# EDGAR Filing Document

**Accession Number:** 0002080803
**File Stem:** 0001213900-25-119964
**Filing Date:** 2025-12
**Character Count:** 1192700
**Document Hash:** 95c57122fcfa741d60cd7f38e2ea1102
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-119964.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001213900-25-119964

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 51

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Evvolutions LeadTech Inc
- **CENTRAL INDEX KEY:** 0002080803
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292044
- **FILM NUMBER:** 251561314

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 28 GENTING LANE, #05-07
- **STREET 2:** PLATINUM 28
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 349585
- **BUSINESS PHONE:** 65-6258-4914

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 28 GENTING LANE, #05-07
- **STREET 2:** PLATINUM 28
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 349585

**As filed with the U.S. Securities and Exchange Commission on December 10, 2025.**

**Registration No. 333-[ ]**

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington**, **D**.**C**. **20549**

**Form F-1<br> REGISTRATION STATEMENT<br> *UNDER*<br> *THE SECURITIES ACT OF 1933***

**Evvolutions LeadTech Inc**<br> (**Exact Name of Registrant as Specified in its Charter**)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **7373** | **Not Applicable** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**28 Genting Lane, #05-07, Platinum 28, Singapore 349585**<br> **+65 6258 4914**<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> Street, 18<sup>th</sup> Floor**<br> **New York, NY 10168**<br> **800-221-0102**<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

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| | |
|:---|:---|
| **Lawrence S. Venick, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place, Central**<br> **Hong Kong SAR**<br> **Telephone: +852-3923-1111** | **Ying Li, Esq.**<br> **Guillaume de Sampigny, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **950 Third Avenue, 19<sup>th</sup> Floor**<br> **New York, NY 10022**<br> **Telephone: +1 212-530-2230** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after effectiveness 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, 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 U.S. Securities and Exchange Commission acting pursuant to said Section 8(a), may determine.**

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

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED** [ ]**, 2026** |

---

**Evvolutions LeadTech Inc**

**2,500,000 CLASS A ORDINARY SHARES**

This is the initial public offering of Evvolutions LeadTech Inc (the "**Company**" or "**Evvolutions**"). We are offering 2,500,000 Class A ordinary shares of the Company of par value US$0.0001 each (the "**Class A Ordinary Share(s)**").

Prior to this offering, there has been no public market for our Class A Ordinary Shares. It is currently estimated that the initial public offering price per Class A Ordinary Share will be between US$4.00 and US$5.00. We have applied to list our Class A Ordinary Shares on the NYSE American under the symbol "EVVO". We cannot guarantee that we will be successful in listing our Class A Ordinary Shares on NYSE American. This offering is conditioned upon the successful listing of our Class A Ordinary Shares on the NYSE American. If the NYSE American does not approve our listing application this initial public offering will be terminated.

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B ordinary shares (the "**Class B Ordinary Share(s)**", together with the Class A Ordinary Shares, the "**Ordinary Share(s)**"). Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, Mr. Wong Yee Leong, our controlling shareholder (the "**Controlling Shareholder**"), Director, Chief Executive Officer and Chairman of the Board, will beneficially own approximately 80.6% of the aggregate voting power of our Company immediately following the completion of this offering, assuming that the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under the NYSE American Company Guide and, therefore, eligible for certain exemptions from the corporate governance requirements of the NYSE American Company Guide. If we cease to be a foreign private issuer, we intend to rely on these exemptions. Furthermore, the Controlling Shareholder will be able to exert significant control over our management and affairs, including approval of significant corporate transactions. See "Risk Factors — Risks Related to our Class A Ordinary Shares — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial."

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 11 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

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| | | |
|:---|:---|:---|
|  | **Per Class A Ordinary Share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discounts<sup>(1)</sup> | $| $|
| Proceeds to us (before expenses) | $| $|

---

(1) Does not include a non-accountable expense allowance
 equal to 1% of the gross proceeds of this offering payable to Network 1 Financial Securities,
 Inc., the representative of the underwriters, or the Representative. We have also agreed
 to issue warrants to the Representative, or the Representative's Warrants, to purchase
 a number of Shares equal to 7% of the Class A Ordinary Shares sold in this public offering.
 The Representative's Warrants will be exercisable at an exercise price per Class A
 Ordinary Share equal to 135% of the public offering price and are exercisable for a period
 of five (5) years and will terminate on the fifth anniversary of the date of the commencement
 of sales of this offering. Refer to "Underwriting" for additional information
 regarding underwriting compensation.

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately US$[ ] million, exclusive of the above discounts. These payments will further reduce proceeds available to us before expenses. See "*Underwriting*."

We will not consummate and close this offering without a listing approval letter from NYSE American. This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. If we complete this offering, net proceeds will be delivered to us on the closing date.

**The underwriters expect to deliver the Class A Ordinary Shares to purchasers against payment on or about [ ], 2026.**

![](image_001.jpg)

The date of this prospectus is [ ], 2026.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#a_002) | 7 |
| [SUMMARY CONSOLIDATED FINANCIAL DATA](#a_003) | 9 |
| [RISK FACTORS](#a_004) | 11 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_005) | 32 |
| [USE OF PROCEEDS](#a_006) | 33 |
| [DIVIDEND POLICY](#a_007) | 33 |
| [CAPITALIZATION](#a_008) | 34 |
| [DILUTION](#a_009) | 35 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_010) | 36 |
| [CORPORATE HISTORY AND STRUCTURE](#a_011) | 52 |
| [BUSINESS](#a_012) | 54 |
| [REGULATIONS](#a_013) | 71 |
| [MANAGEMENT](#a_014) | 74 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | 81 |
| [CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS](#a_016) | 82 |
| [DESCRIPTION OF SHARE CAPITAL](#a_017) | 85 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_018) | 95 |
| [MATERIAL TAX CONSIDERATIONS](#a_019) | 97 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_020) | 104 |
| [UNDERWRITING](#a_021) | 105 |
| [EXPENSES RELATED TO OFFERING](#a_022) | 112 |
| [LEGAL MATTERS](#a_023) | 113 |
| [EXPERTS](#a_024) | 113 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_025) | 113 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_026) | F-1 |

---

**Through and including [ ], 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

**You should rely only on the information contained in this prospectus and any related free-writing prospectus that we authorize to be distributed to you. We have not authorized any person, including any underwriter, to provide you with information different from that contained in this prospectus or any related free-writing prospectus that we authorize to be distributed to you. This prospectus is not an offer to sell, nor is it seeking an offer to buy, our Class A Ordinary Shares in any state or jurisdiction where such offer or sale is not permitted. The information in this prospectus speaks only as of the date of this prospectus unless the information specifically indicates that another date applies, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares offered hereby. Our business, financial condition, results of operations, and prospects may have changed since that date. We do not take any responsibility for, nor do we provide any assurance as to the reliability of, any information other than the information in this prospectus and any free writing prospectus prepared by us or on our behalf. Neither the delivery of this prospectus nor the sale of our Class A Ordinary Shares means that information contained in this prospectus is correct after the date of this prospectus.**

i

**You may lose all of your investment in our Class A Ordinary Shares. If you are uncertain as to our business and operations or you are not prepared to lose all of your investment in our Class A Ordinary Shares, we strongly urge you not to purchase any of our Class A Ordinary Shares. We recommend that you consult legal, financial, tax, and other professional advisors or experts for further guidance before participating in the offering of our Class A Ordinary Shares as further detailed in this prospectus.**

**We do not recommend that you purchase our Class A Ordinary Shares unless you have prior experience with investments in capital markets, possess basic knowledge of the IT solutions industry, and have received independent professional advice.**

**Market and Industry Data**

This prospectus includes statistics, other data and descriptive information relating to markets, market sizes, and other industry data pertaining to our business that we have obtained from industry publications and surveys, government publications and other information available to us. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined differently, (ii) the underlying information was gathered by different methods, and (iii) different assumptions were applied in compiling the data. Accordingly, the market statistics included in this prospectus should be viewed with caution. We believe that information from these industry publications included in this prospectus is reliable.

**Trademarks, Service Marks, and Trade Names**

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the <sup>®</sup> and™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**Conventions That Apply to this Prospectus**

Unless otherwise indicated or the context otherwise requires, all references in this prospectus to the terms the "Company," "Group," "we," "us", "our" and "our Group" or their grammatical variations is a reference to Evvolutions, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered, and its subsidiaries taken as a whole.

Throughout this prospectus, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context otherwise requires, the following definitions apply throughout where the context so admits:

**Other Companies, Organizations and Agencies**

*"Independent Registered Public Accounting Firm"* : Assentsure PAC <br>*"Representative"* : Network 1 Financial Securities, Inc.

ii

**General**

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| | |
|:---|:---|
| *"AI"* | Artificial intelligence |
| *"Amended and Restated Memorandum and Articles of Association"* | The amended and restated memorandum and articles of association of our Company adopted by a special resolution passed on July 29, 2025. |
| *"Audit Committee"* | The audit committee of our Board of Directors. |
| *"Board" or "Board of Directors"* | The board of Directors of our Company. |
| *"CISO"* | Chief Information Security Officer |
| *"Companies Act"* | The Companies Act (Revised) of the Cayman Islands, as amended, supplemented, or modified from time to time. |
| *"Company", "Evvolutions," "we", "us"* | Evvolutions LeadTech Inc, a Cayman Islands exempted company and the issuer in this prospectus, unless otherwise indicated. |
| *"Compensation Committee"* | The compensation committee of our Board of Directors. |
| *"Controlling Shareholder"* | Mr. Wong Yee Leong, our Director, Chief Executive Officer and Chairman of the Board, who will own approximately 53.3% of our issued and outstanding Ordinary Shares representing 80.6% of our voting power after the offering, assuming no exercise by the underwriters of their over-allotment option. |
| *"Class A Ordinary Share(s)"* | Class A ordinary shares with a par value of US$0.0001 each of our Company. |
| *"Class B Ordinary Share(s)"* | Class B ordinary shares with a par value of US$0.0001 each of our Company. |
| *"CSA"* | Cyber Security Agency of Singapore. |
| *"DDOS"* | Distributed Denial-of-Service protection, a service that safeguard servers, websites, or networks from Distributed Denial-of-Service (DDoS) attacks. It works by detecting unusual spikes in traffic and then filtering, rerouting, or blocking malicious requests before they reach the target. |
| *"DevSecOps"* | Development, Security and Operations, a framework that integrates security into all stages of the software development lifecycle. |
| *"Director(s)"* | The directors of our Company. |
| *"DTC"* | The Depository Trust Company. |
| *"EDR"* | Endpoint detection and response. |
| *"Employment Act"* | Employment Act 1968 of Singapore, as amended, supplemented, or modified from time to time. |
| *"ESG"* | Environmental, social and governance. |
| *"Evvo SG"* | Evvo Labs Pte. Ltd., a company incorporated under the laws of the Republic of Singapore and an operating subsidiary of the Company. |
| *"Evvo Viet"* | Evvo Labs Vietnam Co., Ltd., a company incorporated under the laws of Vietnam and an operating subsidiary of the Company. |
| *"Executive Officers"* | The executive officers of our Company. See section titled "Management." |
| *"FASB"* | The Financial Accounting Standards Board. |
| *"FINRA"* | The Financial Industry Regulatory Authority. |
| *"FRS"* | Financial reporting standard. |
| *"GAAP"* | Accounting principles generally accepted in the United States of America. |

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iii

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| | |
|:---|:---|
| *"ICT"* | Information and communication technology. |
| *"IT"* | Information technology. |
| *"ITA"* | Income Tax Act 1947 of Singapore, as amended, supplemented, or modified from time to time. |
| *"ITMS"* | Information Technology Management Solutions, the various tools, techniques, and processes used to effectively manage and monitor an organization's IT infrastructure. |
| *"LCS"* | Licensable cybersecurity services, are services that include specific types of cybersecurity services such as Managed Security Operations Centre (SOC) Monitoring which cover continuous monitoring of systems to detect and respond to cyber threats and Penetration Testing which is simulated cyberattacks to identify vulnerabilities in systems and networks. |
| *"Listing"* | The listing and quotation of our Class A Ordinary Shares on NYSE American. |
| *"MDR"* | Managed Detection and Response, a cybersecurity service that combines cutting-edge technology with human expertise to detect, analyze, and respond to threats 24/7 while keeping network, infrastructure and computer system safe. |
| *"MOU"* | Memorandum of Understanding. |
| *"MSSS"* | Our Managed Security Service Suite, a comprehensive package of cybersecurity services designed to safeguard and protect any organization's digital infrastructure and business against cyber threats 24/7 365 days and always on. |
| *"MTCS"* | Multi-tiered cloud security. |
| *"MTCS SS584"* | MTCS Singapore Standard (SS584). |
| *"Nominating and Corporate Governance Committee"* | The nominating and corporate governance committee of our Board of Directors. |
| *"NYSE American"* | An American stock exchange situated in New York City. |
| *"Offering Price"* | We currently estimate that the initial public offering price will be in the range of US$4.00 to US$5.00 per Class A Ordinary Share offered in this offering. |
| *"Offering"* | The Offering of Shares by the underwriters on behalf of our Company for subscription at the Offering Price, subject to and on the terms and conditions set out in this prospectus. |
| *"PDPA"* | Personal Data Protection Act 2012 of Singapore, as amended, supplemented, or modified from time to time. |
| *"PFIC"* | Passive foreign investment company. |
| *"Relevant Employee"* | As defined in section 14(2A) of the Singapore EA. |
| *"Regulation FD"* | The Regulation Fair Disclosure. |
| *"Rule 144"* | Rule 144 of the Securities Act, as amended, supplemented, or modified from time to time. |
| *"Sarbanes-Oxley Act"* | Sarbanes-Oxley Act of 2002, as amended, supplemented, or modified from time to time. |
| *"SCDF"* | Singapore Civil Defence Force. |
| *"Securities Act"* | Securities Act of 1933, as amended |
| *"SFRS"* | The Singapore Financial Reporting Standard (International) 9. |
| *"Share(s)" or "Ordinary Shares"* | Class A Ordinary Shares and Class B Ordinary Shares of our Company. |

---

iv

---

| | |
|:---|:---|
| *"SIEM"* | Security Information and Event Management, a tool that works by collecting, analyzing, and correlating data from across an organization's IT environment to detect and respond to security threats in real time. |
| *"Singapore EA"* | Employment Act 1968 of Singapore, as amended, supplemented, or modified from time to time. |
| *"Singapore Companies Act"* | Companies Act 1967 of Singapore, as amended, supplemented, or modified from time to time. |
| *"Singapore CA"* | Cybersecurity Act 2018 of Singapore as amended, supplemented, or modified from time to time. |
| *"Shareholders"* | Registered holders of Shares. |
| *"SOC"* | Security Operations Center, a team that monitors, analyzes and responds to security incidents within an organization. |
| *"specified foreign income"* | Foreign income in the form of branch profits, dividends and service fee income. |
| *"Comptroller"* | The Comptroller of Income Tax appointed under the ITA. |
| *"Underwriting Agreement"* | The Underwriting Agreement dated [ ], 2026 entered into between our Company and Network 1 Financial Securities, Inc., acting as the representative of the underwriters, pursuant to which the underwriters have severally but not jointly agreed to purchase, and we have agreed to sell to them, 2,500,000 Class A Ordinary Shares at the Offering Price, less the underwriting discounts, as described in the sections titled "Underwriting" of this prospectus. |
| *"VAPT"* | Vulnerability assessment and penetration testing. |
| *"WAF"* | Web Application Firewall, a security solution that protects web applications against common web-based threats. |

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**Currencies, Units and Others**

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| | |
|:---|:---|
| *"S$" or "SGD"* | Singapore dollars, the lawful currency of the Republic of Singapore. |
| *"US$" or "$"* | U.S. dollars and cents respectively, the lawful currency of the United States of America. |
| *"VND"* | Vietnamese Dong, the lawful currency of Vietnam. |
| *"%" or "per cent."* | Per centum. |

---

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with U.S. GAAP.

All references in this prospectus to "**U.S. dollars**," "**US$**," "**$**" and "**USD**" refer to United States dollar(s), the legal currency of the United States of America, all references to "**SGD**," "**S$**" or "**Singapore Dollar**" refer to Singapore dollar(s), the legal currency of Singapore, and all references to "**VND**", or "**Vietnamese Dong**" refer to Vietnamese dong(s), the legal currency of Vietnam. Unless otherwise indicated, all references to currency amounts in this prospectus are in USD. The Company is a holding company with operations conducted through its Singapore and Vietnam operating subsidiaries. The Company's reporting currency is Singapore Dollar. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise noted, all translations from SGD to U.S. dollars and from U.S. dollars to SGD in this prospectus were calculated at the noon buying rate of US$0.7437 = S$1 and US$0.7750 = S$1, representing the index rate stipulated by the federal reserve as of March 31, 2025 and September 30, 2025 respectively. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

We have made rounding adjustments to some of the figures contained in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them.

v

**PROSPECTUS SUMMARY**

 

*This summary highlights selected information contained elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information you should consider before making your investment decision. Before investing in our Class A Ordinary Shares, you should carefully read this entire prospectus, including our financial statements and the related notes thereto and the information set forth under "Risk Factors," "Selected Consolidated Financial Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." Unless the context otherwise requires, all references to "Evvolutions", "we", "us", "our", the "Company" and similar designations refer to Evvolutions, a Cayman Islands company, and its wholly-owned subsidiaries.*

**Overview**

We are an end-to-end cybersecurity provider in Singapore which aims to empower businesses through digital transformation by leveraging digital media, artificial intelligence ("**AI**"), Internet of Things ("**IoT**"), and mobility and cloud computing. We modernize, migrate and manage our customers' technology stack, helping them to operate more securely and efficiently in an increasingly complex digital landscape.

Our cybersecurity expertise, coupled with our multidisciplinary capabilities, positions us as a potential technology partner for public sector agencies and private enterprises as they navigate the future of digital transformation. We have successfully delivered projects across Southeast Asia, supporting industries such as financial services, supply chain, healthcare, manufacturing and government, and have been recognized by the Infocomm Media Development Authority ("**IMDA**") in Singapore as one of the curated ICT firms offering ready and relevant digital solutions to meeting the digitalization needs of corporations.

Since our establishment in 2011, we have transitioned from a media solutions company to a business focused on cybersecurity solutions and emerging technologies, while still providing secured media and ITMS solutions to niche industries. With operations in Singapore and Vietnam, we have built a reputation in Singapore within the IT solutions industry for delivering large-scale, innovative and secured digital transformation solutions to government agencies, financial institutions, healthcare organizations and private enterprises.

We have developed a comprehensive suite of cybersecurity products, services and solutions, including threat detection and response, vulnerability management, compliance advisory and ransomware negotiation. We also utilize these cybersecurity solutions, products and services for our DevSecOps integration services business segment, which consolidates disparate technology products and applications in order to develop customized IT systems according to our customers' specific requirements.

Complementary to our cybersecurity solutions business, we also operate a proprietary SOC, which monitors and protects our customers' websites around the clock. Core services provided under this business segment include Web Application Firewall ("**WAF**") implementation, Distributed Denial-of-Service ("**DDoS**") protection, and database activity monitoring.

We have also expanded our managed and professional services offerings, enabling us to provide professional support services to established cybersecurity vendors and manage security services for enterprises and partners alike.

We are equally committed to driving innovation through emerging technologies such as AI-powered solutions, IoT, blockchain advisory services as well as system integration services.

We also design and implement blockchain and Web3 services, enabling our customers to integrate secure and decentralized technologies into their operations. We are currently in the midst of developing our own AI-driven cybersecurity platform, comprising of three modules: Clear-Ciso, Clear-Guard, and Clear-Align. Clear-Ciso and Clear-Guard commenced beta testing in July 2025, while Clear-Align is slated for beta testing in the last quarter of the year.

We are led by an experienced management team with deep expertise in cybersecurity, AI, IoT, and digital transformation. As an asset-light business, we leverage on our skilled in-house team of cybersecurity experts, developers and engineers. We also engage in strategic collaborations with leading technology providers both within Singapore and abroad.

**Competitive Strengths**

We believe we have the following competitive strengths, which have enabled us to become one of the leading players in the cybersecurity and digital solutions industry in Singapore:

● Proven track record with a diverse and strong customer base;

● Comprehensive, end-to-end cybersecurity and software solutions;

● Experienced leadership team with deep domain expertise; and

● Proprietary innovation with AI-powered solutions.

**Our Strategy**

● Broadening and enhancing our cybersecurity and digital solutions offerings;

● Expanding into cyber insurance brokerage services; and

● Increasing our market presence and expanding our geographical market reach.

**Corporate Structure**

We are not a Singapore operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our operating subsidiaries, Evvo SG in Singapore and Evvo Viet in Vietnam. We do not have operating subsidiaries in Hong Kong and none of our Directors or officers reside in or are citizens of Hong Kong. This is an offering of the Class A Ordinary Shares of Evvolutions, the holding company in the Cayman Islands, instead of the shares of Evvo SG and Evvo Viet.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforceability of Civil Liabilities" for more information.

The chart below illustrates our corporate structure and identifies our subsidiaries prior to and after our Group's initial public offering, assuming no exercise by the underwriters of their over-allotment option:

![](image_002.jpg)

*Note: Certain percentages may add up to be more or less than 100% due to rounding.*

For more details, see "Our Corporate History and Structure" section.

**Summary of Risk Factors**

Investing in our Class A Ordinary Shares involves risks. You should carefully consider the risks described in "Risk Factors" before making a decision to invest in our Class A Ordinary Shares. If any of these risks actually occur, our business, financial condition, or results of operations could be materially and adversely affected. In such case, the trading price of our Class A Ordinary Shares would likely decline, their liquidity could drop significantly and you may lose all or part of your investment. 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" beginning on page 11 of this prospectus

**Risks Related to Our Business and Industry (starting on page 11 of this prospectus)**

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

● The project-based nature of our business and/or the timing of delivery may lead to fluctuations in our revenue, profit and operating cash flow;

● We are dependent on our Directors and business unit heads for continued success and growth of our business;

● We are dependent on related software developers for research and development of our products and software;

● We may face financing constraints for large-scale projects, which could adversely affect our operations and financial condition;

● We are affected by the availability of suitable talent in the market;

● Our SOC management services are dependent on the expertise, availability, and continuity of our SOC team, and any disruption in the team could expose us to penalties and adversely affect our business, financial condition, results of operations, cash flows and prospects;

● We rely on third-party vendors for certain components of our services, and any disruptions in their performance could adversely affect our business operations and reputation;

● We may be unable to successfully implement our business strategies;

● If we or our third-party vendors with whom we work with sustain a cyberattack or suffer private or data security breaches that disrupt our information systems or operations or result in the dissemination of sensitive personal data or confidential information, we could suffer increased costs, exposure to significant liability, adverse regulatory consequences, reputational harm, loss of business, and other serious negative consequences;

● We are exposed to credit risk, late and default payments by customers;

● A limited number of suppliers have accounted for a significant portion of our sales; and

● If there is a significant reduction in demand for our cybersecurity products and services from the Singapore government, our business could suffer.

● we are subject to evolving laws, regulations, standards and policies, and any actual or perceived failure to comply could harm our brands and reputation, subject us to significant fines and liability, or otherwise adversely affect our business; and

● we may be involved in certain legal proceedings from time to time. Any adverse decision in such proceedings may render us liable to liabilities and may adversely affect our business, financial condition, results of operations, cash flows and prospects

**Risks Related to Our Class A Ordinary Shares and This Offering (starting on page 22 of this prospectus)**

In addition to the risks described above, we are subject to general risks and uncertainties relating to this offering and the trading market, including, but not limited to, the following:

● there has been no public market for our Class A Ordinary Shares prior to the completion of this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all;

● the initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile;

● you will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased;

● we are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies;

● as an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our Class A Ordinary Shares less attractive to investors;

● we will incur substantial increased costs as a result of being a public company;

● our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial;

● we cannot predict the effect our dual-class structure may have on the market price of our Class A Ordinary Shares;

● As a foreign private issuer and "controlled company" within the meaning of the NYSE American's corporate governance rules, we are permitted to rely on exemptions from certain of the NYSE American corporate governance standards. Our choice to rely on such exemptions may afford less protection to holders of our Class A Ordinary Shares. We intend to comply with the Corporate Governance rules of NYSE American applicable to foreign private issuers and do not intend to rely on such controlled company exemptions.

● If we are classified as a passive foreign investment company, United States taxpayers who own our Class A Ordinary Shares may have adverse United States federal income tax consequences.

● substantial future sales of our Class A Ordinary Shares or the anticipation of future sales of our Class A Ordinary Shares in the public market could cause the price of our Class A Ordinary Shares to decline;

● we do not intend to pay dividends for the foreseeable future;

● the market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your Class A Ordinary Shares at or above the initial public offering price; and

● you may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.

**Corporate Information**

Our principal office is located at 28 Genting Lane, #05-07, Platinum 28, Singapore 349585, and our telephone number is +65 6258 4914. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. The information contained therein or connected thereto shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168.

**Implications of Being an Emerging Growth Company and a Foreign Private Issuer**

As a company with less than $1.235 billion in revenue during our most recently completed fiscal year, we qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As an emerging growth company, we may take advantage of certain reduced disclosure and requirements that are otherwise applicable generally to U.S. public companies that are not emerging growth companies. These provisions include:

● the option to include in an initial public offering registration statement only two years of audited financial statements and selected financial data and only two years of related disclosure;

● reduced executive compensation disclosure; and

● an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act in the assessment of our internal control over financial reporting.

The JOBS Act also permits an emerging growth company, such as us, to delay adopting new or revised accounting standards until such time as those standards are applicable to private companies. We have not elected to "opt out" of this provision, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will have the discretion to adopt the new or revised standard at the time private companies adopt the new or revised standard and Our discretion will remain until such time that we either (i) irrevocably elect to "opt out" of such extended transition period or (ii) no longer qualify as an emerging growth company.

We will remain an emerging growth company until the earliest of:

● the last day of our fiscal year during which we have total annual revenue of at least $1.235 billion;

● the last day of our fiscal year following the fifth anniversary of the closing of this offering;

● the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or

● the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which, among other things, would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter.

We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public companies.

In addition, upon closing of this offering, we will report under the Exchange Act as a "foreign private issuer." As a foreign private issuer, we may take advantage of certain provisions under the NYSE American Company Guide that allow us to follow Cayman Islands law for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time;

● the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events; and

● Regulation Fair Disclosure ()"**Regulation FD** "), which regulates selective disclosures of material information by issuers.

We are also a foreign private issuer. Foreign private issuers, like emerging growth companies, are also exempt from certain more stringent executive compensation disclosure rules. Thus, if we remain a foreign private issuer, even if we no longer qualify as an emerging growth company, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither an emerging growth company nor a foreign private issuer.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances apply:

● the majority of our executive officers or directors are U.S. citizens or residents;

● more than 50% of our assets are located in the United States; or

● our business is administered principally in the United States.

**Dual-Class Nature**

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association, and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, Mr. Wong Yee Leong, our Controlling Shareholder, Director, Chief Executive Officer and Chairman of the Board will beneficially own approximately 53.3% of our issued and outstanding share capital and approximately 80.6% of the aggregate voting power of our Company immediately following the completion of this offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. See "Risk Factor — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial."

**Implication of Being a Controlled Company**

Controlled companies are exempt from the majority of independent director requirements. Controlled companies are subject to an exemption from NYSE American Company Guide requiring that the Board of a listed company consist of a majority of independent directors within one year of the listing date.

Public Companies that qualify as a "Controlled Company" with securities listed on the NYSE American, must comply with the exchange's continued listing standards to maintain their listings. NYSE American has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the NYSE American Company Guide, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under NYSE American Company Guide, a controlled company is exempt from certain corporate governance requirements including:

● the requirement that a majority of the Board of directors consist of independent directors;

● the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and.

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this offering, the outstanding shares of the Company will consist of 35,000,000 Ordinary Shares which consist of 32,410,539 Class A Ordinary Shares and of 2,589,461 Class B Ordinary Shares, assuming the underwriters do not exercise their overallotment option to purchase additional Class A Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, Mr. Wong Yee Leong, our Controlling Shareholder, Director, Chief Executive Officer and Chairman of the Board will beneficially own approximately 80.6% of the aggregate voting power of our Company immediately following the completion of this offering, assuming that the underwriters do not exercise their over-allotment option. As a result, our Controlling Shareholder holds a majority of the voting power of the Company and therefore will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions. This concentration of ownership may not be in the best interests of all of our shareholders. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. We do not plan to rely on these exemptions, but we may elect to do so after we complete this offering.

**THE OFFERING**

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| | |
|:---|:---|
| Issuer | Evvolutions LeadTech Inc |
| Class A Ordinary Shares offered by us | 2,500,000 Class A Ordinary Shares (or 2,875,000 Class A Ordinary Shares if the underwriters exercise their option to purchase additional Class A Ordinary Shares in full). |
| Offering price per Class A Ordinary Share: | We estimate the initial public offering price will be between US$4.00 and US$5.00 per Class A Ordinary Share. |
| Shares to be outstanding after this offering | 32,410,539 Class A Ordinary Shares (or 32,785,539 Class A Ordinary Shares if the underwriters exercise their option to purchase additional Shares in full), and 2,589,461 Class B Ordinary Shares. |
| Voting Rights | Class A Ordinary Shares are entitled to one (1) vote per share.<br>Class B Ordinary Shares are entitled to twenty (20) votes per share.<br>Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our Memorandum and Articles of Association. Our Controlling Shareholder, the sole holder of our Class B Ordinary Shares, will hold approximately 80.6% of the total voting power for our issued and outstanding Shares including 19.1% of the voting power from his Class A Ordinary Shares and 61.5% of the total voting power from his Class B Ordinary Shares, following the completion of this offering, assuming no exercise of the underwriters' over-allotment option, and will have the ability to control the outcome of matters submitted to our shareholders for approval, including the election of our directors and the approval of any change in control transaction. See the sections titled "Principal Shareholders" and "Description of Shares" for additional information. |
| Over-allotment option | We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. |
| Use of proceeds | We estimate that we will receive net proceeds from this offering of approximately $9.2 million, or approximately $10.8 million if the underwriters exercise their option to purchase additional Class A Ordinary Shares in full, based on an assumed initial public offering price of US$4.50 per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and estimated offering expenses payable by us.<br>We intend to use the net proceeds from this offering as follows:  |

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&nbsp;&nbsp;&nbsp;&nbsp;● approximately
 20% for expansion of our core technology's functionality and value through targeted product development;

● approximately 25% for strategic
 development and scaling of our business and operational footprint;

&nbsp;&nbsp;&nbsp;&nbsp;● approximately 30% for exploration of
 potential mergers and acquisitions, with no current commitments in place; and

● approximately 25% to fund general administration,
 working capital and loan repayment.

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| | |
|:---|:---|
|  | See "Use of Proceeds" for additional information. |
| Lock-up | We and our 5% or more shareholders, directors and officers have agreed with the underwriters, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of or otherwise dispose of, directly or indirectly, any of our Class A Ordinary Shares or other securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares for a period of 180 days from the date of this prospectus, subject to certain limited exceptions. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
| Transfer agent | VStock Transfer, LLC |
| Risk factors | **Investing in our Class A Ordinary Shares is highly speculative and involves a high degree of risk.** As an investor you should be able to bear a complete loss of your investment. See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| Listing | We have applied to list our Class A Ordinary Shares on the NYSE American under the symbol "EVVO". At this time, NYSE American has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon NYSE American's final approval of our listing application. However, there is no assurance that this offering will close and our Class A Ordinary Shares will be trading on the NYSE American. If the NYSE American does not approve our listing application this offering will be terminated. |

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The number of Shares to be outstanding is based on 32,500,000 Ordinary Shares outstanding as of the date of this prospectus.

Unless otherwise indicated, all information in this prospectus assumes or gives effect to no exercise by the underwriters of their option to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering from us.

**SUMMARY CONSOLIDATED FINANCIAL DATA**

The following summary consolidated statements of operations and comprehensive (loss) income for the fiscal years ended March 31, 2025 and 2024 and consolidated balance sheets data as of March 31, 2025 and 2024 have been derived from our consolidated financial statements included elsewhere in this prospectus; and unaudited condensed consolidated balance sheet data as of September 30, 2025 and summary of unaudited condensed consolidated statements of operations data for the six months ended September 30, 2025 and 2024. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results are not necessarily indicative of the results that may be expected for any future period. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements included elsewhere in this prospectus.

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended September 30** | **Six Months Ended September 30** | **Six Months Ended September 30** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenue | 4722080 | 4997922 | 3873607 |
| Gross profit | 483940 | 247399 | 191745 |
| Total operating expenses | (722787) | (786568) | (609623) |
| Loss from operations | (238847) | (539169) | (417878) |
| Other expenses, net | (262303) | (229735) | (178055) |
| Income tax expenses |  |  |  |
| Net loss | (501150) | (768904) | (595933) |
| Weighted average number of ordinary shares – Basic and diluted | 32500000 | 32500000 | 32500000 |
| Net loss per share – Basic and diluted\* | (0.02) | (0.02) | (0.02) |

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**STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS**

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| | | | |
|:---|:---|:---|:---|
|  | **Twelve Months Ended March 31** | **Twelve Months Ended March 31** | **Twelve Months Ended March 31** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenue | 9481776 | 10527351 | 7829938 |
| Gross profit | 851149 | 2990140 | 2223980 |
| Total operating expenses | (1470641) | (1422326) | (1057884) |
| (Loss) Income from operations | (619492) | 1567814 | 1166096 |
| Other expenses, net | (275578) | (342586) | (254806) |
| Income tax expenses |  |  |  |
| Net (loss) profit | (895070) | 1225228 | 911290 |
| Weighted average number of ordinary shares – Basic and diluted | 32500000 | 32500000 | 32500000 |
| Net (loss) earnings per share – Basic and diluted\* | (0.03) | 0.04 | 0.03 |

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\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1 to the consolidated financial statements.

**SUMMARY BALANCE SHEETS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As at March 31** | **As at March 31** | **As at March 31** | **As at September 30** | **As at September 30** |
|  | **2024** | **2025** | **2025** | **2025** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Unaudited** | **Unaudited** |
|  | **S$** | **S$** | **US$** | **S$** | **US$** |
| Cash and cash equivalents | 407401 | 460249 | 342320 | 604971 | 468879 |
| Total current assets | 7441992 | 7859662 | 5845788 | 8755819 | 6786143 |
| Plant and equipment, net | 42957 | 42332 | 31485 | 36753 | 28485 |
| Total non-current assets | 1499799 | 1270781 | 945170 | 1151008 | 892081 |
| Total assets | 8941791 | 9130443 | 6790958 | 9906827 | 7678224 |
| Total current liabilities | 9147572 | 6199220 | 4610799 | 8577688 | 6648082 |
| Total non-current liabilities | 1616487 | 2529893 | 1881661 | 1686123 | 1306819 |
| Total liabilities | 10764059 | 8729113 | 6492460 | 10263811 | 7954901 |
| Total shareholders' equity | (1822268) | 401330 | 298498 | (356984) | (276677) |

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**SUMMARY CASH FLOWS**

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| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Net cash (used in) generated from operating activities | (2793431) | 381915 | 296002 |
| Net cash used in investing activities | (9619) | (3930) | (3046) |
| Net cash generated from (used in) financing activities | 3042056 | (243854) | (188998) |
| Cash and cash equivalent, beginning of period | 407401 | 460249 | 356713 |
| Cash and cash equivalent, end of period | 640867 | 604971 | 468879 |

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended March 31** | **For the Years Ended March 31** | **For the Years Ended March 31** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Net cash generated from (used in) operating activities | 199335 | (3772246) | (2805686) |
| Net cash used in investing activities | (799732) | (24719) | (18385) |
| Net cash generated from financing activities | 263422 | 3851442 | 2864591 |
| Cash and cash equivalent, beginning of year | 744964 | 407401 | 303012 |
| Cash and cash equivalent, end of year | 407401 | 460249 | 342320 |

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**RISK FACTORS**

 

*Investing in our Class A Ordinary Shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in our company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our Class A Ordinary Shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.*

**Risks Related to Our Business and Industry**

 ****

***The project-based nature of our business and/or the timing of delivery may lead to fluctuations in our revenue, profit and operating cash flow.***

Our revenue is mainly derived from our cybersecurity solutions which are mostly carried out on a project basis and per-event basis, whereby these business activities collectively contributed approximately 43.8% and 74.2% to our total revenue in the fiscal years ended March 31, 2025 and 2024, respectively, and approximately 44.6% and 68.0% for the six months ended September 30, 2025 and 2024, respectively.

Revenue from our cybersecurity solutions is usually recognized upon issuance of invoices based on project delivery milestones over the tenure of the projects. As such, the timing of project delivery for our cybersecurity solutions will affect our billing schedule which will in turn affect our revenue recognition and may cause our profit and operating cash flow to fluctuate. Our cybersecurity solutions projects generally range for a period of three to nine months for a single phase, depending on the complexity of the project. Any enhancements or upgrades are subject to our customers' operational needs and business decisions, additional features required based on feedback and the customer's budget. On the other hand, our revenue from our Security Operations Centre ("**SOC**") management services and secured media and ITMS is based on pre-agreed rates with our customers on a periodic recurring basis.

Our inability to secure new projects and customers for our businesses in a timely manner will materially affect our overall profitability and financial performance. Whilst we have not experienced any shortage of projects that have adversely affected our revenue since the commencement of our business and up to the date hereof, there is no assurance that the non-recurrent nature of our cybersecurity solutions secured from customers in the future will not cause our revenue, profit and operating cash flow to fluctuate in the future, which in turn may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

 ****

***We are dependent on our Directors and business unit heads for continued success and growth of our business.***

Since inception, our success has been attributed to the experience, industry knowledge and network, and skills of our Directors and business unit heads. Our growth and future success will continue to be dependent on the continuous contribution from Mr. Wong Yee Leong for his leadership in setting the strategic direction and driving our business development. Additionally, we attribute our continuous success to the abilities, skills, experience and efforts of Mr. Wong Yee Leong for his assistance in implementing operational strategies and policies, and in building a strong team of business unit heads to drive sustained success and growth of our business. We maintain key man insurance on Mr. Wong Yee Leong, but not on any of our other Directors or business unit heads.

As such, the loss of any of our Directors and business unit heads simultaneously or within a short period, and the inability to replace or attract suitable talents in a timely manner, may create an unfavorable impact on our operations and the future growth of our business, which may eventually have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

 ****

***We are dependent on third-party software developers for research and development of our products and software.***

The cybersecurity solutions business segment contributed to approximately 43.8% and 74.2% of our total revenue in the fiscal years ended March 31, 2025 and 2024, respectively, and approximately 44.6% and 68.0% for the six months ended September 30, 2025 and 2024, respectively. The provision of cybersecurity solutions requires the expertise of both our in-house and third-party software developers who are equipped with extensive technical knowledge as well as experience in various technologies and software for the use of our in-house applications. A significant portion of the research and development activities for our products and software is conducted in India by a third-party software development company, who is engaged exclusively by us under a master services agreement.

The ability to retain and to attract competent and skilled software personnel by our related software developers is crucial for our continued success, future business growth and expansion. The loss of any of our related software developers and the inability to find suitable replacements in a timely and cost-efficient manner may cause disruptions to our project deliverables. Consequently, our project delivery milestones may be delayed, which may affect our revenue recognition. Any delays to our project delivery schedules may also lead to dissatisfaction from our customers and may impact our ability to secure future projects from such customers. Additionally, we may lose our competitive edge if we are unable to engage or replace our related software developers at a rate consistent with our business growth. There is no assurance that we will always have enough competent and skilled software developers to meet our delivery milestones, failing of which may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

 ****

***We may face financing constraints for large-scale projects, which could adversely affect our operations and financial condition.***

We may encounter financing constraints as we scale our operations and undertake larger projects, such as government contracts. We are required to procure hardware and other components upfront for certain projects, which could strain our financial resources if the project size exceeds our current financing capabilities. Although we have not defaulted or incurred liquidated damages for government projects, any inability to secure sufficient financing could delay project execution, impact delivery timelines, or prevent us from meeting our contractual obligations.

Further, our payment terms with our customers, particularly government entities, are typically structured to depend on the completion of user acceptance testing. This payment arrangement may lead to delayed cash inflows, further compounding the financial pressures associated with upfront investments.

While we continue to manage our finances prudently and explore avenues to improve our cash flow management, there can be no assurance that these measures will fully mitigate the risks of financing constraints and may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***We are affected by the availability of suitable talent in the market.***

Successful hires for our cybersecurity engineer team are subject to the suitability and availability of cybersecurity engineer talent in the market that matches our requirements. We require our cybersecurity engineers to possess certain fundamental skill sets such as the ability to identify threats and vulnerabilities in systems and software, respond to security incidents, conduct forensic analysis of security incidents, and design and configure security technologies.

In our industry, these technical skill sets may be difficult to source. For example, talents that are equipped with specific technical knowledge may not be available in the market at competitive salary rates at our time of hiring. If we are unable to source for suitable talents that meet our requirements in a timely manner and in sufficient numbers, we may be unable to deliver projects that require these talents or it may limit the scope and number of projects for which we can secure, which may negatively affect our financial performance.

Although, since the commencement of our business and up to the date of this prospectus, we have not encountered any difficulties in hiring suitable talents that limited our ability to deliver projects secured, or to secure projects from customers, there is no assurance that we will always be able to hire such suitable talents in the future whenever required, failing of which may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***Our SOC management services are dependent on the availability and continuity of our SOC team, and any disruption in the team could expose us to penalties and adversely affect our business, financial condition, results of operations, cash flows and prospects.***

The effectiveness of our SOC management services is dependent on the availability and continuity of the specialized team that operates and manages the center round the clock. The team is responsible for continuous monitoring, threat detection, incident response, and maintaining the technologies that underpin this business segment. A turnover of employees within our SOC, or resource constraints, could lead to delayed responses to cybersecurity threats, reduced service quality, or failure to meet contractual obligations. If we are unable to retain or recruit sufficient personnel with the necessary expertise to manage our SOC effectively, or if key members of the team were to leave unexpectedly, our ability to provide services to our customers may be disrupted. In such circumstances, we may face financial penalties under the agreements with our customers which may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***We rely on third-party vendors for certain components of our services, and any disruptions in their performance could adversely affect our business operations and reputation.***

We depend on third-party vendors to provide key components of our offerings, including website applications, firewalls, and both hardware and software. While these vendors offer warranties for their products and services, any glitches, malfunctions, or disruptions in their systems may require us to intervene, take over their responsibilities, and resolve issues directly. Such incidents could lead to increased costs, operational inefficiencies, and delays in service delivery.

In order to mitigate these risks and improve cost control, we are transitioning away from reliance on third-party vendors by moving toward developing our own proprietary products and solutions. However, this shift may involve significant investment, time, and resources, and there can be no assurance that it will be successful or completed in a timely manner. Any failure of third-party vendors to meet their contractual obligations may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***We rely on artificial intelligence for certain components of our services, and any disruptions to the artificial intelligence infrastructure could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.***

Our products and services rely on large language models and other forms of artificial intelligence. Although these technologies create competitive advantages, they also present risks and uncertainties that may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects. Artificial intelligence systems generate probabilistic, non-deterministic outputs, which may be incomplete, inaccurate or biased. If customers or other stakeholders act on such information, we may face reputational damage, contractual liability, or regulatory scrutiny. Artificial models are also susceptible to malicious prompt injection, data poisoning, and other adversarial attacks that may override guardrails, exfiltrate proprietary information, or render the system unavailable. Many artificial intelligence components incorporate open-source software, which may expose us to licensing disputes, hidden supply-chain vulnerabilities, and third-party intellectual-property claims. Increasing operational dependence on third-party artificial intelligence infrastructure and application programming interfaces means that any disruption, degradation, or modification of those services could interrupt our business, impair customer experience, and necessitate remediation expenses.

We have implemented a range of controls, namely, the Singapore Model AI Governance Framework, the industry-standard "Three Lines of Defense" for human oversight, input-sanitization routines, AI verify testing, open-source license audits, and documented fallback and rollback procedures, to identify, monitor, and mitigate these risks. However, no governance framework or technical safeguard can eliminate them entirely. Security controls may fail or be circumvented, model testing may not uncover latent defects, regulatory requirements may evolve faster than our ability to comply, and our continuity plans may not fully offset prolonged service outages. Any such failure could subject us to governmental investigations, civil or criminal penalties, injunctive relief, adverse publicity, loss of intellectual-property rights, or remediation costs, any of which may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***We may be unable to successfully implement our business strategies.***

We plan to grow our business by expanding and enhancing our service offerings, through our business strategies as follows:

● Broadening and enhancing our cybersecurity and digital solutions offerings;

● Expanding into cyber insurance brokerage services; and

● Increasing our market presence and expanding our geographical market reach.

In order to successfully implement these business strategies, we are required to attract suitable talents.

The execution of our business strategies is subject to additional expenditures, including operational expenditures, capital expenditures and other working capital requirements. Such additional expenditure will increase our operational cost including overhead costs, which may adversely affect our profit margin if we are unable to gain sufficient revenue by securing more sales or projects following the implementation of our business strategies. Furthermore, our business strategies may be influenced by factors beyond our control, such as changes in general market conditions, economic climate, political environment and countries in which our customers are domiciled, which may affect the commercial viability of our business strategies. The implementation of our business strategies could also be adversely affected by a variety of other factors such as new and unforeseen technologies used or introduced by our competitors or attractive pricing offered by our competitors, which may affect the attractiveness of our offerings.

Hence, there is no assurance that the effort and expenditures spent on the implementation of our business strategies will yield expected results in growing our business in terms of financial performance and market presence. There is also no assurance that we will be successful in executing our business strategies, nor that we will be able to anticipate all the business, operational and industry risks arising from our business strategies, failing of which may lead to an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***If we or our third-party vendors with whom we work with sustain a cyberattack or suffer private or data security breaches that disrupt our information systems or operations or result in the dissemination of sensitive personal data or confidential information, we could suffer increased costs, exposure to significant liability, adverse regulatory consequences, reputational harm, loss of business, and other serious negative consequences.***

As part of our normal operations, we routinely collect, process, store, and transmit large amounts of data, which we may share with our third-party vendors. This potentially includes personal data, as well as proprietary or confidential information relating to our business or customers.

Although we have and will continue to develop systems and processes designed to protect the data we manage, prevent data loss and other security breaches, effectively responding to known and potential risks, there can be no assurance that these security measures will provide absolute security or successfully prevent breaches or attacks. We have experienced from time to time, and may experience in the future, cyberattack attempts on our systems. To date, none of these attempts have been successful. Certain threat actors may be supported by significant financial and technological resources, making them increasingly difficult to detect. As a result, the costs and resources devoted to protecting against these advanced threats and their consequences may continue to increase over time.

Our systems, or those of our third-party vendors, are subject to a growing number of threats from computer programmers, hackers, and other adversaries that may be able to penetrate our network security and misappropriate our confidential information or that of third-parties, create system disruptions, or cause damage, security issues, or shutdowns. As the techniques used to circumvent, gain access to, or sabotage security systems can be highly sophisticated and change frequently, they may not be recognized until launched against a target, and may originate from less regulated and remote areas around the world. We may be unable to anticipate these techniques or implement adequate preventive measures, resulting in potential data loss and damage to our systems.

Our systems are also subject to compromise from internal threats such as improper action by employees, including malicious insiders, or by vendors, counterparties, and other third-parties with otherwise legitimate access to our systems. Our policies, employee training, procedures, and technical safeguards may not prevent all improper access to our network or proprietary or confidential information by employees, vendors, counterparties or other third-parties.

Any compromise or perceived compromise of the security of our systems or the systems of one or more of our vendors or service providers could damage our reputation and brand, cause the termination of relationships with our customers, result in disruption or interruption to our business operations, marketing partners and carriers, reduce demand for our services, result in improper disclosure of data and violations of applicable privacy and other laws, cause us to incur significant remediation costs and liquidated damages, and divert the attention of management from the operation of our business, and subject us to significant liability and expense, as well as regulation action fines, penalties and lawsuits, which would harm our business, operating results and financial condition.

Although we maintain insurance covering certain security and privacy damages and claim expenses on a project basis], we may not carry insurance or maintain coverage sufficient to compensate for all liability and, in any event, insurance coverage would not address the reputational damage that could result from a security incident or any regulatory actions or litigation that may result.

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***We are exposed to credit risk, late and default payments by customers.***

We generally grant our customers credit periods of between 7 and 30 days upon issuance of invoices, though we generally collect lump-sum payments upon such issuance. Some projects may also require upfront payments. In the event that payment is not received within the credit period or there is late or default in payment by our customers, our operating cash flows or financial results of operations may be adversely affected. In the event that there is any default or delay in the collection of payment, it will lead to impairment losses on trade receivables and/or bad debts which may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***A limited number of suppliers have accounted for a significant portion of our sales.***

A limited number of suppliers have accounted for a significant portion of our purchases. For the year ended March 31, 2025, vendors X and Y accounted for approximately 43% and 13% of our total purchases respectively. For the year ended March 31, 2024, vendors X and Z accounted for approximately 41% and 37% of our total purchases respectively. For the six months ended September 30, 2025, vendor W, X and Y accounted for approximately 39%, 29% and 13% of the Group's total purchases respectively. For the six months ended September 30, 2024, vendor V, X and Y accounted for approximately 21%, 30% and 20% for the Group's total purchases respectively.

As a result, we are dependent on a small number of key suppliers, which exposes us to a number of risks that could materially and adversely affect our business, financial condition, results of operations, and prospects. If any of our significant suppliers were to reduce, delay, or cancel their contracts with us, or if we are unable to identify and secure additional or replacement suppliers in a timely manner, our ability to procure necessary products and services could be disrupted, which may result in interruptions in our operations, delays in fulfilling customer orders, and loss of revenue. Furthermore, our significant suppliers may increase the prices they charge for their products and/or services or we may not be able to secure favorable terms or pass on any increase in costs on to our customers, which could impact our profit margins and financial performance. Further, if any of our key suppliers are unable to deliver products and/or services to us in a timely manner, our business and operations could be disrupted, resulting in production delays, increased costs, and potential damage to our reputation with customers. The financial instability or insolvency of any of our key suppliers could also result in sudden supply interruptions, loss of deposits or prepayments, and the need to quickly identify alternative sources, which may not be readily available or may be more costly. Any significant disruption in our relationships with our key suppliers, or any material adverse change in their ability or willingness to supply us, could have a material adverse effect on our business, financial condition, results of operations, and prospects, and we may not be able to quickly or effectively replace these suppliers or mitigate the impact of any such events.

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***Our deliverables are exposed to unexpected delays, interruptions or contract termination caused by operational factors, accidents and natural disasters beyond our control.***

The deliverables of our projects are subject to unexpected delays, interruptions or contract termination caused by factors beyond our control. For example, our customers may delay the completion of projects due to unforeseen circumstances, such as unexpected difficulties in accessing our customers' IT infrastructure due to sudden breakdowns or unscheduled system maintenance, or resignation of key project personnel. Our customers may also terminate our contract due to various reasons such as budget constraint or change of business decision.

If there are any delays caused by our customers which result in delays in our timing of project delivery, our financial performance will be affected. We are therefore dependent on the availability and cooperation of our customers to minimize delays in our deliverables.

Other unexpected events such as accidents and natural disasters may also cause temporary disruptions to our projects. Although, since the commencement of our business and up to the date of this prospectus, we have not encountered any delays or interruptions caused by operational factors, accidents and natural disasters beyond our control which adversely affected our financial performance and business operations, there is no assurance that such delays or interruptions caused by operational factors, accidents and natural disasters beyond our control will not happen in the future, of which it may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***We face risks related to natural disasters, health epidemics, macroeconomic factors and other uncontrollable events, which could significantly disrupt our operations.***

Our business may be adversely affected by instability, disruption or destruction in the geographic region of Singapore regardless of cause, including war, terrorism, riot, civil insurrection or social unrest, and natural or manmade disasters, including famine, flood, fire, earthquake, storm or pandemic events and spread of disease such as severe acute respiratory syndrome (SARS), H5N1 avian flu, Influenza A (H1N1), MERS, Ebola, COVID-19 and Mpox (formerly known as monkeypox). Such events may cause our customers to suspend their decisions on purchasing our products and/or services, as well as give rise to sudden significant changes in regional and global economic conditions and cycles. These events also pose significant risks to our personnel, physical facilities, and operations, which could materially adversely affect our financial results.

Since the COVID-19 pandemic and up to the date of this prospectus, we have had employees working from home during periods where the government implemented movement control measures and office closures, and there was no impact to our business operations arising from these periods where movement control measures and office closures were implemented. Although we have not experienced any material interruptions to our business operations arising from the COVID-19 pandemic up to the date of this prospectus, there is no assurance that there will not be any unfavorable impact or any project deferments and/or cancellations in the future, in the event of resurgence in COVID-19 cases and re-imposition of movement control measures and/or office closures which are beyond our control. In addition, a recent outbreak of Mpox has raised new public health concerns. Mpox, a viral disease that has seen a resurgence in certain regions, presents risks of further disruption to global, regional, and national economies. The disease has led to health advisories and could potentially result in travel restrictions, supply chain disruptions, and other challenges similar to those experienced during the COVID-19 pandemic.

Any significant disruption to transportation and travel, including travel restrictions and other potential protective quarantine measures by governmental agencies, may increase operational difficulties and could make it impossible for us to conduct on-site work for our customers. Furthermore, travel restrictions and protective measures could cause us to incur additional unexpected labor costs and expenses or could restrain our ability to retain highly skilled personnel we need for our operations, all of which could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

Our business may also be affected by macroeconomic factors, such as general economic conditions, level and volatility of economic growth, inflation, exchange rates, market sentiment and consumer confidence in the jurisdictions we operate in, trade tensions, social and political unrest, and regulatory, fiscal and other governmental policies, all of which are beyond our control. In particular, we are exposed to the risks of global trade wars and tariffs, which could disrupt the international trade flows and supply chains that are essential for our operations. Trade wars and tariffs could result in higher costs, lower demand, reduced market access, increased uncertainty, and retaliatory measures for products and services in various countries. Moreover, trade wars and tariffs could trigger or exacerbate geopolitical tensions, social unrest, and protectionist policies that could further undermine the stability and predictability of the global economic and regulatory environment. We cannot predict the outcome or duration of these trade conflicts or their impact on our business, financial condition, results of operations and/or prospects, which could be material and adverse.

Given the uncertainties as to the future economic outlook, there is no assurance that we will be able to maintain or continue to grow our revenue and profits, or that we will be able to react promptly to any change in economic conditions. In the event that we fail to react promptly to the changing economic conditions, our business, prospects and financial position could be adversely affected.

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***We operate in a highly competitive industry and face competition from existing and new IT solutions providers.***

The IT solutions industry in Singapore is competitive due to the large number and fragmented nature of industry players which are involved in the provision of cybersecurity services, including threat detection and response, vulnerability management, compliance advisory. These IT solution providers may comprise local companies in Singapore and foreign companies that may or may not have presence in Singapore and offer a wide range of cybersecurity solutions and services, including network security, endpoint security, cloud security, threat intelligence and managed security services.

In addition, other IT solution providers may enter the cybersecurity market and adapt to the latest digital technologies at a quicker pace. Therefore, they may be able to secure projects which require the development of digital solutions using these latest digital technologies. As such, these IT solution providers may gain a competitive edge over us, should we face challenges in adapting to the latest digital technologies in a timely manner. Additionally, competition from other IT solution providers may negatively impact our sales or increase the difficulty for us in securing future projects, all of which could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

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***We face risks of not adapting quickly to the latest technological developments.***

The IT solutions industry undergoes continuous and rapid technological developments, with increasing levels of complexity and evolving cyber threats. These developments require the adoption of advanced solutions to protect business operations and sensitive data for our customers. Our customers' needs for secure systems and protection against emerging threats may necessitate the implementation of cutting-edge cybersecurity technologies and practices.

Our ability to adapt to these changes and to remain technologically relevant will determine the sustainability of our business. There is no assurance that we will have sufficient resources to successfully and accurately anticipate technological changes and market trends, as well as the ability to adopt these latest digital technologies for the development of our digital solutions on a timely and cost-effective manner, all of which may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

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***Any failure to protect our cybersecurity systems and platforms against security breaches could damage our reputation and brand and adversely affect our business, reputation, financial condition and results of operations.***

Our business relies on the effectiveness of our cybersecurity systems and platforms to detect, prevent, and respond to cyber threats. While we have implemented various procedures and controls intended to monitor and mitigate security and cybersecurity threats, there is a risk that the measures we take to protect such information and data are insufficient to prevent security breaches or other unauthorized access or disclosure of the information and data. Any security breach, data loss, or other compromise, including, but not limited to those resulting from a cybersecurity attack, phishing attack, or any unauthorized access, unauthorized usage, virus or similar breach or disruption, whether intentional or inadvertent, could result in the access, public disclosure, loss or theft of our customers' and employees' confidential, sensitive and personal information, which could negatively affect our ability to attract new customers, result in significant reputational damage and subject us to significant lawsuits, regulatory fines, or other actions or liabilities, any of which could materially and adversely affect our business, reputation, financial condition and results of operations.

Further, as a provider of cybersecurity services, our reputation is directly tied to our ability to safeguard data and provide secure solutions. Any perceived or actual failure in our cybersecurity capabilities could result in the loss of existing customers, reduce demand for our services, and difficulties in acquiring new business which could adversely affect our financial performance, operational results, and long-term growth prospects.

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***If we are unable to maintain and protect our intellectual property, or if third-parties assert that we infringe on their intellectual property rights, our business could suffer.***

Our business depends, in part, on our ability to identify and protect proprietary information and other intellectual property such as our trademarks and business methods. We rely on trade secrets, confidentiality policies, non-disclosure and other contractual arrangements and copyright and trademark laws to protect our intellectual property rights. However, we may not adequately protect these rights, and their disclosure to, or use by, third-parties may harm our competitive position. Our inability to detect unauthorized use of, or to take appropriate or timely steps to enforce, our intellectual property rights may harm our business. Also, third-parties may claim that our business operations infringe on their intellectual property rights. These claims may harm our reputation, be a financial burden to defend, distract the attention of our management and prevent us from offering some services. Intellectual property is increasingly stored or carried on mobile devices, such as laptop computers, which increases the risk of inadvertent disclosure if the mobile devices are lost or stolen and the information has not been adequately safeguarded or encrypted. This also makes it easier for someone with access to our systems, or someone who gains unauthorized access, to steal information and use it to our disadvantage. Advances in technology, which permit increasingly large amounts of information to be stored on mobile devices or on third-party "cloud" servers, may increase these risks.

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***We are exposed to risks relating to the economic, political, legal and regulatory environments in the countries in which our customers are domiciled.***

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We operate in Singapore. In addition to our customers in Singapore, we also have customers from overseas countries in the Southeast Asia region in the financial years ended March 31, 2025 and 2024 and the six months ended September 30, 2025. Our business, financial condition, results of operations, cash flows and prospects may be affected by any adverse developments, changes and/or uncertainties in the economic, political, legal and regulatory environments that are beyond our control in the countries where we operate and transact business. These risks include unfavorable changes in political conditions, economic conditions, interest rates, government policies and regulations, import and export restrictions, duties and tariffs, civil unrest, methods of taxation, inflation and foreign exchange controls.

Any changes to the economic, political, legal and regulatory environments in the countries in which we have customers may cause disruptions in our delivery schedules, which may consequently cause a decline in our revenue or demand for our products and services. Such events may have a material adverse impact on our business and financial performance. Although, since the commencement of our business and up to the date of this prospectus, we have not experienced any disruptions in our project delivery schedules arising from adverse developments, changes and/or uncertainties in the economic, political, legal and regulatory environments in the countries in which our customers are domiciled, there is no assurance that we will not experience any disruptions in our project delivery schedules arising from adverse developments, changes and/or uncertainties in the economic, political, legal and regulatory environments in the countries in which our customers are domiciled in the future, which may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

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***If there is a significant reduction in demand for our cybersecurity products and services from the Singapore government, our business could suffer.***

A substantial portion of our revenue is derived from government contracts in Singapore, covering IT infrastructure, software implementation, system integration, cybersecurity, and managed services. For the fiscal years ended March 31, 2024 and 2025, government agencies in Singapore accounted for 47.8% and 22.4% of our total sales, respectively. For the six months ended September 30, 2025 and 2024, government agencies in Singapore accounted for 65.4% and 44.5% of our total sales, respectively. As a result, our financial performance is closely linked to the Singapore government's technology procurement cycles and annual IT budget allocations. Any delays, changes in procurement policies, budget constraints, or shifts in strategic priorities, such as vendor consolidation or in-sourcing, could materially affect our materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

There is no assurance that the Singapore government will continue to maintain the current level of spending on technological services and cybersecurity in the future. The government's spending budget for may change from year to year, influenced by various factors such as the Singapore government's policy in relation to the technology and cybersecurity, the general financial health of the government, and the general economic conditions in Singapore.

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***If we pursue strategic acquisitions or joint ventures, we may be unable to successfully consummate favorable transactions or successfully integrate acquired businesses.***

 

***We intend to utilize a portion of the net proceeds from this offering for business expansion but may face problems in the implementation of such expansion plans and the actual capital expenditure necessary for such expansion may significantly exceed our budgets or we may be unable to maximize returns from the capital expenditure.***

We propose to utilize a portion of the net proceeds from this offering towards business expansion by strengthening our market position, expanding the scope of our product offerings, engaging in strategic acquisitions and joint venture partnerships, and investing in equipment and technology. While, as of the date of this prospectus, we have not identified any such strategic acquisitions or have any concrete plans for investments in equipment and technology, any future capital expenditure may be subject to the potential problems and uncertainties that such business expansion activities face, including cost overruns or delays. Issues that could adversely affect the implementation of such expansion plans include labor shortages, increased costs of equipment or manpower, inadequate performance of equipment and machinery, delays in completion, the possibility of unanticipated future regulatory restrictions, delays in receiving governmental, statutory and other regulatory approvals, incremental pre-operating expenses, taxes and duties, interest and finance charges, working capital margin, environment and ecology costs and other external factors which may not be within the control of our management. There is no assurance that our business expansion plans will be completed as planned or on schedule, and any delay could have an adverse impact on our growth, business, financial condition, results of operations, cash flows and prospects.

In addition, if the actual capital expenditure significantly exceeds our budgets and we do not have sufficient financial resources (including the net proceeds from this offering) to meet the requirements of any proposed business expansion plans, we may need to utilize external financing sources to fund the balance at additional finance costs, and the proposed business expansion plans may not be completed as planned or on schedule, if at all. Even if our budgets were sufficient to cover such activities, we may be unable to achieve the intended economic benefits of such capital expenditure, which in turn may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects. Furthermore, even if we are able to raise adequate capital to fund our capital expenditure in maintaining and growing our business, there is no assurance that we will be able to maximize the utility and profitability of any companies that we may acquire or invest in, or equipment and technology that we may invest in. This may occur for various reasons, and we may therefore not be able to fully maximize returns from our capital expenditure.

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***If we are unable to raise additional capital, our business prospects could be adversely affected.***

We intend to fund our expansion plans through our cash on hand, cash flow from operations and the net proceeds from this offering. We will continue to incur significant expenditures to maintain and grow our existing business. There is no assurance that we will have sufficient capital resources for our current operations or any future expansion plans that we may have. While we expect our cash on hand and cash flow from operations to be adequate to fund our existing commitments, our ability to incur any future borrowings is dependent on the success of our operations. Additionally, the inability to obtain sufficient financing could adversely affect our ability to complete expansion plans. Our ability to arrange financing and the costs of capital of such financing are dependent on numerous factors, including general economic and capital market conditions, credit availability from banks, investor confidence, the continued success of our operations and other laws that are conducive to our raising capital in this manner. If we decide to meet our capital requirements through debt financing, we may be subject to certain restrictive covenants. If we are unable to raise adequate capital in a timely manner and on acceptable terms, or at all, our business, financial condition, results of operations, cash flows and prospects could be adversely affected.

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***Our insurance coverage may be inadequate.***

We maintain insurance coverage for our operations, including insurance covering breaches of personal data laws, contractual liability in providing technology products or technology services, and intellectual property claimed. However, we do not have or are unable to obtain insurance in respect of losses arising from certain operating risks, such as acts of terrorism. Our insurance policies may be insufficient to cover all of our losses in all events. The occurrence of certain incidents, including fraud, confiscation by investigating authorities or misconduct committed by our employees or third-parties, severe weather conditions, war, flooding and power outages may not be covered adequately, if at all, by our insurance policies. If our losses exceed the insurance coverage or are not covered by our insurance policies, we may be liable to bear such losses. Our insurance premiums may also increase substantially due to claims made. In such circumstances, our business, financial condition, results of operations and prospects may be materially and adversely affected.

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***We are required by some of our customers to arrange performance bonds or banker's guarantees to secure our due performance of contracts.***

We are required by some of our customers to take out performance bonds or banker's guarantees at a fixed sum or a certain percentage of the contract sum to secure due performance and compliance with our contractual obligations. In lieu of performance bonds or banker's guarantees, we may be required to place cash deposit. In the event that we default on our contractual obligations, our customer will be entitled to call on the bond with the financial institution. If the performance bond is called upon, we will be required to indemnify the relevant financial institution for such payment, and our liquidity, business, reputation, financial performance, financial position and prospects may be adversely affected. The amount paid up for the performance bonds may be locked up for a prolonged period of time, depending on contract period. Further, we cannot guarantee we will not undertake projects which have performance bonds requirements in the future, and should we fail to satisfactorily complete our contracted works, the amount paid up for the performance bonds may not be released to us, which may adversely affect our cash flows and financial position. Similarly, should we not satisfactorily complete our contracted works, we may not receive the full amount of the monies upon the completion of the project. In such event, our financial performance and cashflows will be materially and adversely affected.

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***We are subject to evolving laws, regulations, standards and policies, and any actual or perceived failure to comply could harm our brands and reputation, subject us to significant fines and liability, or otherwise adversely affect our business.***

The laws, regulations, standards and policies governing the provision of IT solutions services vary from jurisdiction to jurisdiction. The application of these types of laws to our operations continues to be difficult to predict and could pose operational challenges for us in the future. As laws vary from jurisdiction to jurisdiction, our services must be continually monitored for compliance with the various rules and requirements, which may change from time to time. Furthermore, the costs of compliance, including remediation of any discovered issues and any changes to our operations mandated by new or amended laws, may be significant, and any failures to comply could result in additional expenses, delays or fines. The applicable laws, regulations, standards and policies relating to the provision of IT solutions in the different jurisdictions in which our customers are located in continue to rapidly change, which increases the likelihood of a patchwork of complex or conflicting regulations, or which could adversely increase our compliance costs or otherwise materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

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***We may be involved in certain legal proceedings from time to time. Any adverse decision arising from such proceedings may render us liable to liabilities and may adversely affect our business, financial condition, results of operations, cash flows and prospects.***

We may be involved in legal proceedings from time to time. In addition to the related costs, managing and defending litigation proceedings may divert our management's attention. We may also need to pay damages to settle claims with a substantial amount of cash. Any of these could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***Our revenue and net income may be materially and adversely affected by any economic slowdown or developments in the social, political, regulatory and economic environments in any regions of Southeast Asia as well as globally.***

We may be adversely affected by social, political, regulatory and economic developments in countries in which we operate. We derive a substantial part of our revenue from Southeast Asia and are exposed to political and economic uncertainties, including, but not limited to, the risks of war, terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls and methods of taxation that affect consumer confidence, consumer spending, consumer discretionary income or changes in consumer purchasing habits. As a result, our revenue and net income could be impacted to a significant extent by economic conditions in Southeast Asia and globally.

While the Southeast Asia economy, as a whole, has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. Any adverse changes in economic conditions in Southeast Asia or in other markets in neighboring regions, or in the policies of the governments or of the laws and regulations in each respective market could have a material adverse effect on the overall economic growth of Southeast Asia. Such developments could adversely affect our business and operating results, lead to reduction in demand for our offerings and adversely affect our competitive position. Many of the governments in Southeast Asia have implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall economy but may have a negative effect on us. We are exposed to the risk of rental and other cost increases due to potential inflation in the markets in which we operate. In the past, some of the governments in Southeast Asia have implemented certain measures, including interest rate adjustments, currency trading band adjustments and exchange rate controls, to control the pace of economic growth. These measures may cause decreased economic activity in Southeast Asia, which may adversely affect our business, financial condition, results of operations and prospects.

In addition, some Southeast Asia markets have experienced, and may in the future experience, political instability, including strikes, demonstrations, protests, marches, coups d'état, guerilla activity or other types of civil disorder. These instabilities and any adverse changes in the political environment could increase our costs, increase our exposure to legal and business risks, disrupt our office operations or affect our ability to expand our use.

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***Our recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future.***

Our total revenue for fiscal years ended March 31, 2025 and 2024 was approximately S$10.5 million (US$7.8 million) and S$9.5 million, respectively. For the six months ended September 30, 2025 and 2024, our total revenue was approximately S$5.0 million (US$3.9 million) and S$4.7 million, respectively. You should not rely on the revenue growth of any prior period as an indication of our future performance. As a result of our limited operating history, our ability to accurately forecast our future results of operations is limited and subject to a number of uncertainties, including our ability to plan for and model future growth.

Furthermore, our revenue could decline, or our revenue growth rate could slow. This may be attributed to factors such as technological changes, increased competition, slowing demand for the DevSecOps platforms, the maturation of our business, and a global economic downturn, among others. This in turn could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***Amendments to tax laws or tax rulings could adversely affect our effective tax rates, financial condition and results of operations.***

The tax regimes we are subject to or operate under may be subject to significant change. This challenge is increased by the global nature of our operations. Changes in tax laws or tax rulings, or changes in the interpretations of existing laws, could cause us to be subject to additional income-based taxes and non-income taxes, including payroll, sales, use, value-added, digital tax, net worth and good and services taxes, which in turn could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

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***We may need additional capital but may not be able to obtain it on favorable terms or at all.***

We may require additional cash resources due to future growth and development of our business, including any investments or acquisitions we may decide to pursue. If our cash resources are insufficient to satisfy our cash requirements, we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities. Our ability to obtain external financing in the future is subject to a variety of uncertainties, including our future financial condition, results of operations, cash flows, share price performance, and liquidity of international capital and lending markets. In addition, incurring indebtedness would subject us to increased debt service obligations and could result in operating and financing covenants that would restrict our operations. There can be no assurance that financing will be available in a timely manner or in amounts or on terms acceptable to us, or at all. Any failure to raise needed funds on terms favorable to us, or at all, could severely restrict our liquidity as well as have a material adverse effect on our business, financial condition and results of operations. Moreover, any issuance of equity or equity-linked securities could result in significant dilution to our existing shareholders.

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***Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.***

Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and resources to address our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements for the fiscal years ended March 31, 2024 and 2025, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting as well as other control deficiencies for the above-mentioned periods. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting. There is a reasonable possibility that a material misstatement in our annual or interim financial statements may not be prevented or detected on a timely basis. The material weakness identified is related to (i) inadequate segregation of duties for certain key functions due to limited staff and resources; and (ii) a lack of independent directors and an audit committee.

We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including (i) hiring more qualified staff to fill up the key roles in the operations; (ii) appointing independent directors; (iii) establishing an audit committee; and (iv) strengthening our corporate governance. We intend to implement the above measures prior to the listing and we expect the remediation to be completed upon listing.

Effective internal control over financial reporting is important to prevent fraud. The market for and trading price of our Class A Ordinary Shares may be materially and adversely affected if we do not have effective internal controls. We may not be able to discover problems in a timely manner and our current and potential shareholders may lose confidence in our financial reporting, which may harm our business and the trading price of our Class A Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing our Class A Ordinary Shares and may make it more difficult for us to raise funds in debt or equity financing. Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our stock price may decline and we may be unable to maintain compliance with the NYSE American Company Guide.

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***Because we are incorporated under the laws of the Cayman Islands, our Controlling Shareholder may exercise their powers as shareholders, including the exercise of voting rights in respect of their shares, in such manner as they think fit. You may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal or state courts may be limited.***

While under Delaware law, controlling shareholders owe fiduciary duties to the companies they control and their minority shareholders, under Cayman Islands law, our Controlling Shareholder does not owe any such fiduciary duties to our company or to our minority shareholders. Accordingly, our Controlling Shareholder may exercise their powers as shareholders, including the exercise of voting rights in respect of their shares, in such manner as they think fit.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association, a list of the current directors of the company, the register of mortgages and charges and any special resolutions passed by our shareholders) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our Amended and Restated Memorandum and Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders unless required by the Companies Act of the Cayman Islands or other applicable law or authorized by the directors or by ordinary resolution. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practices with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of our board of directors or Controlling Shareholder than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act of the Cayman Islands and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital — Comparison of Cayman Islands Corporate Law and U.S. Corporate Law."

**Risks Related to Our Class A Ordinary Shares and This Offering**

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***There has been no public market for our Class A Ordinary Shares prior to the completion of this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all.***

Prior to the completion of this offering, there has not been a public market for our Class A Ordinary Shares. We plan to apply for the listing of our Class A Ordinary Shares on the NYSE American. An active public market for our Class A Ordinary Shares, however, may not develop or be sustained after this offering, in which case the market price and liquidity of our Class A Ordinary Shares will be materially and adversely affected.

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***The initial public offering price for our Class A Ordinary 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 Class A Ordinary 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 Class A Ordinary 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 Class A Ordinary Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

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***You will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased.***

The initial public offering price of our Class A Ordinary Shares is substantially higher than the (pro forma) net tangible book value per share of our Class A Ordinary Shares. Consequently, when you purchase our Class A Ordinary Shares in this offering, upon completion of this offering you will incur immediate dilution of $4.27 per share, assuming an initial public offering price of US$4.50 per Class A Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus. See "*Dilution*." In addition, you may experience further dilution to the extent that additional Class A Ordinary Shares are issued upon exercise of outstanding options we may grant from time to time.

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***We are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies.***

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.

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***As an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our Class A Ordinary Shares less attractive to investors.***

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, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and 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. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our share price may be more volatile.

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***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, as well as rules subsequently implemented by the SEC and NYSE American, 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 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.

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 Class A Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior April 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 have been 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.

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***We do not intend to pay dividends for the foreseeable future.***

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A Ordinary Shares if the market price of our Class A Ordinary Shares increases.

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***If securities or industry analysts do not publish research or reports about our business, or if they publish a negative report regarding our Class A Ordinary Shares, the price of our Class A Ordinary Shares and trading volume could decline.***

Any trading market for our Class A Ordinary Shares may depend in part on the research and reports that industry or securities analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade us, the price of our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our Class A Ordinary Shares and the trading volume to decline.

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

The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Class A Ordinary Shares following our initial public offering. If you purchase our Class A Ordinary 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 Class A Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our Class A Ordinary Shares that have occurred from time to time prior to the completion of our initial public offering. The market price of our Class A Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in our revenue and other operating results;

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

● 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;

● announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

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

● lawsuits threatened or filed against us; and

● 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 action 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 adversely affect our business.

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

We anticipate that we will use the net proceeds from this offering for the expansion of our core technology's functionality and value, strategic development and scaling of our business and operational footprint, exploration for potential mergers and acquisitions (with no current commitments in place), and general administration and 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 net proceeds in ways that do not improve our results of operations or enhance the market price of our Class A Ordinary Shares.

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***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.

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***Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders.***

As of the date of this prospectus, our Controlling Shareholder holds 57.4% or more of our issued and outstanding Ordinary Shares. After this offering, the Controlling Shareholder will hold 80.6% or more of our voting rights. As a result, Our Controlling Shareholder will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. The interests of our Controlling Shareholder may not be the same as or may even conflict with your interests. For example our Controlling Shareholder could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Class A Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

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***Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.***

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, our Controlling Shareholder will beneficially own 80.6% of the aggregate voting power of our Company immediately following the completion of this offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that he may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

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***We cannot predict the effect our dual-class structure may have on the market price of our Class A Ordinary Shares.***

We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple-class share structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual-class structure of our Ordinary Shares would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices would not invest in our Class A Ordinary Shares. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our ordinary shares, we will likely be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. As a result, the market price of our Class A Ordinary Shares could be adversely affected.

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***As a foreign private issuer and "controlled company" within the meaning of the NYSE American's corporate governance rules, we are permitted to rely on exemptions from certain of the NYSE American corporate governance standards. Our choice to rely on such exemptions may afford less protection to holders of our Class A Ordinary Shares. We intend to comply with the Corporate Governance rules of NYSE American applicable to foreign private issuers and do not intend to rely on such controlled company exemptions.***

The corporate governance rules of the NYSE American require listed companies to have, among other things, a majority of independent board members and independent director oversight of executive compensation, nomination of directors and corporate governance matters. As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. If we choose to rely on the foreign private issuer exemption to certain of the NYSE American corporate governance standards, a majority of the directors on our board of directors will not be required to be independent directors, our remuneration committee will not be required to be comprised entirely of independent directors and we will not be required to have a nominating committee. Therefore, our board of directors approach to governance will be different from that of a board of directors consisting of a majority of independent directors, and, as a result, the management oversight of our Company may be more limited than if we were subject to all of the NYSE American corporate governance standards.

A "controlled company" under the NYSE American corporate governance rules is a company of which more than 50% of the voting power is held by an individual, group or another company. Following this offering, our principal shareholder will control a majority of the voting power of our outstanding ordinary shares, making us a "controlled company" within the meaning of the NYSE American corporate governance rules. As a controlled company, if we may elect not to comply with certain of the NYSE American corporate governance standards, including the requirement that a majority of directors on our board of directors are independent directors and the requirement that our remuneration committee and our nominating committee consist entirely of independent directors.

Should we choose to rely on the above exemptions, our shareholders will not have the same protection afforded to shareholders of companies that are subject to all of the NYSE American corporate governance standards, and the ability of our independent directors to influence our business policies and affairs may be reduced. However, we intend to comply with the NYSE American corporate governance rules applicable to foreign private issuers and do not intend to rely on the above exemptions of controlled company.

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***Although as a Foreign Private Issuer we are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the NYSE American, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We will seek to have our securities approved for listing on the NYSE American upon consummation of this offering. There is no assurance that we will be able to meet those initial listing requirements at that time. Even if our securities are listed on the NYSE American, we cannot assure you that our securities will continue to be listed on the NYSE American.

In addition, following this offering, in order to maintain our listing on the NYSE American, we will be required to comply with certain rules of the NYSE American, including those regarding minimum stockholders' equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing requirements and other applicable rules of the NYSE American, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the NYSE American criteria for maintaining our listing, our securities could be subject to delisting.

If the NYSE American does not list our securities, or subsequently delists our securities from trading, we could face significant consequences, including:

● a limited availability for market quotations for our securities;

● reduced liquidity with respect to our securities;

● a determination that our Class A Ordinary Share is a "penny stock," which will require brokers trading in our Class A Ordinary Share to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Ordinary Share;

● limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

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***Anti-takeover provisions in our Amended and Restated Memorandum and Articles of Association may discourage, delay, or prevent a change in control.***

Some provisions of our Amended and Restated Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable, including, among other things, the following:

● provisions that authorize our board of directors to issue preference shares in one or more series and to designate the rights, preferences and restrictions of such preference shares without any further vote or action by our shareholders; and

● provisions that limit the ability of our shareholders to requisition and convene general meetings of shareholders.

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***Our board of directors may decline to register transfers of Ordinary Shares in certain circumstances.***

Except in connection with the settlement of trades, transactions or transfers of Ordinary Shares entered into through the facilities of a stock exchange or automated quotation system on which our Ordinary Shares are listed or traded from time to time, our board of directors may, in its sole discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our directors may also decline to register any transfer of any Ordinary Share unless (i) the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; (ii) the instrument of transfer is in respect of only one class of shares; (iii) the instrument of transfer is properly stamped, if required; (iv) in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four; (v) the shares transferred are free of any lien in favor of us; and (vi) a fee of such maximum sum as the NYSE American may determine to be payable, or such lesser sum as our board of directors may from time to time require, is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two calendar months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal. The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and our register of members closed at such times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register of members closed for more than 30 calendar days in any calendar year.

This, however, is unlikely to affect market transactions of the Class A Ordinary Shares purchased by investors in the public offering. Once the Class A Ordinary Shares have been listed on the NYSE American, the legal title to such Class A Ordinary Shares and the registration details of those Class A Ordinary Shares in the Company's register of members will remain with DTC/Cede & Co. All market transactions with respect to those Class A Ordinary Shares will then be carried out without the need for any kind of registration by the directors, as the market transactions will all be conducted through the Depository Trust Company ("**DTC**") systems.

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***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 Class A Ordinary 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, 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. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our share price may be more volatile.

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***The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.***

Our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, by the Companies Act and by the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States. Therefore, our public shareholders may have more difficulty protecting their interests in the face of actions by our management, directors or Controlling Shareholder than they would as public shareholders of a corporation incorporated in a jurisdiction in the United States.

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***You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.***

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. These rights, however, may be provided in a company's articles of association. Our Amended and Restated Memorandum and Articles of Association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of the Company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Advance notice of not less than seven clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for a general meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present in person, through their authorized representative or by proxy one or more shareholders holding shares which carry in aggregate not less than a majority of all votes attaching to all shares in issue and entitled to vote on resolutions of shareholders to be considered at the meeting.

