# EDGAR Filing Document

**Accession Number:** 0001912884
**File Stem:** 0001213900-25-060508
**Filing Date:** 2025-7
**Character Count:** 1048503
**Document Hash:** 19fa3331e096820cfad0c59c09a85363
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-060508.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001213900-25-060508

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 47

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Republic Power Group Ltd
- **CENTRAL INDEX KEY:** 0001912884
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288465
- **FILM NUMBER:** 251097744

**BUSINESS ADDRESS:**
- **STREET 1:** 158 KALLANG WAY #06-08
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** S349245
- **BUSINESS PHONE:** 6569089825

**MAIL ADDRESS:**
- **STREET 1:** 158 KALLANG WAY #06-08
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** S349245

#### As filed with the U.S. Securities and Exchange Commission on July 1, 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
***______________________________________________________________________***

#### Republic Power Group Limited<br> (Exact name of registrant as specified in its charter)
***______________________________________________________________________***

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| | | |
|:---|:---|:---|
|  **British Virgin Islands** | **7371** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

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**#04-09 Techplace II,<br>5008 Ang Mo Kio Ave 5<br>Singapore 569874<br>+65 6717 7722<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

#### (Name, address, including zip code, and telephone number, including area code, of agent for service)
***______________________________________________________________________***

#### With a Copy to:

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| | |
|:---|:---|
|  **Joan Wu, Esq.**<br> **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>(212) 530-2208** | **Mark E. Crone, Esq.**<br> **Liang Shih, Esq.**<br> **Ron Levy, Esq.**<br> **The Crone Law Group, P.C.**<br> **420 Lexington Avenue, Suite 2446**<br> **New York, NY 10170**<br> **(646) 861**-7891 |

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***______________________________________________________________________***

**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

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| | |
|:---|:---|
|  If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. | ☐ |
|  If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
|  If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
|  If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
|  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. |  |
|  Emerging growth company | ☒ |
|  If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. | ☐ |

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**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, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

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

The information in this prospectus is not complete and may be changed. Neither we nor the Selling Shareholders may sell the securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and 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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| | |
|:---|:---|
| **SUBJECT TO COMPLETION** | **PRELIMINARY PROSPECTUS DATED JULY 1, 2025** |

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***[•] Class A Ordinary Shares Offered by Republic Power Group Limited***<br>***500,000 Class A Ordinary Shares Offered by the Selling Shareholders***

#### Republic Power Group Limited
This is an initial public offering of our Class A ordinary shares, par value $0.000625 per share ("Class A Ordinary Shares"). We are offering [•] Class A Ordinary Shares, and the selling shareholders named herein (the "Selling Shareholders") are offering an aggregate of 500,000 Class A Ordinary Shares, in each case, to be sold on a firm commitment basis in this offering. Prior to this offering, there has been no public market for our Class A Ordinary Shares. We expect the initial public offering price will be in the range of $[•] to $[•] per Class A Ordinary Share. We have reserved the symbol "RPGL" for purposes of listing our Class A Ordinary Shares on the Nasdaq Capital Market ("Nasdaq") and will apply to list our Class A Ordinary Shares on Nasdaq. The closing of this offering is conditioned upon Nasdaq's approval of our listing application. We cannot assure you that our application will be approved; if it is not approved by Nasdaq, we will not proceed with this offering.

We are an "emerging growth company," as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. See "Prospectus Summary — Implications of Being an Emerging Growth Company." beginning on page 6 and "Risk Factors — Risks Related to Our Ordinary Shares and this Offering — Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies and our shareholders could receive less information than they might expect to receive from more mature public companies." beginning on page 23 for more information.

