD | 54545.40 |
|  Little woods Capital Limited | April 15, 2025 | 360000.00<br> CAD | 36363.60 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of Issuance** | **Number of <br>Preferred <br>Shares** | **Consideration** | **Consideration** |
|  Xianping wen | February 1, 2023 | 200,000 | CAD | 200,000 |
|  Xiaoyin Li | February 1, 2023 | 200,000 | CAD | 200,000 |
|  Shuang He | January 1, 2023 | 300,000 | CAD | 300,000 |
|  8899584 Canada Corp. | November 5, 2022 | 500,000 | CAD | 500,000 |

---

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#### Item 8. Exhibits and Financial Statement Schedules.
(a) Exhibits

The exhibits listed in the exhibit index, appearing elsewhere in this registration statement, have been filed as a part of this registration statement.

(b) Financial Statement Schedules

All schedules have been omitted since they are not required or are not applicable or the required information is shown in the audited financial statements or notes thereto.

*Financial Statement Schedules*

None. All other schedules for which provision is made in Regulation S-X of the SEC are not required under the related requirements or are inapplicable, and, therefore, have been omitted.

#### Item 9. Undertakings.
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

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#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Description** |
|  1.1\* | [Form of Underwriting Agreement](ea024707305ex1-1_lorenzo.htm) |
|  3.1\* | [Articles of Incorporation](ea024707305ex3-1_lorenzo.htm) |
|  4.1\* | [Specimen Certificate for Common Shares](ea024707305ex4-1_lorenzo.htm) |
|  5.1\* | [Opinion of THC Lawyers regarding the validity of the Common Shares being registered](ea024707305ex5-1_lorenzo.htm) |
|  10.1\* | [Form of Employment Agreement by and between executive officers and the Registrant](ea024707305ex10-1_lorenzo.htm) |
|  10.2\* | [Form of Indemnification Agreement with the Registrant's directors and officers](ea024707305ex10-2_lorenzo.htm) |
|  10.3\* | [Form of Director Offer Letter between the Registrant and its directors](ea024707305ex10-3_lorenzo.htm) |
|  10.4\* | [Form of Real Estate Development Management Agreement](ea024707305ex10-4_lorenzo.htm) |
|  10.5\* | [Form of Real Estate Consulting Agreement](ea024707305ex10-5_lorenzo.htm) |
|  23.1\* | [Consent of ZH CPA, LLC, an independent registered public accounting firm](ea024707305ex23-1_lorenzo.htm) |
|  23.2\* | [Consent of THC Lawyers (included in Exhibit 5.1)](ea024707305ex5-1_lorenzo.htm) |
|  23.3\* | [Consent of Frost & Sullivan](ea024707305ex23-3_lorenzo.htm) |
|  24.1\*\* | [Powers of Attorney (included on signature page)](http://www.sec.gov/Archives/edgar/data/2071166/000121390025085000/ea0247073-02.htm#T200) |
|  99.1\* | [Code of Business Conduct and Ethics of the Registrant](ea024707305ex99-1_lorenzo.htm) |
|  99.2\* | [Executive Compensation Recovery Policy](ea024707305ex99-2_lorenzo.htm) |
|  99.3\* | [Audit Committee Charter](ea024707305ex99-3_lorenzo.htm) |
|  99.4\* | [Compensation Committee Charter](ea024707305ex99-4_lorenzo.htm) |
|  99.5\* | [Nominating and Corporate Governance Committee Charter](ea024707305ex99-5_lorenzo.htm) |
|  99.6\* | [Consent of Lee Yeung](ea024707305ex99-6_lorenzo.htm) |
|  99.7\* | [Consent of Ho Tung Au Yeung](ea024707305ex99-7_lorenzo.htm) |
|  99.8\* | [Consent of Han Peng Dong](ea024707305ex99-8_lorenzo.htm) |
|  107\*\* | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/2071166/000121390025085000/ea024707302ex-fee_lorenzo.htm) |

---

____________

\* Filed herewith.

\*\* Previously filed.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Ontario, Canada on September 24, 2025.

---

| | |
|:---|:---|
|  **LORENZO DEVELOPMENTS INC.** | **LORENZO DEVELOPMENTS INC.** |
|  By: | */s/ Tianshu Wang* |
|  | Tianshu Wang |
|  | Chief Executive Officer, President, and Director |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  */s/ Tianshu Wang* | Chief Executive Officer, President, and Director | September 24, 2025 |
|  Name: Tianshu Wang | (Principal Executive Officer) |  |
|  */s/ \** | Chief Financial Officer, Vice President, and Director | September 24, 2025 |
|  Name: Xiaoyin Li | (Principal Accounting and Financial Officer) |  |
|  */s/ \** | Vice President | September 24, 2025 |
|  Name: Chaoyu Wang |  |  |

---

---

| | |
|:---|:---|
|  By: | */s/ Tianshu Wang* |
|  | Tianshu Wang<br>Attorney-in-fact\* |

---

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#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of LORENZO DEVELOPMENTS INC., has signed this registration statement in New York, NY on September 24, 2025.

---

| | | |
|:---|:---|:---|
|  **Authorized U.S. Representative** | **Authorized U.S. Representative** | **Authorized U.S. Representative** |
|  **Cogency Global Inc.** | **Cogency Global Inc.** | **Cogency Global Inc.** |
|  By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**between**

**LORENZO DEVELOPMENTS INC.** 

**(the "Company")**

**and**

**AMERICAN TRUST INVESTMENT SERVICES, INC.**

**(the "Representative")**

**LORENZO DEVELOPMENTS INC. UNDERWRITING AGREEMENT**

[\*], 2025

American Trust Investment Services, Inc.

910 N. El Camino Real, Suite 200

San Clemente, California 92672

Ladies and Gentlemen:

The undersigned, Lorenzo Developments Inc., a corporation incorporated under the Canada Business Corporations Act (collectively, with its subsidiaries and affiliates, the "**Company**"), hereby confirms its agreement (this "**Agreement**") with American Trust Investment Services, Inc. (the "**Representative**"), and with the other underwriters named on <u>Schedule 1</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the "**Underwriters**" and, individually, an "**Underwriter**") as follows:

1. <u>Purchase and Sale of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, severally and not jointly, and the Underwriters agree to purchase from the Company, severally and not jointly, an aggregate of [\*] common shares (the "**Firm Shares**"), par value CAD$0.0001 per share (the "**Common Shares**" or "**Shares**") as set forth opposite their respective names on <u>Schedule 1</u> hereto, at a purchase price (net of discounts and commissions) of [$\*] per Firm Share, being equal to 93.00% of the public offering price of the Firm Shares. The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. <u>Payment and Delivery</u>. Delivery and payment for the Firm Shares shall be made at 10:00 a.m., New York City time, on the Closing Date, as defined below, pursuant to the terms of the Registration Statement (as defined in Section 2.1.1 below) or at such other time as shall be agreed upon by the Representative and the Company, at the offices of DeMint Law, PLLC, counsel to the Underwriters, or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the "**Closing Date**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Firm Shares (or through the facilities of the Depository Trust Company ("**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) Business Days prior to the Closing Date. The Company will permit the Representative to examine and package the Firm Shares for delivery, at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all of the Firm Shares. The term "**Business Day**" means any day other than a Saturday, a Sunday or a legal holiday or any other day on which commercial banks in the City of New York, New York, are authorized or required by law to remain closed; provided, however, that, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York, New York, generally are open for use by customers on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Over-Allotment Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. <u>Option Shares</u>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares, the Company hereby grants to the Underwriters an option to purchase up to [\*] additional Common Shares, representing fifteen percent (15%) of the total number of Common Shares offered in the offering (the "**Option Shares**"), from the Company (the "**Over-Allotment Option**"). The Option Shares shall be identical in all respects to the Firm Shares. The Option Shares shall be purchased for the account of each of the several Underwriters in the same proportion as the number of Firm Shares, set forth opposite such Underwriter's name on <u>Schedule 1</u> hereto, bears to the total number of Firm Shares (subject to adjustment by the Representative to eliminate fractions). No Option Shares shall be sold or delivered unless the Firm Shares previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Shares, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company. The purchase price to be paid per Option Share shall be equal to the price per Firm Share set forth in Section 1.1.1 hereof. The Firm Shares and the Option Shares are hereinafter referred to together as the "**Public Securities**." The offering and sale of the Public Securities is herein referred to as the "**Offering**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. <u>Exercise of Option</u>. The Over-Allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within thirty (30) days after the Closing Date. The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-Allotment Option. The Over-Allotment Option granted hereby shall be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed by electronic mail setting forth the number of Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of DeMint Law, PLLC or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option with respect to all or any portion of the Option Shares, subject to the terms and conditions set forth herein, the Company shall become obligated to sell to the Underwriters the number of Option Shares specified in such notice and, subject to the terms and conditions set forth herein, the Underwriters, acting severally and not jointly, shall purchase the number of Option Shares specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. <u>Payment and Delivery</u>. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Option Shares (or through the facilities of DTC) for the account of the Underwriters. The Option Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company will permit the Representative to examine and package the Option Shares for delivery, at least one (1) full Business Day prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Representative for the applicable Option Shares.

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. <u>Pursuant to the Securities Act</u>. The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement, and any amendment or amendments thereto, on Form F-1 (File No. 333-_____), including any related prospectus or prospectuses, for the registration of the Public Securities under the Securities Act of 1933, as amended (the "**Securities Act**"), which registration statement and amendment or amendments have been prepared by the Company in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the "**Securities Act Regulations**"). The conditions for use of Form F-1, as set forth in the General Instructions to such Form, to register the Public Securities under the Securities Act have been satisfied. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus (as defined below) included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the effective date of the Registration Statement (the "**Effective Date**") pursuant to Rule 430A of the Securities Act Regulations (the "**Rule 430A Information**")), is referred to herein as the "**Registration Statement**." If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after such filing, the term "**Registration Statement**" shall include such registration statement filed pursuant to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.

Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "**Preliminary Prospectus**." The Preliminary Prospectus, subject to completion, dated [\*], 2025, that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the "**Pricing Prospectus**." The final prospectus in the form first furnished to the Underwriters for use in the Offering is hereinafter called the "**Prospectus**." Any reference to the "most recent Preliminary Prospectus" shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.

"**Applicable Time**" means 5:00 p.m., New York City, New York, time, on the date of this Agreement.

"**Company's knowledge**" and "**knowledge of the Company**" mean the actual knowledge of the executive officers of the Company after due inquiry.

"**Issuer Free Writing Prospectus**" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations ("**Rule 433**"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations) relating to the Public Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Public Securities or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"**Issuer General Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "*bona fide* electronic road show," as defined in Rule 433(h)(5) under the Securities Act (the "**Bona Fide Electronic Road Show**")), as evidenced by its being specified in <u>Schedule 3-B</u> hereto.

"**Issuer Limited Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"**Pricing Disclosure Package**" means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on <u>Schedule 3-A</u> hereto, all considered together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. <u>Pursuant to the Exchange Act</u>. The Company has filed with the Commission a Form 8-A (File No. 001-) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), of the Common Shares. The registration of the Common Shares under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Stock Exchange Listing</u>. The Common Shares have been approved for listing on The Nasdaq Capital Market (the "**Exchange**"), subject only to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, delisting the Common Shares from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>No Stop Orders, etc</u>. Neither the Commission nor any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1. <u>Compliance with Securities Act and 10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the time of effectiveness of the Registration Statement (or at the time of any post-effective amendment to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any, the Registration Statement, the Preliminary Prospectus and the Prospectus do and will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations, and did or will, in all material respects, conform to the requirements of the Securities Act and the Securities Act Regulations. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to the Commission's EDGAR filing system ("**EDGAR**"), except to the extent permitted by Regulation S-T promulgated under the Securities Act ("**Regulation S-T**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Pricing Disclosure Package, as of the Applicable Time, at the Closing Date and at any Option Closing Date (if any), did not, does not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus does not conflict in any material respect with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the following: the names of the Underwriters, the information with respect to stabilizing transactions contained in the section "Underwriting - Stabilization", the section "Underwriting - Discounts, Commissions, and Expenses" and the number of Firm Shares to be purchased by each Underwriter (the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2. <u>Disclosure of Agreements</u>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it or any of its properties is or may be bound or affected and that is (i) referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; or (ii) material to the Company's business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. Other than as disclosed in the Prospectus, none of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company's knowledge, any other party is in default thereunder and, to the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder except for such defaults that would not reasonably be expected to result in a Material Adverse Change (as defined in Section 2.5.1 below). To the best of the Company's knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental or regulatory agency, authority, body, entity or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a "**Governmental Entity**"), including, without limitation, those relating to environmental laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3. <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4. <u>Regulations</u>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of material applicable federal, state, local and any applicable foreign laws, rules and regulations relating to the Offering and the Company's business as currently conducted or contemplated are correct and complete in all material respects and no other such laws, rules or regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.5. <u>No Other Distribution of Offering Materials.</u> The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering other than any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 3.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the condition, financial or otherwise, results of operations, business, assets or prospects of the Company and its Subsidiaries (as defined below) taken as a whole, nor, to the Company's knowledge, any change or development that, individually or in the aggregate, would have a material adverse effect on the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its Subsidiaries taken as a whole (a "**Material Adverse Change**"); (ii) there have been no material transactions entered into by the Company or its Subsidiaries, other than as contemplated pursuant to this Agreement; and (iii) no executive officer or director of the Company has resigned from any position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. <u>Recent Securities Transactions, etc</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Disclosures in Commission Filings</u>. None of the Company's filings with, or other documents furnished to, the Commission contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information. The Company has made all filings with the Commission required under the Exchange Act and the rules and regulations of the Commission promulgated thereunder (the "**Exchange Act Regulations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Independent Accountants</u>. ZH CPA, LLC (the "**Auditor**"), whose report is filed with the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board ("**PCAOB**"), including the rules and regulations promulgated by such entity. To the Company's knowledge, after reasonable inquiry, the Auditor is currently registered and in good standing with the PCAOB. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, within the meaning of such term in Section 10A(g) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules (if any) included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present the financial condition, the results of operations and the cash flows of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules, if any, included in the Registration Statement present fairly the information required to be stated therein. Except as included therein, no other historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The "as adjusted" financial information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and, in the judgment of the Company, the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission), if any, materially comply with Regulation G of the Exchange Act and Item 10(e) of Regulation S-K of the Securities Act, to the extent applicable. The Registration Statement, the Pricing Disclosure Package and the Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) since the date of the last balance sheet included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its direct or indirect subsidiaries, including each entity disclosed or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being a subsidiary of the Company (each, a "**Subsidiary**" and, collectively, the "**Subsidiaries**"), has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business; (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (c) there has not been any change in the capital stock of the Company or any of its Subsidiaries, or, other than in the ordinary course of business, any grants under any stock compensation plan; and (d) there has not been any Material Adverse Change in the Company's long-term or short-term debt. The Company represents that it has no direct or indirect Subsidiaries other than those listed in Exhibit 21.1 to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <u>Authorized Capital; Options, etc</u>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date or on the Option Closing Date, as the case may be, the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing Date and except for shares of restricted Common Shares to be issued to Company's U.S. counsel as a part of their legal fees, if any, there will be no stock options, warrants or other rights to purchase or otherwise acquire any authorized, but unissued Common Shares of the Company or any security convertible into any class of Common Shares of the Company, or any contracts or commitments to issue or sell any class of Common Shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1. <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the holders thereof have no contractual rights of rescission or the ability to require the Company to repurchase such securities, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights, rights of first refusal or rights of participation of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized Common Shares conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. Prior to the date hereof, all offers and sales of the outstanding Common Shares, options, warrants and other rights to purchase or exchange such securities for the Common Shares were at all relevant times either registered under the Securities Act and the applicable state securities or "blue sky" laws or based in part on the representations and warranties of the purchasers of such Common Shares, or were sold to non-U.S. residents outside of the United States and exempt from such registration requirements. The description of the Company's stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, accurately and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.2. <u>Securities Sold Pursuant to this Agreement</u>. The Public Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the holders thereof will not be subject to personal liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The Public Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any options, warrants, rights or other securities exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in the Registration Statement or any other registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <u>Validity and Binding Effect of Agreements</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered by the Company, will constitute the legal valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except in each case: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <u>No Conflicts, etc</u>. The execution, delivery and performance by the Company of this Agreement and all other documents ancillary hereto and thereto, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in any violation of the provisions of the Company's Articles of Incorporation (as amended or restated from time to time, the "**AOI**"); (ii) result in a breach or violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which the Company is a party or as to which any property of the Company is subject; or (iii) violate any applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof, except, in the case of (ii) or (iii), for those breaches, violations or conflicts which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. <u>No Defaults; Violations</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except, in each case, for those defaults which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change. The Company is not in violation of any franchise, license, permit, applicable law, rule, regulation, judgment, order or decree of any Governmental Entity, except, in each case, for those violations which (individually and in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1. <u>Conduct of Business</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary consents, authorizations, approvals, licenses, certificates, clearances, permits and orders and supplements and amendments thereto (collectively, "**Authorizations**") of and from all Governmental Entities required as of the date hereof for the Company to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except, in each case, where the failure to have such Authorizations (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2. <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all Authorizations required in connection therewith have been obtained. No Authorization of, and no filing with, any Governmental Entity, or another body is required for the valid issuance, sale and delivery of the Public Securities and the consummation of the transactions and agreements contemplated by this Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities or blue-sky laws, the rules of The Nasdaq Stock Market, LLC and the rules and regulations of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. <u>D&O Questionnaires</u>. All information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as supplemented by all information concerning the Company's directors and officers set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus provided to the Representative and its counsel, is, to the knowledge of the Company, true and correct and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to become inaccurate, incorrect or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. <u>Litigation; Governmental Proceedings</u>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened, against, or involving the Company or, to the Company's knowledge, any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or in connection with the Company's listing application for the listing of the Public Securities on the Exchange, and is required to be disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. <u>Good Standing</u>. The Company has been duly incorporated and is validly existing as a corporation and is in good standing under the laws of Canada, as of the date hereof. The Company is duly qualified to do business and is in good standing as a foreign corporation in each other jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to be so qualified or in good standing, individually or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. <u>Insurance</u>. On the Closing Date the Company will carry or will be entitled to the benefits of insurance (including, without limitation, directors' and officers' insurance), with reputable insurers, in such amounts and covering such risks which the Company believes are adequate, and all such insurance is in full force and effect, except for directors' and officers' liability insurance which the Company will obtain within a reasonable time subsequent to the Closing and except where the failure to maintain such insurance would not have or reasonably be expected to result in Material Adverse Change. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.1. <u>Finder's Fees</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or, to the Company's knowledge, any Insider with respect to the sale of the Public Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the Company's knowledge, any of its stockholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.2. <u>Payments Within Twelve (12) Months</u>. Except as disclosed in writing to the Representative or as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments in connection with the Offering (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to the Underwriters as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.3. <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.4. <u>FINRA Affiliation</u>. There is no (i) officer or director of the Company; (ii) to the Company's knowledge, beneficial owner of 10% or more of any class of the Company's securities; or (iii) to the Company's knowledge, beneficial owner of the Company's unregistered equity securities, who acquired any equity securities of the Company during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.5. <u>Information</u>. All information provided by the Company in its FINRA questionnaire to counsel to the Underwriters specifically for use in connection with its public offering system ("**Public Offering System**") filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. <u>Foreign Corrupt Practices Act</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any of its Subsidiaries or any other person acting on behalf of the Company or any of its Subsidiaries, has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any Governmental Entity (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if not given in the past, might have had a Material Adverse Change; or (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. <u>Compliance with OFAC</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("**OFAC**"), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 <u>Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in material compliance in all material respects with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, including the Money Laundering Control Act of 1986, as amended, the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the rules and regulations thereunder and any related or similar money laundering statutes, rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, "**Money Laundering Laws**"); and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to counsel to the Underwriters on the Closing Date or on the Option Closing Date shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. <u>Lock-Up Agreements</u>. Schedule 4 hereto contains a complete and accurate list of the Company's officers, directors and each holder of 5% or more of the Company's outstanding Common Shares (or securities convertible, exchangeable or exercisable into Common Shares) (collectively, the "**Lock-Up Parties**"). The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, substantially in the forms of Exhibit A hereto in the case of Common Shares **(**the "**Lock-Up Agreements**"), prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. <u>Subsidiaries</u>. Each of the direct and indirect Subsidiaries of the Company is duly organized or incorporated as applicable and in good standing under the laws of its place of organization or incorporation, and each such Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Change on the assets, business or operations of the Company and its Subsidiaries taken as a whole. The Company's ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. <u>Related Party Transactions</u>. There are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Pricing Prospectus and the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder (the "**Sarbanes-Oxley Act**") applicable to the Company and the listing rules of the Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent," as defined under the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. <u>Sarbanes-Oxley Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.1. <u>Disclosure Controls</u>. The Company has developed disclosure controls and procedures that will comply in all material respects with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such controls and procedures will be effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.2. <u>Compliance</u>. The Company is and at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and has taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. <u>Accounting Controls</u>. The Company and its Subsidiaries are in the process of establishing systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that will comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company's auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and the application of the net proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an "investment company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. <u>No Labor Disputes</u>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is threatened. The Company is not aware that any key employee or significant group of employees of the Company plans to terminate employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. <u>Intellectual Property Rights</u>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property Rights**") described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and necessary for the conduct of the business of the Company and each of its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. To the knowledge of the Company and except as may be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (i) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (ii) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (iii) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (iv) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims referred to in this Section 2.33, reasonably be expected to result in a Material Adverse Change; and (v) to the Company's knowledge, no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed by the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company's knowledge, all material technical information developed by and belonging to the Company that has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. To the knowledge of the Company, none of the technology employed by the Company has been obtained or is knowingly being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34. <u>Taxes</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Change, each of the Company and its Subsidiaries has: (i) filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof; and (ii) paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or any of its Subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed in the Registration Statement and the Prospectus, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries; and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. There are no tax liens against the assets, properties or business of the Company or its Subsidiaries other than liens for taxes not yet delinquent or being contested in good faith by appropriate proceedings and for which reserves in accordance with GAAP have been established in the Company's books and records. The term "**taxes**" means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35. <u>ERISA Compliance</u>. The Company is not incorporated in the United States, has no U.S. employees and is not subject to the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "**ERISA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36. <u>Compliance with Laws</u>. Each of the Company and each Subsidiary: (i) is and at all times has been in compliance with all statutes, rules or regulations applicable to the business of the Company as currently conducted ("**Applicable Laws**"), except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (ii) has not received any warning letter or other correspondence or notice from any Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any Authorizations; (iii) possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (iv) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any activity conducted by the Company is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (v) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such Governmental Entity is considering such action; and (vi) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37. <u>Emerging Growth Company</u>. From the time of the initial submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly in or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**"). "**Testing-the-Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company has not (i) alone engaged in any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the written consent of the Representative and with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38. <u>Environmental Laws</u>. To the Company's knowledge, the Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to its business ("**Environmental Laws**"), except where the failure to comply would not, singularly or in the aggregate, result in a Material Adverse Change. To the Company's knowledge, there has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission or other release of any kind of toxic or other wastes or other hazardous substances by, due to or caused by the Company (or, to the Company's knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission or other release of any kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39. <u>Title to Property</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40. <u>Contracts Affecting Capital</u>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 under the Securities Act) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity, that could reasonably be expected to materially affect the Company's or its Subsidiaries' liquidity or the availability of or requirements for their capital resources required to be described or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41. <u>Loans to Directors or Officers</u>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company or its Subsidiaries to or for the benefit of any of the officers or directors of the Company, its Subsidiaries or any of their respective family members, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42. <u>Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the Effective Date and at the time of any amendment thereto, at the earliest time thereafter that the Company or an Underwriter made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Public Securities and at the Effective Date, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43. <u>Smaller Reporting Company</u>. [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44. <u>Industry Data</u>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45. <u>Electronic Road Show</u>. If the Company makes available a Bona Fide Electronic Road Show, it shall be in compliance with Rule 433(d)(8)(ii) of the Securities Act Regulations such that no filing of any "road show" (as defined in Rule 433(h) of the Securities Act Regulations) is required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46. <u>Margin Securities</u>. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Common Shares to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47. <u>Dividends and Distributions</u>. Except as disclosed in the Pricing Disclosure Package, Registration Statement and the Prospectus, no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48. <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49. <u>Integration</u>. Neither the Company nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50. <u>Confidentiality and Non-Competition</u>. To the Company's knowledge, no director, officer, key employee or consultant of the Company or any Subsidiary is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer (other than the Company) or prior employer that could materially affect his or her ability to be and act in his or her respective capacity with the Company or such Subsidiary or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51. <u>Corporate Records</u>. The minute books of the Company have been made available to the Representative and counsel to the Underwriters and such books (i) contain minutes of all material meetings and actions of the Board of Directors (including each board committee) and stockholders of the Company; and (ii) reflect all material transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52. <u>Diligence Materials</u>. The Company has provided to the Representative and counsel to the Underwriters all materials required or necessary to respond in all material respects to the diligence request submitted to the Company or its counsel by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53. <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or stockholders (without the consent of the Representative) has taken, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