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***If we are classified as a passive foreign investment company, United States taxpayers who own our Class A Ordinary Shares may have adverse United States federal income tax consequences.***

In general, we will be treated as a passive foreign investment company ("**PFIC**") for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, 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. Holder (as defined in the Section of this prospectus captioned "Material U.S. Federal Income Tax Considerations") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. We are not currently expected to be treated as a PFIC for U.S. federal income tax purposes, but this conclusion is a factual determination made annually and, thus, is subject to change. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

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

Sales of Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of the Class A Ordinary Shares to decline. Immediately after the completion of this offering, we will have 32,410,539 Class A Ordinary Shares outstanding, assuming the underwriters do not exercise their over-allotment option. All Class A Ordinary Shares sold in this offering will be freely transferable without restriction or additional registration under the Securities Act of 1933, as amended, or the Securities Act. The Company and our executive officers and directors have agreed not to sell, transfer or dispose of, directly or indirectly, any of our Class A Ordinary Shares, or securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares, for a period of 180 days following the effective date of the registration statement of which this prospectus forms a part, subject to certain exceptions. Class A Ordinary Shares subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up agreements, subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. To the extent shares are released before the expiration of the lock-up period and sold into the market, the market price of the Class A Ordinary Shares could decline. Moreover, the perceived risk of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Class A Ordinary Shares. These sales also may make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate. See also "*Risk Factors — 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.*" and "*Shares Eligible for Future Sale"* for more information.

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***Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.***

If we make a liquidating distribution, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves and our company to claims, by paying public shareholders prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or its share premium account, provided that in no circumstances may a dividend be paid out of the share premium account if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Our Company and any director or manager of the Company who knowingly and willfully authorizes or permits any distribution or dividend to be paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business would commit an offence and may be liable to a fine of Cayman Islands dollars 15,000 and to imprisonment for five years in the Cayman Islands.

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***You may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, as amended and by the Companies Act (As Revised) and common law of the Cayman Islands. The rights of shareholders to take legal action against our directors, officers and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law. Decisions of the English courts are generally of persuasive authority but are not binding on the courts of the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States, and provides significantly less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before the U.S. federal courts. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

The courts of the Cayman Islands are unlikely (i) to recognize or enforce judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state securities laws; and (ii) in original actions brought in the Cayman Islands, to impose liabilities predicated upon the civil liability provisions of the federal securities laws of the United States or any state securities laws, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

Currently, all of our operations are conducted outside the United States, and substantially all of our assets are located outside the United States. All of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

As a result of all of the above, our shareholders may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

**Risks Related to Regulations and Litigation**

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***We are subject to evolving laws, regulations, standards and policies, and any actual or perceived failure to comply could harm our brand and reputation, subject us to significant fines and liability, or otherwise adversely affect our business.***

The laws, regulations, standards and policies governing the provision of entertainment events management services vary from jurisdiction to jurisdiction. The application of these types of laws to our operations continues to be difficult to predict but could pose operational challenges for us in the future. Because laws vary from jurisdiction to jurisdiction, our services must be continually monitored for compliance with the various rules and requirements, which may change from time to time. Furthermore, the costs of compliance, including remediation of any discovered issues and any changes to our operations mandated by new or amended laws, may be significant, and any failures to comply could result in additional expenses, delays or fines. The applicable laws, regulations, standards and policies relating to the provision of entertainment events management services in the different jurisdictions in which our customers are located in continue to rapidly change, which increases the likelihood of a patchwork of complex or conflicting regulations, or which could adversely increase our compliance costs or otherwise materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.

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***We may be involved in certain legal proceedings from time to time. Any adverse decision in such proceedings may render us liable to liabilities and may adversely affect our business, financial condition, results of operations, cash flows and prospects.***

We may be involved in legal proceedings from time to time. In addition to the related cost, managing and defending litigation can divert our management's attention. We may also need to pay damages to settle claims with a substantial amount of cash. Any of these could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements, all of which are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this prospectus. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

● our future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;

● our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals;

● current and future economic and political conditions;

● our expectations regarding demand for and market acceptance of our services and the products and services we assist the distributions of;

● our expectations regarding our client base;

● competition in our industry;

● relevant government policies and regulations relating to our industry;

● our capital requirements and our ability to raise any additional financing which we may require;

● overall industry and market performance; and

● other assumptions described in this prospectus underlying or relating to any forward-looking statements.

We describe material risks, uncertainties and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

**Industry Data and Forecasts**

This prospectus contains certain data and information that we obtained from various government and industry publications through publicly available sources. Statistical data in these publications may include projections based on a number of assumptions. Our industry may not grow at the rate projected by market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Ordinary Shares. In addition, the new and rapidly changing nature of the IT solutions industry, especially the increase in online activities among players at different stages of the production chain results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our operations. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**USE OF PROCEEDS**

After deducting the estimated underwriters' discount, the non-accountable expense allowance and other offering expenses payable by us, we expect to receive net proceeds of approximately $9.2 million (or $10.8 million) in the aggregate if the underwriters exercise their over-allotment option in full) from this offering.

We intend to use the net proceeds of this offering as follows, after we complete the remittance process:

● approximately 20% for expansion of our core technology's functionality and value through targeted product development;

● approximately 25% for strategic development and scaling of our business and operational footprint;

● approximately 30% for exploration of potential mergers and acquisitions, with no current commitments in place; and

● approximately 25% for general administration, working capital and loan repayment.

The precise amounts and percentage of proceeds we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change the use of proceeds that we presently anticipate and describe herein.

The foregoing is set forth based on the order of priority of each purpose and represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this 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.

**DIVIDEND POLICY**

We have not previously declared or paid any cash dividends and have no formal dividend policy. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our ability to pay dividends on our Class A Ordinary Shares is limited by various factors such as our future financial performance and bank covenants. Any future determination to pay dividends will be at the discretion of our Board of Directors, subject to compliance with covenants in current and future agreements governing our and our subsidiaries' indebtedness, and will depend on our results of operations, financial condition, capital requirements and other factors that our Board of Directors may deem relevant. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium, provided that in no circumstances may a dividend be paid if following such payment the Company would be unable to pay its debts as they fall due in the ordinary course of business.

**CAPITALIZATION**

The following tables set forth our cash and cash equivalents and capitalization as of September 30, 2025:

● on an actual basis; on a pro forma basis to reflect the issued and outstanding 29,910,539 Class A Ordinary Shares and 2,589,461 Class B Ordinary Shares effected on December 8, 2025; and

● on an as adjusted basis to reflect the issuance and sale of 2,500,000 Class A Ordinary Shares at an assumed initial public offering price of $4.50 per Class A Ordinary Shares, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.

You should read the tables together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | |
|  | **Actual** | **Pro forma<sup>(1)</sup>** | **Pro forma as**<br>**adjusted<sup>(2)</sup>** |
|  | **(in US$)** | **(in US$)** | **(in US$)** |
| Cash and cash equivalents | 468879 | 468879 | 468879 |
| Current liabilities: |  |  |  |
| Bank borrowings | 1894765 | 1894765 | 1894765 |
| Non-current liabilities: |  |  |  |
| Bank borrowings | 1252383 | 1252383 | 1252383 |
| Equity: |  |  |  |
| Class A Ordinary Shares, US$0.0001 par value, 350,000,000 shares authorized as of September 30, 2025; nil issued and outstanding on an actual basis as of September 30, 2025; 29,910,539 shares issued and outstanding on a pro forma basis; 32,410,539 shares issued and outstanding on a pro forma as adjusted basis |  | 2991 | 3241 |
| Class B Ordinary Shares, US$0.0001 par value, 150,000,000 shares authorized as of September 30, 2025; 1 share issued and outstanding on an actual basis as of September 30, 2025; 2,589,461 shares issued and outstanding on a pro forma basis; 2,589,461 issued and outstanding on a pro forma as adjusted basis |  | 259 | 259 |
| Additional paid-in capital | 3922883 | 3919633 | 13154283 |
| Accumulated and other comprehensive loss | 6491 | 6491 | 6491 |
| Accumulated deficit | (4206051) | (4206051) | (4206051) |
| Total equity | (276677) | (276677) | (276677) |
| Total capitalization | 3339350 | 3339350 | 12574250 |

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(1) Reflects the issued and outstanding 29,910,539 Class A Ordinary Shares and 2,589,461 Class B Ordinary Shares effected on December 8, 2025 .

(2) Reflects the issuance and sale of 2,500,000 Class A Ordinary Shares at an assumed initial public offering price of $4.50 per Class A Ordinary Shares, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. The pro forma as adjusted information discussed above is illustrative only and is subject to adjustments based on the actual net proceeds to be received by us from this Offering.

**DILUTION**

If you invest in our Class A Ordinary Shares, you will incur immediate dilution since the public offering price per share you will pay in this offering is more than the net tangible book value per Class A Ordinary Share immediately after this offering.

The net tangible liabilities book value of our Class A Ordinary Shares as of September 30, 2025 was US$1.6 million, or US$1.6 million per share and US$0.05 per share on pro forma basis. Net tangible liabilities book value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities, divided by the total number of ordinary shares (including both Class A and Class B Ordinary Shares). Tangible assets equal our total assets less intangible assets, operating lease right-of-use assets and deferred offering cost.

The dilution in net tangible book value per share to new investors, represents the difference between the amount per share paid by purchasers of shares in this offering and the pro forma net tangible book value per share immediately after completion of this offering. After giving effect to the sale of the 2,500,000 shares being sold pursuant to this offering price of $4.50 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting underwriters' discount, the non-accountable expense allowance and estimated offering expenses, our as adjusted net tangible book value would be approximately US$8.2 million or US$0.23 per ordinary share (including both Classes A and B Ordinary Shares). This represents an immediate increase in net tangible book value of US$0.28 per share to existing shareholders and an immediate decrease in net tangible book value of US$4.27 per share to new investors purchasing the shares in this offering.

The following table illustrates this per share dilution:

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| | |
|:---|:---|
|  | **As of**<br> **September 30,** <br> **2025** |
| Assumed initial public offering price per Class A Ordinary Share | $4.50 |
| Net tangible liabilities book value per share as of September 30, 2025 | $(0.05) |
| Increase in net tangible book value per share attributable to existing shareholders | $0.28 |
| As adjusted net tangible book value per share after this offering | $0.23 |
| Dilution per Class A Ordinary Share to new investors | $4.27 |

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Our as adjusted net tangible book value after this offering, and the decrease to new investors in this offering, will change from the amounts shown above if the underwriters' over-allotment option is exercised.

The following table sets forth, on a as adjusted basis as of September 30, 2025, the difference between the number of Class A Ordinary Shares purchased from us, the total cash consideration paid, and the average price per share paid by our existing shareholders and by new public investors before deducting estimated underwriters' discounts, non-accountable expense allowance and estimated offering expenses payable by us, using an assumed public offering price of US$4.50 per Class A Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Ordinary Shares Purchased** | **Class A<br> Ordinary Shares Purchased** | **Class B <br> Ordinary Shares Purchased** | **Class B <br> Ordinary Shares Purchased** | **Total Consideration ($)** | **Total Consideration ($)** | |
|  | **Number** | **Percent** | **Number** | **Percentage** | **Amount** | **Percent** | **Average <br> Price Per<br> Ordinary**<br>**Share** |
| Existing shareholders | 29910539 | 92.3% | 2589461 | 100% | 3922883 | 25.9% | $0.12 |
| New investors from public offering | 2500000 | 7.7% |  |  | 11250000 | 74.1% | $4.50 |
| Total | 32410539 | 100.0% | 2589461 | 100% | 15172883 | 100.0% | $0.43 |

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The as adjusted 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 Class A Ordinary Shares and other terms of this offering determined at pricing.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*The following discussion and analysis of its financial condition and results of operations should be read in conjunction with the financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Its actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

**Overview**

We are a Singapore-based cybersecurity and digital transformation company providing end-to-end technology solutions to public sector agencies and private enterprises across Southeast Asia. Since our establishment in 2011, we have evolved from a media business into a multidisciplinary technology firm with core focus in cybersecurity, artificial intelligence ("**AI**"), Internet of Things ("**IoT**"), cloud computing, and secured digital infrastructure.

Our mission is to help organizations modernize, secure, and manage our clients' technology environments effectively in an increasingly complex and regulated digital landscape. By integrating security at every stage of the digital transformation journey, we enable our clients to operate with greater confidence, resilience, and operational efficiency.

We deliver our solutions through four principal business segments: (i) Cybersecurity Solutions; (ii) DevSecOps Integration Services; (iii) Security Operations Centre ("**SOC**") Management Services; and (iv) Secured Media and Information Technology Management Solutions ("**ITMS**"). These offerings are supported by our in-house team of engineers, developers, and cybersecurity professionals, and reinforced through strategic partnerships with global technology providers.

Operating under an asset-light model, we have successfully executed large-scale projects for government agencies and enterprises in key industries such as financial services, healthcare, manufacturing, logistics, and education. With operations in Singapore and Vietnam, we are well-positioned to capture growth opportunities as the demand for secure and scalable digital solutions continues to rise across the region.

For the year ended March 31, 2025 our gross profit increased to S$2,990,140 (US$2,223,980), representing a 251.3% year-over-year increase from S$851,149 for the year ended March 31, 2024. Although we experienced an operating loss of S$619,492 for the year ended March 31, 2024, we achieved an operating profit of S$1,567,814 (US$1,166,096) for the year ended March 31, 2025, reflecting a 353.1% improvement year-over-year.

For six months ended September 30, 2025, our gross profit decreased to S$247,399 (US$191,745), representing a 48.9% decline from S$483,940 in September 30, 2024. The reduction was primarily due to a 12.1% increase in cost of revenues to S$4,750,523 (September 30, 2024: S$4,238,140), which outpaced the 5.8% growth in revenue to S$4,997,922 (September 30, 2024: S$4,722,080).

The higher cost of revenues was mainly attributable to increased subcontractor, staff cost and project-related costs associated with new projects and expanded service scope during the period. These investments were aimed at supporting revenue growth and enhancing project delivery capabilities. While this resulted in a lower gross margin compared to the prior period, management views the cost increase as a strategic investment in capacity building to position the Group for sustainable growth in future periods.

**Principal Factors Affecting Our Financial Performance**

Our operating results are primarily affected by the following factors:

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***1.***  ***Demand for Cybersecurity and Digital Transformation Services*** 

The level of demand for cybersecurity and digital transformation services directly impacts our revenue growth. This demand is driven by rising cyber threats, increasing regulatory requirements, and the growing need for digital resilience across both public and private sectors. Continued digitalization across industries such as government, healthcare, finance, logistics, and manufacturing in Southeast Asia has contributed to increased client engagement and contract value.

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***2.***  ***Success in Securing Government and Enterprise Contracts*** 

Our ability to secure large-scale, long-term contracts with government agencies and regulated industries is a key factor influencing our revenue stability and financial performance. We have secured multi-year contracts with entities including the Government Technology Agency of Singapore and the Singapore Civil Defence Force.

A substantial portion of our revenue is derived from government contracts in Singapore, covering IT infrastructure, software implementation, system integration, cybersecurity, and managed services. As a result, our financial performance is closely linked to the Singapore government's technology procurement cycles and annual IT budget allocations. Any delays, changes in procurement policies, budget constraints, or shifts in strategic priorities — such as vendor consolidation or in-sourcing — could materially affect our revenue. Furthermore, government contracts are typically awarded through competitive tender processes, and pricing pressures or changes in qualification criteria may impact our ability to secure new contracts or renew existing ones.

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***3.***  ***Project Execution, Delivery Efficiency, and Talent Management*** 

The timely and cost-effective delivery of complex projects is a key factor affecting our revenue recognition and profit margins. Our ability to manage project timelines, resource allocation, subcontractors, and system integration directly influences our gross profit and customer satisfaction, which in turn impacts future business opportunities and repeat engagements.

Our business performance is also dependent on attracting, developing, and retaining skilled cybersecurity professionals, engineers, and developers. The expertise and productivity of our in-house team are critical to maintaining high standards of project execution, fostering innovation, and supporting scalable growth. Competition for qualified talent in the cybersecurity and technology sectors presents ongoing challenges that could affect our operational capabilities and business outcomes.

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***4.***  ***Expansion of Service Offerings and Investment in Proprietary Technology*** 

We are actively expanding our service offerings and investing in the development of proprietary platforms to support long-term growth and strengthen our competitive position. This includes the ongoing development of our AI-driven cybersecurity modules — Clear-Ciso, Clear-Guard, and Clear-Align — which are designed to enhance threat detection, compliance management, and incident response capabilities. The commercial success of these products, measured by market adoption, licensing revenue, and product differentiation, will significantly influence our future revenue streams and profit margins.

In addition, we are broadening our capabilities in emerging technologies such as artificial intelligence, blockchain advisory, and IoT-based solutions to address evolving client needs and create new growth opportunities. While these investments are essential to maintaining technological relevance and market leadership, they may not result in immediate revenue contribution and could impact our short-term profitability due to increased research and development costs.

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***5.***  ***Legal, Regulatory, and Compliance Environment*** 

Our operations are subject to a range of regulatory and compliance requirements, particularly in sectors such as government, financial services, and healthcare, where data protection and cybersecurity standards are more stringent. Changes in laws, regulations, and procurement policies — such as those relating to cybersecurity frameworks, data privacy, or cloud security — can create new business opportunities but may also impact project timelines, increase operating and compliance costs, or introduce additional contractual obligations.

We are required to comply with various laws across jurisdictions, including data protection regulations such as the General Data Protection Regulation (GDPR), the Personal Data Protection Act (PDPA) in Singapore, and similar frameworks in other regions. Failure to comply with applicable legal or regulatory requirements could result in penalties, reputational damage, or the loss of existing and prospective business. As the regulatory landscape continues to evolve, we expect our compliance obligations and associated costs to increase accordingly.

**Basis of Presentation**

Our consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the regulations of SEC. They include the financial statements of our Company and our subsidiaries. All transactions and balances among these entities have been eliminated upon consolidation.

Please also refer to the summary of the significant accounting policies of our Company discussed in Note 2 to the consolidated financial statements for the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024.

**Results of Operations**

***Comparison of the Six Months Ended September 30, 2024 and 2025***

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The following table summarizes the consolidated results of our operations for the six months ended September 30, 2024, and 2025, respectively.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **Revenue** | 4722080 | 4997922 | 3873607 | 275842 | 5.8% |
| **Cost and expenses** |  |  |  |  |  |
| Costs of revenues | (4238140) | (4750523) | (3681862) | 512383 | 12.1% |
| Gross profit | 483940 | 247399 | 191745 | (236541) | (48.9)% |
| Employee benefit expenses | (287476) | (303866) | (235508) | 16390 | 5.7% |
| Depreciation and amortization expenses | (106413) | (99509) | (77124) | (6904) | (6.5)% |
| General and administrative expenses | (328898) | (383193) | (296991) | 54295 | 16.5% |
|  | (722787) | (786568) | (609623) | 63781 | 8.8% |
| Operating loss | (238847) | (539169) | (417878) | 300322 | 125.7% |
| Other expenses, net | (262303) | (229735) | (178055) | (32568) | (12.4)% |
| Loss before income taxes | (501150) | (768904) | (595933) | 267754 | 53.4% |
| Income tax expense |  |  |  |  |  |
| Net loss | (501150) | (768904) | (595933) | 267754 | 53.4% |

---

 ****

***Comparison of the Year Ended March 31, 2025 and 2024***

The following table shows key components of our results of operations during the years ended March 31, 2025 and 2024, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31** | **For the Years Ended March 31** | **For the Years Ended March 31** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | % |
|  | **S$** | **S$** | **US$** | | |
| **Revenue** | 9481776 | 10527351 | 7829938 | 1045575 | 11.0% |
| **Cost and expenses** |  |  |  |  |  |
| Costs of revenues | (8630627) | (7537211) | (5605958) | (1093416) | (12.7)% |
| Gross profit | 851149 | 2990140 | 2223980 | 2138991 | 251.3% |
| Employee benefit expenses | (543842) | (534277) | (397379) | (9565) | (1.8)% |
| Depreciation and amortization expenses | (197393) | (205344) | (152729) | 7951 | 4.0% |
| General and administrative expenses | (729406) | (682705) | (507776) | (46701) | (6.4)% |
|  | (1470641) | (1422326) | (1057884) | (48315) | 3.3% |
| Operating (loss) income | (619492) | 1567814 | 1166096 | 2187306 | 353.1% |
| Other expenses, net | (275578) | (342586) | (254806) | (67008) | (24.3)% |
| (Loss) Income before income taxes | (895070) | 1225228 | 911290 | 2120298 | 236.9% |
| Income tax expense |  |  |  |  |  |
| Net (loss) income | (895070) | 1225228 | 911290 | 2120298 | 236.9% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **$$** | **$$** | **US$** | | |
| **Revenue:** |  |  |  |  |  |
| Reseller of hardware and software solutions | 4284900 | 2911904 | 2256853 | (1372996) | (32.0)% |
| Service revenue | 437180 | 2086018 | 1616754 | 1648838 | 377.2% |
|  | 4722080 | 4997922 | 3873607 | 275842 | 5.8% |
| **Revenue as a percentage of total:** |  |  |  |  |  |
| Reseller of hardware and software solutions | 90.7% | 58.3% | 58.3% |  |  |
| Service revenue | 9.3% | 41.7% | 41.7% |  |  |
| **Total** | **100.0%** | **100.0%** | **100.0%** |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31** | **For the Years Ended March 31** | **For the Years Ended March 31** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **$$** | **US$** | | |
| **Revenue:** |  |  |  |  |  |
| Reseller of hardware and software solutions | 7887491 | 7625544 | 5671658 | (261947) | (3.3)% |
| Exclusive distributor fees |  | 1200000 | 892525 | 1200000 | 100.0% |
| Service revenue | 1594285 | 1701807 | 1265755 | 107522 | 6.7% |
|  | 9481776 | 10527351 | 7829938 | 1045575 | 11.0% |
| **Revenue as a percentage of total:** |  |  |  |  |  |
| Reseller of hardware and software solutions | 83.2% | 72.4% | 72.4% |  |  |
| Exclusive distributor fees | —% | 11.4% | 11.4% |  |  |
| Service revenue | 16.8% | 16.2% | 16.2% |  |  |
| **Total** | **100.0%** | **100.0%** | **100.0%** |  |  |

---

 ****

 ****

***Revenue***

The majority of our revenue was generated through reselling hardware and software solutions.

For the period ended September 30, 2025, total revenue increased by 5.8% to S$4.99 million (US$3.87 million), compared to S$4.72 million in the prior period. The improvement was driven by significant growth in service-related income, which offset the decline in hardware and software resale revenue.

**Reseller of Hardware and Software Solutions**

Revenue from the resale of hardware and software solutions decreased by 32.0% year-over-year to S$2.91 million (September 30, 2024: S$4.28 million), accounting for 58.3% of total revenue in September 30, 2025 compared to 90.7% in September 30, 2024. The decrease was primarily attributable to lower sales volume from clients, reflecting the timing of large-scale procurement cycles and selective project deferrals during the period.

Despite this moderation, the segment continues to represent a key revenue contributor, supported by established partnerships with leading vendors and recurring demand from existing customers. The decline also reflects the Group's strategic shift toward diversifying revenue sources and reducing dependence on transactional sales. Going forward, the Group's aim to stabilize this segment through value-based solution bundling and deeper integration with our service delivery framework.

**Service Revenue**

Service revenue increased substantially by 377.2% to S$2.09 million (US$1.62 million) in September 30, 2025, compared to S$0.44 million in September 30, 2024, accounting for 41.7% of total revenue (September 30, 2024: 9.3%). The significant growth was driven by strong demand for software integration, implementation, and managed service support provided to both new and recurring clients.

This expansion reflects the Group's strategic focus on developing a recurring and value-added revenue base, supported by long-term service contracts and increased adoption of digital and cloud-based solutions. The higher contribution from service revenue underscores management's emphasis on scalability, customer retention, and margin improvement through service-led engagement.

In the years ended March 31, 2024, and 2025, revenue from this segment accounted for 83.2% and 72.4% of our total revenue, respectively, despite a slight decline of 3.3% to S$7.63 million. Software & digital solutions showed positive growth, increasing by 6.7% to S$1.70 million, supported by expanding demand for value added support and maintenance services.

**Reseller of hardware and software solutions**

Revenue from the reseller of hardware and software solutions declined marginally by S$261,947 or 3.3% year-over-year, to S$7.63 million in fiscal year 2025. The slight decrease was primarily attributable to slower purchasing cycles among select enterprise clients, particularly in sectors impacted by macroeconomic uncertainties and budget realignments. Despite this modest decline, the segment continues to serve as a foundational revenue stream, supported by long-standing vendor relationships and repeat customer engagements. However, its contribution to total revenue decreased from 83.2% to 72.4%, reflecting the Company's broader efforts to diversify its revenue mix and reduce reliance on transactional sales. Going forward, we intend to optimize this segment through improved bundling strategies, and closer alignment with enterprise digital transformation initiatives.

**Exclusive distributor fees**

In fiscal year 2025, we introduced a new revenue stream from exclusive distributor fees contributing S$1.2 million or 11.4% of total revenue. This revenue was generated from agreements with overseas partners, who were granted exclusive rights to distribute the Roundesk application within designated territories. These arrangements support our go-to-market strategy by leveraging local market expertise to drive adoption, expand user reach, and accelerate international brand presence without incurring significant in-country operating costs. As a result, this initiative not only enhances recurring fee-based revenue but also provides a scalable model for geographic expansion. We expect continued growth from this channel as additional markets are secured under similar distribution frameworks.

**Service revenue**

Service revenue grew by 6.7% to S$1.70 million in fiscal year 2025, compared to S$1.59 million in the prior year. The increase was primarily driven by higher demand for post-sales support, software integration, and technical consulting services. These offerings complement our product portfolio and deepen customer engagement through value-added support. Although service revenue's proportion of total revenue saw a slight decrease from 16.8% to 16.2%, it remains a strategically important component of our business model. Services contribute to revenue visibility, margin enhancement, and customer retention, and we continue to invest in expanding our technical capabilities and service offerings to meet the evolving needs of our enterprise clients.

 ****

***Cost of revenue***

Our cost of revenue primarily comprises purchases of hardware and cybersecurity products (such as Fortinet and Mimecast), software subscriptions, cloud infrastructure, outsourced consulting services, and direct manpower costs associated with project delivery.

For the six months ended September 30, 2025, cost of revenue increased by approximately S$0.51 million, or 12.1%, from S$4.24 million in the prior period to S$4.75 million. The increase was mainly attributable to a higher proportion of service-related projects during the period, which involved greater utilization of internal technical resources and subcontracted expertise. As service revenue carries a higher labor component relative to hardware resale, the overall cost structure reflected a temporary rise in delivery-related expenditure.

Despite the increase in cost of revenue, this shift in revenue composition supports the Group's strategic transition toward service-led engagements, which are expected to enhance recurring income stability and gross margin resilience over the longer term.

For the year ended March 31, 2025, cost of revenue decreased by approximately S$1.09 million, or 12.7%, from S$8.63 million in the prior year to S$7.54 million. The reduction was driven by several key factors, including a strategic shift toward higher-margin software and cloud-based solutions, which typically carry lower direct costs compared to hardware resales. In addition, our expansion into new geographic markets allowed us to diversify our supplier base and leverage more cost-effective delivery models, particularly through the use of localized consulting and technical support teams.

These initiatives not only reduced our overall cost structure but also enhanced project execution efficiency. The resulting decline in cost of revenue contributed to a meaningful improvement in gross margin, reflecting the Group's strategic focus on operational efficiency, product mix optimization, and long-term profitability.

 **

***Gross profit***

 **

Our gross profit is primarily driven by the composition of our revenue mix, pricing strategy, and direct delivery costs associated with each project. For the six months ended September 30, 2025, gross profit amounted to S$247,399 (US$191,745), compared to S$483,940 in the prior period, representing a 48.9% decrease.

The decline in gross profit was mainly attributable to a higher proportion of service-based revenue in September 30, 2025, which, while enhancing recurring income visibility and customer retention, generally carries a lower short-term margin compared to hardware resale. Additionally, the increase in manpower and subcontracting costs associated with new project implementations temporarily weighed on overall margins.

Despite the moderation in gross profit, this shift reflects the Group's strategic repositioning toward scalable, service-oriented solutions that are expected to contribute to more sustainable and higher-margin growth over time. Management continues to focus on improving delivery efficiency through cost discipline, better resource utilization, and expanding the mix of software and cloud-based offerings, which are anticipated to strengthen margins in future reporting periods.

Our gross profit is primarily influenced by the pricing and product mix of the solutions we deliver, as well as the level of direct manpower costs incurred during project execution. For the year ended March 31, 2025, gross profit increased significantly by approximately 251.3% to S$2.99 million, compared to S$0.85 million in the prior year.

This substantial improvement was largely driven by a combination of revenue diversification, cost optimization efforts, and a strategic shift toward higher-margin software and cloud-based solutions. The decrease in cost of revenue — notably from more efficient procurement, expansion into new markets, and improved resource allocation — further contributed to enhanced profitability. The Group's focus on operational efficiency and delivering value-added, scalable solutions has translated into a healthier gross margin and strengthened overall financial performance.

 ****

 ****

***Operating expenses***

Our operating expenses primarily consist of (i) employee benefit expenses; (ii) depreciation and amortization expenses; and (iii) general and administrative expenses. For the year ended March 31, 2024, and 2025, operating expenses was S$1,470,641 and S$1,422,326 (US$1,057,884), respectively. For the six months ended September 30, 2024 and 2024, operating expenses was S$722,787 and S$786,568 (US$609,623), respectively.

*(i) Employee benefit expenses*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **Employee benefit expenses** |  |  |  |  |  |
| Wages and salaries | 128481 | 158800 | 123077 | 30319 | 23.6% |
| Directors' remuneration | 102000 | 102000 | 79054 |  |  |
| CFP contribution | 29456 | 30810 | 23879 | 1354 | 4.6% |
| Other employee's benefit | 27539 | 12256 | 9498 | (15283) | (55.5)% |
| **Total** | 287476 | 303866 | 235508 | 16390 | 5.7% |

---

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31** | **For the Years Ended March 31** | **For the Years Ended March 31** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **Employee benefit expenses** |  |  |  |  |  |
| Wages and salaries | 299834 | 263394 | 195904 | (36440) | (12.2)% |
| Directors' remuneration | 183390 | 204000 | 151729 | 20610 | 11.2% |
| CFP contribution | 56212 | 52784 | 39259 | (3428) | (6.10)% |
| Other employee's benefit | 4406 | 14099 | 10487 | 9693 | 220.0% |
| **Total** | 543842 | 534277 | 397379 | (9565) | (1.8)% |

---

Our employee benefit expenses primarily comprise personnel-related costs associated with employees and directors, including wages and salaries, directors' remuneration, statutory contributions to the Central Provident Fund (CPF) in Singapore, and other employee benefits such as allowances and performance-based incentives.

For the period ended September 30, 2025, the Group's total employee benefit expenses increased by 5.7% to S$303,866, compared to S$287,476 in the prior period. The increase was mainly attributable to a 23.6% rise in wages and salaries to S$158,800 (September 30, 2024: S$128,481), reflecting headcount additions to support business expansion. The increase was partly offset by a reduction in other employee benefits, which declined by 55.5% to S$12,256 (September 30, 2024: S$27,539), primarily due to lower staff allowances and reduced discretionary incentives following the implementation of cost optimization initiatives.

For the year ended March 31, 2025, the Group's total employee benefit expenses declined slightly by 1.8% to S$534,277, compared to S$543,842 in the prior year. This reduction was primarily attributable to cost optimization initiatives and the strategic reallocation of internal resources, including the outsourcing of Security Operations Centre (SOC) personnel. The corresponding decrease in wages and salaries reflects the reclassification of these costs, which are now accounted for under consultant and outsourced labor. This transition enhanced operational flexibility and efficiency while maintaining continuity and quality of service delivery.

Overall, the Group continues to manage its human capital costs prudently while ensuring adequate resources to support operational and strategic growth objectives.

*(ii) Depreciation and amortization expenses*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Periods Ended September 30** | **For the Periods Ended September 30** | **For the Periods Ended September 30** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **$S** | **$%** |
|  | **S$** | **S$** | **US** | | |
| **Depreciation and amortization expenses** |  |  |  |  |  |
| Depreciation of plant and equipment | 16413 | 9509 | 7370 | (6904) | (42.1)% |
| Amortization of intangible asset | 90000 | 90000 | 69754 | - | - |
| **Total** | 106413 | 99509 | 77124 | (6904) | (6.5)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31** | **For the Years Ended March 31** | **For the Years Ended March 31** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **Depreciation and amortization expenses** |  |  |  |  |  |
| Depreciation of plant and equipment | 50727 | 25344 | 18850 | (25383) | (50.0)% |
| Amortization of intangible asset | 146666 | 180000 | 133879 | 33334 | 22.7% |
| **Total** | **197393** | **205344** | **152729** | **7951** | **4.0%** |

---

For the six months ended September 30, 2025, the Group's total depreciation and amortization expenses decreased by 6.5% to S$99,509, compared to S$106,413 in the prior period. The decrease was primarily due to a 42.1% reduction in depreciation of plant and equipment to S$9,509 (September 30, 2024: S$16,413), mainly attributable to certain fixed assets reaching the end of their useful lives and being fully depreciated during the period.

Amortization of intangible assets remained unchanged at S$90,000, reflecting continued amortization of the software license relating to the Roundesk platform capitalized in the previous period.

For the financial year ended March 31, 2025, the Group's total depreciation and amortization expenses increased by 4.0% to S$205,344, compared to S$197,393 in the prior year. The increase was mainly due to a 22.7% rise in amortization expenses to S$180,000, following the capitalization of a software license relating to the Roundesk platform, valued at S$800,000, in FY2024. This capitalization contributed to higher amortization charges during the year.

Conversely, depreciation of plant, and equipment declined by 50% to S$25,344, primarily due to several assets reaching the end of their useful lives and being fully depreciated. This reduction partially offset the increase in amortization expenses.

*(iii) General and administrative expenses*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **For the Six Months Ended September 30** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **General and administrative expenses** |  |  |  |  |  |
| Advertising & marketing | 28763 | 18788 | 14562 | (9975) | (34.7)% |
| Amortization of right-of-use assets | 24750 | 24750 | 19182 |  |  |
| Insurance | 18147 | 20182 | 15642 | 2035 | 11.2% |
| Travelling expenses | 26889 | 42051 | 32591 | 15162 | 56.4% |
| Professional fees | 12973 | 39548 | 30651 | 26575 | 204.8% |
| Licenses and subscriptions | 32329 | 54407 | 42245 | 22078 | 68.3% |
| Consultancy Fee | 15500 | 19000 | 14726 | 3500 | 22.6% |
| Other operating expenses | 169547 | 164467 | 127392 | (5080) | (3.0)% |
| **Total** | 328898 | 383193 | 296991 | 54295 | 16.5% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31** | **For the Years Ended March 31** | **For the Years Ended March 31** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **General and administrative expenses** |  |  |  |  |  |
| Advertising & marketing | 60635 | 1030 | 766 | (59605) | (98.3)% |
| Amortization of right-of-use assets | 68999 | 49499 | 36816 | (19500) | (28.3)% |
| Impairment in investment | 114780 |  |  | (114780) | (100.0)% |
| Impairment loss on financial assets | 7126 |  |  | (7126) | (100.0)% |
| Professional fees | 29261 | 34600 | 25734 | 5339 | 18.2% |
| Licenses and subscriptions | 79757 | 81674 | 60746 | 1917 | 2.4% |
| Consultancy Fee | 22759 | 73684 | 54804 | 50925 | 223.8% |
| Other operating expenses | 346089 | 442218 | 328910 | 96129 | 27.8% |
| **Total** | 729406 | 682705 | 507776 | (46701) | (6.4)% |

---

For the period ended September 30, 2025, the Group's general and administrative expenses increased by 16.5% to S$383,193, compared to S$328,898 in the prior period. The increase was primarily driven by higher professional fees, licenses and subscriptions, and traveling expenses, reflecting enhanced corporate activities and operational expansion during the period.

Professional fees rose significantly by 204.8% to S$39,548 (September 30, 2024: S$12,973), mainly due to increased advisory, audit, and compliance-related costs in connection with the Group's ongoing IPO preparation and regulatory requirements.

Licenses and subscriptions increased by 68.6% to S$54,507 (September 30, 2024: S$32,329), primarily reflecting continued investment in essential software tools, cybersecurity solutions, and digital platforms to support business operations and infrastructure scalability.

Traveling expenses rose by 56.4% to S$42,501 (September 30, 2024: S$26,889), largely attributable to increased overseas business development activities and client engagements following the resumption of normal travel operations.

Consultancy fees increased by 22.6% to S$19,000 (September 30, 2024: S$15,500), mainly due to the engagement of external consultants to support specific operational and strategic initiatives.

Insurance expenses increased modestly by 11.2% to S$20,182 (September 30, 2024: S$18,147), reflecting higher premiums associated with business coverage renewals.

Advertising and marketing expenses decreased by 34.7% to S$18,788 (September 30, 2024: S$28,763), in line with the Group's focus on optimizing marketing spend and prioritizing digital channels with higher return on investment.

Amortization of right-of-use assets remained stable at S$24,750, while other operating expenses were relatively consistent at S$164,467 (September 30, 2024: S$169,547), reflecting prudent cost management despite increased business activities.

For the financial year ended March 31, 2025, the Group's general and administrative expenses decreased by 6.4% to S$682,705, compared to S$729,406 in the prior year. The decrease was primarily attributable to the absence of impairment-related charges recorded in FY2024. In FY2025, no impairment in investment or financial assets was recognized, resulting in a combined cost reduction of S$46,701.

Advertising and marketing expenses declined significantly by 98.3% to S$1,030, compared to S$60,635 in the previous year, reflecting a strategic reduction in promotional activities and tighter budget control in line with cost-optimization initiatives.

Amortization of right-of-use assets decreased by 28.3% to S$49,499, down from S$68,999, primarily due to lease modifications and expiration of certain short-term leases.

Professional fees increased by 18.2% to S$34,600, primarily driven by higher advisory and compliance-related costs associated with the ongoing IPO preparation.

Licenses and subscription fees remained stable, increasing slightly by 2.4% to S$81,674, reflecting ongoing investment in essential software and platforms to support operations.

Consultancy fees surged by 223.8% to S$73,684, compared to S$22,759 in FY2024. The increase was mainly due to engagement of external consultants for strategic projects and digital infrastructure enhancement.

Other operating expenses rose by 27.8% to S$442,218, up from S$346,089, primarily driven by higher administrative overheads, IT-related costs, and employee-related office expenses.

Despite increases in certain expense categories, the overall decline in general and administrative expenses reflects the Group's focused cost discipline and the absence of non-recurring impairment charges recognized in the prior year.

 **

***Other expenses, net***

 **

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Periods Ended September 30:** | **For the Periods Ended September 30:** | **For the Periods Ended September 30:** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **Other expenses, net** |  |  |  |  |  |
| Government Grants | 5260 | 2325 | 1802 | (2935) | (55.8)% |
| Other income | 25 | 15739 | 12198 | 15714 | 62856.0% |
| Interest income | 408 | 2354 | 1824 | 1946 | 477.0% |
| Interest expenses | (267996) | (250153) | (193879) | (17843) | (6.7)% |
| Total | (262303) | (229735) | (178055) | (32568) | (12.4)% |

---

 ****

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31:** | **For the Years Ended March 31:** | **For the Years Ended March 31:** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2024** | **2025** | **2025** | **S$** | **%** |
|  | **S$** | **S$** | **US$** | | |
| **Other expenses, net** |  |  |  |  |  |
| Gain on disposal of plant and equipment | 1267 |  |  | (1267) | (100.0)% |
| Government Grants | 13644 | 10677 | 7942 | (2967) | (21.7)% |
| Other income | 45909 | 215054 | 159950 | 169145 | 368.4% |
| Interest income | 1096 | 1772 | 1318 | 676 | 61.7% |
| Interest expenses | (337494) | (570089) | (424016) | (232595) | 68.9% |
| Total | (275578) | (342586) | (254806) | (67008) | 24.3% |

---

For the six months ended September 30, 2025, the Group recorded net other expenses of S$229,735, compared to S$262,303 in the previous period, representing a 12.4% decrease. The lower expense was primarily driven by a 6.7% decrease in interest expenses to S$250,153, mainly due to lower outstanding loan balances following partial repayments made during the period.

This increase was partially offset by a substantial rise in other income. The uplift in other income was largely due to sponsorship income received during the period for a Cyber Awareness campaign held in August 2025.

For the financial year ended March 31, 2025, the Group recorded net other expenses of S$342,586, compared to S$275,578 in the previous year, representing a 24.3% increase. The higher expense was primarily driven by a 68.9% rise in interest expenses to S$570,089, mainly due to increased financing costs arising from the drawdown of S$2,929,800 in new borrowings during the year to support the Group's operational and strategic needs.

This increase was partially offset by a substantial rise in other income. The uplift in other income was largely due to royalty income received during the year from Evvo IOT Pte Ltd for the use of the Evvo trademark.

**Liquidity and Capital Resources**

Based on our cash flow statement for the financial year ended March 31, 2025, we have experienced significant cash outflows, primarily driven by our operating activities. The net cash used in operating activities was S$3,772,246, reflecting a profit of S$1,225,228 after tax and adjustments for non-cash items such as depreciation, amortization, and provisions. Our operating cash flow before working capital changes amounted to S$1,472,945 but this was offset by substantial working capital changes, particularly from a decrease in payables and contract liabilities, leading to significant outflows.

Despite these challenges, we have successfully secured capital resources to support our operations. Our financing activities generated S$3,851,442, with a notable contribution of S$1,000,000 from the capital injection of subsidiary and S$2,929,800 from bank borrowings. During the year, the group secured a loan facility of S$2,929,800 at from multiple financial institutions. The loan is expected to be repaid in accordance with the agreed-upon terms over the next five years.

By the end of the reporting period, our net cash position had increased by S$54,477, bringing our cash and cash equivalents to S$460,249. This reflects a positive shift in liquidity, largely due to financing inflows, although we continue to face challenges with our operating cash flow.

For the period ended September 30, 2025, the Group's cash flow position showed notable improvement, with net cash generated from operating activities of S$381,915, compared to a net outflow in the prior period. The turnaround was primarily driven by improved collections from customers and tighter working capital management, including more efficient billing and payment cycles. This improvement reflects the Group's ongoing efforts to strengthen operational efficiency and cash discipline, resulting in positive operating cash generation within the current period.

In assessing our liquidity, we continuously monitor and analyze our available cash, as well as our operating and capital expenditure commitments. Our primary liquidity needs include fulfilling working capital requirements, covering operating expenses, and meeting capital expenditure obligations. To finance our working capital needs, we have utilized equity financing through share allotments and capital contributions from shareholders, alongside cash generated from operations.

Given the current financial situation and based on available information, we expect that our cash on hand will be sufficient to meet our working capital requirements within the normal operating cycle of the next twelve months from the date these financial statements are issued.

However, should we face challenges in meeting our working capital needs within the twelve-month period, we may consider supplementing our available funds through the following sources:

● additional equity financing from major shareholders or third-party investors; and/or

● financial support from financial institutions, major shareholders, and related parties.

Based on the above considerations, we are of the opinion that we have sufficient funds to meet our working capital requirements and current liabilities as they become due within twelve months from the issuance of these financial statements. However, there is no guarantee that we will be successful in executing our plans. Various factors, such as fluctuations in demand for our products, changes in market conditions, and the broader capital market environment in Singapore, could impact our ability to implement these plans.

 **

***Summary of Cash Flow***

 **

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> September 30** | **For the Six Months Ended <br> September 30** | **For the Six Months Ended <br> September 30** | **Increase <br> (Decrease)** |
|  | **2024** | **2025** | **2025** | **%** |
|  | **S$** | **S$** | **US$** | |
| **Cash and cash equivalent – beginning of the year** | 407401 | 460249 | 356713 | 13.0% |
| Net cash (used in) generated from operating activities | (2793431) | 381915 | 296002 | (113.7)% |
| Net cash used in investing activities | (9619) | (3930) | (3046) | (59.1)% |
| Net cash generated from (used in) financing activities | 3042056 | (243854) | (188998) | (108.0)% |
| Net changes in cash and cash equivalent | 239006 | 134131 | 103958) | (43.9)% |
| Effects of changes in foreign exchange of cash | (5540) | 10591 | 8208 | 291.2% |
| **Cash and cash equivalent – end of the period** | 640867 | 604971 | 468879 | (5.6)% |

---

**Operating Activities**

For the six months ended September 30, 2025, net loss of S$768,904 was adjusted for non-cash items, including depreciation, amortization, interest expenses, and other adjustments totaling S$124,259. This was offset by a net cash inflow arising from changes in operating assets and liabilities of approximately S$1.03 million, primarily due to increase in trade and other payables and other current liabilities, resulting in net cash from operating activities of S$381,915.

For the six months ended September 30, 2024, net loss of S$501,150 was adjusted for non-cash items amounting to S$131,163, mainly comprising depreciation, amortization, impairment, and interest expenses. This was further escalated by a net cash outflow from changes in working capital of S$2.42 million, primarily due to decrease in trade and other payables, resulting in net cash used in operating activities of S$2,793,431.

**Investing Activities**

Net cash used in investing activities for the six months ended September 30, 2025, amounted to S$3,930, primarily attributable to the acquisition of plant and equipment. This represents a decrease compared to S$9,619 in the prior period, reflecting the Group's lower capital expenditure and reduced investment requirements during the period.

Net cash used in investing activities for the six months ended September 30, 2024, amounted to S$9,619, mainly related to the acquisition of plant and equipment to support the expansion of the Group's operations.

**Financing Activities**

For the six months ended September 30, 2025, the Group's financing activities generated a net cash outflow of S$243,854, mainly driven by repayments for offering costs related to Initial Public Offering, bank borrowings, director and related parties. This was partially offset by drawdown of borrowings and repayment from director amounting to S$1,616,300 and S$2,080,000 respectively.

For the six months ended September 30, 2024, the Group's financing activities generated a net cash inflow of S$3,042,056, primarily from new bank borrowings amounting to S$2,000,000 and repayment from director of S$2,839,307. This was partially offset by repayments for offering costs related to Initial Public Offering, borrowings, director and related parties.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br> March 31** | **For the Years Ended <br> March 31** | **For the Years Ended <br> March 31** | **Increase <br> (Decrease)** |
|  | **2024** | **2025** | **2025** | **%** |
|  | **S$** | **S$** | **US$** | |
| **Cash and cash equivalent – beginning of the year** | 744964 | 407401 | 303012 | (45.3)% |
| Net cash from (used in) operating activities | 199335 | (3772246) | (2805686) | (1992.4)% |
| Net cash used in investing activities | (799732) | (24719) | (18385) | 96.9% |
| Net cash from financing activities | 263422 | 3851442 | 2864591 | 1362.1% |
| Net changes in cash and cash equivalent | (336975) | 54477 | 40520 | 116.2% |
| Effects of changes in foreign exchange of cash | (588) | (1629) | (1212) | (177.0)% |
| **Cash and cash equivalent – end of the year** | 407401 | 460249 | 342320 | 13.0% |

---

**Operating Activities**

For the year ended March 31, 2025, net profit of S$1,225,228 was adjusted for non-cash items, including depreciation, amortization, interest expenses, and other adjustments totaling S$247,717. This was offset by a net cash outflow arising from changes in operating assets and liabilities of approximately S$5.25 million, primarily due to a significant decrease in trade and other payables and increases in receivables and other current assets, resulting in net cash used in operating activities of S$3.77 million.

For the year ended March 31, 2024, net loss of S$895,070 was adjusted for non-cash items amounting to S$387,031, mainly comprising depreciation, amortization, impairment, and interest expenses. This was partially offset by a net cash inflow from changes in working capital of S$707,374, resulting in net cash from operating activities of S$199,335.

**Investing Activities**

Net cash used in investing activities for the year ended March 31, 2025, amounted to S$24,719, primarily due to the acquisition of plant, and equipment. This represents a significant decrease compared to the prior year, reflecting the Group's lower capital expenditure during the year.

Net cash used in investing activities for the year ended March 31, 2024, was S$799,732, mainly attributable to the capitalization of a software amounting to S$800,000, aligned with the Group's investment in enhancing its digital capabilities.

**Financing Activities**

For the financial year ended March 31, 2025, the Group's financing activities generated a net cash inflow of S$3,851,442, primarily from new bank borrowings amounting to S$2,929,800, repayment from director of S$2,316,731 and capital injection of subsidiary totaling S$1,000,000. This was partially offset by repayments of bank borrowings and principal payments of lease liabilities amounting to S$1,376,577 and S$45,560 respectively.

For the financial year ended March 31, 2024, the Group's financing activities generated a net cash inflow of S$263,422, mainly driven by proceeds from bank borrowings amounting to S$1,588,100. This was partially offset by repayments of bank borrowings and advances to director for S$734,842 and S$633,698 respectively.

For more details, see statement of cashflow to the consolidated financial statements.

 ****

***Material Cash Requirements from Known Contractual and Other Obligations***

As of March 31, 2025, our material cash requirements primarily consist of day-to-day operating expenses, capital expenditures, and contractual obligations related to our facility leases, financing arrangements, and amounts due to related parties and directors. All of our office facilities are leased. Lease obligations are projected to be settled through ongoing business cash flow.

We had the following contractual obligations and lease commitments as of March 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Obligations** | **Total** | **Less than <br> 1 year** | **2 – 7 years** |
|  | **S$** | **S$** | **S$** |
| Borrowings | 3249050 | 1777618 | 1471432 |
| Operating lease liabilities | 189838 | 44783 | 145055 |
| Account payables | 5222807 | 5222807 |  |
| Other payables and accruals | 1571719 | 1571719 |  |
| Amount due to related parties | 83051 | 83051 |  |
| **Total Obligations** | 10316465 | 8699978 | 1616487 |

---

We had the following contractual obligations and lease commitments as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Obligations** | **Total** | **Less than<br> 1 year** | **2 – 7 years** |
|  | **S$** | **S$** | **S$** |
| Borrowings<sup>(1)</sup> | 4802273 | 2368765 | 2433508 |
| Operating lease liabilities<sup>(2)</sup> | 144279 | 47894 | 96385 |
| Account payables<sup>(3)</sup> | 2494152 | 2494152 |  |
| Other payables and accruals<sup>(4)</sup> | 1102551 | 1102551 |  |
| **Total Obligations** | 8543255 | 6013362 | 2529893 |

---

(1) As of March 31, 2025, the Group's borrowings increased
from an opening balance of approximately S$3.25 million to S$4.80 million. This change was primarily driven by a new loan drawdown
of S$2.93 million, partially offset by repayments of S$1.38 million and interest payments of S$361,416. The Group's total
borrowings of approximately S$4.80 million consist of a working capital loan, trade financing, term loan for keyman insurance, and
short-term loans from third parties. These borrowings support the Group's operational and liquidity needs and are managed to balance
funding requirements and cost efficiency.

(2) The Company's total lease liabilities will be settled
over the term of the leases.

(3) The amount S$1.52 million was settled as of the reporting
date. The remaining balance is repayable on demand and is interest free.

(4) The amount S$0.5 million was settled as of the reporting
date. The remaining balance is repayable on demand and is interest free.

We had the following contractual obligations and lease commitments as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Obligations** | **Total** | **Less than<br> 1 year** | **2 – 7 years** |
|  | **S$** | **S$** | **S$** |
| Borrowings<sup>(1)</sup> | 4060607 | 2444720 | 1615887 |
| Operating lease liabilities<sup>(2)</sup> | 120383 | 50147 | 70236 |
| Account payables<sup>(3)</sup> | 2536118 | 2536118 |  |
| Other payables and accruals<sup>(4)</sup> | 2033028 | 2033028 |  |
| **Total Obligations** | 8750136 | 7064013 | 1686123 |

---

(1) As of September 30, 2025, the Group's
 borrowings decreased from an opening balance of approximately S$4.80 million to S$4.06 million.
 This change was primarily driven by a new loan drawdown of S$1.62 million, partially
 offset by repayments of S$2.11 million and interest payments of S$250,153. The Group's
 total borrowings of approximately S$4.06 million consist of a working capital loan,
 trade financing, term loan for keyman insurance, and short-term loans from third parties.
 These borrowings support the Group's operational and liquidity needs and are managed
 to balance funding requirements and cost efficiency.

(2) The Company's total lease liabilities will
 be settled over the term of the leases.

(3) The amount S$1.07 million was settled as
 of the reporting date. The remaining balance is repayable on demand and is interest free.

(4) The amount S$0.3 million was settled as of
 the reporting date. The remaining balance is repayable on demand and is interest free.

**Discussion of Material Cash Requirements**

As of September 30, 2025, the Group has total known contractual obligations of approximately S$8.75 million, of which S$7.06 million is due within the next 12 months (excluding amounts repayable on demand). These short-term obligations primarily consist of borrowings, account payables, lease commitments, and amounts due to directors.

Short-term cash requirements, due within the next 12 months, amount to approximately S$6.01 million. These primarily include scheduled repayments of borrowings, lease payments, account payables, and amounts payable to directors. The Group expects to meet these obligations through operating cash flows generated from ongoing business activities, available cash reserves, and access to financing facilities.

Medium to long-term cash requirements, totaling approximately S$1.69 million, comprise the remaining balance of borrowings due beyond one year and future lease payments. The Group manages these obligations prudently to maintain liquidity and support operational needs.

The Group's borrowings include a working capital loan, trade financing, and other short-term loans, which are structured to balance funding needs and cost efficiency.

We have no material off-balance sheet arrangements and maintain access to operational cash flows and external capital sources to meet our obligations as they fall due.

**Off-Balance Sheet Arrangements**

During the periods presented, we did not have, nor do we currently have, significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our shareholders.

**Critical Accounting Policies and Estimates**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Group bases its estimates on historical experience, current business factors, and various other assumptions that the Group believes are necessary to be considered to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Group is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Group's business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Group's consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Group's operating environment evolves.

We have summarized our significant accounting policies, estimates, and judgments, along with our evaluation of recent accounting pronouncements — such as those related to revenue recognition and government grants — in Note 2 to our consolidated financial statements included elsewhere in this prospectus. The following discussion focuses on accounting policies that management considers most critical to portraying our historical financial condition and results of operations, as they require significant judgment, complexity, and subjectivity. Companies in similar industries may apply different estimation methods, which could impact the comparability of our financial condition, results of operations, and cash flows.

**Critical Accounting Estimates**

 ****

***Estimate for the measurement of Expected Credit Loss (ECL) allowance for trade receivables and contract asset***

We apply significant judgment to determine the amount of credit loss that is expected to arise from outstanding receivables and contract asset. Our estimate is based on a variety of factors, including the aging of receivables, the financial health and creditworthiness of our customers, historical payment patterns, and current economic conditions.

We also consider forward-looking information, such as market trends and potential changes in the credit risk environment. The ECL allowance is calculated using a combination of historical data and forecasted data to estimate potential losses over the expected collection period. Any changes to our assumptions or in the economic environment may result in adjustments to the allowance, impacting our financial position and results. This estimate is crucial in ensuring that our trade receivables are fairly presented and that we adequately account for the risk of non-payment.

As of March 31, 2024, and March 31, 2025, the Group's allowance for credit loss against account receivable was S$7,126 and nil respectively. The Group's reversal for credit loss for the year ended March 31, 2024 and 2025 was nil and S$7,126 respectively. As of September 30, 2025, the Group's allowance for credit loss against account receivable was S$49,151 (U$38,094). There was no expected credit loss allowance recorded for contract assets as of the respective reporting dates.

***Impairment of intangible assets***

We apply significant judgment to determine whether the carrying value of these assets exceeds their recoverable amount. This involves evaluating factors such as estimated future cash flows expected to be generated from the intangible assets and goodwill, as well as the appropriate discount rates to apply.

We also consider changes in market conditions, industry trends, and other external factors that may affect the value of these assets. The testing for impairment is performed annually or when there are indicators that the carrying amounts may not be recoverable. If impairment is identified, we write down the carrying value of the intangible assets and goodwill, with the corresponding loss recognized in the income statement. This estimate is critical, as it requires subjective assumptions about future performance and economic conditions, and any changes could significantly impact our financial position and results.

During the financial years ended March 31, 2024 and March 31, 2025, the Group did not recognize any impairment of intangible assets. During the six months ended September 30, 2024 and September 30, 2025, the Group did not recognize any impairment of intangible assets. Following thorough reviews of the carrying value of its intangible assets, taking into account their financial performance and outlook, management concluded that no impairment indicators were present. Accordingly, no impairment losses were recorded in the financial statements for these periods.

***Recognition of deferred tax assets***

We consider the availability of future taxable profits against which deductible temporary differences and tax losses carried forward can be utilized. This estimate requires significant judgment, as it involves evaluating our ability to generate sufficient taxable income in the future. Factors such as historical performance, expected future earnings, and the timing of the reversal of temporary differences are carefully considered. Additionally, we assess any potential changes in tax laws, business conditions, and other relevant circumstances that may impact our ability to realize these deferred tax assets. If it is determined that it is more likely than not that sufficient future taxable profits will not be available, we may be required to reduce the carrying amount of our deferred tax assets, which would impact our financial position and results.

This estimate is critical to ensure that our deferred tax assets are appropriately recognized and that we reflect a realistic expectation of their future utilization. As of March 31, 2024, and March 31, 2025, no deferred tax assets were recognized. As of September 30, 2025, no deferred tax assets was recognized.

***Useful life of intangible assets***

Software are measured initially at purchase cost and are amortized on a straight-line basis over their useful life of 10 years, depending on their nature and legal protections.

The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Inflation Risk**

Inflationary factors, such as increases in personnel and overhead costs, could impair our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenue if the revenues do not increase with such increased costs.

**Credit Risk**

Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through regularly evaluating the collectability of financial assets, based on a combination of factors such as credit worthiness, past transaction history, current economic industry trends and changes in payment patterns. We identify credit risk collectively based on industry and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the "probability of default" by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely future exposures to the customer.

**Liquidity Risk**

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. To manage liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group's operations and mitigate the effects of fluctuations in cash flows.

Management monitors the Group's liquidity position regularly.

**Market Risk**

Market risk is the fair value of future cash flows of a financial instrument that will fluctuate because of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk, and price risk. The Group's exposure to market risk is primarily on account of foreign currency exchange rate risk and interest rate risk:

 

*Foreign Exchange Risk*

While our reporting currency is the U.S. dollar, most of our revenue and operating expenses are denominated in Singapore Dollar. As a result, we are exposed to foreign exchange risk as our operating expense may be affected by fluctuations in the exchange rate between the U.S. dollar and the Singapore Dollar. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.

 

*Interest Rate Risk*

Our exposure to interest rate risk arises primarily from its debt and lease liabilities. Although interest rates for our loans are about fixed for the terms of the loans, the interest rates are subject to change upon renewal and at the bank's discretion. Additionally, we may need to raise additional financing to support our operations, which could include equity or debt financing, in the immediate and near term. Rising interest rates would negatively impact our ability to obtain such financing on commercially reasonable terms or at all. Recently, due to the fixed interest rates in our terms of loans, our borrowing costs have not increased. However, we cannot predict the ultimate impact on our business of any prolonged or continued interest rate increases. To the extent we are required to obtain financing at higher borrowing costs to support our operations, we may be unable to offset such costs through price increases, other cost control measures, or other means. Any attempts to offset cost increases with price increases may result in reduced sales, increased customer dissatisfaction, or otherwise harm our reputation.

At the end of reporting period, the weighted average effective interest rates for the debt and lease liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **March 31,** | **March 31,** | |
| <br>**Contractual Obligations** | **2024** | **2025** | **September, 30**<br>**2025** |
| Borrowings | 3.14% | 7.53% | 8.37% |
| Leases liabilities | 6.38% | 6.38% | 6.39% |

---

**CORPORATE HISTORY AND STRUCTURE**

We are not a Singapore operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our operating companies, Evvo SG in Singapore and Evvo Viet in Vietnam. This is an offering of the Class A Ordinary Shares of Evvolutions, the holding company in the Cayman Islands, instead of the shares of Evvo SG and Evvo Viet.

As part of our Group's internal reorganization for the purposes of the listing, Evvolutions was incorporated in the Cayman Islands on June 2, 2025 under the Companies Act as an exempted company with limited liability.

As part of our Group's internal reorganization for the purposes of the listing (the "**Reorganization**") and pursuant to a reorganization agreement dated 8 December 2025 between Evvo SG, our Company, Mr. Wong Yee Leong, and the other shareholders of Evvo SG (the "**Reorganization Agreement**"), each of shareholders of Evvo SG transferred their respective shares in the capital of Evvo SG, representing in aggregate 100% of the issued share capital of Evvo SG, to the Company, in consideration thereof, the Company allotted and issued an aggregate of 29,910,539 Class A Ordinary Shares to Mr. Wong Yee Leong and the other shareholders of Evvo SG and 2,589,460 Class B Ordinary Shares to Mr. Wong Yee Leong, in accordance with and subject to the terms of the Reorganization Agreement.

Upon completion of the Reorganization, Evvo SG became solely owned by the Company, and Evvo Viet became wholly owned by Evvo SG.

On July 29, 2025, the sole shareholder of the Company passed a written resolution to re-designate the Company's authorized share capital. Prior to the re-designation exercise, the Company was authorized to issue a maximum of 500,000,000 ordinary shares of a single class with a par value of US$0.0001 each. Subsequent to the re-designation exercise, the Company's authorized shares were 500,000,000 ordinary shares with a par value of US$0.0001 each comprising (a) 350,000,000 Class A Ordinary Shares; and (b) 150,000,000 Class B Ordinary Shares.

On 8 December, 2025, the Company had 29,910,539 Class A Ordinary Shares and 2,589,461 Class B Ordinary Shares, issued and outstanding, respectively. Holders of Class A Ordinary Shares and Class B Ordinary Shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company and have the same rights except each Class A Ordinary Share is entitled to one (1) vote and each Class B Share is entitled to twenty (20) votes. All such Class B Ordinary Shares are held by our Controlling Shareholder.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforceability of Civil Liabilities" for more information.

The chart below illustrates our corporate structure and identifies our subsidiaries immediately prior to and after our initial public offering, assuming no exercise by the underwriters of their over-allotment option:

![](image_003.jpg)

*Note: Certain percentages may add up to be more or less than 100% due to rounding.*

---

| | | |
|:---|:---|:---|
| **Name** | **Background** | **Ownership** |
| Evvolutions | Incorporated on June 2, 2025 under the laws of Cayman Islands as an exempted company. | See "Principal Shareholders" for details of our shareholding structures immediately prior to and after this offering. |
| Evvo SG | Incorporated on August 9, 2011 under the laws of the Singapore as a private company limited by shares. | 100% owned by Evvolutions |
| Evvo Viet | Incorporated on June 30, 2023 as a limited liability company under the laws of Vietnam. | 100% owned by Evvo SG |

---

Our Controlling Shareholder, Mr. Wong Yee Leong, currently both directly and indirectly owns approximately 57.4% of our Ordinary Shares and, upon consummation of this offering, our Controlling Shareholder will own approximately 53.3% of our Ordinary Shares, which represent approximately 80.6% of the total voting power of our outstanding Ordinary Shares assuming the underwriters do not exercise their over-allotment option (or approximately 80.2% of the total voting power assuming the underwriters exercise their over-allotment option).

**BUSINESS**

**OVERVIEW**

**Who We Are**

We are an end-to-end cybersecurity provider in Singapore which aims to empower businesses through digital transformation by leveraging digital media, artificial intelligence ("**AI**"), Internet of Things ("**IoT**"), and mobility and cloud computing. We modernize, migrate and manage our customers' technology stack, helping them to operate more securely and efficiently in an increasingly complex digital landscape.

Our cybersecurity expertise, coupled with our multidisciplinary capabilities, positions us as a potential technology partner for public sector agencies and private enterprises as they navigate the future of digital transformation. We have successfully delivered projects across Southeast Asia, supporting industries such as financial services, supply chain, healthcare, manufacturing and government, and have been recognized by the Infocomm Media Development Authority ("**IMDA**") as one of the curated ICT firms offering ready and relevant digital solutions to meeting the digitalization needs of corporations.

Since our establishment in 2011, we have transitioned from a media solutions company to a business focused on cybersecurity solutions and emerging technologies, while still providing secured media and ITMS solutions to niche industries. With operations in Singapore and Vietnam, we have built a reputation in Singapore within the IT solutions industry for delivering large-scale, innovative and secured digital transformation solutions to government agencies, financial institutions, healthcare organizations and private enterprises. Our vision is to be the preferred ITMS company for our customers navigating the future of digital transformation.

We have developed a comprehensive suite of cybersecurity products, services and solutions, including threat detection and response, vulnerability management, compliance advisory and ransomware negotiation. We also utilize these cybersecurity solutions, products and services for our DevSecOps integration services business segment, which consolidates disparate technology products and applications in order to develop customized IT systems according to our customers' specific requirements.

Complementary to our cybersecurity solutions business, we also operate a proprietary SOC, which monitors and protects our customers' websites around the clock. Core services provided under this business segment include Web Application Firewall ("**WAF**") implementation, Distributed Denial-of-Service ("**DDoS**") protection, and database activity monitoring.

We have also expanded our managed and professional services offerings, enabling us to provide professional support services to established cybersecurity vendors and manage security services for enterprises and partners alike.

We are equally committed to driving innovation through emerging technologies such as AI-powered solutions, IoT, blockchain advisory services as well as system integration services.

Some of the large-scale projects that we have been engaged for by the following Singapore agencies include:

● a DDoS mitigation services bulk tender contract in 2025 by the Government Technology Agency of Singapore, comprising a three-year base term with an option to extend for up to four additional years.

● a multi-year contract for the development, installation and maintenance of auto sorter systems for the National Library Board of Singapore; and

● a three-year contract to provide a secured wearable management system for the Singapore Civil Defence Force.

We are currently in the midst of developing our own AI-driven cybersecurity platform, comprising of three modules: Clear-CISO, Clear-Guard, and Clear-Align. Clear-Ciso and Clear-Guard commenced beta testing in July 2025, while Clear-Align is slated for beta testing in the first quarter of the year 2026.

We are led by an experienced management team with deep expertise in cybersecurity, AI, IoT, and digital transformation. As an asset-light business, we leverage on our skilled in-house team of cybersecurity experts, developers and engineers. We also engage in strategic collaborations with leading technology providers both within Singapore and abroad.

Our software engineering laboratories and delivery models are ISO 27001 certified and in adherence to other global delivery standards, such as the CREST requirements for Penetration Testing Services. We are also one of the few digital media companies in Singapore that have completed the Tier-1 Multi-Tiered Cloud Security certification, the world's first cloud security standard that covers multiple tiers, which enables certified cloud security providers to disclose the levels of security that they can offer to their users.

**Key Milestones**

The table below sets forth the key development milestones in our Group's history:

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| | |
|:---|:---|
| **Year** | **Milestone** |
| 2021 | Launched the enhanced Evvo SOC with new security products and offerings.<br>Expanded our offerings in cybersecurity advisory and audit to include comprehensive compliance assessment, risk management framework review, policy and procedure development, audit preparation and support, cybersecurity, incident management advisory, and ongoing compliance monitoring.<br>Launched MAS Technology Risk Management Guidelines compliance service.<br>Launched Evvo Blockchain.<br>|
| 2022 | Launched ISO 27001 and ISO 9001 compliance and audit services.<br>Commenced research and development on AI and established alliances with industry professionals.<br>Established Tevvo Academy, an in-house training and development platform to nurture technology talents.<br>Obtained the certification from the Cyber Security Agency of Singapore for the provision of cybersecurity, IoT and digital media solutions.<br>|
| 2024 | Commenced research and development on AI-driven cyber solutions.<br>Awarded the tender for the provision of Agile application development for a fully operational wearable management system for the Singapore Civil Defence Force.<br>|
| 2025 | Awarded bulk tender for the supply of DDoS mitigation services to all Singapore government agencies, which was extended for another 42 months. |

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**OUR PRODUCTS AND SERVICES**

We are an end-to-end cybersecurity provider. Our services encompass designing, developing, and deploying advanced cybersecurity solutions, integrating secured IoT systems, and implementing DevSecOps capabilities to secure and enhance our customers' digital infrastructure. We also operate a proprietary SOC and provide specialized services such as ransomware negotiation, compliance advisory, and blockchain-based security solutions. We offer secured media solutions and ITMS to niche industries, including, but not limited to the Singapore Civil Defence Force. Our products, services and solutions are targeted to meet the needs of various customer organizations across the Southeast Asia region, including government agencies, enterprises, and private organizations.

We operate four main business segments:

&nbsp;&nbsp;&nbsp;&nbsp;(i) **Cybersecurity Solutions**, a segment which offers advanced
cybersecurity products, services and solutions, including threat detection and response, vulnerability management, ransomware negotiation,
compliance advisory, and blockchain-based security solutions tailored to address evolving cyber threats;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) **DevSecOps Integration Services**, a segment which embeds
security into the software development lifecycle to enhance application resilience through secure development, deployment, and maintenance
practices;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Security Operations Centre ("SOC") Management Services**, a segment which involves the operation of our proprietary SOC to provide 24/7 threat monitoring, incident response, and
device management for government and private-sector customers; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Secured Media and Information Technology Management Solutions ("ITMS")**, a segment which provides secured and specialized media streaming and hosting services designed for mission-critical
and highly sensitive intranet and internet environments.

The cybersecurity solutions, DevSecOps integration services, SOC management services, and secured media and ITMS businesses utilize proprietary products and service solutions which have been developed by a third-party software development company, who is engaged exclusively by us under a master services agreement, pursuant to which we own any and all intellectual property developed by such third-party software development company under our master services agreement.

**Cybersecurity Solutions**

Our advanced cybersecurity solutions segment encompasses the provision of:

&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Managed Security and Professional Service Suite*** ,
which delivers both managed and professional services including threat detection, incident response and proactive risk management;

&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Chief Information Security Officer ("CISO")-as-a-Service*** ,
which includes operational environment analysis, risk assessments and actionable threat intelligence to minimize attack surfaces and
enhance resilience; and

&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Vulnerability Assessment and Penetration Testing ("VAPT")*** ,
which identifies and addresses security weaknesses within IT infrastructures.

In addition to the above products, services and solutions, we are also in the process of developing our next-generation AI product, "Clear-AI", which is being developed based on both proprietary and open-source software and algorithms, to help businesses adopt and scale AI, while ensuring compliance with regulations. Clear-AI is expected to launch in the third quarter of 2025.

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***Managed Security and Professional Service Suite***

The Managed Security Service Suite ("**MSSS**") offers comprehensive solutions designed to safeguard businesses against cyber threats, utilizing our Evvo360⁰ platform. Our Evvo360⁰ platform is a real-time security analytics platform that enables Chief Information Officers (CIOs) to have a 360⁰ view of all endpoints (being devices connected to a network which may be used as a potential entry point for security threats) and help detect user-based threats. With a focus on securing endpoints, monitoring critical applications, and ensuring robust network protection, the suite incorporates advanced capabilities such as Managed Detection and Response ("**MDR**"), Endpoint Detection and Response ("**EDR**"), Security Information and Event Management ("**SIEM**")-as-a-Service, and Web Application Firewall ("**WAF**"). Each solution is designed to deliver monitoring, threat detection, and response strategies.

<u>Managed Detection and Response ("**MDR**")</u>

The MDR merges real-time threat detection with a responsive framework. Our MDR incorporates AI-powered threat intelligence to enhance decision-making strategies and reduce Mean Time to Detect, thereby improving the overall resilience of our customers' cybersecurity infrastructure.

We combine 24/7 threat monitoring with rapid response and expert support to safeguard our customers' digital systems from cyber threats. Our SOC analysts leverage insights obtained from the onset to detect and analyze events and incidents, allowing us to be proactive in detecting hidden threats and vulnerabilities before they are exploited.

With accessible and affordable protection, MDR eliminates the need for organizations to build and maintain an in-house SOC.

<u>Endpoint Detection and Response ("**EDR**")</u>

The EDR solution is a critical component of the MSSS, offering protection for endpoint devices such as laptops, servers, and mobile devices. The EDR platform continuously monitors endpoint activities, using advanced analytics and algorithms to identify suspicious behaviors and potential Indicators of Compromise in real time.

When a threat is detected, the EDR system deploys automated containment measures, such as isolating compromised devices to prevent lateral movement within the network. Beyond real-time detection and response, the EDR system also provides detailed forensic analysis and reporting, enabling organizations to understand the nature of threats and refine their defences over time. With its cloud-based scalability, the EDR solution seamlessly integrates into existing IT environments, offering robust protection for businesses of all sizes.

<u>Security Information and Event Management ("**SIEM**")-as-a-Service</u>

The SIEM-as-a-Service combines centralized log management, advanced analytics, and machine learning to deliver comprehensive visibility into an organization's security landscape. The SIEM platform aggregates data from diverse sources, including firewalls, endpoints, and cloud services, providing a unified view of the organization's security posture.

The platform's AI-powered threat detection capabilities enable the identification of anomalies and the prioritization of incidents based on severity, ensuring that organizations focus their resources on addressing the most critical risks. Customizable dashboards and reporting features allow businesses to track key metrics and generate compliance reports aligned with government and regulatory standards such as ISO 27001 and MTCS SS584.

With 24/7 monitoring and incident response provided by our team, the SIEM-as-a-Service solution ensures rapid detection and mitigation of threats, thereby minimizing potential damage. Delivered as a cloud-based service, this offering eliminates the need for expensive on-premises infrastructure, making it a cost-effective and scalable choice for businesses seeking robust security solutions.

<u>Web Application Firewall ("**WAF**")</u>

The WAF, utilizing our *EvvoWAF*, being a cloud firewall that helps defend against emerging threats to web security while keeping customers' application performance high, is designed to provide comprehensive and adaptive protection for web applications against cyber threats. It secures critical web-based systems and data by defending against vulnerabilities such as Structured Query Language (SQL) injection, Cross-Site Scripting (XSS), and DDoS attacks. By ensuring secure access and maintaining application uptime, WAF enables organizations to deliver reliable and seamless digital experiences to their users.

At the core of WAF is its advanced threat mitigation capability, which identifies and blocks malicious traffic before it can impact web applications. By addressing common attack vectors, the WAF ensures the confidentiality, integrity, and availability of application data. This protection extends to detecting and mitigating complex threats in real time.

By analyzing traffic patterns and identifying anomalies, the WAF system can differentiate between legitimate users and malicious actors, including automated bots. Further, the WAF incorporates DDoS protection, which monitors and neutralizes high-volume traffic surges to ensure the uninterrupted availability of web applications, even during large-scale attacks.

The WAF system also integrates with both cloud-hosted and on-premises environments, allowing businesses to deploy the solution in alignment with their existing infrastructure. Customizable security policies further enhance its adaptability, enabling organizations to tailor protections to their specific operational needs. These features ensure that the WAF aligns with business priorities, while maintaining standards of security. Further, the system supports regulatory compliance by safeguarding sensitive information and preventing unauthorized access. By adhering to frameworks such as ISO 27001 and industry-specific data protection standards, the WAF helps organizations meet stringent regulatory requirements and reduce their risk of penalties and reputational damage.

As part of our broader cybersecurity ecosystem, the WAF integrates seamlessly with other solutions such as the EDR and SIEM-as-a-Service. This integration creates a comprehensive security framework that addresses a wide range of cybersecurity challenges, enabling organizations to focus on their core operations.

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***Chief Information Security Officer ("CISO")-as-a-Service***

CISO-as-a-Service provides organizations with the strategic leadership and expertise of a CISO without the need for a full-time, in-house appointment. Rather than relying on automated solutions, this service is delivered by a dedicated team, led by the Chief Operating Officer and supported by specialized professionals who actively manage and address the client's CISO needs. This offering is tailored to enhance an organization's cybersecurity posture through the development of customized strategies, ongoing risk assessments, and actionable threat intelligence.

Our team of cybersecurity consultants collaborates closely with each customer's management team to assess operational environments, identify vulnerabilities, and determine the potential impact of cyberattacks. By creating a comprehensive roadmap, the service ensures that organizations can achieve and maintain a target security posture aligned with their business objectives.

A key feature of the CISO-as-a-Service offering is its focus on proactive risk management. We leverage on advanced monitoring tools and global threat intelligence to continuously identify risks and reduce the organization's attack surface. This enables timely detection of vulnerabilities and equips businesses to respond effectively to potential threats. Detailed risk assessments are conducted to evaluate the organization's cybersecurity framework, ensuring compliance with governmental and industry standards such as the MAS Technology Risk Management Guidelines, ISO 27001 and MTCS SS584.

The service also includes comprehensive incident response planning and management. We work with organizations to develop tailored response plans that minimize downtime and preserve business continuity in the event of a security breach. From containment to investigation and recovery, the CISO-as-a-Service team provides expert guidance at every stage, ensuring resolution of incidents.

The service also helps businesses remain compliant with global standards, including data protection laws and sector-specific cybersecurity guidelines which reduces the risk of penalties, reputational damage, and operational disruptions. Through customized training programs, employees are also equipped with the knowledge and skills to identify and respond to potential threats.

For businesses that lack the resources for a full-time CISO, the CISO-as-a-Service provides access to cybersecurity expertise in a tailored, cost-effective and scalable manner. It also integrates seamlessly with the MSSS, which includes solutions such as the EDR, SIEM-as-a-Service, and WAF, creating a comprehensive cybersecurity ecosystem.

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***Vulnerability Assessment and Penetration Testing ("VAPT")***

The VAPT services provide a framework for identifying, analyzing, and addressing vulnerabilities in IT environments. The VAPT combines comprehensive vulnerability assessments with realistic penetration testing to deliver a thorough evaluation of an organization's security posture.

The VAPT process begins with an extensive vulnerability assessment, which systematically identifies exploitable weaknesses across networks, systems, applications, and endpoints. Using advanced tools and methodologies, a detailed examination of the organization's cybersecurity landscape is conducted. To complement this, penetration testing simulates real-world cyberattacks to evaluate the resilience of systems against potential threats. These controlled attack scenarios mimic the tactics, techniques, and procedures used by malicious actors, enabling organizations to understand their vulnerabilities and the potential impacts of exploitation.

We tailor the VAPT services to align with the unique operational, regulatory, and strategic needs of each customer. This customization enables businesses to prioritize remediation efforts effectively. Detailed reports are provided at the conclusion of each engagement, offering a comprehensive overview of identified vulnerabilities, their potential impacts, and step-by-step remediation guidance.

In addition to one-time assessments, we also provide regular VAPT engagements which enable organizations to adapt to evolving threats, technologies, and business needs, whilst maintaining a strong security posture in the changing digital environment.

We are a licensed penetration testing service provider under the framework administered by the Cybersecurity Services Regulation Office, in accordance with the Cybersecurity Act of Singapore.

**DevSecOps Integration Services**

DevSecOps integration services focus on integrating development, security and operations, while ensuring that security is an integral part of the software development lifecycle. Our DevSecOps business segment aims to embed security into every stage of the customer's development, delivering secure software without compromising on speed or innovation. Security is incorporated from the earliest stages of planning and design through secure coding practices and proactive threat modelling. By addressing vulnerabilities early, the risk of security issues in production is significantly reduced, thus lowering remediation costs and improving operational efficiency.

Automated security testing is a cornerstone of our DevSecOps strategy. Continuous Integration/Continuous Deployment (CI/CD) pipelines are enhanced with advanced tools, including Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), and Interactive Application Security Testing (IAST). These tools provide continuous code monitoring for vulnerabilities, ensuring secure deployments at every stage of the software development lifecycle.

We also integrate container and cloud security into our DevSecOps offerings. This includes container image scanning, runtime protection, and cloud security posture management, safeguarding applications from misconfigurations, unauthorized access, and emerging threats. Similarly, Infrastructure as Code (IaC) security ensures that infrastructure configurations are secure before deployment by identifying risks such as exposed credentials, open ports, and compliance gaps. DevSecOps services also include real-time threat intelligence, which enables applications and IT infrastructure to remain resilient against threats.

**Security Operations Centre ("SOC") Management Services**

Launched in 2021, our SOC management services provide organizations with a centralized and comprehensive solution to monitor, detect, and respond to cybersecurity threats in real time using advanced technologies, expert analysis, and customized strategies without the need for in-house infrastructure.

The SOC management services provide continuous monitoring of an organization's IT environment, enabling real-time detection of threats, anomalies, and vulnerabilities. The service utilizes our proprietary Evvo360⁰Analytics Platform, which integrates log correlation, situational awareness, and threat intelligence to provide actionable insights. By correlating data from diverse sources, the SOC delivers a holistic view of the security landscape which enables proactive risk management.

Our SOC services also include customized alerting mechanisms that notify organizations about critical events based on their specific security priorities. Sophisticated intrusion detection and anomaly detection tools are employed to identify malicious activities, including unauthorized access attempts and unusual traffic patterns.

Integrated vulnerability assessments are conducted as part of the SOC management services. These assessments identify weaknesses within an organization's infrastructure and prioritize risks based on their potential impact. The SOC also processes and stores logs from the entire IT environment, analyzing them against situational awareness sources such as IP and domain reputation databases, which enhances the organization's ability to detect and address emerging threats.

Further, our SOC services are designed to be scalable and cost-effective, making enterprise-grade security accessible to businesses of all sizes. This service eliminates the need for costly in-house SOC infrastructure for organizations, while delivering similar security capabilities. We are a managed SOC monitoring service provider under the framework administered by the Cybersecurity Services Regulation Office, in accordance with the Cybersecurity Act of Singapore.

**Secured Media and Information Technology Management Solutions ("ITMS")**

The secured media and ITMS business focuses on delivering secure, controlled and regulated media services tailored for specialized environments through (a) EvvoChannel, being a video streaming platform which allows archiving of video collection and accessing them across various channels when needed, (b) EvvoLive, being a live webcasting service which allows users to connect with remote audiences, which facilities the workshop streaming, conferences, panel discussions and more, (c) EvvoClass, being a platform designed for digital education delivery, (d) EvvoCache, being an all-in-one media solution that empowers customers to serve any kind of media content to end systems via the Internet/Intranet, and can be customized to the customers' needs and (e) EvvoCDN, being a platform which provides quality broadcast experience through simple and agile connectivity to more than 1 million sq. ft. of data centre space in 44 locations worldwide and direct connectivity to eight leading public and private cloud service providers. Unlike traditional media services, the secured and specialized media and information technology management services provided under the business segment are designed with an emphasis on content security, access control, regulatory compliance, and cybersecurity, ensuring that institutions can provide controlled and monitored digital content without risk of unauthorized access or security breaches.