**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 12 to read about factors you should consider before buying our Class A Ordinary Shares.**

We have a dual class share structure with different voting rights consisting of Class A Ordinary Shares and Class B Ordinary Shares (as defined below). As of the date of this prospectus, our authorized share capital is $50,000 divided into two classes of shares, including (i) unlimited Class A Ordinary shares of $0.000625 par value each, and (ii) 50,000,000 Class B ordinary shares of $0.000625 par value each (each, a "Class B Ordinary Share," and collectively, "Class B Ordinary Shares"). Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights, except for dividend, voting, transfer, and conversion rights. Each Class A Ordinary Share is entitled to one (1) vote, and each Class B Ordinary Share is entitled to ten (10) votes. Class A Ordinary Shares will not be convertible into Class B Ordinary Shares under any circumstances. The Class B Ordinary Shares are convertible into Class A Ordinary Shares at the option of the holder on a one-to-one basis. As of the date of this prospectus, True Sage International Limited ("True Sage"), a wholly owned company of our chairman of the board of directors ("Chairman"), Mr. Hao Feng Ng ("Mr. Ng"), is the sole shareholder of all issued and outstanding Class B Ordinary Shares. See "Prospectus Summary — Increase of Authorized Shares, Forward Split and Reserve Split" on page 5 and section titled "Description of Share Capital" beginning on page 80 for details.

Upon the completion of this offering, True Sage will control more than 50% of the total voting power of our outstanding share capital, as further described under "Principal Shareholders" in this prospectus. Mr. Ng, through True Sage, could exert substantial influence over matters such as electing directors and approving material mergers, acquisitions, strategic collaborations, or other business combination transactions. As a result, we are a "controlled company" as defined under the Nasdaq Capital Market Marketplace Rule 5615(c). For so long as we remain a controlled company as defined under those rules, we are exempt from, and our shareholders generally are not provided with the benefits of, some of the Nasdaq corporate governance requirements. Please read "Prospectus Summary — Implications of Being an Controlled Company" beginning on page 7 and "Risk Factors — Risks Related to Our Ordinary Shares and this Offering — As a "controlled company," we are exempt from certain Nasdaq corporate governance requirements, which may result in our independent directors not having as much influence as they would if we were not a controlled company. We may also choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders." beginning on page 23 for more information.

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

The Selling Shareholders will sell an aggregate 500,000 Class A Ordinary Shares held by them at a fixed price equal to the initial public offering price in this offering. We will not receive any proceeds from the sales of any of the Class A Ordinary Shares being offered by the Selling Shareholders.

We are a "foreign private issuer" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. Please see "Prospectus Summary — Implications of Being a Foreign Private Issuer" beginning on page 6 for more information.

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| | | | |
|:---|:---|:---|:---|
|  | **Initial <br>Public Offering <br>Price<sup>(4)</sup>** | **Underwriting <br>Discounts<sup>(1)</sup>** | **Proceeds to <br>Our Company <br>Before <br>Expenses<sup>(2)</sup>** |
|  **Per Class A Ordinary Share offered by the issuer** | $[•]  | $[•]  | $[•]  |
|  Total | $[•]  | $[•]  | $[•]  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **Initial <br>Public Offering <br>Price<sup>(4)</sup>** | **Underwriting <br>Discounts<sup>(1)</sup>** | **Proceeds to <br>Selling <br>Shareholders <br>Before <br>Expenses<sup>(3)</sup>** |
|  **Per Class A Ordinary Share offered by the Selling Shareholders** | $[•]  | $[•]  | $[•]  |
|  Total | $[•]  | $[•]  | $[•]  |

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____________

(1) We and the Selling Shareholders have agreed to pay Bancroft Capital, LLC ("Bancroft," or "Underwriter," or the "Representative") a discount equal to 7% of the gross proceeds of the offering. In addition to the underwriting discounts, we have also agreed to reimburse Bancroft a non-accountable expense allowance equal to 1% of the gross proceeds of the offering. *See "Underwriting"* in this prospectus for more information regarding our arrangements with the Underwriter.

(2) The total estimated expenses related to this offering are set forth in the section entitled "Expenses Related to This Offering."

(3) We will not receive any proceeds from the sale of Class A Ordinary Shares by the Selling Shareholders.

(4) Initial offering price is assumed to be $[•] per Class A Ordinary Share.

The Underwriter is selling our and the Selling Shareholders' Class A Ordinary Shares in this offering on a firm commitment basis. The Underwriter is obliged to take and pay for all Class A Ordinary Shares if such are taken and to deliver the Class A Ordinary Shares against payment in U. S. dollars in New York on or about [•], 2025.