3. <u>Covenants of the Company</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Amendments to Registration Statement</u>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative shall reasonably object in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Federal Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Compliance</u>. The Company, subject to Section 3.2.2, shall comply in all material respects with the requirements of Rule 430A of the Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii) of its receipt of any comments from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>Continued Compliance</u>. The Company shall comply in all material respects with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Public Securities as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations ("**Rule 172**"), would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel to the Company or to the underwriters, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement; and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel to the Underwriters shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company will give the Representative notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within two (2) Business Days prior to the Applicable Time. The Company shall give the Representative notice of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration of the Over-Allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or Representative's counsel shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. <u>Exchange Act Registration</u>. The Company shall use its commercially reasonable efforts to maintain the registration of the Common Shares under the Exchange Act (except in connection with a going-private transaction) for a period of three years from the Effective Date, or until the Company is liquidated or is acquired, if earlier. For a period of three years from the Effective Date, the Company shall not deregister any of the Common Shares under the Exchange Act without prior notice to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Free Writing Prospectuses</u>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall not make any offer relating to the Public Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus set forth in <u>Schedule 3-B</u>. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Representative as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. <u>Testing-the-Waters Communications</u>. If at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 of the Securities Act Regulations (a "**Written Testing-the-Waters Communication**") there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify the Representative and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Delivery to the Underwriters of Registration Statements</u>. The Company has delivered or made available or shall deliver or make available to the Representative and counsel to the Underwriters, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts, and will also deliver to each Underwriter, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) upon receipt of a written request therefor from such Underwriter. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Delivery to the Underwriters of Prospectuses</u>. The Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Effectiveness and Events Requiring Notice to the Representative</u>. The Company shall use its commercially reasonable efforts to cause the Registration Statement to remain effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify the Representative promptly and confirm the notice in writing: (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the submission via EDGAR to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the occurrence of any event during the period described in this Section 3.5 that, in the reasonable judgment of the Company, makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes in (A) the Registration Statement in order to make the statements therein not misleading; or (B) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall use its commercially reasonable efforts to obtain promptly the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Review of Financial Statements.</u> For a period of three (3) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information, or if it provides announcements only of its semi-annual financial statement, then it shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for the non-year end semi-annual announcement immediately preceding the announcement of such financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Listing</u>. The Company shall use its commercially reasonable efforts to maintain the listing of the Common Shares (including the Firm Shares and the Option Shares) on the Exchange for at least three (3) years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>PCAOB Firm; Investor Relations Firm</u>. As of the Effective Date, the Company shall have retained: (i) an independent PCAOB registered public accounting firm reasonably acceptable to the Representative, which will have responsibility for the review, audit and certification of the financial statements and the financial exhibits, which shall initially be ZH CPA, LLC or another PCAOB accounting firm reasonably acceptable to the Representative, for at least three (3) years from the date of this Agreement; and (ii) a financial public relations firm reasonably acceptable to the Representative and the Company which firm shall be experienced in assisting issuers in initial public offerings of securities and in their relations with their security holders for at least one (1) year from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Reports to the Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1. <u>Periodic Reports, etc</u>. For a period of three (3) years after the date of this Agreement, the Company shall furnish or make available to the Representative copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also promptly furnish to the Representative: (i) a copy of each periodic report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations; (ii) a copy of every press release and every news item and article with respect to the Company or its affairs released by the Company; (iii) a copy of each Report on Form 6-K prepared and filed by the Company; (iv) a copy of each registration statement filed by the Company under the Securities Act; (v) a copy of each report or other communication furnished to stockholders; and (vi) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request. Documents filed with the Commission via its EDGAR system or released via newswire distribution networks shall be deemed to have been delivered to the Representative pursuant to this Section 3.9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2. <u>Transfer Agent; Transfer Sheets</u>. For a period of three (3) years after the date of this Agreement, the Company shall retain a transfer agent and registrar in the United States reasonably acceptable to the Representative (the "**Transfer Agent**") and shall furnish to the Representative at the Company's sole cost and expense such transfer sheets of the Company's securities as the Representative may reasonably request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC. Transhare Corporation is acceptable to the Representative to act as Transfer Agent for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3. <u>Trading Reports</u>. For a period of three (3) years after the date of this Agreement, during such time as the Public Securities are listed on the Exchange, the Company shall provide to the Representative, at the Company's expense, such reports published by the Exchange relating to price trading of the Public Securities, as the Representative shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Payment of Expenses</u>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, or upon demand if there is no Closing, all expenses related to the Offering or otherwise incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (i) all filing fees and communication expenses relating to the registration of the Common Shares to be sold in the Offering (including the Option Shares) with the Commission; (ii) all Public Offering System filing fees associated with the review of the Offering by FINRA; (iii) all fees and expenses relating to the listing of such Public Securities on the Exchange and such other stock exchange or exchanges as the Company and the Representative may together determine, including any fees charged by DTC; (iv) all fees, expenses and disbursements relating to background checks of the Company's officers and directors in an amount not to exceed $3,000 per individual; (v) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Public Securities under the securities laws of such states or foreign jurisdictions as the Representative may reasonably designate; (vi) the costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers' Agreement, Underwriters' Questionnaire and Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative may reasonably deem necessary; (vii) the costs and expenses of a public relations firm; (viii) the costs of preparing, printing and delivering certificates representing the Public Securities; (ix) fees and expenses of the transfer agent for the Common Shares; (x) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the Underwriters; (xi) the costs associated with post-Closing advertising of the Offering in the national editions of the *Wall Street Journal* and *New York Times* and the costs associated with one set of bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee shall provide within a reasonable time after the Closing Date in such quantities as the Representative may reasonably request; (xii) the fees and expenses of the Company's accountants; (xiii) the fees and expenses of the Company's legal counsel and other agents and representatives; (xiv) the fees and expenses of counsel to the Underwriters; (xv) translation cost for due diligence purposes, the reasonable cost for roadshow meetings and the preparation of a power point presentation; and (xvi) the Underwriters' actual accountable expenses for the Offering, including, without limitation, expenses related to the "road show." Notwithstanding the foregoing, the Company's obligations to reimburse the Representative for any out-of-pocket expenses actually incurred as set forth in the preceding sentence shall not exceed $150,000 in the aggregate, including but not limited to travel, communication, third party expenses, etc., the legal fees and disbursements of counsel to the Underwriters and road show expenses as described therein, provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement. For the sake of clarity, it is understood and agreed that the Company shall be responsible for the Representative's fees and disbursements detailed in this Section irrespective of whether the Offering is consummated whether or not there is a Closing. Additionally, the Company has provided an accountable expense deposit of $100,000 (the "**Advance**"). The Advance shall be applied towards out-of-pocket expenses set forth herein and any portion of the Advance shall be returned to the Company to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriters. In addition, the Company hereby agrees to pay the Representative a non-accountable expense allowance computed at the rate of one percent (1.0%) of the gross proceeds of the Public Securities sold in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>Application of Net Proceeds</u>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <u>Delivery of Earnings Statements to Security Holders</u>. The Company shall make generally available to its security holders as soon as practicable, but not later than the first day of the fifteenth (15<sup>th</sup>) full calendar month following the date of this Agreement, an earnings statement (which need not be certified by an independent registered public accounting firm unless required by the Securities Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve (12) consecutive months beginning after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <u>Internal Controls</u>. The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <u>Accountants</u>. As of the date of this Agreement, the Company has retained an independent registered public accounting firm, as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board, reasonably acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public accounting firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that the Auditor is acceptable to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15. <u>FINRA</u>. For a period of 60 days from the later of the Closing Date or the Option Closing Date, the Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any beneficial owner of 10% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16. <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17. <u>Company Lock-Up Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17.1. <u>Restriction on Sales of Capital Stock</u>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of six (6) months from the Closing Date (the "**Lock-Up Period**"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (iii) complete any offering of debt securities of the Company without notice to the Representative, other than entering into a line of credit or senior credit facility with a traditional bank or other lending institution; or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. The restrictions contained in this Section 3.17.1 shall not apply to the Common Shares to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17.2. <u>Lock-Up Agreements</u>. The Company's directors and officers and any other holder of 5% or more of the outstanding Common Shares as of the effective date of the Registration Statement (other than the Selling Shareholders) as set forth in <u>Schedule 4</u> hereto, will enter into customary "lock-up" agreements in favor of the Representative pursuant to which such persons and entities will agree, for a period of at least six (6) months from the Closing Date , that they will neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any securities of the Company without the Representative's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18. <u>Release of Insider and Shareholder Lock-up Period</u>. If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in Section 3.17.2 hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of <u>Exhibit B</u> hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19. <u>Blue Sky Qualifications</u>. The Company shall use its commercially reasonable efforts, in cooperation with the Underwriters, if necessary, to qualify the Public Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may reasonably designate and to maintain such qualifications in effect so long as required to complete the distribution of the Public Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20. <u>Reporting Requirements</u>. The Company, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company shall report the use of proceeds from the issuance of the Public Securities as may be required under Rule 463 under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21. <u>Emerging Growth Company Status</u>. The Company shall promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Public Securities within the meaning of the Securities Act and (ii) fifteen (15) days following the completion of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22. <u>Press Releases</u>. Prior to the Closing Date and any Option Closing Date, the Company shall not issue any press release or other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, which consent shall not be unreasonably withheld, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press release or communication is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23. <u>Sarbanes-Oxley</u>. The Company shall at all times comply in all material respects with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.

4. <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Regulatory Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. <u>Effectiveness of Registration Statement; Rule 430A Information</u>. The Registration Statement shall have become effective not later than 5:30 p.m., New York City, New York, time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto shall have been issued by the Commission under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus shall have been issued and no proceedings for any of those purposes shall have been instituted or are pending or, to the Company's knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. A prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) under the Securities Act Regulations or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. <u>FINRA Clearance</u>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. <u>Exchange Clearance</u>. On the Closing Date, the Firm Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance. On the first Option Closing Date (if any), the Option Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Company Counsel Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. <u>Closing Date Opinion of Counsel</u>. On the Closing Date, the Representative shall have received (i) the opinion of Hunter Taubman Fischer & Li LLC, United States counsel to the Company ("**U.S. Counsel**"); (ii) the opinion of THC Lawyers, Ontario and Canadian counsel to the Company; and (ii) a written statement providing certain "10b-5" negative assurances, of U.S. Counsel, all dated the Closing Date and addressed to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. <u>Option Closing Date Opinions of Counsel</u>. On the Option Closing Date, if any, the Representative shall have received the opinions of counsel listed in Section 4.2.1, dated the Option Closing Date, addressed to the Representative and in form and substance satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by such counsel in their respective opinions and negative assurance statement delivered on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Comfort Letters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. <u>Cold Comfort Letter</u>. At the time this Agreement is executed, the Representative shall have received a cold comfort letter from the Auditor containing statements and information of the type customarily included in accountants' comfort letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative as representative of the Underwriters and in form and substance satisfactory to the counsel to the Underwriters, dated as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. <u>Bring-down Comfort Letter</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date not more than three (3) Business Days prior to the Closing Date or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Officers' Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <u>Officers' Certificate</u>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer or President and its Chief Financial Officer stating on behalf of the Company and not in an individual capacity that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus, they believe that the Registration Statement and each amendment thereto after the Effective Date, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto after the Effective Date, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; (ii) since the Effective Date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus; (iii) to the best of their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than the Closing Date); and (iv) there has not been, subsequent to the date of the most recent audited financial statements included in the Pricing Disclosure Package, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Secretary's Certificate</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, certifying on behalf of the Company and not in an individual capacity: (i) that the AOI is true and complete, has not been amended or modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified or rescinded; and (iii) as to the incumbency of the officers of the Company who have signed the certificates set forth in Section 4.4.1. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>No Material Changes</u>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been no Material Adverse Change in the condition, financial or otherwise, business or prospects of the Company from the date of this Agreement; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or, to the knowledge of the Company, threatened against the Company or any Insider before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may reasonably be expected to cause a Material Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no stop order shall have been issued by the Commission under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>No Material Misstatement or Omission</u>. The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date and any Option Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of Representative Counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or that the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of Representative Counsel, is material or omits to state any fact which, in the opinion of Representative Counsel, is material and is necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Corporate Proceedings</u>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the Public Securities, the Registration Statement, the Pricing Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement, and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to counsel to the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Delivery of Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1. <u>Lock-Up Agreements</u>. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies of the Lock-Up Agreements from each of the persons listed in <u>Schedule 4</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. <u>Additional Documents</u>. At the Closing Date and at each Option Closing Date (if any) counsel to the Underwriters shall have been furnished with such documents as they may reasonably require for the purpose of enabling counsel to the Underwriters to deliver an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Securities as herein contemplated shall be satisfactory in form and substance to the Representative and counsel to the Underwriters.

5. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Indemnification of the Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>General</u>. The Company shall indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective directors, officers, members, employees, representatives, partners, shareholders, affiliates, counsel and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Underwriter Indemnified Parties**," and each an "**Underwriter Indemnified Party**"), against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any "road show" or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 5, collectively called "**application**") executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Public Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Underwriters' Information. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, the indemnity agreement contained in this Section 5.1.1 shall not inure to the benefit of any Underwriter Indemnified Party to the extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified Party results from the fact that a copy of the Prospectus was not given or sent to the person asserting any such loss, liability, claim or damage at or prior to the written confirmation of sale of the Public Securities to such person as required by the Securities Act and the Securities Act Regulations, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by the Company with its obligations under Section 3.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. <u>Procedure</u>. If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company pursuant to Section 5.1.1, such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of such action and the Company shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval of such Underwriter Indemnified Party) and payment of actual expenses. Such Underwriter Indemnified Party shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter Indemnified Party unless (i) the employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in connection with the defense of such action; or (ii) the Company shall not have employed counsel to have charge of the defense of such action; or (iii) such indemnified party or parties shall have been advised by its counsel that there may be defenses available to it or them which are different from or additional to those available to the Company (in which case the Company shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Underwriter Indemnified Parties who are party to such action (in addition to local counsel) shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if any Underwriter Indemnified Party shall assume the defense of such action as provided above, the Company shall have the right to approve the terms of any settlement of such action, which approval shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 <u>Indemnity Escrow</u>. The Company shall, on the Closing Date, deposit into an escrow account, for the benefit of the Representative, with an escrow agent in the United States selected by the Representative, an amount equal to three hundred thousand dollars ($300,000) from the Offering proceeds to be released to the Underwriter Indemnified Parties in connection with the payments of Company's indemnification obligations pursuant to this Section 5. The escrow account will remain in place for a period of six (6) months from the date of this Agreement. The Escrow Agreement shall be substantially in the form of <u>Exhibit C</u>, attached hereto, or as otherwise agreed by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Indemnification of the Company</u>. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, its directors and officers and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**") against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to such losses, liabilities, claims, damages and expenses (or actions in respect thereof) which arise out of or are based upon untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, the Underwriters' Information. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions of Section 5.1.2. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Securities or in connection with the Registration Statement, the Pricing Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. <u>Contribution Rights</u>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 5.1 or 5.2 in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and each of the Underwriters, on the other hand, from the Offering; or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such Offering of the Common Shares shall be deemed to be in the same proportion as the total proceeds from the Offering purchased under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discount and commissions received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company, on the one hand, and the Underwriters, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company through the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 5.3.1 no Underwriter shall be required to contribute any amount in excess of the total discount and commission received by such Underwriter in connection with the Offering. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Contribution Procedure</u>. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party ("**contributing party**"), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. The Underwriters' obligations to contribute as provided in this Section 5.3 are several and in proportion to their respective underwriting obligation, and not joint.

6. <u>Default by an Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Default Not Exceeding 10% of Firm Shares or Option Shares</u>. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares or the Option Shares, if the Over-Allotment Option is exercised hereunder, and if the number of the Firm Shares or Option Shares with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Shares or Option Shares that all Underwriters have agreed to purchase hereunder, then such Firm Shares or Option Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Default Exceeding 10% of Firm Shares or Option Shares</u>. In the event that the default addressed in Section 6.1 relates to more than 10% of the Firm Shares or Option Shares, the Representative may in its discretion arrange for itself or for another party or parties to purchase such Firm Shares or Option Shares to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Option Shares, the Representative does not arrange for the purchase of such Firm Shares or Option Shares, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Shares or Option Shares on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Shares or Option Shares to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.10 and 8.3 hereof with respect to the Underwriter's expenses), or the several Underwriters; provided, however, that if such default occurs with respect to the Option Shares, this Agreement will not terminate as to the Firm Shares; and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder. For the avoidance of doubt, nothing contained in this Section shall excuse a default by the Representative (in its capacity as an Underwriter) in its obligations to purchase the Firm Shares or the Option Shares, if the Over-Allotment Option is exercised hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Postponement of Closing Date</u>. In the event that the Firm Shares or Option Shares to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of counsel to the Underwriters may thereby be made necessary. The term "**Underwriter**" as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such Firm Shares or Option Shares.

7. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Board Composition and Board Designations</u>. The Company shall ensure that: (i) the qualifications of the persons serving as members of the Board of Directors and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act, the Exchange Act and the listing rules of the Exchange or any other national securities exchange, as the case may be, in the event the Company seeks to have its Public Securities listed on another exchange or quoted on an automated quotation system; and (ii) if applicable, at least one member of the Audit Committee of the Board of Directors qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Prohibition on Press Releases and Public Announcements</u>. The Company shall not issue press releases or engage in any other publicity, without the Representative's prior written consent, for a period ending at 5:00 p.m., New York City, New York, time, on the first (1<sup>st</sup>) Business Day following the fortieth (40<sup>th</sup>) day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Representations and Warranties of the Underwriters</u>. The Underwriters represent and agree that, unless they obtain the prior written consent of the Company, they have not made and will not make any offer relating to the Public Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Securities Act, required to be filed with the Commission; provided that the prior written consent of the parties hereto shall be deemed to have been given in respect of any free writing prospectuses filed by the Company on EDGAR. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "Permitted Free Writing Prospectus." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

8. <u>Effective Date of this Agreement and Termination Thereof</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Effective Date</u>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Termination</u>. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in the Representative's reasonable opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an escalation in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative's opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Representative shall have become aware after the date hereof of a Material Adverse Change, or an adverse material change in general market conditions as in the Representative's judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts made by the Underwriters for the sale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Expenses</u>. Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters pursuant to Section 6.2 above, in the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable up to $150,000 less amounts previously advanced, and upon demand the Company shall pay the full amount thereof to the Representative on behalf of the Underwriters and the Representative shall return any portion of the Advance not used to pay its accountable out-of-pocket expenses actually incurred; provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Survival of Indemnification</u>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Representations, Warranties, Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement (except for Section 6.2) or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company; or (ii) delivery of and payment for the Public Securities.

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Notices</u>. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested), personally delivered or sent by facsimile transmission or electronic mail and confirmed and shall be deemed given when so delivered or faxed and confirmed or if mailed, two (2) days after such mailing.

If to the Representative:

Kristopher Kessler

American Trust Investment Services, Inc.