We provide secured television programming for correctional institutions in Singapore. Through the platforms, media content is curated, pre-approved, and delivered through a highly regulated digital system to ensure compliance with institutional guidelines. This initiative supports education, rehabilitation, and controlled entertainment for inmates, while maintaining strict security controls over content accessibility. We are looking to expand our secured media solutions across additional prison clusters.

Beyond the correctional sector, we intend to broaden our scope to provide tailored secured media solutions for other high-security environments, such as government agencies. These solutions integrate firewall-protected streaming, encrypted content delivery, and restricted access protocols, ensuring that only authorized personnel can view classified or institution-approved media. The platform is designed to be customizable for various use cases, allowing companies to deploy secured digital content for training, internal communications, and operational briefings in a controlled and cybersecure environment.

All secured media services leverage advanced encryption technologies, AI-driven access control mechanisms, and proprietary digital content security protocols, ensuring that content remains protected from external threats, unauthorized access, and potential security vulnerabilities, while aligning with stringent institutional and governmental security requirements.

As part of our growth strategy, we intend to integrate the secured media solutions with our broader ecosystem of secure digital infrastructure offerings. By incorporating wearable technology solutions, digital access control systems, and real estate valuation technologies into our secured media framework, we aim to offer a comprehensive end-to-end security ecosystem tailored to high-risk environments.

**Clear-AI — Our Next AI-Driven Cybersecurity Solution**

Clear-AI is our next-generation AI governance and compliance platform, designed to assist businesses adopting and scaling of AI, while ensuring compliance with applicable laws and regulations. Clear-AI covers three modules: (a) Clear-Guard, which focuses on AI security and risk management, (b) Clear-CISO, which focuses on AI compliance and governance, and (c) Clear-Align, which approaches compliance as a governed, verifiable system. Clear-CISO and Clear-Guard commenced beta testing in July 2025, while Clear-Align is slated for beta testing in the last quarter of the year.

<u>Clear-Guard</u>

Clear-Guard reduces the structural risks associated with AI deployment within organizations. It brings together three modular capabilities under a unified AI DevSecOps architecture, namely:

&nbsp;&nbsp;&nbsp;&nbsp;(i) **Governance, Risk and Compliance**, which is designed
to enable AI systems to be comprehensible, auditable, and compliant with enterprise policies and regulatory standards;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Secure AI Development Lifecycle**, which enforces security
and integrity across the entire AI lifecycle, from data ingestion to model deployment; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) **AI Security Orchestration**, which enables automated
protection, threat detection and incident response during runtime.

When combined, the three modules establish a foundation for safe and secure AI deployment that is consistent and repeatable. From development to deployment and ongoing operations, this allows organizations to embed security and governance into every stage of the AI lifecycle. Whilst in the pilot implementation and research and development stage, we are designing and implementing blockchain and Web3 services as part of Clear-Guard to develop blockchain security, smart contract and decentralized application code audits and AI-integrated cybersecurity and provide scalable security functions to enable our customers to integrate secure and decentralized technologies into their operations.

<u>Clear-CISO</u>

CLEAR-CISO is a compliance-driven AI governance framework enabling businesses to navigate complex regulatory landscapes, while maintaining operational agility. It provides dynamic compliance management, ensuring that AI models adhere to standards such as ISO 42001, as well as applicable laws and regulations, including the European Union's General Data Protection Regulation (GDPR) and other AI-specific regulations. This reduces the risks associated with non-compliance, including fines, penalties, as well as reputational damage, enabling start-ups, small and medium enterprises, and large multinational corporations (MNCs) to implement AI systems responsibly, enhance operational efficiency, and scale effectively.

Clear-CISO is led and supported by the Chief Operating Officer, the CISO of Evvo Labs SG and Executive Director of the Company, Mr. Chew Teck Shiong. Mr. Chew is a certified ISO/IEC 27001 Senior Lead Implementer, certifying his capability to support organizations in effectively planning, implementing, monitoring and maintaining information security management systems. He is qualified to advise on compliance-related matters, and works closely with legal advisors to stay aligned with evolving AI-specific laws.

<u>Clear-Align</u>

Clear-Align is a platform that integrates compliance into a governed, verifiable system. The platform:

● semantically maps regulatory clauses to internal policies, with reviewer override functions and AI-powered reasoning;

● detects unmapped clauses and routes ownership through service level agreement (SLA)-enforced task workflows;

● validates whether mapped policies are backed by current and relevant control evidence;

● maintains traceable lineage across regulatory clauses, internal policies, associated controls and supporting evidence; and

● supports the full regulatory audit lifecycle, from readiness scoring and real-time matrix views to post-audit remuneration planning and closure evidence tracking.

As on their own either have no mapped internal policy or control, or lack current, enforceable evidence such as standards of procedure logs, or attestations, the platform aims to addresses coverage and execution gaps. The platform also minimizes systemic risks that arise from these gaps. By embedding these features, the platform addresses key vulnerabilities such as false assurance (where organizations appear compliant on the surface but fail to meet detailed, clause-level requirements), reactive audits (where audits and reviews are conducted based on deadlines rather than actual risk exposure, leading to delayed detection of issues) and opaque governance (where there is a lack of clear ownership and visibility into control statuses).

**AWARDS AND ACCREDITATIONS**

Throughout our operating history, we have received a number of awards and accreditations in recognition of our performance and quality services. The following table sets forth the awards and accreditations we have been granted up to September 30, 2025:

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| | |
|:---|:---|
| **Year** | **Award/Accreditation** |
| 2016 | MTCS Certification, a Singapore standard for cloud security which certifies cloud service providers for compliance with specific cloud security requirements.<br>|
| 2017 | ISO 27001, an internationally recognized standard for information security management systems.<br>|
| 2020 | Crest Certification, an internationally recognized accreditation signifying competency and professionalism in cybersecurity services.<br>BizSAFE Certification TrustMark, a national program in Singapore assisting companies in building workplace safety and health capabilities. |

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| | |
|:---|:---|
| **Year** | **Award/Accreditation** |
| 2022 | Certification as an Advocate under the Cyber Trust mark administered by the Cyber Security Agency of Singapore, demonstrating our leadership in cybersecurity and commitment to safeguarding sensitive digital environments.<br>|
| 2024 | BizSAFE Level 3, which recognizes us for having conducted comprehensive risk assessments for all work activities in compliance with the applicable workplace safety and health requirements.<br>|
| 2025 | Government Supplier Registration of S7, a pre-qualification under the government's expenditure and procurement policies unit with a high financial grade, which enables us to bid for large government projects in Singapore. |

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**COMPETITIVE STRENGTHS**

We believe we have the following competitive strengths, which have enabled us to become a leading player in the cybersecurity and digital solutions industry in Singapore:

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***Proven track record with a diverse and strong customer base***

We have established a reputation as a trusted partner in the cybersecurity and digital solutions sector, built on our long-standing history of delivering mission-critical services to both public and private sector organizations. Our portfolio includes an established and diverse base of customers, notably comprising various Singapore statutory boards, government agencies, and leading enterprise customers. For the fiscal years ended March 31, 2024, March 31, 2025 and September 30, 2025, our top customers were mainly government agencies who accounted for approximately 47.8%, 22.4% and 65.4% of total sales, respectively, and have more than 15 years of business relationship with us. For the fiscal years ended March 31, 2024, March 31, 2025 and 30 September, 2025, we served approximately 111 customers (comprising 25 public sector customers and 86 private customers) and 119 customers (22 public sector customers and 97 private customers) and 66 customers (18 public sector customers and 48 private customers), respectively. Our ability to meet stringent security, compliance, and operational requirements has earned us repeat engagements and multi-year contracts, reflecting our strong performance and reliability.

We hold a Government Supplier Registration of S7, which qualifies us to tender for large government projects in Singapore with a value of up to S$5 million. We believe this has positioned us favorably to participate in, and successfully deliver, large-scale and complex projects, including bespoke solutions for high-security environments such as correctional institutions and regulated sectors. Our successful execution of such projects has further reinforced our capabilities and standing as a preferred and reliable digital partner to government entities.

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***Comprehensive, end-to-end cybersecurity and software solutions***

We offer a fully integrated suite of services that span the entire solution lifecycle, from initial design and development to integration, implementation and ongoing support.

Our secure-by-design strategy embeds cybersecurity, data privacy, and compliance into every layer of our software architecture, ensuring long-term value and resilience for our customers. Our comprehensive suite of services includes SOC management, EDR, WAF, VAPT, DevSecOps integration and CISO-as-a-Service. These offerings enable us to address diverse client needs under a single unified service architecture, reducing vendor complexity and increasing operational and communication efficiency.

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***Experienced leadership team with deep domain expertise***

Our Group is led by Mr. Wong Yee Leong, whose leadership has been instrumental in shaping our growth and strategic direction of our Group since inception. Mr. Wong is a seasoned entrepreneur and has founded multiple start-ups such as Moneymind Investment Pte Ltd and Hauslab Design & Build Pte Ltd after graduating from the University of Texas in 1989. Mr. Wong also sits on the board of Republic Healthcare Limited and was previously a non-executive director at CCM Group Limited.

He is ably supported by a seasoned management team with extensive expertise across the spectrum of cybersecurity, IT management systems and regulatory compliance.

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***Proprietary innovation with AI-powered solutions***

As part of our ongoing strategy to broaden our technological offerings and deepen our cybersecurity capabilities, we are actively expanding into the field of AI, with a focus on AI governance and compliance platforms through our proprietary solution, Clear-AI. This initiative leverages our current expertise in secure software development and reflects our commitment to developing next-generation cybersecurity and digital risk management solutions that meet the growing demand for responsible and scalable AI adoption.

**OUR BUSINESS STRATEGIES AND FUTURE PLANS** 

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***Broadening and enhancing our cybersecurity and digital solutions offerings***

In line with the growth of the global cybersecurity AI markets, we intend to increase our service offerings by introducing a wider range of secure products and cybersecurity solutions. This includes the development of Clear-AI, our proprietary AI governance and compliance platform which will enable customers to adopt and deploy AI technologies with robust oversight and security. We are also considering acquisitions of businesses and technologies that can enhance and diversify our capabilities.

By broadening our service offerings, we seek to penetrate all sectors of the cybersecurity and digital solutions market, while maximizing cross-sell opportunities within our existing customer base.

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***Expanding into cyber insurance brokerage services***

We plan to expand into cyber insurance brokerage services to complement our core cyber security offerings. To this end, we have signed a non-binding Memorandum of Understanding ("**MoU**") with Tan Insurance Brokers Pte Ltd, a third-party insurance provider. By leveraging our expertise in cybersecurity, we aim to assist customers in identifying, assessing, and mitigating cyber risks through tailored insurance solutions that provide financial protection against potential cyberattack incidents.

To facilitate this expansion, we intend to establish a dedicated cyber insurance advisory and brokerage division, as well as a new business development and customer relations team in Singapore. This division will focus on developing strategic partnerships with insurance providers, engaging new customer segments and driving the growth of our cyber insurance business. We believe that this expansion will reinforce our position as a comprehensive one-stop cybersecurity solutions provider.

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***Increasing our market presence and expanding our geographical market reach***

We intend to increase our market presence and continue to expand our geographical reach by entering into new high-growth markets including Southeast Asia, Africa and India.

In Vietnam, we commenced collaboration with DataHouse Asia to enhance their product suite through knowledge and skill development offered via Tevvo Academy, while also strengthening our implementation capacity through their operation and delivery teams.

In Uganda, we have established a relationship with the Ministry of ICT and National Guidance of Uganda. We intend to incorporate a corporate entity in Uganda during the first quarter of year 2026 with a focus on digital transformation and ITMS initiatives. As part of our phased approach, we are targeting the establishment of our office in Kampala, the capital city of Uganda, by the first quarter of 2026. We will continue to search and identify opportunities in the Southeast Asia region, where we see a tangible application for our services to allow us to establish our overall reputation and market presence across Southeast Asia.

Beyond establishing strategic partnerships with enterprises, educational institutions and government agencies to build credibility, we also intend to localize our service offerings and expand our technology applications in emerging areas such as AI-driven cybersecurity applications.

**MARKETING AND BUSINESS DEVELOPMENT** 

We will continue to increase awareness of our products and services through a multi-pronged approach, including tendering for government agency contracts and engaging directly with enterprises who approach us for specific projects/products.

Our marketing and business development team plays a key role in driving customer education and enhancing brand visibility through roadshows, Electronic Direct Mail marketing campaigns, and other targeted outreach programs. We intend to expand our marketing efforts by publishing case studies, white papers and client testimonials.

**RELATIONSHIP MANAGEMENT** 

We are dedicated to building and maintaining long-term relationships with our customers. For significant projects, we designate representatives from our pre-sales and post-sales teams to work closely with our customers through different stages of the project, from infrastructure design to post-sales implementation support.

Our pre-sales team holds certain technical qualifications that enable them to understand customer needs, provide informed recommendations, and collaborate effectively with our developers to deliver tailored solutions that are relevant to the business needs of our customers.

**CUSTOMERS AND SUPPLIERS**

Since the inception of our business in 2011, we have developed and maintained stable relationships with our key suppliers and customers. We have also strived to maintain stable business relationships with our major customers.

For the fiscal years ended March 31 2024, March 31 2025 and September 30, 2025, our top customers are mainly government agencies who accounted for 47.8%, 22.4% and 65.4% of total sales, respectively, and have more than 15 years of business relationship with us.

For the fiscal years ended March 31 2024, March 31 2025 and September 30, 2025, our top suppliers are mainly cybersecurity distributors and providers, delivering comprehensive solutions that address a broad spectrum of modern security and network performance needs, alongside professional services, maintenance, support, and cloud administration.

For the fiscal year ended March 31 2024, one customer accounted for approximately 11% of the Company's total sales. For the fiscal year ended March 31 2025, none of our customers accounted for more than approximately 10% of the Company's total sales. For the fiscal year ended September 30, 2025, three customers accounted for more than approximately 10% of the Company's total sales.

For the fiscal year ended March 31, 2024, supplier A and B accounted for approximately 41% and 37% of the Company's total purchases, respectively. For the fiscal year ended March 31, 2025, supplier A and B accounted for approximately 43% and 13% of the Company's total purchases, respectively. For the fiscal year ended September 30, 2025, supplier A and B accounted for approximately 29% and 13% of the Company's total purchases, respectively. We do not have a direct supply agreement with Supplier A. Our purchases from Supplier A are made pursuant to an indirect reseller agreement between Evvo SG and Imperva, Inc. ("Indirect Reseller Agreement"), where Imperva, Inc. appoints Evvo SG as an authorized, non-exclusive direct reseller of its products and permits Evvo SG to obtain its products from its authorized distributors, of which Supplier A is one of them, for resale to end-user customers. Pursuant to the Indirect Reseller Agreement, for each product ordered by Evvo SG, Evvo SG is required to submit a purchase order to an authorized distributor. Pursuant to the Indirect Reseller Agreement, the agreement is effective until terminated in accordance with the terms and conditions of the agreement wherein either party may terminate for convenience without cause upon 30 days' written notice to the other party of its intention to terminate, or immediately by providing written notice to the other party if, inter alia, (i) the other party commits any material breach of any of the terms of the agreement and (if such a breach is remediable) fails to remedy that breach within 30 days of that party being notified of the breach, or (ii) Evvo SG becomes insolvent, makes an assignment for the benefit of creditors, files or has filed against it a petition in bankruptcy or seeking reorganization or has a receiver appointed or institutes any proceedings for litigation or winding up.

**RISK MANAGEMENT**

We adopt a comprehensive and structured approach to risk management to ensure the integrity, security and resilience of our operations, products and services. Our risk management framework focuses on identifying, assessing, mitigating and monitoring risks across the following key areas:

**Cybersecurity and Data Protection Risks**

Given the nature of our business, safeguarding customer data and protecting digital assets are paramount. We follow a secure-by-design philosophy, integrating cybersecurity, data privacy and compliance into every layer of our software architecture. We conduct continuous vulnerability assessments, penetration testing and security audits to proactive identify and mitigate potential threats.

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***Regulatory and Compliance Risks***

We operate in sectors with stringent compliance requirement, especially when working with government agencies and high-compliance industries. Our compliance framework ensures adherence to relevant local and international regulations, including cybersecurity, data privacy, and AI governance standards. We have a dedicated compliance team that actively monitors regulatory changes and ensures our policies and procedures are continuously updated.

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***Operational Risks***

To minimize risks related to project execution and service delivery, we apply rigorous internal controls and operational protocols. These include detailed project scoping, regular milestone reviews, and risk assessment at every stage of a project. Our EPPU 9 status, which qualifies us to bid for projects with a value of up to S$30 million, underlines our ability to meet stringent operational standards.

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***Business Continuity and Disaster Recovery Risks***

We maintain robust business continuity and disaster recovery plans to ensure service resilience and minimal disruption to our clients. Our SOC is supported by redundancy measures and contingency protocols to maintain operational integrity in the event of unforeseen disruptions.

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***Financial and Market Risks***

By expanding into new markets and launching new business lines alongside expanded service offerings, our diversification strategy reduces our dependency on any single revenue stream and mitigates exposure to sector-specific or geographical risks. Additionally, our long-standing relationships with our key customers and suppliers contribute to revenue stability and ensure operational continuity.

**QUALITY CONTROL**

We maintain stringent quality control standards throughout the lifecycle of our solutions, ensuring that they align with customer expectations and comply with applicable regulatory standards. Our quality control processes cover the following dimensions:

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***End-to-End Quality Assurance***

From initial design to deployment and post-sales support, our products undergo rigorous testing, validation and quality reviews. Our development team adhere to industry best practices in DevSecOps to ensure the secure, scalable and reliable delivery of applications.

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***Project Governance and Oversight***

We implement a structured project management framework with clear governance protocols. Each project is overseen by experienced project managers and dedicated pre-sales and post-sales teams, ensuring alignment with customer expectations, timelines, and quality benchmarks.

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***Continuous Monitoring and Improvement***

We conduct regular audits and performance reviews to assess the effectiveness of our solutions and services. We strive for continuous improvement in our offerings by incorporating customer feedback loops, along with insights from our SOC and incident management teams.

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***Skilled and Qualified Teams***

Our pre-sales and technical teams possess relevant technical qualifications, enabling them to provide informed advice, precise implementation and effective post-sales support. Our employees attend regular training sessions and certification programs, ensuring that we remain up to date with emerging technologies, compliance standards and industry best practices.

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***Supplier and Partner Management***

We evaluate and monitor our suppliers and partners stringently to ensure that all components and third-party tools integrated meet our quality and security standards. Our long-standing supplier relationships further enhance consistent service delivery and product reliability.

**RESEARCH AND DEVELOPMENT**

We value innovation and strive to be at the forefront of our services. We focus our research and development efforts on developing and improving new products and systems. We identify features, products, systems, and potential issues for both software and hardware that are or may be needed in the market.

Our research and development efforts are spearheaded by our Director, Chief Executive Officer and Chairman of the Board, Mr. Wong Yee Leong, and outsourced and executed by our related development team. For software developed by external software developers, we own all the rights with respect to the software developed and are entitled to request the software developers to provide all source codes of the software and relevant information for upgrade or development.

**COMPETITION**

The market for our products and services are extremely competitive. The principal competitive factors in our markets include: (i) product performance, features, effectiveness, interoperability and reliability; (ii) technological expertise; (iii) price of products and services and total cost of engagement; (iv) brand recognition; (v) customer service and support; (vi) sales and distribution capabilities; (vii) compliance with industry standards and certifications; (viii) size and financial stability of operations; and (ix) breadth of product line.

In Singapore, we compete mainly against competitors in bulk tenders such as ST Engineering, NCS, Singtel and Starhub.

We believe that we have a competitive advantage based on our products' performance, reliability and breadth, customer engagement, and our ability to integrate new security features based on our technological expertise.

Several competitors are significantly larger and have greater financial, technical, marketing, distribution and other resources, are more established than we are, and have significantly better global brand recognition. Some of these larger competitors have substantially broader product offerings and leverage their relationships based on other products and functionality into existing products in a manner that discourages customers from purchasing our products. Based in part on these competitive pressures, we may lower prices or attempt to add incremental features and functionality.

**Industry Overview**

The cybersecurity industry has evolved into one of the most critical sectors of the global economy as digitalization accelerates across industries, cyber threats grow in scale and complexity, and regulatory demands increase worldwide. Cybersecurity encompasses the technologies, processes, and practices that safeguard networks, systems, applications, and data from unauthorized access, disruption, or destruction. The continued adoption of cloud computing, mobile devices, IoT networks, blockchain applications, and AI has expanded both the size and complexity of the threat landscape, creating demand for more sophisticated and integrated security solutions.

<u>Global Market Size and Growth</u>

According to Fortune Business Insights (*https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165*), the global cybersecurity market was valued at approximately US$218.98 billion in 2025 and is projected to reach approximately US $562.77 billion by 2032, representing a compound annual growth rate ("CAGR") of approximately 14.4% over the forecast period. *Grand View Research* (*https://www.grandviewresearch.com/industry-analysis/cyber-security-market*) estimates that the global market was valued at approximately US$245.62 billion in 2024 and is expected to reach approximately US $500.70 billion by 2030, reflecting a CAGR of approximately 12.9% from 2024 to 2030.

Growth is being driven by rising IT security spending across both public and private sectors, the migration of mission-critical workloads to cloud environments, and heightened awareness of operational and reputational risks associated with cyber incidents. Enterprises are increasingly prioritizing cyber resilience — ensuring not only prevention but also rapid detection, response, and recovery from incidents.

<u>Asia-Pacific Market Dynamics</u>

The Asia-Pacific ("APAC") region is the fastest-growing cybersecurity market, fueled by rapid digital transformation, increasing cybercrime, and government-led cyber resilience programs. According to Grand View Research (*https://www.grandviewresearch.com/horizon/outlook/cyber-security-market/asia-pacific*), APAC generated approximately US$61.43 billion in revenue in 2024 and is projected to grow at a CAGR of approximately 15.6% between 2025 and 2030. Mordor Intelligence (*https://www.mordorintelligence.com/industry-reports/asia-pacific-cyber-security-market*) estimates the market at approximately US$74.22 billion in 2025, with growth expected to reach US $141.04 billion by 2030, representing a CAGR of approximately 13.7%.

<u>Key APAC Market</u>

Singapore has emerged as a cybersecurity hub in Southeast Asia, supported by the Cyber Security Agency of Singapore and regulatory measures including the Cybersecurity Act and Multi-Tier Cloud Security (MTCS) standards. The nation's strategic emphasis on cybersecurity is reinforced through national masterplans, public-private partnerships, and targeted investment incentives designed to attract technology providers and enhance digital trust.

<u>Market Segmentation</u>

Cybersecurity solutions can be categorized based on their function, deployment model, and end-user. Functionally, they encompass a wide range of measures including network security, endpoint protection, application security, cloud security, identity and access management (IAM), data loss prevention (DLP), vulnerability management, and security information and event management (SIEM). In terms of deployment, these solutions are available in on-premises, cloud-based, and hybrid models, with cloud-based options seeing the most rapid adoption due to their scalability and flexibility. The end-users of cybersecurity solutions span various sectors such as government, financial services, healthcare, manufacturing, telecommunications, and retail, each with distinct security needs and regulatory requirements

<u>Key Growth Drivers</u>

The cybersecurity landscape is being shaped by several key drivers. Escalating cyber threats, including increasingly sophisticated ransomware, phishing attacks, distributed denial-of-service (DDoS) incidents, and advanced persistent threats (APT), are putting organizations under constant pressure to enhance their defenses. Regulatory pressure is also mounting, with expanding national and cross-border regulations demanding more advanced security protocols and comprehensive reporting measures. Meanwhile, digital transformation is accelerating across industries, with widespread adoption of cloud computing, IoT, AI, and blockchain technologies, all of which heighten the need for integrated and adaptive security solutions. Compounding these challenges is a global shortage of qualified cybersecurity professionals, which is driving increased reliance on managed security services and automation to fill critical gaps in expertise and coverage.

<u>Industry Trends</u>

The cybersecurity is observing the following trends. Managed security services are gaining traction as enterprises increasingly outsource their security operations to mitigate staffing shortages and reduce operational costs. The integration of AI and automation is also on the rise, enabling increased use of AI for threat detection, behavioral analytics, and automated incident response. Another significant trend is the adoption of Zero Trust Architecture, a security framework that operates on the principle of never assuming implicit trust within networks. Additionally, cyber insurance is evolving, with insurers offering bundled products that combine coverage with proactive security measures.

The global cybersecurity market is expected to continue expanding at double-digit growth rates over the next several years, supported by increasing digital adoption, escalating cyber risks, and growing regulatory complexity. According to *Fortune Business Insights* (*https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165*), heightened investment in AI-driven security tools, integrated platforms, and managed security services is anticipated to shape the competitive landscape, with providers capable of delivering scalable, compliance-ready solutions positioned to capture significant market opportunities.

**CORPORATE SOCIAL RESPONSIBILITY**

We are committed to conducting our business responsibly and sustainably. Under the leadership of our Chief Sustainability Officer, Mr. Syed Mubarak, we are guided by the following core principles:

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***Environmental Responsibility***

We are dedicated to minimizing our environmental impact through:

● **Climate action**, by measuring and reducing carbon emissions (Scopes 1, 2 and 3);

● **Energy efficiency**, by using energy-efficient infrastructure and pursuing green data center partnerships; and

● **Resource management**, by developing software and IT solutions with minimal environmental footprint as well as implementing measures to reduce e-waste.

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***Social Commitment***

We foster a culture of inclusion and community support through practicing:

● **Diversity and inclusion**, by maintaining an inclusive culture with fair representation across gender, race and ability;

● **Employee well-being**, by promoting safe, flexible and supportive work environments; and

● **Community engagement**, by contributing to digital inclusion and education through skills partnerships, especially in underserved markets.

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***Governance Excellence***

We uphold high standards of accountability and transparency through:

● **Data privacy and cybersecurity**, by ensuring industry-leading standards for client and employee data protection;

● **Transparency**, by disclosing Environmental, Social and Governance ()"**ESG** ")-related risks, goals and progress through standardized reporting frameworks; and

● **Board oversight**, by maintaining clear ESG governance at the board and executive levels.

We have also undertaken several corporate social responsibility initiatives, such as:

● Providing advisory and consulting services to a local mechanical and electrical company, Innoflex Pte. Ltd., to develop an innovative digital solution to improve productivity and reduce carbon footprint;

● Implementing technology-based solutions to build capabilities, job opportunities and social inclusivity for persons with disabilities (PWDs) at SUN-DAC Training Centre, Singapore;

● Co-organizing an Information Security Competition, "Digital Dragons: The Cybersecurity Challenge" in Vietnam, which engaged 100 teams across 25 universities; and

● Co-hosting the Danang Cybersecurity Month, which aimed to elevate cybersecurity awareness and drive actionable strategies among enterprises.

**INTELLECTUAL PROPERTY**

Our industry is characterized by the existence of trademarks, patents and other intellectual property rights. Our software is also protected by copyright and trade secrets and confidential information laws. As of September 30, 2025, our Group has registered the following trademarks:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Design** | **Place of** <br> **Registration** | **Registered** <br> **Owner** | **Class** | **Registration** <br> **Date** | **Expiry** <br> **Date** |
| ![](image_004.jpg) | Singapore | Evvo SG 40201506593Y | 42 | 20/04/2015 | 20/04/2035<br>|
| ![](image_005.jpg) | Singapore | Evvo SG 40201506592V | 42 | 20/04/2015 | 20/04/2035<br>|
| ![](image_006.jpg) | Singapore | Evvo SG 40202117880Y | 41 | 29/07/2021 | 29/07/2031 |

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In order to protect our intellectual property rights, we have adopted various measures. For instance, in respect of our employees, their employment agreements generally contain clauses which provide that all confidential information, such as trade secrets, know-how, business plans, software and documentation, amongst others, are not to be disclosed. Apart from the employment agreement, some of our employees are also required to separately sign a confidentiality agreement that contain clauses which provide for the protection of all confidential information, non-competition for a period of one year after termination of employment, and non-solicitation for a period of one year after termination of employment, and that all inventions or works made, developed or produced by the employee during the employment term and within the scope of the employee's employment shall vest in our Group and all rights, title and interest to such inventions or works are assigned by the employee to our Group.

**EMPLOYEES**

As at March 31, 2025 and 2024 and as at September 30, 2025, we employed a total of 29, 26 and 33 employees in Singapore, 5, 4 and 6 employees in Vietnam, respectively. None of our employees are covered by collective bargaining agreements. We believe that we generally maintain a good working relationship with our employees and our Group has not experienced any significant labor disputes.

The following table sets forth the breakdown of our employees by activity as of September 30, 2025:

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| | |
|:---|:---|
| **Function** | **As of<br> September 30,<br> 2025** |
| C-Level Team | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Consultants | 1 |
| Administration, Human Resources and Finance | 6 |
| Marketing | 1 |
| Operations and Technical Support | 9 |
| Pre-Sales and Sales | 8 |
| Security Operations Centre ("SOC") | 9 |
| **Total** | 39 |

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**SEASONALITY**

Our business historically has not been subject to seasonal fluctuations.

**FACILITIES**

We do not own any real property. A description of our key leased real properties is set out below:

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| | | | |
|:---|:---|:---|:---|
| **Location** | **Usage** | **Lease Period** | **Approximate area** <br> **(square meters)** |
| 28 Genting Lane, #05-07, Platinum 28, Singapore 349585 | Office and SOC | January 1, 2026 <br> to December 31, <br> 2027 | 153 |
| 305 Ðoàn Khuê, Phường Khuê Mỹ, Quận Ngũ Hành Sơn, Danang, Vietnam | Office | September 16,<br> 2025 to <br> September 15, 2026 | 100 |

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Our leased properties consist of office premises, all of which are leased from independent third-parties. We believe our existing leased premises are adequate for our current business operations and that additional space can be obtained on commercially reasonable terms to meet our future needs.

**INSURANCE**

We do not maintain any third-party liability insurance or product liability insurance on our products and services, and our customers will sign off on our services, being an acknowledgement that the products and/or services provided by us are satisfactory and complies with the required specifications, in line with industry standards. Please see "Risk Factors — Our insurance coverage may be inadequate".

**LITIGATION AND OTHER LEGAL PROCEEDINGS**

We are currently not involved in any material legal or arbitral proceedings. From time to time, we may be involved in litigation, claims, and other proceedings arising in the ordinary course of business. Any claims, litigations or other legal or administrative proceedings, even if without merit and regardless of the outcome, may result in substantial costs and diversion of management resources and attention. Litigation or other legal or administrative proceedings, if material, could result in unexpected expenses and liabilities, which could have a material adverse effect on our business, reputation, results of operations, financial condition, and cash flows.

**REGULATIONS**

 

*This section sets forth a summary of the most significant rules and regulations that affect our business in Singapore.*

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***Cybersecurity Act 2018 of Singapore***

The Cybersecurity Act 2018 of Singapore ("**Singapore CA**") was established to require or authorize the taking of measures to prevent, manage and respond to cybersecurity threats and incidents, regulate owners of critical information infrastructure ("**CII**") and cybersecurity service providers, and for matters related thereto. In particular, the Commissioner of Cybersecurity may, by notice given in the prescribed form and manner, require any person who appears to be exercising control over the computer or computer system, to provide to the Commissioner, within a reasonable period specified in the notice, such relevant information relating to that computer or computer system as may be required by the Commissioner for the purpose of ascertaining whether the computer or computer system fulfils the criteria of a CII. The Commissioner may, by written notice to the owner of a computer or computer system, designate the computer or computer system as a CII for the purposes of the Singapore CA, if the Commissioner is satisfied that (a) the computer or computer system is necessary for the continuous delivery of an essential service, and the loss or compromise of the computer or computer system will have a debilitating effect on the availability of the essential service in Singapore; and (b) the computer or computer system is located wholly or partly in Singapore.

Pursuant to the Singapore CA and the Cybersecurity (Cybersecurity Service Providers) Regulations 2022 of Singapore, persons who engage in the business of providing licensable cybersecurity services ("**LCS**") (being managed security operations center monitoring services and penetration testing services) to other persons, are required to obtain a cybersecurity service provider's ("**CSP**") license. Persons who are in the business of providing a LCS must also obtain a license before advertising, or in any way hold out, that the person provides or is willing to provide such services. Any person who the foregoing is guilty of an offence and is liable, upon conviction, to a fine not exceeding SGD 50,000, imprisonment for a term not exceeding two years, or both.

The license expires every two years, and the Commissioner may refuse to grant or refuse a license if, in the opinion of the licensing officer, the individual or business entity is not a fit and proper person or business entity (as the case may be) to hold or continue to hold the license. In deciding whether a business entity is a fit and proper person, the Commissioner make take into account any matter the Commissioner considers relevant, including (a) that the business entity has been convicted in Singapore or elsewhere of any offence that involves, or has had a judgment entered against them in civil proceedings that involves a finding of fraud, dishonesty or moral turpitude (as the case may be), (b) any officer of the business entity is not a fit and proper person to be an officer of a business entity holding the license, (c) that the business entity is in liquidation, subject to a winding up order, has a receive appointed, or has entered into a composition or scheme of arrangement with its creditors, or (d) its license has been revoked previously. The Commissioner may also refuse the grant or renewal of the license if it is not in the public interest or may pose a threat to national security.

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***Personal Data Protection Act***

The Personal Data Protection Act 2012 of Singapore ("**PDPA**") establishes the baseline regime for the protection of personal data in Singapore. The PDPA applies to all organizations that collect, use, disclose, and/or process personal data. The PDPA is administered and enforced by the Personal Data Protection Commission ("**PDPC**"). In this regard, "personal data" as defined under the PDPA refers to data, whether true or not, about an individual who can be identified (a) from that data; or (b) from that data and other information to which the organization has or is likely to have access.

An organization is required to comply with, amongst other things, the data protection obligations prescribed by the PDPA, which may be summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Consent obligation — the consent of individuals
must be obtained before collecting, using, disclosing and/or processing their personal data, unless an exception applies. Additionally,
an organization must allow the withdrawal of consent by an individual which has been given or is deemed to have been given;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Purpose limitation obligation — personal
data must be collected, used, disclosed, and/or processed only for purposes that a reasonable person would consider appropriate in the
circumstances, and if applicable, have been notified to the individual concerned;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Notification obligation — individuals must
be notified of the purposes for the collection, use, disclosure, and/or processing of their personal data, prior to such collection,
use, disclosure, and/or processing;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Access and correction obligations — when
requested by an individual and unless an exception applies, an organization must: (i) provide that individual with access to his
personal data in the possession or under the control of the organization and information about the ways in which his personal data may
have been used or disclosed during the past year, and/or (ii) correct an error or omission in his personal data that is in the possession
or under the control of the organization;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Accuracy obligation — an organization must
make reasonable efforts to ensure that personal data collected by or on its behalf is accurate and complete if such data is likely to
be used by the organization to make a decision affecting the individual to whom the personal data relates or if such data is likely to
be disclosed to another organization;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Protection obligation — an organization must
implement reasonable security arrangements to protect personal data in its possession or under its control from: (i) unauthorized
access, collection, use, disclosure, copying, modification, disposal or similar risks, and (ii) the loss of any storage medium or
device on which personal data is stored;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Retention limitation obligation — an organization
must anonymize or must not keep personal data for longer than it is necessary to fulfil; (i) the purposes for which it was collected,
or (ii) a legal or business purpose;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Transfer limitation obligation — personal
data must not be transferred out of Singapore except in accordance with the requirements prescribed under the PDPA. In this regard,
an organization must ensure that the recipient of the personal data in that country outside Singapore is bound by legally enforceable
obligations to provide the transferred personal data a standard of protection that is at least comparable to the protection under the
PDPA;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Accountability obligation — an organization
must implement the necessary policies and procedures in order to meet its obligations under the PDPA, communicate and inform their staff
about these policies and procedures, as well as make information of such policies and procedures available on request. In addition, an
organization must develop a process to receive and respond to data-related complaints, and must designate at least one individual as
the data protection officer to oversee the organization's compliance with the PDPA;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Data breach notification obligation — an
organization must notify the PDPC and/or the affected individuals if it has suffered a data breach that meets the notification thresholds
prescribed under the PDPA (i.e. the data breach is or is likely to be of significant scale, or has caused or is likely to cause significant
harm to the affected individuals). The organization is expected to expeditiously assess the severity of the breach, and the timeline
to notify the PDPC is 3 calendar days of the organization assessing that a notification threshold has been met; and

&nbsp;&nbsp;&nbsp;&nbsp;(k) Data portability obligation — the data portability
obligation (which is not yet in force as at the date of this prospectus) grants individuals with an existing direct relationship with
an organization the right to request for a copy of their personal data to be transmitted in a commonly used machine-readable format to
another organization which has a business presence in Singapore. The exact scope and applicability of this right will be delineated by
the relevant regulations and guidelines to be published by the PDPC.

The maximum financial penalty that can be imposed on organizations is S$1 million, or 10% of the organization's annual turnover in Singapore, whichever is higher. The severity of the penalties will be assessed based on, amongst other things, the amount of personal data involved, and the degree of harm caused to individuals.

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***Regulations on Labor***

The Singapore EA sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. With effect from April 1, 2019, the Singapore EA extends to all employees, including persons employed in managerial or executive positions, with certain exceptions.

The Singapore EA prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv) provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In addition, certain statutory protections relating to overtime and hours of work are prescribed under the Singapore EA, but only apply to limited categories of employees, such as an employee (other than a workman) who is not employed in a managerial or executive position and who receives a salary of up to S$2,600 a month ("**relevant employee**"). Section 38(8) of the Singapore EA provides that a relevant employee is not allowed to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the community, defence or security. In addition, Section 38(5) of the Singapore EA limits the number of hours of overtime work that a relevant employee can perform in a month, to 72 overtime hours a month.

Other employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident Fund, under the Central Provident Fund Act 1953 of Singapore in respect of each employee who is a citizen or permanent resident of Singapore; (ii) the provision of statutory maternity, paternity, childcare, adoption, unpaid infant care and shared parental leave benefits (in each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-savings Act 2001 of Singapore; (iii) statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 of Singapore; and (iv) statutory requirements relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 of Singapore and the Workplace Safety and Health Act 2006 of Singapore, respectively.

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***Regulations on Intellectual Property Rights***

We have registered various trademarks, including the trademarks for our 2 brands in Singapore. The Intellectual Property Office of Singapore administers the intellectual property legislative framework in Singapore, which includes copyrights, trademarks and patents. Singapore is a member of the main international conventions regulating intellectual property matters, and the World Trade Organization's Agreement on Trade Related Aspects of Intellectual Property Rights.

Singapore operates a first-to-file system in respect of registered trademarks under the Trade Marks Act 1998 of Singapore, and the registered proprietor is granted a statutory monopoly of the trademark in Singapore in relation to the product or service for which it is registered. In the event of any trademark infringement, the registered proprietor will be able to rely on the registered trademark as proof of his right to the mark, and the infringement of a trademark may give rise to civil and criminal liabilities. Statutory protection of a registered trademark can last indefinitely, as long as the registration is renewed every 10 years. Unregistered trademarks are also protected under the common law of passing off, provided that the owner is able to prove that there is goodwill or reputation in the mark; misrepresentation on the part of the infringer; and damage to the mark as a result.

**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information concerning our directors and executive officers, including their ages as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Wong Yee Leong | 61 | Director, Chief Executive Officer, and Chairman of the Board of Directors |
| Chew Teck Shiong\* | 52 | Chief Operating Officer and Director Nominee |
| Peng Chee Yong | 40 | Chief Financial Officer |
| Lim Ngee Woon\* | 59 | Independent Director Nominee |
| Nguyen Minh Son\* | 61 | Independent Director Nominee |
| Wilson Chandra\* | 54 | Independent Director Nominee |

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\* Each of Mr. Lim Ngee Woon, Mr. Nguyen Minh Son and Mr. Wilson Chandra has accepted our appointment to be our independent director, and Mr. Chew Teck Shiong has accepted our appointment to be our Director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

Mr. Wong Yee Leong ("**Mr. Wong**") has been serving as our director since incorporation and as the chairman of the board of directors and chief executive officer since December 2025, and. Mr. Wong graduated from the University of Texas at Austin with a Bachelor of Business Administration in Marketing in December 1989. Mr. Wong has over 25 years of experience in technology, design, and financial services. From October 1999 to December 2012, he was managing director at Moneymind Investment Pte Ltd, responsible for overall management and strategic direction as a mortgage broker. From November 2013 to October 2018, he was managing partner at Hauslab Design & Build Pte Ltd, managing project teams in design and build consultancy. Since August 2011, Mr. Wong has served as chief executive officer of Evvo SG, where he oversees the company's sales, operations, and strategic direction.

Mr. Chew Teck Shiong ("**Mr. Chew**") has been serving as our chief operating officer since December 2025 and is a director nominee who will be appointed as a director upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus forms a part. Mr. Chew graduated from the University of Southern Queensland, Australia with a Bachelor of Information Technology in 1999 and obtained his Master of Business Administration from the University of Leicester, United Kingdom in 2004. He also holds a diploma in electronics from Singapore Polytechnic, obtained in 1992. Mr. Chew has over 25 years of experience in information technology, digital lending, payments, and related fields. From February 1995 to October 1996, he was an engineer at GES (S) Pte Ltd, developing applications for system testing and factory automation. From November 1996 to October 1997, he was an engineer at Sapient Technologies, providing onsite technical support and IT consultation. From November 1997 to October 2004, he served as manager at Philips Semiconductors Pte Ltd, managing IT services and providing technical and managerial leadership to IT staff in Singapore. From October 2004 to January 2007, he was a manager at Behringer Holdings Pte Ltd, managing IT services and budgets across multiple locations in China. From January 2007 to March 2014, he was a manager at Global Blue Pte Ltd, developing new businesses for tax-free shopping and integrated payment solutions across Asia. From April 2014 to June 2015, he was general manager at ManagePay System Berhad, developing go-to-market strategies for mobile point-of-sales and payment processing services in Southeast Asia. From September 2015 to December 2015, he served as vice president at NETS Pte Ltd, managing key accounts performance and technology enhancements. From August 2016 to August 2017, he was general manager at Funding Societies Pte Ltd, leading the digital lending team in Singapore and driving fintech collaborations. From August 2017 to August 2020, he was chief operating officer at Moolahsense Pte Ltd, overseeing end-to-end lending operations and MAS compliance. Since June 2021, Mr. Chew has served as chief operating officer and chief information security officer of Evvo SG, overseeing operational performance and information security, and has also served as the country head of Evvo Viet since January 2024.

Mr. Peng Chee Yong ("**Mr. Peng**") has been serving as our chief financial officer since June 2025 and is primarily responsible for overseeing the financial management, reporting, and capital strategies of our Group. Mr. Peng graduated from Northern University of Malaysia with a Bachelor of Accountancy in October 2009. He is a Chartered Accountant of Singapore and a member of CPA Australia, and has over 15 years of experience in financial management, auditing, and capital markets. From October 2009 to June 2013, he was assistant manager at KPMG, overseeing audits for multinational companies. From August 2013 to January 2015, he was audit supervisor at Baker Tilly, leading audit teams of 8–10 professionals and conducting audits for multinational corporations and publicly listed companies. From January 2015 to July 2018, he was audit and investment manager at ISOTeam Ltd., responsible for financial reporting and M&A due diligence. From July 2018 to July 2021, he was an IPO consultant at Pinedex Pte. Ltd., advising clients on pre-IPO matters. From August 2021 to August 2022, he served as chief financial officer at IAG Holdings Limited, handling financial operations and regulatory compliance. From August 2022 to June 2025, he was chief financial officer at Mobile-health Network Solutions, where he led the company's Nasdaq listing and managed group finance.

Mr. Lim Ngee Woon (**"Mr. Lim"**) is a director nominee who will be appointed as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus forms a part. Mr. Lim graduated from Nanyang Technological University, Singapore with a Bachelor of Accountancy from in 1995 and obtained his Executive Master of Business Administration from California State University, Hayward in 2004. Mr. Lim has more than twenty-seven years of professional experience in operations, finance, and audit across multiple industries and regions. He is currently serving as the chief executive officer of Kandal M Venture Ltd, a position he has held since April 2024, where he oversees operations in Cambodia and Hong Kong. From December 2021 to March 2024, he worked as chief operating officer and chief financial officer at Fashion Focus Manufacturing Ltd, managing luxury bag manufacturing and financial operations in the Philippines. Between May 2019 and November 2021, he was chief operating officer at Genstar Tech Pte Ltd, where he led healthcare IT application development and implementation. Prior to these roles, Mr. Lim served as chief operating officer at VMSD Pte Ltd from June 2014 to April 2019, overseeing events and marketing management. From July 2011 to May 2013, he was General Manager at Signature Enterprise (Shanghai) Co. Ltd, where he managed operations and administration of office furniture design. Between April 2008 and June 2011, he held the position of country manager at Shanghai Pico Media Services Co. Ltd, directing sales and operations for exhibitions, events, and marketing services. Earlier in his career, he worked as regional financial controller at Pico Hong Kong Ltd from April 2004 to March 2008, Finance Consultant and Group Finance Manager at I.R.E. Corporation Limited from December 2001 to December 2003, and Audit Senior at KPMG Singapore from July 1995 to October 1998. We believe Mr. Lim is well qualified to serve on board of directors as an independent director based on his extensive work experience in various fields.

Mr. Nguyen Minh Son (**"Mr. Nguyen"**) is a director nominee who will be appointed as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus forms a part. Mr. Nguyen graduated from the Novosibirsk Telecommunication Institute Name after P.D Psurtsev with a Master of Economist in 1986 and obtained his Doctorate of Business Administration from Southern California University For Professional Study in 2002. Mr. Nguyen has extensive experience in economics, finance, and policy development, particularly in the information and communication technology (ICT) sector. From both December 2020 to December 2024 and June 2007 to March 2015, he served as the general director of the finance and planning department at the Ministry of Information and Communication, where he was responsible for developing national master plans for ICT, telecommunications, and postal sectors in Vietnam. His duties included overseeing investment plans and projects for sector development and managing budgeting for all ministry activities. From March 2015 to December 2020, Mr. Nguyen was director at the National Institute of Information and Communication Strategy. In this position, he led strategy and policy research in science and technology for ICT, developed trend forecasting and analysis, and provided policy consulting and appraisal, including international cooperation initiatives. We believe Mr. Nguyen is well qualified to serve on board of directors as an independent director based on his extensive work experience in various fields.

Mr. Wilson Chandra **("Mr. Chandra")** is a director nominee who will be appointed as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus forms a part. Mr. Chandra graduated from the University of Southern California with a Bachelor of Electrical Engineering in 1989 and a Master of Electrical Engineering in 1992. Mr. Chandra has significant experience in digital marketing and business growth. Since July 2019, he has served as group president and board director at Knorex Ltd., where he enables advertisers to better target audiences through the company's platform. Prior to this role, from June 2001 to June 2019, he was chief executive officer and founder of TransAccel LLC, where he focused on expanding and growing companies' market presence. We believe Mr. Chandra is well qualified to serve on board of directors as an independent director based on his extensive work experience in various fields.

**Family Relationships**

As of the date of this prospectus, there are no family relationships among our directors and executive officers.

**Corporate Governance Practices**

 ****

***Foreign Private Issuer***

After the consummation of this offering, we will qualify as a "foreign private issuer" under the SEC rules and NYSE American Company Guide. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to 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. Also, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and we will submit to the SEC from time to time, on Form 6-K, reports of information that would likely be material to an investment decision in our Shares.

As a "foreign private issuer," as defined by the SEC, we are permitted to follow home country corporate governance practices, instead of certain corporate governance standards required by the NYSE American for U.S. companies. The exemptions are subject to our disclosure of which requirements we are not following and the equivalent Cayman Islands requirements. Below are some of the exemptions afforded to foreign private issuers under the corporate governance requirements of the NYSE American:

● Exemption from the requirement that we disclose within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers.

● Exemption from the requirement that our board of directors be composed of independent directors.

● Exemption from the requirement that our audit committee have a minimum of three members.

● Exemption from the requirement that we hold annual shareholders' meetings.

● Exemption from the requirement that our board of directors have a remuneration committee composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirement that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors and governed by a formal written charter or board resolution, as applicable, addressing the nomination process as adopted.

We intend to comply with all of the rules generally applicable to U.S. domestic companies listed on the NYSE American. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other NYSE American corporate governance rules. We also intend to comply with Cayman Islands corporate governance requirements under the Companies Act applicable to us at the same time. If we rely on our home country corporate governance practices in lieu of certain of the rules of NYSE American, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of NYSE American. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

**Code of Business Conduct and Ethics, Insider Trading Policy and Executive Compensation Recovery Policy**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt: (i) a Code of Business Conduct and Ethics; (ii) an Insider Trading Policy that applies to our Directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions; and (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "Policies"). We intend to disclose any amendments to the Policies, and any waivers of the Policies for our Directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of NYSE American.

 ****

***Board of Directors***

Our board of directors will consist of five directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director who is, directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company shall declare the nature of his or her interest at a meeting of our directors. A director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein and if he or she does so his or her vote shall be counted and he or she may be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of our Company to issue debentures, debenture stock, bonds, and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party. None of our non-executive directors have a service contract with us that provides for benefits upon termination of service.

We recognize the importance and benefit of having a board of directors composed of highly talented and experienced individuals having regard to the need to foster and promote diversity among board members with respect to attributes such as gender, ethnicity and other factors. In support of this goal, we will consider criteria that promote diversity, including with regard to gender, ethnicity, and other dimensions; and consider the level of representation of women on our board of directors along with other markers of diversity.

 ****

***Committees of the Board of Directors***

A company of which more than 50% of the voting power held by a single entity is considered a "controlled company" under the NYSE American Company Guide. A controlled company is not required to comply with the NYSE American corporate governance rules requiring a board of directors to have a majority of independent directors to have independent audit, compensation, and nominating and corporate governance committees. Following the completion of this offering, we will be a "controlled company" as defined under the NYSE American Company Guide.

We will establish three committees under the board of directors immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part: an audit committee, a compensation committee, and a nominating and corporate governance committee. We expect to 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 Mr. Lim, Mr. Nguyen and Mr. Chandra. Mr. Lim Ngee Woon will be the chairperson of our audit committee. We have determined that each of our audit committee members satisfies the independence requirements of NYSE American Company Guide. We have determined that Mr. Lim Ngee Woon qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the NYSE American Company Guide. 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:

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

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

● discussing the annual audited financial statements with management and the independent auditors;

● 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;

● reviewing and approving all proposed related-party transactions;

● meeting separately and periodically with management and the independent auditors; and

● 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 Mr. Nguyen, Mr. Lim and Mr. Chandra. Mr. Nguyen will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of NYSE American Company Guide. 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:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

● selecting compensation consultant, legal counsel, or other adviser only after taking into consideration all factors relevant to that person's independence from management.

 

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of Mr. Chandra, Mr. Lim, and Mr. Nguyen. Mr. Chandra will be the chairperson of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance committee members satisfies the "independence" requirements of NYSE American Company Guide. 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:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

● reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

● advising the board periodically in regard 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 the board on all matters of corporate governance and on any remedial action to be taken.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our company. These include, among others (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, our directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of Shares in our company, including the registration of such Shares in our Share register.

 ****

***Terms of Directors and Officers***

Our directors may be elected by a resolution of our board of directors or by an ordinary resolution of our shareholders. Our directors are not subject to a term of office and hold office until such time as they are removed from office by ordinary resolution of our shareholders, unless the director is appointed on such express terms that he or she shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period). A director will cease to be a director automatically if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing to the Company; (iv) without special leave of absence from the board of directors, is absent from meetings of the board of directors for three consecutive meetings and the board of directors resolves that his office be vacated; (v) is prohibited by law from being a director; or (vi) is removed from office pursuant to any other provision of our Amended and Restated Memorandum and Articles of Association.

Our officers are selected by and serve at the discretion of our board of directors.

**Employment Agreements with Executive Officers**

We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specific time period. We may terminate employment for cause for certain acts of executive officers, such as commission of any serious or persistent breach or non-observance of the terms and conditions of the employment agreement, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. We may also terminate an executive officer's employment without cause upon providing three-months advance written notice. An executive officer may resign anytime with a three-month advance written notice.

Each executive officer has agreed to hold, during his or her employment and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our customers or prospective customers, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.

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

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

**Board diversity**

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our Board, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our board.

Our directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing a majority of the members of our board. Our board is well balanced and diversified in alignment with the business development and strategy of the Company.

**Compensation of Directors and Executive Officers**

For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For the years ended March 31, 2025 and 2024, we paid an aggregate compensation of S$264,000 and S$243,390, respectively, to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

**Equity Incentive Plans**

As of the date of this prospectus, we have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of September 30, 2025, March 31, 2025 and 2024, we had no outstanding equity awards.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership of our Shares as of the date of this prospectus:

● each person or entity known by us to own beneficially more than 5% of our outstanding Shares;

● each of our directors, executive officers, and director nominees; and

● all of our executive officers, directors, and director nominees as a group.

Beneficial ownership of our Shares is determined in accordance with the SEC rules. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or investment power, which includes the power to dispose of or to direct the disposition of the security. The percentage of Shares beneficially owned prior to this offering is based on 32,500,000 Shares outstanding as of the date of this prospectus giving effect to the Reorganization as described in "Business — Corporate History and Structure" section. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after this offering is based on the number of Shares outstanding prior to this offering plus the Class A Ordinary Shares that we are selling in this offering.

The percentages of Shares beneficially owned after this offering assume that the underwriters will not exercise their option to purchase additional Shares in this offering. Except where otherwise indicated, we believe, based on information furnished to us by such owners, that the beneficial owners of the Shares listed below have sole investment and voting power with respect to such shares.

Upon the closing of this offering, none of our shareholders will have different voting rights from other shareholders. To the best of our knowledge, we are not owned or controlled, directly or indirectly, by any another corporation or by any foreign government. 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner<sup>(1)</sup>** | **Shares Beneficially Owned Prior to the Offering** | **Shares Beneficially Owned Prior to the Offering** | **Shares Beneficially Owned After the Offering** | **Shares Beneficially Owned After the Offering** | **Shares Beneficially Owned After the Offering** |
| ***Directors and executive officers*** | **Number of Shares** | **Percentage of voting power** | **Number of Class A Ordinary Shares** | **Number of Class B Ordinary Shares** | **Percentage of voting power** |
| Wong Yee Leong | 18637430 | 83.0% | 16047969 | 2589461 | 80.6% |
| Chew Teck Shiong |  |  |  |  |  |
| Peng Chee Yong |  |  |  |  |  |
| Lim Ngee Woon |  |  |  |  |  |
| Nguyen Minh Son |  |  |  |  |  |
| Wilson Chandra |  |  |  |  |  |
| ***Directors, director nominees, and executive officers as a group*** | 18637430 | 83.0% | 16047969 | 2589461 | 80.6% |
| ***5% or greater shareholder(s)*** |  |  |  |  |  |
| Wong Yee Leong | 18637430 | 83.0% | 16047969 | 2589461 | 80.6% |
| ICHAM MASTER FUND VCC# | 3671094 | 4.5% | 3671094 | 0 | 4.4% |

---

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

\* Except as otherwise indicated below, the business address for our directors and executive officers is at 28 Genting Lane, #05-07, Platinum 28, Singapore 349585.

\*\* Giving effect to the Reorganization, applicable percentage of ownership is based on 29,910,539 Class A Ordinary Shares outstanding as of the date of this prospectus.

\*\*\* Applicable percentage of ownership is based on 35,000,000 Class A and Class B Ordinary Shares outstanding immediately after this offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares).

# ICHAM MASTER FUND VCC, a company incorporated in Singapore with limited liability, of registered address of 9 Temasek Boulevard #38-02 Suntec Tower Two, Singapore 038989.

**CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS**

**Transactions with Certain Related Parties**

Set forth below are our related party transactions that occurred since the beginning of the six months ended September 30, 2025 and years ended March 31, 2025, 2024 and 2023 up to the date of this prospectus. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F.

Under Part I, Item 7B of Form 20-F, the Company is required to disclose any transaction occurring since the beginning of the Company's preceding two financial years, with respect to transactions or loans between the Company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related party transactions on an ongoing basis and all such transactions be approved by the audit committee. In determining whether to approve a related party transaction, the audit committee shall consider, among other factors, the following factors to the extent relevant to the related party transaction:

● whether the terms of the related party transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a related party;

● whether there are business reasons for the Company to enter into the related party transaction;

● whether the related party transaction would impair the independence of an outside director;

● whether the related party transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or the related party, the direct or indirect nature of the director's, executive officer's or the related party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the audit committee deems relevant; and

● any pre-existing contractual obligations.

During the years ended March 31, 2023, 2024, 2025 and September 30, 2025 and up to the date of this prospectus, certain related parties are as follows:

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| | |
|:---|:---|
| ***Name of party*** | ***Relationship*** |
| Wong Yee Leong | Our Controlling Shareholder, Director, Chief Executive Officer, and Chairman of the Board of Directors |
| Evvo IOT Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Group Inc | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Labs Philipp | Wong Yee Leong is a director and major shareholder of the Company |
| EVVO Media Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Solutions Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Roundesk Infocomm Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |

---

During the years ended March 31, 2023, 2024 and 2025 and six months ended September 30, 2025, certain related party transactions with related parties were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** | **For the six months ended<br> September 30,** | **For the six months ended<br> September 30,** |
| <br>**Related parties** | <br>**Nature** | **2023** | **2024** | **2025** | **2025** | **2025** | <br>**2025** |
|  |  | **S$** | **S$** | **S$** | **US$** | **S$** | **US$** |
| Evvo IOT Pte Ltd<sup>(1)</sup> | Royalty fees received |  |  | 109000 | 81071 | 81750 | 63362 |
| Evvo IOT Pte Ltd<sup>(2)</sup> | Payment on behalf of | 7636 | 5753 | 100000 | 74377 | 839 | 650 |
| Evvo Philippines<sup>(2)</sup> | Payment on behalf of/(by) | 7231 |  | 4089 | 3041 | (525) | (407) |
| &nbsp;&nbsp;&nbsp;Evvo IOT Pte Ltd<sup>(3)</sup> | Payment by | (11152) | (4404) | (3148) | (2341) | (39240) | (30412) |
| Evvo Media Pte Ltd<sup>(3)</sup> | Payment by |  | (668) | (740) | (550) |  |  |
| Evvo Solutions Pte Ltd<sup>(3)</sup> | Payment by |  | (654) | (36) | (27) |  |  |
| Roundesk Infocomm Pte Ltd<sup>(3)</sup> | Payment by |  | (1624) | (13404) | (9970) | (9228) | (7152) |
| Evvo IOT Pte Ltd<sup>(4)</sup> | Advances to | 698958 | 726810 | 857900 | 638081 | 342200 | 265210 |
| Evvo Solutions Pte Ltd<sup>(5)</sup> | Management fee | 28890 |  |  |  |  |  |
| Evvo IOT Pte Ltd<sup>(5)</sup> | Management fee | 326642 |  |  |  |  |  |
| Evvo Solutions Pte Ltd<sup>(6)</sup> | Professional services & project management | 243091 |  |  |  |  |  |
| Evvo IOT Pte Ltd<sup>(7)</sup> | Purchase of goods and services/software | 226499 | 864000 |  |  |  |  |
| Evvo Solutions Pte Ltd<sup>(7)</sup> | Purchase of goods and services | 57780 |  |  |  |  |  |

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(1) In the financial year ended March 31, 2025
 and six months ended September 30, 2025, the Company accrued royalty fees of S$109,000 and
 S$81,750 respectively receivable from Evvo IOT Pte Ltd for the use of the Evvo trademark.

(2) The Company made payment on behalf of Evvo IOT
 Pte Ltd and Evvo Philippines totaling S$104,089 in 2025, compared to S$5,753 in 2024 and
 S$14,867 in 2023, to support operational activities. The amount reduced significantly to
 S$839 for the financial period ended September 30, 2025, reflecting lower intercompany support
 requirements and improved cost alignment within the Group.

(3) Evvo IOT Pte Ltd, Evvo Media Pte Ltd, Evvo Solutions
 Pte Ltd and Roundesk Infocomm Pte Ltd made payments on behalf of the Company totaling S$16,115
 in 2025, reflecting reimbursable support costs, down from S$7,350 in 2024 and S$11,152 in
 2023, to support operational activities. The total amount reversed upward to S$48,468 for
 the financial period ended September 30, 2025, primarily due to higher shared operational
 expenses and increased intercompany support during the period.

(4) The Company extended loans to Evvo IOT Pte Ltd
 amounting to S$342,200 in September 2025, S$857,900 in March 2025, S$726,810 in March 2024,
 and S$698,958 in March 2023. The loans are unsecured, non-interest bearing and repayable
 on demand.

(5) No management fees were recorded in 2024 and 2025. In 2023,
the Company charged management fees of S$28,890 to Evvo Solutions Pte Ltd and S$326,642 to Evvo IOT Pte Ltd for strategic and operational
support.

(6) In 2023, the Company charged professional and project management
fees of S$243,091 to Evvo Solutions Pte Ltd. No such transactions occurred in 2024 or 2025.

(7) In 2023, the Company purchased goods and services amounting
to S$226,499 from Evvo IOT Pte Ltd and S$57,780 from Evvo Solutions Pte Ltd. In 2024, the Company purchased goods, services, and software
totaling S$864,000 from Evvo IOT Pte Ltd. No such transactions occurred in 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** | <br>**For**<br> **the six months ended<br> September 30,** | <br>**For**<br> **the six months ended<br> September 30,** |
| <br>**Name** | <br>**Nature** | **2023** | **2024** | <br>2**025** | **2025** | <br>**2025** | <br>**2025** |
|  |  | **S$** | **S$** | **S$** | **US$** | **S$** | **US$** |
| Wong Yee Leong<sup>(1)</sup> | Amount due from/(to) director | 2081560 | 2981217 | 664486 | 494225 | (820479) | (635907) |
| Roundesk Infocomm Pte Ltd<sup>(2)</sup> | Account receivable |  | 1624 | 11758 | 8745 | 20986 | 16265 |
| Evvo IOT Pte Ltd<sup>(2)</sup> | Account receivable | 433320 | 397378 | 509200 | 378728 | 591789 | 458662 |
| Evvo Media Pte Ltd<sup>(2)</sup> | Account receivable |  | 448 |  |  |  |  |
| Evvo IOT Pte Ltd<sup>(3)</sup> | Amount due from related party | 78892 |  | 869765 | 646906 | 1142725 | 885662 |
| Evvo Group Inc<sup>(4)</sup> | Amount due from related party |  | 12311 | 2510 | 1867 |  |  |
| Evvo Labs Philipp<sup>(4)</sup> | Amount due from related party | 8127 | 12826 | 18915 | 14068 | 18390 | 14253 |
| Evvo Media Pte Ltd<sup>(5)</sup> | Account payable | (48967) | (35967) | (16761) | (12466) | (16761) | (12991) |
| Evvo Solutions Pte Ltd<sup>(5)</sup> | Account payable | (231480) | (153785) | (153750) | (114355) | (153750) | (119163) |
| Evvo IOT Pte Ltd<sup>(6)</sup> | Amount due to related party |  | (83051) |  |  |  |  |
|  |  | 2321452 | 3133001 | 1906123 | 1417718 | 782900 | 606781 |

---

(1) The amounts due from the director as of March 31,
 2023, 2024 and 2025 represent the advances to the director. The balances are unsecured, non-interest
 bearing, and payable on demand. The outstanding balance was fully settled subsequently. As
 of September 30, 2025, the amount due to director represents short term loan extended to
 Evvo Labs Pte Ltd for operational purposes.

(2) The amounts receivable from related parties, Roundesk Infocomm
Pte Ltd and Evvo IOT Pte Ltd, comprise mainly management fees, royalty fees, and project-related revenue earned by the Company. These
balances are unsecured, non-interest bearing, and repayable on demand.

(3) The amounts due from related party Evvo IOT Pte
 Ltd as of March 31, 2023, 2024 2025 and September 30, 2025 include payments made on
 behalf of the Company and loans. The loans and related balances are unsecured, non-interest
 bearing, and repayable on demand.

(4) The amounts due from related parties, Evvo Group Inc. and
Evvo Labs Philippines, represent payments made by the Company on their behalf for operational purposes. These balances are unsecured,
non-interest bearing, and repayable on demand.

(5) The amounts payable to related parties, Evvo Media Pte Ltd
and Evvo Solutions Pte Ltd, relate to services rendered by the respective entities. The balances are unsecured, non-interest bearing,
and repayable on demand.

(6) The amount due to related party Evvo IOT Pte Ltd as of March 31,
2024, represented purchases and payments made on behalf of the Company for operational costs. The outstanding balance was fully settled
thereafter.

**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 500,000,000 shares, par value of US$0.0001 each, comprising (a) 350,000,000 Class A Ordinary Shares of par value of US$0.0001 each and (b) 150,000,000 Class B Ordinary Shares of par value of US$0.0001 each. As of the date of this prospectus, 32,500,000 Ordinary Shares are issued and outstanding.

Immediately prior to the completion of this offering, we will have 32,500,000 Ordinary Shares issued and outstanding. Upon the closing of this offering, we will have 35,000,000 issued and outstanding Ordinary Shares, including 32,410,539 Class A Ordinary Shares and 2,589,461 Class B Ordinary Shares, assuming no exercise of the underwriters' over-allotment option (or 35,375,000 Ordinary Shares if the underwriters exercise their option to purchase additional Ordinary Shares in full). All of our shares issued and outstanding prior to the completion of this offering are and will be fully paid, and all of our shares to be issued in this offering will be issued as fully paid.

**Amended and Restated Memorandum and Articles of Association**

The following are summaries of material provisions of the Amended and Restated Memorandum and Articles of Association and of the Companies Act, insofar as they relate to the material terms of our Ordinary Shares.

 

*Objects of Our Company.* Under our amended and restated memorandum of association, the objects of our company are unrestricted, and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

 

*Ordinary Shares.* Our Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all matters subject to vote at our general meetings. Our Class A Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

 

*Conversion.* Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

 

*Dividends.* The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors or declared by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended by our directors). Our Amended and Restated Memorandum and Articles of Association provide that dividends may be declared and paid out of the funds of our company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

 

*Voting Rights.* Holders of our Class A Ordinary Shares may vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, (i) on a show of hands every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of our Company, have one vote for each Ordinary Share in each case of which he is the holder; and (ii) on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one vote for each Ordinary Share of which he or the person represented by proxy is the holder.

Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by:

● the chairperson of such meeting;

● at least three shareholders present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative for the time being entitled to vote at the meeting;

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● shareholder(s) present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative and holding shares conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the issued ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes attaching to the issued ordinary shares cast at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our Memorandum and Articles of Association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or consolidate their shares by ordinary resolution.

 

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Amended and Restated Memorandum and Articles of Association provide that we may (but shall not be obliged to) in each calendar year hold a general meeting as our annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our board of directors. General meetings, including annual general meetings, may be held at such times and in any location in the world as may be determined by our board of directors. A general meeting or any class meeting may also be held by means of such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting constitutes presence at such meeting.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of at least ten (10) clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, one or more shareholders holding shares which carry in aggregate (or representing by proxy) not less than a majority of the total issued shares in our company entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting.

 

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by NYSE American or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of ordinary shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four; and

● a fee of such maximum sum as NYSE American may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of NYSE American, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided always that such registration of transfers shall not be suspended nor the register closed for more than 30 calendar days in any calendar year.

 

*Liquidation.* On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed pari passu amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up. If our assets available for distribution are insufficient to repay all of the paid-up capital, such assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

 

*Calls on Shares and Forfeiture of Shares.* Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 calendar days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

 

*Redemption, Repurchase and Surrender of Shares.* We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

 

*Variations of Rights of Shares.* Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

 

*Issuance of Additional Shares.* Our Amended and Restated Memorandum and Articles of Association authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our Amended and Restated Memorandum and Articles of Association also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights and voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of ordinary shares.

 

*Inspection of Books and Records.* Holders of our Class A Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our Amended and Restated Memorandum and Articles of Association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

 

*Anti-Takeover Provisions.* Some provisions of our Amended and Restated Memorandum and Articles of Association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

● authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended and Restated Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

 

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may not issue negotiable or bearer shares, but may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Anti-Money Laundering — Cayman Islands**

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "**Regulations**") or any other applicable law. Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the subscriber makes the payment for their investment from
an account held in the subscriber's name at a recognized financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) the subscriber is regulated by a recognized regulatory authority
and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) the application is made through an intermediary which is
regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction
and an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority ("FRA") of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**<u>Cayman Islands Data Protection</u>**

 ****

***Cayman Islands Data Protection Laws***

We have certain duties under the Data Protection Act (as revised) of the Cayman Islands (the "**DPA**"), based on internationally accepted principles of data privacy.

 ****

***Privacy Notice***

This privacy notice puts our shareholders on notice that through your investment into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

 ****

***Investor Data***

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

 ****

***Who this Affects***

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in us, this will be relevant for those individuals and you should transit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

 ****

***How We May Use a Shareholder's Personal Data***

We may, as the data controller, collect, store and use personal data for lawful purposes, including, in particular: (i) where this is necessary for the performance of our rights and obligations under any agreements; (ii) where this is necessary for compliance with a legal and regulatory obligation to which we are or may be subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or (iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

 ****

***Why We May Transfer Your Personal Data***

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

 ****

***The Data Protection Measures We Take***

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments. Accordingly, there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with, *inter alia*, a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

 

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

Our Amended and Restated Memorandum and Articles of Association contains a provision by which our shareholders waive any claim or right of action that they may have, both individually and on our behalf, against any director in relation to any action or failure to take action by such director in the performance of his or her duties with or for our Company, except in respect of any fraud, willful default or dishonesty of such director.

 

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Amended and Restated Memorandum and Articles of Association provide that that we shall indemnify our directors, secretary and other officers (but not including the auditor) for the time being and from to time, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's 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 person in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in Amended and Restated Memorandum and Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under 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.

 

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

 

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. The Companies Act and our Amended and Restated Memorandum and Articles of Association provide that members may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each member who would have been entitled to vote on such matter at a general meeting without a meeting being held.

 

*Shareholder Proposals.* Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Articles of Association allow our members holding in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company carrying the right to vote at general meetings to requisition an extraordinary general meeting of our members, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a general meeting, our amended and restated articles of association do not provide our members with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting.* Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our Amended and Restated Memorandum and Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

 

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Amended and Restated Memorandum and Articles of Association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our Amended and Restated Memorandum and Articles of Association, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our Amended and Restated Memorandum and Articles of Association.

 

*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

 

*Dissolution; Winding up.* Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

 

*Variation of Rights of Shares.* Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under the Companies Act and our Amended and Restated Memorandum and Articles of Association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially and adversely varied by, inter alia, the creation, allotment or issue of further shares ranking pari passu with or subsequent to them or the redemption or purchase of any shares of any class by our Company. The rights of the holders of shares shall not be deemed to be materially and adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

 

*Amendment of Governing Documents.* Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, Amended and Restated Memorandum and Articles of Association may only be amended with a special resolution of our shareholders.

 

*Rights of Non-resident or Foreign Shareholders.* There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, no public market existed for our Class A Ordinary Shares. Sales of substantial amounts of our Class A Ordinary Shares following this offering, including Shares issued upon the exercise of outstanding options or warrants, or the perception that these sales could occur, could adversely affect prevailing market prices of our Class A Ordinary Shares and could impair our future ability to obtain capital, especially through an offering of equity securities. Assuming that the underwriters do not exercise their option to purchase additional Shares in this offering, we will have an aggregate of 32,500,000 Shares outstanding upon the closing of this offering. Of these shares, the Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless purchased by "affiliates" (as that term is defined under Rule 144 under the Securities Act ("**Rule 144**")), who may sell only the volume of shares described below and whose sales would be subject to additional restrictions described below.

The remaining Shares will be held by our Controlling Shareholder and will be deemed to be "restricted securities" (as that term is defined under Rule 144). Subject to certain contractual restrictions, including the lock-up agreements described below, restricted securities may only be sold in the public market pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration under Rule 144 under the Securities Act. These rules are summarized below under "Rule 144".

**Lock-up Agreements**

We, our directors and executive officers, and shareholders beneficially owning 5% or more of our Class A Ordinary Shares have agreed, subject to some exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of or otherwise dispose of, directly or indirectly, any of our Class A Ordinary Shares or other securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of 180 days from the date of this prospectus. After the expiration of the 180 days period, the Class A Ordinary Shares held by our directors, executive officers and our existing 5% or more shareholders may be sold subject to the restrictions under Rule 144 under the Securities Act or by means of registered public offerings.

**Rule 144**

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***Class A Ordinary Shares Held for Six Months***

In general, under Rule 144 under the Securities Act, as currently in effect, and subject to the terms of any lock-up agreement, commencing 90 days following the closing of this offering, a person, including an affiliate, who has beneficially owned our Class A Ordinary Shares for six months or more, including the holding period of any prior owner other than one of our affiliates (i.e., commencing when the Class A Ordinary Shares were acquired from us or from an affiliate of us as restricted securities), is entitled to sell our Class A Ordinary Shares, subject to the availability of current public information about us (which information will be deemed to be available as long as we continue to file required reports with the SEC). In the case of an affiliate shareholder, the right to sell is also subject to the fulfillment of certain additional conditions, including manner of sale provisions, notice requirements, and a volume limitation that limits the number of Shares that may be sold thereby, within any three-month period, to the greater of:

● 1% of the number of Shares then outstanding; or

● the greater of 1% or the average weekly trading volume of our Class A Ordinary Shares on the NYSE American during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Rule 144 under the Securities Act also provides that affiliates that sell our Class A Ordinary Shares that are not restricted securities must nonetheless comply with the same restrictions applicable to restricted securities, other than the holding period requirement.

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***Class A Ordinary Shares Held by Non-Affiliates for One Year***

Under Rule 144 as currently in effect, a person who is not considered to have been one of our affiliates at any time during the three months preceding a sale and who has beneficially owned the Class A Ordinary Shares proposed to be sold for at least one year, including the holding period of any prior owner other than one of our affiliates, is entitled to sell his, her, or its Class A Ordinary Shares under Rule 144 without complying with the provisions relating to the availability of current public information or with any other conditions under Rule 144. Therefore, unless subject to a lock-up agreement or otherwise restricted, such Shares may be sold immediately upon the closing of this offering.

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***Regulation S***

Regulation S under the Securities Act provides an exemption from registration requirements in the U.S. for offers and sales of securities that occur outside the U.S. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates, or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the U.S.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the U.S. pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the U.S. and will register all of the newly issued shares under the Securities Act.

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***Rule 701***

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers, or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until 90 days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements as described below and would only become eligible for sale when the lock-up period expires.

**MATERIAL TAX CONSIDERATIONS**

*The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Class A Ordinary Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

**Cayman Islands Taxation**

The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands. Pursuant to Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands, our Company has obtained an undertaking from the Financial Secretary: (a) that no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and (b) that the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on or in respect of the shares, debentures or other obligations of our Company or by way of withholding in whole or in part of any relevant payment as defined in section 6(3) of the Tax Concessions Act (Revised) of the Cayman Islands. The undertaking for our Company is for a period of 20 years from 13 June 2025.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in the Cayman Islands in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares, so long as the instrument of transfer is not executed in, brought to, or produced before a court of in the Cayman Islands.

**Certain Singapore Tax Considerations**

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***Dividend Distributions***

All Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.

Under the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence status, shareholding level or legal form of the shareholder.

Accordingly, dividends received in respect of the ordinary shares by either a resident or non-resident of Singapore are not subject to Singapore income tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.

Foreign shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.

***Corporate Income Tax***

A Singapore tax resident corporate taxpayer is subject to Singapore income tax on:

● income accrued in or derived from Singapore; and

● foreign sourced income received or deemed received in Singapore, unless otherwise exempted.

Foreign-sourced income is deemed to be received in Singapore when it is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) remitted to, transmitted or brought into Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;(b) used to pay off any debt incurred in respect of a trade or
business carried on in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) used to purchase any movable property brought into Singapore.

Foreign income in the form of branch profits, dividends and service fee income ("**specified foreign income**") received or deemed received in Singapore by a Singapore tax resident corporate taxpayer are exempted from Singapore tax provided that the following qualifying conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;(a) such income is subject to tax of a similar character to income
tax (by whatever name called) under the law of the territory from which such income is received;

&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time such income is received in Singapore by the person
resident in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) levied under the law of
the territory from which such income is received on any gains or profits from any trade or business carried on by any company in that
territory at that time is at least 15.0%; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Comptroller of Income Tax ()"**the Comptroller** ")
is satisfied that the tax exemption would be beneficial to the person resident in Singapore who is receiving or deemed to be receiving
the specified foreign income.

A non-Singapore tax resident corporate taxpayer, subject to certain exceptions, is subject to Singapore income tax on income accrued in or derived from Singapore, and on foreign income received or deemed received in Singapore.

A company is regarded as tax resident in Singapore if the control and management of the company's business is exercised in Singapore. Control and management is defined as the making of decisions on strategic matters, such as those concerning the company's policy and strategy. Generally, the location of the company's board of directors meetings where strategic decisions are made determines where the control and management is exercised. However, under certain scenarios, holding board meetings in Singapore may not be sufficient and other factors will be considered to determine if the control and management of the business is indeed exercised in Singapore.

The prevailing corporate tax rate in Singapore is 17.0%.

With effect from year of assessment 2020, the partial tax exemption scheme will be limited to the first S$200,000 (instead of S$300,000 previously) of the normal chargeable income — 75.0% of the first S$10,000 and 50.0% of the next S$190,000. The remaining chargeable income that exceeds S$200,000 will be fully taxable at the prevailing corporate tax rate.

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***Capital Gains***

Any gains considered to be in the nature of capital made from the sale of the Class A Ordinary Shares will not be taxable in Singapore to the extent that they do not fall within the ambit of Section 10L of the ITA. However, any gains derived by any person from the sale of the Class A Ordinary Shares which are gains from any trade, business, profession or vocation carried on by that person, if accruing in or derived from Singapore, may be taxable as such gains are considered revenue in nature. Such gains, even if they do not arise from an activity in the ordinary course of trade or business or from an ordinary incident of some other business activity, may also be considered gains or profits of an income nature if the shareholder had the intention or purpose of making a profit at the time of acquisition of the Class A Ordinary Shares. However, under Singapore tax laws, subject to section 10L of the ITA, there is a temporary safe harbor rule where any gains derived by a divesting company from its disposal of ordinary shares in an investee company between June 1, 2012 and December 31, 2027 are generally exempt from tax if immediately prior to the date of the relevant disposal, the divesting company has held at least 20% of the ordinary shares in the investee company for a continuous period of at least 24 months. Subject to certain prescribed exemptions and section 10L of the ITA, the safe harbor rule is only applicable if the divesting company, at the time of lodgment of its income tax return in Singapore relating to the period in which the disposal of ordinary shares occurred, provides such information and documentation as may be specified by the IRAS.

Under Section 10L of the Income Tax Act 1947, gains received in Singapore by an entity of a relevant group from the sale or disposal of any movable or immovable property outside Singapore will be treated as income chargeable to tax under Section 10(1)(g) of the ITA under certain circumstances. The foreign-sourced disposal gains will be subject to tax if the entity does not have adequate economic substance in Singapore and the sale or disposal of the foreign asset occurs on or after 1 January 2024. An entity is a member of a group of entities if its assets, liabilities, income, expenses and cash flows are (a) included in the consolidated financial statements of the parent entity of the group; or (b) excluded from the consolidated financial statements of the parent entity of the group solely on size or materiality grounds or on the grounds that the entity is held for sale. A group is a relevant group if (a) the entities of the group are not all incorporated, registered or established in Singapore; or (b) any entity of the group has a place of business outside Singapore.

Investors are advised to consult their own tax advisors on the applicable tax treatment if they received gains in Singapore from the disposal of the Class A Ordinary Shares.

Holders of the Class A Ordinary Shares who apply or who are required to apply Financial Reporting Standard ("**FRS**") 39, FRS 109 or Singapore Financial Reporting Standard (International) 9 ("**SFRS(I) 9**") (as the case may be), for Singapore income tax purposes may be required to recognize gains or losses (not being gains or losses in the nature of capital) on the Class A Ordinary Shares, irrespective of disposal, in accordance with FRS 39 or FRS 109 or SFRS(I) 9 (as the case may be).

**Material United States Federal Income Tax Considerations**

The following discussion is a summary of certain material U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Shares. This summary applies only to U.S. Holders that hold our Class A Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("**IRS**") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Class A Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● underwriters;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● grantor trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● the Company's officers or directors;

● holders who are not U.S. Holders;

● holders that actually, indirectly, or constructively own 5% or more of (i) the total combined voting power of all classes of the Company's shares that are entitled to vote or (ii) the total value of all classes of the Company's shares; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Shares through such entities.

**PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL, NON-U.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR CLASS A ORDINARY SHARES.**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partner and the partnership. Partnerships holding our Class A Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

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***Taxation of Dividends and Other Distributions on Our Class A Ordinary Shares***

As discussed under "Dividend Policy" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the PFIC rules discussed below, a U.S. Holder generally will be required to include in gross income, in accordance with such U.S. Holder's method of accounting for United States federal income tax purposes, as dividends the amount of any distribution paid on the Class A Ordinary Shares to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under United States federal income tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder as dividend income and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including NYSE American. It is unclear whether dividends that we pay on our Class A Ordinary Shares will meet the conditions required for the reduced tax rate.

Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its Class A Ordinary Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Class A Ordinary Shares. In the event that we do not maintain calculations of our earnings and profits under United States federal income tax principles, a U.S. Holder should expect that all cash distributions will generally be treated as dividends for United States federal income tax purposes. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for any cash dividends paid with respect to our Class A Ordinary Shares.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

 ****

***Taxation of Sale or Other Disposition of Class A Ordinary Shares***

Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long term if the Class A Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of individual and certain other non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

 ****

***Passive Foreign Investment Company Rules***

A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our Class A Ordinary Shares, which could be volatile). Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Shares. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Shares over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. Failure to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of the taxable years for which such form is required to be filed. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Shares.