**Neither the U.S. Securities and Exchange Commission nor any state securities commission nor any other regulatory body 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.**

#### BANCROFT CAPITAL, LLC
Prospectus dated ___________, 2025

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

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T21) | 1 |
|  [SUMMARY FINANCIAL DATA](#T20) | 10 |
|  [RISK FACTORS](#T19) | 12 |
|  [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#T18) | 28 |
|  [ENFORCEABILITY OF CIVIL LIABILITY](#T99444) | 29 |
|  [USE OF PROCEEDS](#T17) | 31 |
|  [DIVIDEND POLICY](#T16) | 32 |
|  [CAPITALIZATION](#T15) | 33 |
|  [DILUTION](#T14) | 34 |
|  [CORPORATE HISTORY AND STRUCTURE](#T13) | 35 |
|  [MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99111) | 36 |
|  [INDUSTRY](#T99222) | 58 |
|  [BUSINESS](#T12) | 61 |
|  [REGULATIONS](#T11) | 67 |
|  [MANAGEMENT](#T10) | 71 |
|  [PRINCIPAL SHAREHOLDERS](#T9) | 76 |
|  [SELLING SHAREHOLDERS](#T8) | 77 |
|  [RELATED PARTY TRANSACTIONS](#T7) | 78 |
|  [DESCRIPTION OF SHARE CAPITAL](#T6) | 80 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T5) | 90 |
|  [TAXATION](#T4) | 92 |
|  [UNDERWRITING](#T3) | 98 |
|  [LEGAL MATTERS](#T2) | 104 |
|  [EXPERTS](#T1) | 104 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T99333) | 105 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T1000) | F-1 |

---

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#### About this Prospectus
We, the Selling Shareholders, and the Underwriter have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information contained in this prospectus is current only as of the date on the front cover of the prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.

#### Other Pertinent Information
Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RP" are to Republic Power Group Limited, a company limited by shares organized under the laws of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RP Singapore" are to Republic Power Pte. Ltd., a wholly owned subsidiary of Republic Power Group Limited and a private limited company incorporated under the laws of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Selling Shareholders" are to collectively Mr. Sai Bin Loi, Mr. Hon Kei Yeung, Mr. Chun Yin Yu, Ms. Wai Shan Frances Waung, and True Sage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SGD" are to the legal currency of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" are to the Class A ordinary shares of the Company, par value US$0.000625 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" are to the Class B ordinary shares of the Company, par value US$0.000625 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. dollars," "$," and "dollars" are to the legal currency of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," or the "Company" are to one or more of RP and its subsidiary, RP Singapore, as the case may be.

Our consolidated financial statements are presented in SGD, which is RP Singapore's functional currency. SGD is the currency of the primary economic environment in which we operate. This is also the currency that mainly influences the revenue from and cost of rendering products and services. The balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for the year ended and as of June 30, 2023 were translated from SGD into USD are solely for the convenience of the readers, at the rate of USD1.00=SGD1.3523, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2023. The balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for the year ended and as of June 30, 2024 were translated from SGD into USD are solely for the convenience of the readers, at the rate of USD1.00=SGD1.3552, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2024. The balances in the unaudited condensed consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for the six months ended and as of December 31, 2024 were translated from SGD into USD are solely for the convenience of the readers, at the rate of USD1.00=SGD1.3662, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024.

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

#### Overview

#### Our Company
We are a provider of customized enterprise resource planning ("ERP") software solutions, consulting and technical support services, and peripheral hardware to large and small to medium corporate clients and government agencies based in Singapore and Malaysia. We historically focused on delivering customized ERP systems for airports, cruise terminals, technology companies. Starting in the fiscal year 2024, we have expanded our customer base to various other industries, including trading, logistics, and property management. Our customized software provides general ERP functions including accounting, procurement, and workflow automation capabilities, real-time monitoring, efficient resources allocation, as well as specialized ERP functions including planning surveillance and threat detection.