910 N. El Camino Real, Suite 200

San Clemente, California 92672

Email: [ ]

Tel: [ ]

0-435-9129

with a copy (which shall not constitute notice) to:

DeMint Law. PLLC

Anthony DeMint, Esq.

3753 Howard Hughes Parkway

Second Floor Suite 314

Las Vegas, Nevada 89169

Email: [ ]<br> Tel: [ ]

If to the Company:

Lorenzo Developments Inc.

3459 Sheppard

Avenue East, Unit 218

Toronto, Ontario, M1T3K4, Canada

Attn: Tianshu Wang

Email: [ ]

Tel: [ ]

with a copy (which shall not constitute notice) to:

Hunter Taubman Fischer & Li LLC

950 Third Avenue, 19th Floor

New York, NY 10022<br> Attn: Ying Li, Esq.

Email: [ ]

Tel: [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Entire Agreement</u>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Binding Effect</u>. This Agreement shall inure solely to the benefit of the parties hereto and the indemnified parties referred to in Section 5 and their respective successors, heirs and assigns, and shall be binding upon each of them, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Governing Law; Consent to Jurisdiction; Trial by Jury</u>. This Agreement shall be governed by and construed and enforced in accordance with the law of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the Supreme Court of the State of New York sitting in the County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Execution in Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Waiver, etc</u>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

**[Signature Page Follows]**

If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **LORENZO DEVELOPMENTS INC.** | **LORENZO DEVELOPMENTS INC.** |
| By: |  |
| Name: | Tianshu Wang |
| Title: | Chief Executive Officer |

---

Confirmed as of the date first written above, on behalf of itself and as Representative of the several Underwriters named on <u>Schedule 1</u> hereto:

---

| | |
|:---|:---|
| **AMERICAN TRUST INVESTMENT SERVICES, INC.** | **AMERICAN TRUST INVESTMENT SERVICES, INC.** |
| By: |  |
| Name: | Kristopher Kessler |
| Title: | Managing Director, Investment Banking |

---

*[Signature Page]*

**LORENZO DEVELOPMENTS INC. UNDERWRITING AGREEMENT**

**<u>SCHEDULE 1</u>**

---

| | | |
|:---|:---|:---|
| **Underwriter** | **Total<br> Number of**<br> **Firm Shares**<br> **to be Purchased** | **Number of Option Shares to be Purchased if the Over-Allotment Option is Fully Exercised** |
| American Trust Investment Services, Inc. | [\*] |  |
| **TOTAL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*] |  |

---

**<u>SCHEDULE 3-A</u>**

**Pricing Information**

Number of Firm Shares: [\*]

Number of Option Shares: [\*]

Public Offering Price per Firm Share: $[\*]

Public Offering Price per Option Share: $[\*]

Underwriting Discount per Firm Share: $[\*]

Underwriting Discount per Option Share: $[\*]

Proceeds to Company per Firm Share (before expenses): $[\*]

Proceeds to Company per Option Share (before expenses): $[\*]

**<u>SCHEDULE 3-B</u>**

**Issuer General Use Free Writing Prospectuses**

**<u>SCHEDULE 4</u>**

**List of Lock-Up Parties**

---

| | |
|:---|:---|
| **Name** | **Lock-Up Period in Months** |

---

**<u>EXHIBIT A</u>**

**Form of Lock-Up Agreement- Common Shares**

**<u>EXHIBIT B</u>**

**Form of Press Release**

**LORENZO DEVELOPMENTS INC. [●], 202[●]** 

Lorenzo Developments Inc. (the "**Company**") announced today that American Trust Investment Services, Inc., acting as representative for the underwriters in the Company's recent public offering of **[●]** of the Company's Common Shares, is [waiving] [releasing] a lock-up restriction with respect to **[●]** Common Shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on **[●]**, 20**[●]**, and the securities may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

**<u>EXHIBIT C</u>**

**FORM OF INDEMNITY ESCROW AGREEMENT**

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

Request ID: 018876660 Province of Ontario Date Report Produced: 2016/04/22 Demande n ° : Province de l'Ontario Document produit le: Transaction ID: 060908491 Ministry of Government Services Time Report Produced: 11:51:44 Transaction n ° : Ministère des Services gouvernementaux Imprimé à: Category ID: CT Catégorie: Certificate of Incorporation Certificat de constitution This is to certify that Ceci certifie que L O R E N Z O C O N S U L T I N G I N C . Ontario Corporation No. Numéro matricule de la personne morale en Ontario 0 0 2 5 1 5 0 4 1 is a corporation incorporated, est une société constituée aux termes under the laws of the Province of Ontario. des lois de la province de l'Ontario. These articles of incorporation Les présents statuts constitutifs are effective on entrent en vigueur le A P R I L 2 2 A V R I L , 2 0 1 6 Director/Directeur Business Corporations Act/Loi sur les sociétés par actions

![](ex3-1_002.jpg)

Page: 1 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 FORM 1 FORMULE NUMÉRO 1 BUSINESS CORPORATIONS ACT / LOI SUR LES SOCIÉTÉS PAR ACTIONS ARTICLES OF INCORPORATION STATUTS CONSTITUTIFS 1. The name of the corporation is: Dénomination sociale de la compagnie: LORENZO CONSULTING INC. 2. The address of the registered office is: Adresse du siège social: 43 DUNVEGAN DRIVE (Street & Number, or R.R. Number & if Multi - Office Building give Room No.) (Rue et numéro, ou numéro de la R.R. et, s'il s'agit édifice à bureau, numéro du bureau) RICHMOND HILL ONTARIO CANADA L4C 9P8 (Name of Municipality or Post Office) (Postal Code/ Code postal) (Nom de la municipalité ou du bureau de poste) 3. Number (or minimum and maximum Nombre (ou nombres minimal et maximal) number) of directors is: d'administrateurs: Minimum 1 Maximum 10 4. The first director(s) is/are: Premier(s) administrateur(s): First name, initials and surname Resident Canadian State Yes or No Prénom, initiales et nom de famille Résident Canadien Oui/Non Address for service, giving Street & No. Domicile élu, y compris la rue et le or R.R. No., Municipality and Postal Code numéro, le numéro de la R.R., ou le nom de la municipalité et le code postal \* TIANSHU YES WANG 43 DUNVEGAN DRIVE RICHMOND HILL ONTARIO CANADA L4C 9P8

![](ex3-1_003.jpg)

Page: 2 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 5. Restrictions, if any, on business the corporation may carry on or on powers the corporation may exercise. Limites, s'il y a lieu, imposées aux activités commerciales ou aux pouvoirs de la compagnie. None. 6. The classes and any maximum number of shares that the corporation is authorized to issue: Catégories et nombre maximal, s'il y a lieu, d'actions que la compagnie est autorisée à émettre: The Corporation is authorized to issue: an unlimited number of shares of one class designated as Common Shares; and an unlimited number of shares of one class designated as Preferred Shares.

![](ex3-1_004.jpg)

Page: 3 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 7. Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors authority with respect to any class of shares which may be issued in series: Droits, privilèges, restrictions et conditions, s'il y a lieu, rattachés à chaque catégorie d'actions et pouvoirs des administrateurs relatifs à chaque catégorie d'actions que peut être émise en série: The rights, privileges, restrictions and conditions attaching to the Common Shares and the Preferred Shares are as follows: 1. COMMON SHARES A. DIVIDENDS The holders of the Common Shares shall be entitled to receive dividends, if as and when declared by the board of directors of the Corporation out of the assets of the Corporation properly applicable to the payment of dividends in such amount and payable at such times and at such place or places in Canada as the board of directors may from time to time determine, in its sole discretion. The board of directors may in its sole discretion declare dividends on the Common Shares to the exclusion of any other class of shares. B. VOTING RIGHTS The holders of the Common Shares shall be entitled to receive notice of and to attend any meeting of the Shareholders of the Corporation and shall be entitled to one vote in respect to each Common Share held at such meetings, except meetings at which the holders of a particular class of shares other than the Common Shares are entitled to vote separately as a class. C. LIQUIDATION, DISSOLUTION OR WINDING - UP In the event of the liquidation, dissolution or winding - up of the Corporation or other distribution of property of the Corporation among Shareholders for the purposes of winding - up its affairs, the holders of the Common Shares shall, subject to the rights of the holders of the Preferred Shares, be entitled to receive the assets and property of the Corporation and participate in any distribution of the assets of or property of the Corporation. 2. PREFERRED SHARES A. DIVIDENDS The holders of the Preferred Shares shall be entitled to receive dividends, if as and when declared by the board of directors of the Corporation out of the assets of the Corporation properly applicable to the payment of dividends in such amount and payable at such times and at such place or places in Canada as the board of directors may from time to time determine, in its sole discretion. The board of directors may in its sole discretion declare dividends on the Preferred Shares to the exclusion of any other class of shares.

![](ex3-1_005.jpg)

Page: 4 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 7. Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors authority with respect to any class of shares which may be issued in series: Droits, privilèges, restrictions et conditions, s'il y a lieu, rattachés à chaque catégorie d'actions et pouvoirs des administrateurs relatifs à chaque catégorie d'actions que peut être émise en série: B. RIGHTS ON LIQUIDATION In the event of the liquidation, dissolution or winding - up of the Corporation or other distribution of assets or property of the Corporation among shareholders for the purpose of winding up its affairs, the holders of the Preferred Shares shall be entitled to receive from the assets and property of the Corporation a sum equivalent to the Redemption Price as hereunder defined of the Preferred Shares held by them respectively together with all declared and unpaid cash dividends thereon before any amount shall be paid or any property or assets of the Corporation distributed to the holders of any Common Shares. After payment to the holders of the Preferred Shares of the amount so payable to them as above provided they shall not be entitled to share in any further distribution of the assets or property of the Corporation. C. REDEMPTION The Corporation may, upon giving notice as hereinafter provided, redeem at any time the whole or from time to time any part of the outstanding Preferred Shares on payment for each share to be redeemed of the amount paid up thereon together with all declared and unpaid non - cumulative cash dividends thereon (the "Redemption Price"). In the case of redemption of Preferred Shares under the provisions of the paragraph above, the Corporation shall at least ten (10) days before the date specified for redemption mail to each person who at the date of mailing is a registered holder of Preferred Shares to be redeemed a notice in writing of the intention of the Corporation to redeem such Preferred Shares, provided, however, that such notice may be waived by any holder of such Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at the shareholder's address as it appears on the records of the Corporation or in the event of the address of any such shareholder not so appearing then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such notice shall set out the Redemption Price and the date on which redemption is to take place and if part only of the shares held by the person whom it is addressed is to be redeemed the number thereof so to be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Preferred Shares to be redeemed the Redemption Price thereof on presentation and surrender at the head office of the Corporation or any other place designated in such notice of the certificates representing the Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the

![](ex3-1_006.jpg)

Page: 5 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 7. Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors authority with respect to any class of shares which may be issued in series: Droits, privilèges, restrictions et conditions, s'il y a lieu, rattachés à chaque catégorie d'actions et pouvoirs des administrateurs relatifs à chaque catégorie d'actions que peut être émise en série: balance shall be issued at the expense of the Corporation. From and after the date specified for redemption in any such notice the Preferred Shares called for redemption shall cease to be entitled to dividends and the holders thereof shall not be entitled to exercise any of the rights of shareholders in respect thereof unless payment of the Redemption Price shall not be made upon presentation of the certificate(s) in accordance with the foregoing provisions, in which case the rights of the shareholders shall remain unaffected. The Corporation shall have the right at any time after the mailing of notice of its intention to redeem any Preferred Shares to deposit the Redemption Price of the shares so called for redemption or of such of the said shares represented by certificates as have not at the date of such deposit been surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same, and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the rights of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving without interest their proportionate part of the total Redemption Price so deposited against presentation and surrender of said certificates held by them respectively. D. VOTING RIGHTS The holders of the Preferred Shares shall not be entitled, except as provided under the Business Corporations Act (Ontario), to receive notice of and to attend any meeting of the shareholders of the Corporation and shall not be entitled to vote at any such meeting.

![](ex3-1_007.jpg)

Page: 6 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 8. The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows: L'émission, le transfert ou la propriété d'actions est/n'est pas restreinte. Les restrictions, s'il y a lieu, sont les suivantes: The right to transfer shares of the Corporation shall be restricted in that no shareholder shall be entitled to transfer any share or shares of the Corporation without either: (a) the approval of the directors of the Corporation expressed either by a resolution passed at a duly constituted meeting of the board of directors, by a majority of the directors of the Corporation present and entitled to vote or by an instrument or instruments in writing signed by a majority of the directors; or (b) the approval of the shareholders of the Corporation expressed either by a resolution passed at a duly constituted meeting of the shareholders, by a majority of the votes cast thereat or by an instrument or instruments in writing signed by the holders of outstanding shares in the capital of the Corporation having a majority of the voting rights attached to all of the outstanding shares in the capital of the Corporation.

![](ex3-1_008.jpg)

Page: 7 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 9. Other provisions, (if any, are): Autres dispositions, s'il y a lieu: (a) The board of directors may from time to time, without authorization of the shareholders: (i) borrow money upon the credit of the Corporation; (ii) issue, reissue, sell or pledge debt obligations of the Corporation; (iii) subject to the Act, give a guarantee on behalf of the Corporation to secure performance of an obligation of any person; and (iv) mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the Corporation, owned or subsequently acquired, to secure any obligation of the Corporation. Nothing in this subparagraph (a) limits or restricts the borrowing of money by the Corporation on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the Corporation. The board of directors may from time to time by resolution delegate to such one or more of the directors and officers of the Corporation as may be designated by the board any or all of the powers conferred on the board of directors above to such extent and in such manner as the board shall determine at the time of such delegation. (b) For greater certainty, but without in any way limiting the powers conferred on the board of directors hereunder, for the purpose of clause (iv) of subparagraph (a) above, "property" shall include and be deemed to include, without limitation, both moveable and immoveable property.

![](ex3-1_009.jpg)

Page: 8 Ontario Corporation Number Request ID / Demande n ° Numéro de la compagnie en Ontario 18876660 2515041 10. The names and addresses of the incorporators are Nom et adresse des fondateurs First name, initials and last name Prénom, initiale et nom de or corporate name famille ou dénomination sociale Full address for service or address of registered office or of principal place of business giving street & No. or R.R. No., municipality and postal code Domicile élu, adresse du siège social au adresse de l'établissement principal, y compris la rue et le numéro, le numéro de la R.R., le nom de la municipalité et le code postal \* Tianshu Wang 43 Dunvegan Drive Richmond Hill ONTARIO CANADA L4C 9P8

![](ex3-1_010.jpg)

Name of Corporation Ontario Corporation Number LORENZO CONSULTING INC. 2515041 Request ID 18876660 ADDITIONAL INFORMATION FOR ELECTRONIC INCORPORATION CONTACT PERSON First Name Last Name Rochelle Perera Name of Law Firm Owens, Wright LLP ADDRESS Street # Street Name Suite # 20 Holly Street, Suite 300 Additional Information City Toronto Province Country Postal Code ONTARIO CANADA M4S 3B1 TELEPHONE #: 416 - 486 - 9800 NUANS SEARCH DETAILS Corporate Name Searched on NUANS (1) NUANS Reservation Reference # LORENZO CONSULTING INC. 118499855 Date of NUANS Report 2016/04/22

![](ex3-1_011.jpg)

Name of Corporation Ontario Corporation Number LORENZO CONSULTING INC. 2515041 Request ID 18876660 ELECTRONIC INCORPORATION TERMS AND CONDITIONS The following are the terms and conditions for the electronic filing of Articles of Incorporation under the Ontario Business Corporations Act (OBCA) with the Ministry of Government Services. Agreement to these terms and conditions by at least one of the incorporators listed in article 10 of the Articles of Incorporation is a mandatory requirement for electronic incorporation. 1) The applicant is required to obtain an Ontario biased or weighted NUANS search report for the proposed name. The applicant must provide the NUANS name searched, the NUANS reservation number and the date of the NUANS report. The NUANS report must be kept in electronic or paper format at the corporation's registered office address. 2) All first directors named in the articles must sign a consent in the prescribed form. The original consent must be kept at the corporation's registered office address. 3) A Corporation acquiring a name identical to that of another corporation must indicate that due diligence has been exercised in verifying that the Corporation meets the requirements of Subsection 6(1) of Regulation 62 made under the OBCA. Otherwise, the Corporation is required to obtain a legal opinion on legal letterhead signed by a lawyer qualified to practise in Ontario that clearly indicates that the corporations involved comply with Subsection 6(2) of that Regulation by referring to each clause specifically. The original of this legal opinion must be kept at the Corporation's registered office address. The applicant must complete the electronic version of this legal opinion provided by one of the Service Providers under contract with the Ministry. 4) The date of the Certificate of Incorporation will be the date the articles are updated to the ONBIS electronic public record database. Articles submitted electronically outside MGS, ONBIS access hours, will receive an endorsement date effective the next business day when the system resumes operation, if the submitted Articles of Incorporation meet all requirements for electronic incorporation. Articles of Incorporation submitted during system difficulties will receive an endorsement date effective the date the articles are updated to the ONBIS system. 5) The electronic Articles of Incorporation must be in the format approved by the Ministry and submitted through one of the Service Providers under contract with the Ministry. 6) Upon receipt of the Certificate of Incorporation issued by the ONBIS system, a duplicate copy of the Articles of Incorporation with the Ontario Corporation Number and the Certificate of Incorporation must be kept in paper or electronic format. The Ministry will print and microfilm copies of the Certificate of Incorporation, the Articles of Incorporation and any other documentation submitted electronically. These will be considered the true original filed copies. 7) The sole responsibility for correctness and completeness of the Articles of Incorporation, and for compliance with the OBCA and all regulations made under it, lies with the incorporator(s) and/or their legal advisor(s), if any. The incorporator(s) have read the above Terms and Conditions and they understand and agree to them. I am an incorporator or I am duly authorized to represent and bind the incorporator(s). First Name Last Name Rochelle Perera

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

Certificate Number Class Par Value Date of Issue Number of Shares A British Columbia Business Corporations Act Company THIS CERTIFIES THAT TRANSFER OF THESE SHARES IS RESTRICTED (the "Company") is the registered holder of the number and class of shares noted above, such shares being fully paid up and non - assessable in the capital of the Company, and subject to the Notice of Articles and Articles of the Company, transferable on the books of the Company by the registered holder in person, or by Attorney duly authorized in writing, upon surrender of this Certificate properly endorsed. IN WITNESS WHEREOF, the Company has caused this Certificate to be signed by its duly authorized signatory. Signature of Authorized Signatory Name and Title (e.g. Director) LORENZO DEVELOPMENTS INC.

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

DR. RAN HE

Tel: +1.647.792.7798

Fax: +1.647.560.6547

Email: rhe@thclawyers.ca

100 Wellington St, Suite 2130 PO BOX 321

Toronto, ON M5K1K7, Canada

Lorenzo Developments Inc

3459 Sheppard

Avenue East, Unit 218, Toronto, Ontario, M1T3K4

Canada

September 22, 2025

To whom it may concern:

---

| | |
|:---|:---|
| **Re:** | **Lorenzo Developments Inc.** |

---

We are acting as Canadian counsel to Lorenzo Developments Inc. (the "**Company**"), a company incorporated under the laws of Canada, with respect to the laws of Cananda and are rendering this opinion in connection with the filing of a registration statement on Form F-1 (including all exhibits thereto and as amended from time to time, the "**Registration Statement**") filed by the Company under the *Securities Act of 1933*, as amended (the "**Securities Act**"), relating to the validity of the initial public offering of common shares of the Company being registered as specified in the Registration Statement (the "**Common Shares**"). This opinion letter is being delivered in connection with the Registration Statement, to which it appears as an exhibit.

---

| | |
|:---|:---|
| ![](ex5-1_002.jpg) | September 22, 2025 |

---

For the purposes of rendering this opinion, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the Certificate of Incorporation of the Company dated April 22, 2016;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the Articles of Amendment of the Company effective as of November 13, 2019;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Business Registration Certificate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Shareholders' Register of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(v) a form of the Underwriting Agreement by and between the Company and the representative of the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) copy of the minutes of the meetings of the Board of Directors of the Company held on April 22, 2016, November
13, 2019, July 1, 2021, September 14, 2022, October 15, 2022, February 1, 2023, July 1, 2023, September 1, 2024, November 1, 2024, January
1, 2025, February 28, 2025, March 4, 2025, March 24, 2025, and April 15, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;(vii) a copy of the Registration Statement and all exhibits thereto.

For purposes of this opinion, we have assumed the genuineness of all signatures, the legal capacity at all relevant times of any individual signing such documents, the authenticity and completeness of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as certified or photostatic copies or facsimiles (including scanned copies provided by email), and the authenticity of the originals of such certified or photostatic copies or facsimiles and the truth and accuracy of all corporate records of the Company and certificates of officers provided to us by the Company.

Whenever our opinion refers to issued shares of the Company, as being "**fully paid and non-assessable**", such opinion indicates that the holder of such shares will not be liable to contribute any further amounts to the Company by virtue of its status as a holder of such shares, either in order to complete payment for the shares or to generally satisfy claims of creditors of the Company.

Our opinion is given to you as of the effective date of the Registration Statement as determined by the SEC and we disclaim any obligation to advise you of any change after such date in or affecting any matter set forth herein.

The opinion hereinafter expressed is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein and is based upon legislation in effect on the date hereof.