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***Information Reporting and Backup Withholding***

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers and the Cayman Islands experts named in this prospectus, many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may be difficult to collect within the United States.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this offering or any purchase or sale of securities in connection with this offering. The address of our agent is 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

**Cayman Islands**

Harney Westwood & Riegels Singapore LLP, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands will allow shareholders of our company to originate actions in the Cayman Islands based upon securities laws of the United States. In addition, there is uncertainty regarding Cayman Islands law related to whether a judgment obtained from the U.S. courts under civil liability provisions of U.S. securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company, such as our company. As the courts of the Cayman Islands have yet to rule on making such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws, it is uncertain whether such judgments would be enforceable in the Cayman Islands. We have been further advised that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, a final and conclusive monetary judgment for a definite sum obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the foreign court had jurisdiction in the matter and the
Company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with
process;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the judgment given by the foreign court was not in respect
of penalties, fines, taxes or similar fiscal or revenue obligations;

&nbsp;&nbsp;&nbsp;&nbsp;(c) in obtaining judgment there was no fraud on the part of the
person in whose favor judgment was given or on the part of the foreign court;

&nbsp;&nbsp;&nbsp;&nbsp;(d) recognition or enforcement in the Cayman Islands would not
be contrary to public policy; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) the proceedings pursuant to which judgment was obtained were
not contrary to the principles of natural justice.

**Singapore**

There is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore.

In making a determination as to enforceability of a foreign judgment, the Singapore courts need to be satisfied that the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in Singapore unless procured by fraud, or if the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or if the enforcement thereof would be contrary to the public policy of Singapore, or if the judgment would conflict with earlier judgments from Singapore or earlier foreign judgments recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our Directors and officers. The Singapore courts do not allow the enforcement of foreign judgments which amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such determination has yet to be conclusively made by a Singapore court in a reported decision.

**UNDERWRITING**

We expect to enter into an underwriting agreement with Network 1 Financial Securities, Inc. ("**Network 1**"), as the representative of the Underwriters, with respect to the Class A Ordinary Shares in this offering. The Underwriters may retain other brokers or dealers to act as sub-agents on their behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by them. Under the terms and subject to the conditions contained in the underwriting agreement, we have agreed to issue and sell to the Underwriters the number of shares indicated below:

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| | |
|:---|:---|
| **Name** | **Number of <br> Class A <br> Ordinary <br> Shares** |
| Network 1 Financial Securities, Inc. | [\*] |
| **Total** | [\*] |

---

The Underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the Underwriters to pay for and accept delivery of the Class A Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The Underwriters are obligated to take and pay for all of the Class A Ordinary Shares offered by this prospectus if any such shares are taken. However, the Underwriters are not required to take or pay for the Class A Ordinary Shares covered by the Underwriters' over-allotment option described below.

The underwriting agreement provides that the obligation of the Underwriters to take and pay for the Class A Ordinary Shares, is subject to certain conditions precedent, including but not limited to (1) obtaining listing approval on the NYSE, (2) delivery of legal opinions and (3) delivery of auditor comfort letters.

We have agreed to grant to the Underwriters an over-allotment option, exercisable within 45 days after the closing of this offering, to purchase up to an additional 375,000 Class A Ordinary Shares (15% of the Class A Ordinary Shares offered to the public) at the public offering price listed on the cover page of this prospectus, less underwriting discounts. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. The Underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering contemplated by this prospectus.

In order to facilitate the offering of the Class A Ordinary Shares, the Underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. Specifically, the Underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the Underwriters under the over-allotment option. The Underwriters can close out a covered short sale by exercising the over-allotment option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the Underwriters will consider, among other things, the open market price of shares compared to the price available under the over-allotment option. The Underwriters may also sell shares in excess of the over-allotment option, creating a naked short position. The Underwriters must close out any naked short position by purchasing shares 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 Class A Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the Underwriters may bid for, and purchase, shares in the open market to stabilize the price of our Class A Ordinary Shares. These activities may raise or maintain the market price of our Class A Ordinary Shares above independent market levels or prevent or retard a decline in the market price of our Class A Ordinary Shares. The Underwriters are not required to engage in these activities and may end any of these activities at any time.

Upon the declaration of effectiveness of the registration statement of which this prospectus is a part, we will enter into an underwriting agreement with the Underwriters. The terms of the underwriting agreement provide that the obligations of the Underwriters are subject to certain conditions precedent, including the absence of any material adverse change in our business and the receipt of certain certificates, opinions and letters from us, our counsel, and our auditors.

**Discounts and Expenses**

We have agreed to pay the Underwriters a fee equal to 7% of the gross proceeds of this offering.

The table below shows the per Class A ordinary share and total discounts that we will pay to the Underwriters.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Per <br> Class A <br> Ordinary Share** | **No Exercise of <br> Over-allotment <br> Option** | **Full Exercise of <br> Over-allotment <br> Option** |
| Initial public offering price | $&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;[\*] |
| Underwriting discounts to be paid by us | $[\*] | $[\*] | $[\*] |
| Proceeds, before expenses, to us | $[\*] | $[\*] | $[\*] |

---

We have agreed to pay a non-accountable expense allowance to the representative of one percent (1%) of the gross proceeds of this offering (including proceeds from the sale of over-allotment shares, if any).

We have also agreed to pay the Underwriters' reasonable out-of-pocket expenses (including reasonable clearing charges, travel and out-of-pocket expense in connection with this offering reasonable fees and expenses of legal counsel incurred by the Underwriters in connection with this offering, the cost of any due diligence meetings, and preparation of printed documents for closing and background check reports) incurred by the Underwriters in connection with this offering up to US$200,000. As of the date of this prospectus, we have paid an advance of US$[\*] to the Underwriters to be applied to the Underwriters' anticipated out-of-pocket expenses. The advance will be returned to us to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g).

We have agreed to pay our expenses related to this offering. We estimate that our total expenses related to this offering, excluding the estimated discounts to the Underwriters and payment of the Underwriters' accountable and non-accountable expenses referred to above, will be approximately US$[\*].

**Tail Financings**

We have agreed that if at any time prior to the first anniversary of the final closing date of this offering, the Company, or any of its affiliates, shall enter into any transaction (including, without limitation, any merger, consolidation, acquisition, financing, joint venture or other arrangement) with any party directly introduced to the Company by the representative during this offering and the aforementioned time period, the Company shall pay the representative a success fee, at the closing of such transaction, equal to 1% of the consideration or value received by the Company and/or its shareholders. To the extent the Company terminates its agreement with the Underwriters for cause, the right set forth in this section shall terminate in accordance with FINRA Rule 5110.

**Warrants**

In addition, we have agreed to grant the representative non-redeemable warrants to purchase an amount equal to seven percent (7%) of the Class A Ordinary Shares sold in this offering (including any shares sold upon exercise of the over-allotment option), which warrants will be exercisable at any time, will be subject to lock up for 180 days from the date of issuance in accordance with FINRA Rule 5510, and will expire five years from the commencement of sales of this offering. The warrants will be exercisable at a price equal to 135% of the public offering price of the Class A Ordinary Shares sold in this offering. We will register the Class A Ordinary Shares underlying the Underwriters' warrants and will file all necessary undertakings in connection therewith. The underwriter's warrants and the Class A Ordinary Shares underlying the Underwriters' warrants may not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days beginning on the date of commencement of sales of this offering (in accordance with FINRA Rule 5110), except that they may be assigned, in whole or in part, to any member participating in this offering and the officers or partners thereof, and that all securities so transferred remain subject to the lock-up restriction for the remainder of the time period. The Underwriters' warrants may be exercised as to all or a lesser number of Class A Ordinary Shares and will provide for cashless exercise. The Underwriters' warrants contain a provision for one demand registration, at the expense of the Company, and one additional demand right at the expense of the holder of the Underwriters' warrants, in compliance with FINRA rule 5110(g)(8)(B). The demand registration rights may be exercised at any time following issuance of the warrants but no later than five years following the commencement of sales of the Offering in compliance with FINRA rule 5110(g)(8)(C). The Underwriters' warrants also contain unlimited "piggyback" registration rights at our expense. The piggyback registration rights may be exercised at any time following issuance of the warrants but no later than five years following commencement of sales of the Offering in compliance with FINRA rule 5110(g)(8)(D).

**Lock-up Agreements**

The Company, and the Company's 5% or more shareholders, directors and officers, shall enter into customary "lock-up" agreements pursuant to which such persons and entities shall agree, for a period of 180 days after the date of this prospectus to 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 Network 1 Financial Securities, Inc.'s prior written consent. The foregoing sentence shall not apply to (i) Class A Ordinary Shares to be sold in the Offering; (ii) any over-allotment shares, (iii) any Class A Ordinary Shares issued or options to purchase Class A Ordinary Shares or other Class A Ordinary Shares -based awards granted pursuant to any stock incentive plan, stock purchase plan, stock ownership plan or dividend reinvestment plan of the Company in effect at the Effective Date; (iii) issuance of Class A Ordinary Shares pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options, in each case outstanding at the Effective Date; (iv) issuance of Class A Ordinary Shares in connection with strategic acquisitions; or (v) transfers by a stockholder (A) by bona fide gift, (B) by will or intestacy to the spouse, parents, siblings, first cousins or any lineal descendant of such shareholder or such shareholder's spouse, including step relationships and relationships by adoption (each a, "family member"), (C) to any trust for the benefit of such shareholder or a family member of such shareholder, (D) to the estate of such shareholder, or (E) to any affiliate of such shareholder or by distribution to any partners, members or shareholders of such shareholder.

**Pricing of the Offering**

Prior to this offering, there has been no public market for the Class A Ordinary 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:

● the information set forth in this prospectus and otherwise available to the Underwriters;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the Underwriters and us.

The estimated initial public offering price range 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 Class A Ordinary Shares, or that the Class A Ordinary Shares will trade in the public market at or above the initial public offering price.

**Indemnification**

We have agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the Underwriters may be required to make for these liabilities.

**Listing**

We intend to apply to have our Class A Ordinary Shares approved for listing on the NYSE American under the symbol "EVVO" We make no representation that such application will be approved or that our Class A Ordinary Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Class A Ordinary Shares will be so listed at completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the Underwriters or their affiliates. Other than the prospectus in electronic format, the information on the Underwriters' website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Underwriters in their capacity as underwriters, and should not be relied upon by investors.

Any underwriter who is a qualified market maker on NYSE American may engage in passive market making transactions on NYSE American in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement of offers or sales. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**No Prior Public Market**

Prior to this offering, there has been no public market for our securities and the public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the Underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. The offering price for our Class A Ordinary Shares in this offering has been arbitrarily determined by the Company in its negotiations with the Underwriters and does not necessarily bear any direct relationship to the assets, operations, book, or other established criteria of value of the Company.

**Offers Outside the United States**

Other than in the United States, no action has been taken by us or the Underwriters that would permit a public offering of the Class A Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares 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 Shares 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 this 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 Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Price Stabilization, Short Positions**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the Underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. The Underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions, and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our Class A Ordinary Shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the overallotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore was not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or retarding a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the Underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on NYSE American or on any trading market. If any of these transactions commenced, they may be discontinued without notice at any time.

A prospectus in electronic format may be made available on a website maintained by the Underwriters. The Underwriters may agree to allocate a number of shares to Underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives of the Underwriters to Underwriters that may make Internet distributions on the same basis as other allocations. In connection with this offering, the Underwriters or syndicate members may distribute prospectuses electronically. No forms of prospectus other than printed prospectuses and electronically distributed prospectuses that are printable in Adobe PDF format will be used in connection with this offering.

The Underwriters have informed us that they do not expect to confirm sales of our Class A Ordinary Shares offered by this prospectus to accounts over which they exercise discretionary authority without obtaining the specific approval of the account holder.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

 

*Australia.* This prospectus is not a product disclosure statement, prospectus, or other type of disclosure document for the purposes of Corporations Act 2001 (Commonwealth of Australia) (the "**Act**") and does not purport to include the information required of a product disclosure statement, prospectus, or other disclosure document under Chapter 6D.2 of the Act. No product disclosure statement, prospectus, disclosure document, offering material or advertisement in relation to the offer of the Class A Ordinary Shares has been or will be lodged with the Australian Securities and Investments Commission or the Australian Securities Exchange.

Accordingly, (1) the offer of the Class A Ordinary Shares under this prospectus may only be made to persons: (i) to whom it is lawful to offer the Class A Ordinary Shares without disclosure to investors under Chapter 6D.2 of the Act under one or more exemptions set out in Section 708 of the Act, and (ii) who are "wholesale clients" as that term is defined in section 761G of the Act, (2) this prospectus may only be made available in Australia to persons as set forth in clause (1) above, and (3) by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and the offeree agrees not to sell or offer for sale any of the Class A Ordinary Shares sold to the offeree within 12 months after their issue except as otherwise permitted under the Act.

 

*Cayman Islands.* This prospectus does not constitute a public offer of the Class A Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. The Underwriters have represented and agreed that they has not offered or sold, and will not offer or sell, directly or indirectly, any ordinary shares to any member of the public in the Cayman Islands.

 

*United Arab Emirates.* Neither this prospectus nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by us. No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

 

*Saudi Arabia.* This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations as issued by the board of the Saudi Arabian Capital Market Authority (the "**CMA**") pursuant to resolution number 2-11-2004 dated 4 October 2004 as amended by resolution number 1-28-2008, as amended. The CMA does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this prospectus, you should consult an authorized financial or legal advisor.

 

*European Economic Area.* In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the Class A Ordinary Shares to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the Class A Ordinary Shares that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the Class A Ordinary Shares to the public in that Relevant Member State at any time,

● to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

● to any legal entity that has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

● to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive; or

● in any other circumstances that do not require the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of Ordinary Shares shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of Ordinary Shares to the public" in relation to any Ordinary Shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe the Class A Ordinary Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

 

*Hong Kong.* The Class A Ordinary Shares may not be offered or sold by means of this document or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Class A Ordinary Shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Class A Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

 

*People's Republic of China.* This prospectus may not be circulated or distributed in the PRC and the Class A Ordinary Shares may not be offered or sold and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

 

*United Kingdom.* An offer of the Class A Ordinary Shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

All applicable provisions of the FSMA with respect to anything done by the underwriters in relation to the Class A Ordinary Shares must be complied with in, from or otherwise involving the United Kingdom.

 

*Israel.* This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus may be distributed only to, and is directed only at, investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds; provident funds; insurance companies; banks; portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange Ltd., underwriters, each purchasing for their own account; venture capital funds; entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors. Qualified investors shall be required to submit written confirmation that they fall within the scope of the Addendum.

**EXPENSES RELATED TO OFFERING**

The following table sets forth the costs and expenses other than underwriting discounts and non-accountable expense allowance payable by us in connection with the offer and sale of the Class A Ordinary Shares in this offering. All amounts listed below are estimates except the SEC registration fee, NYSE American listing fee and the Financial Industry Regulatory Authority ("**FINRA**") filing fee.

---

| | |
|:---|:---|
| **Itemized expense** | **Amount** |
| SEC registration fee | $2173 |
| FINRA filing fee | [ ] |
| NYSE American listing fee | 50000 |
| Printing expenses | 5500 |
| Legal fees, advisory fees and expenses | 500000 |
| Accounting fees and expenses | 420000 |
| Miscellaneous | 250000 |
| Total | $[ ] |

---

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws. The representatives of the underwriters, Network 1 Financial Securities, Inc. is being represented by Hunter Taubman Fischer & Li LLC with respect to certain legal matters of U.S. federal securities laws. The legal matters concerning this offering relating to Cayman Islands law will be passed upon for us by Harney Westwood & Riegels Singapore LLP. Certain legal matters as to Singapore law will be passed upon for us by Rajah & Tann Singapore LLP.

**EXPERTS**

The consolidated financial statements for the years ended March 31, 2024 and 2025, included in this prospectus have been so included in reliance on the report of Assentsure PAC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Assentsure PAC is located at 180B Bencoolen Street #03-01 The Bencoolen Singapore 189648.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this offering of our Class A Ordinary Shares. This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but they are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC at its website at: *http://www.sec.gov*.

We are not currently subject to the informational requirements of the Exchange Act. Upon completion of this offering, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and will fulfill the obligations of those requirements by filing reports with the SEC. As a foreign private issuer, we will be exempt from the rules under the Exchange Act relating to 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 U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within 120 days after the end of our fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements that will be audited and reported on, with an opinion expressed, by an independent registered public accounting firm. We also intend to file with the SEC reports on Form 6-K containing unaudited financial information for the first half of each fiscal year.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**Consolidated Financial Statements for the Years Ended March 31, 2024 and 2025**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 6783)](#a_027) | F-2 |
| [Consolidated Balance Sheets as of March 31, 2024 and 2025](#a_028) | F-3 |
| [Consolidated Statements of Operations and Comprehensive (Loss) Income for the Years Ended March 31, 2024 and 2025](#a_029) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended March 31, 2024 and 2025](#a_030) | F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended March 31, 2024 and 2025](#a_031) | F-6 |
| [Notes to Consolidated Financial Statements](#a_032) | F-7 to F-31 |

---

**Unaudited Condensed Consolidated Financial Statements for the Six Months Ended September 30, 2024 and 2025**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and September 30, 2025](#f_031) | F-32 |
| [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six Months Ended September 30, 2024 and 2025](#f_032) | F-33 |
| [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended September 30, 2024 and 2025](#f_033) | F-34 |
| [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024 and 2025](#f_034) | F-35 |
| [Notes to Unaudited Condensed Consolidated Financial Statements](#f_035) | F-36 to F-61 |

---

![](image_007.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To The Shareholder and Board of Directors of

**Evvo Labs Pte. Ltd.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Evvo Labs Pte. Ltd. and its subsidiary (collectively the "Group") as of March 31, 2024 and 2025, and the related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows in each of the years for 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 Group as of March 31, 2024 and 2025, and the consolidated results of its operations and its cash flows for each of 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 Group's management. Our responsibility is to express an opinion on the Group's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group 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 Group 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 Group'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/ Assentsure PAC

Assentsure PAC

Singapore

August 12, 2025, except for weighted average number of shares used in (loss) earnings per share computation, Note 1 and Note 25 which are dated December 10, 2025

PCAOB ID: 6783

We have served as the Company's auditor since 2024.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| Account receivables, net | 1458177 | 2459902 | 1829604 |
| Other receivables and deposits | 2427022 | 3023195 | 2248565 |
| Amount due by related parties | 25137 | 891190 | 662841 |
| Amount due by director | 2981217 | 664486 | 494225 |
| Other current assets | 143038 | 253741 | 188725 |
| Deferred offering costs |  | 106899 | 79508 |
| Cash and cash equivalents | 407401 | 460249 | 342320 |
| **Total Current Assets** | 7441992 | 7859662 | 5845788 |
| **Non-Current Assets** |  |  |  |
| Intangible asset, net | 1145001 | 965001 | 717740 |
| Plant and equipment, net | 42957 | 42332 | 31485 |
| Right-of-use assets, net | 188800 | 139301 | 103608 |
| Financial asset at amortized cost | 123041 | 124147 | 92337 |
| **Total Non-Current Assets** | 1499799 | 1270781 | 945170 |
| **TOTAL ASSETS** | 8941791 | 9130443 | 6790958 |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| Account payables | 5222807 | 2494152 | 1855078 |
| Other payables and accruals | 1571719 | 1102551 | 820045 |
| Amount due to related parties | 83051 |  |  |
| Contract liabilities | 447594 | 185858 | 138236 |
| Operating lease liabilities, current | 44783 | 47894 | 35622 |
| Borrowings, current | 1777618 | 2368765 | 1761818 |
| **Total Current Liabilities** | 9147572 | 6199220 | 4610799 |
| **Non-Current Liabilities:** |  |  |  |
| Operating lease liabilities, non-current | 145055 | 96385 | 71688 |
| Borrowings, non-current | 1471432 | 2433508 | 1809973 |
| **Total Non-Current Liabilities** | 1616487 | 2529893 | 1881661 |
| **TOTAL LIABILITIES** | 10764059 | 8729113 | 6492460 |
| **COMMITMENTS AND CONTINGENCIES (Notes 24)** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary shares, Class A (US$0.0001 par value, 350,000,000 shares authorized, 29,910,539 share issued and outstanding as of March 31, 2024 and 2025 respectively)\* |  |  |  |
| Ordinary shares, Class B (US$0.0001 par value, 150,000,000 shares authorized, 2,589,461 share issued and outstanding as of March 31, 2024 and 2025 respectively)\* |  |  |  |
| Additional paid-in capital | 4061500 | 5061500 | 3764597 |
| Accumulated and other comprehensive loss | (588) | (2218) | (1650) |
| Accumulated deficit | (5883180) | (4657952) | (3464449) |
| **Total Shareholders' Equity** | (1822268) | 401330 | 298498 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 8941791 | 9130443 | 6790958 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

 

*The accompanying notes are an integral part of these consolidated financial statements*

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Revenue** | 9481776 | 10527351 | 7829938 |
| **Cost of sales** | (8630627) | (7537211) | (5605958) |
| **Gross profit** | 851149 | 2990140 | 2223980 |
| Operating expenses: |  |  |  |
| Employee benefit expenses | (543842) | (534277) | (397379) |
| Depreciation and amortization expenses | (197393) | (205344) | (152729) |
| General and administrative expenses | (729406) | (682705) | (507776) |
| **Total operating expenses** | (1470641) | (1422326) | (1057884) |
| **(Loss) Income from operations** | (619492) | 1567814 | 1166096 |
| Other income (expense): |  |  |  |
| Other income | 59553 | 225731 | 167892 |
| Gain on disposal of plant and equipment | 1267 |  |  |
| Interest income | 1096 | 1772 | 1318 |
| Interest expense | (337494) | (570089) | (424016) |
| **Other expenses, net** | (275578) | (342586) | (254806) |
| (Loss) Income before income tax | (895070) | 1225228 | 911290 |
| Income tax expense |  |  |  |
| **Net (loss) income** | (895070) | 1225228 | 911290 |
| **Other comprehensive (loss) income, net of tax** |  |  |  |
| Foreign currency translation adjustment | (588) | (1630) | (1212) |
| **Net comprehensive (loss) income** | (895658) | 1223598 | 910078 |
| **(Loss) Earnings per share** |  |  |  |
| Basic and diluted | (0.03) | 0.04 | 0.03 |
| **Weighted average number of ordinary shares used in computing net loss per share** |  |  |  |
| Basic and diluted\* | 32500000 | 32500000 | 32500000 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

 

*The accompanying notes are an integral part of these consolidated financial statements.*

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares,<br> Class A** | **Ordinary shares,<br> Class A** | **Ordinary shares,<br> Class B** | **Ordinary shares,<br> Class B** | | | | |
|  | **Number of<br> shares\*** | **Amount** | **Number of<br> shares\*** | **Amount** | **Additional**<br> **paid in<br> capital** |<br>**Accumulated Deficit** | **Accumulated other**<br> **comprehensive loss** |<br>**Total<br> Equity** |
|  | | **S$** | | **S$** | **$$** | **$$** | **S$** | **S$** |
| Balance as at April 1, 2023 | 29910539 |  | 2589461 |  | 4061500 | (4988110) |  | (926610) |
| Net loss |  |  |  |  |  | (895070) |  | (895070) |
| Foreign currency translation |  |  |  |  |  |  | (588) | (588) |
| Balance as at March 31, 2024 | 29910539 |  | 2589461 |  | 4061500 | (5883180) | (588) | (1822268) |
| Net profit |  |  |  |  |  | 1225228 |  | 1225228 |
| Foreign currency translation |  |  |  |  |  |  | (1630) | (1630) |
| Capital injection of subsidiary |  |  |  |  | 1000000 |  |  | 1000000 |
| Balance as at March 31, 2025 | 29910539 |  | 2589461 |  | 5061500 | (4657952) | (2218) | 401330 |
|  |  | **US$** |  | **US$** | **US$** | **US**$** | **US$** | **US$** |
| Balance as at March 31, 2025 | 29910539 |  | 2589461 |  | 3764597 | (3464449) | (1650) | 298498 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

 

*The accompanying notes are an integral part of these consolidated financial statements.*

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> CONSOLIDATED STATEMENTS OF CASH FLOW**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Cash flows from operating activities** |  |  |  |
| Net (loss) income | (895070) | 1225228 | 911290 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities |  |  |  |
| Depreciation of plant and equipment | 50727 | 25344 | 18850 |
| Amortization of right-of-use assets | 68999 | 49499 | 36816 |
| Amortization of intangible asset | 146666 | 180000 | 133879 |
| Gain on disposal of plant and equipment | (1267) |  |  |
| Reversal of allowance for credit loss on account receivables |  | (7126) | (5299) |
| Impairment on investment | 114780 |  |  |
| Allowance for credit loss on account receivables | 7126 |  |  |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Account receivables | (36884) | (994599) | (739755) |
| &nbsp;&nbsp;&nbsp;Other receivables and deposits | (1397795) | (597280) | (444240) |
| &nbsp;&nbsp;&nbsp;Other current assets | (416035) | (110703) | (82337) |
| &nbsp;&nbsp;&nbsp;Account payables | 2237178 | (2728655) | (2029494) |
| &nbsp;&nbsp;&nbsp;Other payables and accruals | (78616) | (469167) | (348953) |
| &nbsp;&nbsp;&nbsp;Amount due to related parties | 83051 | (83051) | (61771) |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 316475 | (261736) | (194672) |
| **Net cash from (used in) operating activities** | 199335 | (3772246) | (2805686) |
| **Cash flow from investing activities:** |  |  |  |
| Acquisition of plant and equipment | (4537) | (24719) | (18385) |
| Acquisition of intangible assets | (800000) |  |  |
| Proceeds from disposal of plant and equipment | 4805 |  |  |
| **Net cash used in investing activities** | (799732) | (24719) | (18385) |
| **Cash flows from financing activities:** |  |  |  |
| Proceeds received from bank borrowings | 1588100 | 2929800 | 2179100 |
| Repayment from (Advances to) related parties | 112583 | (866053) | (644145) |
| (Advances to) Repayment from director | (633698) | 2316731 | 1723117 |
| Repayments for bank borrowings | (734842) | (1376577) | (1023858) |
| Proceeds from capital injection of subsidiary |  | 1000000 | 743771 |
| Deferred offering costs |  | (106899) | (79508) |
| Principal payments of lease liabilities | (68721) | (45560) | (33886) |
| **Net cash from financing activities** | 263422 | 3851442 | 2864591 |
| **Net (decrease)/increase in cash and cash equivalents** | (336975) | 54477 | 40520 |
| **Effects of changes in foreign exchange of cash** | (588) | (1629) | (1212) |
| **Cash and cash equivalents at beginning of financial year** | 744964 | 407401 | 303012 |
| **Cash and cash equivalents at end of financial year** | 407401 | 460249 | 342320 |
| **Supplemental disclosures of cash flow information:** |  |  |  |
| Cash paid for interest | (337494) | (570089) | (424016) |
| Operating right of use assets obtained in exchange for lease obligation | 200682 |  |  |

---

 

*The accompanying notes are an integral part of these consolidated financial statements.*

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — NATURE OF BUSINESS AND ORGANIZATION**

Evvo Labs Pte. Ltd. ("ELPL") together with its wholly owned subsidiary, Evvo Labs Vietnam Co., Ltd. ("ELVC", and collectively the "Group"), is primarily engaged in the provision of end-to-end cybersecurity solutions, encompassing the design, development, and deployment of advanced cybersecurity products and services, DevSecOps integration, operation of a proprietary Security Operations Centre ("SOC"), and secured media and information technology management solutions ("ITMS"). The Group also provides specialized services such as ransomware negotiation, compliance advisory, and blockchain-based security solutions, and offers secured media and ITMS to niche industries. Its products, services, and solutions are targeted at government agencies, enterprises, and private organizations across the Southeast Asia region.

The Group began the business operations since August 9, 2011 when ELPL, was incorporated in Singapore on August 9, 2011 and ELVC, was incorporated in People Republic of Vietnam on June 30, 2023 respectively. The formation of ELVC was initiated by Wong Yee Leong. The primary rationale behind this formation was the identification of market opportunities and the pursuit of operational efficiencies. This decision was driven by our intention to leverage existing expertise. Since its incorporation, ELVC has been fully operational and included in the consolidated financial statements from the date of its formation.

As part of the Reorganization for the purpose of the listing, Evvolutions LeadTech Inc (the "EVVO"), a holding company incorporated as an exempted company limited by shares in Cayman Island on June 2, 2025 with authorized share capital of US$50,000 divided into 500,000,000 ordinary shares of par value US$0.0001 each. The Company issued 1 ordinary share on June 2, 2025 of par value of US$0.0001 to Wong Yee Leong. On July 29, 2025, the Company amended its authorized share capital to 500,000,000 ordinary shares with a par value of US$0.0001 each, comprising (a) 350,000,000 Class A ordinary shares of par value US$0.0001 each, and (b) 150,000,000 Class B ordinary shares of par value US$0.0001 each. On July 29, 2025, the 1 Ordinary Share issued to Wong Yee Leong was redesignated to 1 Class B Ordinary Share. The Company is a parent holding company with no operations.

The final group structure upon completion of the reorganizations comprise the following subsidiaries:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of** <br> **incorporation** | **Place of** <br> **incorporation** | **Ownership** | **Principal** <br> **activities** |
| Evvo Labs Pte. Ltd. <br> ("**ELPL**") | August 9, 2011 | Singapore | 100% | Development of software |
| Evvo Labs Vietnam Co., Ltd <br> ("**ELVC**")\* | June 30, 2023 | People Republic of Vietnam | 100% | Development of software |

---

\* Indirectly owned via ELPL

EVVO completed its reorganization on December 8, 2025, prior to its proposed listing on the NYSE American (the "Reorganization"). Pursuant to the Reorganization, the shareholders of ELPL subscribed for shares of EVVO in exchange for the transfer of their equity interests in ELPL to EVVO. As part of this process, the shareholders of ELPL transferred all of ELPL's issued and paid-up share capital, comprising 668,309 ordinary shares, to EVVO. The consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 29,910,539 Class A Ordinary Shares with par value of US$0.0001 each and 2,589,460 Class B Ordinary Shares with par value of US$0.0001 each in EVVO to the ELPL Shareholders.

Upon completion of the Reorganization, EVVO became the ultimate holding company of the Group's operating subsidiaries in Singapore and Vietnam.

<u>Basis of preparation</u>

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("**U.S. GAAP**") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "**SEC**").

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — NATURE OF BUSINESS AND ORGANIZATION** (cont.)

<u>Principles of consolidation</u>

The accompanying consolidated financial statements include the financial statements of the Company and its subsidiary. All transactions and balances among the Company and its subsidiary have been eliminated upon consolidation.

The consolidated financial statements include the accounts of entities under common control, accounted for in accordance with ASC 805-50. As such, the assets and liabilities of the entities are included at their historical carrying amounts, and the financial statements have been retroactively adjusted to include the accounts and operations of the combined entities for all periods presented during which the entities were under common control. No goodwill has been recognized as a result of the transaction, and any difference between the consideration transferred and the carrying amounts of net assets received was recorded within equity.

**Note 2 — Summary of Significant Accounting Policies**

<u>Risks and uncertainties</u>

The main operations of the Group are in Singapore and Vietnam. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore and Vietnam, as well as by the general state of the economy in Singapore and Vietnam. The Group's results may be adversely affected by changes in the political, regulatory and social conditions in Singapore and Vietnam. The Group believes that it is following existing laws and regulations including its nature of business disclosed in Note 1, such experience may not be indicative of future results.

<u>Use of estimates and assumptions</u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates estimates, including but not limited to, those related to allocation of transaction price to each performance obligation, allowance for credit loss for accounts receivables, other receivables, contract assets and amounts due from related parties, impairment assessment of long-lived assets, useful lives of plant and equipment and intangible assets, fair value of financial instrument, deferred taxes valuation allowance and incremental borrowing rate of operating leases. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Group's assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates. Actual results may differ from these estimates.

<u>Foreign currency translation</u>

The accompanying consolidated financial statements are presented in the Singapore Dollars ("**S$**"), which is the reporting currency of the Group. The functional currency of the Company in the Cayman Islands is the United States Dollars ("**US$**"); the functional currency of its subsidiaries incorporated in Singapore and Vietnam are the Singapore Dollars ("**S$**"), and Vietnamese Dong ("**VND**") respectively, which are their respective local currencies based on the criteria of ASC 830, "Foreign Currency Matters".

In the consolidated financial statements of the Group, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated statements of operations and comprehensive income during the year in which they occur.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The following table outlines the currency exchange rates that were used in the consolidated financial statements in this report:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2024** | **March 31, <br> 2025** |
| Year-end spot rate | VND1,000 = S$0.0543 | VND1,000 = S$0.0524 |
| Average rate | VND1,000 = S$0.0558 | VND1,000 = S$0.0530 |

---

<u>Convenience translation</u>

Translations of amounts in the consolidated balance sheet, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from S$ into US$ as of and for the year ended March 31, 2025 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = S$1.3445 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.

<u>Cash and cash equivalents</u>

The Group considers cash equivalents to be short-term, that are readily convertible to cash and have a maturity of three months or less at the time of purchase. Cash and cash equivalents consist of cash on hand, demand deposit placed with financial institutions, which is unrestricted as to withdrawal and use. Management believes that the banks and other financial institutions are of high credit quality and continually monitors the credit worthiness of these banks and financial institutions.

<u>Accounts receivable, net</u>

Accounts receivable include trade accounts due from customers. Management reviews the adequacy of the allowance for credit loss on an ongoing basis, using historical collection trends, forward looking information and aging of receivables. Management also periodically evaluates individual customer's financial condition, credit history, and the current economic conditions to make adjustments in the allowance for credit loss when it is considered necessary. Allowance for credit loss is written off after all means of collection have been exhausted and the potential for recovery is considered remote. Management continues to evaluate the reasonableness of the allowance for credit loss policy and update, if necessary. The Group's allowance for credit loss for the year ended March 31, 2024 and 2025 was S$7,126 and nil respectively. The Group's reversal for credit loss for the year ended March 31, 2024 and 2025 was nil and S$7,126 respectively.

<u>Other receivables</u>

Other receivables primarily consist of non-trade receivables, banker's guarantee and refundable deposits for leases. These amounts bear no interest. Management reviews its non-trade receivables and refundable deposits placed with counterparties on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of March 31, 2024 and 2025, no allowance was deemed necessary. Management believes that these counterparties are of high credit quality and continually monitors the credit worthiness of these counterparties.

<u>Plant and equipment, net</u>

Plant and equipment are stated at cost, less accumulated depreciation, and impairment loss, if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Useful life** |
| Computer equipment | 3 |
| Furniture and fitting | 5 |
| Office equipment | 5 |
| Testing equipment & tools | 5 |
| Renovation | 5 |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations and comprehensive (loss) income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Group also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u>Intangible assets — Software, net</u>

The purchased software is recognized as an intangible asset when it meets the following criteria set out in the relevant accounting standards. These included:

● The asset is identifiable

● The entity has control over the asset

● It generates probable future economic benefits

● The cost of the asset can be measured reliably

Software are measured initially at purchase cost and are amortized on a straight-line basis over their useful life of 10 years, depending on their nature and legal protections.

---

| | |
|:---|:---|
|  | **Useful life** |
| Software | 10 years |

---

The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss and other comprehensive income when the asset is derecognized.

<u>Impairment for long-lived assets</u>

The Group's long-lived assets with finite lives, including plant and equipment, net and intangible asset are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Group assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Group will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of March 31, 2024 and 2025, no impairment of long-lived assets was recognized.

<u>Deferred offering costs</u>

Pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. As of March 31, 2025, the Group has not concluded its IPO hence incurred professional fees are recorded as deferred offering costs. As of March 31, 2025, the accumulated deferred offering cost was S$106,899.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Fair value measurement</u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The fair value of the financial asset at amortized cost, keyman life insurance included unobservable inputs that are not developed by the Group. The fair value of the financial instruments is determined using the annual statement of value of the insurance policy provided by insurer without adjustment. There were no changes in the valuation techniques during the financial year.

Cash and cash equivalents, accounts receivable, net, other receivables, operating lease liabilities, accounts payable, other payables, amount due from shareholders, amount due from related party and amount due to directors are financial assets and liabilities and are subject to fair value measurement. The Group's financial assets and liabilities are short-term in nature, therefore, management believes their carrying amounts approximate their fair value.

<u>Leases</u>

The Group determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease. As the lessee, operating leases are included in operating lease right-of-use ("**ROU**") assets, current operating lease liabilities and non-current operating lease liabilities, in the Group's consolidated balance sheets. ROU assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group's leases do not provide an implicit rate, the Group used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Group's leases do not provide an implicit rate as they are not readily determinable. Therefore, the Group used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments, which is determined based on the rate of interest that the Group would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (ii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to April 1, 2020 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

The Group has an operating lease for offices, including an option to renew which is at the Group's sole discretion. The renewal to extend the lease term is included in the Group's ROU assets and operating lease liabilities as they are reasonably certain of exercise. The Group regularly evaluates the renewal option, and, when it is reasonably certain of exercise, the Group will include the renewal period in its lease term. New lease modifications result in re-measurement of the ROU assets and operating lease liabilities. The Group's lease agreement does not contain any material residual value guarantees or material restrictive covenants.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the consolidated balance sheets.

The Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. Lease payments associated with these leases are expensed as incurred.

<u>Borrowings</u>

Bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognized over the term of the borrowings in accordance with the Group's accounting policy for borrowing costs. A gain or loss is recognized in profit or loss when the liability is derecognized and through the amortization process.

<u>Revenue recognition</u>

The Group's revenues are primarily generated from (1) Reseller of hardware and software solutions, (2) Service Revenue, (3) Exclusive distributorship fee.

The Group adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("**ASC 606**"), on April 1, 2021 using the modified retrospective approach. The Group's accounting for revenue recognition remains substantially unchanged prior to adoption of ASC 606. The effect from the adoption of ASC 606 was not material to the Group's financial statements.

To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Group performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the Group will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the client.

Revenue is recorded net of value-added tax.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

*Reseller of hardware and software solutions (collectively known as the "solution")*

Revenue for sales of products, which are primarily IT hardware and software solutions are recognized at a point in time when the Group has satisfied its performance obligation. There is no fixed contract duration for this revenue stream as it depends on the complexity of the solution and lead time leading to fulfilment. Revenue is recognized at a point in time upon the acceptance of the customer via an acceptance form acknowledging that the products are delivered, integrated and functioning as expected. This determination is based on the following considerations under ASC 606-10-25-27:

**Simultaneous Receipt and Consumption**: The customer does not simultaneously receive and consume the benefits of the products. The products are delivered as a complete solution, and the customer derives value only upon full completion.

**Creation or Enhancement of Customer-Controlled Asset**: The services provided do not create or enhance an asset that the customer controls as the services are performed. The customer does not gain control until the services are completed.

**No Alternative Use and Enforceable Right to Payment**: While the deliverables are tailored to customer-specific requirements, they do not meet the "no alternative use" criterion because, in practice, the Group can reconfigure partially completed deliverables for other projects, albeit with additional effort.

More importantly, the Group does not have an enforceable right to payment for performance completed to date. Engagement letters typically permit termination at any time without penalty, and payment terms do not obligate the customer to pay for partially completed work.

Accordingly, control is transferred to the customer at a point in time, and revenue is recognized at that time.

**<u>Contracts with Multiple Promises</u>**

The Group frequently enters into contracts with customers that contain multiple promises, including hardware and software. To determine whether these promises are distinct within the context of the contract, the Group applies the guidance in ASC 606-10-25-19 through 25-22, which requires an assessment of whether:

&nbsp;&nbsp;&nbsp;&nbsp;1. The customer can benefit from the good or service on its
own or with other readily available resources; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The promise to transfer the good or service is separately
identifiable from other promises in the contract.

A promised good or service is not distinct if it is highly interdependent and interrelated with other promises, meaning its function is significantly affected by the other promises in the contract. BC32 of ASC 606 states:

 

*"An entity should assess whether two or more promises in a contract are so highly interrelated and interdependent that they cannot be separated."*

Additionally, BC33(a) and (b) explain that if an entity provides a significant service of integrating multiple items into a combined output, those items are not distinct, as they serve as inputs to a unified deliverable rather than separate obligations.

Based on this guidance, the Group has determined that the hardware and software solutions provided are not distinct from each other in the customer contracts because they are necessary inputs to delivering a fully integrated IT solution rather than stand-alone deliverables. Software licenses, if any, in this bundle are perpetual software licenses.

The Group enters contracts that include a combination of hardware and software. When these elements are highly interdependent and interrelated, they are treated as a single performance obligation under ASC 606-10-25-21, and revenue is recognized at a point in time when control transfers to the customer, typically upon customer acceptance.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

Because these contracts represent an integrated solution, the Group does not allocate revenue to individual components (hardware or software). Instead, revenue is categorized as product revenue, as the predominant characteristic of the combined deliverable is the hardware and software provided to the customer.

In determining the predominant characteristic, the Group considers:

● The primary benefit to the customer, which is the acquisition of a functional IT system.

● The relative significance of each component, including the cost composition of hardware and software within the contract.

● The customer's primary reason for entering into the arrangement, which is to obtain a fully integrated IT solution rather than standalone products.

**<u>Contract Scenarios and Distinctness Evaluation</u>**

<u>Nature of Promises & Intended Benefit to the Customer</u>

In contracts where the Group provides a combination of hardware and software, each element works together to create a fully integrated IT system. The customer expects a turnkey solution, rather than individual components that must be assembled separately.

<u>Assessment of Interdependency and Significant Effect on Utility</u>

The Group has determined that none of the promises are distinct from each other, as they are highly interdependent and interrelated because:

● Hardware requires software to operate, and software requires IT services for customization and integration.

● Per BC32, the contract's objective is to deliver an integrated IT system, rather than discrete components.

Why Hardware and Software solutions Are an Input to the Combined Output

● The Group considered the following factors that hardware and software are combined output:

● **Level of Integration:** the Group configure both hardware and software to function as a single IT system.

● **Modification & Customization:** the Group modify the components to meet customer-specific requirements.

● **Customer Dependency:** The customer does not receive a functional IT system unless all components are integrated.

<u>Revenue Recognition Conclusion</u>

Since the hardware and software are highly interdependent and form a single performance obligation, revenue is recognized at a point in time when control of the fully integrated IT system is transferred to the customer upon completion and acceptance.

**Principal versus Agent Considerations**

In evaluating whether the Group is acting as a principal or an agent in its contracts, we considered the guidance in ASC 606-10-55-36 through 55-40. This evaluation focused on identifying the specified goods or services promised to the customer and assessing whether the Group obtains control of these goods or services before they are transferred to the customer.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

In these contracts, the Group provides a bundle of hardware and software solutions necessary to fulfil the performance obligations. While certain components of the solution, may be sourced from third-party providers, the Group directs and integrates these inputs into a cohesive IT solution that meets the customer's needs. The Group manages inventory on a just-in-time basis and do not require to carry inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Control of Goods and Services:**

The Company takes control of the hardware and software solutions prior to their delivery to the customer. This is evidenced by the Group's ability to direct the use of these goods and services and to obtain the benefits from them before transfer.

The Group assumes inventory risk for these goods, either upon receipt from the third-party provider or during their customization or bundling into the overall hardware and software solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Primary Responsibility for Fulfilment:**

The Group is responsible for ensuring the customer receives the specified solution, including resolving any issues with the delivery or functionality of the underlying services, hardware, software, and applications. This indicates that the Group is accountable for the overall performance of the arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Pricing Discretion:**

The Group determines the pricing for the bundled solution, further supporting its role as principal.

Based on the above, the Group concluded that it acts as the principal in these transactions because it controls the specified goods and services before transferring them to the customer.

No element of financing is deemed present as typical payment term is 7 to 30 days from the date of issuance of invoice.

Customer returns have historically represented a small percentage of customer sales on an annual basis.

Based on the Group's experience on the various revenue streams, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

 

*Service revenue*

Revenue for the rendering of hosting and support services, rendering of professional services and maintenance services. If there are multiple services required by the customer in a purchase order, the respective services are itemized with a fixed price on the invoice. Service revenue are recognized over time as the Group satisfies its performance obligation by transferring control of the promised services to the customers. These performance obligations qualify for over time recognition because the customer simultaneously receives and consumes the benefits of the Group's performance as the services are provided. Depending on the service required, revenue is measured and recognized based on elapsed time or usage based method as prescribed within customer contracts. Advances received from customers are deferred until performance obligations are satisfied and are presented as contract liabilities on the consolidated statement of financial position. Customer contracts typically range between 12 to 24 months and are non-terminable and non-refundable. No element of financing is deemed present as typical payment term is 7 to 30 days from the date of issuance of invoice.

The Group is determined to be a principal and records revenue on a gross basis as the Group is primarily responsible for fulfilling the goods or services to the customers, is subject to inventory risk, has discretion in establishing pricing and the ability to direct the control of the promised goods before transferring those goods to the customers.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

*Revenue from Exclusive Distributor Fees*

The Group enters into agreements with its customer to appoint the customer as an exclusive distributor in a new geographical region. The distributors are given a right to use license to distribute the Group's products in the said region. The Group recognizes revenue for exclusive distributor fees at a point in time, typically at the commencement of the agreement, when the distributor obtains control of the right and has the ability to benefit from the distributorship. These customer contracts typically are for 5 years and are non-terminable and non-refundable.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price. The credit term offered to customers is 12 months from the commencement date of the customer contract. As a practical expedient permitted under ASC 606-10-32-18, the Group elects not to adjust the promised amount of consideration for the effects of a significant financing component for exclusive distributorship agreements because at contract inception, it expects that the period between the transfer of the promised good or service to the customer and the customer's payment for that good or service will be one year or less (i.e., 12 months or less). This expedient is applied consistently to similar contracts in similar circumstances.

<u>Interest income</u>

Interest income is recognized using effective interest method.

<u>Management income and other income</u>

Management income and other income are recognized on an accrual basis.

<u>Contract assets</u>

A contract asset is the Group's right to consideration in exchange for goods or services that the Group has transferred to a customer. ASC 606, Revenue from Contracts with Customers, distinguishes between a contract asset and a receivable based on whether receipt of the consideration is conditional on something other than the passage of time. When the Group transfers control of goods or services to a customer before the customer pays consideration, the Group records either a contract asset or a receivable depending on the nature of the Group's right to consideration for its performance. The point at which a contract asset becomes an account receivable may be earlier than the point at which an invoice is issued. The Group assesses a contract asset for impairment in accordance with ASC 310, Receivables.

<u>General and administrative expenses</u>

General and administrative expenses consist primarily of consultancy fee, licenses and subscription fee, travelling and entertainment, legal and professional fees and other miscellaneous administrative expenses.

<u>Employee benefit</u>

 

*Defined contribution plan*

The Group participates in the national pension schemes as defined by the laws of Singapore's and Vietnam's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

<u>Government grants</u>

Government grants are compensation for expenses already incurred or for the purpose of giving immediate financial support to the Group. The government evaluates the Group's eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants.

Government grants, which are non-covid related grants, are recognized when received and all the conditions for their receipt have been met and are recorded as part of "other income".

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Earnings per share</u>

The Group 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 number of ordinary shares outstanding for the period. Diluted EPS presents the diluted effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended March 31, 2024 and 2025, there were no dilutive shares.

<u>Deferred offering costs</u> 

Pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. As of March 31, 2025, the Company has not concluded its IPO hence incurred professional fees are recorded as deferred offering costs. As of March 31, 2025, the accumulated deferred offering cost was S$106,899.

<u>Segment reporting</u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Group's internal organizational structure as well as information about geographical areas, business segments and major customers in consolidated financial statements for detailing the Group's business segments. Based on the criteria established by ASC 280, the Group's chief operating decision maker ("**CODM**") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting.

<u>Taxation</u>

The income tax expense represents the sum of current and deferred income tax expense.

 

*Current tax*

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

 

*Deferred tax*

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

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, with a tax examination being presumed to occur. 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. No penalties and interest were incurred related to underpayment of income tax for the years ended March 31, 2025. The Group had no uncertain tax positions for the years ended March 31, 2025. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

 

*Goods and services tax (GST)*

Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognized as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

**Recently issued accounting pronouncements**

The Group considers the applicability and impact of all accounting standards updates ("**ASUs**"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "**JOBS Act**"), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose of the update was to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all periods presented in the consolidated financial statements. The Group's management does not believe the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group's management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.

Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group's consolidated balance sheets, statements of operations and comprehensive income and statements of cash flows.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 3 — Revenue**

The following table presents the Group's revenue disaggregated by product categories for the years ended March 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended March 31,** | **For Years Ended March 31,** | **For Years Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Revenue recognized at a point in time:** |  |  |  |
| Reseller of hardware and software solutions | 7887491 | 7625544 | 5671658 |
| Exclusive distributor fees |  | 1200000 | 892525 |
|  | 7887491 | 8825544 | 6564183 |
| **Revenue recognized over time:** |  |  |  |
| Service revenue | 1594285 | 1701807 | 1265755 |
| **Total** | 9481776 | 10527351 | 7829938 |

---

**Note 4 — OTHER INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Royalty income |  | 200000 | 148754 |
| Other income-Grant/Govt Scheme | 13644 | 10678 | 7942 |
| Other income | 45909 | 15053 | 11196 |
| **Total other income** | 59553 | 225731 | 167892 |

---

**Note 5 — INCOME TAX EXPENSE**

 

*<u>Income tax</u>*

**Cayman**

The Company is domiciled in Cayman Island. Its locality currently enjoys permanent income tax holidays; accordingly, the Company do not accrue for income taxes.

**Singapore**

EVPL is operating in Singapore and is subject to the Singapore tax at the corporate tax rate at 17% on the assessable income arising in Singapore during its tax year.

**Vietnam**

ELVC is operating in Vietnam and is subject to the Vietnam tax at the corporate tax rate at 20% on the assessable income arising in Vietnam during its tax year.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5 — INCOME TAX EXPENSE** (cont.)

The following table reconciles Singapore statutory rates to the Group's effective tax rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| (Loss)/Profit before tax | (895070) | 1225228 | 911290 |
| Tax calculated at statutory tax rate 17% | (152161) | 208289 | 154919 |
| <u>Reconciling items:</u> |  |  |  |
| Expenses non-deductible | 21490 | 2383 | 1772 |
| Deferred tax assets not recognized | 131200 | 16018 | 11914 |
| Effect of different tax rates in other countries | (384) | 38442 | 28592 |
| Utilization of net operating losses carried forward |  | (258467) | (192240) |
| Others | (145) | (6665) | (4957) |
| **Income tax expenses recognized in profit or loss** |  |  |  |

---

**<u>Deferred tax</u>**

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Net operating losses carried forward | 3142080 | 1663082 | 1236952 |
| Deductible temporary difference | 613082 | 797647 | 593266 |
|  | 3755162 | 2460729 | 1830218 |
| Deferred tax assets | 638378 | 418324 | 311137 |
| Valuation allowance | (638378) | (418324) | (311137) |
| Deferred tax assets, net of valuation allowance |  |  |  |

---

As of March 31, 2025, the Group had unused tax losses carried forward totaling S$1,663,082 (US$1,236,952).

However, due to the Group's history of operating losses, lack of taxable income in carry back years, and uncertainty regarding future taxable income, management has concluded that it is not more likely than not that these deferred tax assets will be realized.

Accordingly, a full valuation allowance of S$418,324 (US$311,137) has been recorded, and no deferred tax asset has been recognized in the consolidated balance sheets.

**Note 6 — PLANT AND EQUIPMENT, NET**

Plant and equipment, net, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Computer equipment | 154114 | 157853 | 117406 |
| Furniture and fitting | 5627 | 5627 | 4185 |
| Office equipment | 14328 | 14328 | 10657 |
| Testing equipment & tools | 20058 | 20058 | 14919 |
| Renovation | 45199 | 66179 | 49222 |
| **Subtotal** | 239326 | 264045 | 196389 |
| Less: Accumulated depreciation | (196369) | (221713) | (164904) |
| **Plant and equipment, net** | 42957 | 42332 | 31485 |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 6 — PLANT AND EQUIPMENT, NET** (cont.)

No impairment loss was recognized during the years ended March 31, 2025 and 2024.

Depreciation expense for the years ended March 31, 2025 and 2024 was S$25,344 (US$18,850) and S$50,727, respectively.

**Note 7 — INTANGIBLE ASSET, NET**

Intangible asset, net, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Software | 1800000 | 1800000 | 1338788 |
| Less: Accumulated amortization | (654999) | (834999) | (621048) |
| **Intangible asset, net** | 1145001 | 965001 | 717740 |

---

There was no impairment of intangible assets recorded for the years ended March 31, 2025 and 2024. Amortization expenses for the years ended March 31, 2025 and 2024 was S$180,000 (US$133,879) and S$146,666, respectively.

**Note 8 — OPERATING LEASES**

The Group determines if a contract contains a lease at inception. US GAAP requires that the Group's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Group has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty. The Group has 2 lease agreements with lease terms of 4 years. Upon adoption of ASU 2016-02, no right-of-use ("**ROU**") assets nor lease liability was recorded for the lease with a lease term of one year.

As of March 31, 2025, the Group had the following non-cancellable lease contracts:

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office premises | 4 years |
| Office equipment | 4 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts recognized in the consolidated balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Right-of-use assets | 188800 | 139301 | 103608 |
| Lease liabilities |  |  |  |
| Current | 44783 | 47894 | 35622 |
| Non-current | 145055 | 96385 | 71688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A summary of lease cost recognized in the Group's consolidated statements of operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Amortization of right-of-use assets | 68999 | 49499 | 36816 |
| Interest on lease liabilities | 10483 | 4860 | 3615 |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 8 — OPERATING LEASES** (cont.)

The Group entered into non-cancellable operating lease agreements for office premises. The Group determines if an arrangement is a lease, or contains a lease, at inception and records the lease in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The lease terms does not include options to extend the lease terms.

Future operating lease payments, excluding short-term leases, as of March 31, 2025, are detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **S$** | **US$** |
| Operating leases |  |  |
| 2027 | 56035 | 41677 |
| 2028 | 56035 | 41677 |
| 2029 onwards | 43790 | 32570 |
| Total future lease payment | 155860 | 115924 |
| Less: Imputed interest | (11581) | (8614) |
| Present value of operating lease liabilities | 144279 | 107310 |
| Less: Current portion | (47894) | (35622) |
| Long-term portion of lease liabilities | 96385 | 71688 |

---

The following table shows the weighted-average lease terms and discount rates for operating leases:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
| **Weighted average remaining lease term (Years)** |  |  |
| Operating leases | 3 | 4 |
| **Weighted average discount rate (%)** |  |  |
| Operating leases | 6.38% | 6.38% |

---

**Note 9 — OTHER INVESTMENT**

Other investment comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S $** | **US$** |
| Unquoted equity shares, at cost | 114780 | 114780 | 85370 |
| Impairment on investment | (114780) | (114780) | (85370) |

---

For the year ended March 31, 2024, the Group assessed indicators reflecting an other-than-temporary decline in fair value below the carrying value. Accordingly, the Group provided full impairment against the investment.

**Note 10 — FINANCIAL ASSET AT AMORTIZED COST**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Keyman Insurance | 123041 | 124147 | 92337 |

---

The Group maintains a keyman insurance policy on the life of Mr. Wong Yee Leong, the sole director of the Group, with the Group as the beneficiary. The policy is intended to mitigate the financial impact of the loss of the key employee. The sum assured of the policy was up to S$436,863.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 10 — FINANCIAL ASSET AT AMORTIZED COST** (cont.)

The premiums paid for the policy are expensed as incurred and are included in general and administrative expenses. As of March 31, 2024 and 2025, the cash surrender value of the policy is S$123,313 and S$124,419 respectively, which is classified under "Financial asset at amortized cost" on the balance sheet. Changes in the cash surrender value are recorded in the Group's financial statements as they occur.

In the event of the death of the insured, the Group would receive the insurance proceeds, which would be recognized as other income in the period the funds are received.

**Note 11 — ACCOUNTS RECEIVABLE, NET**

Accounts receivable consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Accounts receivable – third parties | 1115004 | 1988095 | 1478689 |
| Accounts receivable – related parties | 399450 | 520958 | 387473 |
|  | 1514454 | 2509053 | 1866162 |
| Less: Allowance for credit losses | (56277) | (49151) | (36558) |
|  | 1458177 | 2459902 | 1829604 |

---

Movement of allowance for credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Allowance for credit loss at the beginning of the year | (49151) | (56277) | (41857) |
| Allowance for current credit loss | (7126) |  |  |
| Reversal for credit loss |  | 7126 | 5299 |
| Allowance for credit loss at the end of the year | (56277) | (49151) | (36558) |

---

Accounts receivable are unsecured, non-interest bearing and are generally on 7 to 30 days' credit terms (2024: 7 to 30 days). They are recognized at their original amounts which represent their fair value on initial recognition.

Accounts receivable that are denominated in the currency other than the functional currencies of the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| United States dollar | 4044 |  |  |
| Vietnamese Dong | 116 | 590 | 440 |

---

As at the end of each reporting period, the aging analysis of accounts receivable based on due date is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Within 30 days | 1005491 | 715157 | 531914 |
| Between 31 and 60 days | 78206 | 94 | 70 |
| Between 61 and 90 days | 3861 | 221160 | 164492 |
| Between 91 and 120 days | 7456 | 839868 | 624669 |
| Over 120 days | 419440 | 732774 | 545017 |
| **Total accounts receivable** | 1514454 | 2509053 | 1866162 |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 12 — OTHER RECEIVABLES AND DEPOSITS**

Other receivables and deposits consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Deposit paid | 17008 | 15007 | 11163 |
| Contract assets | 1991592 | 2399938 | 1785004 |
| Other receivables | 255091 | 60946 | 45329 |
| Banker's guarantee | 163331 | 547304 | 407069 |
|  | 2427022 | 3023195 | 2248565 |

---

Contract assets primarily relate to the Group's rights to consideration for work completed but not yet billed at the reporting date. The Group recognizes a contract asset when it performs by transferring goods or services to a customer before the customer pays consideration or before payment is due. Once invoiced, the amount is reclassified to accounts receivable.

During the normal course of business, we enter into bank guarantees to provide financial and performance assurance to our customers.

**Note 13 — OTHER CURRENT ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Prepayment | 14376 | 24333 | 18098 |
| Deferred expenses | 128662 | 177008 | 131654 |
| Short term deposit |  | 52400 | 38973 |
|  | 143038 | 253741 | 188725 |

---

Deferred expenses consist primarily of advance payments for services that will be expensed in future periods. These expenses are recorded as assets and amortized on a straight-line basis over the period benefited.

The short term deposit placed with a financial institution has a term of six months from January 2, 2025 to July 2, 2025, and earns interest at 4.1% per annum.

**Note 14 — CASH AND CASH EQUIVALENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Cash at banks | 405230 | 459531 | 341787 |
| Cash on hand | 2171 | 718 | 533 |
| Cash and cash equivalents per consolidated statement of cash flows | 407401 | 460249 | 342320 |

---

Cash and cash equivalents that are denominated in the currency other than the functional currencies of the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| United States Dollar | 48297 | 14167 | 10537 |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 15 — ACCOUNT PAYABLES**

The components of account payables are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Account payables** |  |  |  |
| Accounts payables – third parties | 5033055 | 2323641 | 1728258 |
| Accounts payables – related parties | 189752 | 170511 | 126820 |
|  | 5222807 | 2494152 | 1855078 |

---

Accounts payables are unsecured, non-interest bearing and are generally on 60 days' credit terms (2024: 60 days). They are recognized at their original amounts which represent their fair value on initial recognition.

Account payables that are denominated in the currency other than the functional currencies of Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| United States Dollar | 2705358 | 896572 | 668585 |
| Vietnamese Dong | 2352 | 13567 | 10117 |

---

**Note 16 — OTHER PAYABLES AND ACCRUALS**

The components of other payables and accruals are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Other payables and accruals** |  |  |  |
| Other payables | 30752 | 41966 | 31213 |
| Accruals – project costs | 1093545 | 737305 | 548386 |
| Accruals – operating expenses | 447422 | 323280 | 240446 |
|  | 1571719 | 1102551 | 820045 |

---

**Note 17 — CONTRACT LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Contract liabilities** |  |  |  |
| Deferred revenue | 447594 | 176275 | 131108 |
| Advances from customers |  | 9583 | 7128 |
|  | 447594 | 185858 | 138236 |

---

Advances from customers relate to the Group's obligation to deliver goods and services promised to customers for which the Group has received advances from customers. Advances from customers are recognized as revenue at point in time upon the delivery of the goods and services.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 17 — CONTRACT LIABILITIES** (cont.)

The following table shows the changes in deferred revenue balances during the fiscal years ended March 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Deferred revenue at the beginning of the year | 131119 | 447594 | 332907 |
| Increases due to payments received, excluding amounts recognized as revenue during the financial year | 447594 | 176275 | 131108 |
| Revenue recognition | (131119) | (447594) | (332907) |
| Deferred revenue at end of the year | 447594 | 176275 | 131108 |

---

**Performance Obligations**

As of March 31, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations under contracts with customers was $176,275. The Group expects to recognize approximately all of this amount within one year.

**Note 18 — BORROWINGS**

Borrowings represent the amounts due to various banks and financial institution that are due within and over one year. As of March 31, 2025 and 2024, borrowings consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **<u>Non-current</u>** |  |  |  |
| **Secured loan:** |  |  |  |
| Working capital loan | 1455374 | 2430819 | 1807973 |
| Term loan for keyman insurance | 16058 | 2689 | 2000 |
|  | 1471432 | 2433508 | 1809973 |
| **<u>Current</u>** |  |  |  |
| **Secured loan:** |  |  |  |
| Working capital loan | 735622 | 1573238 | 1170129 |
| **Unsecured loan:** |  |  |  |
| Trade financing | 417767 | 329800 | 245296 |
| Term loan for keyman insurance | 32085 | 13727 | 10209 |
| Loan from third parties | 592144 | 452000 | 336184 |
|  | 1777618 | 2368765 | 1761818 |

---

Borrowings are denominated in Singapore Dollar.

 

*Working capital loan and trade financing*

For the year ended March 31, 2025, the Group entered into working capital loan and trade financing with 10 (2024: 9) banks and financial institutions amounting to S$2,929,800 (2024:S$1,508,100). The loan bore per annum interest rates ranging between 2.25% to 15.00% (2024: 2.25% to 9.18%) per annum and have maturities ranging from within one year to up to the year 2030. For the year ended March 31, 2025, the Group repaid an aggregate of S$1,204,707 (2024: S$707,553) to the banks and financial institutions. The Group intends to use a portion of the net proceeds from this offering to repay these outstanding borrowings.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 18 — BORROWINGS** (cont.)

*Term loan for keyman insurance*

On August 24, 2020, the Group entered into term loan for keyman insurance amounting to S$151,432 with maturity date due in August 2025. The loan bore per annum interest rate at 1.10% per annum over the Bank's 3-month Cost of Funds ("**COF**") as determined by the Bank on the date of transaction or such other rate determined by the Bank. Effective interest rate for the term loan is 4.35% (2024: 4.98%) per annum. For the year ended March 31, 2025, the Group repaid an aggregate of S$31,728 (2024: S$27,289) to the bank.

 

*Loan from third parties*

For the year ended March 31, 2025, the Group obtained loans from third parties amounting to S$nil (2024: S$80,000). The loans are non-trade in nature, unsecured and interest free. During the year ended March 31, 2025, the Group repaid an aggregate amount of S$140,142 (2024: S$nil) to the third parties.

<u>Guarantee information:</u>

As of March 31, 2025, the working capital loans, short term loan and term loan for keyman insurance are secured by personal guarantee given by the director, Mr. Wong Yee Leong. The term loan for keyman insurance is secured over the legal assignment of life policy (Note 9) to be executed by the Company in respect of Mr. Wong Yee Leong life assured for a sum assured of not less than S$187,289.

**Note 19 — SHARE CAPITAL**

 ****

***Ordinary shares***

The Company was incorporated under the laws of Cayman Island on June 2, 2025. The authorized number of ordinary shares was 500,000,000 shares, par value of US$0.0001 per share. On June 2, 2025, the Company issued 1 ordinary share with a par value of US$0.0001 each. On July 29, 2025, the 1 ordinary share was redesignated to 1 Class B ordinary share and the 499,999,999 authorized but unissued ordinary shares of par value of US$0.0001 each in the capital of the Company were redesignated into (i) 350,000,000 Class A ordinary shares of par value US$0.0001 each and (ii) 149,999,999 Class B ordinary shares of par value US$0.0001 each.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company has undertaken a reorganization transaction resulting in 29,910,539 Class A ordinary shares and 2,589,461 Class B ordinary shares outstanding that have been retroactively restated to the beginning of the first period presented (Note 1).

**Note 20 — ACCUMULATED AND OTHER COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Currency translation | (588) | (2218) | (1650) |

---

<u>CURRENCY TRANSLATION RESERVE</u>

The currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Balance at beginning of financial year |  | (588) | (438) |
| Currency translation | (588) | (1630) | (1212) |
| Balance at end of financial year | (588) | (2218) | (1650) |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 21 — Related party balances and transactions**

The Group's relationships with related parties who had transactions with the Group are summarized as follows:

---

| | |
|:---|:---|
| **Related Party Name** | **Relationship to the Group** |
| Wong Yee Leong | Controlling Shareholder, Chief Executive Officer, Director and Chairman of the Board of Directors of the Company |
| Evvo IOT Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Group Inc | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Labs Philipp | Wong Yee Leong is a director and major shareholder of the Company |
| EVVO Media Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Solutions Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Roundesk Infocomm Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Related party balances</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| <br>**Nature** | <br>**Name** | **2024** | **2025** | **2025** |
|  |  | **S$** | **S$** | **US$** |
| Amount due from director | Wong Yee Leong\* | 2981217 | 664486 | 494225 |
| Account receivable | Roundesk Infocomm Pte Ltd | 1624 | 11758 | 8745 |
| Account receivable | Evvo IOT Pte Ltd<sup>#</sup> | 397378 | 509200 | 378728 |
| Account receivable | Evvo Media Pte Ltd | 448 |  |  |
| Amount due from related party | Evvo IOT Pte Ltd<sup>#</sup> |  | 869765 | 646906 |
| Amount due from related party | Evvo Group Inc | 12311 | 2510 | 1867 |
| Amount due from related party | Evvo Labs Philipp | 12826 | 18915 | 14068 |
| Account payable | Evvo Media Pte Ltd | (35967) | (16761) | (12465) |
| Account payable | Evvo Solutions Pte Ltd | (153785) | (153750) | (114355) |
| Amount due to related party | Evvo IOT Pte Ltd | (83051) |  |  |
| &nbsp;&nbsp;&nbsp;**Total** |  | 3133001 | 1906123 | 1417719 |

---

\* The outstanding balance was fully settled subsequently.

# The amount is secured by personal guarantee given by Mr. Wong Yee Leong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Related party transactions</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
| <br>**Nature** | <br>**Name** | **2024** | **2025** | **2025** |
|  |  | **S$** | **S$** | **US$** |
| Royalty fees received | Evvo IOT Pte Ltd |  | 109000 | 81071 |
| Purchase of goods, services and software | Evvo IOT Pte Ltd | 864000 |  |  |
| Payment on behalf of | Evvo IOT Pte Ltd | 5753 | 100000 | 74377 |
|  | Evvo Philippines |  | 4089 | 3041 |
| Payment on behalf by | Evvo IOT Pte Ltd | (4404) | (3148) | (2341) |
|  | Evvo Media Pte Ltd | (668) | (740) | (550) |
|  | Evvo Solutions Pte Ltd | (654) | (36) | (27) |
|  | Roundesk Infocomm Pte Ltd | (1624) | (13404) | (9970) |
| Advances from EVVO SG | Evvo IOT Pte Ltd | 726810 | 857900 | 638081 |

---

The transactions were conducted on an arm's length basis. Amounts due from related parties are unsecured, non-interest bearing, repayable on demand, and classified as current assets. Amounts due to related parties are unsecured, non-interest bearing, repayable on demand and are classified as current liabilities.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 22 — CONCENTRATION AND RISKS**

For the year ended March 31, 2025, none of the customers accounted for more than approximately 10% of the Group's total sales. For the year ended March 31, 2024, customer E accounted for approximately 11% of the Group's total sales.

For the year ended March 31, 2025, vendor X and Y accounted for approximately 43% and 13% of the Group's total purchases respectively. For the year ended March 31, 2024, vendor X and Z accounted for approximately 41% and 37% of the Group's total purchases respectively.

The following table sets forth a summary of single customers who represent 10% or more of the Group's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Percentage of Group's accounts receivable** |  |  |
| Customer A | 20% | 26% |
| Customer B | 17% |  |
| Customer C | 16% |  |
| Customer D | 12% |  |
| Customer E |  | 18% |
| Customer F |  | 15% |
| Customer G | 5% | 12% |
| Customer H |  | 12% |

---

The following table sets forth a summary of vendors who represent 10% or more of the Group's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Amount of the Group's accounts payable** |  |  |
| Vendor X | 34% | 45% |
| Vendor Y | 22% |  |
| Vendor Z | 18% | 30% |

---

**<u>Credit risk</u>**

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts and other receivable and financial asset at amortized costs. As of March 31, 2024 and 2025, all of the Group's cash and cash equivalents were held in financial institutions with high credit ratings and quality in Singapore. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. In Singapore and Vietnam, a depositor has up to S$75,000 and VND75 million insured by Singapore Deposit Insurance Corporation and Depositor Insurance of Vietnam respectively.

Accounts receivable primarily comprise of amounts receivable from customers. To reduce credit risk, the Group performs ongoing credit evaluations of the financial condition of these customers and generally does not require collateral or other security from the customers. The Group has established a provision matrix applied on the portfolio segmented by factors such as geographic region and products that are considered to have similar credit characteristics and risk of loss. Historically, such losses have been within management's expectations.

**<u>Liquidity risk</u>**

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group'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 Group's reputation.

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 22 — CONCENTRATION AND RISKS** (cont.)

The Group ensures that it has sufficient cash and bank balances, and liquid assets to meet its expected operational expenses, including servicing for financial obligations.

**<u>Foreign Currency Risk</u>**

The Group is exposed to changes in foreign currency exchange rates due to transactions denominated in currencies other than the location's functional currency.

The Group also has foreign currency exposure due to net monetary assets denominated in currencies other than the S$. In addition to net monetary remeasurement, we have exposures related to the translation of subsidiary financial statements from their functional currency, the local currency, into its reporting currency, the S$, most notably in Singapore. We believe that potential fluctuations in currency exchange rates will note have a material effect on our financial positions.

**Note 23 — SEGMENT INFORMATION**

 

*Reportable segments*

The Group operates as a single reportable segment, which is consistent with how the Chief Operating Decision Maker ("**CODM**"), the Chief Executive Officer, allocate resources and assesses performance. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, management has determined that the Group has one reportable segment under ASC Topic 280, Segment Reporting.

 

*Measure of Segment Profit or Loss*

The CODM reviews financial information on a consolidated basis, using Operating Income as the primary measure of segment performance. Operating Income is defined as revenue less cost of goods sold and operating expenses, excluding interest income, interest expense, and income taxes.

 

*Significant Segment Expense Categories Provided to the CODM*

The CODM regularly receives and reviews the following expense categories, which are included in the segment's measure of profit or loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenue | 9481776 | 10527351 | 7829938 |
| Cost of sales | (8630627) | (7537211) | (5605958) |
| Employee benefit expenses | (543842) | (534277) | (397379) |
| Depreciation and amortization expenses | (197393) | (205344) | (152729) |
| General and administrative expenses | (729406) | (682705) | (507776) |
| Other segment items | (275578) | (342586) | (254806) |
| Income tax expense |  |  |  |
| **Net (loss) income** | (895070) | 1225228 | 911290 |

---

**EVVO LABS PTE. LTD. AND ITS SUBSIDIARY<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 24 — COMMITMENTS AND CONTINGENCIES**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", the Group will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of March 31, 2025 and through the date the consolidated financial statements were available to be issued.

As of March 31, 2025 and 2024, the Group did not have any capital commitments and contingencies.

**Note 25 — SUBSEQUENT EVENTS**

The Group has assessed all subsequent events from March 31, 2025 up through the date that these consolidated financial statements are available to be issued there are no further material subsequent events that require disclosure in these consolidated financial statements.

On December 8, 2025, the Company completed a Reorganization of the Company's legal structure. The Reorganization involved the transfer of 100% equity interest in ELPL and its subsidiaries from its original shareholders to the Company. Post the Reorganization, the Company became the ultimate holding company.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **Audited**<br> **S$** | **Unaudited**<br> **S$** | **Unaudited**<br> **US$** |
| **ASSETS** | | | |
| **Current Assets** | | | |
| Account receivables, net | 2459902 | 2720644 | 2108618 |
| Other receivables and deposits | 3023195 | 3156362 | 2446318 |
| Amount due by related parties | 891190 | 1163627 | 901862 |
| Amount due by director | 664486 |  |  |
| Other current assets | 253741 | 350479 | 271637 |
| Deferred offering costs | 106899 | 759736 | 588829 |
| Cash and cash equivalents | 460249 | 604971 | 468879 |
| **Total Current Assets** | 7859662 | 8755819 | 6786143 |
| **Non-Current Assets** |  |  |  |
| Intangible asset, net | 965001 | 875001 | 678164 |
| Plant and equipment, net | 42332 | 36753 | 28485 |
| Right-of-use assets, net | 139301 | 114551 | 88782 |
| Financial asset at amortized cost | 124147 | 124703 | 96650 |
| **Total Non-Current Assets** | 1270781 | 1151008 | 892081 |
| **TOTAL ASSETS** | 9130443 | 9906827 | 7678224 |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| Account payables | 2494152 | 2536118 | 1965602 |
| Other payables and accruals | 1102551 | 2033028 | 1575685 |
| Amount due to director |  | 758600 | 587948 |
| Contract liabilities | 185858 | 755075 | 585216 |
| Operating lease liabilities, current | 47894 | 50147 | 38866 |
| Borrowings, current | 2368765 | 2444720 | 1894765 |
| **Total Current Liabilities** | 6199220 | 8577688 | 6648082 |
| **Non-Current Liabilities** |  |  |  |
| Operating lease liabilities, non-current | 96385 | 70236 | 54436 |
| Borrowings, non-current | 2433508 | 1615887 | 1252383 |
| **Total Non-Current Liabilities** | 2529893 | 1686123 | 1306819 |
| **TOTAL LIABILITIES** | 8729113 | 10263811 | 7954901 |
| **COMMITMENTS AND CONTINGENCIES (Notes 24)** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary shares, Class A (US$0.0001 par value, 350,000,000 shares authorized, 29,910,539 share issued and outstanding as of March 31, 2025 and September 30, 2025 respectively)\* |  |  |  |
| Ordinary shares, Class B (US$0.0001 par value, 150,000,000 shares authorized, 2,589,461 share issued and outstanding as of March 31, 2025 and September 30, 2025 respectively)\* |  |  |  |
| Additional paid-in capital | 5061500 | 5061500 | 3922883 |
| Accumulated and other comprehensive (loss)/income | (2218) | 8373 | 6491 |
| Accumulated deficit | (4657952) | (5426857) | (4206051) |
| **Total Shareholders' Equity** | 401330 | (356984) | (276677) |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 9130443 | 9906827 | 7678224 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

 

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements*

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Period Ended<br> September 30,** | **For the Six Months Period Ended<br> September 30,** | **For the Six Months Period Ended<br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Revenue** | 4722080 | 4997922 | 3873607 |
| **Cost of sales** | (4238140) | (4750523) | (3681862) |
| **Gross profit** | 483940 | 247399 | 191745 |
| Operating expenses: |  |  |  |
| Employee benefit expenses | (287476) | (303866) | (235508) |
| Depreciation and amortization expenses | (106413) | (99509) | (77124) |
| General and administrative expenses | (328898) | (383193) | (296991) |
| **Total operating expenses** | (722787) | (786568) | (609623) |
| **Loss from operations** | (238847) | (539169) | (417878) |
| Other income (expense): |  |  |  |
| Other income | 5285 | 18064 | 14000 |
| Interest income | 408 | 2354 | 1824 |
| Interest expense | (267996) | (250153) | (193879) |
| **Other expenses, net** | (262303) | (229735) | (178055) |
| Loss before income tax | (501150) | (768904) | (595933) |
| Income tax expense |  |  |  |
| **Net loss** | (501150) | (768904) | (595933) |
| **Other comprehensive loss, net of tax** |  |  |  |
| Foreign currency translation adjustment | (5540) | 10591 | 8208 |
| **Net comprehensive loss** | (506690) | (758313) | (587725) |
| **Loss per share** |  |  |  |
| Basic and diluted | (0.02) | (0.02) | (0.02) |
| **Weighted average number of ordinary shares used in computing net loss per share** |  |  |  |
| Basic and diluted\* | 32500000 | 32500000 | 32500000 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

 

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares, Class A** | **Ordinary shares, Class A** | **Ordinary shares, Class B** | **Ordinary shares, Class B** | | | | |
|  | **Number of shares\*** | **Amount** | **Number of shares\*** | **Amount** |<br>**Additional<br> paid in<br> capital** |<br>**Accumulated<br> Deficit** | **Accumulated**<br>**other<br> comprehensive<br> loss** |<br>**Total<br> equity** |
|  | | **S$** | | **S$** | **$S** | **S$** | **S$** | **S$** |
| **<u>For the six months ended September 30, 2024</u>** | | | | | | | | |
| Balance as at April 1, 2024 | 29910539 |  | 2589461 |  | 4061500 | (5883180) | (588) | (1822268) |
| Net loss |  |  |  |  |  | (501150) |  | (501150) |
| Foreign currency translation |  |  |  |  |  |  | (5540) | (5540) |
| Balance as at September 30, 2024 | 29910539 |  | 2589461 |  | 4061500 | (6384330) | (6128) | (2328958) |
| **<u>For the six months ended September 30, 2025</u>** |  |  |  |  |  |  |  |  |
| Balance as at April 1, 2025 | 29910539 |  | 2589461 |  | 5061500 | (4657952) | (2218) | 401330 |
| Net loss |  |  |  |  |  | (768905) |  | (768905) |
| Foreign currency translation |  |  |  |  |  |  | 10591 | 10591 |
| Balance as at September 30, 2025 | 29910539 |  | 2589461 |  | 5061500 | (5426857) | 8373 | (356984) |
|  |  | **US$** |  | **US$** | **US$** | **US$** | **US$** | **US$** |
| Balance as at September 30, 2025 | 29910539 |  | 2589461 |  | 3922883 | (4206051) | 6491 | (276677) |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

 

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Period Ended<br> September 30,** | **For the Six Months Period Ended<br> September 30,** | **For the Six Months Period Ended<br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Cash flows from operating activities** |  |  |  |
| Net loss | (501150) | (768904) | (595933) |
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |  |
| Depreciation of plant and equipment | 16413 | 9509 | 7370 |
| Amortization of right-of-use assets | 24750 | 24750 | 19182 |
| Amortization of intangible asset | 90000 | 90000 | 69754 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Account receivables | 191161 | (260742) | (202086) |
| &nbsp;&nbsp;&nbsp;Other receivables and deposits | 286437 | (133723) | (103641) |
| &nbsp;&nbsp;&nbsp;Other current assets | 214162 | (96738) | (74976) |
| &nbsp;&nbsp;&nbsp;Account payables | (3371713) | 41967 | 32526 |
| &nbsp;&nbsp;&nbsp;Other payables and accruals | 103428 | 930476 | 721159 |
| &nbsp;&nbsp;&nbsp;Amount due to related parties | (83051) |  |  |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 258547 | 569216 | 441167 |
| &nbsp;&nbsp;&nbsp;Principal payments of lease liabilities | (22415) | (23896) | (18520) |
| **Net cash (used in) generated from operating activities** | (2793431) | 381915 | 296002 |
| **Cash flow from investing activities:** |  |  |  |
| Acquisition of plant and equipment | (9619) | (3930) | (3046) |
| **Net cash used in investing activities** | (9619) | (3930) | (3046) |
| **Cash flows from financing activities:** |  |  |  |
| Proceeds received from borrowings | 2000000 | 1616300 | 1252703 |
| Advances to related parties | (329023) | (272437) | (211151) |
| Advances to director | (470530) | (656914) | (509137) |
| Repayment from director | 2839307 | 2080000 | 1612091 |
| Repayments for borrowings | (890799) | (2357966) | (1827527) |
| Deferred offering costs | (106899) | (652837) | (505977) |
| **Net cash generated from(used in) financing activities** | 3042056 | (243854) | (188998) |
| **Net increase in cash and cash equivalents** | 239006 | 134131 | 103958 |
| **Effects of changes in foreign exchange of cash** | (5540) | 10591 | 8208 |
| **Cash and cash equivalents at beginning of financial period** | 407401 | 460249 | 356713 |
| **Cash and cash equivalents at end of financial period** | 640867 | 604971 | 468879 |
| **Supplemental disclosures of cash flow information:** |  |  |  |
| Cash paid for interest | 267996 | 250153 | 193879 |

---

 

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — NATURE OF BUSINESS AND ORGANIZATION**

Evvolutions LeadTech Inc (the "EVVO"), a holding company incorporated as an exempted company limited by shares in Cayman Island on June 2, 2025 with authorized share capital of US$50,000 divided into 500,000,000 ordinary shares of par value US$0.0001 each. The Company is a parent holding company with no operations.