We offer customized ERP related software and relevant consulting and technical support services and product sales, catered to each client's specific needs. One of our key strengths is our ability to fulfill complex requirements by using artificial intelligence ("AI") for prediction and applying algorithm, modules, and plugins to select and analyze operational data captured. We are uniquely positioned in the customization software sector with our ability to further deploy sensors, controls and other hardware and integrate the hardware to provide an Internet of Things ("IoT") connectivity with an autonomous or semiautonomous outcome. Because our core algorithm and modules are pluggable, we are able to quickly develop software for clients in different industries and complete the customization in a much shorter period.

In addition, we are developing standardized software-as-a-service ("SaaS") ERP products based on the core technologies and domain expertise we have accumulated from serving our clients over the years. The SaaS ERP products will have subscription-based pricing and shorter sales cycles. Currently, we are doing a pilot launch of the SaaS ERP products and expect to officially launch them in the first fiscal quarter of the fiscal year 2026. We believe the addition of the SaaS ERP products will complement our current project-based customized ERP products and allow us to reach a broader customer base through a recurring revenue model.

Our revenues have declined significantly in the most recent fiscal year, with total revenue for the year ended June 30, 2024 amounting to SGD 685,820, compared to SGD 5,022,071 in 2023 and SGD 4,465,134 in 2022. This decline was primarily attributable to the completion of several large-scale custom software development projects in prior years, without a corresponding pipeline of new projects in 2024. This was partially due to the reduced involvement of our former majority shareholder and chairman, Mr. Sai Bin Loi, who helped us secure high-value contracts in the years ended June 30, 2023 and 2022. On December 12, 2024, we completed a shareholder restructuring as Mr. Sai Bin Loi stepped down due to his elder age and reduced ability to remain actively involved in our operations. During this transition period, our business development capabilities were materially reduced as management's attention was diverted to managing the ownership transition and related restructuring activities and we were unable to secure software development contracts with comparable value, while some existing clients reduced their annual budgets. In addition, in early 2024, companies in Singapore exhibited reluctance to invest in customized software development for digitalization due to economic uncertainty, particularly among small and medium-sized enterprises (SMEs). This reluctance was influenced by factors like rising business costs, especially manpower and rental costs, and uncertainty in customer demand. While the overall economy improved by the end of 2024, we believe some businesses focused on fortifying themselves rather than pursuing immediate growth plans. These factors had a major impact on our revenue generation. Consequently, our past financial performance, particularly our revenues for fiscal years 2022 and 2023, may not be indicative of our future operating results or financial performance. We may not be able to achieve or sustain profitability or positive cash flow from operations in future periods. Our ability to generate revenue and achieve profitability will depend on numerous factors, many of which are beyond our control, including market acceptance of our services, our ability to develop new client relationships, competitive dynamics in our industry, and our new majority shareholder's ability to provide the resources and support necessary to enhance our business development capabilities.

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#### Our Competitive Strengths
The market for IT services is highly competitive and we expect competition to intensify as relates to our ERP products. In Singapore, our major competitors in the system integrator space include Singapore Technology Engineering Ltd. and NCS Pte. Ltd., which are both more established and larger than us.

However, we believe the following key strengths differentiate us from our competitors and will continue to contribute to our growth and success:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our scalable technology*. Our core algorithms, modules and plugins, which select and analyze operational data captured, are highly scalable across industries with minimal production cost. We customize the software solutions which contain our core algorithms, modules and plugins in accordance with the specific needs of each client. This cost-saving approach will help us to achieve higher operating margins as we increase the number of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our deep domain knowledge and specialization in selected industry verticals*. We have deep domain knowledge and expertise in industry verticals including airports, cruise terminals. We leverage footprint and network of highly-talented IT professionals to provide comprehensive capabilities in software development services and consulting services. We believe that our robust emerging technology capabilities and solid track record of execution enable us to drive digital transformation for our clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our comprehensive offering.* We provide comprehensive service offerings including the development and operations ("DevOps") IT solutions, sale of peripheral hardware, and consulting and technical support services as well as other services. As a result, we are able to generate revenue from a wide range of clientele.