THC LAWYERS

TORONTO ● VANCOUVER ● NEW YORK ● SILLICON VALLEY

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| | |
|:---|:---|
| ![](ex5-1_002.jpg) | September 22, 2025 |

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Based and relying upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:

(i) the Common Shares are validly issued, fully paid and non-assessable as specified below;

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| | | |
|:---|:---|:---|
| **Shareholders** | **Date of Issuance** | **Number of Common <br> Shares** |
| Sky Pivot Corp. | April 15, 2025 | 9900000.00 |
| YUYUKPING LIMITED | April 15, 2025 | 3636000.00 |
| DUO DUO KAI Holding Limited | April 15, 2025 | 891000.00 |
| WLWY Holdings Limited | April 15, 2025 | 891000.00 |
| FTCNOOB Holdings Limited | April 15, 2025 | 891000.00 |
| LJ Progressive Holdings Limited | April 15, 2025 | 891000.00 |
| Qian Mu Limited | April 15, 2025 | 540000.00 |
| Little woods Capital Limited | April 15, 2025 | 360000.00 |

---

(ii) the Company is duly incorporated and existing, and in good standing;

(iii) the Company duly authorized 500,000,000 common shares with a par value at CAD0.0001;

(iv) the statements under the sections Enforceability of Civil Liabilities, Regulations, Description
of Share Capital, and Taxation in the Registration Statement, to the extent that they constitute statements of Canadian law or Ontario
law, are accurate in all material respects and that such statements constitute our opinion.

This opinion is rendered to you in connection with the filing of the Registration Statement with the SEC and may not be relied upon by you for any other purpose without our prior written consent. Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Registration Statement or the Common Shares.

THC LAWYERS

TORONTO ● VANCOUVER ● NEW YORK ● SILLICON VALLEY

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| | |
|:---|:---|
| ![](ex5-1_002.jpg) | September 22, 2025 |

---

We hereby consent to the reference to our firm's name under the caption "Legal Matters" in the Prospectus included in the Registration Statement and the filing of this opinion as Exhibit 5.1 to the Registration Statement. Despite such consent, we do not thereby admit that we are in the category of persons where consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC.

---

| |
|:---|
| Yours truly, |
| /s/ Ran He |
| Dr. Ran He |
| THC Lawyers |

---

THC LAWYERS

TORONTO ● VANCOUVER ● NEW YORK ● SILLICON VALLEY

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (the "Agreement") is made and entered into as of April 1, 2024, by and between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lorenzo Developments Inc. (the "Company"), a corporation incorporated under the laws of Ontario, Canada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Tianshu Wang(the "Employee").

The Company agrees to employ the Employee, and the Employee agrees to accept employment with the Company, subject to the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Employment & Term**

The Company hereby employs the Employee as CEO,Chairman, Director, and Head of Development. The term of employment shall commence on April 1, 2024, and shall continue until January 31, 2025, unless terminated earlier in accordance with the provisions of this Agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Compensation**

The Employee shall receive a gross monthly salary of CAD 2,500, payable in accordance with the Company's regular payroll schedule. All payments shall be subject to applicable statutory deductions, including but not limited to income tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums. The Employee shall also be entitled to any statutory benefits and entitlements as required by the Ontario Employment Standards Act, and any additional benefits the Company may, in its sole discretion, offer to employees from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Scope of Work & Responsibilities**

As Chairman, Director, and Head of Development, the Employee shall be responsible for leading the Company's real estate development strategy, planning, and execution. The Employee's responsibilities shall include, but are not limited to:

Development Strategy & Feasibility

● Formulate and oversee real estate development strategies, identifying market opportunities, viable sites, and financial feasibility.

● Conduct market analysis, financial modeling, and risk assessments, ensuring compliance with zoning laws and regulatory approvals.

Project Execution & Oversight

● Lead projects from planning to completion, coordinating with internal teams, consultants, and regulatory bodies to meet timelines and resolve challenges.

● Oversee budgeting, cost control, and financial performance, maximizing returns while ensuring quality standards.

Compliance & Innovation

● Ensure all development activities adhere to municipal regulations, environmental laws, and building codes, securing necessary permits and approvals.

● Research and implement innovative methodologies and sustainability practices, keeping the Company competitive in the evolving market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Other Related Duties** 

● Participate in major company decisions, including long-term strategic planning, key project approvals, and major financial decisions.

● Provide insights and recommendations on business direction, market positioning, and expansion opportunities to align with the Company's overall vision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Employment Relationship** 

● The Employee shall be considered a full-time employee of the Company and shall be entitled to all statutory benefits, including but not limited to vacation pay, statutory deductions, and applicable employment benefits.

● The Employee shall report directly to the Company's Board of Directors or as otherwise directed.

● This Agreement does not create a partnership, joint venture, or independent contractor relationship between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Confidentiality & Non-Disclosure** 

The Employee shall maintain the strict confidentiality of all financial data, business strategies, proprietary information, trade secrets, and any other confidential or sensitive information relating to the Company. The Employee shall not disclose such information to any third party, either during or after the term of employment, without the prior written consent of the Company, except as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Termination**

Either party may terminate this Agreement by providing 30 days' written notice to the other party. The Company reserves the right to terminate the Employee's employment immediately for just cause, in accordance with applicable employment laws in Ontario. Upon termination, the Employee shall promptly return all Company property, including documents, records, equipment, and any confidential information in the Employee's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Governing Law**

This Agreement shall be governed by, and interpreted in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Entire Agreement**

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, discussions, and understandings, whether written or oral. Any amendment or modification to this Agreement must be in writing and signed by both parties.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date:

---

| | |
|:---|:---|
| Lorenzo Developments Inc. | Lorenzo Developments Inc. |
| By: | /s/ Tianshu Wang |
| Tianshu Wang | Tianshu Wang |
| Title: | CEO&Chairman |
| Date: |  |
| Employee: | Employee: |
| By: | /s/ Tianshu Wang |
| Tianshu Wang | Tianshu Wang |
| Title: | CEO&Chairman |
| Date: | April 1, 2024 |

---

## Exhibit 10.2

**Exhibit 10.2**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of [DATE] by and between LORENZO DEVELOPMENTS INC., a Canadian company (the "<u>Company</u>"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

***Expenses*** shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

***Indemnifiable Event*** means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

***Proceeding*** means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification of Expenses of Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Notice and Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable actions to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification Payment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Advancement of Expenses*. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reimbursement of Expenses*. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party (as hereinafter defined) in compliance with Section C.2(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Determination by the Reviewing Party*. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party. The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; *provided, however*, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Suit to Enforce Rights</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2(a) or Section C.2.(b) above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reviewing Party.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided*, *however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Coverage of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Obligation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the prohibition by the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC an obligation to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of this Agreement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subrogation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each has had the opportunity to have their respective counsel review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

3459 Sheppard

Avenue East, Unit 218, Toronto, Ontario

M1T3K4, Canada

Attention: Chief Executive Officer

and to Indemnitee at his/her address last known to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

(Signature page follows)

5/6

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

---

| |
|:---|
| **LORENZO DEVELOPMENTS INC.** |
| By: |
| Name: |
| Title: |
| **Indemnitee** |
| Signature: |
| Name: |

---

[Signature Page to Indemnification Agreement]

6/6

## Exhibit 10.3

**Exhibit 10.3**

**LORENZO DEVELOPMENTS INC.**

3459 Sheppard

Avenue East, Unit 218, Toronto, Ontario, M1T3K4, Canada]

[Date]

**[Name] <br> [Address]**

---

| | |
|:---|:---|
| **Re:** | <u>**Director Offer Letter**</u> |

---

Dear:

Lorenzo Developments Inc., a company incorporated under the laws of the Province of Ontario, Canada (the "Company") is pleased to offer you a position as a member of the Company's Board of Directors (the "Board"). We are very impressed with your credentials, and we look forward to your future success in this role.

Lorenzo Developments Inc., 一家根据加拿大安大略省法律设立的公司（"公司"）很荣幸为您提供公司董事会（以下简称"董事会"）成员的职位。您的资历给我们留下了非常深刻的印象，我们期待着您在这个职位上取得成功。

This letter shall constitute an agreement ("Agreement") between you and the Company and contains all the terms and conditions relating to the services you are to provide.

本函应构成您与本公司之间的协议（"协议"），并包含与您将提供的服务相关的所有条款和条件。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>**Term**</u>**.** This Agreement shall have an initial term of 2 years, beginning on the effective date of the registration statement in connection with the Company's initial public offering of its ordinary shares. Your term as director shall continue subject to the provisions in Section 7 below or until your successor is duly elected and qualified. The position shall be up for re-election every 2 years at the Company's annual general meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 期限。 本协议的初始期限为2年，自首次公开发行相关的登记声明生效之日起生效。根据下文第 7 节的规定，您的董事任期应继续有效，或直到您的继任者被正式选出并具备资格为止。该职位应在每2年的公司年度股东大会上进行重新选举，并且在再次当选后，本协议的条款和规定应保持完全有效。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>**Services**</u>**.** You shall render services as a member of the Board in accordance with high professional and ethical standards and in accordance with all applicable laws and rules and regulations pertaining to your performance hereunder. You shall be required to attend all meetings of the Board called from time to time either in-person or by telephone. Should you be elected to serve on a committee of the Board, you shall be required to attend such number of meetings of such committee as required by its members pursuant to the charter of such committee or as may be called from time to time. The services described in this Section 2 shall hereinafter be referred to as your "Duties."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 服务。 作为董事会成员，您应按照高级专业和道德标准以及与您在本协议项下履行职责相关的所有适用法律法规提供服务。您必须亲自或通过电话参加董事会的所有会议。您将当选为董事会某一委员会的成员，你须出席该委员会根据该委员会章程所规定的次数或不时召开的会议。本第 2 条所述的服务在下文中称为"职责"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>**Services for Others**</u>**.** You shall be free to represent or perform services for other persons during the term of this Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar duties, consulting with, or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 为他人提供的服务。 在本协议有效期内，您有权代表或为其他人提供服务。但是， 您同意，在本协议有效期内，您目前没有也不打算为现有或潜在业务、以任何方式与公司有竞争关系的公司履行或提供类似的职责、咨询或其他服务（但您事先向公司书面披露的除外）。如果您提议为任何此类公司履行类似的职责、咨询或其他服务，您同意提前以书面形式通知本公司（指明您拟为其提供此类服务的组织的名称），并向本公司提供足够的信息，以使本公司能够评估该等服务的履行是否会与本公司的利益相冲突。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Compensation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. 报酬/津贴**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. <u>Cash</u>.** Commencing on the Appointment Date, and upon each anniversary thereof that you remain a director, you shall receive cash compensation/allowance of CAD[] or an equivalent amount in USD for each calendar year of service under this Agreement on a pro-rated basis. Cash compensation/allowance are disbursed on a monthly basis. In cases where payment is made in USD, the exchange rate is determined according to the Bank of Canada's conversion rate from CAD to USD as of the last day of the preceding month. Notwithstanding the foregoing to the contrary, all fees are subject to approval and/or change, as deemed appropriate by the Compensation Committee of the Board. You shall be reimbursed for reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in- person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. 现金。从任命日期开始，以及您担任董事的每一周年，您应按比例在本协议项下服务的每一自然年获得[]加元的现金报酬/津贴或等额的美元，现金报酬/津贴按月发放，如果发放美元，汇率按照加元对美元上月最后一日加拿大银行折算价汇率值来折算。尽管有上述相反的规定，所有费用均须经董事会薪酬委员会批准和/或作出适当的变更。您因履行职责而发生的合理费用（包括现场出席会议的差旅费）应得到报销。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>**Service on Board Committee(s)**</u>**.** Should you be named to a committee of the Board, the Compensation Committee of the Board will determine any additional compensation, if any, for serving on such committee. However, the Company currently does not plan to provide any additional compensation to members of Committees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. 在董事会委员会任职。如果你被任命为董事会委员会的成员，董事会薪酬委员会将决定在该委员会任职的任何额外报酬（如有）。但是，本公司目前不打算向董事会各委员会的成员提供任何额外的薪酬。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 不得转让。 由于您所提供服务的特殊属性，未经本公司事先书面同意，您不得转让本协议。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>**Confidential Information; Non-Disclosure**</u>**.** In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. 保密信息；保密。考虑到您进入本公司的经营场所和/或您接触到本公司的某些保密信息，就您与本公司的业务关系而言，您特此声明并同意如下：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1. <u>Definition</u>.** For purposes of this Agreement, the term "Confidential Information" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.1. 定义。 在本协议中，"保密信息"一词是指：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any information that the Company possesses that has been created, discovered, or developed by or for the Company, and that has or could have commercial value or utility in the business in which the Company is engaged; or

a、 公司拥有的、由公司创建、发现或开发的、在公司从事的业务中具有或可能具有商业价值或效用的任何信息；或

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any information that is related to the business of the Company and is generally not known by non-Company personnel.

b、 与公司业务有关的、非公司人员一般不知道的任何信息。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. By way of illustration, but not limitation, Confidential Information includes trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics, and agreements.

c、作为说明，但不限于，机密信息包括商业秘密和与产品、工艺、配方、设计、发明（无论是否根据版权法或类似法律可申请专利或注册，也不论是否被简化为实践）、发现、概念、想法、改进、技术，方法、研究、开发和测试结果、规范、数据、专有技术、软件、格式、营销计划和分析、商业计划和分析、战略、预测、客户和供应商身份、特征和协议。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>**Exclusions**</u>**.** Notwithstanding the foregoing, the term Confidential Information shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. 例外条款。 尽管有上述规定，保密信息一词不应包括：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any information that becomes generally available to the public, other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

a、除因违反本协议的保密条款或本公司与您之间要求保密的任何其他协议外，公众可获得的任何信息；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

b 从合法拥有该等信息的第三方收到的信息，该第三方不受披露该等信息 的限制；以及

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

c、 您在收到本公司提供的此类信息之前知道的信息，这些信息可以记录在 案。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>**Documents**</u>**.** You agree that, without the express prior written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. In the event you receive any such documents or items by personal delivery from any duly designated or authorized personnel of the Company, you shall be deemed to have received the express written consent of the Company. In the event that you receive any such documents or items, other than through personal delivery as described in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or resignation, as provided in Section 7 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. 文件。您同意，未经本公司事先明确书面同意，您不得将任何注释、公式、程序、数据、记录、机器或以任何方式，将包含或构成机密信息的任何其他文件或项目从公司的经营场所移走，你们也禁止对此类文件进行复制。如果您从本公司任何正式指定或授权的人员处收到 任何此类文件或项目，您应被视为已收到本公司的明确书面同意。如果您收到任何此类文件或项目，而 不 是通过前句所述的亲自递送，您同意立即通知公司您拥有这些文件或项目。您应立即归还任何此类文件或项目，根据本协议第 7 条的规定，在本协议终止时，或在您终止或辞职时，随本公司要求向本公司提供任何复制品或副本。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>**No Disclosure**</u>**.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this Section 6.4 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. 不披露。 您同意，您将对所有机密信息进行托管和保密，未经本公司事先书面同意，您不会直接或间接向他人披露任何机密信息或与此类信息相关的任何内容，除非在你与 公司的业务关系中有必要。您进一步同意，未经本公司事先书面同意，您不会使用任何保密信息， 除非在您与本公司的业务关系过程中有必要，本第 6.4 条的规定在本协议终止后仍然有效。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>**Termination and Resignation**</u>**.** Your membership on the Company's Board may be terminated for any or no reason or you may also terminate your membership on the Board for any or no reason except as provided in the Company's Memorandum and Articles of Association, as amended from time to time. Upon the effective date of the termination or resignation, your right to compensation hereunder will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 终止和辞职。 您在公司董事会的成员资格可能会因任何原因或无原因而终止，或者您也可以出于任何原因或无原因终止您在董事会的成员资格，除非公司的组织大纲和公司章程细则（经不时修订）另有规定。在终止或辞职生效之日起，您在本协议项下获得补偿的权利将终止。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>**Independent Contractor**</u>**.** You understand, acknowledge and agree that your relationship with the Company is that of an independent contractor and nothing in this Agreement is intended to or should be construed to create a relationship other than that of independent contractor. Nothing in this Agreement shall be construed as a contract of employment/engagement between you and the Company or as a commitment on the part of the Company to retain you in any capacity, for any period of time or under any specific terms or conditions, or to continue your service to the Company beyond any period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. 独立签约人。 您理解、承认并同意，您与本公司的关系是独立签约人的关系， 本协议中的任何内容均无意或不应被解释为与独立签约人的关系以外的关系。本协议中的任何内容 均不得解释为您与本公司之间的雇佣/聘用合同，也不得解释为本公司承诺以任何身份在任何时间 段内或在任何特定条款或条件下保留您，或在任何期限后继续为本公司服务。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>**Governing Law; Consent to Jurisdiction**</u>**.** Any dispute, controversy, difference or claim arising out of or relating to this contract, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by the courts of the Province of Ontario, and you hereby irrevocably attorns to the jurisdiction of the courts of such province.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 管辖法律；同意管辖权。 由本合同引起或与本合同有关的任何争议、争议、分歧或索赔，包括存在、有效性、解释、履行，违反或终止其或与之有关的非合同义务的任何争议，应提交至安大略省的各法院进行解决，并且你特此不可撤销地服从该省各法院的司法管辖权。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>**Entire Agreement; Amendment; Waiver; Counterparts**</u>**.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 完整协议；修订；弃权；副本。 本协议表达了对本协议标的的完整理解，并取代和终止先前与本协议标的有关的任何口头或书面协议。只有经双方书面同意，才能修改本协议的任何条款，并放弃遵守本协议的任何条款。任何一方放弃本协议的任何条款或条件，不得解释为对任何后续违反或未能遵守同一条款或条件或放弃本协议任何其他条款或条件的弃权。任何一方在任何时候未能要求任何其他方履行本协议的任何条款，不得影响任何该方要求未来履行该条款或本协议任何其他条款的权利。本协议可单独签署，每份副本均为原件，所有副本共同构成同一协议，并可使用签名传真件签署，签名的传真件应视为与该签名原件相同且具有同等效力。

This Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

本协议已由下述签字人签署并交付，并于上述日期生效。

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| | | |
|:---|:---|:---|
| Sincerely, | Sincerely, | Sincerely, |
| Lorenzo Developments Inc. | Lorenzo Developments Inc. | Lorenzo Developments Inc. |
| By: |  |  |
|  | Name: |  |
|  | Title: | Chairman of the board |

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| |
|:---|
| Agreed to and accepted: |
| [Director Name] |

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## Exhibit 10.4

**Exhibit 10.4**

**DEVELOPMENT MANAGEMENT AGREEMENT**

**THIS AGREEMENT** made as of the<u> </u> day of .

**A M O N G**

**[ ]**, a corporation incorporated under the laws of the Province of Ontario

(the "**Owner**")

- and -

**LORENZO DEVELOPMENTS INC.**, a corporation incorporated under the laws of the Province of Ontario

(the "**Development Manager**")

**WHEREAS** the Owner is the legal owner of certain lands (hereinafter referred to as the "**Lands**") located in the City of Toronto, municipally identified as **[ ]**, Toronto, Ontario, and more particularly described in Schedule "A" attached hereto;

**AND WHEREAS** the Owner has agreed that the Development Manager shall be engaged as the agent for the Owner to provide supervision and management of the Project (as hereinafter defined) to be constructed on the Lands, upon the terms and conditions hereinafter set forth.

**NOW THEREFORE** in consideration of the material covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I<br> DEFINITIONS**