The Company, together with its wholly owned subsidiaries (collectively, the "Group"), Evvo Labs Pte. Ltd. ("ELPL") and Evvo Labs Vietnam Co., Ltd. ("ELVC") is primarily engaged in the provision of end-to-end cybersecurity solutions, encompassing the design, development, and deployment of advanced cybersecurity products and services, DevSecOps integration, operation of a proprietary Security Operations Centre ("SOC"), and secured media and information technology management solutions ("ITMS"). The Group also provides specialized services such as ransomware negotiation, compliance advisory, and blockchain-based security solutions, and offers secured media and ITMS to niche industries. Its products, services, and solutions are targeted at government agencies, enterprises, and private organizations across the Southeast Asia region.

The Group began the business operations since August 9, 2011 when ELPL, was incorporated in Singapore on August 9, 2011 and ELVC, was incorporated in People Republic of Vietnam on June 30, 2023 respectively. The formation of ELVC was initiated by Wong Yee Leong. The primary rationale behind this formation was the identification of market opportunities and the pursuit of operational efficiencies. This decision was driven by our intention to leverage existing expertise. Since its incorporation, ELVC has been fully operational and included in the unaudited condensed consolidated financial statements from the date of its formation.

As part of the Reorganization for the purpose of the listing, the Company issued 1 ordinary share on June 2, 2025 of par value of US$0.0001 to Wong Yee Leong. On July 29, 2025, the Company amended its authorized share capital to 500,000,000 ordinary shares with a par value of US$0.0001 each, comprising (a) 350,000,000 Class A ordinary shares of par value US$0.0001 each, and (b) 150,000,000 Class B ordinary shares of par value US$0.0001 each. On July 29, 2025, the 1 Ordinary Share issued to Wong Yee Leong was redesignated to 1 Class B Ordinary Share. The Company is a parent holding company with no operations.

The final group structure upon completion of the reorganizations comprise the following subsidiaries:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of <br> incorporation** | **Place of <br> incorporation** | **Ownership** | **Principal <br> activities** |
| Evvo Labs Pte. Ltd. ("**ELPL**") | August 9, 2011 | Singapore | 100% | Development of software |
| Evvo Labs Vietnam Co., Ltd ("**ELVC**")\* | June 30, 2023 | People Republic of Vietnam | 100% | Development of software |

---

\* Indirectly owned via ELPL

EVVO completed its reorganization on December 8, 2025, prior to its proposed listing on the NYSE American (the "Reorganization"). Pursuant to the Reorganization, the shareholders of ELPL subscribed for shares of EVVO in exchange for the transfer of their equity interests in ELPL to EVVO. As part of this process, the shareholders of ELPL transferred all of ELPL's issued and paid-up share capital, comprising 668,309 ordinary shares, to EVVO. The consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 29,910,539 Class A Ordinary Shares with par value of US$0.0001 each and 2,589,460 Class B Ordinary Shares with par value of US$0.0001 each in EVVO to the ELPL Shareholders.

Upon completion of the Reorganization, EVVO became the ultimate holding company of the Group's operating subsidiaries in Singapore and Vietnam.

<u>Basis of preparation</u>

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("**U.S. GAAP**") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "**SEC**"). The unaudited condensed consolidated financial statements as of and for the six months ended September 30, 2024 and 2025 include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flows for such interim periods. The results of operations for the six months ended September 30, 2024 and 2025 are not necessarily indicative of results to be expected for the full year ended March 31, 2024 and 2025. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements as of and for the years ended March 31, 2024 and 2025.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — NATURE OF BUSINESS AND ORGANIZATION** (cont.)

<u>Principles of consolidation</u>

The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

The unaudited condensed consolidated financial statements include the accounts of entities under common control, accounted for in accordance with ASC 805-50. As such, the assets and liabilities of the entities are included at their historical carrying amounts, and the financial statements have been retroactively adjusted to include the accounts and operations of the combined entities for all periods presented during which the entities were under common control. No goodwill has been recognized as a result of the transaction, and any difference between the consideration transferred and the carrying amounts of net assets received was recorded within equity.

**Note 2 — Summary of Significant Accounting Policies**

<u>Risks and uncertainties</u>

The main operations of the Group are in Singapore and Vietnam. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore and Vietnam, as well as by the general state of the economy in Singapore and Vietnam. The Group's results may be adversely affected by changes in the political, regulatory and social conditions in Singapore and Vietnam. The Group believes that it is following existing laws and regulations including its nature of business disclosed in Note 1, such experience may not be indicative of future results.

<u>Use of estimates and assumptions</u>

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates estimates, including but not limited to, those related to allocation of transaction price to each performance obligation, allowance for credit loss for accounts receivables, other receivables, contract assets and amounts due from related parties, impairment assessment of long-lived assets, useful lives of plant and equipment and intangible assets, fair value of financial instrument, deferred taxes valuation allowance and incremental borrowing rate of operating leases. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Group's assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates. Actual results may differ from these estimates.

<u>Foreign currency translation</u>

The accompanying unaudited condensed consolidated financial statements are presented in the Singapore Dollars ("**S$**"), which is the reporting currency of the Group. The functional currency of the Company in the Cayman Islands is the United States Dollars ("**US$**"); the functional currency of its subsidiaries incorporated in Singapore and Vietnam are the Singapore Dollars ("**S$**"), and Vietnamese Dong ("**VND**") respectively, which are their respective local currencies based on the criteria of ASC 830, "Foreign Currency Matters".

In the unaudited condensed consolidated financial statements of the Group, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the unaudited condensed consolidated statements of operations and comprehensive income during the period in which they occur.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The following table outlines the currency exchange rates that were used in the unaudited condensed consolidated financial statements in this report:

---

| | | |
|:---|:---|:---|
|  | **September 31,<br> 2024** | **September 31,<br> 2025** |
| Period-end spot rate | VND1,000 = S$0.0521 | VND1,000 = S$0.0489 |
| Average rate | VND1,000 = S$0.0530 | VND1,000 = S$0.0493 |

---

<u>Convenience translation</u>

Translations of amounts in the unaudited condensed consolidated balance sheet, unaudited condensed consolidated statements of operations and comprehensive income and unaudited condensed consolidated statements of cash flows from S$ into US$ as of and for the six months ended September 30, 2025 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = S$1.2903 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.

<u>Cash and cash equivalents</u>

The Group considers cash equivalents to be short-term, that are readily convertible to cash and have a maturity of three months or less at the time of purchase. Cash and cash equivalents consist of cash on hand, demand deposit placed with financial institutions, which is unrestricted as to withdrawal and use. Management believes that the banks and other financial institutions are of high credit quality and continually monitors the credit worthiness of these banks and financial institutions.

<u>Accounts receivable, net</u>

Accounts receivable include trade accounts due from customers. Management reviews the adequacy of the allowance for credit loss on an ongoing basis, using historical collection trends, forward looking information and aging of receivables. Management also periodically evaluates individual customer's financial condition, credit history, and the current economic conditions to make adjustments in the allowance for credit loss when it is considered necessary. Allowance for credit loss is written off after all means of collection have been exhausted and the potential for recovery is considered remote. Management continues to evaluate the reasonableness of the allowance for credit loss policy and update, if necessary. The Group's allowance for credit loss as of September 30, 2025 and March 31, 2025 were S$49,151 and S$49,151, respectively. The Group's reversal for credit loss as of September 30, 2025 and March 31, 2025 was nil and S$7,126 respectively.

<u>Other receivables</u>

Other receivables primarily consist of non-trade receivables, banker's guarantee and refundable deposits for leases. These amounts bear no interest. Management reviews its non-trade receivables and refundable deposits placed with counterparties on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of September 30, 2025 and March 31, 2025 no allowance was deemed necessary. Management believes that these counterparties are of high credit quality and continually monitors the credit worthiness of these counterparties.

<u>Plant and equipment, net</u>

Plant and equipment are stated at cost, less accumulated depreciation, and impairment loss, if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

---

| | | |
|:---|:---|:---|
|  | **Useful life** | **Useful life** |
| Computer equipment |  | 3 |
| Furniture and fitting |  | 5 |
| Office equipment |  | 5 |
| Testing equipment & tools |  | 5 |
| Renovation |  | 5 |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Group also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u>Intangible assets — Software, net</u>

The purchased software is recognized as an intangible asset when it meets the following criteria set out in the relevant accounting standards. These included:

● The asset is identifiable

● The entity has control over the asset

● It generates probable future economic benefits

● The cost of the asset can be measured reliably

Software are measured initially at purchase cost and are amortized on a straight-line basis over their useful life of 10 years, depending on their nature and legal protections.

---

| | |
|:---|:---|
|  | **Useful life** |
| Software | 10 years |

---

The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in unaudited condensed consolidated statements of operations and comprehensive loss when the asset is derecognized.

<u>Impairment for long-lived assets</u>

The Group's long-lived assets with finite lives, including plant and equipment, net and intangible asset are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Group assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Group will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of March 31, 2025 and September 30, 2025, no impairment of long-lived assets was recognized.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Group also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u>Intangible assets — Software, net</u>

The purchased software is recognized as an intangible asset when it meets the following criteria set out in the relevant accounting standards. These included:

● The asset is identifiable

● The entity has control over the asset

● It generates probable future economic benefits

● The cost of the asset can be measured reliably

Software are measured initially at purchase cost and are amortized on a straight-line basis over their useful life of 10 years, depending on their nature and legal protections.

---

| | |
|:---|:---|
|  | **Useful life** |
| Software | 10 years |

---

The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in unaudited condensed consolidated statements of operations and comprehensive loss when the asset is derecognized.

<u>Impairment for long-lived assets</u>

The Group's long-lived assets with finite lives, including plant and equipment, net and intangible asset are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Group assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Group will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of March 31, 2025 and September 30, 2025, no impairment of long-lived assets was recognized.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Fair value measurement</u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The fair value of the financial asset at amortized cost, keyman life insurance included unobservable inputs that are not developed by the Group. The fair value of the financial instruments is determined using the annual statement of value of the insurance policy provided by insurer without adjustment. There were no changes in the valuation techniques during the financial period.

Cash and cash equivalents, accounts receivable, net, other receivables, operating lease liabilities, accounts payable, other payables, amount due from shareholders, amount due from related party and amount due to directors are financial assets and liabilities and are subject to fair value measurement. The Group's financial assets and liabilities are short-term in nature, therefore, management believes their carrying amounts approximate their fair value.

<u>Leases</u>

The Group determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease. As the lessee, operating leases are included in operating lease right-of-use ("**ROU**") assets, current operating lease liabilities and non-current operating lease liabilities, in the Group's unaudited condensed consolidated balance sheets. ROU assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Group's leases do not provide an implicit rate, the Group used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Group's leases do not provide an implicit rate as they are not readily determinable. Therefore, the Group used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments, which is determined based on the rate of interest that the Group would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (ii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to April 1, 2020 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

The Group has an operating lease for offices, including an option to renew which is at the Group's sole discretion. The renewal to extend the lease term is included in the Group's ROU assets and operating lease liabilities as they are reasonably certain of exercise. The Group regularly evaluates the renewal option, and, when it is reasonably certain of exercise, the Group will include the renewal period in its lease term. New lease modifications result in re-measurement of the ROU assets and operating lease liabilities. The Group's lease agreement does not contain any material residual value guarantees or material restrictive covenants.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the unaudited condensed consolidated balance sheets.

The Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. Lease payments associated with these leases are expensed as incurred.

<u>Borrowings</u>

Bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognized over the term of the borrowings in accordance with the Group's accounting policy for borrowing costs. A gain or loss is recognized in profit or loss when the liability is derecognized and through the amortization process.

<u>Revenue recognition</u>

The Group's revenues are primarily generated from (1) Reseller of hardware and software solutions, (2) Service Revenue, (3) Exclusive distributorship fee.

The Group adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("**ASC 606**"), on April 1, 2021 using the modified retrospective approach. The Group's accounting for revenue recognition remains substantially unchanged prior to adoption of ASC 606. The effect from the adoption of ASC 606 was not material to the Group's financial statements.

To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Group performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the Group will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the client.

Revenue is recorded net of value-added tax.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

*Reseller of hardware and software solutions (collectively known as the "solution")*

Revenue for sales of products, which are primarily IT hardware and software solutions are recognized at a point in time when the Group has satisfied its performance obligation. There is no fixed contract duration for this revenue stream as it depends on the complexity of the solution and lead time leading to fulfilment. Revenue is recognized at a point in time upon the acceptance of the customer via an acceptance form acknowledging that the products are delivered, integrated and functioning as expected. This determination is based on the following considerations under ASC 606-10-25-27:

**Simultaneous Receipt and Consumption**: The customer does not simultaneously receive and consume the benefits of the products. The products are delivered as a complete solution, and the customer derives value only upon full completion.

**Creation or Enhancement of Customer-Controlled Asset**: The services provided do not create or enhance an asset that the customer controls as the services are performed. The customer does not gain control until the services are completed.

**No Alternative Use and Enforceable Right to Payment**: While the deliverables are tailored to customer-specific requirements, they do not meet the "no alternative use" criterion because, in practice, the Group can reconfigure partially completed deliverables for other projects, albeit with additional effort.

More importantly, the Group does not have an enforceable right to payment for performance completed to date. Engagement letters typically permit termination at any time without penalty, and payment terms do not obligate the customer to pay for partially completed work.

Accordingly, control is transferred to the customer at a point in time, and revenue is recognized at that time.

**<u>Contracts with Multiple Promises</u>**

The Group frequently enters into contracts with customers that contain multiple promises, including hardware and software. To determine whether these promises are distinct within the context of the contract, the Group applies the guidance in ASC 606-10-25-19 through 25-22, which requires an assessment of whether:

&nbsp;&nbsp;&nbsp;&nbsp;1. The customer can benefit from the good or service on its
own or with other readily available resources; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The promise to transfer the good or service is separately
identifiable from other promises in the contract.

A promised good or service is not distinct if it is highly interdependent and interrelated with other promises, meaning its function is significantly affected by the other promises in the contract. BC32 of ASC 606 states:

 

*"An entity should assess whether two or more promises in a contract are so highly interrelated and interdependent that they cannot be separated."*

Additionally, BC33(a) and (b) explain that if an entity provides a significant service of integrating multiple items into a combined output, those items are not distinct, as they serve as inputs to a unified deliverable rather than separate obligations.

Based on this guidance, the Group has determined that the hardware and software solutions provided are not distinct from each other in the customer contracts because they are necessary inputs to delivering a fully integrated IT solution rather than stand-alone deliverables. Software licenses, if any, in this bundle are perpetual software licenses.

The Group enters contracts that include a combination of hardware and software. When these elements are highly interdependent and interrelated, they are treated as a single performance obligation under ASC 606-10-25-21, and revenue is recognized at a point in time when control transfers to the customer, typically upon customer acceptance.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

Because these contracts represent an integrated solution, the Group does not allocate revenue to individual components (hardware or software). Instead, revenue is categorized as product revenue, as the predominant characteristic of the combined deliverable is the hardware and software provided to the customer.

In determining the predominant characteristic, the Group considers:

● The primary benefit to the customer, which is the acquisition of a functional IT system.

● The relative significance of each component, including the cost composition of hardware and software within the contract.

● The customer's primary reason for entering into the arrangement, which is to obtain a fully integrated IT solution rather than standalone products.

**<u>Contract Scenarios and Distinctness Evaluation</u>**

<u>Nature of Promises & Intended Benefit to the Customer</u>

In contracts where the Group provides a combination of hardware and software, each element works together to create a fully integrated IT system. The customer expects a turnkey solution, rather than individual components that must be assembled separately.

<u>Assessment of Interdependency and Significant Effect on Utility</u>

The Group has determined that none of the promises are distinct from each other, as they are highly interdependent and interrelated because:

● Hardware requires software to operate, and software requires IT services for customization and integration.

● Per BC32, the contract's objective is to deliver an integrated IT system, rather than discrete components.

Why Hardware and Software solutions Are an Input to the Combined Output

● The Group considered the following factors that hardware and software are combined output:

● **Level of Integration:** the Group configure both hardware and software to function as a single IT system.

● **Modification & Customization:** the Group modify the components to meet customer-specific requirements.

● **Customer Dependency:** The customer does not receive a functional IT system unless all components are integrated.

<u>Revenue Recognition Conclusion</u>

Since the hardware and software are highly interdependent and form a single performance obligation, revenue is recognized at a point in time when control of the fully integrated IT system is transferred to the customer upon completion and acceptance.

**Principal versus Agent Considerations**

In evaluating whether the Group is acting as a principal or an agent in its contracts, we considered the guidance in ASC 606-10-55-36 through 55-40. This evaluation focused on identifying the specified goods or services promised to the customer and assessing whether the Group obtains control of these goods or services before they are transferred to the customer.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

In these contracts, the Group provides a bundle of hardware and software solutions necessary to fulfil the performance obligations. While certain components of the solution, may be sourced from third-party providers, the Group directs and integrates these inputs into a cohesive IT solution that meets the customer's needs. The Group manages inventory on a just-in-time basis and do not require to carry inventory.

**1. Control of Goods and Services:**

The Company takes control of the hardware and software solutions prior to their delivery to the customer. This is evidenced by the Group's ability to direct the use of these goods and services and to obtain the benefits from them before transfer.

The Group assumes inventory risk for these goods, either upon receipt from the third-party provider or during their customization or bundling into the overall hardware and software solution.

**2. Primary Responsibility for Fulfilment:**

The Group is responsible for ensuring the customer receives the specified solution, including resolving any issues with the delivery or functionality of the underlying services, hardware, software, and applications. This indicates that the Group is accountable for the overall performance of the arrangement.

**3. Pricing Discretion:**

The Group determines the pricing for the bundled solution, further supporting its role as principal.

Based on the above, the Group concluded that it acts as the principal in these transactions because it controls the specified goods and services before transferring them to the customer.

No element of financing is deemed present as typical payment term is 7 to 30 days from the date of issuance of invoice.

Customer returns have historically represented a small percentage of customer sales on an annual basis.

Based on the Group's experience on the various revenue streams, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

 

*Service revenue*

Revenue for the rendering of hosting and support services, rendering of professional services and maintenance services. If there are multiple services required by the customer in a purchase order, the respective services are itemized with a fixed price on the invoice. Service revenue are recognized over time as the Group satisfies its performance obligation by transferring control of the promised services to the customers. These performance obligations qualify for over time recognition because the customer simultaneously receives and consumes the benefits of the Group's performance as the services are provided. Depending on the service required, revenue is measured and recognized based on elapsed time or usage based method as prescribed within customer contracts. Advances received from customers are deferred until performance obligations are satisfied and are presented as contract liabilities on the unaudited condensed consolidated statement of financial position. Customer contracts typically range between 12 to 24 months and are non-terminable and non-refundable. No element of financing is deemed present as typical payment term is 7 to 30 days from the date of issuance of invoice.

The Group is determined to be a principal and records revenue on a gross basis as the Group is primarily responsible for fulfilling the goods or services to the customers, is subject to inventory risk, has discretion in establishing pricing and the ability to direct the control of the promised goods before transferring those goods to the customers.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

*Revenue from Exclusive Distributor Fees*

The Group enters into agreements with its customer to appoint the customer as an exclusive distributor in a new geographical region. The distributors are given a right to use license to distribute the Group's products in the said region. The Group recognizes revenue for exclusive distributor fees at a point in time, typically at the commencement of the agreement, when the distributor obtains control of the right and has the ability to benefit from the distributorship. These customer contracts typically are for 5 years and are non-terminable and non-refundable.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price. The credit term offered to customers is 12 months from the commencement date of the customer contract. As a practical expedient permitted under ASC 606-10-32-18, the Group elects not to adjust the promised amount of consideration for the effects of a significant financing component for exclusive distributorship agreements because at contract inception, it expects that the period between the transfer of the promised good or service to the customer and the customer's payment for that good or service will be one year or less (i.e., 12 months or less). This expedient is applied consistently to similar contracts in similar circumstances.

<u>Interest income</u>

Interest income is recognized using effective interest method.

<u>Management income and other income</u>

Management income and other income are recognized on an accrual basis.

<u>Contract assets</u>

A contract asset is the Group's right to consideration in exchange for goods or services that the Group has transferred to a customer. ASC 606, Revenue from Contracts with Customers, distinguishes between a contract asset and a receivable based on whether receipt of the consideration is conditional on something other than the passage of time. When the Group transfers control of goods or services to a customer before the customer pays consideration, the Group records either a contract asset or a receivable depending on the nature of the Group's right to consideration for its performance. The point at which a contract asset becomes an account receivable may be earlier than the point at which an invoice is issued. The Group assesses a contract asset for impairment in accordance with ASC 310, Receivables.

<u>General and administrative expenses</u>

General and administrative expenses consist primarily of consultancy fee, licenses and subscription fee, travelling and entertainment, legal and professional fees and other miscellaneous administrative expenses.

<u>Employee benefit</u>

 

*Defined contribution plan*

The Group participates in the national pension schemes as defined by the laws of Singapore's and Vietnam's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

<u>Government grants</u>

Government grants are compensation for expenses already incurred or for the purpose of giving immediate financial support to the Group. The government evaluates the Group's eligibility for the grants on a consistent basis, and then makes the payment. Therefore, there are no restrictions on the grants.

Government grants, which are non-covid related grants, are recognized when received and all the conditions for their receipt have been met and are recorded as part of "other income".

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Earnings per share</u>

The Group 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 number of ordinary shares outstanding for the period. Diluted EPS presents the diluted effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the period ended September 30, 2025 and 2024, there were no dilutive shares.

<u>Deferred offering costs</u> 

Pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. As of September 30, 2025, the Company has not concluded its IPO hence incurred professional fees are recorded as deferred offering costs. As of September 30, 2025 and March 31, 2025, the accumulated deferred offering cost was S$759,736 (U$588,829) and S$106,899 respectively.

<u>Segment reporting</u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Group's internal organizational structure as well as information about geographical areas, business segments and major customers in unaudited condensed consolidated financial statements for detailing the Group's business segments. Based on the criteria established by ASC 280, the Group's chief operating decision maker ("**CODM**") has been identified as the Chief Executive Officer, who reviews unaudited condensed consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting.

<u>Taxation</u>

The income tax expense represents the sum of current and deferred income tax expense.

 

*Current tax*

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

 

*Deferred tax*

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

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, with a tax examination being presumed to occur. 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. No penalties and interest were incurred related to underpayment of income tax for the period ended September 30, 2025. The Group had no uncertain tax positions for the period ended September 30, 2025. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

 

*Goods and services tax (GST)*

Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognized as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

**Recently issued accounting pronouncements**

The Group considers the applicability and impact of all accounting standards updates ("**ASUs**"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "**JOBS Act**"), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose of the update was to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all periods presented in the unaudited condensed consolidated financial statements are disclosed in Note 23. The Group has adopted ASU No. 2023-07, and management has concluded that the adoption did not have a material impact on its unaudited condensed consolidated financial statements and disclosures.

**Recently issued but not yet adopted accounting pronouncements**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group's management does not believe the adoption of ASU 2023-09 will have a material impact on its unaudited condensed consolidated financial statements and disclosures.

In April 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which provides updated guidance on accounting for induced conversions. This ASU is effective for fiscal years beginning after December 15, 2025. The Group does not expect the adoption of this ASU to have a material impact on its unaudited condensed consolidated financial statements.

In 2024 and 2025, the FASB issued ASU 2024-03 and ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which require additional disaggregation of income statement expenses and clarify effective dates for public and nonpublic entities. These ASUs are effective for fiscal years beginning after December 15, 2025. The Group does not expect the adoption of these ASUs to have a material impact.

In 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides updates related to CECL guidance for certain short-term receivables. The ASU is effective for fiscal years beginning after December 15, 2026. The Group does not expect the adoption of this ASU to have a material effect.

In 2025, the FASB also issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which provides updated guidance related to software development costs. This ASU is effective for fiscal years beginning after December 15, 2026. The Group does not expect this ASU to materially affect its consolidated financial statements.

Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group's unaudited condensed consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 3 — Revenue**

The following table presents the Group's revenue disaggregated by product categories for the period ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| **Revenue recognized at a point in time:** |  |  |  |
| Reseller of hardware and software solutions | 4284900 | 2911904 | 2256853 |
| **Revenue recognized over time:** |  |  |  |
| Service revenue | 437180 | 2086018 | 1616754 |
| **Total** | 4722080 | 4997922 | 3873607 |

---

**Note 4 — OTHER INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Other income-Grant/Govt Scheme | 5260 | 2325 | 1802 |
| Other income | 25 | 15739 | 12198 |
| **Total other income** | 5285 | 18064 | 14000 |

---

**Note 5 — INCOME TAX EXPENSE**

 

*<u>Income tax</u>*

**Cayman**

The Company is domiciled in Cayman Island. Its locality currently enjoys permanent income tax holidays; accordingly, the Company do not accrue for income taxes.

**Singapore**

EVPL is operating in Singapore and is subject to the Singapore tax at the corporate tax rate at 17% on the assessable income arising in Singapore during its tax year.

**Vietnam**

ELVC is operating in Vietnam and is subject to the Vietnam tax at the corporate tax rate at 20% on the assessable income arising in Vietnam during its tax year.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5 — INCOME TAX EXPENSE** (cont.)

The following table reconciles Singapore statutory rates to the Group's effective tax rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Loss before tax | (501150) | (768904) | (595933) |
| Tax calculated at statutory tax rate 17% | (85196) | (130713) | (101308) |
| <u>Reconciling items:</u> |  |  |  |
| Expenses non-deductible | 1551 | 269 | 208 |
| Deferred tax assets not recognized | 84265 | 131568 | 101971 |
| Effect of different tax rates in other countries | (620) | (1124) | (871) |
| **Income tax expenses recognized in profit or loss** |  |  |  |

---

**<u>Deferred tax</u>**

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **S$** | **S$** | **US$** |
| Net operating losses carried forward | 1663082 | 2330043 | 1805885 |
| Deductible temporary difference | 797647 | 898008 | 695995 |
|  | 2460729 | 3228051 | 2501880 |
| Deferred tax assets | 418324 | 548769 | 425320 |
| Valuation allowance | (418324) | (548769) | (425320) |
| Deferred tax assets, net of valuation allowance |  |  |  |

---

As of September 30, 2025, the Group had unused tax losses carried forward totaling S$2,330,043 (US$1,805,885).

However, due to the Group's history of operating losses, lack of taxable income in carry back years, and uncertainty regarding future taxable income, management has concluded that it is not more likely than not that these deferred tax assets will be realized.

Accordingly, a full valuation allowance of S$548,769 (US$425,320) has been recorded, and no deferred tax asset has been recognized in the unaudited condensed consolidated balance sheets.

**Note 6 — PLANT AND EQUIPMENT, NET**

Plant and equipment, net, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **S$** | **S$** | **US$** |
| Computer equipment | 157853 | 160969 | 124758 |
| Furniture and fitting | 5627 | 5627 | 4361 |
| Office equipment | 14328 | 15142 | 11736 |
| Testing equipment & tools | 20058 | 20058 | 15546 |
| Renovation | 66179 | 66179 | 51292 |
| **Subtotal** | 264045 | 267975 | 207693 |
| Less: Accumulated depreciation | (221713) | (231222) | (179208) |
| **Plant and equipment, net** | 42332 | 36753 | 28485 |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 6 — PLANT AND EQUIPMENT, NET** (cont.)

No impairment loss was recognized during the period ended September 30, 2025 and 2024.

Depreciation expense for the six months ended September 30, 2025 and 2024 was S$9,509 (US$7,370) and S$16,413 respectively.

**Note 7 — INTANGIBLE ASSET, NET**

Intangible asset, net, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **S$** | **S$** | **US$** |
| Software | 1800000 | 1800000 | 1395078 |
| Less: Accumulated amortization | (834999) | (924999) | (716914) |
| **Intangible asset, net** | 965001 | 875001 | 678164 |

---

As of September 30, 2025, the estimate amortization expenses relating to the existing intangible assets with finite lives for future periods is as follows:

---

| | |
|:---|:---|
|  | **S$** |
| 2026 | 180000 |
| 2027 | 180000 |
| 2028 | 180000 |
| 2029 | 180000 |
| 2030 and thereafter | 155001 |
| Total | 875001 |

---

There was no impairment of intangible assets recorded during the period ended September 30, 2025 and 2024. Amortization expenses for the period ended September 30, 2025 and 2024 was S$90,000 (US$69,754) and S$90,000 respectively.

**Note 8 — OPERATING LEASES**

The Group determines if a contract contains a lease at inception. US GAAP requires that the Group's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Group has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty. The Group has 2 lease agreements with lease terms of 4 years. Upon adoption of ASU 2016-02, no right-of-use ("**ROU**") assets nor lease liability was recorded for the lease with a lease term of one year.

As of September 30, 2025 and March 31, 2025, the Group had the following non-cancellable lease contracts:

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office premises | 4 years |
| Office equipment | 4 years |

---

(a) Amounts recognized in the unaudited condensed consolidated balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **S$** | **S$** | **US$** |
| Right-of-use assets | 139301 | 114551 | 88782 |
| Lease liabilities |  |  |  |
| Current | 47894 | 50147 | 38866 |
| Non-current | 96385 | 70236 | 54436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A summary of lease cost recognized in the Group's unaudited condensed consolidated statements of operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Amortization of right-of-use assets | 24750 | 24750 | 19182 |
| Interest on lease liabilities | 5606 | 4141 | 3209 |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 8 — OPERATING LEASES** (cont.)

The Group entered into non-cancellable operating lease agreements for office premises. The Group determines if an arrangement is a lease, or contains a lease, at inception and records the lease in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The lease terms does not include options to extend the lease terms.

Future operating lease payments, excluding short-term leases, as of September 30, 2025, are detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,** | **As of<br> September 30,** |
|  | **S$** | **US$** |
| Operating leases |  |  |
| 2027 | 56035 | 43430 |
| 2028 | 56035 | 43430 |
| 2029 onwards | 16432 | 12735 |
| Total future lease payment | 128502 | 99595 |
| Less: Imputed interest | (8119) | (6293) |
| Present value of operating lease liabilities | 120383 | 93302 |
| Less: Current portion | (50147) | (38866) |
| Long-term portion of lease liabilities | 70236 | 54436 |

---

The following table shows the weighted-average lease terms and discount rates for operating leases:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,<br> 2025** |
| **Weighted average remaining lease term (Years)** | | |
| Operating leases | 4 | 3 |
| **Weighted average discount rate (%)** |  |  |
| Operating leases | 6.38% | 6.39% |

---

**Note 9 — OTHER INVESTMENT**

Other investment comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Unquoted equity shares, at cost | 114780 | 114780 | 88956 |
| Impairment on investment | (114780) | (114780) | (88956) |

---

As of September 30, 2025, and March 31, 2025, the Group assessed indicators reflecting an other-than-temporary decline in fair value below the carrying value. Accordingly, the Group provided full impairment against the investment.

**Note 10 — FINANCIAL ASSET AT AMORTIZED COST**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Keyman Insurance | 124147 | 124703 | 96650 |

---

The Group maintains a keyman insurance policy on the life of Mr. Wong Yee Leong, the sole director of the Group, with the Group as the beneficiary. The policy is intended to mitigate the financial impact of the loss of the key employee. The sum assured of the policy was up to S$436,863.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 10 — FINANCIAL ASSET AT AMORTIZED COST** (cont.)

The premiums paid for the policy are expensed as incurred and are included in general and administrative expenses. As of September 30, 2025 and March 31, 2025 the cash surrender value of the policy was S$124,975 and S$124,419 respectively, which is classified under "Financial asset at amortized cost" on the balance sheet. Changes in the cash surrender value are recorded in the Group's financial statements as they occur.

In the event of the death of the insured, the Group would receive the insurance proceeds, which would be recognized as other income in the period the funds are received.

**Note 11 — ACCOUNTS RECEIVABLE, NET**

Accounts receivable consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30,<br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| Accounts receivable – third parties | 1988095 | 2157020 | 1671785 |
| Accounts receivable – related parties | 520958 | 612775 | 474927 |
|  | 2509053 | 2769795 | 2146712 |
| Less: Allowance for credit losses | (49151) | (49151) | (38094) |
|  | 2459902 | 2720644 | 2108618 |

---

Movement of allowance for credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| Allowance for credit loss at the beginning of the year/period | (56277) | (49151) | (38094) |
| Reversal for credit loss | 7126 |  |  |
| Allowance for credit loss at the end of the year/period | (49151) | (49151) | (38094) |

---

Accounts receivable are unsecured, non-interest bearing and are generally on 7 to 30 days' credit terms (2025: 7 to 30 days). They are recognized at their original amounts which represent their fair value on initial recognition.

Accounts receivable that are denominated in the currency other than the functional currencies of the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| Vietnamese Dong | 590 |  |  |

---

As at the end of each reporting period, the aging analysis of accounts receivable based on due date is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30,<br> 2025** |
|  | **S$** | **S$** | **US$** |
| Within 30 days | 715157 | 1024438 | 793984 |
| Between 31 and 60 days | 94 | 88262 | 68407 |
| Between 61 and 90 days | 221160 | 131285 | 101751 |
| Between 91 and 120 days | 839868 |  |  |
| Over 120 days | 732774 | 1525810 | 1182570 |
| **Total accounts receivable** | 2509053 | 2769795 | 2146712 |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 12 — OTHER RECEIVABLES AND DEPOSITS**

Other receivables and deposits consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31, <br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2025** |
|  | **S$** | **S$** | **US$** |
| Deposit paid | 15007 | 14517 | 11252 |
| Contract assets | 2399938 | 2544391 | 1972014 |
| Other receivables | 60946 | 50150 | 38868 |
| Banker's guarantee | 547304 | 547304 | 424184 |
|  | 3023195 | 3156362 | 2446318 |

---

Contract assets primarily relate to the Group's rights to consideration for work completed but not yet billed at the reporting date. The Group recognizes a contract asset when it performs by transferring goods or services to a customer before the customer pays consideration or before payment is due. Once invoiced, the amount is reclassified to accounts receivable.

During the normal course of business, we enter into bank guarantees to provide financial and performance assurance to our customers.

**Note 13 — OTHER CURRENT ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| Prepayment | 24333 | 25192 | 19525 |
| Deferred expenses | 177008 | 276417 | 214235 |
| Short term deposit | 52400 | 48870 | 37877 |
|  | 253741 | 350479 | 271637 |

---

Deferred expenses consist primarily of advance payments for services that will be expensed in future periods. These expenses are recorded as assets and amortized on a straight-line basis over the period benefited.

The short term deposit placed with a financial institution has a term of six months from January 2, 2025 to July 2, 2025, and earns interest at 4.1% per annum.

**Note 14 — CASH AND CASH EQUIVALENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **S$** | **S$** | **US$** |
| Cash at banks | 459531 | 604838 | 468776 |
| Cash on hand | 718 | 133 | 103 |
| Cash and cash equivalents per statement of cash flows | 460249 | 604971 | 468879 |

---

Cash and cash equivalents that are denominated in the currency other than the functional currencies of the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| United States Dollar | 14167 | 183174 | 141968 |
| Vietnamese Dong | 58809 | 40042 | 31034 |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 15 — ACCOUNT PAYABLES**

The components of account payables are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| **Account payables** | | | |
| Accounts payables – third parties | 2323641 | 2365607 | 1833450 |
| Accounts payables – related parties | 170511 | 170511 | 132152 |
|  | 2494152 | 2536118 | 1965602 |

---

Accounts payables are unsecured, non-interest bearing and are generally on 60 days' credit terms (2025: 60 days). They are recognized at their original amounts which represent their fair value on initial recognition.

Account payables that are denominated in the currency other than the functional currencies of Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| United States Dollar | 896572 | 1131844 | 877228 |
| Vietnamese Dong | 13567 | 54904 | 42554 |

---

**Note 16 — OTHER PAYABLES AND ACCRUALS**

The components of other payables and accruals are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30,<br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| **Other payables and accruals** | | | |
| Other payables | 41966 | 232436 | 180147 |
| Accruals – project costs | 737305 | 1436227 | 1113139 |
| Accruals – operating expenses | 323280 | 364365 | 282399 |
|  | 1102551 | 2033028 | 1575685 |

---

**Note 17 — CONTRACT LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| **Contract liabilities** | | | |
| Deferred revenue | 176275 | 665685 | 515935 |
| Advances from customers | 9583 | 89390 | 69281 |
|  | 185858 | 755075 | 585216 |

---

Advances from customers relate to the Group's obligation to deliver goods and services promised to customers for which the Group has received advances from customers. Advances from customers are recognized as revenue at point in time upon the delivery of the goods and services.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 17 — CONTRACT LIABILITIES** (cont.)

The following table shows the changes in deferred revenue balances during the fiscal years/period ended September 30, 2025 and March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| Deferred revenue at the beginning of the year/period | 447594 | 176275 | 136621 |
| Increases due to payments received, excluding amounts recognized as revenue during the financial year/period | 176275 | 665685 | 515935 |
| Revenue recognition | (447594) | (176275) | (136621) |
| Deferred revenue at end of the year/period | 176275 | 665685 | 515935 |

---

**Performance Obligations**

As of September 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations under contracts with customers was $665,685. The Group expects to recognize approximately all of this amount within one year.

**Note 18 — BORROWINGS**

Borrowings represent the amounts due to various banks and financial institution that are due within and over one year. As of September 30, 2025 and March 31, 2025, borrowings consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **September 30, <br> 2025** | **September 30, <br> 2025** |
|  | **S$** | **S$** | **US$** |
| **<u>Non-current</u>** | | | |
| **Secured loan:** | | | |
| Working capital loan | 2430819 | 1615887 | 1252383 |
| Term loan for keyman insurance | 2689 |  |  |
|  | 2433508 | 1615887 | 1252383 |
| **<u>Current</u>** |  |  |  |
| **Secured loan:** |  |  |  |
| Working capital loan | 1573238 | 1659420 | 1286123 |
| **Unsecured loan:** |  |  |  |
| Trade financing | 329800 | 325300 | 252122 |
| Term loan for keyman insurance | 13727 |  |  |
| Loan from third parties | 452000 | 460000 | 356520 |
|  | 2368765 | 2444720 | 1894765 |

---

Borrowings are denominated in Singapore Dollar.

 

*Working capital loan and trade financing*

For the period ended September 30, 2025, the Group entered into working capital loan and trade financing with 10 banks and financial institutions, pursuant to the Group borrowed an aggregate of S$1,596,300 from the banks. The loan bore per annum interest rates ranging between 2.25% to 15.00% (for the period ended September 30, 2024: 2.25% to 9.18%) per annum. For the period ended September 30, 2025, the Group repaid an aggregate of S$2,329,550 to the banks and financial institutions.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 18 — BORROWINGS** (cont.)

*Term loan for keyman insurance*

On August 24, 2020, the Group entered into term loan for keyman insurance amounting to S$151,432 with maturity date due in August 2025. The loan bore per annum interest rate at 1.10% per annum over the Bank's 3-month Cost of Funds ("**COF**") as determined by the Bank on the date of transaction or such other rate determined by the Bank. Effective interest rate for the term loan is 4.35% (for the period ended September 30, 2024: 4.98%) per annum. For the year ended March 31, 2025 the Group repaid an aggregate of S$31,728.

For the period ended September 30, 2025, the Group entered into term loan for keyman insurance with 1 bank, pursuant to the Group borrowed an aggregate of S$151,432 with maturity date due in August 2025. The loan bore per annum interest rate at 1.10% per annum over the Bank's 3-month Cost of Funds ("COF") as determined by the Bank on the date of transaction or such other rate determined by the Bank. Effective interest rate for the term loan is 4.35% (for the period ended September 30, 2024: 4.98%) per annum. For the period ended September 30, 2025, the Group has settled in full to the bank.

 

*Loan from third parties*

During the period ended September 30, 2025, the Group obtained loans from a third party amounting to S$20,000 (for the period ended September 30, 2024: S$nil). The loans are non-trade in nature, unsecured and interest free. During the period ended September 30, 2025, the Group repaid an aggregate amount of S$12,000 (for the period ended September 30, 2024: S$nil) to the third parties.

<u>Guarantee information:</u>

As of September 30, 2025, the working capital loans, short term loan and term loan for keyman insurance are secured by personal guarantee given by the director, Mr. Wong Yee Leong. The term loan for keyman insurance is secured over the legal assignment of life policy (Note 9) to be executed by the Company in respect of Mr. Wong Yee Leong life assured for a sum assured of not less than S$187,289.

**Note 19 — SHARE CAPITAL**

 ****

***Ordinary shares***

The Company was incorporated under the laws of Cayman Island on June 2, 2025. The authorized number of ordinary shares was 500,000,000 shares, par value of US$0.0001 per share. On June 2, 2025, the Company issued 1 ordinary share with a par value of US$0.0001 each. On July 29, 2025, the 1 ordinary share was redesignated to 1 Class B ordinary share and the 499,999,999 authorized but unissued ordinary shares of par value of US$0.0001 each in the capital of the Company were redesignated into (i) 350,000,000 Class A ordinary shares of par value US$0.0001 each and (ii) 149,999,999 Class B ordinary shares of par value US$0.0001 each.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company has undertaken a reorganization transaction resulting in 29,910,539 Class A ordinary shares and 2,589,461 Class B ordinary shares outstanding that have been retroactively restated to the beginning of the first period presented (Note 1).

**Note 20 — ACCUMULATED AND OTHER COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **S$** | **S$** | **US$** |
| Currency translation | (2218) | 8373 | 6491 |

---

<u>CURRENCY TRANSLATION RESERVE</u>

The currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** | **September 30,**<br> **2025** |
|  | **S$** | **S$** | **US$** |
| Balance at beginning of financial year/period | (588) | (2218) | (1717) |
| Currency translation | (1630) | 10591 | 8208 |
| Balance at end of financial year/period | (2218) | 8373 | 6491 |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 21 — Related party balances and transactions**

The Group's relationships with related parties who had transactions with the Group are summarized as follows:

---

| | |
|:---|:---|
| **Related Party Name** | **Relationship to the Group** |
| Wong Yee Leong | Controlling Shareholder, Chief Executive Officer, Director and Chairman of the Board of Directors of the Company |
| Evvo IOT Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Group Inc | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Labs Philipp | Wong Yee Leong is a director and major shareholder of the Company |
| EVVO Media Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Evvo Solutions Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |
| Roundesk Infocomm Pte Ltd | Wong Yee Leong is a director and major shareholder of the Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Related party balances</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of** | **As of** | **As of** |
| <br>**Nature** | <br>**Name** | **March 31,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2025** |
|  |  | **S$** | **S$** | **US$** |
| Amount due from director | Wong Yee Leong | 664486 |  |  |
| Amount due to director | Wong Yee Leong |  | (820479) | (635907) |
| Account receivable | Roundesk Infocomm Pte Ltd | 11758 | 20986 | 16265 |
| Account receivable | Evvo IOT Pte Ltd<sup>#</sup> | 509200 | 591789 | 458662 |
| Amount due from related party | Evvo IOT Pte Ltd<sup>#</sup> | 869765 | 1142725 | 885662 |
| Amount due from related party | Evvo Group Inc | 2510 |  |  |
| Amount due from related party | Evvo Labs Philipp | 18915 | 18390 | 14253 |
| Account payable | Evvo Media Pte Ltd | (16761) | (16761) | (12991) |
| Account payable | Evvo Solutions Pte Ltd | (153750) | (153750) | (119163) |

---

# The amount is secured by personal guarantee given by, Mr. Wong Yee Leong.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Related party transactions</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature** | **Name** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  |  | **2024** | **2025** | **2025** |
|  |  | **S$** | **S$** | **US$** |
| Royalty fees received | Evvo IOT Pte Ltd |  | 109000 | 81071 |
| Purchase of goods, services and software | Evvo IOT Pte Ltd | 864000 |  |  |
| Payment on behalf of | Evvo IOT Pte Ltd | 5753 | 100000 | 74377 |
|  | Evvo Philippines |  | 4089 | 3041 |
| Payment on behalf by | Evvo IOT Pte Ltd | (4404) | (3148) | (2341) |
|  | Evvo Media Pte Ltd | (668) | (740) | (550) |
|  | Evvo Solutions Pte Ltd | (654) | (36) | (27) |
|  | Roundesk Infocomm Pte Ltd | (1624) | (13404) | (9970) |
| Advances from EVVO SG | Evvo IOT Pte Ltd | 726810 | 857900 | 638081 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature** | **Name** | **For the six months ended <br> September 30,** | **For the six months ended <br> September 30,** | **For the six months ended <br> September 30,** |
|  |  | **2024** | **2025** | **2025** |
|  |  | **S$** | **S$** | **US$** |
| Royalty fees received | Evvo IOT Pte Ltd |  | 81750 | 63362 |
| Payment on behalf of | Evvo IOT Pte Ltd | 102896 | 839 | 650 |
|  | Evvo Philippines | 1770 |  |  |
|  | Evvo Media Pte Ltd | 250 |  |  |
|  | Evvo Solutions Pte Ltd | 36 |  |  |
| Payment on behalf by | Evvo IOT Pte Ltd | (1995) | (39240) | (30412) |
|  | Evvo Philippines |  | (525) | (407) |
|  | Roundesk Infocomm Pte Ltd | (1092) | (9228) | (7152) |
| Advances from EVVO SG | Evvo IOT Pte Ltd | 322100 | 342200 | 265210 |

---

The transactions were conducted on an arm's length basis. Amounts due from related parties are unsecured, non-interest bearing, repayable on demand, and classified as current assets. Amounts due to related parties are unsecured, non-interest bearing, repayable on demand and are classified as current liabilities.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 22 — CONCENTRATION AND RISKS**

As of September 30, 2025, three customers accounted for more than approximately 10% of the Group's total sales. For the year ended March 31, 2025, none of the customers accounted for more than approximately 10% of the Group's total sales.

For the six months ended September 30, 2025, vendor W, X and Y accounted for approximately 39%, 29% and 13% of the Group's total purchases respectively. For the six months ended September 30, 2024, vendor V, X and Y accounted for approximately 21%, 30% and 20% of the Group's total purchases respectively.

The following table sets forth a summary of single customers who represent 10% or more of the Group's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** |
| **Percentage of Group's accounts receivable** | | |
| Customer A | 20% | 20% |
| Customer B | 17% |  |
| Customer C | 16% |  |
| Customer D | 12% |  |

---

The following table sets forth a summary of vendors who represent 10% or more of the Group's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of <br> March 31,** | **As of <br> March 31,** |
|  | **March 31,**<br> **2025** | **September 30,**<br> **2025** |
| **Amount of the Group's accounts payable** | | |
| Vendor X | 34% | 41% |
| Vendor Y | 22% | 6% |
| Vendor Z | 18% | 12% |

---

**<u>Credit risk</u>**

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts and other receivable and financial asset at amortized costs. As of September 30, 2025 and, March 31, 2025 all of the Group's cash and cash equivalents were held in financial institutions with high credit ratings and quality in Singapore. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. In Singapore and Vietnam, a depositor has up to S$75,000 and VND75 million insured by Singapore Deposit Insurance Corporation and Depositor Insurance of Vietnam respectively.

Accounts receivable primarily comprise of amounts receivable from customers. To reduce credit risk, the Group performs ongoing credit evaluations of the financial condition of these customers and generally does not require collateral or other security from the customers. The Group has established a provision matrix applied on the portfolio segmented by factors such as geographic region and products that are considered to have similar credit characteristics and risk of loss. Historically, such losses have been within management's expectations.

**<u>Liquidity risk</u>**

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group'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 Group's reputation.

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 22 — CONCENTRATION AND RISKS** (cont.)

The Group ensures that it has sufficient cash and bank balances, and liquid assets to meet its expected operational expenses, including servicing for financial obligations.

**<u>Foreign Currency Risk</u>**

The Group is exposed to changes in foreign currency exchange rates due to transactions denominated in currencies other than the location's functional currency.

The Group also has foreign currency exposure due to net monetary assets denominated in currencies other than the S$. In addition to net monetary remeasurement, we have exposures related to the translation of subsidiary financial statements from their functional currency, the local currency, into its reporting currency, the S$, most notably in Singapore. We believe that potential fluctuations in currency exchange rates will note have a material effect on our financial positions.

**Note 23 — SEGMENT INFORMATION**

 

*Reportable segments*

The Group operates as a single reportable segment, which is consistent with how the Chief Operating Decision Maker ("**CODM**"), the Chief Executive Officer, allocate resources and assesses performance. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, management has determined that the Group has one reportable segment under ASC Topic 280, Segment Reporting.

 

*Measure of Segment Profit or Loss*

The CODM reviews financial information on a consolidated basis, using Operating Income as the primary measure of segment performance. Operating Income is defined as revenue less cost of goods sold and operating expenses, excluding interest income, interest expense, and income taxes.

 

*Significant Segment Expense Categories Provided to the CODM*

The CODM regularly receives and reviews the following expense categories, which are included in the segment's measure of profit or loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** | **For the Six Months Ended <br> September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Revenue | 4722080 | 4997922 | 3873607 |
| Cost of sales | (4238140) | (4750523) | (3681862) |
| Employee benefit expenses | (287476) | (303866) | (235508) |
| Depreciation and amortization expenses | (106413) | (99509) | (77124) |
| General and administrative expenses | (328898) | (383193) | (296991) |
| Other segment items | (262303) | (229735) | (178055) |
| Income tax expense |  |  |  |
| **Net loss** | (501150) | (768904) | (595933) |

---

**EVVOLUTIONS LEADTECH INC AND ITS SUBSIDIARIES<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 24 — COMMITMENTS AND CONTINGENCIES**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", the Group will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of September 30, 2025 through the date the unaudited condensed consolidated financial statements were available to be issued.

As of September 30, 2025 and March 31, 2025 through, the Group did not have any capital commitments and contingencies.

**Note 25 — SUBSEQUENT EVENTS**

The Group has assessed all subsequent events from September 30, 2025 up through the date that these unaudited condensed consolidated financial statements are available to be issued there are no further material subsequent events that require disclosure in these unaudited condensed consolidated financial statements.

On October 17, 2025, ELPL made an allotment of 30,074 ordinary shares to iCapital Holdings (SG) Pte Ltd for a cash consideration of S$30,074 to increase its share capital.

On December 8, 2025, the Company completed a Reorganization of the Company's legal structure. The Reorganization involved the transfer of 100% equity interest in ELPL and its subsidiaries from its original shareholders to the Company. Post the Reorganization, the Company became the ultimate holding company.

**2,500,000 ORDINARY SHARES**

**Evvolutions LeadTech Inc**

PRELIMINARY PROSPECTUS

[ ], 2026

Until [ ], 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers).**

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Under our Amended and Restated Memorandum and Articles of Association, to the fullest extent permissible under Cayman Islands law every director, secretary, assistant secretary or other officer for the time being and from time to time of the Company (but not including the Company's auditors) and the personal representatives of the same shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him, other than by reason of such person's own dishonesty, willful default or fraud, in or about the conduct of the 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 him in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under 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.**

Set forth below is information regarding ordinary shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts or commissions, or any public offering.

Evvolutions LeadTech Inc was incorporated in the Cayman Islands on June 2, 2025 as an exempted company with limited liability. Upon incorporation, the Company issued 1 Ordinary Share to Wong Yee Leong for the consideration of US$0.0001.

On July 29, 2025, the 1 Ordinary Share issued to Wong Yee Leong was redesignated to 1 Class B Ordinary Share.

On December 8, 2025, Evvolutions LeadTech Inc issued 29,910,539 Class A Ordinary Shares and 2,589,460 Class B Ordinary Shares to the shareholders of Evvo SG, in exchange for all of the issued and outstanding shares in Evvo SG.

All of the foregoing issuances were made outside of the U.S. pursuant to Regulation S or to U.S. entities pursuant to Section 4(a)(2) of the Securities Act.

**Item 8. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibits of the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to
the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names
as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 foregoing provisions,
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 that 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement: (i) to include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933; (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); and (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;(2) 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;(3) To file a post-effective amendment to the registration statement
to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a
continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need
not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements
required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is
at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purposes of determining liability under the Securities
Act of 1933 to any purchaser in the initial distributions of the securities, the undersigned registrant undertakes that in
a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser: (i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule 424; (ii) Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant; (iii) The portion of any other free writing prospectus
relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and (iv) Any other communication that is an
offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, 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;(6) That, 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.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Amended and Restated Memorandum of Association and Articles of Association, as currently in effect](ea026758801ex3-1_evvo.htm) |
| 4.1\* | [Specimen certificate evidencing Class A Ordinary Shares](ea026758801ex4-1_evvo.htm) |
| 4.2\*\* | Form of Representative's Warrants (included in Exhibit 1.1) |
| 5.1\*\* | Opinion of Harney Westwood & Riegels Singapore LLP regarding the validity of the Class A Ordinary Shares being registered |
| 5.2\* | [Opinion of Loeb & Loeb LLP regarding the enforceability of the Representative's Warrants](ea026758801ex5-2_evvo.htm) |
| 10.1\* | [Form of Executive Officer Employment Agreement, by and between the registrant and its Executive Officers](ea026758801ex10-1_evvo.htm) |
| 10.2\* | [Form of Independent Director Agreement by and between the registrant and its Independent Directors](ea026758801ex10-2_evvo.htm) |
| 10.3\* | [Lease agreement dated December 4, 2025 entered into between Platinum28 Pte. Ltd. and Evvo Labs Pte. Ltd. in relation to the premise at 28 Genting Lane, #05-07, Platinum 28, Singapore 349585](ea026758801ex10-3_evvo.htm) |
| 10.4\* | [Lease agreement dated September 15, 2025 entered into between Vo The Anh and Evvo Labs Vietnam Co., Ltd in relation to the premise at 305 Ðoàn Khuê, Phường Khuê Mỹ, Quận Ngũ Hành Sơn, Danang, Vietnam](ea026758801ex10-4_evvo.htm) |
| 10.5\* | [Indirect reseller agreement dated August 8, 2016 entered into between Evvo SG and Imperva, Inc.](ea026758801ex10-5_evvo.htm) |
| 14.1\* | [Code of Business Conduct and Ethics](ea026758801ex14-1_evvo.htm) |
| 21.1\* | [List of subsidiaries of the Company](ea026758801ex21-1_evvo.htm) |
| 23.1\* | [Consent of Assentsure PAC](ea026758801ex23-1_evvo.htm) |
| 23.2\*\* | Consent of Harney Westwood & Riegels Singapore LLP (included in Exhibit 5.1) |
| 23.3\* | [Consent of Loeb & Loeb LLP (included in Exhibit 5.2)](ea026758801ex5-2_evvo.htm) |
| 24.1 | [Power of Attorney (included in the signature page to the Form F-1)](#poa_001) |
| 99.1\* | [Audit Committee Charter](ea026758801ex99-1_evvo.htm) |
| 99.2\* | [Nominating Committee Charter](ea026758801ex99-2_evvo.htm) |
| 99.3\* | [Compensation Committee Charter](ea026758801ex99-3_evvo.htm) |
| 99.4\* | [Executive Compensation Recovery Policy](ea026758801ex99-4_evvo.htm) |
| 99.5\* | [Insider Trading Policy](ea026758801ex99-5_evvo.htm) |
| 99.6\* | [Consent of Mr. Lim Ngee Woon](ea026758801ex99-6_evvo.htm) |
| 99.7\* | [Consent of Mr. Nguyen Minh Son](ea026758801ex99-7_evvo.htm) |
| 99.8\* | [Consent of Mr. Wilson Chandra](ea026758801ex99-8_evvo.htm) |
| 107\* | [Filing Fee Table](ea026758801ex-fee_evvo.htm) |

---

\* Filed herewith. <br> \*\* To be filed by amendment.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, 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 Singapore on December 10, 2025.

---

| | |
|:---|:---|
| **Evvolutions LeadTech Inc** | **Evvolutions LeadTech Inc** |
| By: | */s/ Wong Yee Leong* |
|  | Wong Yee Leong |
| Title: | Director, Chief Executive Officer and Chairman of the Board |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Mr. Wong Yee Leong, as attorney-in-fact with full power of substitution, for him in any and all capacities, to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of shares of the registrant (the "**Shares**"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "**Registration Statement**") to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement, and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

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.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| */s/ Wong Yee Leong* | Director, Chief Executive Officer and Chairman of the Board | December 10, 2025 |
| Wong Yee Leong | (Principal Executive Officer) |  |
| */s/ Peng Chee Yong* | Chief Financial Officer | December 10, 2025 |
| Peng Chee Yong | (Principal Accounting and Financial Officer) |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in New York, NY on December 10, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**EVVOLUTIONS LEADTECH INC**

(adopted by a Special Resolution passed on 29 July 2025)

1. The
 name of the Company is Evvolutions LeadTech Inc.

2. The
 Registered Office of the Company will be situated at Harneys Fiduciary (Cayman) Limited,
 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman
 KY1-1002, Cayman Islands or at such other location within the Cayman Islands as the Directors
 may from time to time determine.

3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by the Companies Act or any
 other law of the Cayman Islands.

4. The
 Company shall have and be capable of exercising all the functions of a natural person of
 full capacity irrespective of any question of corporate benefit as provided by the Companies
 Act.

5. The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this section shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

6. The
 liability of each Member is limited to the amount, if any, unpaid on the Shares held by such
 Member.

7. The
 authorised share capital of the Company is US$50,000.00 divided into 500,000,000 ordinary
 shares of par value of US$0.0001 each, comprising (a) 350,000,000 Class A Ordinary Shares
 of par value of US$0.0001 each and (b) 150,000,000 Class B Ordinary Shares of par value of
 US$0.0001 each. Subject to the Companies Act and the Articles, the Company shall have power
 to redeem or purchase any of its Shares and to increase or reduce its authorised share capital
 and to sub-divide or consolidate the said Shares or any of them and to issue all or any part
 of its capital whether original, redeemed, increased or reduced with or without any preference,
 priority, special privilege or other rights or subject to any postponement of rights or to
 any conditions or restrictions whatsoever and so that unless the conditions of issue shall
 otherwise expressly provide every issue of shares whether stated to be ordinary, preference
 or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

8. The
 Company has the power contained in the Companies Act to deregister in the Cayman Islands
 and be registered by way of continuation in some other jurisdiction.

9. Capitalised
 terms that are not defined in this Memorandum of Association bear the same meanings as those
 given in the Articles of Association of the Company.

---

| | | |
|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| |  | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**EVVOLUTIONS LEADTECH INC**

(adopted by a Special Resolution passed on 29 July 2025)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

1. In
 these Articles the following defined terms will have the meanings ascribed to them, if not
 inconsistent with the subject or context:

---

| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |

---

---

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|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 2 | *Filed: 06-Aug-2025 13:06 EST* |
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---

---

| | |
|:---|:---|
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of Directors" and "Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | means an ordinary share of a par value of US$0.0001 in the capital of the Company, designated as a Class A Ordinary Shares and having the rights provided for in these Articles; |
| **"Class B Ordinary Share"** | means an ordinary share of a par value of US$0.0001 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means Evvolutions LeadTech Inc, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Class A Ordinary Shares, or which has otherwise been notified to Members; |
| **"Designated Stock Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |

---

---

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|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 3 | *Filed: 06-Aug-2025 13:06 EST* |
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---

---

| | |
|:---|:---|
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Memorandum of**<br> **Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary Resolution"** | means a resolution: |

---

(a) passed
 by a simple majority of the votes cast by such Members as, being entitled to do so, vote
 in person or, where proxies are allowed, by proxy or, in the case of corporations, by their
 duly authorised representatives, at a general meeting of the Company held in accordance with
 these Articles; or

(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company in
 one or more instruments each signed by one or more of the Members and the effective date
 of the resolution so adopted shall be the date on which the instrument, or the last of such
 instruments, if more than one, is executed;

---

| | |
|:---|:---|
| **"Ordinary Share"** | means a Class A Ordinary Share or a Class B Ordinary Share; |

---

---

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|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 4 | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

---

| | |
|:---|:---|
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Members (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Member, a proxy which has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of Members of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Member" or "Member"** | means a Person who is registered as the holder of one or more Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |

---

---

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|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 5 | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

---

| | |
|:---|:---|
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |

---

(a) passed
 by not less than two-thirds of the votes cast by such Members as, being entitled to do so,
 vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by
 their duly authorised representatives, at a general meeting of the Company of which notice
 specifying the intention to propose the resolution as a special resolution has been duly
 given; or

(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company in
 one or more instruments each signed by one or more of the Members and the effective date
 of the special resolution so adopted shall be the date on which the instrument or the last
 of such instruments, if more than one, is executed;

---

| | |
|:---|:---|
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Members (or any meeting of the holders of any Class of Shares) at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

---

2. In
 these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine gender only shall include the feminine gender and any Person as the
 context may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

---

| | | |
|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 6 | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference
 to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents
 of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference
 to a statutory enactment shall include reference to any amendment or re-enactment thereof
 for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference
 to any determination by the Directors shall be construed as a determination by the Directors
 in their sole and absolute discretion and shall be applicable either generally or in any
 particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 phrase introduced by the terms "including", "include" or "in
 particular" or similar expression shall be construed as illustrative and shall not
 limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference
 to "in writing" shall be construed as written or represented by any means reproducible
 in writing, including any form of print, lithograph, email, facsimile, photograph or telex
 or represented by any other substitute or format for storage or transmission for writing
 including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 requirements as to delivery under the Articles include delivery in the form of an electronic
 record or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 requirements as to execution or signature under the Articles, including the execution of
 the Articles themselves, can be satisfied in the form of an electronic signature as defined
 in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections
 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject
 to the last two preceding Articles, any words defined in the Companies Act shall, if not
 inconsistent with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The
 business of the Company may be conducted as the Directors see fit.

5. The
 Registered Office shall be at such address in the Cayman Islands as the Directors may from
 time to time determine. The Company may in addition establish and maintain such other offices
 and places of business and agencies in such places as the Directors may from time to time
 determine.

6. The
 expenses incurred in the formation of the Company and in connection with the offer for subscription
 and issue of Shares shall be paid by the Company. Such expenses may be amortised over such
 period as the Directors may determine and the amount so paid shall be charged against income
 and/or capital in the accounts of the Company as the Directors shall determine.

---

| | | |
|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 7 | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

7. The
 Directors shall keep, or cause to be kept, the Register at such place as the Directors may
 from time to time determine and, in the absence of any such determination, the Register shall
 be kept at the Registered Office.

**SHARES**

8. Subject
 to these Articles and where applicable the Designated Stock Exchange Rules, all Shares for
 the time being unissued shall be under the control of the Directors who may, in their absolute
 discretion and without the approval of the Members, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue,
 allot, or otherwise dispose of Shares (including, without limitation, preferred shares) (whether
 in certificated form or non-certificated form) to such Persons, in such manner, at such times
 and on such terms and having such rights and being subject to such restrictions as they may
 from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant
 rights over Shares or other securities to be issued in one or more classes or series as they
 deem necessary or appropriate and determine the designations, powers, preferences, privileges
 and other rights attaching to such Shares or securities, including dividend rights, voting
 rights, conversion rights, terms of redemption and liquidation preferences, any or all of
 which may be greater than the powers, preferences, privileges and rights associated with
 the then issued and outstanding Shares, at such times and on such other terms as they think
 proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant
 options with respect to Shares and issue warrants or similar instruments with respect thereto,
 at such times and on such terms and having such rights and being subject to such restrictions
 as they may from time to time determine.

9. The
 Directors may authorise the division of Shares into any number of Classes and the different
 Classes shall be authorised, established and designated (or re- designated as the case may
 be) and the variations in the relative rights (including, without limitation, voting, dividend
 and redemption rights), restrictions, preferences, privileges and payment obligations as
 between the different Classes (if any) may be fixed and determined by the Directors or by
 an Ordinary Resolution. The Directors may issue Shares with such preferred or other rights,
 all or any of which may be greater than the rights of Ordinary Shares, at such time and on
 such terms as they may think appropriate. Notwithstanding Article 18, the Directors may issue
 from time to time, out of the authorised share capital of the Company, series of preferred
 shares in their absolute discretion and without approval of the Members; provided, however,
 before any preferred shares of any such series are issued, the Directors may by resolution
 of Directors determine, with respect to any series of preferred shares, the terms and rights
 of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 designation of such series, the number of preferred shares to constitute such series and
 the subscription price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the preferred shares of such series shall have voting rights, in addition to any voting rights
 provided by law, and, if so, the terms of such voting rights, which may be general or limited;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 dividends, if any, payable on such series, whether any such dividends shall be cumulative,
 and, if so, from what dates, the conditions and dates upon which such dividends shall be
 payable, and the preference or relation which such dividends shall bear to the dividends
 payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether
 the preferred shares of such series shall be subject to redemption by the Company, and, if
 so, the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether
 the preferred shares of such series shall have any rights to receive any part of the assets
 available for distribution amongst the Members upon the liquidation of the Company, and,
 if so, the terms of such liquidation preference, and the relation which such liquidation
 preference shall bear to the entitlements of the holders of shares of any other class or
 any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether
 the preferred shares of such series shall be subject to the operation of a retirement or
 sinking fund and, if so, the extent to and manner in which any such retirement or sinking
 fund shall be applied to the purchase or redemption of the preferred shares of such series
 for retirement or other corporate purposes and the terms and provisions relative to the operation
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether
 the preferred shares of such series shall be convertible into, or exchangeable for, shares
 of any other class or any other series of preferred shares or any other securities and, if
 so, the price or prices or the rate or rates of conversion or exchange and the method, if
 any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 limitations and restrictions, if any, to be effective while any preferred shares of such
 series are outstanding upon the payment of dividends or the making of other distributions
 on, and upon the purchase, redemption or other acquisition by the Company of, the existing
 shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon
 the issue of any additional shares, including additional shares of such series or of any
 other class of shares or any other series of preferred shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 other powers, preferences and relative, participating, optional and other special rights,
 and any qualifications, limitations and restrictions thereof; and, for such purposes, the
 Directors may reserve an appropriate number of Shares for the time being unissued. The Company
 shall not issue Shares to bearer.

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10. The
 Company may insofar as may be permitted by law, pay a commission to any Person in consideration
 of his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares.
 Such commissions may be satisfied by the payment of cash or the lodgment of fully or partly
 paid-up Shares or partly in one way and partly in the other. The Company may also pay such
 brokerage as may be lawful on any issue of Shares.

11. The
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

12. Holders
 of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as
 one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share
 shall entitle the holder thereof to one (1) vote on all matters subject to vote at general
 meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof
 to twenty (20) votes on all matters subject to vote at general meetings of the Company.

13. Each
 Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at
 the option of the holder thereof. The right to convert shall be exercisable by the holder
 of the Class B Ordinary Share delivering a written notice to the Company that such holder
 elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares.
 In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

14. Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
 shall be effected by means of the re-designation of each relevant Class B Ordinary Share
 as a Class A Ordinary Share. Such conversion shall become effective (i) in the case of any
 conversion effected pursuant to Article 13, forthwith upon the receipt by the Company of
 the written notice delivered to the Company as described in Article 13 (or at such later
 date as may be specified in such notice), or (ii) in the case of any automatic conversion
 effected pursuant to Article 15, forthwith upon occurrence of the event specified in Article
 15 which triggers such automatic conversion, and the Company shall make entries in the Register
 to record the re-designation of the relevant Class B Ordinary Shares as Class A Ordinary
 Shares.

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15. Upon
 any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Member to
 any person who is not an Affiliate of such Member, or upon a change of ultimate beneficial
 ownership of any Class B Ordinary Share to any Person who is not an Affiliate of such Member,
 such Class B Ordinary Share shall be automatically and immediately converted into the same
 number of Class A Ordinary Share. For the avoidance of doubt, (i) where a sale, transfer,
 assignment or disposition involves a change to the legal title to Class B Ordinary Shares,
 it shall be effective upon the Company's registration of such sale, transfer, assignment
 or disposition in its Register, and where a sale, transfer, assignment or disposition involves
 a change to the ultimate beneficial ownership or there is otherwise no change to the legal
 title to Class B Ordinary Shares, it shall be deemed effective at the time of the change,
 as determined in good faith by the Directors in their sole discretion; and (ii) the creation
 of any pledge, charge, encumbrance or other third party right of whatever description on
 any Class B Ordinary Shares to secure a holder's contractual or legal obligations shall
 not be deemed as a sale, transfer, assignment or disposition, or a change of ultimate beneficial
 ownership, unless and until any such pledge, charge, encumbrance or other third party right
 is enforced and results in the third party holding legal title to the relevant Class B Ordinary
 Shares, in which case all the related Class B Ordinary Shares shall be automatically converted
 into the same number of Class A Ordinary Shares. For the purposes of this Article 15, beneficial
 ownership shall have the meaning set forth in Rule 13d-3 under the United States Securities
 Exchange Act of 1934, as amended.

16. Class
 A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

17. Save
 and except for voting rights and conversion rights as set out in Articles 12 to 15 (inclusive),
 the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions.

**MODIFICATION OF RIGHTS**

18. Whenever
 the capital of the Company is divided into different Classes the rights attached to any such
 Class may, subject to any rights or restrictions for the time being attached to any Class,
 only be materially and adversely varied with the consent in writing of the holders of two-thirds
 of the issued Shares of that Class or with the sanction of a Special Resolution passed at
 a separate meeting of the holders of the Shares of that Class. To every such separate meeting
 all the provisions of these Articles relating to general meetings of the Company or to the
 proceedings thereat shall, *mutatis mutandis*, apply, except that the necessary quorum
 shall be one or more Persons holding or representing by proxy at least two-thirds in nominal
 or par value amount of the issued Shares of the relevant Class (but so that if at any adjourned
 meeting of such holders a quorum as above defined is not Present, those Members who are Present
 shall form a quorum) and that, subject to any rights or restrictions for the time being attached
 to the Shares of that Class, every Member of the Class shall on a poll have one (1) vote
 for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of
 which such Member is the holder. For the purposes of this Article the Directors may treat
 all the Classes or any two or more Classes as forming one Class if they consider that all
 such Classes would be affected in the same way by the proposals under consideration, but
 in any other case shall treat them as separate Classes.

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19. The
 rights conferred upon the holders of the Shares of any Class issued with preferred or other
 rights shall not, subject to any rights or restrictions for the time being attached to the
 Shares of that Class, be deemed to be materially and adversely varied by, inter alia, the
 creation, allotment or issue of further Shares ranking *pari passu* with or subsequent
 to them or the redemption or purchase of any Shares of any Class by the Company. The rights
 of the holders of Shares shall not be deemed to be materially and adversely varied by the
 creation or issue of Shares with preferred or other rights including, without limitation,
 the creation of Shares with enhanced or weighted voting rights.

**CERTIFICATES**

20. A
 Member may only be entitled to a share certificate if the Directors resolve that share certificates
 shall be issued. Share certificates representing Shares, if any, shall be in such form as
 the Directors may determine. Share certificates shall be signed by one or more Directors
 or other person authorised by the Directors. The Directors may authorise certificates to
 be issued with the authorised signature(s) affixed by mechanical process. All certificates
 for Shares shall be numbered or otherwise identified and shall specify the Shares to which
 they relate. All certificates surrendered to the Company for transfer shall be cancelled
 and, subject to these Articles, no new certificate shall be issued until the former certificate
 representing a like number of relevant Shares shall have been surrendered and cancelled.

21. Every
 share certificate of the Company shall bear such legends as may be required under applicable
 laws, including the Securities Act.

22. No
 certificate shall be issued representing shares of more than one class.

23. If
 a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed,
 a new certificate representing the same Shares may be issued to the relevant Member upon
 request, subject to delivery up of the old certificate or (if alleged to have been lost,
 stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
 payment of out-of-pocket expenses of the Company in connection with the request as the Directors
 may think fit.

24. The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 more than one person. In the event that Shares are held jointly by several Persons, any request
 may be made by any one of the joint holders and if so made shall be binding on all of the
 joint holders.

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**FRACTIONAL SHARES**

25. The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be
 subject to and carry the corresponding fraction of liabilities (whether with respect to nominal
 or par value, premium, contributions, calls or otherwise), limitations, preferences, privileges,
 qualifications, restrictions, rights (including, without prejudice to the generality of the
 foregoing, voting and participation rights) and other attributes of a whole Share. If more
 than one fraction of a Share of the same Class is issued to or acquired by the same Member
 such fractions shall be accumulated.

**LIEN**

26. The
 Company has a first and paramount lien on every Share (whether or not fully paid) for all
 amounts (whether presently payable or not) payable at a fixed time or called in respect of
 that Share. The Company also has a first and paramount lien on every Share registered in
 the name of a Person indebted or under liability to the Company (whether he is the sole registered
 holder of a Share or one of two or more joint holders) for all amounts owing by him or his
 estate to the Company (whether or not presently payable). The Directors may at any time declare
 a Share to be wholly or in part exempt from the provisions of this Article. The Company's
 lien on a Share extends to any amount payable in respect of it, including but not limited
 to dividends.

27. The
 Company may sell, in such manner as the Directors in their absolute discretion think fit,
 any Share on which the Company has a lien, but no sale shall be made unless an amount in
 respect of which the lien exists is presently payable nor until the expiration of fourteen
 calendar days after a notice in writing, demanding payment of such part of the amount in
 respect of which the lien exists as is presently payable, has been given to the registered
 holder for the time being of the Share, or the Persons entitled thereto by reason of his
 death or bankruptcy.

28. For
 giving effect to any such sale the Directors may authorise a Person to transfer the Shares
 sold to the purchaser thereof. The purchaser shall be registered as the holder of the Shares
 comprised in any such transfer and he shall not be bound to see to the application of the
 purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity
 in the proceedings in reference to the sale.

29. The
 proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company
 shall be received by the Company and applied in payment of such part of the amount in respect
 of which the lien exists as is presently payable, and the residue shall (subject to a like
 lien for sums not presently payable as existed upon the Shares prior to the sale) be paid
 to the Person entitled to the Shares immediately prior to the sale.

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**CALLS ON SHARES**

30. Subject
 to the terms of the allotment, the Directors may from time to time make calls upon the Members
 in respect of any moneys unpaid on their Shares, and each Member shall (subject to receiving
 at least fourteen calendar days' notice specifying the time or times of payment) pay
 to the Company at the time or times so specified the amount called on such Shares. A call
 shall be deemed to have been made at the time when the resolution of the Directors authorising
 such call was passed.

31. The
 joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

32. If
 a sum called in respect of a Share is not paid before or on the day appointed for payment
 thereof, the Person from whom the sum is due shall pay interest upon the sum at the rate
 of ten per cent per annum from the day appointed for the payment thereof to the time of the
 actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
 or in part.

33. The
 provisions of these Articles as to the liability of joint holders and as to payment of interest
 shall apply in the case of non-payment of any sum which, by the terms of issue of a Share,
 becomes payable at a fixed time, whether on account of the amount of the Share, or by way
 of premium, as if the same had become payable by virtue of a call duly made and notified.

34. The
 Directors may make arrangements with respect to the issue of partly paid Shares for a difference
 between the Members, or the particular Shares, in the amount of calls to be paid and in the
 times of payment.

35. The
 Directors may, if they think fit, receive from any Member willing to advance the same all
 or any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and
 upon all or any of the moneys so advanced may (until the same would, but for such advance,
 become presently payable) pay interest at such rate (not exceeding without the sanction of
 an Ordinary Resolution, six per cent per annum) as may be agreed upon between the Member
 paying the sum in advance and the Directors. No such sum paid in advance of calls shall entitle
 the Member paying such sum to any portion of a dividend declared in respect of any period
 prior to the date upon which such sum would, but for such payment, become presently payable.

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**FORFEITURE OF SHARES**

36. If
 a Member fails to pay any call or instalment of a call in respect of partly paid Shares on
 the day appointed for payment, the Directors may, at any time thereafter during such time
 as any part of such call or instalment remains unpaid, serve a notice on him requiring payment
 of so much of the call or instalment as is unpaid, together with any interest which may have
 accrued.

37. The
 notice shall name a further day (not earlier than the expiration of fourteen calendar days
 from the date of the notice) on or before which the payment required by the notice is to
 be made, and shall state that in the event of non- payment at or before the time appointed,
 the Shares in respect of which the call was made will be liable to be forfeited.

38. If
 the requirements of any such notice as aforesaid are not complied with, any Share in respect
 of which the notice has been given may at any time thereafter, before the payment required
 by notice has been made, be forfeited by a resolution of the Directors to that effect.

39. A
 forfeited Share may be sold or otherwise disposed of on such terms and in such manner as
 the Directors think fit, and at any time before a sale or disposition the forfeiture may
 be cancelled on such terms as the Directors think fit.

40. A
 Person whose Shares have been forfeited shall cease to be a Member in respect of the forfeited
 Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which
 at the date of forfeiture were payable by him to the Company in respect of the Shares forfeited,
 but his liability shall cease if and when the Company receives payment in full of the amount
 unpaid on the Shares forfeited.

41. A
 certificate in writing under the hand of a Director that a Share has been duly forfeited
 on a date stated in the certificate shall be conclusive evidence of the facts in the declaration
 as against all Persons claiming to be entitled to the Share.

42. The
 Company may receive the consideration, if any, given for a Share on any sale or disposition
 thereof pursuant to the provisions of these Articles as to forfeiture and may execute a transfer
 of the Share in favour of the Person to whom the Share is sold or disposed of and that Person
 shall be registered as the holder of the Share and shall not be bound to see to the application
 of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity
 or invalidity in the proceedings in reference to the disposition or sale.

43. The
 provisions of these Articles as to forfeiture shall apply in the case of non- payment of
 any sum which by the terms of issue of a Share becomes due and payable, whether on account
 of the amount of the Share, or by way of premium, as if the same had been payable by virtue
 of a call duly made and notified.

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**TRANSFER OF SHARES**

44. The
 instrument of transfer of any Share shall be in writing and in any usual or common form or
 such other form as the Directors may, in their absolute discretion, approve and be executed
 by or on behalf of the transferor and if in respect of a nil or partly paid up Share, or
 if so required by the Directors, shall also be executed on behalf of the transferee and shall
 be accompanied by the certificate (if any) of the Shares to which it relates and such other
 evidence as the Directors may reasonably require to show the right of the transferor to make
 the transfer. The transferor shall be deemed to remain a Member until the name of the transferee
 is entered in the Register in respect of the relevant Shares. Subject to these Articles,
 any Member may transfer all or any of his shares by an instrument of transfer in the usual
 or common form or in a form prescribed by the Designated Stock Exchange or in any other form
 approved by the Board and may be under hand or, if the transferor or transferee is a clearing
 house or a central depository house or its nominee(s), by hand or by machine imprinted signature
 or by such other manner of execution as the Board may approve from time to time.

45. (a) The
 Directors may in their absolute discretion decline to register any transfer of Shares which
 is not fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 instrument of transfer is lodged with the Company, accompanied by the certificate for the
 Shares to which it relates and such other evidence as the Board may reasonably require to
 show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 instrument of transfer is in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 the case of a transfer to joint holders, the number of joint holders to whom the Share is
 to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable, or
 such lesser sum as the Board of Directors may from time to time require, is paid to the Company
 in respect thereof.

46. The
 registration of transfers may, after compliance with any notice required by the Designated
 Stock Exchange Rules, be suspended and the Register closed at such times and for such periods
 as the Directors may, in their absolute discretion, from time to time determine, provided
 always that such registration of transfer shall not be suspended nor the Register closed
 for more than thirty calendar days in any calendar year.

47. All
 instruments of transfer that are registered shall be retained by the Company. If the Directors
 refuse to register a transfer of any Shares, they shall within two calendar months after
 the date on which the transfer was lodged with the Company send notice of the refusal to
 each of the transferor and the transferee.

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**TRANSMISSION OF SHARES**

48. The
 legal personal representative of a deceased sole holder of a Share shall be the only Person
 recognised by the Company as having any title to the Share. In the case of a Share registered
 in the name of two or more holders, the survivors or survivor, or the legal personal representatives
 of the deceased survivor, shall be the only Person recognised by the Company as having any
 title to the Share.

49. Any
 Person becoming entitled to a Share in consequence of the death or bankruptcy of a Member
 shall, upon such evidence being produced as may from time to time be required by the Directors,
 have the right either to be registered as a Member in respect of the Share or, instead of
 being registered himself, to make such transfer of the Share as the deceased or bankrupt
 Person could have made; but the Directors shall, in either case, have the same right to decline
 or suspend registration as they would have had in the case of a transfer of the Share by
 the deceased or bankrupt Person before the death or bankruptcy.

50. A
 Person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 be entitled to the same dividends and other advantages to which he would be entitled if he
 were the registered Member, except that he shall not, before being registered as a Member
 in respect of the Share, be entitled in respect of it to exercise any right conferred by
 membership in relation to meetings of the Company, provided however, that the Directors may
 at any time give notice requiring any such Person to elect either to be registered himself
 or to transfer the Share, and if the notice is not complied with within ninety calendar days,
 the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable
 in respect of the Share until the requirements of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

51. The
 Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration
 of every probate, letters of administration, certificate of death or marriage, power of attorney,
 notice in lieu of distringas, or other instrument.

**ALTERATION OF SHARE CAPITAL**

52. The
 Company may from time to time by Ordinary Resolution increase the share capital by such sum,
 to be divided into Shares of such Classes and amount, as the resolution shall prescribe and
 with such rights, priorities and privileges annexed thereto, as the Company in general meeting
 may determine.

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53. The
 Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of such amount as it thinks appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of a larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) divide
 its Shares into several classes and without prejudice to any special rights previously conferred
 on the holders of existing Shares attach thereto respectively any preferential, deferred,
 qualified or special rights, privileges, conditions or such restrictions which in the absence
 of any such determination by the Company in general meeting, as the Directors may determine
 provided always that, for the avoidance of doubt, where a Class of Shares has been authorised
 by the Company, no resolution of the Company in general meeting is required for the issuance
 of Shares of that Class and the Directors may issue Shares of that Class and determine such
 rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further
 provided that where the Company issues shares which do not carry voting rights, the words
 "non-voting" shall appear in the designation of such Shares and where the equity
 capital includes shares with different voting rights, the designation of each Class of Shares,
 other than those with the most favourable voting rights, must include the words "restricted
 voting" or "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide
 its Shares, or any of them, into Shares of an amount smaller than that fixed by the Memorandum,
 provided that in the subdivision the proportion between the amount paid and the amount, if
 any, unpaid on each reduced Share shall be the same as it was in case of the Share from which
 the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 any Shares that, at the date of the passing of the resolution, have not been taken or agreed
 to be taken by any Person and diminish the amount of its share capital by the amount of the
 Shares so cancelled.