#### Our Growth Strategies
We have developed and intend to implement the following strategies to expand and grow our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Solidify our industry position by gaining additional market share*. By continuing to deliver high quality services and customized software solutions, we intend to pursue additional revenue opportunities from our existing clients. We will also continue to promote our comprehensive services and solutions to attract new clients in the same industries as our current clients, so we can leverage our deep domain knowledge and expertise. Furthermore, we will continue to invest in a cloud-based IoT platform that benefits both existing clients and new clients, capturing synergies between the companies' and emerging technologies' needs to increase operational efficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage domain expertise to expand into new industry segments.* As we grow our industry and service area expertise and accumulate deep domain knowledge in the airport and cruise terminal industry verticals, we intend to leverage such experience and knowledge, and partner with top industry experts from other segments to extend our service offerings to the other verticals. In addition, we will continue to invest in research and development ("R&D") in certain targeted segments, including hospitality and medical technology industries, to develop applications to address the specific needs of those segments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Broaden our existing solutions and expand our customer base.* In addition to our project-based customized ERP products, we also are actively expanding our offerings to include subscription-based SaaS ERP to complement our current service portfolio which we believe will allow us to target a broader customer base through a recurring revenue model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Attract, train, incentivize and retain talented professionals.* We believe our success greatly depends on our ability to attract, train, incentivize and retain talented professionals. We will continue to build our professional talent pool through our Talent Creation Program ("TCP") and Talent Development Program ("TDP") to ensure we can attract and retain professionals who have in-depth knowledge and understanding of the technologies we deploy and the industries in which we operate. We are discussing with local universities in Singapore to co-develop projects and engage talent internship with us. We will also sponsor competitions in the IT industry in Southeast Asia to promote our reputation among the young talents. We will also work with tertiary institutions to develop on campus hiring, bursary, and scholarship programs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Drive efficiencies through ongoing improvements in operational excellence.* We strive to gain significant operating efficiencies by leveraging historical and ongoing investments in infrastructure, research and development, and human capital. We will continue to invest in our in-house tools to enhance our efficiencies in operations. On an integrated approach level, we will institute certification across all our process flow via ISO certification, BizSafe certification and Personal Data Protection Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Capture new growth opportunities through strategic alliances and acquisitions.* We plan to pursue selective alliances and acquisitions in industries where we have established technical capabilities and domain expertise. In particular, we are targeting companies within the enterprise software and digital infrastructure sectors. These strategic transactions will support our efforts to deepen customer engagement, broaden our service portfolio, and accelerate geographic expansion across Southeast Asia. No specific acquisition target has been identified as of the date of this prospectus.

***Summary of Risk Factors***

Investing in our Class A Ordinary Shares involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our Class A Ordinary Shares. The main risks set forth below and others you should consider are discussed more fully in the section entitled "Risk Factors", which you should read in its entirety.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history, making it difficult for you to evaluate our business and future prospects. If we are unable to manage our business and any fluctuations in our results of operations effectively, our business and growth prospects could be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks associated with operating in the rapidly evolving Southeast Asia region, and we are therefore exposed to various risks inherent in operating and investing in the region (see page 12 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to continue to develop and expand our service offerings to address emerging business demands and technological trends, including our ability to sell differentiated services, may impact our future growth. If we are not successful in meeting these business challenges, our business, financial condition, and results of operations may be materially and adversely affected (see page 13 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is dependent on certain major clients. For the six months ended December 31, 2024, four clients, Supertoy Trading Company Limited, SLV Trading Limited, Rosefinch Industry Company Limited, and Flourish Bright Limited, accounted for SGD 128,059 (USD 93,734), SGD 126,412 (USD 92,528), SGD 121,016 (USD 88,579) and SGD 80,961 (USD 59,261), representing 26.1%, 25.7%, 24.6% and 16.5%, of the Company's total revenues, respectively. For the year ended June 30, 2024, one major client, Horse Force Limited, accounted for 79.3% of the Company's total revenues. For the year ended June 30, 2023, one major client, SY Auto Parts and Hardware Trading accounted for 13.3% of the Company's total revenues.