1.1 **Definitions**. In this Agreement, the following words shall have the following meanings respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement** ", "**this Agreement** ", "**the Agreement** ",
" **hereto** ", "**hereof** ", "**herein** ", "**hereunder** ", and similar expressions
mean or refer to this Agreement as amended from time to time, and the expressions "Article" and "Section" followed
by a number or letter mean and refer to the specified Article or Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Laws**" means, with respect to any person, property, transaction, event or
other matter, any law, rule, statute, regulation, order, judgment, decree, treaty or other requirement having the force of law or applicable
to such person, property, transaction, event or other matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Approved by the Owner**" or "**Approval of the Owner**" or "**Approval** "
shall mean the written approval of the board of directors of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Approved Development Budget**" means the budget setting forth in detail all development
costs for the Project, including the breakdown of total estimated construction costs into all appropriate categories of costs, which has
been prepared by the Development Manager and Approved by the Owner as the same may be hereafter amended from time to time with the Approval
of the Owner. Any reference to the Approved Development Budget shall be a reference to the Approved Development Budget then in place for
the period of time in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Architect**" means such architectural firm as may be appointed by the Development Manager
in connection with the Project, such appointment being subject to the Approval of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Claims**" has the meaning ascribed thereto in Section 10.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Construction Costs**" means the aggregate, without limitation or duplication, of all
bona fide Construction Related Hard Costs and Construction Related Soft Costs actually incurred by the Owner, in accordance with the Approved
Development Budget with respect to the work performed, services rendered and materials supplied in connection with the re-development,
development and construction of the Project Building in accordance with the Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Construction Manager**" means such construction management company as may be appointed
by the Development Manager in connection with the Project, such appointment being subject to the Approval of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Construction Related Hard Costs**" or "**Hard Costs**" means the actual
out-of-pocket costs commonly referred to in the construction industry as "hard costs", incurred in respect of the Project
and as set out in the Approved Development Budget, being the cost of all materials, labour, site supervision, and other similar costs,
but for greater certainty excluding Soft Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Construction Related Soft Costs**" or "**Soft Costs**" means the actual
out-of-pocket costs that are not Construction Related Hard Costs and that are commonly referred to in the construction industry as "soft
costs", incurred in respect of the Project, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the cost of all insurance in connection with the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of all fees payable to third parties for services rendered (including architectural, engineering,
consulting, legal and audit fees and all other Consultant fees) other than by the Development Manager, in connection with the planning,
development and completion of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of third party advertising, promotion and public relations in respect of the marketing of the
Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the costs of third party marketing and selling of Units in the Project (including fees and commissions
payable to third parties and sales inducements or promotions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the cost of operating the Project until sales of Units have closed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Tarion fees and excess deposit insurance premiums, but for greater certainty does not include
the following which are the responsibility of the Development Manager at its sole cost and expense as part of the Development Management
Fee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the cost of head office, telephone and other communication charges, printing and similar sundry head office
out-of-pocket costs and expenses in respect of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the cost to the Development Manager of all head office personnel utilized by the Development Manager in
performance of the Development Manager's duties or the provision of services by the Development Manager hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Contracts**" means all contracts necessary for the efficient development, construction
and sale of the Project entered into by the Owner, or once Approved by the Owner, by the Development Manager as the agent of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Consultants**" means the Architect, mechanical engineers, structural engineers, acoustic
engineers, geo-technical consultants, environmental consultants, planning consultants, real-estate brokers, trade contractors, suppliers
and any other consultants necessary for the efficient development and construction of the Project and the sale and marketing of the underlying
Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Development Plan**" has the meaning ascribed thereto in Section 3.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Development Management Fee**" has the meaning ascribed thereto in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Development Schedule**" means the development schedule prepared by the Development Manager
pursuant to Section 3.2(g), as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Documents**" has the meaning ascribed thereto in Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Event of Default**" means, in the case of the Development Manager, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the material failure of the Development Manager to perform its duties and discharge its obligations under
this Agreement competently and expeditiously as provided in this Agreement except as caused by Force Majeure (and for the purposes of
this definition a material failure means any failure other than one that is minor, insubstantial or not reasonably likely to prejudice
the Owner in any material way); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Development Manager commits an act of fraud, material misrepresentation, wilful misconduct, malfeasance
or misfeasance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the filing by or against the Development Manager pursuant to any statute of Canada or any Province thereof
of a petition in bankruptcy or insolvency, or the appointment of a receiver or trustee of all or substantially all of the assets of the
Development Manager, which is not dismissed, vacated or set aside within sixty (60) days of the filing thereof, or the making of an assignment
for the benefit of creditors, or a petition for or entering into by the Development Manager of an arrangement or composition with its
creditors or committing or threatening to commit any acts of bankruptcy at any time when the Development Manager is insolvent, or the
filing of any application under the *Companies' Creditors Arrangement Act* (Canada) or ceasing to carry on business for more than
thirty (30) consecutive days, or  ***a resolution is passed or an order is made for the winding-up, liquidation, revocation or cancellation of incorporation of such person except as part of a bona fide reorganization***  *.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Force Majeure**" means any event or cause (other than financial inability) which is
beyond the control of a party and which prevents the performance by such party of any obligation hereunder (including without limitation,
pandemic (including the ongoing COVID-19 global pandemic), strikes or other labour or industrial disturbances, civil disturbances, acts,
orders, legislation, regulations or directives of any governmental or other public authorities, acts of the public enemy, war, riot, sabotage,
blockage, embargo, shortage of materials and supplies, shortage of labour, lightning, earthquake, fire, storm, hurricane, flood, washout,
explosion, act of God and delays caused by any other party hereto). Notwithstanding the foregoing, "**Force Majeure** "
shall not include any such event or cause which was or is avoidable by the exercise of reasonable efforts or foresight by such party (acting
in a commercially reasonable manner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Government Authority**" means any person, body, department, bureau, agency, board, tribunal,
commission, branch or office of any federal, provincial, regional or municipal government having jurisdiction over part or all of the
Lands and the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)  ***"Improvements"*** means the Services,
structures and improvements to be constructed by or on behalf of the Owner on the Lands, including the Units, as Approved by the Owner
where applicable from time to time, storage, parking, lighting and landscaping features, any chattels owned or acquired by the Owner for
the operation of the Lands and includes any additional improvements or structures from time to time built by the Owner upon the Lands,
Approved by the Owner where applicable from time to time; and "**Improvement"** means any part of the Improvements included
in the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Major Decisions**" has the meaning ascribed thereto in Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Owner's Development Solicitor**" means the law firm retained by the Owner to assist
the Owner with completing the necessary agreements with the Governmental Authorities, adjacent property owners, utility providers and
purchasers of Units in the Project to permit the development of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **"Project"** means the Lands together with the development and construction of the Improvements
and the Project Building from time to time constructed and installed thereon or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Project Bank Account**" has the meaning ascribed thereto in Section 3.4(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Project Balance Sheet**" has the meaning ascribed thereto in Section 3.4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Project Building**" means any building to be constructed on the Lands, including but
not limited to a condominium development and the units contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Project Lender"** has the meaning ascribed thereto in Section 10.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Project Team**" includes the Owner, its Consultants, the Owner's Development Solicitor
and the Development Manager and its Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)  ***"Services" means all services, as such term is commonly used in the residential condominium development industry necessary to permit the construction of Units on the Lands and as may be required by any Government Authority pursuant to any subdivision, development, condominium, site plan or like agreements applicable to the Lands, including mechanical, electrical, HVAC, storm and sanitary sewers, functioning water service, water pumping station, utilities, roads, sidewalks and landscaping.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Substantial Completion**" means completion of any Improvements in accordance with the
Applicable Law and the Development Plan and delivery to the Owner of a certificate of the Architect in charge of construction of the Improvements,
certifying that in its opinion the Contracts have been substantially performed in accordance with the requirements for substantial performance
under the *Construction Act* of Ontario, and publication of substantial performance as required under the said act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Tarion**" means the Tarion Warranty Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Term**" means that period of time commencing on the date of this Agreement and ending
on the date that  ***all Units on the Project have been one hundred percent (100%) constructed, unless the Term of this Agreement is terminated earlier in accordance with the provisions hereof.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Units**" means residential condominium  ***units to be constructed on the Land, forming part of the Improvements, and sold to the public.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)  ***"Written Order"*** has the meaning ascribed
thereto in Section 10.3.

 ****

**ARTICLE II<br> REPRESENTATION AND APPOINTMENT**

2.1 **Appointment of Development Manager.** The Owner hereby appoints and retains the Development Manager
as agent to carry out for and on behalf of the Owner the supervision of certain aspects of the Project as set out herein, including but
not limited to implementation, construction, and project management and administration in connection with the Project. The Development
Manager hereby accepts the appointment and retainer and covenants and agrees with the Owner that, subject to and in accordance with the
terms and conditions hereof, it shall provide, or arrange for the provision of, the necessary services to carry out the Project in a competent,
diligent, efficient and cost effective manner pursuant to industry standards and, without limitation, perform the services set forth in
Article III, for the Term of this Agreement.

**ARTICLE III<br> SERVICES**

3.1 **General Services**. The Development Manager shall provide the following general services to the Owner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arranging for the retention of services of persons, firms or corporations to act as trades for the construction
operations of the Property, and for retaining, at the expense of the Owner and subject to the Approval of the Owner, all necessary Consultants
and professional services required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) field supervision of all Consultants and overseeing and directing Consultants in the actual construction
of Units and appurtenant Improvements thereto upon the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) managing the day-to-day affairs and operations of the Project.

3.2 **Pre-Development Duties.** The Development Manager covenants and agrees with the Owner, subject to
instructions received from the Owner and as Approved by the Owner, to be responsible for arranging for and coordinating the required approvals,
permits, consents, licenses necessary for the Project as well as assisting the Owner's Development Solicitor with coordinating and
completing such agreements with Government Authorities as may be required to permit the development of the Project. In furtherance of
the foregoing objectives, the Development Manager shall do or cause to be done by the Consultants, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Meetings.*** Meet periodically with the Owner, when deemed necessary by the Development Manager
to deal with all aspects of the planning of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Design Input*** . Oversee and cause the Architect,
when necessary, to provide design input and coordination so as to maximize efficiency and minimize costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Sales and Marketing*** . Assist the Owner's
retained sales and marketing agent(s) or Consultant(s) with the coordinating the preparation of sales and marketing materials for the
Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***Consultants*** . Retain the Consultants necessary
for the Project subject to Approval by the Owner, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***Planning Schedules*** . Oversee the preparation of
planning schedules for the execution of the construction work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  ***Concept and Working Drawings*** . Coordinate and direct
the design team to ensure timely preparation of schematic design concept and working drawings, and review all such drawings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  ***Development Schedule*** . Develop and submit to the
Owner for Approval, and implement a schedule of activities (the "**Development Schedule** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)  ***Approved Development Budget*.** Prepare and submit for the Approval of the Owner the proposed
budget with respect to the completion of the Project, setting forth in detail all development costs, including the breakdown of total
estimated Construction Costs into all appropriate categories which categories include, without limitation, Construction Related Hard Costs,
Construction Related Soft Costs and appropriate contingency amounts as necessary for the financing of the Project.

3.3 **Construction Duties.** The Development Manager shall be responsible for the administration of the
design, development and construction of the Project and to ensure that all Improvements are carried out in a good, workmanlike and professional
manner and with quality materials in accordance with the final plans and specifications, and otherwise in accordance with the terms and
provisions of this Agreement. In furtherance of this objective, the Development Manager shall do or cause to be done by other independent
Consultants, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Meetings*** . Meet with the Owner as often as deemed
necessary by the Development Manager to deal with all or any particular aspects of the Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Development Plan and Development Schedule*** . Prepare,
for the Approval of the Owner, the proposed development plan for the Project, which shall include all surveys, plans, drawings, sketches
and specifications with respect to the Improvements, summaries of site tests and other data as the Development Manager deems relevant
or appropriate in the circumstances ()"**Development Plan** "). Ongoing monitoring of the Development Schedule and Development
Plan to ensure the Project is be completed in accordance with the Approved Development Budget and that no amendments are made thereto
without the Approval of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Construction Manager and Consultants*** *.* Subject to the Approval of the Owner, the appointment
of the Construction Manager and the tendering and award of trade contracts to Consultants. The Development Manager shall be responsible
for the ongoing coordination, monitoring and directing the work of all successful Consultants or, if using its own agents for certain
work as Approved by the Owner, carrying out such construction activities and coordinating all such work with the activities and responsibilities
of the Project Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***Entering into and Administration of Contracts*** .
Subject to the provisions hereof, enter into all Contracts and scrutinize and settle the accounts of the Consultants and supervise and
use its reasonable commercial efforts to ensure their performance relating to such Contracts. Supervise and administer all Contracts including
processing payment thereof and administer and comply with all hold-back requirements under Applicable Laws and provide copies of all Contracts
to the Owner, if requested. Notwithstanding the foregoing, the Development Management shall obtain the Approval of the Owner, prior to
entering into any Contract with an annual cost exceeding one hundred thousand dollars ($100,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***Municipal Agreements*** . Assist the Owner's
Development Solicitor with negotiation with all Government Authorities and bodies and utility authorities respecting site plan approval,
draft plan approval under the *Planning Act* (Ontario) and the subdivision, development and other agreements relating to the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  ***General*** . Coordination of all site activities,
initiate and coordinate occupancy inspections for Unit owners and generally, carry out such other duties as are normally carried out by
a project manager of a development similar in size, scope, quality and location to the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  ***Post Construction Duties.*** Co-ordination of after sales service and warranty issues, including
all Tarion requirements, warranty claims, and recovery of municipal and Tarion deposits.

3.4 **Administrative Duties**. In connection with its duties under this Agreement, the Development Manager
shall carry out all necessary or desirable administrative duties in regard to the Project including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Books of Account*** . Keep proper and separate books
of account and records for the Project and establish, implement and maintain costs control and accounting procedures in regard to the
Project. Such books of account shall be maintained on an accrual basis in accordance with generally accepted accounting principles, consistently
applied, and shall show all items of income and expense, all assets and liabilities. The Owner, or its representatives, shall have access
at all reasonable times to all books and records pertaining to the Project which are in the possession or control of the Development Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Reports*** . Provide monthly reports to the Owner
specifying in reasonable detail the status of the Project and the costs incurred to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Progress Report*.** Submit periodic written reports to the Owner, not less frequently than
monthly, on the status of the Project expenditures against the Approved Development Budget and progress against the Development Schedule
and to promptly notify the Owner in the event the Project is not on budget or on schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***Financial Reports*** . Not less frequently than quarterly, prepare and submit to the Owner the following
financial reports relating to the quarter in question a summary of costs to date compared to the Approved Development Budget and a revised
estimate of cost to complete (the "**Project Balance Sheet** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***HST*** . Administer HST obligations of the Owner in
regard to the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  ***Bills and Invoices*** . Subject to as otherwise provided
for in this in this Agreement, to cause all carrying charges and other expenses relating to the operation of the Project including, Contractors,
wages, fuel costs and insurance premiums to be paid as they become due and any other expenses and costs as contemplated in the Approved
Development Budget, to be paid out by the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  ***Notifications*** . Promptly give notice to the Owner
of any damage to the Development when the Development Manager becomes aware of such damage and copies of any notices given by the Development
Manager to any insurer of the Project with respect to any claim against the Project, the Owner or any circumstances which might give rise
to any such claim.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)***  ***Banking*** . In order to allow the Owner to advance
funds related to the Project, the Development Manager shall open a separate bank account for the Project at a bank, Approved by the Owner,
and in the name of the Owner (the "**Project Bank Account** "), and will handle all banking necessary for the due performance
of the accounting and administrative functions of the Development Manager under Section 3.4 and for the receipt and disbursements of all
moneys of the Owner pertaining to the Project required to be attended to by the Development Manager; the Development Manager shall deposit
in the Project Bank Account all cash, cheques and other negotiable instruments received by the Development Manager pursuant to this Agreement;
the Development Manager shall deal with such cash, cheques and negotiable instruments in accordance with sound management practices so
that the Owner is adequately protected and in accordance with any directive from the Owner. The Development Manager acknowledges that
all moneys received by the Development Manager pursuant to any of the obligations provided for in this Agreement for or on account of
the Owner shall be received by the Development Manager and held by the Development Manager for the account of and in trust for the Owner
and shall be dealt with in accordance with this Section 3.4 The Development Manager shall provide the Owner with monthly statements summarizing
all deposits and receipts made to and all withdrawals and cheques issued from the Owner trust account referred to herein. The Development
Manager shall advise the Owner of each account (if more than one, as Approved by the Owner) maintained pursuant to this Section 3.4. The
Development Manager will ensure that the Owner will at all times have view only internet access to the account(s) maintained pursuant
to this Section 3.4. All disbursements made by the Owner or on its behalf in connection with the development and management of the Project
shall be made from such account(s). The Owner acknowledges and agrees that the Development Manager will pay all Construction Costs directly
from the Project Bank Account and the Owner agrees to fund the Project Bank Account with such funds as may be requested of it from time
to time by the Development Manager so as to ensure that the Development Manager is able to pay the Project's Construction Costs
as they become due.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)***  ***Services*** . Provide clerical and administrative
services as may reasonably be required to carry out its duties hereunder.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)***  ***General*** . Generally do and perform and contract
for all things necessary for the proper and efficient operation, maintenance, repair and management of the Project.

3.5 **Standard of Performance.** All obligations of the Development Manager under this Agreement will
be performed in accordance with the standards of a responsible and prudent developer and builder as if the Development Manager was constructing
the Project as their own project and will be conducted in a competent and efficient manner.

3.6 **Approved Development Budget.** The Approved Development Budget shall not be amended without the Approval
of the Owner and the Development Manager shall, subject to variation Approved by the Owner, adhere to the Approved Development Budget
in respect of the services to be performed by it covered by such Approved Development Budget. For greater certainty, if the Approved Development
Budget cannot be met, the Development Manager shall be required to prepare and submit an amended budget for the Approval of the Owner.

**ARTICLE IV<br> PAYMENT FOR SERVICES**

4.1 **Payment.** The Owner will pay the Development Manager a management fee in the amount of [] Dollars
($[] plus applicable taxes, for all of the Development Manager's services set out herein, as outlined in Article III hereof and
as otherwise set out in this Agreement (the "**Development Management Fee** ").

4.2 **Payment of Development Management Fee.** The Development Management Fee shall be paid in sixty (60)
equal monthly installments in the amount of [ ] Dollars ($[]) plus applicable taxes, payable on the first of each month commencing in advance
on January 1, 2022 or on such later date as may be mutually agreed upon between the Development Manager and the Owner. In the event that
the Owner fails to adhere to the payment provisions of this Section 4.2, the Development Manager shall, upon providing written notice
to the Owner, be entitled to pay any such portion of the Development Management Fee owing to it from the Project Bank Account.

4.3 **Delays.** If the completion of the Project is delayed for any reason, the Development Manager shall
continue to perform services hereunder through to the completion of the Project, utilizing best efforts to achieve targets and undertaking
services in a professional manner.

**ARTICLE V<br> TERMINATION**

5.1 **End of Term.** This Agreement will automatically terminate upon the end of the Term.

5.2 **Termination by Owner.** In the event of the occurrence of an Event of Default of the Development
Manager, the Owner may give written notice (the "**Notice**") to the Development Manager specifying the Event of Default
and if, within ten (10) business days of receipt of any Notice, the Development Manager fails to cure the Event of Default, the Owner
shall have the right to terminate this Agreement by written notice (the "**Termination Notice**") to the Development Manager.

5.3 **Payment of Construction Costs and Unpaid Management Fee**. In the event of the termination of this
Agreement pursuant to Section 5.2, at any stage, all Construction Costs and other reasonable expense incurred by the Development Manager
in connection with the Project or arising out of such termination will be payable by the Owner within thirty (30) days from the date of
invoice. In addition, any unpaid portion of the Development Management Fees due to the date of termination due to the Development Manager
shall be pro rated and become due and payable for the period up to the effective date of termination.

5.4 **Return of Documents**. Upon termination of this Agreement for any reason, all data, plans, specifications,
reports, estimates, summaries, completed work, all work in progress, and such other information, materials and documents as may have been
accumulated by the Development Manager in performing the Services under this Agreement (the "**Documents** "), shall be
promptly delivered to the Owner, in a form satisfactory to the Owner; save one copy of such material which the Development Manager shall
be entitled to retain for their records. In the event this Agreement is terminated before the completion of the Project, the Development
Manager shall cooperate fully with the Owner to effect an orderly administrative transition or withdrawal.

5.5 **Contracts**. Upon termination of this Agreement for any reason, the Development Manager shall assign
and the Owner shall assume all Contracts entered into by the Development Manager on behalf of the Owner if such Contracts have been duly
and properly entered into in accordance with the terms of this Agreement.

5.6 **Other Obligations**. Upon termination of this Agreement prior to completion of the Project pursuant
to Section 5.2, the Development Manager shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay over all monies collected or held for the benefit of the Owner, after deducting any amounts owing
to the Development Manager pursuant to Section 5.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arrange for all signing authority of the Development Manager for the Project Bank Account to be cancelled;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) co-operate with all diligence with the Owner and any subsequent development manager, at no cost to the
Development Manager, in order to ensure a harmonious transition of the duties and obligations to any subsequent development manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **Force Majeure.** Delays in or failure of performance by either party under this Agreement shall not
constitute default hereunder or give rise to any claim for damages if and to the extent caused by Force Majeure. The provisions of this
clause shall not operate to excuse the Owner from making payments to the Development Manager, as herein provided.

**ARTICLE VI<br> AUTHORITY OF DEVELOPMENT MANAGER**

6.1 **Decisions**. Subject to the provisions of this Agreement, all day-to-day decisions regarding the
operations and administration of the Project shall be made by the Development Manager.

6.2 **Authority to Contract.** The Development Manager shall engage the services of and supervise the Consultants
as Approved by the Owner. The Owner will be responsible for the payment of all costs and expenses in connection with Contracts negotiated
by the Development Manager and all other Project related costs as they become due.

6.3 **Major Decisions**. Notwithstanding anything contrary to the foregoing, the Development Manager shall
not make or effect any decisions relating to the following major decisions (each individually a "**Major Decision** ", collectively
the "**Major Decisions**") without the Approval of the Owner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale of the Lands, Improvements or Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the approval of or termination of the Construction Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the approval of any third party financing for the Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change, alteration or termination of any listing agreement entered into with the Owner in respect
of sale of the Units of the Project.

**ARTICLE VII<br> CONFIDENTIALITY AND NON-COMPETITION**

7.1 **Confidentiality.** The parties shall not divulge any information that has been given to them or acquired
by them on a confidential basis in the course of carrying out services as provided herein. This provision shall survive the termination
of this Agreement.

7.2 **Non-Competition**. During the Term, unless otherwise agreed to in writing by the Owner, the Development
Manager shall not, on its own behalf or in connection with any other person, directly or indirectly, in any capacity whatsoever including,
without limitation, as an employer, employee, principal, agent, joint venturer, partner, shareholder or other equity holder, independent
contractor, licensor, licensee, franchiser, franchisee, distributor, consultant, supplier, trustee or by and through any corporation,
company, co-operative, partnership, trust, entity with juridical personality, unincorporated association or otherwise carry on, be engaged
in, have any financial or other interest in or be otherwise commercially involved in any endeavour, activity or business which is competitive
with the interests of the Project or the sale of units of any commercial development that is within five (5) kilometers of the Lands.

**ARTICLE VIII<br> INSURANCE**

8.1 **Insurance Coverage.** The Development Manager shall assist the Owner in obtaining appropriate insurance
for the Lands and the Project depending on the stage of the Project. The Development Manager shall provide copies of all such insurance
to the Owner and on a continual basis assist the Owner in obtaining prudent insurance to be carried with respect to the Project and the
insurance shall be adjusted as required, including but on limited to, in order to accommodate any Project Lender (as defined below) or
other lender requirements.

**ARTICLE IX<br> DEVELOPMENT MANAGER AS AN INDEPENDENT CONTRACTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Independent Contractor.** In performing Services pursuant to this Agreement, the Development Manager
shall operate as and have the status of an independent contractor and neither the Development Manager nor any of its employees shall be
deemed to be employees of the Owner. The authority granted to the Development Manager by the Owner is that of a limited agent and the
terms of said authority are as set forth in this Agreement.

**ARTICLE X<br> OBLIGATIONS OF OWNER and Development Manager**

10.1 **General.** In order to enable the Development Manager to carry out its services under this Agreement,
the Owner will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide full information as to its requirements for the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) supply the Development Manager at no cost with all reports, surveys, reference plans, strata air rights
plans, studies, soil tests and generally all information and data pertaining to the Project, existing structures and facilities, ownership
of lands, easements and rights-of-way which the Owner has or are available to the Owner. The Development Manager, acting prudently, shall
be entitled to rely on the accuracy, competence and completeness of such material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) receive and examine all studies, reports, sketches estimates, specifications, drawings, contracts, proposals
and other documents presented by the Development Manager and render in writing decisions pertaining thereto within a reasonable time so
as not to delay the Development Manager's services and/ or increase the cost of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly pay all Construction Costs or other costs related to the Project including but not limited to
any development charges, levies and permit costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) give prompt notice to the Development Manager of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any fact or occurrence or failure of occurrence of which the Owner becomes aware which may reasonably
be suspected as indicative of a material failure of any of the duties of the parties with whom the Development Manager have contact on
behalf of the Owner, as such duties are known and understood by the Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any known or anticipated situation of which the Owner is aware which may alter or modify the Project scope;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the employment by the Development Manager of any personnel unsatisfactory to the Owner in the performance
of the services set out in this Agreement.