54. All
 new Shares created in accordance with the provisions of the preceding Article shall be subject
 to the same provisions of the Articles with reference to the payment of calls, Liens, transfer,
 transmission, forfeiture and otherwise as the Shares in the original share capital. The Board
 may settle as it considers expedient any difficulty which arises in relation to any consolidation
 and division under the preceding Article and in particular but without prejudice to the generality
 of the foregoing may arrange for the sale of the shares representing fractions and the distribution
 of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion
 amongst the Members who would have been entitled to the fractions, and for this purpose the
 Board may authorise some person to transfer the shares representing fractions to their purchaser
 or resolve that such net proceeds be paid to the Company for the Company's benefit.
 Such purchaser will not be bound to see to the application of the purchase money nor will
 his title to the shares be affected by any irregularity or invalidity in the proceedings
 relating to the sale.

55. The
 Company may by Special Resolution reduce its share capital and any capital redemption reserve
 in any manner authorised by the Companies Act.

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**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

56. Subject
 to the provisions of the Companies Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or are liable to be redeemed at the option of the Member or
 the Company. The redemption of Shares shall be effected in such manner and upon such terms
 as may be determined, before the issue of such Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner and terms
 as have been approved by the Board, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner permitted
 by the Companies Act, including out of capital.

57. The
 purchase of any Share shall not oblige the Company to purchase any other Share other than
 as may be required pursuant to applicable law and any other contractual obligations of the
 Company.

58. The
 holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s)
 (if any) thereof for cancellation and thereupon the Company shall pay to him the purchase
 or redemption monies or consideration in respect thereof.

59. The
 Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

60. The
 Directors may, prior to the purchase, redemption or surrender of any Share, determine that
 such Share shall be held as a Treasury Share.

61. The
 Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms
 as they think proper (including, without limitation, for nil consideration).

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**GENERAL MEETINGS**

62. All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

63. (a) The
 Company may (but shall not be obliged to) in each calendar year hold a general meeting as
 its annual general meeting and shall specify the meeting as such in the notices calling it.
 The annual general meeting shall be held at such time and place as may be determined by the
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 these meetings the report of the Directors (if any) shall be presented.

64. (a) The
 Chairman or a majority of the Directors (acting by a resolution of the Board) may call general
 meetings, and they shall on a Members' requisition forthwith proceed to convene an
 extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 Members' requisition is a requisition of Members holding at the date of deposit of
 the requisition Shares which carry in aggregate not less than one-third (1/3) of the total
 number of votes attaching to all issued and outstanding Shares that as at the date of the
 deposit carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 requisition must state the objects of the meeting and must be signed by the requisitionists
 and deposited at the Registered Office, and may consist of several documents in like form
 each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 there are no Directors as at the date of the deposit of the Members' requisition, or
 if the Directors do not within twenty-one (21) calendar days from the date of the deposit
 of the requisition duly proceed to convene a general meeting to be held within a further
 twenty-one (21) calendar days, the requisitionists, or any of them representing more than
 one-half of the total voting rights of all of them, may themselves convene a general meeting,
 but any meeting so convened shall not be held after the expiration of three calendar months
 after the expiration of the said twenty-one (21) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 general meeting convened as aforesaid by requisitionists shall be convened in the same manner
 as nearly as possible as that in which general meetings are to be convened by Directors.

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**NOTICE OF GENERAL MEETINGS**

65. At
 least seven (7) clear days' notice shall be given for any general meeting. Every notice
 shall be exclusive of the day on which it is given or deemed to be given and of the day for
 which it is given and shall specify the place, the day and the hour of the meeting and the
 general nature of the business and shall be given in the manner hereinafter mentioned or
 in such other manner if any as may be prescribed by the Company, provided that a general
 meeting of the Company shall, whether or not the notice specified in this Article has been
 given and whether or not the provisions of these Articles regarding general meetings have
 been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all the Members (or their proxies) entitled to
 attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an extraordinary general meeting, by holders of at least two-thirds of the votes
 and having a right to attend and vote at the meeting Present or, in the case of a corporation
 or other non-natural person, represented by its duly authorised representative or proxy.

66. The
 accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting
 by any Member shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

67. No
 business except for the appointment of a chairman for the meeting shall be transacted at
 any general meeting unless a quorum of Members is Present at the time when the meeting proceeds
 to business. One or more Members holding Shares which carry in aggregate (or representing
 by proxy) not less than a majority of all votes attaching to all Shares in issue and entitled
 to vote at such general meeting Present shall be a quorum for all purposes.

68. If
 within half an hour from the time appointed for the meeting a quorum is not Present, the
 meeting shall be dissolved.

69. If
 the Directors wish to make this facility available for a specific general meeting or all
 general meetings of the Company, attendance and participation in any general meeting of the
 Company may be by means of Communication Facilities. Without limiting the generality of the
 foregoing, the Directors may determine that any general meeting may be held as a Virtual
 Meeting. The notice of any general meeting at which Communication Facilities will be utilised
 (including any Virtual Meeting) must disclose the Communication Facilities that will be used,
 including the procedures to be followed by any Member or other participant of the meeting
 who wishes to utilise such Communication Facilities for the purposes of attending and participating
 in such meeting, including attending and casting any vote thereat.

70. The
 Chairman, if any, shall preside as chairman at every general meeting of the Company. If there
 is no such Chairman, or if at any general meeting he is not Present within fifteen minutes
 after the time appointed for holding the meeting or is unwilling to act as chairman of the
 meeting, any Director or Person nominated by the Directors shall preside as chairman of that
 meeting, failing which the Members Present shall choose any Person Present to be chairman
 of that meeting.

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71. The
 chairman of any general meeting shall be entitled to attend and participate at any such general
 meeting by means of Communication Facilities, and to act as the chairman of such general
 meeting, in which event the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Communication Facilities are interrupted or fail for any reason to enable the chairman
 of the meeting to hear and be heard by all other Persons participating in the meeting, then
 the other Directors Present at the meeting shall choose another Director Present to act as
 chairman of the meeting for the remainder of the meeting; provided that if no other Director
 is Present at the meeting, or if all the Directors Present decline to take the chair, then
 the meeting shall be automatically adjourned to the same day in the next week and at such
 time and place as shall be decided by the Board of Directors.

72. The
 chairman of any general meeting at which a quorum is Present may with the consent of the
 meeting (and shall if so directed by the meeting) adjourn the meeting from time to time and
 from place to place, but no business shall be transacted at any adjourned meeting other than
 the business left unfinished at the meeting from which the adjournment took place. When a
 meeting, or adjourned meeting, is adjourned for fourteen calendar days or more, notice of
 the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid
 it shall not be necessary to give any notice of an adjournment or of the business to be transacted
 at an adjourned meeting.

73. The
 Directors may cancel or postpone any duly convened general meeting at any time prior to such
 meeting, except for general meetings requisitioned by the Members in accordance with these
 Articles, for any reason or for no reason, upon notice in writing to Members. A postponement
 may be for a stated period of any length or indefinitely as the Directors may determine.

74. At
 any general meeting a resolution put to the vote of the meeting shall be decided on a show
 of hands, unless a poll is (before or on the declaration of the result of the show of hands)
 demanded, and unless a poll is so demanded, a declaration by the chairman of the meeting
 that a resolution has, on a show of hands, been carried, or carried unanimously, or by a
 particular majority, or lost, and an entry to that effect in the book of the proceedings
 of the Company, shall be conclusive evidence of the fact, without proof of the number or
 proportion of the votes recorded in favour of, or against, that resolution. A poll may be
 demanded by (i) the chairman of such meeting; (ii) at least three Members Present in person
 or by proxy or (in the case of a Member being a corporation) by its duly authorised representative
 for the time being entitled to vote at the meeting; (iii) Member(s) present in person or
 by proxy or (in the case of a Member being a corporation) by its duly authorised representative
 representing not less than one-tenth of the total voting rights of all Members having the
 right to vote at the meeting; and (iv) Member(s) present in person or by proxy or (in the
 case of a Member being a corporation) by its duly authorised representative and holding Shares
 conferring a right to vote at the meeting being Shares on which an aggregate sum has been
 paid up equal to not less than one-tenth of the total sum paid up on all Shares conferring
 that right.

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75. If
 a poll is duly demanded it shall be taken in such manner as the chairman of the meeting directs,
 and the result of the poll shall be deemed to be the resolution of the meeting at which the
 poll was demanded.

76. All
 questions submitted to a meeting shall be decided by an Ordinary Resolution except where
 a greater majority is required by these Articles or by the Companies Act. In the case of
 an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting
 at which the show of hands takes place or at which the poll is demanded, shall be entitled
 to a second or casting vote.

77. A
 poll demanded on the election of a chairman of the meeting or on a question of adjournment
 shall be taken forthwith. A poll demanded on any other question shall be taken at such time
 as the chairman of the meeting directs.

**VOTES OF MEMBERS**

78. Subject
 to any rights and restrictions for the time being attached to any Share, on a show of hands
 every Member Present in person or represented by its duly authorised representative or proxy
 shall, at a general meeting of the Company, each have one (1) vote and on a poll every Member
 Present in person or represented by its duly authorised representative or proxy shall have
 one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary
 Share of which such Member is the holder.

79. In
 the case of joint holders the vote of the senior who tenders a vote whether in person or
 by proxy (or, if a corporation or other non-natural person, by its duly authorised representative
 or proxy) shall be accepted to the exclusion of the votes of the other joint holders and
 for this purpose seniority shall be determined by the order in which the names stand in the
 Register.

80. Shares
 carrying the right to vote that are held by a Member of unsound mind, or in respect of whom
 an order has been made by any court having jurisdiction in lunacy, may be voted, whether
 on a show of hands or on a poll, by his committee, or other Person in the nature of a committee
 appointed by that court, and any such committee or other Person may vote in respect of such
 Shares by proxy.

81. No
 Member shall be entitled to vote at any general meeting of the Company unless all calls,
 if any, or other sums presently payable by him in respect of Shares carrying the right to
 vote held by him have been paid.

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82. On
 a poll votes may be given either personally or by proxy.

83. Each
 Member, other than a recognised clearing house (or its nominee(s)) or depositary (or its
 nominee(s)), may only appoint one proxy on a show of hand. The instrument appointing a proxy
 shall be in writing under the hand of the appointor or of his attorney duly authorised in
 writing or, if the appointor is a corporation, either under Seal or under the hand of an
 officer or attorney duly authorised. A proxy need not be a Member.

84. An
 instrument appointing a proxy may be in any usual or common form or such other form as the
 Directors may approve.

85. The
 instrument appointing a proxy shall be deposited at the Registered Office or at such other
 place as is specified for that purpose in the notice convening the meeting, or in any instrument
 of proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 less than 48 hours before the time for holding the meeting or adjourned meeting at which
 the person named in the instrument proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a poll taken more than 48 hours after it is demanded, be deposited as aforesaid
 after the poll has been demanded and not less than 24 hours before the time appointed for
 the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the poll is not taken forthwith but is taken not more than 48 hours after it was demanded
 be delivered at the meeting at which the poll was demanded to the chairman or to the secretary
 or to any director;

provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or adjourned meeting) at the Registered Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The chairman of the meeting may in any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

86. The
 instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding
 a poll.

87. A
 resolution in writing signed by all the Members for the time being entitled to receive notice
 of and to attend and vote at general meetings of the Company (or being corporations by their
 duly authorised representatives) shall be as valid and effective as if the same had been
 passed at a general meeting of the Company duly convened and held.

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**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

88. Any
 corporation which is a Member or a Director may by resolution of its directors or other governing
 body authorise such Person as it thinks fit to act as its representative at any meeting of
 the Company or of any meeting of holders of a Class or of the Directors or of a committee
 of Directors, and the Person so authorised shall be entitled to exercise the same powers
 on behalf of the corporation which he represents as that corporation could exercise if it
 were an individual Member or Director.

**DEPOSITARY AND CLEARING HOUSES**

89. If
 a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Member
 of the Company it may, by resolution of its directors or other governing body or by power
 of attorney, authorise such Person(s) as it thinks fit to act as its representative(s) at
 any general meeting of the Company or of any Class of Members provided that, if more than
 one Person is so authorised, the authorisation shall specify the number and Class of Shares
 in respect of which each such Person is so authorised. A Person so authorised pursuant to
 this Article shall be entitled to exercise the same powers on behalf of the recognised clearing
 house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised
 clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it
 were an individual Member holding the number and Class of Shares specified in such authorisation,
 including the right to vote individually on a show of hands.

**DIRECTORS**

90. (a) Unless
otherwise determined by the Company in general meeting, the number of Directors shall not be less than one (1) Director, the exact number
of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board of Directors shall elect and appoint a Chairman by a majority of the Directors then
 in office. The period for which the Chairman will hold office will also be determined by
 a majority of all of the Directors then in office. The Chairman shall preside as chairman
 at every meeting of the Board of Directors. To the extent the Chairman is not present at
 a meeting of the Board of Directors within fifteen minutes after the time appointed for holding
 the same, the attending Directors may choose one of their number to be the chairman of the
 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company may by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Board may, by the affirmative vote of a simple majority of the remaining Directors present
 and voting at a Board meeting, appoint any person as a Director, to fill a casual vacancy
 on the Board or as an addition to the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An
 appointment of a Director may be on terms that the Director shall automatically retire from
 office (unless he has sooner vacated office) at the next or a subsequent annual general meeting
 or upon any specified event or after any specified period in a written agreement between
 the Company and the Director, if any; but no such term shall be implied in the absence of
 express provision. Any Director whose term of office expires shall be eligible for re-election
 at a meeting of the Members or re-appointment by the Board.

91. A
 Director may be removed from office by an Ordinary Resolution, notwithstanding anything in
 these Articles or in any agreement between the Company and such Director (but without prejudice

 of a Director under the previous sentence may be filled by an Ordinary Resolution or by the
 affirmative vote of a simple majority of the remaining Directors present and voting at a
 Board meeting. The notice of any meeting at which a resolution to remove a Director shall
 be proposed or voted upon must contain a statement of the intention to remove that Director
 and such notice must be served on that Director not less than ten (10) calendar days before
 the meeting. Such Director is entitled to attend the meeting and be heard on the motion for
 his removal.

92. The
 Board may, from time to time, and except as required by applicable law or Designated Stock
 Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies
 or initiatives of the Company and determine on various corporate governance related matters
 of the Company as the Board shall determine by resolution of Directors from time to time.

93. A
 Director shall not be required to hold any Shares in the Company by way of qualification.
 A Director who is not a Member of the Company shall nevertheless be entitled to attend and
 speak at general meetings.

94. The
 remuneration of the Directors may be determined by the Directors or by Ordinary Resolution.

95. The
 Directors shall be entitled to be paid for their travelling, hotel and other expenses properly
 incurred by them in going to, attending and returning from meetings of the Directors, or
 any committee of the Directors, or general meetings of the Company, or otherwise in connection
 with the business of the Company, or to receive such fixed allowance in respect thereof as
 may be determined by the Directors from time to time, or a combination partly of one such
 method and partly the other.

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**ALTERNATE DIRECTOR OR PROXY**

96. Any
 Director may in writing appoint another Person to be his alternate and, save to the extent
 provided otherwise in the form of appointment, such alternate shall have authority to sign
 written resolutions on behalf of the appointing Director, but shall not be required to sign
 such written resolutions where they have been signed by the appointing director, and to act
 in such Director's place at any meeting of the Directors at which the appointing Director
 is unable to be present. Every such alternate shall be entitled to attend and vote at meetings
 of the Directors as a Director when the Director appointing him is not personally present
 and where he is a Director to have a separate vote on behalf of the Director he is representing
 in addition to his own vote. A Director may at any time in writing revoke the appointment
 of an alternate appointed by him. Such alternate shall be deemed for all purposes to be a
 Director and shall not be deemed to be the agent of the Director appointing him. The remuneration
 of such alternate shall be payable out of the remuneration of the Director appointing him
 and the proportion thereof shall be agreed between them.

97. Any
 Director may appoint any Person, whether or not a Director, to be the proxy of that Director
 to attend and vote on his behalf, in accordance with instructions given by that Director,
 or in the absence of such instructions at the discretion of the proxy, at a meeting or meetings
 of the Directors which that Director is unable to attend personally. The instrument appointing
 the proxy shall be in writing under the hand of the appointing Director and shall be in any
 usual or common form or such other form as the Directors may approve, and must be lodged
 with the chairman of the meeting of the Directors at which such proxy is to be used, or first
 used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

98. Subject
 to the Companies Act, these Articles and any resolutions passed in a general meeting, the
 business of the Company shall be managed by the Directors, who may pay all expenses incurred
 in setting up and registering the Company and may exercise all powers of the Company. No
 resolution passed by the Company in general meeting shall invalidate any prior act of the
 Directors that would have been valid if that resolution had not been passed.

99. Subject
 to these Articles, the Directors may from time to time appoint any natural person or corporation,
 whether or not a Director to hold such office in the Company as the Directors may think necessary
 for the administration of the Company, including but not limited to, chief executive officer,
 one or more other executive officers, president, one or more vice presidents, treasurer,
 assistant treasurer, manager or controller, and for such term and at such remuneration (whether
 by way of salary or commission or participation in profits or partly in one way and partly
 in another), and with such powers and duties as the Directors may think fit. Any natural
 person or corporation so appointed by the Directors may be removed by the Directors. The
 Directors may also appoint one or more of their number to the office of managing director
 upon like terms, but any such appointment shall ipso facto terminate if any managing director
 ceases for any cause to be a Director, or if the Company by Ordinary Resolution resolves
 that his tenure of office be terminated.

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100. The
 Directors may appoint any natural person or corporation to be a Secretary (and if need be
 an assistant Secretary or assistant Secretaries) who shall hold office for such term, at
 such remuneration and upon such conditions and with such powers as they think fit. Any Secretary
 or assistant Secretary so appointed by the Directors may be removed by the Directors or by
 the Company by Ordinary Resolution.

101. The
 Directors may delegate any of their powers to committees consisting of such member or members
 of their body as they think fit; any committee so formed shall in the exercise of the powers
 so delegated conform to any regulations that may be imposed on it by the Directors.

102. The
 Directors may from time to time and at any time by power of attorney (whether under Seal
 or under hand) or otherwise appoint any company, firm or Person or body of Persons, whether
 nominated directly or indirectly by the Directors, to be the attorney or attorneys or authorised
 signatory (any such Person being an "Attorney" or "Authorised Signatory",
 respectively) of the Company for such purposes and with such powers, authorities and discretion
 (not exceeding those vested in or exercisable by the Directors under these Articles) and
 for such period and subject to such conditions as they may think fit, and any such power
 of attorney or other appointment may contain such provisions for the protection and convenience
 of Persons dealing with any such Attorney or Authorised Signatory as the Directors may think
 fit, and may also authorise any such Attorney or Authorised Signatory to delegate all or
 any of the powers, authorities and discretion vested in him.

103. The
 Directors may from time to time provide for the management of the affairs of the Company
 in such manner as they shall think fit and the provisions contained in the three next following
 Articles shall not limit the general powers conferred by this Article.

104. The
 Directors from time to time and at any time may establish any committees, local boards or
 agencies for managing any of the affairs of the Company and may appoint any natural person
 or corporation to be a member of such committees or local boards and may appoint any managers
 or agents of the Company and may fix the remuneration of any such natural person or corporation.

105. The
 Directors from time to time and at any time may delegate to any such committee, local board,
 manager or agent any of the powers, authorities and discretions for the time being vested
 in the Directors and may authorise the members for the time being of any such local board,
 or any of them to fill any vacancies therein and to act notwithstanding vacancies and any
 such appointment or delegation may be made on such terms and subject to such conditions as
 the Directors may think fit and the Directors may at any time remove any natural person or
 corporation so appointed and may annul or vary any such delegation, but no Person dealing
 in good faith and without notice of any such annulment or variation shall be affected thereby.

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106. Any
 such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any
 of the powers, authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

107. The
 Directors may from time to time at their discretion exercise all the powers of the Company
 to raise or borrow money and to mortgage or charge its undertaking, property and assets (present
 and future) and uncalled capital or any part thereof, to issue debentures, debenture stock,
 bonds and other securities, whether outright or as collateral security for any debt, liability
 or obligation of the Company or of any third party.

**THE SEAL**

108. The
 Seal shall not be affixed to any instrument except by the authority of a resolution of the
 Directors provided always that such authority may be given prior to or after the affixing
 of the Seal and if given after may be in general form confirming a number of affixing of
 the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant
 Secretary) or in the presence of any one or more Persons as the Directors may appoint for
 the purpose and every Person as aforesaid shall sign every instrument to which the Seal is
 so affixed in their presence.

109. The
 Company may maintain a facsimile of the Seal in such countries or places as the Directors
 may appoint and such facsimile Seal shall not be affixed to any instrument except by the
 authority of a resolution of the Directors provided always that such authority may be given
 prior to or after the affixing of such facsimile Seal and if given after may be in general
 form confirming a number of affixing of such facsimile Seal. The facsimile Seal shall be
 affixed in the presence of such Person or Persons as the Directors shall for this purpose
 appoint and such Person or Persons as aforesaid shall sign every instrument to which the
 facsimile Seal is so affixed in their presence and such affixing of the facsimile Seal and
 signing as aforesaid shall have the same meaning and effect as if the Seal had been affixed
 in the presence of and the instrument signed by a Director or a Secretary (or an assistant
 Secretary) or in the presence of any one or more Persons as the Directors may appoint for
 the purpose.

110. Notwithstanding
 the foregoing, a Secretary or any assistant Secretary shall have the authority to affix the
 Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity
 of the matter contained therein but which does not create any obligation binding on the Company.

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**DISQUALIFICATION OF DIRECTORS**

111. The
 office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes
 bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies
 or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns
 his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without
 special leave of absence from the Board, is absent from meetings of the Board for three consecutive
 meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is
 removed from office pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

112. The
 Directors may meet together (either within or outside the Cayman Islands) for the despatch
 of business, adjourn, and otherwise regulate their meetings and proceedings as they think
 fit. Questions arising at any meeting shall be decided by a majority of votes. At any meeting
 of the Directors, each Director present in person or represented by his proxy or alternate
 shall be entitled to one vote. In case of an equality of votes the chairman of the meeting
 shall have a second or casting vote. A Director may, and a Secretary or assistant Secretary
 on the requisition of a Director shall, at any time summon a meeting of the Directors.

113. A
 Director may participate in any meeting of the Directors, or of any committee appointed by
 the Directors of which such Director is a member, by means of telephone or similar communication
 equipment by way of which all Persons participating in such meeting can communicate with
 each other and such participation shall be deemed to constitute presence in person at the
 meeting.

114. The
 quorum necessary for the transaction of the business of the Board may be fixed by the Directors,
 and unless so fixed the presence of a majority of Directors then in office shall constitute
 a quorum. A Director represented by proxy or by an alternate Director at any meeting shall
 be deemed to be present for the purposes of determining whether or not a quorum is present.

115. A
 Director who is in any way, whether directly or indirectly, interested in a contract or transaction
 or proposed contract or transaction with the Company shall declare the nature of his interest
 at a meeting of the Directors. A general notice given to the Directors by any Director to
 the effect that he is a member of any specified company or firm and is to be regarded as
 interested in any contract or transaction which may thereafter be made with that company
 or firm shall be deemed a sufficient declaration of interest in regard to any contract so
 made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
 by the chairman of the relevant Board meeting, a Director may vote in respect of any contract
 or transaction or proposed contract or transaction notwithstanding that he may be interested
 therein and if he does so his vote shall be counted and he may be counted in the quorum at
 any meeting of the Directors at which any such contract or transaction or proposed contract
 or transaction shall come before the meeting for consideration.

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116. A
 Director may hold any other office or place of profit under the Company (other than the office
 of auditor) in conjunction with his office of Director for such period and on such terms
 (as to remuneration and otherwise) as the Directors may determine and no Director or intending
 Director shall be disqualified by his office from contracting with the Company either with
 regard to his tenure of any such other office or place of profit or as vendor, purchaser
 or otherwise, nor shall any such contract or arrangement entered into by or on behalf of
 the Company in which any Director is in any way interested be liable to be avoided, nor shall
 any Director so contracting or being so interested be liable to account to the Company for
 any profit realised by any such contract or arrangement by reason of such Director holding
 that office or of the fiduciary relation thereby established. A Director, notwithstanding
 his interest, may be counted in the quorum present at any meeting of the Directors whereat
 he or any other Director is appointed to hold any such office or place of profit under the
 Company or whereat the terms of any such appointment are arranged and he may vote on any
 such appointment or arrangement.

117. Any
 Director may act by himself or through his firm in a professional capacity for the Company,
 and he or his firm shall be entitled to remuneration for professional services as if he were
 not a Director; provided that nothing herein contained shall authorise a Director or his
 firm to act as auditor to the Company.

118. The
 Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of the Directors present at each meeting of the Directors and of any committee of the
 Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 resolutions and proceedings at all meetings of the Company, and of the Directors and of committees
 of Directors.

119. When
 the chairman of a meeting of the Directors signs the minutes of such meeting the same shall
 be deemed to have been duly held notwithstanding that all the Directors have not actually
 come together or that there may have been a technical defect in the proceedings.

120. A
 resolution in writing signed by all the Directors or all the members of a committee of Directors
 entitled to receive notice of a meeting of Directors or committee of Directors, as the case
 may be (an alternate Director, subject as provided otherwise in the terms of appointment
 of the alternate Director, being entitled to sign such a resolution on behalf of his appointer),
 shall be as valid and effectual as if it had been passed at a duly called and constituted
 meeting of Directors or committee of Directors, as the case may be. When signed a resolution
 may consist of several documents each signed by one or more of the Directors or his duly
 appointed alternate.

121. A
 Director may, or other officer on the requisition of a Director shall, call a meeting of
 the Directors by at least two calendar days' notice in writing to every Director which notice
 shall set forth the general nature of the business to be considered unless notice is waived
 by all the Directors either at, before or after the meeting is held.

122. The
 continuing Directors may act notwithstanding any vacancy in their body but if and for so
 long as their number is reduced below the number fixed by or pursuant to these Articles as
 the necessary quorum of Directors, the continuing Directors may act for the purpose of increasing
 the number, or of summoning a general meeting of the Company, but for no other purpose.

123. Subject
 to any regulations imposed on it by the Directors, a committee appointed by the Directors
 may elect a chairman of its meetings. If no such chairman is elected, or if at any meeting
 the chairman is not present within fifteen minutes after the time appointed for holding the
 meeting, the committee members present may choose one of their number to be chairman of the
 meeting.

124. A
 committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to
 any regulations imposed on it by the Directors, questions arising at any meeting shall be
 determined by a majority of votes of the committee members present and in case of an equality
 of votes the chairman shall have a second or casting vote.

125. All
 acts done by any meeting of the Directors or of a committee of Directors, or by any Person
 acting as a Director, shall notwithstanding that it be afterwards discovered that there was
 some defect in the appointment of any such Director or Person acting as aforesaid, or that
 they or any of them were disqualified, be as valid as if every such Person had been duly
 appointed and was qualified to be a Director.

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**PRESUMPTION OF ASSENT**

126. A
 Director who is present at a meeting of the Board of Directors at which an action on any
 Company matter is taken shall be presumed to have assented to the action taken unless his
 dissent shall be entered in the minutes of the meeting or unless he shall file his written
 dissent from such action with the person acting as the chairman or secretary of the meeting
 before the adjournment thereof or shall forward such dissent by registered post to such person
 immediately after the adjournment of the meeting. Such right to dissent shall not apply to
 a Director who voted in favour of such action.

**DIVIDENDS**

127. Subject
 to any rights and restrictions for the time being attached to any Shares, the Directors may
 from time to time declare dividends (including interim dividends) and other distributions
 on Shares in issue and authorise payment of the same out of the funds of the Company lawfully
 available therefor.

128. Subject
 to any rights and restrictions for the time being attached to any Shares, the Company by
 Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended
 by the Directors.

129. The
 Directors may, before recommending or declaring any dividend, set aside out of the funds
 legally available for distribution such sums as they think proper as a reserve or reserves
 which shall, in the absolute discretion of the Directors, be applicable for meeting contingencies
 or for equalising dividends or for any other purpose to which those funds may be properly
 applied, and pending such application may in the absolute discretion of the Directors, either
 be employed in the business of the Company or be invested in such investments (other than
 Shares of the Company) as the Directors may from time to time think fit.

130. Any
 dividend payable in cash to the holder of Shares may be paid in any manner determined by
 the Directors. If paid by cheque it will be sent by mail addressed to the holder at his address
 in the Register, or addressed to such person and at such addresses as the holder may direct.
 Every such cheque or warrant shall, unless the holder or joint holders otherwise direct,
 be made payable to the order of the holder or, in the case of joint holders, to the order
 of the holder whose name stands first on the Register in respect of such Shares, and shall
 be sent at his or their risk and payment of the cheque or warrant by the bank on which it
 is drawn shall constitute a good discharge to the Company.

131. The
 Directors may determine that a dividend shall be paid wholly or partly by the distribution
 of specific assets (which may consist of the shares or securities of any other company) and
 may settle all questions concerning such distribution. Without limiting the generality of
 the foregoing, the Directors may fix the value of such specific assets, may determine that
 cash payment shall be made to some Members in lieu of specific assets and may vest any such
 specific assets in trustees on such terms as the Directors think fit.

132. Subject
 to any rights and restrictions for the time being attached to any Shares, all dividends shall
 be declared and paid according to the amounts paid up on the Shares, but if and for so long
 as nothing is paid up on any of the Shares dividends may be declared and paid according to
 the par value of the Shares. No amount paid on a Share in advance of calls shall, while carrying
 interest, be treated for the purposes of this Article as paid on the Share.

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133. If
 several Persons are registered as joint holders of any Share, any of them may give effective
 receipts for any dividend or other moneys payable on or in respect of the Share.

134. No
 dividend shall bear interest against the Company.

135. Any
 dividend unclaimed after a period of six calendar years from the date of declaration of such
 dividend may be forfeited by the Board of Directors and, if so forfeited, shall revert to
 the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

136. The
 books of account relating to the Company's affairs shall be kept in such manner as
 may be determined from time to time by the Directors.

137. The
 books of account shall be kept at the Registered Office, or at such other place or places
 as the Directors think fit, and shall always be open to the inspection of the Directors.

138. The
 Directors may from time to time determine whether and to what extent and at what times and
 places and under what conditions or regulations the accounts and books of the Company or
 any of them shall be open to the inspection of Members not being Directors, and no Member
 (not being a Director) shall have any right to inspect any account or book or document of
 the Company except as conferred by law or authorised by the Directors or by Ordinary Resolution,
 provided that the Members may inspect the Register without charge, and receive the annual
 audited financial statements of the Company.

139. The
 accounts relating to the Company's affairs shall be audited in such manner and with
 such financial year end as may be determined from time to time by the Directors or failing
 any determination as aforesaid shall not be audited.

140. The
 Directors may appoint an auditor of the Company who shall hold office until removed from
 office by a resolution of the Directors and may fix his or their remuneration.

141. Every
 auditor of the Company shall have a right of access at all times to the books and accounts
 and vouchers of the Company and shall be entitled to require from the Directors and officers
 of the Company such information and explanation as may be necessary for the performance of
 the duties of the auditors.

142. The
 auditors shall, if so required by the Directors, make a report on the accounts of the Company
 during their tenure of office at the next annual general meeting following their appointment,
 and at any time during their term of office, upon request of the Directors or any general
 meeting of the Members.

143. The
 Directors in each calendar year shall prepare, or cause to be prepared, an annual return
 and declaration setting forth the particulars required by the Companies Act and deliver a
 copy thereof to the Registrar of Companies in the Cayman Islands.

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**CAPITALISATION OF RESERVES**

144. Subject
 to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve
 to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
 capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalised to the Members in proportion to the nominal amount of
 Shares (whether or not fully paid) held by them respectively and apply that sum on their
 behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying
 up in full unissued Shares or debentures of a nominal amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Members (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Members credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 any arrangements they think fit to resolve a difficulty arising in the distribution of a
 capitalised reserve and in particular, without limitation, where Shares or debentures become
 distributable in fractions the Directors may deal with the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise
 a Person to enter (on behalf of all the Members concerned) into an agreement with the Company
 providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 allotment to the Members respectively, credited as fully paid, of Shares or debentures to
 which they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 payment by the Company on behalf of the Members (by the application of their respective proportions
 of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining
 unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally
 do all acts and things required to give effect to the resolution.

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145. Notwithstanding
 any provisions in these Articles and subject to the Companies Act, the Directors may resolve
 to capitalise an amount standing to the credit of reserves (including the share premium account,
 capital redemption reserve and profit and loss account) or otherwise available for distribution
 by applying such sum in paying up in full unissued Shares to be allotted and issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees
 (including Directors) or service providers of the Company or its Affiliates upon exercise
 or vesting of any options or awards granted under any share incentive scheme or employee
 benefit scheme or other arrangement which relates to such persons that has been adopted or
 approved by the Directors or the Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 trustee of any trust or administrator of any share incentive scheme or employee benefit scheme
 to whom shares are to be allotted and issued by the Company in connection with the operation
 of any share incentive scheme or employee benefit scheme or other arrangement which relates
 to such persons that has been adopted or approved by the Directors or Members.

**SHARE PREMIUM ACCOUNT**

146. The
 Directors shall in accordance with the Companies Act establish a Share Premium Account and
 shall carry to the credit of such account from time to time a sum equal to the amount or
 value of the premium paid on the issue of any Share.

147. There
 shall be debited to any Share Premium Account on the redemption or purchase of a Share the
 difference between the nominal value of such Share and the redemption or purchase price provided
 always that at the discretion of the Directors such sum may be paid out of the profits of
 the Company or, if permitted by the Companies Act, out of capital.

**NOTICES**

148. Except
 as otherwise provided in these Articles, any notice or document may be served by the Company
 or by the Person entitled to give notice to any Member either personally, or by posting it
 by airmail or a recognised courier service in a prepaid letter addressed to such Member at
 his address as appearing in the Register, or by electronic mail to any electronic mail address
 such Member may have specified in writing for the purpose of such service of notices, or
 by facsimile to any facsimile number such Member may have specified in writing for the purpose
 of such service of notices, or by placing it on the Company's Website should the Directors
 deem it appropriate. In the case of joint holders of a Share, all notices shall be given
 to that one of the joint holders whose name stands first in the Register in respect of the
 joint holding, and notice so given shall be sufficient notice to all the joint holders.

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149. Notices
 sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
 courier service.

150. Any
 Member Present at any meeting of the Company shall for all purposes be deemed to have received
 due notice of such meeting and, where requisite, of the purposes for which such meeting was
 convened.

151. Any
 notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post,
 shall be deemed to have been served five calendar days after the time when the letter containing
 the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile,
 shall be deemed to have been served upon production by the transmitting facsimile machine
 of a report confirming transmission of the facsimile in full to the facsimile number of the
 recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised
 courier service, shall be deemed to have been served 48 hours after the time when the letter
 containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic
 means, shall be deemed to have been served immediately (i) upon the time of the transmission
 to the electronic mail address supplied by the Member to the Company or (ii) upon the time
 of its placement on the Company's Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

152. Any
 notice or document delivered or sent by post to or left at the registered address of any
 Member in accordance with the terms of these Articles shall notwithstanding that such Member
 be then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy,
 be deemed to have been duly served in respect of any Share registered in the name of such
 Member as sole or joint holder, unless his name shall at the time of the service of the notice
 or document have been removed from the Register as the holder of the Share, and such service
 shall for all purposes be deemed a sufficient service of such notice or document on all Persons
 interested (whether jointly with or as claiming through or under him) in the Share.

153. Notice
 of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members holding Shares with the right to receive notice and who have supplied to the Company
 an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but
 for his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

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**INFORMATION**

154. Subject
 to the relevant laws, rules and regulations applicable to the Company, no Member shall be
 entitled to require discovery of any information in respect of any detail of the Company's
 trading or any information which is or may be in the nature of a trade secret or secret process
 which may relate to the conduct of the business of the Company and which in the opinion of
 the Board would not be in the interests of the Members of the Company to communicate to the
 public.

155. Subject
 to due compliance with the relevant laws, rules and regulations applicable to the Company,
 the Board shall be entitled to release or disclose any information in its possession, custody
 or control regarding the Company or its affairs to any of its Members including, without
 limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

156. Every
 Director (including for the purposes of this Article any alternate Director appointed pursuant
 to the provisions of these Articles), Secretary, assistant Secretary, or other officer for
 the time being and from time to time of the Company (but not including the Company's
 auditors) and the personal representatives of the same (each an "Indemnified Person")
 shall be indemnified and secured harmless against all actions, proceedings, costs, charges,
 expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person,
 other than by reason of such Indemnified Person's own dishonesty, willful default or
 fraud, in or about the conduct of the 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 the Company or its affairs
 in any court whether in the Cayman Islands or elsewhere. To the extent permissible under
 applicable laws, the Members waive any claim or right of action that they may have, both
 individually and on the Company's behalf, against any Director in relation to any action
 or failure to take action by such Director in the performance of his or her duties with or
 for the Company, except in respect of any dishonesty, willful default or fraud of such Director.

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157. No
 Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent
 of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 account of the insufficiency of any security in or upon which any money of the Company shall
 be invested; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 any loss occasioned by any negligence, default, breach of duty, breach of trust, error of
 judgement or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for
 any loss, damage or misfortune whatsoever which may happen in or arise from the execution
 or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's
 office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

158. Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 31 March
 in each calendar year and shall begin on 1 April in each calendar year.

**NON-RECOGNITION OF TRUSTS**

159. No
 Person shall be recognised by the Company as holding any Share upon any trust and the Company
 shall not, unless required by law, be bound by or be compelled in any way to recognise (even
 when having notice thereof) any equitable, contingent, future or partial interest in any
 Share or (except only as otherwise provided by these Articles or as the Companies Act requires)
 any other right in respect of any Share except an absolute right to the entirety thereof
 in each Member registered in the Register.

**WINDING UP**

160. If
 the Company shall be wound up the liquidator may, with the sanction of a Special Resolution
 of the Company and any other sanction required by the Companies Act, divide amongst the Members
 in species or in kind the whole or any part of the assets of the Company (whether they shall
 consist of property of the same kind or not) and may for that purpose value any assets and
 determine how the division shall be carried out as between the Members or different classes
 of Members. The liquidator may, with the like sanction, vest the whole or any part of such
 assets in trustees upon such trusts for the benefit of the Members as the liquidator, with
 the like sanction, shall think fit, but so that no Member shall be compelled to accept any
 asset upon which there is a liability.

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161. If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 shall be insufficient to repay the whole of the share capital, such assets shall be distributed
 so that, as nearly as may be, the losses shall be borne by the Members in proportion to the
 par value of the Shares held by them. If in a winding up the assets available for distribution
 amongst the Members shall be more than sufficient to repay the whole of the share capital
 at the commencement of the winding up, the surplus shall be distributed amongst the Members
 in proportion to the par value of the Shares held by them at the commencement of the winding
 up subject to a deduction from those Shares in respect of which there are monies due, of
 all monies payable to the Company for unpaid calls or otherwise. This Article is without
 prejudice to the rights of the holders of Shares issued upon special terms and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

162. Subject
 to the Companies Act, the Company may at any time and from time to time by Special Resolution
 alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

163. For
 the purpose of determining those Members that are entitled to receive notice of, attend or
 vote at any meeting of Members or any adjournment thereof, or those Members that are entitled
 to receive payment of any dividend, or in order to make a determination as to who is a Member
 for any other purpose, the Directors may provide that the Register shall be closed for transfers
 for a stated period which shall not exceed in any case thirty calendar days in any calendar
 year.

164. In
 lieu of or apart from closing the Register, the Directors may fix in advance a date as the
 record date for any such determination of those Members that are entitled to receive notice
 of, attend or vote at a meeting of the Members and for the purpose of determining those Members
 that are entitled to receive payment of any dividend the Directors may, at or within ninety
 calendar days prior to the date of declaration of such dividend, fix a subsequent date as
 the record date for such determination.

165. If
 the Register is not so closed and no record date is fixed for the determination of those
 Members entitled to receive notice of, attend or vote at a meeting of Members or those Members
 that are entitled to receive payment of a dividend, the date on which notice of the meeting
 is posted or the date on which the resolution of the Directors declaring such dividend is
 adopted, as the case may be, shall be the record date for such determination of Members.
 When a determination of those Members that are entitled to receive notice of, attend or vote
 at a meeting of Members has been made as provided in this Article, such determination shall
 apply to any adjournment thereof.

---

| | | |
|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 39 | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

**REGISTRATION BY WAY OF CONTINUATION**

166. The
 Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
 outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
 registered or existing. In furtherance of a resolution adopted pursuant to this Article,
 the Directors may cause an application to be made to the Registrar of Companies to deregister
 the Company in the Cayman Islands or such other jurisdiction in which it is for the time
 being incorporated, registered or existing and may cause all such further steps as they consider
 appropriate to be taken to effect the transfer by way of continuation of the Company.

**DISCLOSURE**

167. The
 Directors, or any service providers (including the officers, the Secretary and the registered
 office provider of the Company) specifically authorised by the Directors, shall be entitled
 to disclose to any regulatory or judicial authority any information regarding the affairs
 of the Company including without limitation information contained in the Register and books
 of the Company.

**MERGERS AND CONSOLIDATIONS**

168. The
 Company shall have the power to merge or consolidate with one or more other constituent companies
 (as defined in the Statute) upon such terms as the Directors may determine and (to the extent
 required by the Statute) with the approval of a Special Resolution.

---

| | | |
|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
| | 40 | *Filed: 06-Aug-2025 13:06 EST* |
| | *www.verify.gov.ky File#: 422191* | *Auth Code: F02624183971* |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

NUMBER CERT.9999 THIS CERTIFIES THAT Is The Owner of Evvolutions LeadTech Inc. INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS sHARES \*\*\*\*\*\*\*9,000,000,000\*\*\*\*\*\*\* CUSIP 999999ZZ9 CLASS A ORDINARY SHARES $0.0001 PAR VALUE CLASS A ORDINARY SHARES \* SPECIMEN \* \* NINE BILLION AND 00/100 \* FULLY PAID AND NON - ASSESSABLE SHARES OF CLASS A ORDINARY SHARES OF Evvolutions LeadTech Inc. Transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. Dated: JANUARY 01, 2009 COUNTERSIGNED AND REGISTERED: VSTOCK TRANSFER, LLC Transfer Agent and Registrar By: Chief Executive Officer and Chairman

## Exhibit 5.2

**Exhibit 5.2**

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| | | |
|:---|:---|:---|
| ![](ex5-2_001.jpg) | &nbsp;&nbsp;**Loeb & Loeb LLP**<br> 2206-19 Jardine House<br> 1 Connaught Place, Central<br> Hong Kong<br> Tel +852 3923 1111<br> Fax +852 3923 1100<br> Email HongKong@loeb.com | &nbsp;&nbsp;**樂博律師事務所有限法律責任合夥**<br> 香港中環康樂廣場1號<br> 怡和大廈2206-19室<br> 電話 +852 3923 1111<br> 傳真 +852 3923 1100<br> 電郵 HongKong@loeb.com |

---

November 27, 2025

Evvolutions LeadTech Inc

28 Genting Lane, #05-07, Platinum 28,

Singapore 349585

Re: Evvolutions LeadTech Inc

Ladies and Gentlemen:

We have acted as counsel to Evvolutions LeadTech Inc, a Cayman Islands company (the "Company"), in connection with the Registration Statement on Form F-1 (the "Registration Statement") filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Act"), for the registration of (i) 2,500,000 Class A ordinary shares, par value $0.0001 per share (the "Class A Ordinary Shares") by the Company, (ii) up to an additional 375,000 Class A Ordinary Shares issuable upon exercise of an over-allotment option granted to Network 1 Financial Securities, Inc. (the "Underwriter Representative") by the Company, and (iii) up to 201,250 Class A Ordinary Shares underlying warrants issuable to the Underwriter Representative upon exercise of such warrants (the "Warrants"), pursuant to an Underwriting Agreement to be entered into between the Company and the underwriters named therein (the "Underwriting Agreement").

We have examined such documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion set forth below. With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified copies, and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon certain representations of certain officers of the Company. Because the agreements governing the Warrants contain provisions stating that they are to be governed by the laws of the State of New York, we are rendering this opinion as to New York law. We are admitted to practice in the State of New York, and we express no opinion as to any matters governed by any law other than the law of the State of New York. In particular, we do not purport to pass on any matter governed by the laws of the Cayman Islands.

Based upon the foregoing, we are of the opinion that the Warrants, when issued in accordance with the terms of the Underwriting Agreement, will constitute the valid and legally binding obligation of the Company, enforceable against it in accordance with its terms.

In addition, the foregoing opinions are qualified to the extent that (a) enforceability may be limited by and be subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law (including, without limitation, concepts of notice and materiality), and by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' and debtors' rights generally (including, without limitation, any state or federal law in respect of fraudulent transfers); and (b) no opinion is expressed herein as to compliance with or the effect of federal or state securities or blue sky laws.

We hereby consent to the use of this opinion as an exhibit to the Registration Statement, to the use of our name as your U.S. counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| */s/ Loeb & Loeb LLP* |
| Loeb & Loeb LLP |

---

San Francisco Los Angeles New York Chicago Nashville Washington, DC Beijing Hong Kong www.loeb.com

For the United States offices, a limited partnership including professional corporations. For Hong Kong office, a limited liability partnership.

## Exhibit 10.1

**Exhibit 10.1** 

<u>Dated the</u>_________<u>day of</u>______________<u>202_</u>

**EVVOLUTIONS LEADTECH INC** 

and

**[ ]**

**EMPLOYMENT AGREEMENT**

**FOR**

**EXECUTIVE OFFICER**

**THIS AGREEMENT** is made on the ___________ day of ______________________ 202_.

**BETWEEN**:

(1) **Evvolutions LeadTech Inc**, a Cayman Islands exempted company
 incorporated with limited liability with registered address at Harneys Fiduciary (Cayman) Limited,
 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman, KY1-1002 Cayman Islands
 (the "**Company** "); and

(2) **[ ]**,
 of [address] (the "**Executive Officer** ").

**NOW IT IS HEREBY AGREED** as follows:-

**1.** **DEFINITION AND INTERPRETATION** 

1.1. In this Agreement, unless the context otherwise
 requires, the following words and expressions shall have the following meanings:-

---

| | |
|:---|:---|
| **"Agreement"** | this service agreement, as may be amended or modified from time to time; |
| **"Appointment"** | the appointment of [name] as an Executive Officer of the Company pursuant to Clause 2; |
| **"Board"** | the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held and includes a duly authorised committee thereof; |
| **"Business"** | all the business and affairs carried on from time to time by the Group or by any of the companies within the Group; |
| **"Compensation"** | shall have the meaning ascribed thereto in the Clause 4.1; |
| **"Compensation Committee"** | the compensation committee of the Board; |
| **"Confidential Information"** | (i) all information, know-how and records (in whatever form held) including (without prejudice to the generality of the foregoing) all formulae, designs, specifications, drawings, data, manuals and instructions and all customer lists, sales information, business plans and forecasts and all technical or other expertise and all computer software and all financial accounting and tax records, correspondence, orders and enquiries that are confidential or not generally known in any way in connection with the Group or any business of the Group, or trade secrets of the Group; (ii) any confidential information or trade secrets of the clients or prospective clients of the Group, or (iii) the confidential or proprietary information of any third party received by the Group and for which the Group has confidential obligations; |

---

---

| | |
|:---|:---|
| **"Corporate Status"** | the capacity of the Executive Officer with respect to the Company and the services performed by the Executive Officer in that capacity; |
| **"Group"** | the Company and its subsidiaries from time to time and a member of the Group shall be construed accordingly; |
| **"Listing Date"** | the day on which the shares of the Company first commence trading on the NYSE American; |
| **"NYSE American"** | NYSE American; |
| **"S$"** | Singapore dollars, the lawful currency of the Republic of Singapore, with an exchange rate of US$0.758=S$1; |
| **"Singapore"** | the Republic of Singapore; |
| **"Proceedings"** | any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal or informal, including a proceeding initiated by the Executive Officer pursuant to Clause 13 to enforce his rights hereunder; and |
| **"United States"** | the United States of America. |

---

1.2. Reference to Clauses, are references to clauses of this Agreement.

1.3. In this Agreement, words importing the singular include the plural and vice versa, words importing one
gender include every gender and references to a person include any public body and body corporate, unincorporated associations and partnership
(whether or not having separate legal personality).

1.4. The headings to the Clauses of this Agreement are for convenience only and shall not affect the construction
in this Agreement.

1.5. In this Agreement (save as otherwise expressly stated herein), references, express or implied, to any
statues or statutory provision or any rule or regulation (whether or not having the force of law) shall be construed as references to
the same as respectively amended, varied, modified, consolidated or re-enacted from time to time (whether before or after the date of
this Agreement) and to any subordinate legislation made under such statutory provision and reference to sections of consolidating legislation
shall, wherever necessary or appropriate in the context, be construed as including references to the sections of the previous legislation
from which the consolidating legislation has been prepared.

**2.** **COMMENCEMENT OF EMPLOYMENT** 

2.1. The Employment has commenced on [date] pursuant to the Original
 Employment Agreement and shall continue on the terms and conditions of this Agreement with effect from
 public listing date ("Effective Date").

2.2. The Parties desire to amend and restate the Original Employment Agreement
 on the terms and conditions set forth herein.

2.3. The Executive Officer hereby agrees that the Employment shall continue
 on the terms and conditions of this Agreement for a term commencing on the Effective Date and ending
 on such date either Party terminates the Agreement in accordance with Clause 5 ("Termination").

2.4. The Executive Officer will be appointed as the [ POSITION ]
 and [ POSITION ]. The Company shall employ the Executive
 Officer and the Executive Officer shall diligently and faithfully serve the Company as an executive
 officer pursuant to the terms and conditions of this Agreement and subject to the articles of association
 of the Company, the NYSE American Company Guide (to the extent applicable) and other applicable laws
 and regulations.

2.5. The Executive Officer represents and warrants that he is not bound by or subject to any court order, agreement,
arrangement or undertaking which in any way restricts or prohibits him from entering into this Agreement or from performing his duties
hereunder.

**3.** **EXECUTIVE OFFICER'S DUTIES AND SERVICES** 

3.1. The Executive Officer hereby undertakes with the Company that during the term of this Agreement, he shall
use his best endeavours to carry out his duties faithfully and diligently under this Agreement. The Executive Officer shall perform such
duties and responsibilities as directed by the Chief Executive Officer and/or Board consistent with Executive's position on behalf
of Company.

3.2. Without prejudice to the generality of Clause 3.1, the Executive Officer shall during the term of this
Agreement:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge
of duties of his office as an executive officer of the Company and, where relevant, as an officer of such other members of the Group as
are necessary for the proper and efficient administration, supervision, and management of the financial planning, the financial statements
and accounts and all formal finance related procedures of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office
in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable
and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the
best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept
such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with
the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation
to the Company and/or the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his powers and obligations as an executive officer of the Company and use his best
endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of
the Group, whether in the United States, Singapore, or elsewhere; (c) the NYSE American Company Guide; (d) the articles of association
of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant
securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation
to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished
inside information affecting the shares, debentures or other securities of any member of the Group.

3.3. The Executive Officer shall carry out his duties and exercise his powers jointly with any other executive
officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require
the Executive Officer to cease performing any of his duties or exercising any of his power under this Agreement.

3.4. The Executive Officer's working hours shall be such hours as the Company may from time to time deem
appropriate and as may be necessary to achieve the purposes of the Company and shall include the hours from 9:00 a.m. to 6:00 p.m. (subject
to a lunch break of one hour during weekdays), Monday to Friday in each week.

**4.** **REMUNERATION** 

4.1. Upon the effective date of this Agreement and during the term of this
 Agreement, the Executive Officer shall receive a monthly remuneration of US $[
 ] which shall accrue on a day to day basis payable in arrears on the last day of
 each calendar month provided that if the Appointment is terminated prior to the end of a calendar month,
 the Executive Officer shall only be entitled to a proportionate part of such salary in respect of the
 period of service during the relevant month up to the date of termination (the "**Compensation** ").

4.2. The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant
to its terms of reference after the Listing Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee
(when applicable) and approved by the Board duly convened pursuant to the articles of association of the Company.

4.3. *[Intentionally omitted]*.

4.4. Payment of the Compensation may be made by the Company and/or by any member of the Group and if by more
than one company in such proportions as the Board in its absolute discretion may from time to time think fit. Payment of the Compensation
shall also be subject to such statutory deductions and/or withholdings, as may be required in accordance with applicable legislation in
force from time to time and any withholdings for purposes of performing tax clearance with the Inland Revenue Authority of Singapore.

4.5. The Executive Officer shall be reimbursed for all reasonable expenses (including expenses of entertainment,
subsistence and travelling) properly incurred by him in the performance of his duties in accordance with this Agreement.

4.6. The Executive Officer may be eligible to receive, in the sole and absolute discretion of the Company (considering
such factors, as the Company deems appropriate in the sole, subjective judgment), a discretionary bonus. The Company's determination
of whether or not to pay the Executive Officer a discretionary bonus, the criteria therefore and the amount and timing of such bonus,
if any, shall be final and binding. If either party terminates the employment relationship before the bonus payment date or if the Executive
Officer is serving termination notice on the bonus payment date, the Executive Officer shall not be entitled to any part of the discretionary
annual bonus.

4.7. The Executive Officer expressly agrees that the Company shall have the right to deduct from the Compensation
and any bonus any inadvertent overpayment of salary or other amount due from the Executive Officer which is payable to the Company during
the course of the Executive Officer's employment to the extent permitted by law.

**5.** **TERMINATION** 

5.1. The Company shall, after due inquiry, be entitled to terminate the Appointment forthwith without any notice
or payment in lieu of notice or other compensation to the Executive Officer prior to the expiry of the term of the Appointment by notice
in writing and upon such determination the Executive Officer shall not be entitled to any bonus or any payment whatsoever (other than
such Compensation actually accrued due and payable) or to claim any compensation or damages for or in respect of or by reason of such
determination, if the Executive Officer shall at any time:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commit any serious or persistent breach whether wilful or not of any of the provisions herein (and to
the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days after written warning given by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be guilty of any act of negligence or dishonesty to the detriment of the Group, misconduct or wilful default
or neglect in the discharge of his duties hereunder (and to the extent that such breach is capable of remedy shall fail to remedy such
breach within 30 days after written warning given by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) become bankrupt or have a receiving order made against him or suspend payment of his debts or compound
with or make any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) become a lunatic or of unsound mind or become a patient for any purpose of any statute relating to mental
health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) become permanently incapacitated by illness or other like causes so as to prevent the Executive Officer
from performing his duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be guilty of conduct tending to bring himself or any member of the Group into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) be convicted or plead guilty to any criminal offence involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) refuse to carry out any reasonable or lawful order given to him by the Board during the term of his Agreement
or fail to diligently and faithfully attend to his duties hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) improperly divulge to any unauthorised person any Confidential Information or any other business secret
or details of the organisation, business or clientele of the Group.

5.2. The Executive Officer may terminate this Agreement by giving to the Company not less than three (3) months'
prior notice in writing or making payment in lieu of such notice. The Company may terminate this Agreement by giving to the Executive
Officer not less than three (3) months' prior notice in writing or payment in lieu of notice at any time after the date of this
Agreement.

5.3. If the Company becomes entitled pursuant to Clause 5.1 above to terminate the Appointment, it shall be
entitled (but without prejudice to its right subsequently to the termination of the Appointment on the same or any other ground) to suspend
the Appointment of the Executive Officer without payment of the Compensation, in full or in part, to the extent permitted by law.

5.4. On the termination of the Appointment howsoever arising, the Executive Officer shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) forthwith deliver to the Company all Confidential Information, books, records, correspondence, accounts,
documents, papers, materials, credit cards (if any) and other property of or relating to the business of the Group which may then be in
his possession or under his power or control and all copies thereof or extracts therefrom made by or on behalf of the Executive Officer
shall be and remain the property of the Group and shall forthwith be delivered up to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not at any time thereafter represent himself to be connected with the Group.

5.5. The Appointment of the Executive Officer under this Agreement shall terminate automatically in the event
of his ceasing to be an executive officer of the Company.

5.6. Termination for whatever reason shall not relieve the parties of their obligations arising or accrued
prior to the termination of the Appointment or of obligations which expressly or by necessary implication continue after termination of
the Appointment, including Clauses 5.4 and 6.

5.7. No delay or forbearance by the Company in exercising any such right of termination shall constitute a
waiver of that right.

**6.** **CONFIDENTIALITY** 

6.1. The Executive Officer shall not, and shall procure that none of his associates shall, either during or
after the termination or expiry of the Appointment without limit in point of time, except as required in the performance of his duties
in connection with the employment or pursuant to applicable law:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) divulge or communicate to any person except to those of the officials of the Group whose province is to
know the same in the proper course of their duties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use, take away, conceal or destroy for his own purpose or for any purpose other than that of the Group
or for the advantage of any person other than the Group or to the detriment of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) through any failure to exercise all due care and diligence cause any unauthorised disclosure of,

any Confidential Information (including without limitation), relating to the dealings, organisation, business, finance, transactions or any other affairs of the Group or its suppliers, agents, distributors, clients or customers; or in respect of which any company within the Group is bound by an obligation of confidence to any third party, but so that these restriction shall cease to apply to any information or knowledge which may (otherwise than through the default of the Executive Officer or his associates) become available to the public generally or otherwise required by law or any applicable rules or regulations to be disclosed.

6.2. Since the Executive Officer may obtain in the course of the Appointment by reason of services rendered
for or offices held in any other member of the Group knowledge of the trade secrets or other Confidential Information of such company,
the Executive Officer hereby agrees that he will at the request and cost of the Company or such other member of the Group enter into a
direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained
(or such of them as may be appropriate in the circumstances) in relation to such products and services and such area and for such period
as such company may reasonably require for the protection of its legitimate interest.

6.3. All notes, memoranda, records and writings made by the Executive Officer in relation to the financial
statements and accounts of the Group, the Business or concerning any of its dealings or affairs or the dealings of affairs of any clients
or customers of the Group shall be and shall remain the property of the Group and shall be handed over by him to the Company (or to such
other member of the Group as the case may require) from time to time on demand of the Company and in any event upon his leaving the service
of the Company and the Executive Officer shall not retain any copy thereof.

6.4. The covenants in each paragraph of Clause 6 are independent of each other and are not to be construed
restrictively by reference to one another.

**7.** **LEAVE** 

ANNUAL LEAVE

The Executive Officer shall (in addition to public holidays and statutory leave and sick leave) be entitled to [ ] working days paid annual leave in each year during the term of this Agreement to be taken at such time or times as the Board may approve.

For avoidance of doubt, the Executive Officer entitled to a paid holiday at his gross rate of pay on gazetted public holidays. The Compensation already includes payment for gazetted public holidays. If the Company requires the Executive Officer to work on a public holiday that does not fall on the Executive Officer's rest day and the Executive Officer's line manager provides written approval, the Executive Officer will be entitled to 1 off day in lieu of the public holiday. Unless otherwise agreed in writing by the Company, the Executive Officer's rest day is Sunday.

 ****

The Executive Officer's common leave year runs from 1 January to 31 December, and the Executive Officer may carry forward no more than [ ] days of unused paid annual leave of his current entitlement to be taken on the following common leave year.

SICK LEAVE

In the event of absence or lateness for whatever reason including illness, the Executive Officer shall immediately notify the Company by telephone no later than 48 hours from the time the Executive Officer was to report to work, and deliver to the Company a medical certificate from a medical practitioner.

The Company shall reimburse the Executive Officer for fees of an examination of the Executive Officer by a medical practitioner and any medical costs (including but not limited to medication) arising out of that examination in full, upon the provision to the Company of proper receipts. Such reimbursement is subject to a yearly limit of S$200 for medical and S$100 for dental allowance and will only be granted if the examination is conducted by a doctor at a government clinic or hospital, the Company's panel of doctors, or a Singapore-registered general practitioner, or unless otherwise agreed by the Company.

The Executive Officer shall be entitled to 14 working days paid sick leave during each year of service, and an additional 46 working days paid sick leave during each year of service in the event hospitalisation is required, provided that such leave is certified by a medical practitioner.

COMPASSIONATE LEAVE

In the event of death of spouse, children, parents, parents-in-law, siblings or grandparents of immediate family then the Executive Officer shall be entitled for 3 consecutive days' leave of absence with full pay.

The Executive Officer will be required to produce evidence, in the form of a Death Certificate. If it is subsequently found that such leave was obtained misrepresentation of facts, the employee may render himself liable to liable action.

Such compassionate leave is however NOT applicable to staffs under probation.

STATUTORY LEAVE

The Executive Officer will be entitled to any statutory leaves of absence provided that the Executive Officer meets the relevant requirements as prescribed under the applicable law. In the event the Company is entitled to be reimbursed by the Singapore Government in relation to such statutory leaves of absence, the Executive Officer undertakes to use his best efforts and cooperate with the Company to ensure that the Company acquires the relevant reimbursement.

**8.** **AGREEMENT OF INDEMNITY** 

Subject to any applicable law, including but not limited to section 172 and 172B of the Companies Act 1967 of Singapore, the Company agrees to indemnify the Executive Officer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions contained in Clause 9(a) below, if the Executive Officer was or is a party or
is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the Executive
Officer's Corporate Status, the Executive Officer shall be indemnified by the Company against all expenses and liabilities incurred
or paid by the Executive Officer in connection with such Proceeding (referred to herein as "**Indemnifiable Expenses** "
and "**Indemnifiable Liabilities**," respectively, and collectively as "**Indemnifiable Amounts** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the exceptions contained in Clause 9(b) below, if the Executive Officer was or is a party or
is threatened to be made a party to any Proceeding by or in the right of the Company, to procure a judgment in its favour by reason of
the Executive Officer's Corporate Status, the Executive Officer shall be indemnified by the Company against all Indemnifiable Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, the Executive Officer shall be deemed to have acted in good faith in conducting
the Company's affairs as an executive officer of the Company, if the Executive Officer: (i) exercised or used the same degree of
diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances in the conduct of her own
affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional advisors for the Company,
or upon statements made or information furnished by other directors, officers or employees of the Company, or upon a financial statement
of the Company provided by a person in charge of its accounts or certified by a public accountant or a firm of public accountants, which
the Executive Officer had reasonable grounds to believe to be true.

**9.** **EXCEPTIONS TO INDEMNIFICATION** 

Executive Officer shall be entitled to indemnification under Clauses 8(a) and 8(b) above in all circumstances other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If indemnification is requested under Clause 8(a) and it has been adjudicated finally by a court or arbitral
body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen,
(i) the Executive Officer failed to act in good faith and in a manner the Executive Officer reasonably believed to be in or not opposed
to the best interests of the Company, (ii) the Executive Officer had reasonable cause to believe that the Executive Officer's conduct
was unlawful, or (iii) the Executive Officer's conduct constituted wilful misconduct, fraud, dishonesty or knowing violation of
law, then the Executive Officer shall not be entitled to payment of Indemnifiable Amounts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If indemnification is requested under Clause 8(b) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection
with the subject of the Proceeding out of which the claim for indemnification has arisen, the Executive Officer failed to act in good
faith and in a manner the Executive Officer reasonably believed to be in or not opposed to the best interests of the Company, the Executive
Officer shall not be entitled to payment of Indemnifiable Expenses hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that the Executive
Officer is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification
has arisen, including, without limitation, a claim that the Executive Officer received an improper benefit or improperly took advantage
of a corporate opportunity, the Executive Officer shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to
such claim, issue or matter.

**10.** **WHOLLY OR PARTLY SUCCESSFUL** 

Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that the Executive Officer is, by reason of the Executive Officer's Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Executive Officer shall be indemnified in connection therewith. If the Executive Officer is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Executive Officer against those Expenses reasonably incurred by the Executive Officer or on the Executive Officer's behalf in connection with each successfully resolved claim, issue or matter. For purposes of this clause, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

**11.** **ADVANCES AND INTERIM EXPENSES** 

The Company may pay to the Executive Officer all Indemnifiable Expenses incurred by the Executive Officer in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding, if the Executive Officer furnishes the Company with a written undertaking, to the satisfaction of the Company, to repay the amount of such Indemnifiable Expenses advanced to the Executive Officer in the event it is finally determined by a court or arbitral body of competent jurisdiction that the Executive Officer is not entitled under this Agreement to indemnification with respect to such Indemnifiable Expenses.

**12.** **PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS** 

The Executive Officer shall submit to the Company a written request specifying the Indemnifiable Amounts, for which the Executive Officer seeks payment under Clause 8 hereof and the Proceeding of which has been previously notified to the Company and approved by the Company for indemnification hereunder. At the request of the Company, the Executive Officer shall furnish such documentation and information as are reasonably available to the Executive Officer and necessary to establish that the Executive Officer is entitled to indemnification hereunder. The Company shall pay such Indemnifiable Amounts within thirty (30) days of receipt of all required documents.

**13.** **REMEDIES OF EXECUTIVE OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RIGHT TO PETITION COURT. In the event that the Executive Officer makes a request for payment of Indemnifiable
Amounts under Clauses 8, 10-12 above, and the Company fails to make such payment or advancement in a timely manner pursuant to the terms
of this Agreement, the Executive Officer may petition the appropriate judicial authority to enforce the Company's obligations under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BURDEN OF PROOF. In any judicial proceeding brought under Clause 13(a) above, the Company shall have the
burden of proving that the Executive Officer is not entitled to payment of Indemnifiable Amounts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EXPENSES. The Company agrees to reimburse the Executive Officer in full for any Expenses incurred by the
Executive Officer in connection with investigating, preparing for, litigating, defending or settling any action brought by the Executive
Officer under Clause 13(a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) VALIDITY OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without
limitation, an action under Clause 13(a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there
is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) FAILURE TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee
thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable
Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defence in any action brought under Clause 13(a)
above.

**14.** **PROCEEDINGS AGAINST COMPANY** 

Except as otherwise provided in this Agreement, the Executive Officer shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by the Executive Officer against the Company, any entity which it controls, any director or officer thereof, or any third party, unless the Company has consented to the initiation of such Proceeding. This clause shall not apply to counterclaims or affirmative defences asserted by the Executive Officer in an action brought against the Executive Officer.

**15.** **INSURANCE** 

The Company will obtain and maintain a policy or policies of director and officer liability insurance, of which the Executive Officer will be named as an insured, providing the Executive Officer with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said insurance policy or policies ("**D&O Insurance**"); provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive Officer agrees that, while the Company has valid and effective D&O Insurance, and except
as provided in Clause 15(c), Clauses 8-14 of this Agreement shall not apply, and the Company's indemnification obligation to the
Executive Officer under this Agreement shall be deemed fulfilled by virtue of purchasing and maintaining such insurance policy or policies,
in accordance with the terms and conditions thereof and subject to exclusions stated thereon. The Executive Officer agrees that the Company
shall have no obligation to challenge the decisions made by the insurance carrier(s) ()"**Insurance Carrier**") relating
to any claims made under such insurance policy or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive Officer agrees that the Company's indemnification obligation to the Executive Officer
under Clause 15(a) shall be deemed discharged and terminated, in the event the Insurance Carrier refused payment for any Proceedings against
the Executive Officer due to the acts or omissions of the Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive
Officer for the Indemnifiable Amounts and Indemnifiable Expenses, to the extent that any Proceedings are coverable by D&O Insurance,
but in excess of the policy amount, in accordance with Clauses 8-14 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive
Officer to the extent that the Executive Officer has liability that would be part of the D&O Insurance deductible, if there is any;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While the D&O Insurance is valid and effective, this Clause 15 states the entire and exclusive remedy
of the Executive Officer with respect to the indemnification obligation of the Company to the Executive Officer under this Agreement.

**16.** **WAIVER** 

16.1. Time is of the essence in this Agreement but no failure or delay on the part of either party to exercise
any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any
power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.

16.2. The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.

**17.** **ENTIRE AGREEMENT** 

17.1. This Agreement constitutes the entire agreement between the parties hereto in relation to the subject
matter hereof and shall be in substitution for and supersedes all and any previous service agreements, arrangements or undertakings entered
into between any member of the Group and the Executive Officer. Any terms of employment previously in force between any such member of
the Group and the Executive Officer, whether or not on a legal or formal basis, shall be deemed to have been cancelled or terminated with
effect from the effective date of this Agreement.

17.2. The Executive Officer hereby acknowledges that he has no claim of any kind against any member of the Group
and without prejudice to the generality of the foregoing he further acknowledges that he has no claim for damages against any member of
the Group for the termination of any previous service agreements, arrangements or undertakings (if any) for the purpose of entering into
this Agreement.

**18.** **NOTICES** 

18.1. All notices, requests, demands, consents or other communications to or upon the parties under or pursuant
to this Agreement shall be in writing and sent to the relevant party at such party's address or facsimile number set out below (or
at such other address or facsimile number as such party may hereafter specify to the other party) and shall be deemed to have been duly
given or made:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a communication by letter five (5) business days (if overseas) or three (3) business days
(if local) after dispatch or, if such letter is delivered by hand, on the day of delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a communication by facsimile, when sent provided that the transmission is confirmed by
a transmission report.

The Company:

---

| | |
|:---|:---|
| Address: | 28 Genting Lane, #05-07, |
|  | Platinum 28 |
|  | Singapore 349585 |
| Facsimile no.: | +65 6258 4914 |

---

The Executive Officer:

Address: [ ] <br> Email: [ ]

**19.** **ASSIGNMENT** 

This Agreement shall be binding upon and ensure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always that the Executive Officer may not assign his obligations and liabilities under this Agreement.

**20.** **RELATIONSHIP** 

None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties for any purpose.

**21.** **AMENDMENT** 

This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.

**22.** **SEVERABILITY** 

Any provision of this Agreement which is prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

**23.** **LAW AND JURISDICTION** 

This Agreement shall be governed by and construed in all respects in accordance with the laws of the Singapore and the parties hereby submit to the non-exclusive jurisdiction of the courts of Singapore.

**IN WITNESS** whereof this Agreement has been executed the day and year first above written.

 **<u>The
Company</u>**
**SIGNED** by [ ]) for and on
behalf of) **EVVOLUTIONS LEADTECH
INC** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)) in the
presence of:-) **The Executive
Officer**
**SIGNED** by [ ])) in
the presence of:-)

## Exhibit 10.2

**Exhibit 10.2**

**INDEPENDENT DIRECTOR AGREEMENT**

This DIRECTOR AGREEMENT (the "Agreement") is made and entered into as of this [ ] day of 202_, by and between Evvolutions LeadTech Inc**,** a Cayman Islands corporation (the "Company"), and [ ] (the "Independent Director") and shall become effective on the closing date of the Company's initial public offering (the "Effective Date").

WHEREAS, the Company desires to engage the Independent Director, and the Independent Director desires to serve, as a non-employee director of the Company, subject to the terms and conditions contained in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the receipt of which is hereby acknowledged, the Company and the Independent Director, intending to be legally bound, hereby agree as follows:

&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. DEFINITIONS.

&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; (a) "Corporate Status" describes the capacity of the Independent Director with respect to the Company and the services performed by the Independent Director in that capacity.

&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;(b) "Entity" shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity.

&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;(c) "Proceeding" shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal or informal, including a proceeding initiated by the Independent Director pursuant to Section 12 of this Agreement to enforce the Independent Director's rights 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Expenses" shall mean all reasonable fees, costs and expenses, approved by the Company in advance and reasonably incurred in connection with any Proceeding, including, without limitation, attorneys' fees, disbursements and retainers, fees and disbursements of expert witnesses, private investigators, professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Liabilities" shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

&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;(f) "Parent" shall mean any corporation or other entity (other than the Company) in any unbroken chain of corporations or other entities ending with the Company, if each of the corporations or entities, other than the Company, owns stock or other interests possessing 50% or more of the economic interest or the total combined voting power of all classes of stock or other interests in one of the other corporations or entities in the chain.

&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;(g) "Subsidiary" shall mean any corporation or other entity (other than the Company) in any unbroken chain of corporations or other entities beginning with the Company, if each of the corporations or entities, other than the last corporation or entity in the unbroken chain, owns stock or other interests possessing 50% or more of the economic interest or the total combined voting power of all classes of stock or other interests in one of the other corporations or entities in the chain.

&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. SERVICES OF INDEPENDENT DIRECTOR. While this Agreement is in effect, the Independent Director shall perform duties as an independent director and/or a member of the committees of the Board, be compensated for such and be reimbursed expenses in accordance with the Schedule A attached to this Agreement, subject to the following.

&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;(a) The Independent Director will perform services as is consistent with Independent Director's position with the Company, as required and authorized by the Articles of Association of the Company, and in accordance with high professional and ethical standards and all applicable laws and rules and regulations pertaining to the Independent Director's performance hereunder, including without limitation, laws, rules and regulations relating to a public 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Independent Director is solely responsible for taxes arising out of any compensation paid by the Company to the Independent Director under this Agreement. The Independent Director acknowledges and agrees that because he/she is not an employee of the Company, the Company will not withhold any amounts for taxes from any of his/her payments under the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may offset any and all monies payable to the Independent Director to the extent of any monies owing to the Company from the Independent Director.

&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;(d) The rules and regulations of the Company notified to the Independent Director, from time to time, apply to the Independent Director. Such rules and regulations are subject to change by the Company in its sole discretion. Notwithstanding the foregoing, in the event of any conflict or inconsistency between the terms and conditions of this Agreement and rules and regulations of the Company, the terms of this Agreement control.

&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. REQUIREMENTS OF INDEPENDENT DIRECTOR. During the term of the Independent Director's services to the Company hereunder, Independent Director shall observe all applicable laws and regulations relating to independent directors of a public company as promulgated from time to time, and shall not: (1) be an employee of the Company or any Parent or Subsidiary; (2) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the Company other than as a director and/or a member of a committee of the Board; (3) be an affiliated person of the Company or any Parent or Subsidiary, as the term "affiliate" is defined in 17 CFR 240.10A-3(e)(1), other than in his/her capacity as a director and/or a member of a committee of the Board; (4) possess an interest in any transaction with the Company or any Parent or Subsidiary, for which disclosure would be required pursuant to 17 CFR 229.404(a), other than in his/her capacity as a director and/or a member of a committee of the Board committees; (5) be engaged in a business relationship with the Company or any Parent or Subsidiary, for which disclosure would be required pursuant to 17 CFR 229.404(b), except that the required beneficial interest therein shall be modified to be 5% hereby.

&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. REPORT OBLIGATION. While this Agreement is in effect, the Independent Director shall immediately report to the Company in the event: (1) the Independent Director knows or has reason to know or should have known that any of the requirements specified in Section 3 hereof is not satisfied or is not going to be satisfied; and (2) the Independent Director simultaneously serves on an audit committee of any other public 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;5. TERM AND TERMINATION. This Agreement and the Independent Director's services hereunder shall commence on the date hereof and terminate upon the earlier of the following:

&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;(a) Removal of the Independent Director as a director of the Company, upon proper Board or stockholder action in accordance with the Articles of Association of the Company and applicable law;

&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;(b) Resignation of the Independent Director as a director of the Company upon written notice to the Board of Directors of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disqualification of the Independent Director as a director of the Company in accordance with the Articles of Association of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination of this Agreement by the Company, in the event any of the requirements specified in Section 3 hereof is not satisfied, as determined by the Company in its sole discretion; or

&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;(e) Failure of the stockholders of the Company to re-elect the Independent Director at the Company's annual shareholders' meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. LIMITATION OF LIABILITY. In no event shall the Independent Director be individually liable to the Company or its shareholders for any damages for breach of fiduciary duty as an independent director of the Company, unless the Independent Director's act or failure to act involves intentional misconduct, fraud, dishonesty or a knowing violation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AGREEMENT OF INDEMNITY. The Company agrees to indemnify the Independent Director as follows:

&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;(a) Subject to the exceptions contained in Section 8(a) below, if the Independent Director was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the Independent Director's Corporate Status, the Independent Director shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by the Independent Director in connection with such Proceeding (referred to herein as "INDEMNIFIABLE EXPENSES" and "INDEMNIFIABLE LIABILITIES," respectively, and collectively as "INDEMNIFIABLE AMOUNTS").

&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;(b) Subject to the exceptions contained in Section 8(b) below, if the Independent Director was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company, to procure a judgment in its favor by reason of the Independent Director's Corporate Status, the Independent Director shall be indemnified by the Company against all Indemnifiable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, the Independent Director shall be deemed to have acted in good faith in conducting the Company's affairs as an independent director of the Company and/or a member of a committee of the Board of the Company, if the Independent Director: (i) exercised or used the same degree of diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances in the conduct of his/her own affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional advisors for the Company, or upon statements made or information furnished by other directors, officers or employees of the Company, or upon a financial statement of the Company provided by a person in charge of its accounts or certified by a public accountant or a firm of public accountants, which the Independent Director had reasonable grounds to believe to be true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. EXCEPTIONS TO INDEMNIFICATION. Director shall be entitled to indemnification under Sections 7(a) and 7(b) above in all circumstances other than the following:

&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;(a) If indemnification is requested under Section 7(a) and it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Independent Director failed to act in good faith and in a manner the Independent Director reasonably believed to be in or not opposed to the best interests of the Company, (ii) the Independent Director had reasonable cause to believe that the Independent Director's conduct was unlawful, or (iii) the Independent Director's conduct constituted willful misconduct, fraud, dishonesty or knowing violation of law, then the Independent Director shall not be entitled to payment of Indemnifiable Amounts 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If indemnification is requested under Section 7(b) 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;&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) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, the Independent Director failed to act in good faith and in a manner the Independent Director reasonably believed to be in or not opposed to the best interests of the Company, including without limitation, the breach of Section 4 hereof by the Independent Director, the Independent Director shall not be entitled to payment of Indemnifiable Expenses hereunder; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that the Independent Director is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that the Independent Director received an improper benefit or improperly took advantage of a corporate opportunity, the Independent Director shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that the Independent Director is, by reason of the Independent Director's Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Independent Director shall be indemnified in connection therewith. If the Independent Director is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Independent Director against those Expenses reasonably incurred by the Independent Director or on the Independent Director's behalf in connection with each successfully resolved claim, issue or matter. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ADVANCES AND INTERIM EXPENSES. The Company may pay to the Independent Director all Indemnifiable Expenses incurred by the Independent Director in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding, if the Independent Director furnishes the Company with a written undertaking, to the satisfaction of the Company, to repay the amount of such Indemnifiable Expenses advanced to the Independent Director in the event it is finally determined by a court or arbitral body of competent jurisdiction that the Independent Director is not entitled under this Agreement to indemnification with respect to such Indemnifiable 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;11. PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS. The Independent Director shall submit to the Company a written request specifying the Indemnifiable Amounts, for which the Independent Director seeks payment under Section 7 hereof and the Proceeding of which has been previously notified to the Company and approved by the Company for indemnification hereunder. At the request of the Company, the Independent Director shall furnish such documentation and information as are reasonably available to the Independent Director and necessary to establish that the Independent Director is entitled to indemnification hereunder. The Company shall pay such Indeminfiable Amounts within thirty (30) days of receipt of all required 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;12. REMEDIES OF INDEPENDENT DIRECTOR.

&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;(a) RIGHT TO PETITION COURT. In the event that the Independent Director makes a request for payment of Indemnifiable Amounts under Sections 7, 9-11 above, and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, the Independent Director may petition the appropriate judicial authority to enforce the Company's obligations under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BURDEN OF PROOF. In any judicial proceeding brought under Section 12 (a) above, the Company shall have the burden of proving that the Independent Director is not entitled to payment of Indemnifiable Amounts 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EXPENSES. The Company agrees to reimburse the Independent Director in full for any Expenses incurred by the Independent Director in connection with investigating, preparing for, litigating, defending or settling any action brought by the Independent Director under Section 12 (a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith.