For the year ended June 30, 2022, three major clients, Payestation Pte Ltd., Australia Marine Services Pty Ltd. and Smorboll Pte Ltd. accounted for 48.7%, 16.5%, and 15.8%, respectively, of the Company's total revenues. As of December 31, 2024, two clients, Horse Force Limited and Smorboll Pte Ltd., accounted for SGD 679,940 (USD 497,687) and SGD 372,720 (USD 272,815), representing 30.3% and 16.6%, respectively, of the Company's total accounts receivable. As of June 30, 2024, five major clients, Horse Force Limited, Smorboll Pte Ltd, SY Auto Parts and Hardware Trading, 2H Technology Sdn Bhd, and YS Wong Enterprise accounted for 22.2%, 12.2%, 10.8%, 10.4%, and 10.4%, respectively, of the Company's total accounts receivable. As of June 30, 2023, three major clients, Payestation Pte Ltd., SY Auto Parts and Hardware Trading, and Smorboll Pte Ltd. accounted for 16.5%, 13.6%, and 10.7%, respectively, of the Company's total accounts receivable. As of June 30, 2022, two major clients, Payestation Pte Ltd. and Smorboll Pte Ltd. accounted for 74.6%, and 24.1%, respectively, of the Company's total accounts receivable. Changes or difficulties in our relationships with our major clients may harm our business and financial results (see page 14 of this prospectus).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is dependent on our collaboration with our vendors. Our vendor mainly are software development company and hardware suppliers. As of December 31, 2024, one vendor, Btoz Tech Pte Ltd, an software development company, accounted for SGD 267,500 (USD 195,799), which represents 90.3% of the Company's accounts payable. For the six months ended December 31, 2024, one major supplier, Btoz Tech Pte Ltd, accounted for SGD 267,500 (USD 195,799) which represents 92.8% of the Company's total purchases. As of June 30, 2024, one major vendor, PCA Group Sdn Bhd accounted for 81.5% of the Company's accounts payable. For the year ended June 30, 2024, two major vendors, Appiclogy Pte Ltd and Tekun Hardware Pte Ltd, accounted for 66.4% and 32.4%, respectively, of the Company's total purchases. For the year ended June 30, 2023, two major vendors, Appiclogy Pte Ltd and PCA Group Sdn Bhd accounted for 72.2% and 16.7%, respectively, of the Company's accounts payable. For the year ended June 30, 2023, two vendors, Pangu Procurement Pte Ltd and Appiclogy Pte Ltd, accounted for 48.4% and 20.3%, respectively, of the Company's total purchases. For the year ended June 30, 2022, two vendors, LYC Supply and Trading and Pangu, accounted for 17.7% and 16.3%, respectively, of the Company's total purchases. Changes or difficulties in our relationships with our major vendors may harm our business and financial results (see page 15 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to privacy, data protection and information security laws in the jurisdictions in which we operate (see page 16 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We might be required to use open-source software in providing services to our clients. There are risks associated with the use of open-source software that may have an adverse effect on our results of operations and financial condition (see page 18 of this prospectus).

Risks and uncertainties related doing business in Southeast Asia include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainties with respect to the legal system in certain markets in Southeast Asia could adversely affect us (see page 19 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It will be difficult to acquire jurisdiction and enforce liabilities against our officers, directors, and assets outside the United States (see page 20 of this prospectus).

Risks related to this offering and our Class A Ordinary Shares include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our dual class share structure with different voting rights 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 (see page 20 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our dual class share structure with different voting rights may adversely affect the value and liquidity of the Class A Ordinary Shares (see page 21 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Class A Ordinary Shares prior to 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 (see page 21 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to pay dividends for the foreseeable future (see page 21 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 (see page 21 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "foreign private issuer" and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects (see page 25 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Class A Ordinary Shares less attractive to investors (see page 23 of this prospectus).

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#### Corporate Structure
We are a holding company incorporated in the British Virgin Islands on November 17, 2021 under the British Virgin Islands Business Companies Act (Law Revision 2020) (the "BVI Act"). We conduct all our operations through RP Singapore, which was incorporated on January 1, 2015 under the laws of Republic of Singapore. On November 17, 2021, we acquired all the equity interest of RP Singapore via a certain share exchange agreement with Mr. Sai Bin Loi, who was the then owner of 100% of the equity interest of RP Singapore.