10.2 **Further Assurances.** The Owner agrees to execute all documents, complete all applications, and generally
do all things either necessary or advisable to effect the obtaining of permits and licenses and the completion of the Project without
delay and in connection with the obtaining of tax rebates, tax exemptions, government grants or other financial assistance for the Project.

10.3 **Payment of Construction Costs**. At any time, the Development Manager shall be entitled to notify
the Owner for payment of Construction Costs by delivering to the Owner a written order ()"**Written Order**") for payment
thereof, provided that same are due and payable by the Development Manager, or the Owner, as the case may be, to third party contractors,
Consultants or suppliers of services or materials with respect to the Project. Each Written Order shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the aggregate amount of Construction Costs previously paid to or as directed by the Development
Manager under this Section 10.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) state the amount of the Construction Costs paid or payable by the Development Manager on behalf of, or
by, the Owner at the date of the Written Order (in addition to the Construction Costs previously paid pursuant to Subsection 10.3(a)),
indicating which amounts have been paid and those which are immediately payable but not yet paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) state that all amounts included in such Written Order are Construction Costs which are due and payable
to third party contractors, Consultants or suppliers of services or materials, and describing the items constituting such Construction
Costs in reasonable detail.

Each Written Order shall be delivered to the Owner and shall be signed by an officer of the Development Manager and shall state that all Construction Costs set forth in such Written Order, payment or reimbursement of which is requested in such Written Order, are Construction Costs incurred in accordance with the Approved Development Budget and this Agreement. Within five (5) business days of the receipt of such Written Order together with such supporting documentation and to the extent that such amounts are not available from the project lender(s) for which the Owner has obtained financing for the Project (the "**Project Lender**"), the Owner shall cause to be paid to, or as directed by, the Development Manager, the amount of the Construction Costs set forth in such Written Order and in respect of which payment is requested by the Development Manager. All such amounts shall be received by the Development Manager in trust and the Development Manager shall forthwith apply such moneys to the payment of any amounts specified pursuant to Subsection 10.3(b) hereof as being payable but which are not yet paid, subject to any applicable hold-backs requirements under Applicable Laws. The Development Manager shall endeavour at all times to contemporaneously make such requests of the Project Lender, if any (and supply all required material in support of such request) for mortgage draws to pay the Construction Costs, it being the intention of the parties that payment of all Construction Costs, after third party financing of the Project has been arranged, shall be funded from mortgage draws without necessity of funding being required from the Owner.

10.4 **Indemnity by Owner**. The Owner shall and does hereby agree to indemnify and save the Development
Manager harmless from and against all costs, liabilities, claims, demands, lawsuits or damages (collectively, the "**Claims** ")
suffered or incurred by the Development Manager arising from any Claims brought against the Development Manager arising out of or in connection
with the Project, except for any Claims arising out of the Development Manager's negligence, wilful misconduct, fraud or breach
of any of its representations, warranties, covenants or obligations under this Agreement.

10.5 **Indemnity by Development Manager**. The Development Manager shall and does hereby agree to indemnify
and save the Owner harmless from and against all Claims brought against the Owner arising out of or in connection with the Project by
reason of negligence, wilful misconduct, fraud or breach of any representations, warranties, covenants or obligations of the Development
Manager under this Agreement.

**ARTICLE XI<br> GENERAL**

11.1 All notices, consents, approvals, statements, authorizations, documents, or other communications, required
or permitted to be given hereunder shall be in writing and shall be delivered personally or by telecopier, facsimile transmission or other
electronic communication which results in a written or printed notice being given (including by electronic mail via the Internet), to
the parties hereto at their respective addresses set forth hereunder, namely:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> to the Owner: | &nbsp;&nbsp;[ ] <br> Attention: <br> E-mail: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the Development Manager: | &nbsp;&nbsp; <br> [ ]<br> Attention:<br> Email: |

---

or at any such other address or addresses as may be given by any of them to the other in writing from time to time. Such Notice, if delivered personally or by telecopier, facsimile transmission or other electronic communication which results in a written or printed notice being given (including by electronic mail via the Internet), shall be deemed to have been given on the day and at the time of personal delivery or telecopy or other electronic transmission, if delivered or transmitted prior to 5:00 p.m. on a business day, or if not prior to 5:00 p.m. on a business day, on the business day next following the day of delivery or telecopy or other electronic transmission, as the case may be.

11.2 **Assignment.** The provisions of this Agreement shall not be assignable by the Development Manager
without the prior written consent of the Owner.

11.3 **Successors and Assigns.** This Agreement shall enure to the benefit of and be binding upon the parties
hereto, their respective successors and permitted assigns.

11.4 **Entire Agreement.** This Agreement expresses the entire and final agreement between the parties hereto
with respect to all of the matters herein and its execution has not been induced by, nor do any of the parties hereto rely upon or regard
as material, any representations or writings whatsoever not incorporated herein and made a part hereof. This Agreement shall not be amended,
altered or qualified except by a memorandum in writing signed by all the parties hereto and any amendment, alteration or qualification
shall be null and void and shall not be binding upon any party who has not given his consent as aforesaid.

11.5 **Governing Law.** This Agreement shall be governed by and construed solely in accordance with the
laws of the Province of Ontario.

11.6 **Currency.** All references to money shall refer to Canadian funds.

11.7 **Waiver.** A waiver of any default, breach or non-compliance under this Agreement is not effective
unless in writing and signed by the party to be bound by the waiver. No waiver shall be inferred from or implied by any failure to act
or delay in acting by a party in respect of any default, breach or non-observance or by anything done or omitted to be done by the other
party. The waiver by a party of any default, breach or non-compliance under this Agreement shall not operate as a waiver of that party's
rights under this Agreement in respect of any continuing or subsequent default, breach or non-observance (whether of the same or any other
nature).

11.8 **Severability.** Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be severed from the balance
of this Agreement, all without affecting the remaining provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

11.9 **Non-Merger.** All remedies and Claims arising under the provisions and covenants contained in this
Agreement shall survive the expiry or other termination of this Agreement.

11.10 **Counterparts.** This Agreement may be executed in any number of counterparts and by different parties
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery by facsimile or by electronic transmission in portable document format (PDF) of an executed counterpart
of this Agreement is as effective as delivery of an originally executed counterpart of this Agreement. Any party delivering an executed
counterpart of this Agreement by facsimile or by electronic transmission in portable document format (PDF) shall also deliver an originally
executed counterpart of this Agreement, but the failure to deliver an originally executed copy does not affect the validity, enforceability
or binding effect of this Agreement.

 ****

***[SIGNATURE PAGE TO FOLLOW]***

The undersigned parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| [ ] |  |
| Per: | |
| | Name: |
| | Title: |
| I/We have the authority to bind the Corporation | I/We have the authority to bind the Corporation |
| **LORENZO DEVELOPMENTS INC.** | **LORENZO DEVELOPMENTS INC.** |
| Per: | |
| | Name: |
| | Title: |
| I/We have the authority to bind the Corporation | I/We have the authority to bind the Corporation |

---

**SCHEDULE "A"**

**THE LANDS**

**<u>【】, Toronto, Ontario</u>**

【】, City of Toronto, as may be further described in PIN 06156-0003 (LT).

## Exhibit 10.5

**Exhibit 10.5**

**CONSULTING AGREEMENT**

This Investment Consulting Agreement (the "Agreement") is made and entered into as of January 3<sup>rd</sup>, 2025, by and between:

**Lorenzo Developments Inc.**, a corporation incorporated and existing under the laws of Canada, having its principal place of business at Unit 3, 336 Sheppard Avenue East, North York, ON, M2N 3B4 (hereinafter referred to as "Consultant"); and

**[ ]**, a private equity firm incorporated and existing under the laws of Canada, having its principal place of business at [ ] (hereinafter referred to as "Client").

WHEREAS, Client has a total AUM of USD [ ] and seeks to diversify its investment portfolio by allocating approximately [ ] into the real estate sector, including investment vehicles including but not limited to Mortgage Investment Companies (MICs) and Real Estate Investment Trusts (REITs);

WHEREAS, Consultant possesses expertise in real estate investment consulting and has been retained by Client to conduct comprehensive investment due diligence analysis;

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

**1. Scope of Services**

Consultant shall provide the following services to Client:

1.1 Conduct a comprehensive analysis of current real estate market conditions and macroeconomic and microeconomic factors.

1.2 Perform risk management analysis related to potential investments.

1.3 Develop an exit strategy for the proposed investments.

1.4 Identify, evaluate, and recommend potential MICs and REITs for investment.

1.5 Determine appropriate fund allocation strategies.

1.6 Provide periodic reports and recommendations as required during the service period.

**2. Compensation**

2.1 Client agrees to pay Consultant a consulting fee equals **[]% of the total investment amount up to $[] CAD**.

2.2 Payment shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· [ ]% ($[]) payable upon execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;· The remaining balance payable within **60 days** from the execution
date.

**3. Term and Termination**

3.1 The service period under this Agreement shall be **60 days** from the date of execution.

3.2 Either party may terminate this Agreement upon written notice if the other party materially breaches any term of this Agreement and fails to remedy such breach within **10 business days** of receiving written notice of the breach.

3.3 In the event of termination, Consultant shall be entitled to payment for all services rendered up to the date of termination.

**4. Confidentiality**

4.1 Both parties agree to maintain the confidentiality of all proprietary or non-public information exchanged in connection with this Agreement.

4.2 Confidential information shall not be disclosed to any third party without prior written consent, except as required by law.

**5. Limitation of Liability**

5.1 Consultant shall provide services in a professional and diligent manner but does not guarantee specific investment results.

5.2 Consultant shall not be liable for any investment losses, damages, or liabilities incurred by Client in connection with investments made based on Consultant's recommendations.

**6. Governing Law and Dispute Resolution**

6.1 This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario, Canada.

6.2 Any disputes arising under or in connection with this Agreement shall be resolved through good-faith negotiations between the parties. If a resolution is not reached within **30 days**, the dispute shall be submitted to binding arbitration in Toronto, Ontario.

**7. Miscellaneous**

7.1 This Agreement constitutes the entire understanding between the parties and supersedes any prior agreements or understandings, whether written or oral.

7.2 No modification or amendment to this Agreement shall be valid unless made in writing and signed by both parties.

7.3 This Agreement may not be assigned by either party without the prior written consent of the other party.

7.4 If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

---

| |
|:---|
| **Lorenzo Developments Inc.** |
| By: |
| Name: |
| Title: |
| Date: |

---

---

| |
|:---|
| **【】** |
| By: |
| Name: |
| Title: |
| Date: |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | ![](ex23-1_002.jpg) |

---

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of

Lorenzo Developments Inc.:

We hereby consent to the inclusion in this Amendment No. 1 to Registration Statement on Form F-1 (No. 333-290068) of Lorenzo Developments Inc. (the "Company") of our report dated on July 9, 2025, relating to our audits of the financial statements of the Company as of and for the years ended March 31, 2025 and 2024, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to us under the heading "Experts" in such Registration Statement.

**/s/ ZH CPA, LLC**

Denver, Colorado

September 24, 2025

999 18th Street, Suite 3000, Denver, CO, 80202 USA Phone: 1.303.386.7224 Fax: 1.303.386.7101 Email: admin@zhcpa.us

## Exhibit 23.3

**Exhibit 23.3**

---

| | |
|:---|:---|
| ![](ex23-3_001.jpg) | 3006, Two Exchange Square,<br> 8 Connaught Place, Hong Kong<br> Tel: 852 2191 7566<br> Fax: 852 2191 7995<br> **www.frost.com** |

---

22 September 2025

**Lorenzo Developments Inc.**

3459 Sheppard

Avenue East, Unit 218, Toronto, Ontario, M1T3K4, Canada

416-865-7771

**Re: Consent of Frost & Sullivan Limited**

Ladies and Gentlemen,

We understand that Lorenzo Developments Inc. (the "Company") intends to file a registration statement (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data, and statements from our research reports and amendments thereto, including but not limited to the industry research report titled "Canada Real Estate Development Services Market Study" (the "Report"), and any subsequent amendments to the Report, as well as the citation of our research report and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondences with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K or other SEC filings (collectively, the **"SEC Filings"**), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

Yours faithfully

For and on behalf of

**Frost & Sullivan Limited**

/s/ Terry Tse

Name: Terry Tse

Title: Consulting Director

## Exhibit 99.1

**Exhibit 99.1**

**CODE OF BUSINESS CONDUCT AND ETHICS OF**

**LORENZO DEVELOPMENTS INC.**

**INTRODUCTION**

**Purpose**

This Code of Business Conduct and Ethics (this "Code") contains general guidelines for the conduct of business of LORENZO DEVELOPMENTS INC., a Canadian company (the "<u>Company</u>"), consistent with the highest standards of business ethics. To the extent where this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we shall adhere to these higher standards.

This Code applies to all the directors, officers, and employees of the Company and its subsidiaries (which, unless the context otherwise requires, are collectively referred to as the "Company" in this Code). We refer to all persons covered by this Code as "<u>Company employees</u>" or simply "<u>employees</u>." We also refer to our chief executive officer and our chief financial officer as our "<u>principal financial officers</u>."

**Seeking Help and Information**

This Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or if you have any doubts as to whether it is consistent with the Company's ethical standards, do seek help. We encourage you to first contact your supervisor for help. If your supervisor cannot answer your question or resolve your problem, or if you do not feel comfortable contacting your supervisor, you may contact the Compliance Officer of the Company, who shall be a person appointed by the Board of Directors of the Company. Tianshu Wang has been appointed by the Board of Directors of the Company as the Compliance Officer of the Company. The Company will notify you if there is a change in the appointment of the Compliance Officer. You may remain anonymous and will not be required to reveal your identity in your communication to the Company.

**Reporting Violations of the Code**

All employees have a duty to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply to the Company. If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor. Your supervisor will contact the Compliance Officer, who will work with you and your supervisor to investigate the matter. If you do not feel comfortable reporting the matter to your supervisor or you do not get a satisfactory response, you may contact the Compliance Officer directly. Employees making a report need not leave their name or other personal information and reasonable efforts will be used to conduct the investigation that follows from the report in a manner that protects the confidentiality and anonymity of the employee submitting the report. All reports of known or suspected violations of the law or this Code will be handled sensitively and with discretion. Your supervisor, the Compliance Officer and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your report.

It is the Company's policy that any employee who violates this Code will be subject to appropriate discipline, which may include termination of employment. This determination will be based upon the facts and circumstances of each situation. An employee accused of violating this Code will be given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline. Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms. The Company may also face substantial fines and penalties, and many incur damage to its reputation and standing in the community. Your conduct as a representative of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.

**Policy Against Retaliation**

The Company prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. Any reprisal or retaliation against an employee because such employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.

**Waivers of the Code**

Waivers of this Code for employees may be granted only by an executive officer of the Company. Any waiver of this Code for our directors, executive officers or other principal financial officers may be granted only by our Board of Directors or the appropriate committee of our Board of Directors and will be disclosed to the public as required by law or the rules of Nasdaq.

**CONFLICTS OF INTEREST**

**Identifying Potential Conflicts of Interest**

A conflict of interest may occur when an employee's private interest interferes, or appears to interfere, with the interests of the Company as a whole. You should avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively.

Identifying potential conflicts of interest may not always be clear-cut. The following situations are examples of conflicts of interest:

● <u>Outside Employment</u>. No employee should be employed by, serve as a director of, or provide any services not in his or her capacity as a Company employee to a company that is a material customer, supplier, or competitor of the Company.

● <u>Improper Personal Benefits</u>. No employee should obtain any material (as to him or her) personal benefits or favors because of his or her position in the Company. Please see "Gifts and Entertainment" below for additional guidelines in this area.

● <u>Financial Interests</u>. No employee should have a significant financial interest (ownership or otherwise) in any company that is a material customer, supplier or competitor of the Company. A "significant financial interest" means (i) ownership of greater than 1% of the equity of a material customer, supplier or competitor or (ii) an investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the employee.

● <u>Loans or Other Financial Transactions</u>. No employee should obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with banks, brokerage firms or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee should serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests would reasonably be expected to be in conflict with those of the Company.

● <u>Actions of Family Members</u>. The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee's objectivity in the making of decisions on behalf of the Company. For the purposes of this Code, " <u>family members</u> " include your spouse or life-partner, brothers, sisters and parents, in-laws and children, whether such relationships are by blood or adoption.

For the purposes of this Code, a company is considered to be a "material" customer if that company has made payments to the Company in the past year in excess of US$100,000 or 10% of the customer's gross revenues, whichever is greater. A company is considered as a "material" supplier if that company has received payments from the Company in the past year in excess of US$100,000 or 10% of the supplier's gross revenues, whichever is greater. A company is considered as a "material" competitor if that company competes in the Company's line of business and has annual gross revenues from such line of business in excess of US$500,000. If you are uncertain whether a particular company is a material customer, supplier or competitor, please contact the Compliance Officer for assistance.

**Disclosure of Conflicts of Interest**

The Company requires employees to disclose any situations that would reasonably be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to your supervisor or the Compliance Officer. Your supervisor and the Compliance Officer will work with you to determine whether you have a conflict of interest and, if so, how best to address it. Although conflicts of interest are not automatically prohibited, they are not desirable and may only be waived as described in "Waivers of the Code" above.

**CORPORATE OPPORTUNITIES**

As an employee of the Company, you have an obligation to advance the Company's interests when the opportunity to do so arises. If you discover or are presented with a business opportunity through the use of corporate property, information, or because of your position in the Company, you should first present the business opportunity to the Company before pursuing the opportunity in your individual capacity. No employee may use corporate property, information, or his or her position in the Company for personal gain or in a manner that may compete with the Company.

You should disclose to your supervisor the terms and conditions of each business opportunity covered under this Code that you wish to pursue. Your supervisor will contact the Compliance Officer and the appropriate management personnel to determine whether the Company wishes to pursue the business opportunity. If the Company waives its right to pursue the business opportunity, you may pursue the business opportunity on the same terms and conditions as originally proposed and consistent with the other ethical guidelines set forth in this Code.

**Confidential Information and Company's Property**

Employees have access to a variety of confidential information while being employed at the Company. Confidential information includes all non-public information that might be of use to competitors, or, if disclosed, harmful to the Company or its customers. Each employee has a duty to respect and safeguard the confidentiality of the Company's information and the information of our suppliers and customers, except when disclosure is authorized or legally mandated. In addition, you must refrain from using any confidential information from any previous employment if, in doing so, you could reasonably be expected to breach your duty of confidentiality to your former employers. An employee's obligation to protect confidential information continues after he or she leaves the Company. Unauthorized disclosure of confidential information could cause competitive harm to the Company and/or its customers and could result in legal liability to you and the Company.

Employees also have a duty to protect the Company's intellectual property and other business assets. The intellectual property, business systems and the security of the Company are critical to the Company's business.

Any questions or concerns on whether the disclosure of Company information is legally mandated should be promptly referred to the Compliance Officer.

**Safeguarding Confidential Information and Company's Property**

Care must be taken to safeguard and protect confidential information and the Company's property. Accordingly, the following measures should be adhered to:

● The Company's employees should conduct their business and social activities so as not to risk inadvertent disclosure of confidential information. For example, when not in use, confidential information should be securely stored. Besides, review of confidential documents or discussion of confidential subjects in public places (e.g., airplanes, trains, taxis, buses, etc.) should not be conducted so as to prevent being overheard or accessed by unauthorized persons.

● When in the Company's offices, confidential matters should not be discussed within hearing range of visitors or others not working on such matters.

● Confidential matters should not be discussed with other employees not working on such matters or with friends or relatives, including those living in the same household as a Company's employee.

● The Company's employees are only to access, use, and disclose confidential information that is necessary for them to perform their duties. They are not to disclose confidential information to other employees or contractors at the Company unless it is necessary for those employees or contractors to have such confidential information in the course of their duties.

● The Company's files, personal computers, networks, software, internet access, internet browser programs, emails, voice mails, and other business equipment (e.g., desks and cabinets) and resources are provided for business use, and they are the exclusive property of the Company. Misuse of such Company's property is not tolerable.

**COMPETITION AND FAIR DEALING**

All employees are obligated to deal fairly with fellow employees and with the Company's customers, suppliers and competitors. Employees should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

**Relationships with Customers**

Our business success depends upon our ability to foster lasting customer relationships. The Company is committed to dealing with customers fairly, honestly, and with integrity. Specifically, you should keep the following guidelines in mind when dealing with customers:

● Information we supply to customers should be accurate and complete to the best of our knowledge. Employees should not deliberately misrepresent information to customers.

● Employees should not refuse to sell, service, or maintain products the Company has produced simply because a customer is buying products from another supplier.

● Customer entertainment should not exceed the reasonable and customary business practice of the Company. Employees should not provide entertainment or other benefits that could be viewed as an inducement to or a reward for customer's purchase decisions. Please see "Gifts and Entertainment" below for additional guidelines in this area.

**Relationships with Suppliers**

The Company deals fairly and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service, and reputation, among other factors. Employees dealing with suppliers should carefully guard their objectivity. Specifically, no employee should accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, their objective assessment of the supplier's products and prices. Employees can give or accept promotional items of nominal value or moderately scaled entertainment within the limits of reasonable and customary business practice of the Company. Please see "Gifts and Entertainment" below for additional guidelines in this area.

**Relationships with Competitors**

The Company is committed to free and open competition in the marketplace. Employees should avoid actions that would be contrary to laws governing competitive practices in the marketplace, including antitrust laws. Such actions include misappropriation and/or misuse of a competitor's confidential information or making false statements about the competitor's business and business practices.