&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;(d) VALIDITY OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Section 12 (a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) FAILURE TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 12 (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. PROCEEDINGS AGAINST COMPANY. Except as otherwise provided in this Agreement, the Independent Director shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by the Independent Director against the Company, any Entity which it controls, any director or officer thereof, or any third party, unless the Company has consented to the initiation of such Proceeding. This section shall not apply to counterclaims or affirmative defenses asserted by the Independent Director in an action brought against the Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. INSURANCE. The Company will obtain and maintain a policy or policies of director and officer liability insurance, of which the Independent Director will be named as an insured, providing the Independent Director with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said insurance policy or policies ("D&O INSURANCE"); provided that:

&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;(a) The Independent Director agrees that, while the Company has valid and effective D&O Insurance, and except as provided in (c) of this section, Sections 7-13 of this Agreement shall not apply, and the Company's indemnification obligation to the Independent Director under this Agreement shall be deemed fulfilled by virtue of purchasing and maintaining such insurance policy or policies, in accordance with the terms and conditions thereof and subject to exclusions stated thereon. The Independent Director agrees that the Company shall have no obligation to challenge the decisions made by the insurance carrier(s) ("INSURANCE CARRIER") relating to any claims made under such insurance policy or policies;

&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;(b) The Independent Director agrees that the Company's indemnification obligation to the Independent Director under (a) of this section shall be deemed discharged and terminated, in the event the Insurance Carrier refused payment for any Proceedings against the Independent Director due to the acts or omissions of the Independent Director;

&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;(c) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Independent Director for the Indemnifiable Amounts and Indemnifiable Expenses, to the extent that any Proceedings are coverable by D&O Insurance, but in excess of the policy amount, in accordance with Sections 7-13 of this Agreement; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Independent Director to the extent that the Independent Director has liability that would be part of the D&O Insurance deductible, if there is any; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While the D&O Insurance is valid and effective, this Section 14 states the entire and exclusive remedy of the Independent Director with respect to the indemnification obligation of the Company to the Independent Director under 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;15. SUBROGATION. In the event of any payment of Indemnifiable Amounts under this Agreement and/or the D&O Insurance, the Company or its Insurance Carrier, as the case may be, shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of the Independent Director against other persons, and the Independent Director shall take, at the request of the Company, all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce such 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;16. AUTHORITY. Each party has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by each party hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. SUCCESSORS AND ASSIGNMENT. This Agreement shall (a) be binding upon and inure to the benefit of all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law), and (b) be binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of the Independent Director. The Independent Director has no power to assign this Agreement or any rights and obligations 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;18. CHANGE IN LAW. To the extent that a change in applicable law (whether by statute or judicial decision) shall mandate broader or narrower indemnification than is provided hereunder, the Independent Director shall be subject to such broader or narrower indemnification and this Agreement shall be deemed to be amended to such extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. SEVERABILITY. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. MODIFICATIONS AND WAIVER. Except as provided in Section 18 hereof with respect to changes in applicable law which broaden or narrow the right of the Independent Director to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No delay in exercise or non-exercise by the Company of any right under this Agreement shall operate as a current or future waiver by it as to its same or different rights under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. NOTICES. All notices, requests, demands and other communications hereunder shall be in writing in English and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by express mail with delivery confirmation with postage prepaid, on the 5th business day after the date on which it is so mailed:

If to Independent Director, to: [ ]

If to the Company, to: 28 Genting Lane, #05-07, Platinum 28, Singapore 349585.

Or to such other address as may have been furnished in the same manner by any party to the others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. GOVERNING LAW. This Agreement shall be governed by and construed and enforced under the state laws of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. AGREEMENT GOVERNS. This Agreement is to be deemed consistent wherever possible with relevant provisions of the Articles of Association of the Company; however, in the event of a conflict between this Agreement and such provisions, the provisions of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. INDEPENDENT CONTRACTOR. The parties understand, acknowledge and agree that the Independent Director's 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 the Independent Director and the Company or as a commitment on the part of the Company to retain the Independent Director in any capacity, for any period of time or under any specific terms or conditions, or to continue the Independent Director's 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;&nbsp;&nbsp;&nbsp;&nbsp;25. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the Company and the Independent Director with respect to the subject matter hereof, and supersedes all prior understandings and agreements with respect to such subject matter.

IN WITNESS WHEREOF, the parties hereto have executed this Independent Director Indemnification Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| AGREED | AGREED |
| Company: | Independent Director |
| Evvolutions LeadTech Inc |  |
| Name: Wong Yee Leong | Name: [ ] |
| Title: Chief Executive Officer |  |

---

<u>SCHEDULE A</u>

I POSITION:

INDEPENDENT DIRECTOR.

II. COMPENSATION:

FEES. For all services rendered by the Independent Director pursuant to this Agreement, both during and outside of normal working hours, including but not limited to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested by the Company, the Company agrees to pay to the Independent Director fees in accordance with the schedule set forth below:

US$[ ] per annum payable by 12 monthly installments of approximately US$[ ] (or a pro rata amount for an incomplete month) and will be paid in United States dollars.

EXPENSES. During the term of the Independent Director's service as a director of the Company, the Company shall promptly reimburse the Independent Director for all expenses approved by the Company in advance and incurred by his/her in connection with attending (a) all meetings of the Board or applicable committees thereof, (b) executive sessions of the independent directors, and (c) stockholder meetings, as a director or a member of any committee of the Board, which are approved by the Company in advance. In addition, the Independent Director shall rely on the Company to arrange for all hotel accommodations in connection with any such meetings the Independent Director must attend. The amount of such expenses eligible for reimbursement by the Company during a calendar year shall not affect such expenses eligible for reimbursement by the Company in any other calendar year, and the reimbursement of any such eligible expenses shall be made promptly, usually within 10 business days, after the expense report and original receipts are submitted.

NO OTHER BENEFITS OR COMPENSATION. The Independent Director acknowledges and agrees that he/she is not granted and is not entitled to any other benefits or compensation from the Company for the services provided under this Agreement except expressly provided for in this Schedule A or as determined from time to time by the Company in its sole discretion.

---

| | |
|:---|:---|
| AGREED | AGREED |
| Company: | Independent Director |
| Evvolutions LeadTech Inc |  |
| Name: Wong Yee Leong | Name: [ ] |
| Title: Chief Executive Officer |  |

---

## Exhibit 10.3

**Exhibit 10.3**

DATED THIS 4th DAY OF December 2023

BETWEEN

**"Landlord"**

**PLATINUM28 PTE LTD**

28 Genting Lane

#09-08 Platinum28

Singapore 349585

(Unique Entity Number : 201026360W)

AND

**"Tenant"**

**EVVO LABS PTE LTD**

28 Genting Lane

#05-07 Platinum28

Singapore 349585

(Unique Entity Number : 201118918G)

**LEASE**

**#05-07**

**PLATINUM 28**

**<u>TENANCY AGREEMENT</u>**

**THIS TENANCY AGREEMENT** is made the 4th day of December Two Thousand Twenty-Three (2023) between:-

1. **PLATINUM28 PTE LTD,** a company incorporated in the Republic of Singapore and having its registered
office at No. 28 Genting Lane, #09-08 Platinum28, Singapore 349585 (hereinafter called the "Landlord") of the one part; and

**EVVO LABS PTE LTD** (Unique Entity No: 201118918G) a company incorporated in the Republic of Singapore and having its registered office at 28 Genting Lane #05-17 Singapore 349585 (hereinafter called the "Tenant") of the other part.

WITNESSETH as follows:-

1. <u>DEMISE</u> 

In consideration of the rents and service charges hereinafter reserved and the Tenant's covenants hereinafter contained, the Landlord hereby lets and the Tenant hereby takes all the premises more particularly described in item 1 of the Schedule hereto (hereinafter called the "Premises") being part of the Building known as **PLATINUM 28** (hereinafter called the "Building") together with (but to the exclusion of all other liberties, easements, rights or advantages and subject always to the Landlord's absolute right to refuse access hereinafter contained):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the right for the Tenant and others duly authorised by the Tenant but only so far as necessary and as
the Landlord can lawfully grant the same of ingress to and egress from the Premises in over and along all the usual entrances landings
passenger lifts and passageways leading thereto in common with the Landlord and all others so authorised by the Landlord and all other
persons entitled thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the right for the Tenant and others duly authorised by the Tenant to the use of such sufficient toilet
facilities in the Premises as shall be designated from time to time by the Landlord but such use shall be in common with the Landlord
and all others so authorised by the Landlord and all other persons so entitled thereto.

Excepting and Reserving unto the Landlord the free and uninterrupted use of all Pipes, water, gas, sewage, electricity, air-conditioning services, telephone and other services or supplies in and through the pipes and ancillary apparatus which now are or may during the Term be in, on, above or under the Premises TO HOLD the Premises unto the Tenant for the term stated in item 2 of the Schedule hereto (hereinafter called the "Term") commencing on the date stated in item 2 of the Schedule hereto (hereinafter called the "Commencement Date") YIELDING AND PAYING THEREFOR unto the Landlord during the Term, the monthly rent, service charge and other sums as hereinafter provided.

2. <u>COVENANT TO PAY RENT ETC.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the whole of the Term, the Tenant shall pay to the Landlord the rent hereinafter reserved (hereinafter
called the "Rent" and service charge monthly (and proportionally for any part of a month) in advance on the first day of each
and every month, the first payment of the Rent and service charge to be made on or before the Commencement Date and each subsequent payment
to be made on the first day of every succeeding month PROVIDED that in the event the Commencement Date falls on a day other than the first
day of a month, the Tenant shall pay to the Landlord pro-rated rent and service charge calculated from and including the Commencement
Date up to the day immediately before the first day of the
following month and thereafter all payments shall be made on the first day of each succeeding month. The Tenant's obligations to pay the
Rent, service charge, and other sums under this Agreement shall each constitute a separate and independent obligation binding on the Tenant
and the Landlord shall be entitled without reference to and notwithstanding any other provision of this Agreement, to enforce such obligations
against the Tenant in any court of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Tenant shall pay to the Landlord  **<u>as gross rent</u>:-** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Rent** 

During the Term, the monthly rent as stated in item 3 of the Schedule hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Service Charge** 

During the Term, the monthly service charge as stated in item 4 of the Schedule hereto (hereinafter called the "service charge").

3.  **<u>CALCULATION OF SERVICE CHARGE</u>** 

The monthly service charge is calculated at the rate as stated in item 4 of the Schedule hereto on the area of the Premises estimated for the purpose of the Term as representing the apportioned outgoings of the Building attributable to the Premises and shall be subject to the following provisions:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Revision of Service Charge** 

The service charge is an estimate only and the Landlord shall be entitled as of any time and from time to time during the Term to revise the service charge by serving a notice on the Tenant of such intention. The said notice shall be accompanied by a certificate from the Landlord and shall be conclusive and binding on the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Payment of Service Charge** 

If on revision there is any increase in the outgoings of the Building the Tenant shall pay an additional service charge in each and every month representing the apportioned extra outgoings of the Building as are attributable to the Premises at the same time and in the same manner as hereinbefore mentioned with regard to the service charge and such increase shall take effect as from the date specified in the Landlord's notice. For the purpose of ascertaining the additional service charge payable under the provision aforesaid all increases in the outgoings of the Building shall be apportioned in the proportion by which the floor area of the Premises bears to the total area of the rentable floor area of the Building and a statement by the Landlord as to the increase of the outgoings of the Building and the apportionment thereof (save for manifest error) shall be accepted by the Tenant as final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Outgoings** 

The term "outgoings of the Building" where used in this Agreement shall mean the total sum of all outgoings, costs and expenses of the Landlord assessed or assessable, charge or chargeable, paid or payable or otherwise incurred in respect of the Building and the land on which it is erected, the control, management and maintenance thereof and the provision of the services for tenants or occupiers of the Building. Provided that if the Tenant shall fail to pay the service charge as and when it is due the Landlord shall be entitled to terminate the provision to the Premises of any services generally provided for tenants or occupiers of the Building.

4.  **<u>DEPOSIT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Tenant shall pay on or before the signing of this Agreement and maintain throughout the Term the deposit
as stated in item 5 of the Schedule hereto, being a sum equivalent to **three (3) months rent** and **three (3) months service charge** (hereinafter collectively called the "deposit") which shall be held by the Landlord as security for the due observance and
performance by the Tenant of all and singular the several covenants, conditions, stipulations and agreements on the part of the Tenant
herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Tenant shall at any time fail to observe or perform any of its obligations and agreements herein
contained, the Landlord may, at its option, appropriate and apply all or any part of the deposit to compensate the Landlord for its loss
or damage or provide for any contingent liability incurred by the Landlord arising from the breach of any of the obligations and agreements
on the part of the Tenant to be observed and performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any appropriation by the Landlord of the deposit in terms of sub-clause (2) of this Clause shall not be
deemed to be a waiver by the Landlord of any non-payment non-observance or non-performance on the part of the Tenant and shall not preclude
the Landlord from exercising any of its other rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In the event the Landlord appropriates or applies the deposit in terms of sub-clause (2) of this Clause,
the Tenant shall immediately pay to the Landlord a sufficient amount to restore the deposit to the amount equivalent to **three (3) months rent** and **three (3) months service charge.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the event the service charge shall be increased by the Landlord upon revision under Clause 3 hereof
or the rent and/or service charge, the Tenant shall pay to the Landlord the difference between the equivalent of **three (3) months rent** and **three (3) months service charge** so increased and the equivalent of the original **three (3) months rent** and **three (3) months service charge** as additional security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Tenant shall not be entitled to off-set any rent and service charge due hereunder against all or any
part of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The deposit shall be refunded to the Tenant (free of interest) after the expiry or sooner determination
of the Term subject to any deduction for any breach or non-observance of the covenants and conditions on the part of the Tenant to be
observed and performed herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) In the event of a reduction in the amount of the deposit by the Landlord or the monthly rent and/or monthly
service charge being increased in accordance with the provisions of this Agreement, the Tenant shall forthwith pay to the Landlord an
additional amount so that the deposit shall at any time be equivalent to **three (3) months'** rent and **three (3) months'** service
charge.

5. <u>**TENANT'S**</u>  **<u>COVENANTS</u>** 

The Tenant hereby covenants with the Landlord as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Rent and Service Charge** 

To pay the rent and service charge hereby reserved on the days and in the manner aforesaid without any deduction or set-off (whether of a legal or equitable nature or otherwise) counterclaim or demand whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Deposit** 

To pay the deposit in accordance with Clause 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Increase in Property Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To pay any increase in property tax or other imposition of a like nature by whatever name called during
the Term over and above the amount of such tax payable in respect of the Premises as at the Commencement Date whether by way of an increase
in the rate of tax or composition or an increase in the annual value and to pay any imposition (including surcharge on property tax) by
whatever name called which may hereafter be levied on the Premises. In the event of the Premises not being separately assessed but the
Building as a whole then, for the purpose of ascertaining the additional or other amount payable by the Tenant under this Clause any such
increase in property tax or outgoing shall be apportioned and the Tenant shall pay such proportion thereof as the floor area of the Premises
bears to the total area of the rentable floor space in the Building such apportionment to be calculated by the Landlord and notified to
the Tenant and a statement from the Landlord to the Tenant as to the additional property tax or outgoing payable shall be accepted by
the Tenant as final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Utilities and Taxes** 

To pay for all charges including any taxes now or in the future imposed in respect of water, gas, electricity, and any other service supplied and separately metered to the Premises which shall be charged by the relevant authorities or other appropriate authority corporation or body to the Tenant. In the event of such water, gas, electricity or other services not being supplied and metered separately to the Premises, the Tenant shall pay a proportionate part of the costs thereof, such costs to be calculated by the Landlord and notified to the Tenant and a statement from the Landlord to the Tenant of such costs and the apportionment thereof shall be accepted by the Tenant as final and binding. In the event of the relevant authorities or other appropriate authority corporation or body responsible for the supply of electricity gas water and any other service supplied and used in the Building increasing the charges, such increase in charges as calculated by the Landlord and notified to the Tenant and a statement from the Landlord to the Tenant of such increase shall be accepted by the Tenant as final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Telephones and Telecommunication** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the written approval of the Landlord, to install at the Tenant's own cost and expenses all
telephones and other telecommunication facilities and all such works shall be carried out by workmen of or engaged by the Singapore Telecommunication
or such other appropriate authority corporation or body or in the absence of such workmen, by a contractor nominated by the Landlord.
All costs incurred by the Landlord under this sub-clause shall be for the account of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not to install within the ducts intended for the carriage of telephone wires any wire other than those
installed by the Singapore Telecommunication or other appropriate authority corporation or body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Internal Fittings and Works** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not without the prior written approval of the Landlord to carry out within the Premises all or any of
the following works:-

&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) partitioning within the Premises;

&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) installation of all electrical wiring conduits etc. for additional power points light fittings and all
other ceiling fixtures and fittings apart from those standard fixtures and fittings supplied and installed by the Landlord;

&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) all mechanical works of any kind whatsoever;

&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) provisions of tile (ceramic vinyl or otherwise) and other floor covering or finishes of whatever kind;

&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) marking paintings, drilling or defacing any walls, ceilings, partitions, floors, wood, glass, windows,
curtain wall, cladding or other parts of the Premises;

&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) all alteration works relating to the existing ceiling fixtures flooring and fittings for lighting air-conditioning
as installed by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To use for carrying out the above installations partitioning and other works approved by the Landlord
materials of such standard as to type quality colour and size as the Landlord its architect engineer or other consultants shall approve
and cause such installations partitioning and other works to be carried out in the Premises in accordance with plans and specifications
that shall have received the prior written approval of the Landlord its architect engineer or other consultant and the relevant government
and/or statutory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not to effect the abovementioned installations partitioning and other works except:-

&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) in the case of any electrical, plumbing or air-conditioning works or installations, including Pipes, by
a contractor nominated or approved by the Landlord and appointed by the Tenant at the Tenant's own cost and expense;

&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) in all other cases by a contractor appointed by the Tenant at the Tenant's own cost and expense and approved
by the Landlord;

&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) in every case, in accordance with approved plans and specifications and under the supervision of any architect
engineer or other consultant appointed by the Landlord; 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) in any case where the approval of the relevant authorities is required with such approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To pay the Landlord all the fees of any architect engineer or other consultant employed by the Landlord
for the purpose of considering approving and supervising the plans specifications materials and all works carried out by the Tenant and
all other costs charges and expenses incurred by the Landlord in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Alterations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not without the prior written consent of the Landlord to make any alterations or addition affecting the
structure or exterior of the Premise or the appearance of the Premise as seen from the exterior of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not without the prior written consent of the Landlord to make any other alterations or additions to the Premises which (i) affect or are likely to affect the mechanical and electrical systems of the Premises or of the Building or (ii) on the basis of prevailing government or local authorities' rules, regulations and requirements, would require approval of the relevant government or local authorities before such alterations or additions can be implemented. For the purpose of seeking the Landlord's consent herein, the Tenant shall submit to the Landlord all plans, layouts, designs, drawings, specifications and details or proposed materials to be used for any proposed alterations and additions. The Landlord shall be entitled to engage its own architect, engineer or other consultant(s) for the purpose of considering the plans, specifications and materials relating to the proposed alterations or additions referred to in Sub-Clauses (a) and (b) of this Clause and for the purpose of supervising all works carried out by the Tenant, the fees and expenses of such architect, engineer and consultants(s) incurred in connection therewith shall be borne by the Tenant and forthwith paid by the Tenant to the Landlord within seven (7) days of the Landlord's demand. If the Tenant fails to make payment on due date, the Landlord may effect payment of the same and all expenses so incurred by the Landlord, shall be recoverable from the Tenant as if they were rent in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Tenantable Repair** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To keep the interior of the Premises including the flooring and interior plaster or other surface material
or rendering on wall and ceilings and the Landlord's fixtures therein including doors windows glass locks fastenings electric wires and
installations and fittings for light power and air-conditioning all mechanical and electrical installations including but not limited
to lifts, fire protection systems, plumbing and sanitary systems, drains, sewers, conduits, flues, gutters, pipes cables, wires within
and/or serving the Premises in a clean and good state of tenantable repair and condition (fair wear and tear excepted) and to make good
to the satisfaction of the Landlord any damage or breakage caused to any part of the Premises or to the Landlord's fixtures and fitting
therein. For avoidance of doubt, doors and windows with one face inside and the other face outside the Premises shall be deemed to be
interior fixtures for the purpose of this clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Maintenance of Air Con Unit** 

The Tenant shall at their own cost take up a servicing contract with Landlord's appointed contractor during the lease term in maintaining the air-conditioning system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Access for Cleaning** 

To allow the person or persons for the time being having the contract for the cleaning of the Building and its or their servants workmen employees agents contractors and subcontractors free ingress to and egress from the Premises PROVIDED ALWAYS that the Landlord shall not be liable for any misconduct or negligent act or default of the said cleaning contractor or its agents, servants or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Notice of Damage or Defects** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Forthwith to give notice to the Landlord or its building supervisor of any defects or damage to the Premises and of any accident to or defect in the Pipes or any other fittings fixtures or other facilities provided by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To make good to the satisfaction of the Landlord any damage or breakage caused to any part of the Premises,
and/or the Building and/or the Landlord's fixtures and fittings by the transportation of the Tenant's goods or effects or as a consequence
of any neglect or malicious act or default of the Tenant, its employees, agents, invitees, licensees or independent contractors or howsoever
caused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **Access to Premises** 

To permit the Landlord and its duly authorised agents with or without workmen and others employed by the Landlord with or without appliances at all reasonable times (and at any time in the case of an emergency) to;-

11.1 (a) enter upon the Premises to examine the state and condition thereof and/or to do such works and things as may be required for any repair alteration cleaning maintenance or improvement to the Premises or any other part or part of the Building; or

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| | |
|:---|:---|
| 11.1 (b) | forthwith to repair and mend in a proper and workmanlike manner any defect for which the Tenant is liable and of which written notice shall be given to the Tenant or left on the Premises and to pay the Landlord's costs of inspection or otherwise in respect of the preparation of any such notice and if the Tenant shall not within fourteen (14) days after the service of such notice proceed diligently with the execution of such works, then the Landlord may (though it is not obliged to do so) enter upon the Premises and execute such repair of works and the costs thereof shall be debt due from the Tenant to the Landlord and recoverable forthwith as such and the Landlord shall be entitled to deduct such debt from the Deposit. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Tenant hereby irrevocably consents and authorizes the Landlord to force open and enter the Premises to effect any inspections
and/or repairs:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) after any relevant notice under clause 11.1 (b) has expired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) or in the case of an emergency, or for the purposes of abating any nuisance without prior notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) **Permitted Use** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to use or permit to use the Premises, or any part thereof otherwise than for the purpose specified
in item 6 of the Schedule hereto (hereinafter called the "permitted use") under the name and style stated in item 7 of the Schedule
hereto. In the event the Tenant ceases to operate the Premises as aforesaid, the Landlord shall be entitled to forfeit the Deposit paid
hereunder and terminate this Agreement but without prejudice to any right of action of the Landlord in respect of any antecedent breach
of the provisions and conditions of this Agreement by the Tenant and without prejudice to any other rights at law or in equity which the
Landlord may have against the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tenant shall at its own expense apply to the relevant authorities for the permitted use and shall
not continue its business operation on the Premises until it obtains all approvals as may be necessary for the permitted use from the
relevant authorities and the Tenant shall forward copies of such approvals to the Landlord forthwith before commencing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Tenant shall be responsible for obtaining and keeping in force all governmental approvals, licences
and permits necessary for the conduct of its business at the Premises and for ensuring that the terms and conditions of such approvals,
licences and permits are strictly adhered to and shall indemnify the Landlord against any consequences or proceedings arising from the
Tenant's default in complying with the provisions of this sub-clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) **Dangerous Goods and Unlawful Storage** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to store or bring upon the Premises or any part thereof or upon the Building or the land on which
it is erected any goods or thing which in the opinion of the Landlord are of an obnoxious dangerous or hazardous nature or any explosive
or combustible substance and any unlawful goods or substance or the use of which may contravene any stature or regulation or law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not to use or permit to be used or to be brought onto the Premises any liquefied petroleum gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) **Unlawful immoral use or nuisance** 

Not to use the Premise or any part thereof for any unlawful or immoral purpose or offensive trade and not to do or permit or suffer to be done any act or thing which may be or become a nuisance to or give cause for reasonable complaint from the occupiers of adjoining premises or of other parts of the Building or of neighbouring buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) **Infectious Illness** 

In the event of any infectious illness occurring in the Premises forthwith to give notice thereof to the Landlord and to the proper public authorities and at the expense of the Tenant to thoroughly fumigate and disinfect the Premises to the satisfaction of the Landlord and such public authorities and otherwise comply with their requirements with regard to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) **Pests and vermins** 

To keep the Premises free of rodents vermins insects pests and animals and to enter into and maintain throughout the Term at the Tenant's sole cost and expense a contract with a general pest exterminator as approved by the Landlord containing terms and conditions acceptable to the Landlord including a provision that the pest exterminator shall service the Premises at least once a month and to forthwith furnish copies of the said contract and all renewals thereof to the Landlord. In the event of the Tenant failing to comply with the provisions of this sub-clause, the Landlord shall be entitled to employ such pest exterminators as the Landlord thinks fit to rid the Premises of such pests and animals and the Landlord shall be entitled to recover the costs thereof from the Tenant as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **Disposal of rubbish** 

Not to throw or deposit or permit to be thrown or deposited any rubbish dirt dust or other material other than in the receptacles designated for such use and/ or in the bin centre located on the ground floor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) **Obstruction of windows etc.** 

Not to cover or obstruct or permit or suffer to be covered or obstructed in any manner whether by any article or thing the windows or skylights or ventilation shafts or air-inlets or outlets which reflect or admit light or enable air to flow into or out of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) **Obstruction of way** 

Not to obstruct in any manner howsoever the Common Area including the entrances exits driveways and footways of and leading to the Building and/or the land on which its is erected and to keep all internal and external parts of the Building and the land clear and free of all obstruction at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) **Sale and Promotional Events** 

Without prior approval of the Landlord,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to permit or suffer to be carried on any sale or promotional events upon the Premises or any part
of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not to use or permit or suffer the Premises or any part thereof or the Common Area to be used for any
auction sale or any sale designated as a fire, bankruptcy or closing down sale or described by reference to any other similar adversity
or catastrophe or any type of public entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) **Exhibition** 

Not to hold in or on the Premises any exhibition, public meeting or public entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) **Livestock** 

Not to permit livestock of any kind to be kept on the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) **Structural Loading** 

Not to load or use the floors, walls, ceilings, or structure of the Premises in any manner which will cause strain, damage or interference with the structural parts, loadbearing framework, roof, foundations, joists and external walls of the Premises and without prejudice to the generality of the foregoing, not to load or permit or suffer to be loaded on any part of the floors of the Building or the Premises to a weight greater than the load capacity prescribed by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) **Ventilation** 

Not to use or permit to be used any heating or cooling devices or any other devices or machines which may interfere with or which imposes an additional loading on any ventilation, air-conditioning or other plant or machinery serving the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) **No Residence** 

Not to allow any person to sleep in the Premises and not to use the Premises for residential purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) **Hygienic Condition** 

To keep the Premise and every part thereof clear and in the fullest possible hygienic condition and to keep all air-cleaning devices, in and serving the Premises clean and unblocked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) **Décor** 

To ensure that the decor and design of the exterior of the Premises are in accordance with plans and specifications previously submitted to and approved by the Landlord, and not to make any changes to such external parts without the prior written approval of the Landlord and to maintain the exterior in accordance with the approved plans and specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) **Doors** 

To ensure that all doors of the Premises are safely and properly locked and secured when the Premises are not occupied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) **Parking etc** 

Not to permit nor cause to be permitted the placing or parking of bicycles, motor cycles or scooters, trolleys and other wheeled vehicles and/or the stocking or storage or littering of goods or things in the Common Area, the corridors, passageways, pavements and the carparking areas and to keep all such internal and external parts of the Building clear and free of obstruction at all times. This sub-clause shall not apply to the placing or parking of bicycles, motor cycles or scooters, trolleys or other wheeled vehicles in the areas designated by the Landlord for the parking of such vehicles in accordance with the terms of the Landlord's designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) **Unloading of goods** 

Not to permit vehicles while being used for delivery and pick up of goods to or from the Premises to be driven parked or stopped at any place or time within the Building except within the loading dock of the Building and except at such other place or places and at such time or times as the Landlord may specifically allow and the Tenant shall prohibit its employees service suppliers and others over whom the Tenant may have control from parking delivery vehicles during loading or unloading in any place other than the specifically approved loading dock and such other specifically approved places as aforesaid, and from obstructing in any manner howsoever the entrances exits and driveways in and to the common parking areas and also the pedestrian footways in or to the Common Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) **Obnoxious Fumes** 

Not to use any machinery substance or material in the Premises which may emit smoke or fumes or obnoxious smells.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) **Compliance with fire regulations** 

At all times during the Term and at the Tenant's own cost and expense, to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take all necessary steps to ensure that fire hazards in the Premises are prevented or reduced to a minimum
and keep within easy access in the Premises adequate fire fighting equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) install the required number of sprinklers, fire extinguishers, fire fighting or other fire protection
equipment (the "fire protection equipment") as may be considered adequate by the Landlord or the fire or other competent authority
in compliance with the current security or fire safety regulations as prescribed by the fire or other competent authority from time to
time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) test, service or otherwise conduct regular inspection of each of the fire protection equipment and maintain
each of the fire protection equipment in good working order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) strictly adhere to and comply with any security measures or fire safety regulations which may be prescribed
from time to time by the Landlord or the fire or other competent authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) permit the Landlord or the fire or other competent authority at any time and from time to time with or
without prior notification, to enter upon the Premises to ascertain the Tenant's compliance with the Tenant's obligations under the preceding
sub-clauses (b), (c) and (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) **Refuse** 

To provide separate and suitable water-tight receptacles with plastic liners for all waste and refuse produced or accumulated on the Premises and at the close of each day (or more often if necessary) remove the same to such area as shall be designated by the Landlord for such use by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) **Attire and behaviour of employees** 

To ensure that the Tenant's staff employees and other workers are properly and cleanly attired at all times during business hours and to maintain a strict control over the Tenant's staff employees and other workers involved in the Tenant's business operations and to prohibit any staff employee or other worker of the Tenant from loitering or creating a nuisance in the Common Area or any part of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) **No private functions** 

Not to allow the Premises to be used for private functions without the prior written approval of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) **Transport of goods** 

Not to transport or convey in any manner its good and equipment on the passenger lifts of the Building and to use for such transport and conveyance only at the service lift or any such lifts as the Landlord may from time to time specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) **Machinery** 

Not, without the prior written consent of the Landlord, to bring or permit or suffer to be brought onto the Premises or any part of the Building used in common with the Landlord and other tenants any machines or machinery and not at any time to load or permit or suffer to be loaded on any part of the floors of the Building or the Premises to a weight greater than 7.5 KN per square metre on the 1<sup>st</sup> storey, 4<sup>th</sup> to 9<sup>th</sup> storey and 5.0 KN per square metre on the roof terrace and when required by the Landlord to distribute the load on any part of the floor of the Premises in accordance with the directions and requirements of the Landlord and in the interpretation and application of the provisions of this Clause relating to loading the decision of the Landlord shall be final and binding on the Tenant. Before any machine machinery safe equipment or goods is moved into or out of the Premises, to give to the Landlord due notice thereof and the moving of the same must be done under the supervision of a person nominated by the Landlord and at a time approved by the Landlord and at no other time and the Landlord may direct the routing installation and location of all such machines machinery safe equipment and goods and the Tenant shall observe and comply with all such directions. All costs and expenses incurred by the Landlord under this sub-clause shall be for the account of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) **Signs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to affix plant or otherwise exhibit or permit or suffer to be affixed painted or otherwise exhibited
to or upon any part or on the exterior of the Premises or on windows or doors thereof or in
any passages corridors or stairs or in or about any part of the Building without the prior written consent of the Landlord any sign light
embellishment advertisement name notice or banner whatsoever save and except the Tenant's nameplate or signboard of a size and form as
shall be approved in writing by the Landlord, such consent not to be unreasonably withheld. The costs for making and maintaining such
nameplate or signboard shall be borne by the Tenant and the nameplate or signboard shall be placed at a spot to be indicated by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any signage erected or installed by the Tenant is required by the Landlord or any government
or other authority to be removed, the Tenant shall at the Tenant's own cost and expense to remove such signage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Tenant shall at the Tenant's own cost and expense remove such signage upon the expiry or sooner determination
of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To pay to the Landlord all the expenses incurred by the Landlord for the fabrication and erection of a
suitable signboard/ Tenant's directory displaying the names of the Tenants of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) **Use of name of Building** 

Not without the prior written consent of the Landlord to use any name or description in the business of the Tenant similar to or bearing any resemblance to the name of the Building and, if granted, to discontinue the use of such name upon the determination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) **Unsightly objects** 

To keep the windows of the Premises closed at all times and not to erect or install any sign device furnishing ornament or object which, in the opinion of the Landlord, will impair spoil or detract from the architectural form or style or the general appearance of the Building or the Common Area generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) **Radio, television aerials card/coin phones** 

Not without the prior consent in writing of the Landlord to erect or place upon within or without the Premises any radio or television aerials or antenna or any loudspeaker screen or similar device or equipment or any card/coin phones nor any like media or equipment or any card/coin phones likely to be heard or seen from outside the Premises provided however that any consent so given as aforesaid may at any time be withdrawn where the Landlord so determines having regard to the interests of the Building as a whole and/or the rights or interests of other tenants occupiers or persons lawfully therein and such determination shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) **Subletting and Assignment** 

Not to assign sublet or otherwise part with or share the actual or legal possession or the use of the Premises or any part thereof for any term whatsoever without the prior written consent of the Landlord. Where the Tenant is a corporation, any form of re-construction, re-organisation, amalgamation, takeover or change in any of the shareholders or any change of control affecting the existing constitution or structure of shareholdings of the Tenant shall be deemed to be an assignment within the meaning of this sub-clause and "change of control" shall mean any event vesting control in any person or persons who did not have control before that event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) **Avoidance of policy and increase of premia** 

Not to do or permit or suffer to be done anything whereby the policy or policies of insurance on the Building or any part thereof against loss or damage by fire or other risks for the time being subsisting may become void or voidable or whereby the rate of premium thereof may be increased and to make good all damage suffered by the Landlord and to repay to the Landlord all sums paid by the Landlord by way of increased premia and all expenses incurred by the Landlord in or about any renewal of such policy or policies rendered necessary by a breach or non-observance of covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) **Conduct of Business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To conduct the Tenant's business in accordance with good and ethical business practices and in an efficient, reputable and businesslike
manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not to solicit for business or display or distribute any advertising materials in the Common Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) **Compliance with Statutes** 

At all times during the Term at the Tenant's cost and expense to promptly comply with all such requirements as may be imposed on the occupier of the Premises and the Building by any statute now or hereafter in force and any order rule regulation requirement and notice thereunder and to indemnify the Landlord against all costs claims liabilities fines or other expenses whatsoever, which may fall on the Landlord by reason of the Tenant's or his servant's or agent's non-compliance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) **Information to Landlord** 

Should the Tenant receive any notice from the Landlord or any government or any statutory public or municipal authority with respect to the Premises, to give notice thereof forthwith in writing to the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) **Rules and Regulations** 

To observe and perform and/or to cause all the Tenant's independent contractors agents invitees or licensees to observe and comply with all rules and regulations from time to time made by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) **Access** 

Not to change or in any way vary the front of the Premises and the entrance door provided or approved by the Landlord for access to the Premises and not to install locks, bolts or other fittings to the said entrance door additional to those supplied or approved by the Landlord or in any way to cut or alter the said entrance door without first having obtained the written consent of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) **Subdivision** 

Not to make or effect or permit or suffer to be made or affected any subdivision of the Premises within the meaning of the Planning Act (Cap. 232).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) **Non-registration** 

The Tenant shall not register this Agreement nor shall the Tenant lodge or register any caveat with respect to its interest under this Agreement with the Singapore Land Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) **Change of address and shareholding** 

To forthwith advise the Landlord in writing of any change in the address or registered office, as the case may be, of the Tenant and (if the Tenant is a company) of any change in the shareholding of the Tenant.

6.  **<u>TENANT'S INSURANCE</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At all times during the Term and during any period of holding over the Tenant shall keep current:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a public liability and worker's compensation insurance policy for an amount of not less than Singapore
Dollars One Million Only in joint names of the Landlord and the Tenant which shall be taken out with an insurance company approved by
the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an adequate insurance policy which shall be taken out with an insurance company approved by the Landlord
on internal partitions and all goods stock-in-trade and assets belonging to or held in trust by the Tenant in the Premises against loss
or damage by fire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an adequate insurance policy which shall be taken out with an insurance company approved by the Landlord
in the joint names of the Landlord and the Tenant in respect of all glass windows doors and walls in or on the Premises in such amount
not less than the full insurable value against such risk as the Landlord may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) occupier's liability and product liability insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) insurance against loss of income due to fire or power failures in the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) insurance against all other risks commonly covered by persons carrying on the same business as that carried
out by the Tenant in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Tenant shall forward to the Landlord the policies referred to above as well as the receipts for payment of premia in respect thereof.

7.  **<u>INDEMNITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Tenant shall indemnify and keep indemnified the Landlord from and against:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all claims demands writs summonses actions suits proceedings judgements order decrees damages costs losses
and expenses of any nature whatsoever which the Landlord may suffer or incur in connection with loss of life personal injury and/or damage
to property (real or personal) arising from or out of any occurrence in upon or at the Premises and/or the use of the Premises and/or
any part thereof by the Tenant and/or by any of the Tenant's employees independent contractors agents invitees or licensees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all loss and damage to the premises the Building and to all property therein caused directly or indirectly
by the Tenant or the Tenant's employees independent contractors agents invitees or licensees and in particular but without limiting the
generality of the foregoing caused directly or indirectly by the use of misuse waste or abuse of water gas or electricity or faulty fittings
or fixtures of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without prejudice to the Landlord's other rights, the Tenant will reimburse or indemnify the Landlord
against all losses and damages suffered by the Landlord as a result of the Tenant's breach or non-observance of any of the Clauses herein
and/or the Tenant's holding over after expiration the Term.

8.  **<u>YIELDING-UP, REINSTATEMENT AND REDECORATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Yielding up the Premises** 

At the expiry or sooner determination of the Term, the Tenant shall yield up vacant possession of the Premises to the Landlord with all additions, improvements, fixtures and fittings whether or not installed by the Tenant (unless required by the Landlord to be removed) except the Tenant's trade fixtures in good and tenantable repair and condition (fair wear and tear excepted) to the Landlord together with all the keys to the Premises and all doors therein, unless the Landlord requires the Tenant to reinstate the Premises at the Landlord's option either to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) their original state as at the date the Tenant first took possession of the Premises to the satisfaction of the Landlord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a bare condition to the satisfaction of the Landlord and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) where the approval of any government or statutory authority is required for such removal or reinstatement, the Tenant shall procure
the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Removal and Reinstatement** 

The Tenant shall carry out the removal and/or reinstatement mentioned in sub-clause (1) of this Clause:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of any mechanical electrical plumbing or air-conditioning work works or installations, by a nominated contractor of the
Landlord appointed by the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in all other cases, by a contractor appointed by the Tenant and approved by the Landlord under the supervision
of the Landlord's architect engineer and other consultant and pay for all costs fees and expenses of such architect engineer and other
consultant and make good all damages done to the Premises by such removal or reinstatement prior to the expiry of the Term and if the
Tenant shall fail to repair such damage the Landlord shall be entitled (though not obligated to do so) to repair such damage and all costs
incurred for such repairs shall be deducted from the Deposit and if the deposit is insufficient to reimburse the Landlord for such repairs,
the Tenant shall pay to the Landlord the difference within seven (7) days of the Landlord notifying the Tenant of the amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Redecoration** 

Without prejudice to the preceding clause 9(1) or 9(2), the Tenant shall redecorate the Premises to the satisfaction of the Landlord immediately prior to the expiry or sooner determination of the Term. For the purposes of this sub-clause, "redecorate" and "redecoration" shall include the washing of the whole of the interior of the Premises, the repainting with two coats of oil paint or emulsion paint or other appropriate treatment of all of the internal parts of the Premises previously so treated and also the replacing fixtures and fittings, wherever applicable which in the opinion of the Landlord are worn out or damaged and in need of replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Tenant shall fail to carry out the removal and reinstatement mentioned in sub-clauses (1) and (2)
of this Clause or the redecoration mentioned in sub-clause (3) of this Clause, the Tenant shall pay or reimburse the Landlord the costs
of such removal reinstatement and/or redecoration carried out by the Landlord (who shall not be obliged to do so) together with such other
amounts which the Landlord would have been entitled to receive from the Tenant if the Premises had been held over by the Tenant after
expiry or sooner determination of the Term without the consent of the Landlord for the period within which such removal reinstatement
and/or redecoration is effected by the Landlord or until the Premises are re-occupied, whichever shall come first

9.  **<u>LEGAL COSTS AND GST</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Tenant shall pay all legal costs (including the Landlord's solicitors' charges) stamp duty and all
other disbursements and out-of-pocket expenses incurred in the preparation and completion of the Agreement or any other document(s) as
may be required by the Landlord to be executed, and in connection with any amendments assignment sub-letting enforcement or termination
thereof otherwise than by effluxion of time or with any claim or legal proceedings which may be brought by the Landlord against the Tenant
in connection with or arising out of this Agreement or the said other document(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the avoidance of doubt, the Tenant's agreement hereunder to pay the legal or other fees costs and
expenses incurred by the Landlord shall be construed as entitling the Landlord to taxation (where it is applicable) of those fees costs
and expenses on a full indemnity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Goods and Services Tax** 

In the event that any goods and services tax or any other taxes levies or charges whatsoever now or hereafter required by law to be paid on or in respect of any sums payable to the Landlord on any other matters under or relating to this Agreement, the same shall (except to the extent prohibited by law) be borne by the Tenant and the Tenant shall pay to the Landlord on demand a sum equivalent to the amount of such goods and services tax or other taxes, levies or charges (or such part thereof which the law does not prohibit the Landlord from collecting from the Tenant) in addition to all other sums payable to the Landlord under this Agreement.

10.  **<u>LANDLORD'S COVENANTS</u>** 

Subject always Clause 13(9), the Landlord hereby covenants with the Tenant as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Common Area** 

To maintain and keep the Common Area of the Building sufficiently lighted and in good repair and condition including the repainting and refurbishing of the same or any part thereof at such times and in such manner as the Landlord shall determine or as directed by government or statutory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Taxes** 

To pay all present and future rates taxes assessments and outgoings imposed upon or in respect of the Building or any part thereof save and except those herein agreed to be paid by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Insurance** 

To insure and keep insured the Building (excluding all items to be insured by the Tenant) against damage by fire or such other risks as the Landlord may deem fit and adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Quiet Enjoyment** 

That the Tenant paying the rent and service charge hereby reserved and performing and observing the several covenants herein contained and on its part to be observed and performed shall peaceably hold and enjoy the Premises without any interruption from the Landlord or any person claiming under or in trust for it.

11.  **<u>TERMINATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Determination and Right of Re-entry

If the rent and/or service charge hereby reserved or any part thereof shall at any time by unpaid for fourteen (14) days after the same shall have become due (whether formally demanded or not) or if any covenant on the Tenant's part herein contained shall not be observed or performed or if the Tenant being a company shall go into liquidation whether voluntarily or compulsorily or a receiver shall be appointed or its undertaking property or assets of the Tenant shall be placed under the judicial management of a judicial manager or the Tenant being a sole-proprietor or a partnership shall have a receiving order made against any of them or if any of them be adjudicated a bankrupt or if the Tenant shall make any arrangement or composition with creditors or if any execution or attachment shall be levied upon or issued against any of the property or assets of the Tenant and shall not be paid off or discharged within seven (7) days thereof, then and in any one of such events it shall be lawful for the Landlord at any time thereafter to terminate this Agreement by service of three (3) days' notice on the Tenant and thereafter (without further notice) by re-entering upon the Premises or any part thereof in the name of the whole. Such re-entry may be effected by changing the locks or adding additional locks to the entrances and exit of the Premises and/or by any acts of re-entry by which the Landlord exercise re-possession of the Premises, recognised by law. Upon the above mentioned service of notice or re-entry, whichever is the earlier, the Term shall forthwith be absolutely ceased and determined. The Landlord shall be entitled to forfeit the deposit in full upon such termination and the Tenant shall in addition pay to the Landlord compensation for the loss suffered by the Landlord as a result of the Tenant's breach, if any, and from such termination, including but not limited to rent and service charge payable by the Landlord had the Term been completed and all other expenses incurred by the Landlord consequential upon the termination including all costs and expenses to secure another tenant for the Premises. The foregoing shall be without prejudice to the right of action of the Landlord in respect of any antecedent breach of the Tenant's covenants herein contained (including the breach giving rise to the termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Interest on Arrears

In addition and without prejudice to any other rights arrears powers or remedies of the Landlord the Tenant shall pay to the Landlord interest at the rate of fourteen per cent (14) per annum (before as well as after judgment) on any moneys due and unpaid for fourteen (14) days by the Tenant to the Landlord pursuant to this Agreement, such interest to be computed from the due date(s) for the payment of the moneys in respect of which the interest is chargeable until the payment of such moneys in full. The interest herein shall be compounded monthly and the Landlord shall be entitled to recover such interest from the Tenant as if such interest were rent in arrears. Provided that nothing in this sub-clause shall entitle the Tenant to withhold or delay any payment of the rent or service charge or part thereof or any other sum due under this Agreement after the date upon which it falls due or in any way prejudice affect or derogate from the rights of the Landlord in relation to such non-payment including (but without prejudice to the generality of the above) the proviso for re-entry contained in this Agreement. Where a Tenant who is in arrears of rent, makes any payment to the Landlord, the Landlord shall have the absolute discretion to allocate the payment either to satisfy arrears of rent or accrued interest in any proportion the Landlord sees fit regardless of the Tenant's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Removal of Tenant's goods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein contained if this Agreement shall for any reason come to an end whether
by effluxion of time or otherwise and the Tenant shall fail to remove all its goods (which expression where hereinafter used shall include
all merchandise stock-in-trade equipment machinery and personal property of every description from the Premises forthwith or if the Tenant
shall abandon the Premises forthwith or if the Tenant shall be deemed to have abandoned the Premises forthwith or the Tenant shall be
in arrears of rent and/or service charge or terminated this Agreement unilaterally then and in any of the said cases it shall be lawful
for the Landlord to sell (though it shall not be obliged to do so) or otherwise dispose of the goods of the Tenant in the Premises at
such time or times and at such price or prices as the Landlord shall think fit and without prejudice to the other rights and remedies
of the Landlord, the Landlord shall after payment out of the proceeds of sale the costs and expenses connected with the sale apply the
net proceeds of sale towards payment of all arrears of rent and the interest thereon and all other sums of money due and payable by the
Tenant to the Landlord under this Agreement and the balance (if any) shall be paid over to the Tenant but if the Tenant cannot be found
or if the Tenant leaves no forwarding address, or if the Landlord's cheque for the balance (if any), having been delivered by AR Registered
to the Tenant's last known address in accordance with Clause 14 is not presented before the expiry of the cheque, then the balance of
the net proceeds shall belong to the Landlord absolutely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tenant shall indemnify the Landlord against any liability incurred by it to a third party whose property
shall have been sold by the Landlord in the bone fide mistake (which shall be presumed unless the contrary be proved) that such property
belonged to the Tenant and was liable to be dealt with as such pursuant to this sub-clause.

12. <u>**RIGHTS OF LANDLORD**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Untenantability

In the event that the Premises or the Building or any part thereof shall be damaged or destroyed by fire flood lightning storm tempest or other cause so as to render the Premises inaccessible or substantially unfit for occupation and use (except where such damage or destruction has been caused by the act or default of the Tenant its servant independent contractor agent visitor invitee or licensee):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rent and service charge hereby covenanted to be paid or a fair and just proportion thereof according
to the nature and extent of the damage sustained shall be suspended until the Premises shall again be rendered accessible or fit for occupation
and use, and any dispute concerning this Clause shall be determined by arbitration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Landlord in its absolute discretion shall decide that the Building or the Premises are so
 badly damaged that the rebuilding or reconstruction thereof in its previous form will be impracticable or undesirable, the Landlord
 may within ninety (90) days after such damage or destruction has been sustained give notice to the Tenant in writing to terminate
 this Agreement and upon such notice being given, this Agreement shall terminate and the Tenant shall forthwith (if still in
 occupation) vacate the Premises without compensation from the Landlord but such termination as aforesaid shall be without prejudice
 to the rights of the Landlord in
respect of any antecedent breach by the Tenant of any of its covenants herein contained;

If, after the Premises or any part thereof shall have been damaged or destroyed as aforesaid, the Landlord decides, at its absolute discretion, to proceed with the rebuilding or reinstatement of the same, all insurance moneys payable pursuant to any insurance effected by the Tenant pursuant to this Agreement in respect of all plate glass, fixtures and fittings and installations at the Premises (and any additional insurance as may have been required by the Landlord) shall be applied towards such reinstatement and repair. If, after the said damage or destruction, this Agreement is determined in accordance with this Sub-Clause (2) of this Clause 13, all insurance moneys payable pursuant to any insurance effected by the Landlord in respect of the Premises shall belong to the Landlord solely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Refusal of Access

Notwithstanding anything herein contained, the Landlord shall have the right at all times to refuse access to the Building or otherwise control such access in respect of any person whose presence in the Building may in the judgment of the Landlord be prejudicial to the safety character reputation and interest of the Building and its tenants or occupiers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Waiver of Covenant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) In respect of any continuing or subsequent default breach or non-observance or non-Performance:-

&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) no condoning excusing indulgence or extension of time granted by the Landlord to the Tenant; and nor

ii) any oversight by the Landlord of any default breach or non-observance or non-performance by the Tenant at any time or times of any of the Tenant's obligations hereunder

No waiver by the Landlord shall be inferred from or implied by anything done or omitted by the Landlord unless expressed in writing and signed by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any consent given by the Landlord shall operate as a consent only for the particular matter to which it relates and shall in no way
operate as a waiver or release of any of the provisions hereof, nor shall it be construed as dispensing with the necessity of obtaining
the specific written consent of the Landlord in future, unless expressly so extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Change of Name of Building

The Landlord shall at any time during the Term be entitled to change the name number or designation by which the Building is known on giving reasonable notice to the Tenant and in respect thereof the Landlord shall not be liable to the Tenant for any claim or damage whatsoever or be liable for costs or expense of whatsoever nature incurred by the Tenant as a result of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Change of Use of Part of the Building** 

The Landlord shall have the right at all times without obtaining any consent from or making any arrangement with the Tenant, to alter, reconstruct or modify in any way whatsoever or change the use of parts of the Building, the use of which is granted in common with others so long as proper means of access or egress from the Premises are afforded and essential services are maintained at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Changes to the Building** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Landlord shall be entitled to improve, extend, vary, renovate, reduce or carry out any alteration works to any parts of the Building
or agree to any of the same as it shall deem fit in its absolute discretion, notwithstanding that such works may affect the Tenant's enjoyment
of the Premises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision in this agreement, the Landlord shall have the right from time to time to improve extend or reduce
the Building or in any manner whatsoever alter or deal with the Building including the Premises or any part thereof. The Tenant agrees
and acknowledges that during the said Term the Landlord may carry out major renovation alterations in the Building that may adversely
affect the Tenant's shopfront and/or reduce the area of the Premises and the Tenant hereby undertakes that it will extend its full co-operation
to the Landlord. In the event that the changes results in the reduction in area of the Premises permanently or temporarily (as may be
appropriate) the monthly rent and service charge shall be reduced appropriately. Provided that in exercising such right the Landlord will
endeavour to cause as little inconvenience to the Tenant as is practicable in the circumstances. Notwithstanding anything herein contained,
the Landlord shall not be liable to the Tenant or others nor shall the Tenant make any claim against the Landlord for any loss, damage
inconvenience, distress, interruption and/or any act or omission or negligence in or about or resulting from the works carried out pursuant
to this sub-clause in respect of the Building and/or the Common Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **No Rights of Tenant to Enforce the Agreements relating to other portions of Building** 

Nothing herein contained shall confer on the Tenant any right to enforce any covenant or agreement relating to other portions of the Building demised by the Landlord or limit or affect the rights of the Landlord in respect of any such other premises to deal with the same and impose and vary such terms and conditions thereof in any manner as the Landlord may think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Change of Location of Entrances, etc.** 

The Landlord shall have the right at any time without the same constituting an actual or constructive eviction of the Tenant, and without incurring any liability to the Tenant therefor, to change or agree to change the arrangement and/or location of entrances exits passageways doors doorways partitions landings staircases lobbies lifts toilets and other public parts or Common Area of the Building or any of the services or any apparatus and other common facilities serving the Building, to increase or reduce the total net floor area approved for "Business 1 Zone" use within the Building, or enlarge, vary or reduce the size of the units in the Building, whether or not such alteration shall affect the floor area, configuration, location of, access and entrances to the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Landlord not liable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Landlord and its officers, servants, employees or agents shall not be liable or in any way responsible
to the Tenant or any of the Tenant's employees independent contractors agents, invitees or licensees or to any other person 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) any death, injury or damage to or loss of any property or sustained by the Tenant, or such other persons
as aforesaid or any consequential loss, caused by, or through, or in any way owning to the short circuit of electrical wiring, explosion,
falling plaster, steam, gas, electricity, sprinkler, rain (plumbing or other pipe and sewerage system leaks), overflow of water from any
part of the Building (including the Premises) or the roof, the street, sub-surfaces or any other places, dampness or any appurtenances
being out of repair;

&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) any death, damage, injury or loss caused by other tenants or persons in the Building or other buildings
or operations in the neighbourhood;

&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) any diminution or obstruction of the light, air or *view* by any structure which may be erected on
the lands within or adjacent to the Building; 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) any damage to or loss of any goods or property sustained in the Building (including the Premises) caused
by the negligence of security personnel or the failure of any security system for which the Landlord is in any way responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Claim by Tenant** 

Notwithstanding anything herein contained the Landlord shall not be liable to the Tenant, nor shall the Tenant have any claim against the Landlord in respect of:-

&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) any interruption in any of the services hereinbefore mentioned by reason of necessary repair replacement
or maintenance of any installation or apparatus or any part thereof or damage thereto or destruction thereof by fire, escape of water,
riot, act of God or other cause beyond the Landlord's control or by reason of mechanical or other defect or breakdown or other inclement
condition or shortage of manpower fuel materials electricity or water or by reason of labour dispute or any other interruption beyond
the control of the Landlord (including but not limited to fire, floor, act of God, escape of water, riot, civil commotion, curfew, emergency,
labour disputes or shortage of manpower, fuel, materials, electricity, gas or water);

&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) any act, omission, default, negligence or misconduct of the Landlord or any employee, invitees, licensee,
porter attendant or other servant or independent contractor or agent of the Landlord in or about the performance or purported performance
of any duty relating to the provision of any of the services supplied by the Landlord to tenants and occupiers of the building.

&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) Any damage injury or loss arising out of the leakage from the piping wiring and sprinkler system in the Building and/or the structure
of the Building.

14.  **<u>SERVICE OF NOTICE</u>** 

Service of any notice or other documents under or relating to the provisions of this Agreement shall be sufficiently served if sent to the Tenant at the Premises or to the Tenant's registered office in Singapore (if the Tenant is a company) or to the Tenant's last known address in Singapore by fax, by ordinary post or by hand delivery and any notice or document to the Landlord shall be sufficiently served if sent to the Landlord's registered office in Singapore by AR registered post.

15.  **<u>CONTINUING EFFECT</u>** 

The obligations of the Tenant in this Agreement shall not be extinguished by the determination of the Term whether by effluxion of time or otherwise but shall continue until the obligations have fulfilled by the Tenant.

16.  **<u>LANDLORD'S RIGHT OF ASSIGNMENT</u>** 

The Landlord shall be entitled to assign all or any part of the Landlord's interest under this Agreement and upon such assignment to transfer the deposit or any part thereof to any such assignee without notice to the Tenant and upon assignment all the Landlord's covenants and obligations under this Agreement shall cease forthwith and the Tenant hereby agrees upon such assignment to release the Landlord from all the Landlord's covenants and obligations herein including the covenant to refund the deposit

17.  **<u>NO REPRESENTATION</u>** 

The Tenant acknowledges and declares that no promise representation warranty or undertaking has been given by or on behalf of the Landlord in respect of the suitability of the Premises or the Building for any business to be carried on therein or to the fittings finishes facilities and amenities of the Premises or the Building or as to other businesses to be carried on in the Building.

18.  **<u>GOVERNING LAW</u>** 

The validity, construction, interpretation and enforcement of this Lease and any document or agreement contemplated herein and all rights, remedies, powers, obligations and liability hereunder shall be governed by the laws of the Republic of Singapore.

19.  **<u>NOTICE OF VACANCY</u>** 

Six (6) months prior to the expiry of the Term, the Landlord shall be entitled to exhibit outside the Premises or on the doors thereof a notice stating that the Premises are to be vacant and available for letting and the Tenant shall permit all prospective tenants or purchasers of the Premises accompanied by a representative of the Landlord free ingress to and egress from the Premises for the purpose of viewing the Premises.

20.  **<u>OPTION TO RENEW</u>** 

The Landlord shall at the written request of the Tenant made not less than six (6) months before the expiration of the Term and if there shall not be the time of such request or at any time during the Term by any existing breach or non-observance of any of the covenants and conditions on the part of the Tenant to be observed and performed herein contained and at the Tenant's expense grant to the Tenant a lease for a further term of <u>two</u> **(2) years** for the Premises at the rent to be determined by the Landlord at the time of exercise of option to renew but otherwise on the same terms as herein provided except for the fitting out provisions and the option to renew, and with such amendments and modifications as are necessary to take into account the revised rent and service charge and as the Landlord may deem necessary. Within two (2) weeks of the receipt of the Landlord's notification of the revised rent and service charge, the Tenant shall in writing inform the Landlord whether the revised rent and service charge are acceptable or otherwise. If the revised rent and service charge are not acceptable to the Tenant and/or if the Tenant shall fail to so inform the Landlord or to sign the tenancy agreement for the renewed term and/or to pay any additional deposit, legal costs or stamp duty or other sum payable upon such renewal within the period stipulated by the Landlord then this option shall lapse and the Landlord shall be free of all obligations whatsoever to grant to the Tenant a further term.

21.  **<u>BREACH BY OTHER TENANT OF RULES AND REGULATIONS</u>** 

The Tenant shall have no claim whatsoever against the Landlord for any loss or damage that it may suffer or incur as a result of a breach by any other occupier or tenants of the Building or their servant, employee, agent, invitee, licensee or contractor, of any of the rules and regulations made by the Landlord from time to time.

22.  **<u>RIGHT TO DISTRAIN</u>** 

It is hereby expressly agreed that all monies payable under this Lease by the Tenant to the Landlord, including but not limited to the rent and service charge or any part thereof, increases in property tax payable by the Tenant, goods and services tax, interest payable on monies which are due but unpaid under Clause 12(2) herein and costs and expenses payable by the Tenant to the Landlord, shall be deemed to be rent recoverable in the manner provided in the Distress Act (Cap. 84). For the purposes of the said Act and for the purposes of any right or remedy which the Landlord wishes to exercise all such monies shall be deemed to be rent in arrears if not paid at the times and in the manner provided in the Lease. All costs and expenses (including all legal costs and charges on a solicitor and client or indemnity basis) incurred pursuant to, or in any way arising in relation to, any step taken by the Landlord in the exercise of its rights under the said Act, or pursuant to any other right or remedy available to the Landlord, shall be payable by the Tenant, and insofar as such sums are not recovered under such distrain, they shall be recoverable as a debt from the Tenant to the Landlord.

23.  **<u>SEVERABILITY</u>** 

If any one or more of the provisions contained in this Agreement shall be deemed invalid unlawful or unenforceable in any respect under any applicable law, the validity legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired.

24.  **<u>EXCLUSION OF THE CONTRACT (RIGHTS OF THIRD PARTIES) ACT</u>** 

The Contracts (Rights of Third Parties) Act (Chapter 53B) does not apply to this Agreement.

25.  **<u>INTERPRETATION</u>** 

(1) In the interpretation of this Agreement the following words
and expressions shall where the context so admits have the following meaning:-

---

| | |
|:---|:---|
| "Common Area" | means those parts areas premises and facilities of and in the Building or the land on which it is erected which are not leased or intended to be leased by the Landlord to the Tenant or to any other tenant and which are now or hereafter provided by the Landlord for the common use by tenants of premises in the Building and the respective employees invitees and licensees in common with the Landlord and all other persons having the like right to use the same (including but without limiting the generality of the foregoing all roads walls carparks walkways pavements passages entrances courts halls toilets stairways escalators elevators and gardens and such other areas amenities grounds and conveniences from time to time provided prescribed or made available by the Landlord for the common or general use of benefit of tenants or occupiers of the Building and all other persons having the like right); |
| "Dollars" | means Singapore Dollars and the sign "$" shall have the corresponding meaning; |
| "month" | means a calendar month; and |
| "Pipes" | means all pipes sewers drains gutters watercourses flues main ducts conduits wires and all other conducting media and any other ancillary apparatus |

---

All references to the approval or consent of the Landlord herein shall mean the written approval or consent of the Landlord and shall include any conditions as may be imposed by the Landlord.

(2) Schedules and Annexures

The Schedules and Annexures hereto shall be taken, read and construed as parts of this Agreement and the provisions hereof shall have the same force and effect as if expressly set out in the body of this Agreement.

(3) Clauses and Marginal Notes

The clause and marginal notes of this Agreement are for ease of reference only and shall not be taken into account in the construction or interpretation of any covenant, condition or proviso to which they refer.

References in this Agreement to a clause or Schedule are references where the context so admits to a clause or Schedule in this Agreement. References in a clause to paragraph are (unless the context otherwise requires) references to a paragraph of that clause, and references in a Schedule to a paragraph are (unless the context otherwise requires) references to a paragraph of that Schedule.

(4) Singular and plural meanings

Words in this Agreement importing the singular meaning shall where the context so admits include the plural meaning and vice versa.

(5) Statutes and Statutory Instruments

References in this Agreement to any statutes or statutory instruments shall include and refer to any statute or statutory instrument amending, consolidating or replacing them respectively from time to time and for the time being in force.

(6) Gender

Words in this Agreement for the masculine gender shall include the feminine and neuter gender and vice versa and words denoting natural persons shall include corporations and firms and shall such words shall be construed interchangeably in the manner.

IN WITNESS the hands of the parties hereto.

---

| |
|:---|
| SIGNED BY) |
| For and on behalf of the **<u>Landlord</u>**) |
| **PLATINUM28 PTE LTD**) |
| In the presence of:-) |

---

---

| | | |
|:---|:---|:---|
| ![](ex10-3_005.jpg) | /s/ Trisno Widjaja | ![](ex10-3_002.jpg) |
| Witness | Authorised Signature - Trisno Widjaja | Authorised Signature - Trisno Widjaja |
| Name:![](ex10-3_004.jpg) | & Company Stamp | & Company Stamp |

---

---

| |
|:---|
| SIGNED BY) |
| For and on behalf of the **<u>Tenant</u>**) |
| **EVVO LABS PTE LTD**) |
| In the presence of:-) |

---

---

| | |
|:---|:---|
| /s/ Audrey Teo | /s/ Ryan Wong |
| Witness | Authorised Signature |
| Name: Audrey Teo | Name : Ryan Wong |
| NRIC or Passport No: | NRIC No: |

---

---

| |
|:---|
| ![](ex10-3_003.jpg) |
| Company Stamp |

---

**THE SCHEDULE ABOVE REFERRED TO**

1. **THE PREMISES** 

All those premises, being the area edged red on the plan annexed hereto and numbered as Unit **#05-07** containing an estimated area of approximately **1,647 square feet** or thereabouts which premises are on the 5<sup>th</sup> storey of the building known as 28 Genting Lane, Platinum28, Singapore 349585.

2. **TERM AND COMMENCEMENT DATE** 

Term of **Twenty-Four (24) months** commencing on **01<sup>st</sup> January 2024** to **31<sup>th</sup> December 2025**

3. **RENT** 

**S$2,964.60** per month calculated at the rate of **S$1.80** psf subject to adjustment as provided in Clause 12(8) of this Tenancy Agreement

4. **SERVICE CHARGE** 

**S$1,317.60/-** per month calculated at the rate of **S$0.80** per square foot subject to revision and adjustment as provided in Clause 3 of this Tenancy Agreement

5. **DEPOSIT** 

**S$12,846.60/-** subject to adjustment as provided in Clause 4 of this Tenancy Agreement.

6. **PERMITTED USE** 

"Business 1 Zone" use as prescribed.

Not without the prior consent in writing of the Landlord to use or permit to be used the Premises or any part thereof for any use whatsoever other than the business activities in connection with and for the purpose of the Tenant's Business or such change as approved by the Landlord, the NEA, URA and other relevant government authorities. The Tenant is also to comply and maintain with Urban Redevelopment Authority (URA)'s development control requirement as follows: 60% - 60% of gross floor area for Light Industrial usage i.e. Light Assembly Works/ Packing & Unpacking/ Storage etc; 40% - The remaining 40% of gross floor area is for ancillary uses such as Ancillary Office.

---

| | |
|:---|:---|
| 7. | **NAME AND STYLE**  |
|  | **EVVO LABS PTE LTD** |

---

8. **CONFIDENTIALITY** 

The terms and conditions of this offer and any subsequent correspondence and financial information is for the attention of the party to whom it is addressed. Neither the whole nor any part of this Agreement or subsequent correspondence and financial information may be submitted or conveyed to any third party either in writing, or orally for a period of one (1) years after the expiry date, without the prior consent and agreement of the Landlord.

![](ex10-3_001.jpg)

## Exhibit 10.4

**Exhibit 10.4**

**CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM (SOCIALIST REPUBLIC OF VIETNAM)**

**Độc lập - Tự do - Hạnh phúc (Independence-Freedom-Happiness)**

**-------------------------------------------------**

**HỢP ĐỒNG THUÊ/CHO THUÊ VĂN PHÒNG**

**(OFFICE LEASE CONTRACT)**

Hôm nay, ngày 15 tháng 09 năm 2025, chúng tôi gồm có:

(Today is 15<sup>th</sup> September, 2025, we consist of)

**<u>BÊN A (PARTY A): BÊN CHO THUÊ VĂN PHÒNG (THE LESSOR)</u>**

Đại diện (Rep.) : Ông (Bà): ……VÕ THẾ ANH…..

Sinh ngày (DOB) : ………08/09/1992………………

Chứng minh nhân dân số /Căn cước công dân (ID) : 045092007702

Cấp ngày (Issue Date) : 17/02/2023 tại Cục trưởng cục Cảnh sát quản lý hành chính về trật tự xã hội và vợ (chồng) là (and spouses are):

Ông (Bà) (Mr/Ms): …HOÀNG THỊ THÙY LINH …

Sinh ngày (DOB): ………30/07/1996…………...

Chứng minh nhân dân số /Căn cước công dân (ID): 045196000519

Cấp ngày (Issue Date): 20/04/2021 tại Cục trưởng cục Cảnh sát quản lý hành chính về trật tự xã hội.

Ông …ANH… và Bà…LINH…. là vợ chồng theo giấy chứng nhận kết hôn số: 39**.** 

(Mr. ANH and Mrs. LINH as husband and wife under marriage certificate No.: 39)

Địa chỉ (Address) : 305 Doan Khue, Khue My, Ngu Hanh Son distric

Điện thoại (Tell) : 0932429394

Là chủ sở hữu pháp lý của văn phòng cho thuê (As the legal possessor of the building for lease)

**<u>BÊN B (PARTY B): BÊN THUÊ VĂN PHÒNG (THE LESSEE)</u>**

Công ty: TNHH EVVO LABS VIETNAM – Company Name: EVVO LABS VIETNAM CO. LTD

Đại diện (Rep.) : CHEW TECK SHIONG - Chức vụ (Position): Director

Mã số doanh nghiệp (Tax code): 0402200168

Địa chỉ (Address) : 305 Đoàn Khuê, phường Khuê Mỹ, quận Ngũ Hành Sơn, thành phố Đà Nẵng

E-mail : vince.chew@evvolabs.com

Bên A và Bên B thống nhất ký kết hợp đồng thuê/cho thuê văn phòng với những điều khoản và điều kiện như sau :

(Both Party A and Party B hereby mutually agree to enter into an office lease agreement with the following terms and conditions:):

**<u>ĐIỀU 1 : MỤC ĐÍCH VÀ DIỆN TÍCH THUÊ/CHO THUÊ</u>**

<br> **<u>(ARTICLE 1 : PURPOSE AND AREA FOR LEASE)</u>**

Tại Hợp Đồng này, Hai Bên thống nhất về việc Bên Cho Thuê đồng ý cho Bên Thuê và Bên Thuê đồng ý thuê của Bên Cho Thuê tài sản cụ thể như sau:

(In this Contract, the Parties mutually agree that the Lessor agrees to lease, and the Lessee agrees to rent, specific property as follows) :

**1.1.** Vị trí, địa điểm nhà cho thuê (Location of the leased premises) : 305 Đoàn Khuê, phường Khuê Mỹ, quận Ngũ Hành Sơn

 **1.2.** Quyền sử dụng đất, nhà ở và tài sản gắn liền với đất theo Giấy chứng nhận số:

(Land use rights, residential premises, and attached assets according to Certificate number): BX 442797

 **1.3.** Hiện trạng về chất lượng nhà (Current condition of the house) : Tốt (Good)

 **1.4.** Diện tích của nhà cho thuê (Area of the leased premises):

- Tổng diện tích sàn xây dựng cho thuê (Total floor area for lease): 100 m<sup>2</sup>

- Tổng diện tích sử dụng đất (Total land use area): 100m<sup>2</sup>, trong đó (comprising):

+ Sử dụng riêng(Exclusive use): 70m<sup>2</sup>

+ Sử dụng chung (nếu có) Shared use (if any): Nhà xe (Parking space): 30m<sup>2</sup>

+ Mục đích sử dụng đất (Purpose of land use): Nhà ở cho thuê (Residential leasing)

 **1.5.** Công năng sử dụng (Intended use): Văn phòng (Office)

**1.6.** Trang thiết bị kèm theo và hiện trạng sử dụng (Accompanying equipment and current usage status)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**STT (No.)** | &nbsp;&nbsp;**Loại trang thiết bị**<br> **(Type of Equipment)** | &nbsp;&nbsp;**Số lượng**<br> **(Quantity)** | &nbsp;&nbsp;**Hiện trạng**<br> **(Current Status)** | &nbsp;&nbsp;**Ghi chú**<br> **(Notes)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Bàn làm việc (Desks) | &nbsp;&nbsp;8 |  |  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Điều hòa (AC) | &nbsp;&nbsp;1 |  |  |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Quạt hơi nước (Evaporative fan) | &nbsp;&nbsp;1 |  |  |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Bàn tròn nhôm (A round aluminum table) | &nbsp;&nbsp;1 |  |  |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Ghế nhôm (Aluminum chairs) | &nbsp;&nbsp;10 |  |  |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Ổ cắm điện (Power socket) | &nbsp;&nbsp;1 |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Máy in (Printer) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Tủ đựng giày(Shoe cabinet) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Đèn chiếu sáng (LED, spotlight) |  |
| &nbsp;&nbsp;10 | &nbsp;&nbsp; Bộ truyền wifi (Wifi transmission<br> set) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Ông địa (Earth auger) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Tủ bếp (Kitchen Cabinet) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Cây cối (Plants) |  |

---

**<u>ĐIỀU 2 : THỜI GIAN THUÊ</u>**

**<u>(ARTICLE 2 : DURATION OF THE LEASE)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Thời hạn thuê văn phòng (Duration of the office lease: 1 year, commencing on 16/09/2025 and ending on 15/09/2026):

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Điều kiện gia hạn : Sau khi hết hợp đồng. Bên B được quyền
ưu tiên gia hạn hoặc kí kết hợp đồng mới, nhưng phải báo
trước vấn đề cho Bên A bằng văn bản ít nhất 02 tháng.

(Extension term: After the lease terminates, Party B will be given priority to extend or to sign a new contract, but Party B has to inform Party A in advance at least 02 (two) months prior to the termination).

**<u>ĐIỀU 3 : GIÁ THUÊ & CÁC CHI PHÍ KHÁC</u>**

**<u>(ARTICLE 3 : RENTAL FEE & EXTRA COSTS)</u>**

**1. Giá thuê/cho thuê văn phòng nói trên (Office rental fee) : VND 10.200.000**

(Việt Nam đồng/tháng) (Bằng chữ: Mười triệu hai trăm nghìn đồng)

(Vietnamese Dong per month). (In words: Twelve million two hundred thousand dong)

Giá thuê này đã bao gồm: chi phí bảo trì, quản lý vận hành nhà cho thuê và các khoản thuế mà Bên Cho Thuê phải nộp cho Nhà nước theo quy định. Giá Thuê chưa bao gồm chi phí cho điện, nước, vệ sinh.

(The rental price includes maintenance fees, operational management costs for the leased property, and any taxes that the Lessor is required to pay to the government as stipulated by regulations. The rental price does not cover the costs for electricity, water, and sanitation.)

**2. Tiền đặt cọc thuê nhà là: VND 10,200,000**

(Việt Nam đồng). (Bằng chữ: Mười triệu hai trăm nghìn đồng).

(The rental deposit amount is: VND 10,200,000 (Vietnamese Dong). (In words: Twelve million two hundred thousand dong).

Số tiền đặt cọc dùng để đảm bảo nghĩa vụ gìn giữ và bảo quản tài sản thuê của Bên Thuê trong suốt quá trình thuê, Bên Cho Thuê sẽ trả lại Bên Thuê số tiền đặt cọc ngay khi Hợp Đồng chấm dứt. Bên Cho Thuê có quyền khấu trừ các khoản tiền bù đắp những thiệt hại về cơ sở vật chất, tài sản (nếu có) do lỗi của Bên Thuê gây ra vào tiền đặt cọc. Tuy nhiên, các hao mòn tự nhiên theo thời gian sẽ không được coi là thiệt hại phải đền bù. Khoản tiền bị khấu trừ vào tiền đặt cọc sẽ được Hai Bên thỏa thuận, thống nhất và lập thành biên bản có đầy đủ chữ ký của Hai Bên.

(The deposit amount serves to ensure the Lessee's obligation to maintain and preserve the leased property throughout the rental period. The Lessor shall refund the deposit to the Lessee immediately upon termination of the Contract. The Lessor is entitled to deduct amounts for compensation for any damages to the infrastructure or property (if any) caused by the Lessee's fault from the deposit. However, natural wear and tear over time shall not be considered as compensable damages. The amount deducted from the deposit shall be agreed upon, mutually consented to, and documented in a comprehensive agreement signed by both Parties.)

Khoản tiền đặt cọc này sau khi đã trừ đi các khoản chi phí điện thoại, điện, v.v… sẽ được hoàn lại cho Bên B trong vòng 05 ngày làm việc sau khi kết thúc hợp đồng cùng với điều kiện Bên B phải hoàn tất mọi trách nhiệm nêu trong hợp đồng này.

(This deposit amount, after deducting any expenses for phone, electricity, etc., will be refunded to Party B within 5 business days after the termination of the contract, provided that Party B has fulfilled all responsibilities outlined in this contract.)

**3.** **Các chi phí khác (Extra costs):** 

3.1 Tiền điện sinh hoạt: Do Bên B
chịu theo giá điện kinh doanh do ngành điện lực địa phương
quy định và theo thực tế sử dụng hằng tháng (có đồng hồ
đo đếm điện riêng).

(Cost for using running electricity: To be covered by Party B according to the price used for business purposes stipulated by the Local Electricity Agency and according to the monthly actual consumption [there is a separate electricity meter for measuring and recording the consumption of electricity]

Tiền điện sẽ được tính: VND 4,500/chữ

(The Electric fee will be VND 4,500/digit)

3.2 Nếu bên B có nhu cầu gọi dịch
vụ vệ sinh hang tháng, bên A sẽ hỗ trợ tìm dịch vụ cho bên B. Phí
sẽ không bao gồm trong phí thuê.

(If Party B requires monthly cleaning services, Party A will assist in finding a service for Party B. The fee for this service will not be included in the rental fee.)

**<u>ĐIỀU 4 : PHƯƠNG THỨC VÀ THỜI HẠN THANH TOÁN</u>**

**<u>(ARTICLE 4 :PAYMENT METHOD AND TERMS)</u>**

**4.1. Phương thức thanh toán**: thanh toán bằng tiền Việt Nam (VNĐ) thông qua hình thức chuyển khoản.

Hai Bên thống nhất thanh toán qua số tài khoản có thông tin như sau:

Payment shall be made in Vietnamese Dong (VND) through bank transfer.

The Parties mutually agree to conduct payments through the following account information:

Chủ tài khoản (Account Holder) : Hoàng Thị Thùy Linh

Số tài khoản (Account Number) : 0041000340448

Mở tại ngân hàng: Vietcom Bank CN Đà Nẵng

Bank: Vietcom Bank - Da Nang Branch

4.2. Thời hạn thực hiện thanh toán:
(Payment Deadline):

Tiền thuê được thanh toán theo kỳ. Bên Thuê sẽ thanh toán tiền thuê cho Bên Cho Thuê định kỳ một tháng/lần. Số tiền thuê của kỳ thanh toán đầu tiên sẽ được thanh toán trong thời hạn 05 ngày tính từ ngày giao kết Hợp đồng này. Số tiền thuê của các kỳ thanh toán tiếp theo sẽ được thanh toán trong thời hạn 05 ngày kể từ ngày bắt đầu kỳ thanh toán mới.

Rent is to be paid by monthly. The Lessee shall make rent payments to the Lessor monthly. The rent amount for the first payment period shall be settled within 05 days from the date of signing this Contract. Subsequent rent payments shall be made within 05 days from the commencement of each new payment period.

**<u>ĐIỀU 5 : TRÁCH NHIỆM CỦA BÊN CHO THUÊ (BÊN A)</u>**

**<u>(ARTICLE 5 RESPONSIBILITIES OF THE LESSOR (PARTY A))</u>**

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Tình Trạng Tài Sản (Property Condition):

● Bảo quản căn hộ cho thuê ở trạng thái tốt và khắc phục kịp thời mọi sự cố cần thiết. (Maintain the leased premises in good condition and promptly address any necessary repairs.)

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Tuân Thủ Pháp Luật (Legal Compliance):

● Đảm bảo tuân thủ tất cả các luật lệ và quy định liên quan đến tài sản được cho thuê. (Ensure compliance with all relevant laws and regulations related to the leased property.)

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Tiện ích và Dịch vụ (Utilities
and Services):

● Đảm bảo các tiện ích cơ bản (như nước và điện) hoạt động đúng cách.

(Ensure that basic utilities (such as water and electricity) are functioning appropriately)

● Hỗ trợ cung cấp các dịch vụ cần thiết cho tài sản cho thuê.

(Facilitate the provision of essential services for the leased property.)

&nbsp;&nbsp;&nbsp;&nbsp;5.4 An Toàn và Bảo Mật (Safety and Security):

● Thực hiện các biện pháp để đảm bảo an toàn và bảo mật của căn hộ được cho thuê.

(Take measures to ensure the safety and security of the leased premises.)

&nbsp;&nbsp;&nbsp;&nbsp;5.5 Giao Tiếp (Communication):

● Thông báo kịp thời cho Bên Thuê về mọi thay đổi liên quan đến thông tin liên lạc hoặc chi tiết quan trọng liên quan đến căn hộ cho thuê.

● Promptly inform the Lessee of any changes to the contact information or essential details related to the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;5.6 Xử Lý Tiền Đặt Cọc (Deposit
Handling):

● Xử lý một cách an toàn và trả lại kịp thời số tiền đặt cọc cho Bên Thuê, chỉ khấu trừ các chi phí hợp lý theo các điều khoản của Hợp Đồng.

(Safely handle and promptly return the rental deposit to the Lessee, deducting only legitimate charges in accordance with the terms of this Contract.)

&nbsp;&nbsp;&nbsp;&nbsp;5.7 Thông Báo Thay Đổi (Notification
of Changes):

● Thông báo bằng văn bản cho Bên Thuê về bất kỳ thay đổi nào về thông tin tài khoản thanh toán ít nhất 10 ngày trước thời hạn thanh toán tiền thuê.

(Notify the Lessee in writing of any changes to the payment account information at least 10 days prior to the rent payment deadline.)

&nbsp;&nbsp;&nbsp;&nbsp;**5.8** **Giải Quyết Tranh Chấp (Dispute Resolution):** 

● Hợp tác tích cực để giải quyết mọi tranh chấp có thể xảy ra trong thời gian hiệu lực của Hợp Đồng.

(Cooperate in good faith to resolve any disputes that may arise during the term of this Contract.)

Bên Cho Thuê cam kết thực hiện những trách nhiệm này một cách chân thành và theo đúng các điều khoản được nêu trong Hợp Đồng này.

The Lessor agrees to fulfill these responsibilities diligently and in accordance with the terms outlined in this Agreement.

**<u>ĐIỀU 6 : TRÁCH NHIỆM CỦA BÊN THUÊ (BÊN B)</u>**

**<u>(ARTICLE 6 : LESSEE'S (PARTY B'S) RESPONSIBILITIES)</u>**

6.1 Trả tiền đặt cọc, tiền
thuê/cho thuê và các chi phí khác đầy đủ và đúng
thời hạn.

(Paying timely and fully the amount of security deposit, the rental fee, and other costs/fees).

6.2 Sử dụng diện tích được
cho thuê theo đúng mục đích đã đăng ký và cho phép.

(Using the Rented Area for the Registered and Permitted Purpose).

6.3 Nếu cần sửa chữa và cải
tạo diện tích được thuê do nhu cầu sử dụng của mình, Bên
B phải được sự đồng ý của Bên A bằng văn bản, và
phải tuân thủ các quy định về xây dựng cơ bản; mọi chi phí
xây dựng, sửa chữa, cải tạo do Bên B chịu. Khi hợp đồng này
chấm dứt hoặc khi Bên B bàn giao lại cho Bên A diện tích được
thuê cho Bên A, văn phòng phải được giữ nguyên trạng khi bàn
giao và Bên B không được đòi bồi thường về những chi
phí xây dựng, cải tạo mới này.

If Party B (Lessee) needs to carry out repairs and renovations to the rented area due to their usage needs, written consent from Party A (Lessor) must be obtained. Party B is also required to adhere to basic construction regulations, and any costs associated with construction, repairs, or renovations shall be borne by Party B. When this contract terminates or when Party B returns the rented area to Party A, the office space must be returned in its original condition. Party B is not entitled to claim compensation for the construction or renovation costs incurred.

6.4 Bồi thường bất kỳ/mọi hư
hỏng phần được thuê và/hoặc bất kỳ/mọi mất mát về
các trang thiết bị và đồ đạc cũng như các tác hại
gây ra cho người khác do việc sử dụng của Bên B.

Party B compensate for any and all damages to the leased premises and/or any loss of equipment and furnishings, as well as any harm caused to others due to the usage by Party B.

6.5 Thông báo kịp thời cho Bên A
bất kỳ hư hỏng phần được thuê của tòa nhà do tuổi thọ
tòa nhà hoặc do thiên tai gây ra.

Promptly informing Party A of any damage to the rented portion of the building caused by the building's lifespan or natural disasters.