<u><u>Increase of Authorized Shares, Forward Split and Reserve Split</u></u>

On April 21, 2022, our shareholders and the board approved the Company's amended and restated memorandum and articles of association to effectuate an increase of the authorized shares of our Company to unlimited shares and a forward split of the then issued and outstanding shares at a ratio of 1:1,600. The increase of authorized shares and the forward split became effective on April 21, 2022. On August 29, 2023, we implemented a 1.5625 for 1 reverse share split of our ordinary shares under the British Virgin Islands Law. As a result of the reverse split, the total of 25,000,000 issued and outstanding ordinary shares prior to the reverse split were decreased back to a total of 16,000,000 issued and outstanding Class A Ordinary Shares of $0.000625 each. The reverse split maintained our existing shareholders' percentage ownership interests in our Company.

On April 7, 2025, our share capital was amended to be an unlimited number of ordinary shares divided into two classes, consisting of (i) an unlimited number of Class A Ordinary Shares, par value $0.000625 each, and (ii) 50,000,000 Class B Ordinary Shares, par value $0.000625 each. Each Class A Ordinary Share is entitled to one (1) vote on any matter on which action of the shareholders of the Company is sought while each Class B Ordinary Share is entitled to ten (10) votes. Holders of Class B Ordinary Shares will vote together with holders of Class A Ordinary Shares as one class. Class A Ordinary Shares are not convertible into Class B Ordinary Shares. Class B Ordinary Shares are convertible into Class A Ordinary Shares as a one for one basis. Holders of Class B Ordinary Shares are not entitled to receive dividends. On March 27, 2025, we issued 100,000 Class B Ordinary Shares to True Sage for cash at par.

The following diagram illustrates our corporate structure as of the date of this prospectus and upon completion of this offering based on a proposed number of [•] Class A Ordinary Shares being offered by us and 500,000 Class A Ordinary Shares offered by the Selling Shareholders. All percentages reflect the voting ownership interests instead of the equity interest held by each of our Shareholders given that each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to ten (10) votes. For more details on our corporate history, please refer to "Corporate History and Structure."

![](tflowchart_001.jpg)

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***Implications of Being an Emerging Growth Company***

As a company with less than US$1.235 billion in revenue for the last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012 (as amended by the Fixing America's Surface Transportation Act of 2015), or the JOBS Act. An "emerging growth company" may take advantage of reduced reporting and regulatory requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

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

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

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

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

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

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

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

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

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and regulatory exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, herein referred to as the Securities Act occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our ordinary shares held by non-affiliates as of the last business day of our most recently completed second fiscal quarter (rendering us a "large accelerated filer"), or issue more than $1 billion in principal amount of non-convertible debt over a three-year period. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

#### Implications of Being a Foreign Private Issuer
We are a "foreign private issuer," as defined in Rule 405 under the Securities Act and Rule 3b-4(c) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. We will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime.

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As we intend to be listed on Nasdaq, we will be subject to the Nasdaq corporate governance listing standards. However, Nasdaq permits a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in British Virgin Islands which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. For instance, we are not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to certain more stringent disclosure obligations regarding executive compensation in periodic reports, proxy statements and registration statements applicable to U.S. domestic public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a majority of the board to be independent (although all of the members of the audit committee must be independent under the Exchange Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have regularly scheduled executive sessions for non-management directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have annual meetings and director election;

Following this offering, we expect to rely on home country practice to be exempted from certain of the corporate governance requirements of Nasdaq, such that a majority of the directors on our board of directors are not required to be independent directors, and we are not required to have a compensation committee or corporate governance committee comprised entirely of independent directors. See "Risk Factors — Risks Related to Our Ordinary Shares and this Offering — We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies" and "Risk Factors — Risks Related to Our Ordinary Shares and this Offering — As a company incorporated in the British Virgin Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq listing rules" on page 25 and 27 of this prospectus.