**PROTECTION AND USE OF COMPANY'S ASSETS**

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of Company funds or assets, whether or not for personal gain, for any unlawful or improper purpose is prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● exercise reasonable care to prevent theft, damage or misuse of Company's property;

● report the actual or suspected theft, damage or misuse of Company's property to a supervisor;

● use the Company's telephone system, other electronic communication services, written materials and other property primarily for business-related purposes;

● safeguard all electronic programs, data, communications and written materials from inadvertent access by others; and

● use Company's property only for legitimate business purposes, as authorized in connection with your job responsibilities.

Employees should be aware that Company's property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems, as well as all written communications. Employees and other users of Company's property should have no expectation of privacy with respect to these communications and data. To the extent permitted by law, the Company has the ability, and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure to law enforcement or government officials.

**GIFTS AND ENTERTAINMENT**

The act of giving and receiving of gifts is a common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should not compromise, or appear to compromise, your ability to make objective and fair business decisions.

It is your responsibility to use good judgment in this area. As a general rule, you may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment would not be viewed as an inducement to or reward for any particular business decision. All gifts and entertainment expenses should be properly accounted for on expense reports. The following specific examples may be helpful:

● <u>Meals and Entertainment</u>. You may occasionally accept or give meals, refreshments or other entertainment if:

● The items are of reasonable value;

● The purpose of the meeting or attendance at the event is business related; and

● The expenses would be paid by the Company as a reasonable business expense if not paid for by another party.

Entertainment of reasonable value may include food and tickets for sporting and cultural events if they are generally offered to other customers, suppliers or vendors.

● <u>Advertising and Promotional Materials</u>. You may occasionally accept or give advertising or promotional materials of nominal value.

● <u>Personal Gifts</u>. You may accept or give personal gifts of reasonable value that are related to recognized special occasions, such as a graduation, promotion, new job, wedding, retirement or a holiday. A gift is also acceptable if it is based on a family or personal relationship and unrelated to the business involved between the individuals.

● <u>Gifts Rewarding Service or Accomplishment</u>. You may accept a gift from a civic, charitable or religious organization specifically related to your service or accomplishment.

You must be particularly careful that gifts and entertainment are not construed as bribes, kickbacks, or other improper payments. See "The Foreign Corrupt Practices Act" below for a more detailed discussion of our policies on giving or receiving gifts related to business transactions.

You should make every effort to refuse or return a gift that is beyond these permissible guidelines. If it would be inappropriate to refuse a gift or you are unable to return a gift, you should promptly report the gift to your supervisor. Your supervisor will bring the gift to the attention of the Compliance Officer, who may require you to donate the gift to an appropriate community organization. If you have any questions on whether it is permissible to accept a gift or something else of value, contact your supervisor or the Compliance Officer for additional guidance.

**COMPANY RECORDS**

Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with our business practices and are prohibited. You are responsible for understanding and complying with our record-keeping policy. Ask your supervisor if you have any questions.

**ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS**

As a public company we are subject to various securities laws, regulations and reporting obligations. These laws, regulations and obligations and our policies require the disclosure of accurate and complete information regarding the Company's business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company's reputation and integrity, and result in legal liability.

It is essential that the Company's financial records, including all filings with the Securities and Exchange Commission ("SEC") be accurate and timely. Accordingly, in addition to adhering to the conflict of interest policy and other policies and guidelines under this Code, the principal financial officers and other senior financial officers must take special care to exhibit integrity at all times and to instill this value within their organizations. In particular, these senior officers must ensure their conduct is honest and ethical that they abide by all public disclosure requirements by providing full, fair, accurate, timely and understandable disclosures, and that they comply with all other applicable laws and regulations. These financial officers must also understand and strictly comply with generally accepted accounting principles in the U.S. and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.

In addition, U.S. federal securities law requires the Company to maintain proper internal books and records and to devise and maintain an adequate system of internal accounting controls. The SEC has supplemented the statutory requirements by adopting rules that prohibit (1) any person from falsifying records or accounts subject to the above requirements and (2) officers or directors from making any materially false, misleading, or incomplete statement to an accountant in connection with an audit or any filing with the SEC. These provisions reflect the SEC's intent to discourage officers, directors, and other persons with access to the Company's books and records from taking action that might result in the communication of materially misleading financial information to the investing public.

**COMPLIANCE WITH LAWS AND REGULATIONS**

Each employee has an obligation to comply with all laws, rules and regulations applicable to the Company's operations. These include, without limitation, laws covering bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice from your supervisor or the Compliance Officer.

**COMPLIANCE WITH INSIDER TRADING LAWS**

The Company has an insider trading policy, which may be obtained from the Compliance Officer. The following is a summary of some of the general principles relevant to insider trading, and should be read in conjunction with the aforementioned specific policy.

Company employees are prohibited from trading in shares or other securities of the Company while in possession of material, non-public information about the Company. In addition, Company employees are prohibited from recommending, "tipping" or suggesting that anyone else buy or sell shares or other securities of the Company on the basis of material, non-public information. Company employees who obtain material non-public information about another company in the course of their employment are prohibited from trading in shares or securities of the other company while in possession of such information or "tipping" others to trade on the basis of such information. Violation of insider trading laws can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Information is "non-public" if it has not been made generally available to the public by means of a press release or other means of widespread distribution. Information is "material" if a reasonable investor would consider it important in a decision to buy, hold or sell stock or other securities. As a rule of thumb, any information that would affect the value of stock or other securities should be considered material. Examples of information that is generally considered "material" include:

● Financial results or forecasts, or any information that indicates the Company's financial results may exceed or fall short of forecasts or expectations;

● Important new products or services;

● Pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint venture proposals;

● Possible management changes or changes of control;

● Pending or contemplated public or private sales of debt or equity securities;

● Acquisition or loss of a significant customer or contract;

● Significant write-offs;

● Initiation or settlement of significant litigation; and

● Changes in the Company's auditors or a notification from its auditors that the Company may no longer rely on the auditor's report.

The laws against insider trading are specific and complex. Any questions about information you may possess or about any dealings you have had in the Company's securities should be promptly brought to the attention of the Compliance Officer.

**PUBLIC COMMUNICATIONS AND PREVENTION OF SELECTIVE DISCLOSURE**

**Public Communications Generally**

The Company places a high value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community directly impacts our reputation, positively or negatively. Our policy is to provide timely, accurate and complete information in response to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary information and to prevent selective disclosure of market-sensitive financial data. To ensure compliance with this policy, all news media or other public requests for information regarding the Company should be directed to the Company's Investor Relations Department. The Investor Relations Department will work with you and the appropriate personnel to evaluate and coordinate a response to the request.

**Prevention of Selective Disclosure**

Preventing selective disclosure is necessary to comply with United States securities laws and to preserve the reputation and integrity of the Company as well as that of all persons affiliated with it. "Selective disclosure" occurs when any person provides potentially market-moving information to selected persons before the news is available to the investing public generally. Selective disclosure is a crime under United States law and the penalties for violating the law are severe.

The following guidelines have been established to avoid improper selective disclosure. Every employee is required to follow these procedures:

● All contact by the Company with investment analysts, the press and/or members of the media shall be made through the chief executive officer, chief financial officer or persons designated by them (collectively, the "Media Contacts").

● Other than the Media Contacts, no officer, director or employee shall provide any information regarding the Company or its business to any investment analyst or member of the press or media.

● All inquiries from third parties, such as industry analysts or members of the media, about the Company or its business should be directed to a Media Contact. All presentations to the investment community regarding the Company will be made by us under the direction of a Media Contact.

● Other than the Media Contacts, any employee who is asked a question regarding the Company or its business by a member of the press or media shall respond with "No comment" and forward the inquiry to a Media Contact.

These procedures do not apply to the routine process of making previously released information regarding the Company available upon inquiries made by investors, investment analysts and members of the media.

Please contact the Compliance Officer if you have any questions about the scope or application of the Company's policies regarding selective disclosure.

**THE FOREIGN CORRUPT PRACTICES ACT**

**Foreign Corrupt Practices Act**

The Foreign Corrupt Practices Act of 1977 (the "FCPA") prohibits the Company and its employees and agents from offering or giving money or any other item of value to win or retain business or to influence any act or decision of any governmental official, political party, candidate for political office or official of a public international organization. Stated more concisely, the FCPA prohibits the payment of bribes, kickbacks or other inducements to foreign officials. This prohibition also extends to payments to a sales representative or agent if there is a reason to believe that the payment will be used indirectly for a prohibited payment to foreign officials. Violation of the FCPA is a crime that can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Certain small facilitation payments to foreign officials may be permissible under the FCPA if customary in the country or locality and intended to secure routine governmental action. Governmental action is "routine" if it is ordinarily and commonly performed by a foreign official and does not involve the exercise of discretion. For instance, "routine" functions would include setting up a telephone line or expediting a shipment through customs. To ensure legal compliance, all facilitation payments must receive prior written approval from the Compliance Officer and must be clearly and accurately reported as a business expense.

**ENVIRONMENT, HEALTH AND SAFETY**

The Company is committed to providing a safe and healthy working environment for its employees and avoiding adverse impact and injury to the environment and the communities in which we do business. Company's employees must comply with all applicable environmental, health and safety laws, regulations and Company's standards. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with environmental, health and safety laws and regulations can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the Compliance Officer if you have any questions about the laws, regulations and policies that apply to you.

**Environment**

All Company's employees should strive to conserve resources and reduce waste and emissions through recycling and other energy conservation measures. You have a responsibility to promptly report any known or suspected violations of environmental laws or any events that may result in a discharge or emission of hazardous materials. Employees whose jobs involve manufacturing have a special responsibility to safeguard the environment. Such employees should be particularly alert to the storage, disposal and transportation of waste, and handling of toxic materials and emissions into the land, water or air.

**Health and Safety**

The Company is committed not only to complying with all relevant health and safety laws, but also to conducting business in a manner that protects the safety of its employees. All employees are required to comply with all applicable health and safety laws, regulations and policies relevant to their jobs. If you have a concern about unsafe conditions or tasks that present a risk of injury to you, please report these concerns immediately to your supervisor or the Human Resources Department.

**EMPLOYMENT PRACTICES**

The Company pursues fair employment practices in every aspect of its business. The following is intended to be a summary of our employment policies and procedures. Copies of our detailed policies are available from the Human Resources Department. Company employees must comply with all applicable labor and employment laws, including anti-discrimination laws and laws related to freedom of association, privacy and collective bargaining. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with labor and employment laws can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the Compliance Officer or the Human Resources Department if you have any questions about the laws, regulations and policies that apply to you.

**Harassment and Discrimination**

The Company is committed to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination because of race, color, religion, national origin, gender (including pregnancy), sexual orientation, age, disability, veteran status or other characteristic protected by law. The Company prohibits harassment in any form, whether physical or verbal and whether committed by supervisors, non-supervisory personnel or non-employees. Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions, verbal abuse, sexually or racially degrading words, or the display in the workplace of sexually suggestive objects or pictures.

If you have any complaints about discrimination or harassment, report such conduct to your supervisor or the Human Resources Department. All complaints will be treated with sensitivity and discretion. Your supervisor, the Human Resources Department and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your concern. Where our investigation uncovers harassment or discrimination, we will take prompt corrective action, which may include disciplinary action by the Company, up to and including, termination of employment. The Company strictly prohibits retaliation against an employee who, in good faith, files a complaint.

Any member of management who has reason to believe that an employee has been the victim of harassment or discrimination or who receives a report of alleged harassment or discrimination is required to report it to the Human Resources Department immediately.

**CONCLUSION**

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If you have any questions about these guidelines, please contact your supervisor or the Compliance Officer. We expect all Company employees to adhere to these standards.

 

*This Code of Business Conduct and Ethics, as applied to the Company's principal financial officers, shall be the Company's "code of ethics" within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.*

 

*This Code and the matters contained herein are neither a contract of employment nor a guarantee of continuing Company policy. We reserve the right to amend, supplement or discontinue this Code and the matters addressed herein, without prior notice, at any time.*

## Exhibit 99.2

**Exhibit 99.2**

**LORENZO DEVELOPMENTS INC.**

**COMPENSATION RECOVERY POLICY**

Effective [ ], 2025

In accordance with Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), Exchange Act Rule 10D-1, and the listing standards of the national securities exchange (the "**Exchange**") on which the securities of LORENZO DEVELOPMENTS INC. (the "**Company**") are listed, the Company's Board of Directors (the "**Board**") has adopted this Compensation Recovery Policy (the "**Policy**").

Capitalized terms used in the Policy are defined in <u>Section I</u> below. The application of the Policy to Executive Officers is not discretionary, except to the limited extent provided in <u>Section G</u> below, and applies without regard to whether an Executive Officer was at fault.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Persons Covered by the Policy** 

The Policy is binding and enforceable against all Executive Officers. Each Executive Officer will be required to sign and return to the Company an acknowledgement that such Executive Officer will be bound by the terms and comply with the Policy. The failure to obtain such acknowledgement will have no impact on the applicability or enforceability of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Administration of the Policy** 

The Compensation Committee of the Board (the "**Committee**") has full-delegated authority to administer the Policy. The Committee is authorized to interpret and construe the Policy and to make all determinations necessary, appropriate, or advisable for the administration of the Policy. In addition, if determined in the discretion of the Board, the Policy may be administered by the independent members of the Board or another committee of the Board made up of independent members of the Board, in which case all references to the Committee will be deemed to refer to such independent members of the Board or such other Board committee. All determinations of the Committee will be final and binding and will be given the maximum deference permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Accounting Restatements Requiring Application of the Policy** 

If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (an "**Accounting Restatement**"), then the Committee must determine the excess compensation, if any, that must be recovered (the "**Excess Compensation**"). The Company's obligation to recover Excess Compensation is not dependent on if or when the restated financial statements are filed.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Compensation Covered by the Policy** 

The Policy applies to all Incentive-Based Compensation Received by an Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) after beginning service as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) who served as an Executive Officer at any time during the performance period for that Incentive-Based
Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) while the Company has a class of securities listed on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during the three completed fiscal years immediately preceding the Accounting Restatement Determination
Date. In addition to these last three completed fiscal years, the Policy must apply to any transition period (that results from a change
in the Company's fiscal year) within or immediately following those three completed fiscal years. However, a transition period between
the last day of the Company's previous fiscal year end and the first day of the Company's new fiscal year that comprises a
period of nine to 12 months would be deemed a completed fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on or after October 2, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Excess Compensation Subject to Recovery of the Policy** 

Excess Compensation is the amount of Incentive-Based Compensation Received that exceeds the amount of Incentive-Based Compensation that otherwise would have been Received had such Incentive-Based Compensation been determined based on the restated amounts (this is referred to in the listings standards as "erroneously awarded incentive-based compensation") and must be computed without regard to any taxes paid.

To determine the amount of Excess Compensation for Incentive-Based Compensation based on stock price or total shareholder return, where it is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the amount must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received and the Company must maintain documentation of the determination of that reasonable estimate and provide the documentation to the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Repayment of Excess Compensation** 

The Company must recover Excess Compensation reasonably promptly and Executive Officers are required to repay Excess Compensation to the Company. Subject to applicable law, the Company may recover Excess Compensation by requiring the Executive Officer to repay such amount to the Company by direct payment to the Company or such other means or combination of means as the Committee determines to be appropriate (these determinations do not need to be identical as to each Executive Officer). These means may include:

&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring reimbursement of cash Incentive-Based Compensation previously paid;

&nbsp;&nbsp;&nbsp;&nbsp;(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition
of any equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;(c) offsetting the amount to be recovered from any unpaid or future compensation to be paid by the Company
or any affiliate of the Company to the Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;(d) cancelling outstanding vested or unvested equity awards; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(e) taking any other remedial and recovery action permitted by law, as determined by the Committee.

The repayment of Excess Compensation must be made by an Executive Officer notwithstanding any Executive Officer's belief (whether or not legitimate) that the Excess Compensation had been previously earned under applicable law and therefore is not subject to recovery.

In addition to its rights to recovery under the Policy, the Company or any affiliate of the Company may take any legal actions it determines appropriate to enforce an Executive Officer's obligations to the Company or its affiliate or to discipline an Executive Officer, including (without limitation) termination of employment, institution of civil proceedings, reporting of misconduct to appropriate governmental authorities, reduction of future compensation opportunities, or change in role. The decision to take any actions described in the preceding sentence will not be subject to the approval of the Committee and can be made by the Board, any committee of the Board, or any duly authorized officer of the Company or of any applicable affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Limited Exceptions to the Policy** 

The Company must recover Excess Compensation in accordance with the Policy except to the limited extent that any of the conditions set forth below are met, and the Committee determines that recovery of the Excess Compensation would be impracticable:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to
be recovered. Before reaching this conclusion, the Company must make a reasonable attempt to recover the Excess Compensation, document
the reasonable attempt(s) taken to so recover, and provide that documentation to the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recovery would violate home country law where that law was adopted prior to November 28, 2022. Before
reaching this conclusion, the Company must obtain an opinion of home country counsel, acceptable to the Exchange, that recovery would
result in such a violation, and must provide such opinion to the Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly
available to employees of the Company, to fail to meet the legal requirements as such.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Other Important Information in the Policy** 

Notwithstanding the terms of any of the Company's organizational documents (including, but not limited to, the Company's bylaws, memorandum and articles of association, etc.), any corporate policy or any contract (including, but not limited to, any indemnification agreement), neither the Company nor any affiliate of the Company will indemnify or provide advancement for any Executive Officer against any loss of Excess Compensation, or any claims relating to the Company's enforcement of its rights under the Policy. Neither the Company nor any affiliate of the Company will pay for or reimburse insurance premiums for an insurance policy that covers potential recovery obligations. In the event that pursuant to the Policy the Company is required to recover Excess Compensation from an Executive Officer who is no longer an employee, the Company will be entitled to seek recovery in order to comply with applicable law, regardless of the terms of any release of claims or separation agreement such individual may have signed. Neither the Company nor any affiliate of the Company will enter into any agreement that exempts any Incentive-Based Compensation that is granted, paid, or awarded to an Executive Officer from the application of the Policy or that waives the Company's right to recovery of any Excess Compensation, and the Policy shall supersede any such agreement (whether entered into before, on, or after the adoption of the Policy).

The Committee or Board may review and modify the Policy from time to time.

If any provision of the Policy or the application of any such provision to any Executive Officer is adjudicated to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provisions of the Policy or the application of such provision to another Executive Officer, and the invalid, illegal, or unenforceable provisions will be deemed amended to the minimum extent necessary to render any such provision or application enforceable.

The Policy will terminate and no longer be enforceable when the Company ceases to be a listed issuer within the meaning of Section 10D of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Definitions** 

"**Accounting Restatement Determination Date**" means the earlier to occur of: (a) the date the Board, a committee of the Board, or one or more of the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (b) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

"**Executive Officer**" means each individual who is or was ever designated as an "officer" by the Board in accordance with Exchange Act Rule 16a-1(f).

"**Financial Reporting Measures**" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also Financial Reporting Measures. A Financial Reporting Measure need not be presented within the financial statements or included in a filing with the Securities and Exchange Commission.

"**Incentive-Based Compensation**" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure (for the avoidance of doubt, no compensation that is potentially subject to recovery under the Policy will be earned until the Company's right to recover under the Policy has lapsed) and excludes the following: salaries, bonuses paid solely at the discretion of the Committee or Board that are not paid from a bonus pool that is determined by satisfying a Financial Reporting Measure, bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period, non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures, and equity awards for which the grant is not contingent upon achieving any Financial Reporting Measure performance goal and vesting is contingent solely upon completion of a specified employment period (e.g., time-based vesting equity awards) and/or attaining one or more non-Financial Reporting Measures.

"**Received**" means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-Based Compensation is "Received" under the Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period. For the avoidance of doubt, the Policy does not apply to Incentive-Based Compensation for which the Financial Reporting Measure is attained prior to October 2, 2023.

**ACKNOWLEDGEMENT**

I acknowledge that I have received and read the Compensation Recovery Policy (the "**Policy**") of LORENZO DEVELOPMENTS INC. (the "**Company**").

I understand and acknowledge that the Policy applies to me, and all of my beneficiaries, heirs, executors, administrators, or other legal representatives and that the Company's right to recovery in order to comply with applicable law will apply, regardless of the terms of any release of claims or separation agreement I have signed or will sign in the future.

I agree to be bound by and to comply with the Policy and understand that determinations of the Committee (as such term is used in the Policy) will be final and binding and will be given the maximum deference permitted by law.

I understand and agree that my current indemnification rights, whether in an individual agreement or the Company's organizational documents, exclude the right to be indemnified for amounts required to be recovered under the Policy.

I understand that my failure to comply in all respects with the Policy is a basis for termination of my employment with the Company and any affiliate of the Company, as well as any other appropriate discipline.

I understand that neither the Policy, nor the application of the Policy to me, gives rise to a resignation for good reason (or similar concept) by me under any applicable employment agreement or arrangement.

I acknowledge that if I have questions concerning the meaning or application of the Policy, it is my responsibility to seek guidance from the Company's legal department or my own personal advisers.

I acknowledge that neither this Acknowledgement nor the Policy is meant to constitute an employment contract.

Please review, sign, and return this form to the Company.

---

| |
|:---|
| [ ], 2025 |
| *(print name and title)* |
| *(signature)* |

---

## Exhibit 99.3

**Exhibit 99.3**

**AUDIT COMMITTEE CHARTER**

**OF**

**LORENZO DEVELOPMENTS INC.**

This Audit Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "Board") of LORENZO DEVELOPMENTS INC., a Canadian company (the "Company"), on [ ], 2025 and shall become effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering.

**I. Purpose**

The purpose of the Audit Committee (the "<u>Committee</u>") is to oversee the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company. The Committee assists the Board with its oversight responsibilities regarding: (i) the integrity of the Company's financial statements; (ii) the Company's compliance with legal and regulatory requirements; (iii) the independent auditor's qualifications and independence; and (iv) the performance of the Company's internal audit function and independent auditor. The Committee shall prepare the report required by the rules of the Securities and Exchange Commission (the "<u>SEC</u>") to be included in the Company's annual report on Form 20-F.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Memorandum and Articles of Association, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

Notwithstanding the foregoing, the Committee's responsibilities are limited to oversight. Although the Committee has the responsibilities set forth in this Charter, it is not the responsibility of the Committee to plan or conduct audits or to determine that the Company's financial statements and disclosure are complete and accurate and are in accordance with generally accepted accounting principles and applicable laws, rules and regulations. These are the responsibilities of the Company's management ("<u>Management</u>") and the independent auditor.