6.6 Tuân thủ nghiêm túc mọi luật
lệ, pháp luật quy định do nhà nước CHXHCNVN ban hành.

(Adhere strictly to all laws and regulations enacted by the Socialist Republic of Vietnam.)

6.7 Chấp hành mọi quy định về
bảo vệ vệ sinh môi trường, an ninh trật tự công cộng, phòng cháy
chữa cháy.

(Comply with all regulations regarding environmental sanitation, public order security, and fire prevention and fighting.)

6.8 Chịu hoàn toàn trách nhiệm
về mọi hoạt động của mình trước pháp luật VN hiện hành.

(Taking full responsibility for the activities by the current Vietnamese Laws).

6.9 Không được cho thuê lại
hoặc chuyển nhượng một phần hoặc toàn bộ diện tích được
thuê cho cá nhân/công ty/tổ chức khác.

(Not Allowed to Sublease or Transfer Any Part or the Entire Rented Area to Another Individual/Company/Organization)

6.10 Thanh toán dứt điểm mọi chi
phí sử dụng điện, điện thoại, fax và các chi phí khác
(nếu có) trước khi thanh lý hợp đồng.

(Settle all Utility Costs for Electricity, Telephone, Fax, and Other Expenses (if any) before Contract Termination)

6.11 Chịu trách nhiệm về bất kỳ/toàn
bộ sự bảo dưỡng và mất mát các trang thiết bị, nội thất
trong văn phòng, tài sản cá nhân.

(Take Responsibility for Any/All Maintenance and Loss of Equipment, Furniture in the Office, and Personal Property)

**<u>ĐIỀU 7 : ĐIỀU KHOẢN VỀ BẢO DƯỠNG, SỬA CHỮA NHÀ & CÁC TRANG THIẾT BỊ</u>**

**<u>(ARTICLE 7 : PROVISION ON HOUSE & EQUIPMENTS MAINTENANCE AND REPAIR)</u>**

Khi cần thiết phải bảo dưỡng hoặc sửa chữa tòa nhà, **BÊN A** phải thông báo cho **BÊN B** biết trước bằng văn bản và **BÊN B** cần tạo mọi điều kiện thuận lợi cho **BÊN A** thực hiện các công việc nêu trên. Nếu **BÊN B** gấy khó khăn một cách vô lý cho các công việc nêu trên gây nguy hiểm đối với tòa nhà, **BÊN B** phải chịu chi phí hợp lý để khắc phục hậu quả gây ra.

When maintenance or repairs to the building are deemed necessary, PARTY A must provide written notification to PARTY B in advance, and PARTY B shall facilitate all necessary conditions for PARTY A to carry out the tasks. If PARTY B unreasonably hinders the progress of these tasks, posing a danger to the building, PARTY B shall bear the reasonable costs incurred to rectify the resulting consequences.

**<u>ĐIỀU 8 : CHẤM DỨT HỢP ĐỒNG</u>**

**<u>(ARTICLE 8 : CONTRACT TERMINATION)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Hợp đồng này đương
nhiên chấm dứt trong các trường hợp sau:

(This present contract evidently terminates under the following cases)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Vào ngày hết hạn hợp đồng.(On
the expiration of this present contract)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Trường hợp bất khả kháng
như thiên tai, bão lụt, chiến tranh, hỏa hoạn, v.v…. (In the event of force majeure
such as natural disasters, storms, floods, war, fire, etc...

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Theo quy hoạch chung của Thành phố
Đà Nẵng. (According to the overall planning of Da Nang City)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Bên B không thể tiếp tục tại
Thành phố Đà Nẵng theo quy định của cấp thẩm quyền.(PARTY B cannot
continue to operate in Da Nang City as stipulated by the competent authority.)

**Trong trường hợp này (a, b, c, d), Bên A sẽ hoàn lại cho Bên B tiền đặt cọc.**

**(In this case (a, b, c, d), PARTY A will refund the security deposit to PARTY B)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Chậm thanh toán theo quy định của
Điều 4.(Delay of payment stipulated in the Article 4)

**Trong trường hợp này (e), Bên A sẽ không hoàn lại cho Bên B tiền đặt cọc.**

**(In this case [5], Party A will not refund to Party B the amount of security amount)**

&nbsp;&nbsp;&nbsp;&nbsp;2. Chấm dứt hợp đồng trước
thời hạn do thỏa thuận của các Bên:(Contract termination prior to its expiration under both
party's agreement)

Hợp đồng này không được đơn phương chấm dứt trước thời hạn bởi bên nào. Nếu một trong hai bên muốn chấm dứt hợp đồng trước thời hạn, phải thông báo trước cho bên kia bằng văn bản ít nhất là 02 (hai) tháng và thời hạn thuê/cho thuê phải đạt được tối thiểu là 2/3 (tương đương với 08 tháng). Trong trường hợp này, Bên A sẽ hoàn trả lại cho Bên B tiền đặt cọc và tiền thuê/ cho thuê văn phòng còn thừa của Bên B (nếu có).

This contract cannot be unilaterally terminated before the expiration date by either party. If either party wishes to terminate the contract before the agreed-upon term, a written notice must be provided to the other party at least 02 (two) months in advance, and the rental/lease term must have reached a minimum of 2/3 (equivalent to 08 months). In this case, PARTY A will refund the security deposit and any remaining office rental/lease fees to PARTY B (if applicable).

Nếu Bên B chấm dứt hợp đồng này trước thời hạn mà không tuân thủ quy định nói trên, Bên B sẽ mất tiền đặt cọc.

(If PARTY B terminates this contract before the agreed-upon term without adhering to the aforementioned regulations, PARTY B will forfeit the security deposit.)

Nếu Bên A chấm dứt hợp đồng này trước thời hạn mà không tuân thủ quy định nói trên, Bên A phải hoàn trả lại cho Bên B tiền đặt cọc, tiền thuê/cho thuê còn thừa của Bên B (nếu có) và phải bồi thường cho Bên B số tiền tương đương với tiền đặt cọc.

(If PARTY A terminates this contract before the agreed-upon term without adhering to the aforementioned regulations, PARTY A must refund the security deposit, any remaining rental/lease fees to PARTY B (if applicable), and compensate PARTY B with an amount equivalent to the security deposit.)

**<u>ĐIỀU 9 : CAM KẾT CHUNG</u>**

**<u>(ARTICLE 9 : GENERAL COMMITMENT)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Hai bên cam kết thực hiện nghiêm
túc và đầy đủ các điều khoản và điều kiện
quy định trong hợp đồng này. Mọi thay đổi, hủy bỏ hoặc bổ
sung một hay nhiều điều khoản, điều kiện của hợp đồng này
phải được cả 2 bên thỏa thuận bằng văn bản và lập thành
phụ lục hợp đồng.

(Both parties commit to diligently and fully implement all terms and conditions stipulated in this contract. Any changes, cancellations, or additions to one or more terms or conditions of this contract must be mutually agreed upon in writing and documented as an appendix to the contract by both parties)

&nbsp;&nbsp;&nbsp;&nbsp;2. Trường hợp các cơ quan có
thẩm quyền của Việt Nam ban hành các văn bản pháp lý liên quan
đến việc cho thuê văn phòng, Hợp đồng này sẽ được
điều chỉnh cho phù hợp với những quy định của
Pháp luật Việt Nam.

(In the event that competent authorities in Vietnam issue legal documents related to office leasing, this contract shall be adjusted to comply with the regulations of Vietnamese law.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Tranh chấp phát sinh liên quan đến hợp đồng này hoặc việc vi
phạm hợp đồng sẽ được giải quyết trước hết
bằng thương lượng trên tinh thần thiện chí, hợp tác. Nếu
thương lượng không thành thì vụ việc sẽ được
đưa ra tòa án có thẩm quyền tại Tp. Đà Nẵng xét
xử. Quyết định của tòa án là chung thẩm và có hiệu
lực cưỡng chế thi hành với các bên có liên quan. Bên thua
phải chịu toàn bộ án phí và các chi phí khác (nếu
có), trừ khi có thỏa thuận khác.

(Disputes arising from this contract or violations of the contract shall be initially resolved through negotiation in a spirit of goodwill and cooperation. If negotiations fail, the matter shall be brought before the competent court in Da Nang for resolution. The court's decision is final and enforceable, compelling all relevant parties to adhere to it. The losing party shall bear all court fees and other associated costs unless otherwise agreed upon)

&nbsp;&nbsp;&nbsp;&nbsp;4. Hợp đồng này có hiệu
lực pháp lý từ ngày ký đến hết ngày 15/09/2024

&nbsp;&nbsp;&nbsp;&nbsp;5. (This present contract has its legal validity from the signing
date until 15/09/2024)

Hợp đồng này được lập thành 04 (bốn) bản bằng tiếng Việt và tiếng Anh, có giá trị pháp lý như nhau. Mỗi bên giữ 02 (hai) bản.

(This contract is made in 04 (four) copies in both Vietnamese and English languages, all of which have equal legal validity. Each party holds 02 (two) copies.)

---

| | |
|:---|:---|
| **ĐẠI DIỆN BÊN CHO THUÊ/BÊN A** | **ĐẠI DIỆN BÊN THUÊ/BÊN B** |
| **(FOR THE LESSOR/PARTY A)** | **(FOR THE LESSEE/PARTY B)** |

---

---

| | |
|:---|:---|
| ![](ex10-4_001.jpg) | ![](ex10-4_002.jpg) |
| **VÕ THẾ ANH** | **CHEW TECK SHIONG** |
|  | **DIRECTOR** |

---

## Exhibit 10.5

**Exhibit 10.5**

![](ex10-5_001.jpg)

**INDIRECT RESELLER AGREEMENT**

---

| | |
|:---|:---|
| **Reseller Name:** | &nbsp;&nbsp;&nbsp;<u>EVVO Labs Pte Ltd</u> |

---

This Indirect Reseller Agreement, including the attached Terms and Conditions and Schedules ("Agreement") is entered into by and between the party identified above ("Reseller") and Imperva, Inc., a Delaware corporation ("Imperva") as of the date of the last signature below ("Effective Date"). Under this Agreement, lmperva appoints Reseller as an authorized indirect reseller of the Products and Services in the Territory (as such terms are defined in Section 1 of the attached Terms and Conditions).

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Territory:** | &nbsp;&nbsp;**Products:** |
| &nbsp;&nbsp;<u>Singapore</u> | &nbsp;&nbsp;&nbsp;&nbsp;Imperva Software and Appliances<br> Imperva Cloud Services<br>|

---

This Agreement has been executed by authorized representatives of each party.

---

| | | | |
|:---|:---|:---|:---|
| **RESELLER:** |  | **IMPERVA, INC.:** | **IMPERVA, INC.:** |
| Signature: | /s/ JACK WONG | Signature: | /s/ Dale Brown |
| Name: | JACK WONG | Name: | Dale Brown |
| Title: | DEPUTY DIRECTOR | Title: | VP, Corporate Controller |
| Date: | 04/08/2016 | Date: | August 8, 2016 |

---

---

| | | |
|:---|:---|:---|
| **Reseller Notice Information:** | **Reseller Notice Information:** | **Imperva Notice Information:** |
| Address: | 1 LORONG 2 TOA PAYOH, | Imperva, Inc. |
|  | #04-05, YELLOW PAGES BUILDING, | 3400 Bridge Parkway, Suite 200 |
|  | S319637. | Redwood Shores, CA 94065 U.S.A. |
| Attention: | JACK WONG | Attention: Legal Department |
| Email: | JACK@EVVOLABS.COM | Email: legal@imperva.com |
|  | ![](ex10-5_002.jpg) |  |

---

Imperva Confidential

Imperva Indirect Reseller Agreement (Master) March 3, 2016

**INDIRECT RESELLER TERMS AND CONDITIONS**

**1.** **Definitions** 

In this Agreement (except where the context otherwise requires) the following terms shall have the following meanings:

"Appliance" means the Imperva branded computer hardware on which the Software operates.

"Cloud Services" mean the subscription services listed on the cover page of this Agreement, including content, updates and upgrades thereto, offered by Imperva, and includes, without limitation, the ThreatRadar services, Skyfence services, and Incapsula services.

"Documentation" means the standard technical instructions and user's guides, including updates thereto, regarding the specifications of the Products, whether in printed or electronic format, provided by Imperva with such Products.

"End User" means a customer in the Territory to whom Reseller sells Products and/or Services for use by such customer for internal business purposes only and not for resale.

"Imperva End User License Agreements" mean the then-current Imperva license and/or services agreements (or terms and conditions substantially similar to but no less restrictive than, as approved by Imperva) that set out the terms and conditions governing the use of the applicable Products. Imperva's then current terms can be found at: http://www.imperva.com/other/1egal.html.

"Maintenance Services" mean Imperva's services described in Imperva's then-current Support and Maintenance Guide and Service Level Agreement (SLA) terms, as applicable, copies of which are available upon request.

"NFR Product" means the not-for-resale versions of Products.

"Open Source Software" means third party software that Imperva distributes with the Software pursuant to a license that requires, as a condition of use, modification and/or distribution of such software, that the software or other software combined and/or distributed with it be (i) disclosed or distributed in source code form; (ii) licensed for the purpose of making derivative works; or (iii) redistributable at no charge.

"Products" mean Appliances, Software or Cloud Services, as the case may be, and such other products or offerings as may be mutually agreed in writing between the parties.

"Professional Services" mean Imperva's generally available implementation and installation services and training.

"Services" mean the Maintenance Services and Professional Services, as the case may be.

"Software" means Imperva's or its licensors' software (in object code format) or content, any updates or upgrades thereto provided to End User by Imperva and any Documentation pertaining thereto. Software may be delivered to End User on Appliances or on a standalone basis. The term "Software" does not include Open Source Software.

"Territory" means the geographical territory specified on the cover page of this Agreement.

"Trademarks" mean the trademarks and trade names used by Imperva (whether registered or unregistered) in connection with the Products and Services.

2. Appointment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Conditioned on Reseller's compliance with the terms of this Agreement, Imperva hereby appoints Reseller and Reseller accepts such appointment as an authorized, non-exclusive indirect reseller of the Products in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Imperva grants Reseller a non-exclusive, non-transferable, revocable license, without right of sublicense, during the Term to market, offer, and distribute the Products in the Territory solely to End Users residing and taking delivery of the Products in the Territory, subject to the agreement of such End Users to the terms of the applicable Imperva End User License Agreement. Further, unless otherwise agreed under a mutually agreed upon federal addendum, Reseller may not resell to any U.S. federal government End User under this Agreement.

Imperva Confidential

Imperva Indirect Reseller Agreement (Master) March 3, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Imperva reserves the absolute right for any reason whatsoever to increase or decrease the number of resellers in or outside the Territory at any time without notice to Reseller and nothing in this Agreement shall restrict Imperva's right to carry on its business and exploit any of its products or services in the Territory and elsewhere as it sees fit.

3. Restrictions
 and Obligations of Reseller

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Except as otherwise expressly provided for in this Agreement, Reseller will not (and will not allow any third party to): (i) decompile, disassemble, or otherwise reverse engineer the Products or attempt to reconstruct or discover any source code, underlying ideas, algorithms, file formats or programming interfaces of the Products by any means whatsoever (except and only to the extent that applicable law prohibits or restricts reverse engineering restrictions, in which case the Products may only be reverse engineered for purposes of achieving interoperability with other software programs, provided Reseller has previously requested in writing for Imperva to provide the information necessary to achieve interoperability and Imperva has not made such information available. Imperva has the right to impose reasonable conditions before providing such information); (ii) except as otherwise specifically provided under an applicable addendum, use the Products (or any portion thereof) for any type of production use purpose, including, but not limited to, data processing services, commercial time sharing, hosting, rental application, services provider or any similar sharing arrangement; (iii) modify any part of the Products, translate, create a derivative work of any part of the Products, or incorporate the Products into or with other software, except to the extent expressly authorized in writing by Imperva; (iv) remove or modify any proprietary notices, labels or marks on or in any copy of the Products; (v) publicly disseminate performance information or analysis (including, without limitation, benchmarks and performance tests) from any source relating to the Products; (vi) access the embedded database or any other embedded third party product with applications other than the Products; or (vii) use or copy the Products, in whole or in part, except as expressly allowed under this Agreement. Reseller agrees to promptly notify Imperva of any breaches of the restrictions set forth in this Section 3.1 of which Reseller becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Reseller shall promote, market and distribute the Products using its best efforts to increase sales of the Products in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Reseller shall designate both: (i) a technical contact, who shall be designated to be Imperva's primary contact for all technical matters relating the Products and Product license keys; and (ii) a business contact, who shall be Imperva's primary contact for all other day-to-day matters arising under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Imperva shall make available to Reseller training sessions for the Products at the then-current Imperva rates. Reseller agrees to comply with the training requirements of the then current Imperva PartnerSphere Program. Any costs incurred in the course of this training, such as travel and lodging expenses, shall be borne by Reseller. Such training will be provided by Imperva at a location domestic to Reseller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Imperva reserves the right to delete products and services from the Product list set out on the cover page of this Agreement upon thirty (30) days prior written notice to Reseller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Reseller shall ensure that End Users agree to the terms of the Imperva End User License Agreement applicable to the Products the End User is purchasing, and shall notify Imperva of any known breach of such terms. Reseller acknowledges that Software is licensed, and not sold, to End Users under the tenns of the Imperva End User License Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Open Source Software is copyrighted and licensed under the GPL/LGPL and other licenses. Copies of or references to those licenses are included with software in the "Help" section. Reseller may obtain the complete corresponding Open Source Software source code from Imperva for a period of three years after Imperva's last shipment of the Software, by sending a request to Imperva.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 For purposes of this Agreement, "commercial computer software'' is defined at FAR 2.101. If acquired by or on behalf of a civilian agency, the U.S. Government acquires this commercial computer software and/or commercial computer software documentation and other technical data subject to the terms of the Agreement as specified in 48 C.F.R. 12.212 (Computer Software) and 12.211 (Technical Data) of the Federal Acquisition Regulation **("FAR")** and its successors. If acquired by or on behalf of any agency within the Department of Defense **("DOD"),** the U.S. Government acquires this commercial computer software and/or commercial computer software documentation subject to the terms of the Agreement as specified in 48 C.F.R. 227.7202-3 of the DOD FAR Supplement **("DFARS")** and its successors. This U.S. Government End User Section 3.8 is in lieu of, and supersedes, any other FAR, DFARS, or other clause or provision that addresses government rights in computer software or technical data.

4. Intellectual
 Property Rights; Branding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Except as provided in Section 4.2, all worldwide right, title and interest (including without limitation any intellectual property rights, related goodwill and confidential and proprietary information) in or to the Products, the Trademarks, Documentation and any training or other related materials shall remain with Imperva or its licensors and this Agreement shall not be construed as transferring any interest in them to Reseller. All rights in and to the Products not expressly granted to Reseller in this Agreement are reserved by Imperva and its licensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Title to the Appliance (except to the extent that such Appliance includes any embedded software) and risk of loss will pass to Reseller on Imperva's delivery of the hardware to the carrier; provided however, that title to the Appliance shall not pass to the End User until the End User has agreed to and accepted the applicable Imperva End User License Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Reseller consents to Imperva using its name and logo to identify Reseller as a partner of Imperva. Any use shall be subject to Imperva complying with any guidelines that Reseller may deliver to Imperva from time-to-time regarding the use of its name and logo.

5*.* Price,
 Orders, Delivery and Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 For each Product ordered by Reseller, Reseller shall submit a purchase order to an authorized Imperva distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Reseller shall promptly deliver to End Users Software activation keys that are provided by Imperva for such End Users, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Reseller must, at its own risk and expense obtain any import license or other official authorization, and carry out all custom formalities, for the importation of the Products and for the transit of the Products through any other countries.

6. **Maintenance Services.** Provided Reseller obtains a fully paid contract for Maintenance Services, Imperva
 will provide such services directly to the applicable End User. If End User does not purchase,
 terminates or does not renew Maintenance Services and subsequently requests Maintenance Services,
 End User must first pay the then-current Maintenance Services fee, plus all cumulative fees
 that would have been payable had End User initially purchased or not terminated Maintenance
 Services, before it will be entitled to receive Maintenance Services.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Not for Resale Product.** Imperva authorizes Reseller to acquire a reasonable quantity of NFR
 Products from authorized Imperva distributors. Imperva hereby grants to Reseller (subject
 to all restrictions set forth in this Agreement) a non-transferable, non-exclusive, revocable
 limited license to demonstrate such NFR Products to prospective End Users for the limited
 purpose of promoting the Products. Reseller may not distribute such NFR Products to any End
 User or to any third party, other than for purposes of an unpaid evaluation that does not
 exceed thirty (30) days and for which the End User has agreed to Imperva's then current
 evaluation license terms (or terms and conditions substantially similar to but no less restrictive
 than such terms).

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

8. Warranty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Imperva warrants each Product only to End Users, pursuant to the terms of the applicable Imperva End User License Agreement and no warranty is extended to Reseller or any third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 EXCEPT FOR THE WARRANTIES PROVIDED IN THE APPLICABLE IMPERVA END USER LICENSE AGREEMENT, THE PRODUCTS AND ANY SERVICES ARE PROVIDED "AS IS' AND IMPERVA MAKES NO WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE. IMPERVA AND ITS SUPPLIERS MAKE NO WARRANTY THAT USE OF THE PRODUCTS OR SERVICES WILL BE UNINTERRUPTED, ERROR-FREE OR DEFECT-FREE, OR AVAILABLE AT ALL TIMES. IMPERVA HEREBY SPECIFICALLY DISCLAIMS, ON BEHALF OF ITSELF AND ITS SUPPLIERS, ALL IMPLIED WARRANTIES, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;9. Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Each party agrees that all code, inventions, know-how, business, technical and financial information it obtains ("Receiving Party'') from the other party to this Agreement ("Disclosing Party") constitute the confidential property of the Disclosing Party ("Confidential Information"), provided that it is identified as confidential at the time of disclosure or should be reasonably known by the Receiving Party to be Confidential Information due to the nature of the information disclosed and the circumstances surrounding the disclosure. The Products, Documentation, pricing, technical information and other code, data, business or financial information of any type (including, without limitation, Imperva's plans for new or enhanced products and services), provided by Imperva will be deemed to be trade secrets and Confidential Information of Imperva without any marking or further designation. Except as expressly authorized herein, the Receiving Party will hold in confidence all Confidential Information of the Disclosing Party and disclose such information only to its employees, contractors, legal or financial advisors, investors, or acquirers with a need to know, provided all such individuals are bound by professional duty or in writing (in advance) to confidentiality and non-use obligations with the Receiving Party with terms no less restrictive than the provisions in this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Receiving Party's nondisclosure obligation will not apply to information which the Receiving Party can document: (i) was rightfully in its possession or known to it prior to receipt of the Confidential Information; (ii) is or has become public knowledge through no fault of the Receiving Party; (iii) is rightfully obtained by the Receiving Party from a third party without breach of any confidentiality obligation; or (iv) is independently developed by employees or contractors of the Receiving Party who had no access to such information. The obligations in Section 9.1 will not restrict either party from disclosing Confidential Information of the other party pursuant to the order or requirement of a court, administrative agency or other governmental body, provided that the party required to make such a disclosure gives reasonable written notice to the other party to contest such order or requirement. In addition, each party may disclose the terms and conditions of this Agreement as required under applicable securities laws, but such party will use all reasonable efforts to obtain confidential treatment to the maximum extent possible for the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Receiving Party acknowledges that disclosure of Confidential Information would cause substantial harm to the Disclosing Party that could not be remedied by the payment of damages alone and therefore that upon any such disclosure by the Receiving Party the Disclosing Party will be entitled to appropriate equitable relief in addition to whatever remedies it might have at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Imperva authorizes Reseller to disclose Confidential Information regarding the Products and Services to prospective End Users that are not competitors of Imperva solely for purposes of marketing the Products and Services, provided that each such prospective End User has entered into a written confidentiality agreement with Reseller or Imperva with terms and conditions no less restrictive than the terms and conditions of this Section 9. The rights granted to Reseller in this Section 9.4 do not include the right to distribute any copies of the Products to prospective End Users until such time as such Products are ordered pursuant to an Imperva End User License Agreement.

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

10. **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 NEITHER IMPERVA (AND ITS PARTNERS AND SUPPLIERS) OR RESELLER SHALL BE LIABLE FOR ANY LOSS OF USE, LOST DATA, FAILURE OF SECURITY MECHANISMS, INTERRUPTION OF BUSINESS, OR ANY INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY KIND (INCLUDING PUNITIVE DAMAGES OR LOST PROFITS), REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES IN ADVANCE. THIS SECTION 10.1 SHALL NOT APPLY TO RESELLER WITH RESPECT TO ANY CLAIM ARISING UNDER THE FOLLOWING SECTIONS: 3.1 AND 3.6 (RESTRICTIONS AND OBLIGATIONS OF RESELLER) OR TO EITHER PARTY'S BREACH OF SECTION 9 (CONFIDENTIALITY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, IMPERVA'S (AND ITS THIRD PARTY SUPPLIERS') ENTIRE LIABILITY UNDER THIS AGREEMENT SHALL NOT EXCEED THE AMOUNT ACTUALLY PAID BY RESELLER TO IMPERVA-AUTHORIZED RESELLERS AND DISTRIBUTORS FOR PRODUCTS AND SERVICES DURING THE PAST 12 MONTHS UNDER THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The limitations in this Agreement shall not apply to claims arising from fraud or to any other liability which may not be excluded by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The parties agree that the limitations specified in this Section 10 shall survive and apply even if any limited remedy specified in this Agreement is found to have failed of its essential purpose.

11. **Term.** This Agreement shall commence on the Effective Date and shall continue in effect (the "Term") until terminated in accordance
with Section 12 below.

12. **Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 This Agreement may be terminated by either party for convenience without cause upon thirty (30) days written notice to the other party of its intention to terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Without prejudice to any other rights to which it may be entitled, either party may terminate this Agreement immediately by providing written notice to the other party: (i) if the other party commits any material breach of any of the terms of this Agreement and (if such a breach is remediable) fails to remedy that breach within thirty (30) days of that party being notified of the breach, (ii) as provided in Section 13.4 (Anti-Corruption), or (iii) if Reseller (a) becomes insolvent, (b) makes an assignment for the benefit of creditors, (c) files or has filed against it a petition in bankruptcy or seeking reorganization, (d) has a receiver appointed, or (e) institutes any proceedings for the liquidation or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 For the avoidance of doubt and without prejudice to the parties' remedies generally, a breach of any of Sections 3.1, 3.6, and 9 is a material breach for the purposes of this clause 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Upon termination of this Agreement: (i) Reseller shall discontinue all further promotion, marketing and distribution of the Products, and shall cease all display, advertising and use of all the Trademarks and will not thereafter use, advertise or display any such Trademarks; (ii) Reseller shall promptly return all Imperva's advertising matter and other printed materials or documentation in its possession or under its control which contain or bear any Trademarks, all copies of Products supplied by Imperva to Reseller for the purposes of evaluation or demonstration and all Confidential Information of Imperva's (however stored), except that Reseller may destroy any copies of the Confidential Information maintained in electronic form; and (iii) all orders or portions thereof remaining unshipped as of the effective date of termination may be cancelled by Imperva, at its option, to the extent they call for delivery after the date of termination. If those orders or portions thereof are not cancelled by Imperva, they shall be governed by the terms of this Agreement. Imperva shall have no liability to Reseller for termination or cancellation of this Agreement by Imperva, including without limitation, liability for damages on account of loss of income or for expenditures, loss of goodwill or business opportunity.

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Upon termination or expiration of this Agreement, the following sections shall survive: 1, 3.1, 4.1, *5* (insofar as it relates to orders accepted and not cancelled in accordance with this Agreement), 8, 9, 10, 12, 13.5 and 14.

13. **Anti-Corruption.** Reseller hereby represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 In carrying out its responsibilities under this Agreement, Reseller agrees that it will comply with Imperva's Policy Regarding Improper Influence of Foreign Officials (a copy of which is available at http://www.imperva.com/docs/channel/Policy Regarding Improper Influence of Foreign Officials.pdf, and Reseller will not pay or give, offer or promise to pay or give, or authorize the promise, payment or giving directly or indirectly of any monies or anything of value to any person or firm employed by or acting for or on behalf of any governmental customer, any government official or employee, any political party, any employee of any political party, or any candidate for political office (in each case, a "Covered Person"), for the purpose of inducing or rewarding any favorable action by the customer or any official or employee of any government in the Territory (or any other jurisdiction in which Reseller performs services for Imperva) in any commercial transaction or in any governmental matter contemplated by or arising out of or in any way related to the subject of this Agreement or the business of Imperva. If Reseller was engaged in any activities in anticipation of this Agreement, Reseller has not previously paid or given, offered or promised to pay or give, or authorized the promise, payment or giving directly or indirectly of any monies or anything of value to any Covered Person, for the purpose of inducing or rewarding any favorable action by the customer or any official or employee of any government in the Territory (or any other jurisdiction in which Reseller performs services for Imperva) in any commercial transaction or in any governmental matter contemplated by or arising out of or in any way related to the subject of this Agreement or the business of Imperva. For the purposes hereof, "government" means any government, including any department, division, subdivision, agency, corporation or other instrumentality of a government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 No employee of Reseller or of any parent or subsidiary company or any person or entity that controls, is controlled by or is under common control with Reseller ("affiliates") is an official or employee of a government in the Territory (or any other jurisdiction in which Reseller performs services for Imperva) during the term of this Agreement, unless such person obtains the prior written consent of Imperva. No rights or obligations of, or services to be rendered by Reseller under this Agreement will be assigned, transferred or subcontracted to, and Reseller will not (and will not agree to) share or pay any commission to, any third party without the prior written consent of Imperva. Reseller will ensure that all of its employees, agents, representatives or subcontractors involved in Reseller's performance of this Agreement are informed of Reseller's obligations under and the restrictions contained in this Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 In the event Imperva has reason to believe that a breach of any of the representations, warranties or covenants in this Section 13 has occurred or will occur, Imperva may withhold further delivery of the Products and Services and any other performance under this Agreement until such time as it has received confirmation to its satisfaction that no breach has or will occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 In the event that (i) there is a breach of any of the representations, warranties or covenants in this Section 13, (ii) Imperva has reason to believe that a breach of representations, warranties or covenants in this Section 13 has occurred or will occur, which belief has not been dispelled following commercially reasonable investigation thereof, or (iii) Imperva has been informed that a governmental or quasi-governmental counter-corruption authority has reason to believe that a breach of any of the representations, warranties or covenants in this Section 13 has occurred or will occur, which belief Imperva believes in good faith that it will not be able to dispel without undue delay or expense, Imperva at its election may, notwithstanding any other provision of this Agreement, at any time cancel or terminate this Agreement by written notice of cancellation or termination to Reseller (without further delivery of the Products and Services and any other performance under this Agreement by Imperva).

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Imperva will not be liable to Reseller for any claim, loss or damage whatsoever related to its decision to withhold delivery or other performance under Section 13.3. Reseller shall indemnify and hold Imperva harmless against any and all claims, losses or damages arising from or related to breach of Section 13.4 and the related termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 In connection with the execution of this Agreement, as well as promptly following a request by Imperva, Reseller will execute and deliver to Imperva a certification in the form attached as Schedule 1 to this Agreement. Reseller agrees to cause its employees, agents, representatives or subcontractors to execute and deliver to Imperva such a certification promptly following a request therefor by Imperva.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 In no event will Imperva be obligated under this Agreement to take any action or omit to take any action that Imperva believes, in good faith, would cause it to be in violation of any U.S. laws, including the Foreign Corrupt Practices Act, or the laws of any other jurisdiction to which Imperva is subject, including counter-corruption laws.

14. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Reseller acknowledges that the Products contain encryption technology that is subject to export restrictions by the U.S. government and import restrictions by certain foreign governments. Reseller will not, and will not permit any third-party to, remove or export from the U.S. or allow the export or re-export of any part of the Products or any direct product thereof: (i) into (or to a national or resident of) Cuba, Iran, North Korea, Sudan or Syria (to the extent the U.S. government or any agency thereof restricts export or re-export to such countries); (ii) to anyone on the U.S. Commerce Department's Table of Denial Orders or U.S. Treasury Department's list of Specially Designated Nationals; (iii) to any country to which such export or re-export is restricted or prohibited, or as to which the U.S. government or any agency thereof requires an export license or other governmental approval at the time of export or re-export without first obtaining such license or approval; or (iv) otherwise in violation of any export or import restrictions, laws or regulations of the U.S. or any foreign agency or authority. Reseller agrees to the foregoing and warrants that it is not located in, under the control of, or a national or resident of any such prohibited country or on any such prohibited party list. The Products are restricted from being used for the design or development of nuclear, chemical, or biological weapons or missile technology without the prior permission of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 This Agreement sets forth the entire agreement and understandings between the parties hereto and supersedes any and all prior and contemporaneous, oral or written representations, communications, understandings, and agreements between the parties with respect to its subject matter. Neither party shall have any liability in respect of any other representations, communications, understandings, and agreements other than to the extent of any fraudulent misrepresentations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 This Agreement will bind and inure to the benefit of each party's permitted successors and assigns. Neither this Agreement, nor any rights or obligations under this Agreement, is assignable by Reseller, without the prior written consent by Imperva. Imperva may assign this Agreement and its interest in the Products to any party without the consent of Reseller. Imperva's licensors are intended third party beneficiaries of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 This Agreement shall not be deemed or construed to be modified, amended, rescinded, cancelled or waived, in whole or in part, except by written amendment signed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 It is expressly agreed that the relationship between the parties shall be that of independent contractors. Under no circumstances shall the relationship between the parties constitute a joint venture or agency of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Reseller will maintain books, records and accounts that (i) are true and complete in all material respects, (ii) have been maintained in accordance with reasonable business practices on a consistent basis, and (iii) are stated in reasonable detail and accurately and fairly reflect the transactions and dispositions of the assets and properties of Reseller, including accurately reflecting all order and payment information relating to the distribution of the Products or the performance of Reseller's obligations under this Agreement. Reseller will maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions, receipts and expenditures of Reseller are being executed and made only in accordance with appropriate authorizations of management and its board of directors or similar body, (b) transactions are recorded as necessary to maintain accountability for assets, and (c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of Reseller. Upon ten (10) days advance written notice, Imperva will have the right to audit Reseller in order to satisfy itself regarding Reseller's compliance with the terms of this Agreement. Any such audit will be conducted during normal business hours and in a manner designed to cause the least possible impact on Reseller's ordinary business activities. Reseller will fully cooperate in any audit conducted by or on behalf of Imperva and any reasonable investigation by Imperva, including, if requested by Imperva, causing relevant representatives of Reseller to participate in interviews (at reasonable times and places) with the investigators retained by Imperva for the purpose of conducting such investigation; provided that Imperva will reimburse any travel and lodging expenses incurred by such representatives in order to participate in such interviews (consistent with Imperva's standard expense reimbursement policies), if such interview requires travel to a location more than fifty (50) miles from such representatives' regular place of work.

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 Any notice hereunder will be in writing to the notice address set forth above and will be deemed given: (i) upon receipt if by personal delivery; (ii) upon receipt if sent by certified or registered mail (return receipt requested); or (iii) two (2) days after it is sent if by overnight delivery by a major commercial delivery service. Either party may, by like notice, specify or change an address to which notices and communications shall thereafter be sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 This Agreement shall be governed and interpreted in accordance with the laws of the United States and the State of California, without giving effect to principles of conflicts of law. The parties agree that the United Nations Convention on Contracts for the International Sales of Goods and the Uniform Computer Information Transactions Act are specifically excluded from application to this Agreement. Any litigation relating to the formation, interpretation or alleged breach of this Agreement must be brought exclusively in the state and federal courts having jurisdiction in Santa Clara County, California, and Reseller irrevocably consents to the jurisdiction of such courts. In any action to enforce or interpret this Agreement, the prevailing party shall be entitled to recover, in addition to any other amounts awarded, reasonable legal and other related costs and expenses, including attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 Neither party shall be liable to the other for any delay or failure to perform any obligation under this Agreement (except for a failure to pay fees) if the delay or failure is due to unforeseen events, which occur after the signing of this Agreement and which are beyond the reasonable control of the parties, such as strikes, blockade, war, terrorism, riots, natural disasters, refusal of license by the government or other governmental agencies, in so far as such an event prevents or delays the affected party from fulfilling its obligations and such party is not able to prevent or remove the force majeure at reasonable cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 This Agreement may be executed in counterparts and by facsimile, each of which will constitute an original and together shall constitute one instrument.

**[Remainder of Page Intentionally Left Blank]**

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

**SCHEDULE 1**

**<u>RESELLER CERTIFICATION</u>**

The undersigned has delivered this Certification to Imperva, Inc. ("Imperva"), pursuant to that certain Indirect Reseller Agreement (the "Agreement'') by and between Imperva and <u>[EVVO]</u> ("Reseller"). Any term not defined in this Certification will have the meaning ascribed to such term in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned hereby represents, warrants and certifies that the undersigned (and to the undersigned's knowledge, after reasonable inquiry, no other person providing performance in connection with the Agreement) has not paid or given, offered or promised to pay or give, or authorized the payment or giving directly or indirectly of any monies or anything of value to any Covered Person, for the purpose of inducing or rewarding any favorable action by the customer or any official or employee of any government in the Territory (or any other jurisdiction in which Reseller performs services for Imperva) in any commercial transaction or in any governmental matter contemplated by arising out of or in any way related to the subject of the Agreement or the business of Imperva, and the undersigned covenants not to in the future pay or give, offer or promise to pay or give, or authorize the payment or giving directly or indirectly of any monies or anything of value to any Covered Person, for the purpose of inducing or rewarding any favorable action by the customer or any official or employee of any government in the Territory (or any other jurisdiction in which Reseller performs services for Imperva) in any commercial transaction or in any governmental matter contemplated by arising out of or in any way related to the subject of the Agreement or the business of Imperva, all within the meaning of the U.S. Foreign Corrupt Practices Act (the "FCPA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The undersigned hereby represents, warrants and certifies that no Covered Person has any partnership, joint venture, fee sharing, or ownership interest, direct or indirect, in the partnership, corporation, entity or business arrangements represented by or affiliated with the undersigned, or in the contractual relationships established by the Agreement or transactions contemplated by the Agreement. The undersigned hereby affirms that the undersigned has disclosed to Imperva that no employee of any partnership, corporation, entity or business arrangements represented by or affiliated with the undersigned is a Covered Person. In the event that during any period of the effectiveness of any part of the Agreement there is any change to the foregoing sentences, the undersigned agrees to make immediate disclosure to Imperva's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned represents and warrants that the undersigned has been advised of the existence of the FCPA and Imperva's Policy Regarding Improper Influence of Foreign Officials (a copy of which is available at <u>http://www.imperva.com/docs/channel/Policy Regarding Improper Influence of Foreign Officials.pdf</u>, has been given an opportunity and been advised to become familiar with the terms of the FCPA and such Policy, and has not committed and will not commit, and has no information or knowledge of anyone else having committed or intending to commit any violation of the FCPA or such Policy with respect to any activities related to the Agreement, and will immediately advise Imperva's General Counsel of the undersigned's knowledge of any such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The undersigned represents and warrants that it has reviewed and become familiar with Imperva's slide presentation titled "Prevention of Improper Practices in International Transactions" (a copy of which is available at <u>http://www.imperva.com/docs/channel/Channel Partner Training January 2016.pptx)</u>.

---

| | |
|:---|:---|
| By: | /s/ EVVO LABS PTE LTD |
| Name: | JACC WONG |
| Title: | DEPUTY DIRECTOR |
| Date: | 04/08/2016 |
|  | ![](ex10-5_002.jpg) |

---

Any notification called for by this Certification will be sent to Imperva by express courier to:

Imperva, Inc.

3400 Bridge Parkway, Suite 200

Redwood Shores, CA 94065

Attn: Legal Department

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Imperva Indirect Reseller Agreement (Master) March 3, 2016

## Exhibit 14.1

**Exhibit 14.1**

**EVVOLUTIONS LEADTECH INC**

**CODE OF CONDUCT AND ETHICS**

(Conditionally adopted by a board resolution dated [ ], <br> 202_ with effect from the effective date of the <br> registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Introduction | 1 |
| II. | Standards of Conduct | 1 |
| III. | Compliance with Laws, Rules and Regulations | 1 |
| IV. | Insider Trading | 2 |
| V. | Conflicts of Interest | 2 |
| VI. | No Loans to Executive Officers or Directors | 3 |
| VII. | Outside Directorships and Other Outside Activities | 3 |
| VIII. | Corporate Opportunities | 3 |
| IX. | Fair Dealing | 4 |
| X. | Customer Relationships | 4 |
| XI. | Supplier Relationships | 4 |
| XII. | Export Controls | 4 |
| XIII. | Gifts and Entertainment | 5 |
| XIV. | Government Business | 5 |
| XV. | Political Contributions | 6 |
| XVI. | Protection and Proper Use of Company Assets | 6 |
| XVII. | Use of Computers and Other Equipment | 6 |
| XVIII. | Use of Software | 7 |
| XIX. | Use of Electronic Communications | 7 |
| XX. | Confidentiality | 7 |
| XXI. | Recordkeeping | 7 |
| XXII. | Records on Legal Hold | 8 |
| XXIII. | Disclosure | 8 |
| XXIV. | Outside Communications | 8 |
| XXV. | Discrimination and Harassment | 9 |
| XXVI. | Health and Safety | 9 |
| XXVII. | Compliance Standards and Procedures | 9 |
| XXVIII. | General Compliance Guidelines | 11 |
| XXIX. | Amendment, Modification and Waiver | 12 |

---

-i-

**<u>I. Introduction</u>**

This Code of Conduct and Ethics (the "**Code**") summarizes the ethical standards and key policies that guide the business conduct of Evvolutions LeadTech Inc (the "**Company**").

The purpose of this Code is to promote ethical conduct and deter wrongdoing. The policies outlined in this Code are designed to ensure that the Company's employees, including its officers (collectively referred to herein as "**employees**"), and members of its board of directors ("**directors**") act in accordance with not only the letter but also the spirit of the laws and regulations that apply to the Company's business. The Company expects its employees and directors to exercise good judgment to uphold these standards in their day-to-day activities and to comply with all applicable policies and procedures in the course of their relationship with the Company.

Employees and directors are expected to read the policies set forth in this Code and ensure that they understand and comply with them. All employees and directors are required to abide by the Code. The Code should also be provided to and followed by the Company's agents and representatives, including consultants. The Code does not cover every issue that may arise, but it provides general guidelines for exercising good judgment. Employees and directors should refer to the Company's other policies and procedures for implementing the general principles set forth below. Any questions about the Code or the appropriate course of conduct in a particular situation should be directed to the Company's Chief Executive Officer, Chief Financial Officer, Director of Human Resources or General Counsel, as appropriate. Any violations of laws, rules, regulations or this Code should be reported immediately. The Company will not allow retaliation against an employee or director for such a report made in good faith. Employees and directors who violate this Code will be subject to disciplinary action.

Each employee and director must sign the acknowledgement form at the end of this Code and return the form to the Company's Human Resources Department indicating that he or she has received, read, understood and agreed to comply with the Code. The signed acknowledgment form will be placed in the individual's personnel file.

**<u>II. Standards Of Conduct</u>**

The Company expects all employees and directors to act with the highest standards of honesty and ethical conduct. The Company considers honest conduct to be conduct that is free from fraud or deception and is characterized by integrity. The Company considers ethical conduct to be conduct conforming to accepted professional standards of conduct. Ethical conduct includes the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, as discussed below.

**<u>III. Compliance With Laws, Rules And Regulations</u>**

Employees and directors must comply with all laws, rules and regulations applicable to the Company and its business, as well as applicable Company policies and procedures. Each employee and director must acquire appropriate knowledge of the legal requirements relating to his or her duties sufficient to enable him or her to recognize potential problems and to know when to seek advice from the Company's Chief Financial Officer or General Counsel. Violations of laws, rules and regulations may subject the violator to individual criminal or civil liability, as well as to discipline by the Company. These violations may also subject the Company to civil or criminal liability or the loss of business. Any questions as to the applicability of any law, rule or regulation should be directed to the Company's Chief Financial Officer or General Counsel.

**<u>IV. Insider Trading</u>**

The purpose of the Company's insider trading policy is to establish guidelines to ensure that all employees and directors comply with laws prohibiting insider trading. No employee or director in possession of material, non-public information may trade the Company's securities (or advise others to trade) from the time they obtain such information until after adequate public disclosure of the information has been made. Employees and directors who knowingly trade Company securities while in possession of material, non-public information or who tip information to others will be subject to appropriate disciplinary action up to and including termination. Insider trading is also a crime.

Employees and directors also may not trade in the shares of other companies about which they learn material, non-public information through the course of their employment or service with the Company.

Any questions as to whether information is material or has been adequately disclosed should be directed to the Company's Chief Financial Officer or General Counsel. Additional information regarding insider trading can be found in the Company's Insider Trading Policy.

**<u>V. Conflicts of Interest</u>**

A "conflict of interest" occurs when a person's private interest interferes in any way – or even appears to interfere – with the interests of the Company as a whole.

A conflict situation can arise when an employee or director takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Loans to, or guarantees of obligations of, such persons are of special concern.

Conflicts of interest are prohibited as a matter of Company policy. The mere existence of a relationship with outside firms is not automatically prohibited. Nonetheless, conflicts of interest may not always be clear, so if a question arises, higher levels of management or the Company's Audit Committee should be consulted. Any employee or director who becomes aware of a conflict or a potential conflict should bring it to the attention of a supervisor, manager or other appropriate persons within the Company.

In certain exceptional circumstances, a situation involving a conflict of interest may be permitted. See Section XXVIII regarding waivers of this Code.

**<u>VI. No Loans to Executive Officers or Directors</u>**

It is the policy of the Company not to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company. Any questions about whether a loan has been made to a director or executive officer in violation of this policy should be directed to the Company's Chief Executive Officer or Chief Financial Officer.

**<u>VII. Outside Directorships And Other Outside Activities</u>**

Although an employee's activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon the employee's position with the Company and the Company's relationship with the other employer or activity. Outside activities may also be a conflict of interest if they cause, or are perceived to cause, an employee to choose between that interest and the interests of the Company.

An employee may not serve as a director, partner, employee of or consultant to, or otherwise work for or receive compensation for personal services from, any affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company or any other business entity that does or seeks to do business with the Company. In certain exceptional circumstances, an executive officer may be permitted to serve as a director of such an entity (but in no circumstances will an employee be permitted to serve as a director of a competitor of the Company). See Section XXVIII regarding waivers of this Code. Serving in such a capacity for a company that is not an affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company may be permitted, but such activities must be approved in advance by the employee's supervisor, the Human Resources Department and the Company's Chief Financial Officer.

Employees are encouraged to serve as a director, trustee or officer of non-profit organizations in their individual capacity and on their own time, but they must obtain prior approval from the Company's Chief Financial Officer to do so as a representative of the Company.

The guidelines in this Section VII are not applicable to directors that do not also serve in management positions within the Company.

**<u>VIII. Corporate Opportunities</u>**

Employees and directors are prohibited from:

● Personally taking for themselves opportunities that are discovered through the use of corporate property, information or position;

● Using corporate property, information or position for personal gain; and

● Competing with the Company.

In the interest of clarifying the definition of "Competing with the Company," if any member of the Board of Directors of the Company who is also a partner or employee of an entity that is a holder of the Company's Ordinary Shares, or an employee of an entity that manages such an entity (each, a "Fund"), acquires knowledge of an opportunity of interest for both the Company and such Fund other than in connection with such individual's service as a member of the Board of Directors (including, if applicable, such board member acquiring such knowledge in such individual's capacity as a partner or employee of the Fund or the manager or general partner of a Fund), then, provided that such director has acted in good faith, such an event shall be deemed not to be "Competing with the Company" under this Section VIII.

Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so in a legal and ethical manner arises.

**<u>IX. Fair Dealing</u>**

The Company seeks to excel while operating fairly and honestly, never through unethical or illegal business practices. Each employee and director should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee or director should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

**<u>X. Customer Relationships</u>**

Employees must act in a manner that creates value for the Company's customers and helps to build a relationship based upon trust. The Company and its employees have provided products and services for many years and have built up significant goodwill over that time. This goodwill is one of our most important assets, and Company employees must act to preserve and enhance the Company's reputation.

**<u>XI. Supplier Relationships</u>**

The Company's suppliers make significant contributions to the Company's success. To create an environment where the Company's suppliers have an incentive to work with the Company, suppliers must be confident that they will be treated lawfully and in an ethical manner. The Company's policy is to purchase supplies based on need, quality, service, price and terms and conditions. The Company's policy is to select significant suppliers or enter into significant supplier agreements though a competitive bid process where possible. In selecting suppliers, the Company does not discriminate on the basis of race, color, religion, sex, national origin, age, sexual preference, marital status, medical condition, veteran status, physical or mental disability, or any other characteristic protected by applicable law. A supplier to the Company is generally free to sell its products or services to any other party, including Company competitors. In some cases where the products or services have been designed, fabricated, or developed to the Company's specifications, the agreement between the parties may contain restrictions on sales.

**<u>XII. Export Controls</u>**

The Company requires compliance with laws and regulations governing export controls in both the United States and in the countries where the Company conducts its business. A number of countries maintain controls on the destinations to which products may be exported. Some of the strictest export controls are maintained by the United States against countries that the U.S. government considers unfriendly or as supporting international terrorism. The U.S. regulations are complex and apply both to exports from the United States and to exports of products from other countries, when those products contain U.S.-origin components or technology. In some circumstances, an oral presentation containing technical data made to foreign nationals in the United States may constitute an export subject to control. Any questions about export control laws and regulations should be directed to the General Counsel.

**<u>XIII. Gifts and entertainment</u>**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. A problem may arise if:

● The receipt by one of our employees of a gift or entertainment would compromise, or could reasonably be viewed as compromising, that person's ability to make objective and fair business decisions on behalf of the Company; or

● The offering by one of our employees of a gift or entertainment would appear to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships, or could reasonably be viewed as such an attempt.

Employees must use good judgment and ensure there is no violation of these principles. No gift or entertainment should be given or accepted by any Company employee, family member of an employee or agent unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff, (5) does not violate any laws or regulations and (6) is not one of a series of small gifts or entertainments that can be construed as part of a larger, expensive gift. Any questions about whether any gifts or proposed gifts are appropriate should be directed to the Company's Chief Financial Officer. You should also review the Company's Foreign Corrupt Practices Act Compliance Policy regarding the specific conditions for gifts and entertainment.

**<u>XIV. Government Business</u>**

Employees should understand that special requirements might apply when contracting with any governmental body (including national, state, provincial, municipal, or other similar governmental divisions on local jurisdictions). Because government officials are obligated to follow specific codes of conduct and laws, special care must be taken in government procurement. Some key requirements for doing business with government are:

● Accurately representing which Company products are covered by government contracts;

● Not improperly soliciting or obtaining confidential information, such as sealed competitors' bids, from government officials prior to the award of a contract; and

● Hiring present and former government personnel may only occur in compliance with applicable laws and regulations (as well as consulting the Company's Chief Financial Officer or General Counsel and the Human Resources Department).

When dealing with public officials, employees and directors must avoid any activity that is or appears illegal or unethical. Promising, offering or giving of favors, gratuities or gifts, including meals, entertainment, transportation, and lodging, to government officials in the various branches of U.S. government, as well as state and local governments, is restricted by law. Employees and directors must obtain pre-approval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate, before providing anything of value to a government official or employee. The foregoing does not apply to lawful personal political contributions.

In addition, the U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. Illegal payments to government officials of any country are strictly prohibited. Additional information regarding the Foreign Corrupt Practices Act can be found in the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XV. Political Contributions</u>**

It is the Company's policy to comply fully with all local, state, federal, foreign and other applicable laws, rules and regulations regarding political contributions. The Company's funds or assets must not be used for, or be contributed to, political campaigns or political practices under any circumstances without the prior written approval of the Company's Chief Financial Officer and, if required, the Company's Board of Directors. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XVI. Protection And Proper Use Of Company Assets</u>**

Theft, carelessness and waste have a direct impact on the Company's profitability. Employees and directors should protect the Company's assets and ensure their efficient use. All Company assets should be used for legitimate business purposes.

Company assets include intellectual property such as patents, trademarks, copyrights, business and marketing plans, engineering and manufacturing ideas, designs, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Company policy.

**<u>XVII. Use Of Computers And Other Equipment</u>**

The Company strives to furnish employees with the equipment necessary to efficiently and effectively perform their jobs. Employees must care for that equipment and use it responsibly and only for Company business purposes. If employees use Company equipment at their home or off site, precautions must be taken to protect such Company equipment from theft or damage. Employees must immediately return all Company equipment when their employment relationship with the Company ends. While computers and other electronic devices are made accessible to employees to assist them to perform their jobs and to promote our interests, all such computers and electronic devices, whether used entirely or partially on the Company's premises or with the aid of the Company's equipment or resources, must remain fully accessible to the Company and will remain the sole and exclusive property of the Company.

Employees should not maintain any expectation of privacy with respect to any electronic communications made using Company equipment. To the extent permitted by applicable law, the Company retains the right to gain access to any such information, at any time, with or without your knowledge, consent or approval.

**<u>XVIII. Use of Software</u>**

All software used by employees to conduct Company business must be appropriately licensed. Employees should never make or use illegal or unauthorized copies of any software, whether in the office, at home, or on the road, since doing so may constitute copyright infringement and may expose the employee and the Company to potential civil and criminal liability. The Company's information technology department will inspect Company computers periodically to verify that only approved and licensed software has been installed. Any non-licensed/supported software will be removed.

**<u>XIX. Use of Electronic Communications</u>**

Employees must use electronic communication devices in a legal, ethical, and appropriate manner. Electronic communications devices include computers, e-mail, connections to the Internet, intranet and extranet and any other public or private networks, voice mail, video conferencing, facsimiles, telephones or future types of electronic communication. Employees may not post or discuss information concerning Company products or business on the Internet without the prior written consent of the Company's Chief Executive Officer or Chief Financial Officer. It is not possible to identify every standard and rule applicable to the use of electronic communications devices. Employees are therefore encouraged to use sound judgment whenever using any feature of the Company's communications systems.

**<u>IV. Confidentiality</u>**

Employees and directors should maintain the confidentiality of information entrusted to them by the Company or its affiliates, customers, partners, distributors and suppliers, except when disclosure is specifically authorized by the Company's Chief Executive Officer or Chief Financial Officer or required by law.

Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its affiliates, customers, partners, distributors and suppliers if disclosed. Any questions about whether information is confidential should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

**<u>XX. Recordkeeping</u>**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the transactions and matters to which they relate and must conform both to applicable legal requirements and to the Company's system of internal controls. All assets of the Company must be carefully and properly accounted for. The making of false or misleading records or documentation is strictly prohibited. Unrecorded funds or assets should not be maintained.

The Company complies with all laws and regulations regarding the preservation of records. Records should be retained or destroyed only in accordance with the Company's document retention policies. Any questions about these policies should be directed to the Company's Chief Financial Officer or General Counsel, as appropriate. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XXII. Records On Legal Hold</u>**

A legal hold suspends all document destruction procedures in order to preserve appropriate records under special circumstances, such as litigation or government investigations. The General Counsel determines and identifies what types of Company records or documents are required to be placed under a legal hold and will notify employees if a legal hold is placed on records for which they are responsible. Employees must not destroy, alter or modify records or supporting documents that have been placed under a legal hold under any circumstances. A legal hold remains effective until it is officially released in writing by the General Counsel. If an employee is unsure whether a document has been placed under a legal hold, such employee should preserve and protect that document while the Legal Department is contacted.

**<u>● Disclosure</u>**

The information in the Company's public communications, including filings with the Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. All employees and directors are responsible for acting in furtherance of this policy. In particular, each employee and director is responsible for complying with the Company's disclosure controls and procedures and internal controls for financial reporting. Any questions concerning the Company's disclosure controls and procedures and internal controls for financial reporting should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

**<u>I. Outside communications</u>**

The Company has established specific policies regarding who may communicate information to the public, the press and the financial analyst communities:

● The Company's Chief Executive Officer, Chief Financial Officer and investor relations personnel are official spokespeople for financial matters.

● The Company's corporate communications personnel are official spokespeople for public comment, press, marketing, technical and other such information.

● All communications made to public audiences, including formal communications and presentations made to investors, customers or the press, require prior approval in accordance with the Company's established policies for such communications, including review by investor relations or corporate communications personnel, as applicable, with final review by the Company's Chief Executive Officer or Chief Financial Officer, who will ensure that all necessary review is undertaken.

These designees are the only people who may communicate externally on behalf of the Company. Employees and directors should refer all inquiries or calls from the press, from shareholders or from financial analysts to the investor relations department or the Company's Chief Financial Officer, who will see that the inquiry is directed to the appropriate authority within the Company.

Employees and directors may not publish or make public statements outside the scope of employment with or service to the Company that might be perceived or construed as attributable to the Company without preapproval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate. Any such statement must include the Company's standard disclaimer that the publication or statement represents the views of the specific author and not of the Company.

**<u>XXV. Discrimination And Harassment</u>**

The diversity of the Company's employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.

**<u>XXVI. Health and Safety</u>**

The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions.

Violence and threatening behavior are not permitted. Employees should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use or possession of illegal drugs in the workplace will not be tolerated.

**<u>XXVII. Compliance Standards And Procedures</u>**

No code of conduct and ethics can replace the thoughtful behavior of an ethical employee or director or provide definitive answers to all questions. Since the Company cannot anticipate every potential situation, certain policies and procedures have been put in place to help employees and directors approach questions or problems as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designated Ethics Officer**

The Company's Chief Financial Officer has been designated as the Company's Ethics Officer with responsibility for overseeing and monitoring compliance with the Code. The Ethics Officer reports directly to the Chief Executive Officer with respect to these matters and also will make periodic reports to the Company's Audit Committee regarding the implementation and effectiveness of this Code as well as the policies and procedures put in place to ensure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Seeking Guidance**

Employees and directors are encouraged to seek guidance from supervisors, managers or other appropriate personnel when in doubt about the best course of action to take in a particular situation. In most instances, questions regarding the Code should be brought to the attention of the Company's Director of Human Resources, General Counsel or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting Violations**

If an employee or director knows of or suspects a violation of the Code, or of applicable laws and regulations, he or she must report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate. If the situation warrants or requires it, the reporting person's identity will be kept anonymous to the extent legally permitted and practical.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. No Retaliation**

Any employee or director who observes possible unethical or illegal conduct is encouraged to report his or her concerns. Reprisal, threats, retribution or retaliation against any person who has in good faith reported a violation or suspected violation of law, this Code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

Any employees involved in retaliation will be subject to serious disciplinary action by the Company. Furthermore, the Company could be subject to criminal or civil actions for acts of retaliation against employees who "blow the whistle" on U.S. federal securities law violations and other federal offenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Investigations**

Reported violations will be promptly investigated. The Board of Directors or its designated committee will be responsible for investigating violations and determining appropriate disciplinary action for matters involving members of the Board of Directors or executive officers. The Board of Directors or its designated committee may designate others to conduct or manage investigations on its behalf and recommend disciplinary action. Subject to the general authority of the Board of Directors to administer this Code, the Chief Financial Officer and the General Counsel will be jointly responsible for investigating violations (including the initiating of any such investigation) and determining appropriate disciplinary action for other employees, agents and contractors. The Chief Financial Officer and the General Counsel may designate others to conduct or manage investigations on their behalf and recommend disciplinary action. The Board of Directors reserves the right to investigate violations and determine appropriate disciplinary action on its own or to designate others to do so in place of, or in addition to, the Chief Financial Officer and the General Counsel. It is imperative that the person reporting the violation not conduct an investigation on his or her own. However, employees and directors are expected to cooperate fully with any investigation made by the Company into reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Discipline/Penalties**

Employees and directors who violate the laws or regulations governing the Company's business, this Code, or any other Company policy, procedure or requirement may be subject to disciplinary action, up to and including termination. Employees and directors who have knowledge of a violation and fail to move promptly to report or correct it, or who direct or approve violations, may also be subject to disciplinary action, up to and including termination.

Furthermore, violations of some provisions of this Code are illegal and may subject the employee or director to civil and criminal liability.

**XXVIII. <u>General Compliance Guidelines</u>**

We must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach a new question or problem. These are the steps to keep in mind:

● Make sure you have all the facts possible. To reach the right solutions, we must be as fully informed as possible.

● Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you have. Use your judgment and common sense; if something seems unethical or improper, follow up on it.

● Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.

● Discuss the problem with your manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

● Seek help from Company resources. If you do not feel comfortable approaching your manager with your question, discuss it with your local Human Resources representative.

● You may report ethical violations in confidence and without fear of retaliation. If you find yourself in a situation that requires that your identity be kept confidential, your anonymity will be protected to the extent possible. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.

● Always ask first, act later when confronted with an ethical issue: If you are unsure of what to do in any situation, seek guidance before you act.

**XXIX. <u>Amendment, Modification And Waiver</u>**

This Code may be amended or modified by the Board of Directors or a committee of the Board of Directors.

Any amendment or waiver of this Code for a director, executive officer or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by the Board of Directors, and must be promptly disclosed to shareholders if and as required by applicable law or the rules of the share exchange on which the Company's shares are traded. Waivers with respect to other employees or applicable contractors may be made only by the Company's Chief Executive Officer. Any waiver of this Code with respect to a conflict of interest transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended, must be approved in advance by the Company's Audit Committee.

\* \* \* \* \*

## Exhibit 21.1

**Exhibit 21.1**

**<u>List of Subsidiaries of the Registrant</u>**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Evvo Labs Pte. Ltd. | Singapore |
| Evvo Labs Vietnam Co., Ltd | Vietnam |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **Assentsure PAC <br> UEN – 201816648N** <br>180B Bencoolen Street #03-01 <br>The Bencoolen Singapore 189648<br> http://www.assentsure.com.sg |

---

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation of our report dated August 12, 2025, except for weighted average number of shares used in (loss) earnings per share computation, Note 1 and Note 25 which are dated December 10, 2025 in the Registration Statement on Form F-1, under the Securities Act of 1933, as amended, with respect to the balance sheets of Evvo Labs Pte. Ltd. and its subsidiary (collectively referred to as the "Company") as of March 31, 2025 and 2024, the related statements of operations and comprehensive (loss) income, changes in shareholder's equity and cash flows for each of the years in the two year period ended March 31, 2025 and related notes.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ Assentsure PAC

We have served as the Company's auditor since 2024.

Singapore

December 10, 2025

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**Evvolutions LeadTech Inc**

(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the

registration statement of the Company)

**PURPOSE**

The purpose of the Audit Committee of the Board of Directors (the "**Board**") of Evvolutions LeadTech Inc (the "**Company**") shall be to:

● provide oversight of the Company's accounting and financial reporting processes and the audit of the Company's financial statements;

● assist the Board in monitoring (i) the integrity of the Company's financial statements, (ii) the Company's internal accounting and financial controls, (iii) the Company's compliance with legal and regulatory requirements, and (iv) the independent auditor's qualifications, independence and performance; and

● provide to the Board such information and materials as it may deem necessary to make the Board aware of significant financial matters that require the attention of the Board.

**MEMBERSHIP REQUIREMENTS**

The Audit Committee members will be appointed by, and will serve at the discretion of, the Board. The Audit Committee will consist of at least three (3) members of the Board. Members of the Audit Committee must meet the following criteria (as well as any additional criteria required by the rules of the NYSE American ("NYSE American") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NYSE American, and (ii) the rules of the SEC;

● each member must 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 (3) years;

● each member must be financially literate as determined by the Board in accordance with applicable law; and

● at least one (1) member must have accounting or related financial management expertise, as the Board interprets such qualifications in its business judgment, by virtue of such member's past employment experience in finance or accounting, requisite professional certification in finance or accounting, or any other comparable experience or background that results in such individual's financial sophistication.

The Board may designate one (1) member of the Audit Committee as its chairperson. In the absence of that designation, the Audit Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES**

● The Audit Committee shall appoint and oversee the work of the independent auditors, approve the compensation of the independent auditors, and review and, if appropriate, discharge the independent auditors. In this regard, the independent auditors shall report directly to the Audit Committee, and the Audit Committee shall have the sole authority to approve the hiring and discharging of the independent auditors, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditors.

● The Audit Committee shall pre-approve (or, where permitted under the rules of the SEC, subsequently approve) engagements of the independent auditors to render audit services and/or establish pre-approval policies and procedures for such engagements, provided that (i) such policies and procedures are detailed as to the particular services rendered, (ii) the Audit Committee is informed of each such service, and (iii) such policies and procedures do not include delegation to management of the Audit Committee's responsibilities under the Securities Exchange Act of 1934, as amended. The Audit Committee shall also pre-approve any non-audit services proposed to be provided to the Company by such independent auditors.

● The Audit Committee shall review the independence of the independent auditors, including (i) obtaining on a periodic basis a formal written statement from the independent auditors delineating all relationships between the independent auditors and the Company, consistent with Independence Standards Board Standard No. 1, (ii) maintaining an active dialogue with the independent auditors regarding any disclosed relationship or services that may impair the objectivity and independence of the independent auditors, and (iii) to the extent there are any such relationships, monitoring and investigating them and, if necessary, taking, or recommending to the Board that the Board take, appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall evaluate, at least annually, the independent auditors' qualifications, performance and independence, which evaluation shall include a review and evaluation of the lead partner of the independent auditors and consideration of whether there should be rotation of the lead audit partner or the auditing firm, and take appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall review, in consultation with the independent auditors, the annual audit plan and scope of audit activities and monitor such plan's progress.

● The Audit Committee shall (i) discuss and, as appropriate, review with management and the independent auditors the Company's annual financial statements and annual reports on Form 20-F, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) discuss with the independent auditors any other matters required to be discussed by Statement on Auditing Standards No. 114, and (iii) recommend to the Board whether the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations should be included in the Company's Form 20-F.

● The Audit Committee shall discuss with management and the independent auditors significant financial reporting issues raised and judgments made in connection with the preparation of the Company's financial statements, including the review of (i) major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles, (ii) major issues as to the adequacy of the Company's internal controls and any special audit steps adopted in light of material control deficiencies, (iii) analyses prepared by management and/or the independent auditors setting forth significant financial reporting issues raised and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements, (iv) the effect of regulatory and accounting initiatives, as well as off-balance sheet arrangements, on the Company's financial statements, and (v) the type and presentation of information to be included in earnings press releases, as well as any financial information and earnings guidance to be provided to analysts and rating agencies, including any proposed use of "pro forma" or "adjusted" non-GAAP information.

● The Audit Committee shall receive, review and discuss reports from the independent auditors on (i) the major critical accounting policies and practices to be used, (ii) significant alternative treatments of financial information within GAAP that have been discussed with management, (iii) ramifications of the use of such alternative disclosures and treatments, (iv) any treatments preferred by the independent auditors, and (v) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences.

● The Audit Committee shall review on a regular basis with the Company's independent auditors any problems or difficulties encountered by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the independent auditors' activities or on access to requested information, and any significant disagreements with management. The Audit Committee shall resolve any disagreements between management and the independent auditors regarding financial reporting.

● The Audit Committee shall discuss with management and the independent auditors any correspondence with regulators or governmental agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

● The Audit Committee shall discuss guidelines and policies with respect to risk assessment and risk management.

● The Audit Committee shall appoint the director of internal audit for the Company, approve the compensation of the director of internal audit and review and, if appropriate, discharge the director of internal audit. In this regard, the Audit Committee shall have the sole authority to approve the hiring and discharging of the director of internal audit.

● The Audit Committee shall discuss with the Company's general counsel legal matters that may have a material impact on the financial statements or the Company's compliance procedures.

● The Audit Committee shall review the adequacy and effectiveness of the Company's internal control policies and procedures on a regular basis, including the responsibilities, budget and staffing of the Company's audit function, as well as the need for any special audit procedures in response to material control deficiencies, through inquiry and discussions with the Company's independent auditors and management. In addition, the Audit Committee shall review the reports prepared by management, and attested to by the Company's independent auditors, assessing the adequacy and effectiveness of the Company's internal controls and procedures, prior to the inclusion of such reports in the Company's periodic filings as required under SEC rules. The Audit Committee shall review disclosure regarding the Company's internal controls that are required to be included in SEC reports.

● The Audit Committee shall establish procedures for receiving, retaining and treating complaints received by the Company regarding accounting, internal accounting controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

● The Audit Committee shall review, approve and monitor the portions of the Company's code of ethics applicable to its senior financial officers.

● The Audit Committee shall review and approve in advance any proposed related party transaction.

● The Audit Committee shall oversee compliance with the SEC requirements for disclosure of auditor's services and Audit Committee member qualifications and activities.

● The Audit Committee shall make regular reports to the Board, which reports shall include 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 auditors.

● The Audit Committee shall set hiring policies with regard to employees and former employees of the Company's independent auditor.

● The Audit Committee shall review and reassess the adequacy and scope of this Charter annually and recommend any proposed changes to the Board for approval.

● At least annually, the Audit Committee shall evaluate its performance.

● The Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out its duties. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of (i) compensation to the independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services for the Company, (ii) compensation to any advisers employed by the Audit Committee, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate for carrying out its duties.

● Periodically, the Audit Committee shall meet separately with the Company's management, with internal auditors (or other personnel responsible for the internal audit function) and with the independent auditors.

● The Audit Committee may form subcommittees for any purpose that the Audit Committee deems appropriate and may delegate to such subcommittees such power and authority as the Audit Committee deems appropriate. The Audit Committee shall not delegate to a subcommittee any power or authority required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

● The Audit Committee will set its own schedule of meetings and will meet at least quarterly, with the option of holding additional meetings at such times as it deems necessary. The Audit Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

● The Audit Committee shall perform such other functions as assigned by law, the Company's articles of association or the Board.

**LIMITATION OF AUDIT COMMITTEE'S ROLE**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete, accurate and in accordance with GAAP and applicable rules and regulations. These are the responsibilities of management and the independent auditors.

It is recognized that the members of the Audit Committee are not full-time employees of the Company, that it is not the duty or responsibility of the Audit Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and that each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which the Audit Committee receives information, and (ii) the accuracy of the financial and other information provided to the Audit Committee, in either instance absent actual knowledge to the contrary.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**Evvolutions LeadTech Inc** 

(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Evvolutions LeadTech Inc (the "**Company**") shall be to:

● identify individuals qualified to become Board members consistent with criteria approved by the Board;

● recommend that the Board select the director nominees for the next annual meeting of shareholders;

● develop and recommend to the Board a set of Corporate Governance Guidelines; and

● oversee the evaluation of the Board and management.

**MEMBERSHIP REQUIREMENTS** 

The Committee members must be appointed and may be removed, with or without cause, by the Board. The Committee shall consist of at least three (3) members of the Board, each of whom must an independent director in accordance with (i) the Corporate Governance Standards of NYSE American, and (ii) the rules of the SEC. The Board may designate one (1) member of the Committee as its chairperson. In the absence of that designation, the Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES** 

● The Committee shall identify individuals qualified to become members of the Board and ensure that the Board has the requisite expertise and that its membership consists of persons with sufficiently diverse and independent backgrounds. The Committee shall also recommend to the Board the nominees for election to the Board at the next annual meeting of shareholders.

● The criteria to be used by the Committee in recommending directors and by the Board in nominating directors are as set forth in the Corporate Governance Guidelines.

● The Committee shall annually review the Board committee structure and recommend to the Board for its approval directors to serve as members of each committee.

● The Committee shall develop and recommend to the Board the Corporate Governance Guidelines. The Committee shall, from time to time as it deems appropriate, review and reassess the adequacy of such guidelines and recommend any proposed changes to the Board for approval.

● The Committee shall review the Company's Code of Conduct and Business Ethics, and shall, from time to time as deems appropriate, make any changes it deems necessary. Any changes will be recommended to the Board for its approval.

● The Committee shall oversee the annual self-evaluations of the Board and may assist the Board (and/or its other committees) in periodically reviewing the performance of the Company's officers.

● The Committee may make recommendations to the Board regarding governance matters, including, but not limited to, the Company's certificate of incorporation, bylaws, and the charters of the Company's other committees.

● The Committee shall report regularly to the Board regarding the activities of the Committee.

● The Committee shall at least annually perform an evaluation of the performance of the Committee.

● The Committee shall periodically review and reassess this Charter and submit any recommended changes to the Board for its consideration.

The Committee has 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 Company's bylaws that are applicable to the Committee.

The Committee has 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 Committee has the authority to retain any other advisors that the Committee believes to be desirable and appropriate and has the authority to approve related fees and retention terms.

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities consistent with this Charter, the purposes of the Committee, and the Company's bylaws.

In fulfilling its responsibilities, the Committee has the authority to delegate any or all of its responsibilities to a subcommittee of the Committee.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**Evvolutions LeadTech Inc**

(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Compensation Committee of the Board of Directors (the "**Board**") of Evvolutions LeadTech Inc (the "**Company**") shall be to discharge the Board's responsibilities relating to compensation of the Company's directors and executive officers. The Compensation Committee has overall responsibility for evaluating and approving the Company's compensation plans, policies and programs. The Compensation Committee shall undertake the specific responsibilities and duties set forth in this Charter and such other duties as the Board may from time to time prescribe.

**MEMBERSHIP REQUIREMENTS** 

The Compensation Committee members will be appointed by the Board. The Compensation Committee shall consist of at least three (3) members of the Board. Members of the Compensation Committee must meet the following criteria (as well as any additional criteria required by the rules of the NYSE American ("**NYSE American**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NYSE American, and (ii) the rules of the SEC; and

● each member must (i) be a "Non-employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (ii) satisfies the requirements of an "outside director" for purposes of Section 162(m) of the Internal Revenue Code.

The members of the Compensation Committee shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. The members of the Compensation Committee may be removed, with or without cause, by a majority vote of the Board. The Board may designate one (1) member of the Compensation Committee as its chairperson.

**MEETINGS**

The Compensation Committee shall meet at least annually, and more often as it deems appropriate to fulfill the responsibilities set forth in this Charter. The Compensation Committee may establish its own schedule, which it shall provide to the Board in advance.

**AUTHORITY AND RESPONSIBILITIES**

● The Compensation Committee shall review and approve the corporate goals and objectives relevant to the Chief Executive Officer's and other executive officers' compensation.

● The Compensation Committee shall evaluate the performance of the Chief Executive Officer and other executive officers of the Company and, based on such evaluation, review and recommend to the full Board, the annual salary, bonus, stock options and other benefits, direct and indirect, of the Chief Executive Officer and other executive officers. The Chief Executive Officer may not be present during voting or deliberations on her compensation.

● The Compensation Committee shall review and recommend to the full Board compensation of directors, as well as director's and officer's indemnification and insurance matters.

● The Compensation Committee shall review and make recommendations to the Board with respect to the Company's incentive-compensation plans and equity-based plans, and oversee the activities of the individuals responsible for administering those plans.

● The Compensation Committee shall cause to be prepared, and then review and approve, the annual report on executive compensation for inclusion in the Company's proxy statement, pursuant to and in accordance with applicable rules and regulations of the SEC.

● The Compensation Committee shall retain or obtain the advice of a compensation consultant, if needed.

● The Compensation Committee shall report regularly to the Board including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such other matters as are relevant to the Compensation Committee's discharge of its responsibilities;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such recommendations as the Compensation Committee may deem appropriate.

● The Compensation Committee shall maintain minutes or other records of meetings and activities of the Compensation Committee.

● The Compensation Committee shall review and reassess this Charter annually.

This above list of responsibilities is presented for illustrative purposes and is not intended to be exhaustive. The Compensation Committee may conduct additional activities as appropriate in light of changing business, legislative, regulatory, legal or other conditions. The Compensation Committee shall also fulfill other responsibilities delegated to it from time to time by the Board.

## Exhibit 99.4

**Exhibit 99.4**

**Evvolutions LeadTech Inc ("the Company")**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures include:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

(a) requiring reimbursement of cash Incentive Compensation previously paid;

(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

(c) offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

(d)) cancelling outstanding vested or unvested equity awards; and/or

(e) taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.5

**Exhibit 99.5**

**Evvolutions LeadTech Inc** 

Statement of Policy Concerning Trading in Company Securities<br>(Conditionally adopted by a board resolution dated [ ], 202<u>_</u> with effect from the effective date of the registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Page No.** |
| I. | Summary of Policy Concerning Trading in Company Securities | Summary of Policy Concerning Trading in Company Securities | 1 |
| II. | The Use of Inside Information in Connection with Trading in Securities | The Use of Inside Information in Connection with Trading in Securities | 1 |
|  | A. | General Rule. | 1 |
|  | B. | Who Does the Policy Apply To? | 2 |
|  | C. | Other Companies' Stock. | 3 |
|  | D. | Hedging and Derivatives. | 3 |
|  | E. | Pledging of Securities, Margin Accounts. | 3 |
|  | F. | General Guidelines. | 3 |
|  | G. | Applicability of U.S. Securities Laws to International Transactions. | 5 |
| III. | Other Limitations on Securities Transactions | Other Limitations on Securities Transactions | 6 |
|  | A. | Public Resales – Rule 144. | 6 |
|  | B. | Private Resales. | 7 |
|  | C. | Restrictions on Purchases of Company Securities. | 7 |
|  | D. | Filing Requirements. | 7 |

---

i

I. SUMMARY OF POLICY CONCERNING TRADING IN COMPANY SECURITIES

It is the policy of Evvolutions LeadTech Inc and its subsidiaries and consolidated affiliated entities (collectively, the "**Company**") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "**Exchange Act**"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

II. THE USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;A. General Rule.

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

&nbsp;&nbsp;&nbsp;&nbsp;B. Who Does the Policy Apply To?

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Companies' Stock.

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

&nbsp;&nbsp;&nbsp;&nbsp;D. Hedging and Derivatives.

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or the NYSE were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

&nbsp;&nbsp;&nbsp;&nbsp;E. Pledging of Securities, Margin Accounts.

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

&nbsp;&nbsp;&nbsp;&nbsp;F. General Guidelines.

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&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. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&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. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&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. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&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. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&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. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's interim and annual earnings until the 16th calendar day of the last month of the then current fiscal period (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

 **

&nbsp;&nbsp;&nbsp;&nbsp;G. Applicability of U.S. Securities Laws to International Transactions.

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States. Transactions involving securities of PRC subsidiaries or affiliates should be carefully reviewed by counsel for compliance not only with applicable PRC law but also for possible application of U.S. securities laws.

III. OTHER LIMITATIONS ON SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Public Resales – Rule 144.

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

 

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;B. Private Resales.

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;C. Restrictions on Purchases of Company Securities.

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

&nbsp;&nbsp;&nbsp;&nbsp;D. Filing Requirements.

&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. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within five business days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed promptly. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar quarter in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&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. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

 ****

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price) and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount, price and date; or

3. give the broker the exclusive right to determine whether, how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

 **

***Guidelines for 10b5-1 Plans***

 

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

 ****

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

 ****

 ****

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

 ****

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

 ****

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

 ****

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

 ****

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of Evvolutions LeadTech Inc**

---

| | |
|:---|:---|
| To: | Chief Financial Officer / General Counsel |
| From: | |
| Print Name | Print Name |

---

I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of Evvolutions LeadTech Inc are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of Evvolutions LeadTech Inc.

Type of transaction (check one):

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

Securities involved in transaction: <u>_______________________________________________</u>

Number of securities: <u>_________________________________________________________</u>

Other (please explain): <u>_________________________________________________________</u>

Name of beneficial owner if other than yourself:**______________________________________**

Relationship of beneficial owner to yourself: <u>________________________________________</u>

Signature:   Date:  

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

Approved by:

Name:   <br>Date:   Time:

## Exhibit 99.6

**Exhibit 99.6**

November 27, 2025

**Evvolutions LeadTech Inc**

28 Genting Lane, #05-07,

Platinum 28,

Singapore 349585

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Evvolutions LeadTech Inc (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| */s/ Lim Ngee Woon* |
| Name: Lim Ngee Woon |

---

## Exhibit 99.7

**Exhibit 99.7**

November 27, 2025

**Evvolutions LeadTech Inc**

28 Genting Lane, #05-07,

Platinum 28,

Singapore 349585

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Evvolutions LeadTech Inc (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| */s/ Nguyen Minh Son* |
| Name: Nguyen Minh Son |

---

## Exhibit 99.8

**Exhibit 99.8**

November 27, 2025

**Evvolutions LeadTech Inc**

28 Genting Lane, #05-07,

Platinum 28,

Singapore 349585

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Evvolutions LeadTech Inc (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| */s/ Wilson Chandra* |
| Name: Wilson Chandra |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Evvolutions LeadTech Inc**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value US$0.0001 per share | (1) | 457(o) | 2875000 | $5.00 | $14375000.00 | 0.0001381 | $1985.19 |
| Fees to be Paid | Equity | Underwriters' Warrant | (2) | Other |  |  |  | 0.0001381 | 0.00 |
| Fees to be Paid | Equity | Class A Ordinary shares underlying Underwriters' Warrant | (3) | 457(o) | 201250 | $6.75 | $1358437.50 | 0.0001381 | $187.61 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $15733437.50 |  | 2172.80 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2172.80 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "Securities Act"), as amended. Pursuant to Rule 416 under the Securities Act, as amended, there is also being registered hereby such indeterminate number of additional Class A Ordinary Shares of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "Securities Act"), as amended. No fee required pursuant to Rule 457(g) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "Securities Act"), as amended. Represents Class A Ordinary Shares underlying warrants issuable to the representative of the several underwriters to purchase up to an aggregate of 7% of the Class A Ordinary Shares sold in the offering (including any Class A Ordinary Shares pursuant to the exercise of the over-allotment option) at an exercise price equal to 135% of the public offering price. The warrants will be exercisable at any time after the date of the closing of this offering and will expire five years from the date of closing of this offering, and may be exercised on a cashless basis.