Furthermore, auditing literature, particularly Statement of Accounting Standards No. 71, defines the term "review" to include a particular set of required procedures to be undertaken by independent auditors. The members of the Committee are not independent auditors, and the term "review" as used in this Charter is not intended to have that meaning and should not be interpreted to suggest that the Committee members can or should follow the procedures required of auditors performing reviews of financial statements.

**II. Membership**

The Committee shall consist of at least three members of the Board, as determined by the Board. Each Committee member shall be financially literate as determined by the Board in its business judgment or must become financially literate within a reasonable period of time after his or her appointment to the Committee. Members of the Committee must (i) not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years; and (ii) be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement. Members of the Committee are not required to be engaged in the accounting and auditing profession and, consequently, some members may not be expert in financial matters, or in matters involving auditing or accounting. However, at least one member of the Committee must have accounting or related financial management expertise as determined by the Board in its business judgment. In addition, at least one member of the Committee shall be an "audit committee financial expert" within the definition adopted by the SEC or shall possess financial sophistication within the meaning of the Nasdaq Listing Rules, or the Company shall disclose in its annual report on Form 20-F required pursuant to the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the reasons why at least one member of the Committee is not an "audit committee financial expert."

At least a majority of the members of the Committee shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules and will satisfy the independence requirements of Rule 10A-3(b)(1) under the Exchange Act within the 90-day period after the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"). All Committee members must satisfy the independence requirements of Rule 10A-3(b)(1) under the Exchange Act beginning from the first anniversary of the Effective Time. No Committee member may simultaneously serve on the audit committee of more than two other public companies, unless the Board determines that such simultaneous service would not impair the ability of such member to effectively serve on the Committee and such determination is disclosed in the Company's annual report on Form 20-F.

The members of the Committee, including the chairperson (the "<u>Chair</u>") of the Committee, shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board.

**III. Meetings and Procedures**

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet at least once during each fiscal year and more frequently as the Committee deems desirable. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

The Committee shall meet separately and periodically with Management, with the internal auditor, and with the independent auditor. Any meeting of the Committee may be conducted in person or via telephone conference or similar communications equipment where every meeting participant can hear each other.

All non-Management directors that are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's Management, representatives of the independent auditor, the internal auditor, and any other financial personnel employed or retained by the Company or any other persons whose presence the Committee believes to be necessary or appropriate. Notwithstanding the foregoing, the Committee may also exclude from its meetings any persons it deems appropriate, including, but not limited to, any non-Management director that is not a member of the Committee.

The Committee may retain any independent counsel, experts, or advisors (accounting, financial, or otherwise) that the Committee believes to be necessary or appropriate. The Committee may also utilize the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to the independent auditor for the purpose of rendering or issuing an audit report or performing other audit, review, or attestation services, for payment of compensation to any counsel, experts, or advisors employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

The Committee may conduct or authorize investigations into any matters within the scope of the powers and responsibilities delegated to the Committee.

**IV. Powers and Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Appointment and Oversight*. The Committee shall be directly responsible for the appointment, compensation, retention, removal and oversight of the work of the independent auditor (including resolution of any disagreements between Management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work or performing other audit, review, or attestation services for the Company, and the independent auditor shall report directly to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Pre-Approval of Services*. Before the independent auditor is engaged by the Company or its subsidiaries to render audit or non-audit services, the Committee shall pre-approve the engagement. Committee pre-approval of audit and non-audit services will not be required if the engagement for the services is entered into pursuant to pre-approval policies and procedures established by the Committee regarding the Company's engagement of the independent auditor, provided that the policies and procedures are detailed as to the particular service, the Committee is informed of each service provided and such policies and procedures do not include delegation of the Committee's responsibilities under the Exchange Act to the Management. The Committee may delegate to one or more designated members of the Committee the authority to grant pre-approvals, provided that such pre-approvals are presented to the Committee at a subsequent meeting. If the Committee elects to establish pre-approval policies and procedures regarding non-audit services, the Committee must be informed of each non-audit service provided by the independent auditor. Committee pre-approval of non-audit services (other than review and attestation services) also will not be required if such services fall within available exceptions established by the SEC**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Independence of Independent Auditor.* The Committee shall, at least annually, review the independence and quality control procedures of the independent auditor and the experience and qualifications of the independent auditor's senior personnel that are providing audit services to the Company*.* In conducting its review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall obtain and review a report prepared by the independent auditor describing (a) the auditing firm's internal quality-control procedures and (b) any material issues raised by the most recent internal quality-control review, or peer review, of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the auditing firm, and any steps taken to deal with any such issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall ensure that the independent auditor prepare and deliver, at least annually, a written statement delineating all relationships between the independent auditor and the Company. The Committee shall actively engage in a dialogue with the independent auditor with respect to any disclosed relationships or services that, in the view of the Committee, may impact the objectivity and independence of the independent auditor. If the Committee determines that further inquiry is advisable, the Committee shall take appropriate action in response to the independent auditor's report to satisfy itself of the auditor's independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall confirm with the independent auditor that the independent auditor is in compliance with the partner rotation requirements established by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Committee shall, if applicable, consider whether the independent auditor's provision of any permitted information technology service or other non-audit service to the Company is compatible with maintaining the independence of the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Meetings with Management, the Independent Auditor and the Internal Auditor.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall meet with Management, the independent auditor, and the internal auditor in connection with each annual audit to discuss the scope of the audit, the procedures to be followed, and the staffing of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall review and discuss with Management and the independent auditor any material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities of which the Committee is made aware that do not appear on the financial statements of the Company and that may have a material current or future effect on the Company's financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall review and discuss the annual audited financial statements with Management and the independent auditor, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's annual report on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Separate Meetings with the Independent Auditor.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall review with the independent auditor any problems or difficulties the independent auditor may have encountered during the course of the audit work, including any restrictions on the scope of activities or access to required information or any significant disagreements with Management and Management's responses to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall discuss with the independent auditor the report that such auditor is required to make to the Committee regarding: (a) all critical accounting policies and practices to be used; (b) all alternative treatments within U.S. GAAP for policies and practices related to material items that have been discussed among Management and the independent auditor, including the ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor; and (c) all other material written communications between the independent auditor and Management, such as any Management letter, Management representation letter, reports on observations and recommendations on internal controls, independent auditor's engagement letter, independent auditor's independence letter, schedule of unadjusted audit differences and a listing of adjustments and reclassifications not recorded, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards No. 61, "Communication with Audit Committees," as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Recommendation to Include Financial Statements in Annual Report*. The Committee shall, based on the review and discussions in paragraphs 4(iii) and 5(iii) above, and based on the disclosures received from the independent auditor regarding its independence and discussions with the auditor regarding such independence pursuant to subparagraph 3(ii) above, determine whether to recommend to the Board that the audited financial statements be included in the Company's annual report on Form 20-F for the fiscal year subject to the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall discuss with Management and the independent auditor the Company's earnings press releases (with particular focus on any "pro forma" or "adjusted" non-GAAP information), as well as financial information and earnings guidance provided to analysts and rating agencies. The Committee's discussion in this regard may be general in nature (i.e., discussion of the types of information to be disclosed and the type of presentation to be made) and need not take place in advance of each earnings release or each instance in which the Company may provide earnings guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Committee shall review all related party transactions by the Company (including any of its subsidiaries and consolidated affiliates) on an ongoing basis and all such transactions must be approved by the Committee in advance. All related party transactions should be disclosed in accordance with applicable legal and regulatory requirements. The Committee recognizes that there are situations where the Company may have to obtain products or services of a nature, quantity or quality, or on other terms, that are not readily available from alternative sources or when the Company provides products or services to related persons on an arm's length basis on terms comparable to those provided to unrelated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Committee shall consider all of the relevant facts and circumstances available to the Committee, including (if applicable), but not limited to:

● The benefits to the Company;

● The impact on a director's independence in the event the related person is a director, an immediate family member of a director or an entity in which a director is a principal, member, partner, shareholder or executive officer;

● The availability of other sources for comparable products or services;

● The terms of the transaction; and

● The terms available to unrelated third parties and employees generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No member of the Committee shall participate in any review, consideration or approval of any related party transactions with respect to which such member or any of his or her immediate family members is the related person. The Board shall approve only those related party transactions that are in, or are not inconsistent with, the best interests of the Company and its shareholders, as the Committee determines in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Committee shall discuss with Management and the independent auditor any correspondence from or with regulators or governmental agencies, any employee complaints or any published reports that raise material issues regarding the Company's financial statements, financial reporting process, accounting policies, or internal audit function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Committee shall discuss with the Company's internal or outside counsel any legal matters brought to the Committee's attention that could reasonably be expected to have a material impact on the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Committee shall request assurances from Management, the independent auditor, and the Company's internal auditors that the Company's subsidiaries and affiliated entities, if any, are operated in conformity with applicable legal requirements, including disclosure of related party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Committee shall discuss with Management the Company's policies with respect to risk assessment and risk management. The Committee shall discuss with Management the Company's significant financial risk exposures and the actions Management has taken to limit, monitor or control such exposures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Committee shall monitor the compliance with the Company's code of business conduct and ethics, including reviewing the adequacy and effectiveness of the Company's procedures to ensure proper compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Committee shall review the adequacy and effectiveness of the Company's accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Committee shall review and concur with Management on the need for an internal audit department and on the appointment, replacement, reassignment, or dismissal of an internal audit department senior manager or director. The Committee shall also review any internal reports to Management (or summaries thereof) prepared by the internal audit department, as well as Management's response.

16. The Committee shall set clear hiring policies for employees or former employees of the

Company's independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Committee shall establish procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters. The Committee shall also establish procedures for the confidential and anonymous submission by employees regarding questionable accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The Committee shall provide the Company with the report of the Committee with respect to the audited financial statements required by Item 306 of Reg. S-K, for inclusion in each of the Company's annual reports filed on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Committee, through its Chair, shall report regularly to, and review with, the Board any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditor, the performance of the Company's internal audit function or any other matter the Committee determines is necessary or advisable to report to the Board.

20. The Committee shall at least annually perform an evaluation of the performance of the

Committee and its members, including a review of the Committee's compliance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Committee shall at least annually review and reassess this Charter and submit any recommended changes to the Board for its consideration.

**V. Delegation of Duties**

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee to the extent permitted by, or consistent with provisions of, the Articles and applicable laws and regulations and rules of the markets in which the Company's securities then trade.

## Exhibit 99.4

**Exhibit 99.4**

**COMPENSATION COMMITTEE CHARTER** 

**OF**

**LORENZO DEVELOPMENTS INC.**

This Compensation Committee Charter (the "<u>Charter</u>") was adopted by the board of directors (the "<u>Board</u>") of LORENZO DEVELOPMENTS INC., a Canadian company (the "<u>Company</u>"), on [ ], 2025, and shall become effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering (the "Effective Time").

I. Purpose

The purpose of the Compensation Committee (the "<u>Committee</u>") is (i) to assist the Board in discharging the Board's responsibilities relating to compensation of the Company's executives, including reviewing and evaluating and, if necessary, revising the compensation plans, policies, and programs of the Company adopted by management, and (ii) to review and approve the disclosure of executive compensation for inclusion in the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission's (the "<u>SEC</u>") in accordance with applicable rules and regulations. The Committee shall ensure that compensation programs are designed to encourage high performance, promote accountability, and assure that employee interests are aligned with the interests of the Company's shareholders.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Memorandum and Articles of Association, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without the requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers and responsibilities delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

II. Membership

The Committee shall be composed of three or more directors, as determined by the Board, none of whom shall be an employee of the Company and each of whom (i) shall satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10C-1 under the Securities Exchange Act, (ii) shall be a "non-employee director" within the meaning of Rule 16b3 of the Securities Exchange Act of 1934, as amended, (iii) shall be an "outside director" under the regulations promulgated under Section 162(m) of the Internal Revenue Code of 1986, as amended, and (iv) shall have experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee, and shall not accept directly or indirectly any consulting, advisory, or other compensatory fees (the "<u>Compensatory Fees</u>") from the Company or any subsidiary thereof. For the purpose of this paragraph, the Compensatory Fees do not include: (i) fees received as a member of the Committee, the Board, or any other Board committee; or (ii) the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the Company (provided that such compensation is not contingent in any way on continued service).

In determining whether a director is eligible to serve on the Committee, the Board shall consider all factors specifically relevant to determining whether a director has a relationship to the Company which is material to such director's ability to be independent from management in connection with the duties of a Committee member, including but not limited to, whether the director is affiliated with the Company, any subsidiary of the Company, or any affiliate of a subsidiary of the Company.

At least a majority of the members of the Committee shall satisfy the independence requirements of the Nasdaq Listing Rules within the 90-day period after the Effective Time, and all of the members of the Committee shall satisfy the independence requirements of the Nasdaq Listing Rules beginning from the first anniversary of the Effective Time.

The members of the Committee, including the chairperson of the Committee (the "<u>Chair</u>"), shall be appointed by the Board on the recommendation of the Nomination and Corporate Governance Committee. Committee members may be removed from the Committee, with or without cause, by the Board. If one Committee member ceases to be independent in accordance with the requirements of Rule 10C-1 due to circumstances beyond the member's reasonable control, that person, with notice by the Company to Nasdaq or the applicable national security association, may remain a compensation committee member of the Company until the earlier of its next annual shareholders meeting or one year from the occurrence of the event that caused the member to be no longer independent.

III. Meetings and Procedures

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet on a regularly scheduled basis at least once per year and more frequently as and when the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference where every meeting participant can hear each other. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management or any other person whose presence the Committee believes to be necessary or appropriate. Notwithstanding the foregoing, the chief executive officer may not be present during voting or deliberations concerning his or her compensation, and the Committee may exclude from its meetings any persons it deems appropriate, including but not limited to any non-management director who is not a member of the Committee.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the Chairman of the Board.

IV. Duties and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Committee shall, at least annually, review and approve the compensation of the chief executive officer. In determining the long-term incentive component of the chief executive officer's compensation, the Committee shall consider the Company's performance, the value of similar incentive awards to chief executive officers at comparable companies, and the awards given to the chief executive officer in past years. The Committee shall have sole authority to determine the chief executive officer's compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Committee shall, with respect to executive officers other than the chief executive officer, make recommendations to the Board concerning compensation, incentive compensation plans, and equity-based plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee shall annually review all annual bonuses, long-term incentive compensation, stock options, employee pension, and welfare benefit plans (including *employee stock purchase plans, long-term incentive plans, management incentive plans and others*), and with respect to each plan shall have responsibility for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) setting performance targets under all annual bonuses and long-term incentive compensation plans as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifying that any and all performance targets used for any performance-based equity compensation plans have been met before payment of any executive bonus or compensation or exercise of any executive award granted under any such plan(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approving all amendments to, and terminations of, all compensation plans and any awards under such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) granting any awards under any performance-based annual bonus, long-term incentive compensation and equity compensation plans to executive officers or current employees with the potential to become the chief executive officer or an executive officer, including stock options and other equity rights (e.g., restricted stock, stock purchase rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) approving which executive officers are entitled to awards under the Company's stock option plan(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) repurchasing securities from terminated employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) conducting an annual review of all compensation plans, including reviewing each plan's administrative costs, reviewing current plan features relative to any proposed new features, and assessing the performance of the plan's internal and external administrators if any duties have been delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Committee may, in its sole discretion, retain or receive the advice from the Company's regular legal counsel, other independent counsel, compensation and benefits consultants, and other experts or advisors (the "<u>Compensation Advisors</u>") that the Committee believes to be desirable or appropriate. The Committee is not bound by the advice or recommendations of the Compensation Advisors and shall exercise its own judgment in fulfilling its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Committee shall be directly responsible for the appointment, compensation, and oversight of the work of the Compensation Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to the Compensation Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall select, or receive advice from the Compensation Advisors, other than in-house legal counsel, after taking into consideration the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provision of other services to the Company by the person that employs the Compensation Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of fees received from the Company by the person that employs the Compensation Advisors, as a percentage of the total revenue of the person that employs such Compensation Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the policies and procedures of the person that employs the Compensation Advisors that are designed to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any business or personal relationship of the Compensation Advisors with a member of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any stock of the Company owned by the Compensation Advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any business or personal relationship of the Compensation Advisor or the person employing the Compensation Advisors with an executive officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Committee shall conduct the independence assessment outlined in this Charter with respect to any Compensation Advisors, other than in-house legal counsel. Nevertheless, the Committee may select, or receive advice from, any Compensation Advisors, including ones that are not independent, after considering factors 7(i) through 7(vi) outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. For purposes of this Charter, the Committee is not required to conduct an independence assessment for any Compensation Advisors that act in a role limited to the following activities for which no public disclosure is required: (a) consulting on any broad-based plan that does not discriminate in scope, terms, or operation, in favor of any executive officers or directors of the Company, and that is available generally to all salaried employees; or (b) providing information that either is not customized for a particular issuer or that is customized based on parameters that are not developed by such Compensation Advisors, and about which such Compensation Advisors does not provide advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Committee shall establish and periodically review policies concerning prerequisite benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Committee shall periodically review the Company's policies with respect to change of control or "parachute" payments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Committee shall manage and review executive officer and director indemnification and insurance matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Committee shall manage and review any employee loans in an amount equal to or greater than US$60,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Committee shall prepare and approve the disclosure of executive compensation for inclusion in the Company's annual report on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Committee shall on an annual basis evaluate its own performance, including its compliance with this Charter, and provide any written material with respect to such evaluation to the Board, including any recommendations for changes in procedures or policies governing the Committee. The Committee shall conduct such evaluation and review in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Committee shall periodically report to the Board its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Committee shall review and reassess this Charter at least annually and submit any recommended changes to the Board for its consideration.

V. Delegation of Duties

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Articles and applicable law and rules of the markets in which the Company's securities then trade.

## Exhibit 99.5

**Exhibit 99.5**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER** 

 **OF**

**LORENZO DEVELOPMENTS INC.**

This Nominating and Corporate Governance Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "<u>Board</u>") of LORENZO DEVELOPMENTS INC., a Canadian company (the "<u>Company</u>"), on [ ], 2025 and shall become effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering.

I. Purpose

The purpose of the Nominating and Corporate Governance Committee (the "<u>Committee</u>") is to assist the Board in discharging the Board's responsibilities regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. identification and recommendation of qualified director nominees to be elected at the next annual meeting of shareholders (or special meeting of shareholders at which directors are to be elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identification and recommendation of qualified candidates to fill any vacancies on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. annual review of the composition of the Board in light of the characteristics of independence, qualification, experience and availability of the Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. oversight of the evaluation of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. monitoring of compliance with the Company's code of business conduct and ethics, including reviewing the adequacy and effectiveness of the Company's internal rules and procedures to ensure compliance with applicable laws and regulations.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Memorandum and Articles of Association, as may be amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise may be exercised and carried out by the Committee as it deems appropriate without Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee has and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

II. Membership

The Committee shall be comprised of three or more members of the Board, as determined by the Board, each of whom has experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee. In addition, at least a majority of the members of the Committee shall satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules within the 90-day period after the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"), and all of the members of the Committee shall satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules beginning from the first anniversary of the Effective Time.

The members of the Committee, including the chairperson of the Committee (the "<u>Chair</u>"), shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board. Any action duly taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership provided herein.

III. Meetings and Procedures

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet on a regularly scheduled basis, at least twice per year and more frequently as and when the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference where every meeting participant can hear each other. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management, or any other person whose presence the Committee believes to be desirable and appropriate. Notwithstanding the foregoing, the Committee may exclude from its meetings any persons, including any non-management director, who is not a member of the Committee.

The Committee may retain any independent counsel, experts or advisors that the Committee believes to be desirable and appropriate. The Committee may also use the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any such persons employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the Chairman of the Board.

 **IV. Duties and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) At an appropriate time prior to each annual meeting of shareholders at which directors are to be elected or reelected, the Committee shall recommend to the Board for nomination by the Board such candidates as the Committee, in the exercise of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At an appropriate time after a vacancy arises on the Board or a director advises the Board of his or her intention to resign, the Committee shall recommend to the Board for appointment by the Board to fill such vacancy, such candidate as the Committee, in the exercise of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Committee shall annually review the performance of each incumbent director and shall consider the results of such evaluation when determining whether or not to recommend the nomination of such director for an additional term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee shall oversee the Board in the Board's annual review of its own performance and the performance of management, and will make appropriate recommendations to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Committee shall consider, prepare and recommend to the Board such policies and procedures with respect to corporate governance matters as may be required or required to be disclosed pursuant to any rules promulgated by the Securities and Exchange Commission or otherwise considered to be desirable and appropriate in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Committee shall evaluate its own performance on an annual basis, including its compliance with this Charter, and provide the Board with any recommendations for changes in procedures or policies governing the Committee. The Committee shall conduct such evaluation and review in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Committee shall periodically report to the Board on its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall review and reassess this Charter at least annually and submit any recommended changes to the Board for its consideration.

V. Delegation of Duties

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Articles and applicable law and rules of the markets in which the Company's securities then trade.

## Exhibit 99.6

**Exhibit 99.6**

CONSENT OF LEE YEUNG

LORENZO DEVELOPMENTS INC. intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: September 19, 2025 | /s/ Lee Yeung |
|  | Lee Yeung |

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## Exhibit 99.7

**Exhibit 99.7**

CONSENT OF KEVIN HO TUNG AU-YEUNG

LORENZO DEVELOPMENTS INC. intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: September 19, 2025 | /s/ Ho Tung Au Yeung |
|  | Ho Tung Au Yeung |

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## Exhibit 99.8

**Exhibit 99.8**

CONSENT OF HAN DONG

LORENZO DEVELOPMENTS INC. intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: September 19, 2025 | /s/ Han Peng Dong |
|  | Han Peng Dong |

---