#### Implications of Being a Controlled Company
We are a "controlled company" as defined under Nasdaq Capital Market Marketplace Rule 5615(c) because one of our shareholders holds more than 50% of our voting power. As a result, for so long as we remain a controlled company as defined under those rules, we are exempt from, and our shareholders generally are not provided with the benefits of, some of the Nasdaq corporate governance requirements, including that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of our board of directors must be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compensation committee must be composed entirely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our corporate governance and nomination committee must be composed entirely of independent directors.

Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption after we complete this offering. If we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors after we complete this offering.

Additionally, pursuant to Nasdaq's phase-in rules for newly listed companies, we have one year from the date on which we are first listed on Nasdaq to comply fully with the Nasdaq listing standards. We do not plan to rely on the phase-in rules for newly listed companies and will comply fully with the Nasdaq listing standards at the time of listing. (See "Risk Factors — Risks Relating to Being a Controlled Company")

#### Corporate Information
Our principal executive offices are located at #04-09 Techplace II, 5008 Ang Mo Kio Ave 5, Singapore 569874, and our phone number is +65 6908 9825. Our registered office in the British Virgin Islands is located at Vistra Corporate Services Center, Wickhams Cay II, Road Town, Tortola. VG1110, British Virgin Islands. We maintain a corporate website at *https://republicpower.net/*. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc.

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#### THE OFFERING

---

| | |
|:---|:---|
|  **Class A Ordinary Shares offered by us** | [•] Class A Ordinary Shares |
|  **Price per Class A Ordinary Share** | We estimate that the initial public offering price will be between US$[•] and US$[•] per Class A Ordinary Share |
|  **Class A Ordinary Shares offered by the Selling Shareholders** | <br>An aggregate 500,000 Class A Ordinary Shares (as to 207,700 Class A Ordinary Shares by True Sage, 37,500 Class A Ordinary Shares by Mr. Sai Bin Loi, 85,000 Class A Ordinary Shares by Mr. Chun Yin Yu, 41,600 Class A Ordinary Shares by Ms. Wai Shan Frances Waung, and 128,200 Class A Ordinary Shares by Mr. Hon Kei Yeung) |
|  **Ordinary shares issued and outstanding prior to completion of this offering** | <br>16,000,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares |
|  **Ordinary shares outstanding immediately after this offering** | <br>[•] Class A Ordinary Shares and 100,000 Class B Ordinary Shares |
|  **Listing** | We plan to apply to list our Class A Ordinary Shares on the Nasdaq Capital Market. At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq. |
|  **Ticker symbol** | "RPGL" |
|  **Transfer agent** | Transhare Corporation |
|  **Use of proceeds** | We estimate that the net proceeds to us from the Class A Ordinary Shares offered by us in the Offering will be approximately US$[•], assuming the initial public offering price is $[•] per Class A Ordinary Share. We intend to use the net proceeds from this Offering for research and development, investment in marketing and branding, and other capital expenditures, recruitment of talented professionals, and general corporate purposes and possible future acquisitions and growth opportunities.<br> We will not receive any of the proceeds from the sale of the Class A Ordinary Shares being offered by the Selling Shareholders.<br> See "Use of Proceeds" on page 31 for more information. |

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| | |
|:---|:---|
|  **Lock-up** | We, our directors, officers and principal shareholders (except for the Class A Ordinary Shares offered by the Selling Shareholders pursuant to this prospectus) have agreed, subject to certain exceptions, not to (i) offer or sell any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares; (iii) complete any offering of debt securities of our Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of ordinary shares, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise for a period of 180 days after the date of this prospectus. See "Underwriting" for more information. |
|  **Risk factors** | The Class A Ordinary Shares offered hereby involve a high degree of risk, including the risk of loss of your entire investment. In addition, the company is an emerging growth company with limited operating history and revenues, which is dependent on the implementation of its business and growth strategies. You should read "Risk Factors," beginning on page 12 for a discussion of factors to consider before deciding to invest in our Class A Ordinary Shares. |

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#### SUMMARY FINANCIAL DATA
The following tables summarize our selected consolidated financial data for the periods and as of the dates indicated. The summary consolidated statements of income for the years ended June 30, 2022, 2023 and 2024 and the summary consolidated balance sheet data as of June 30, 2022, 2023 and 2024 are derived from our consolidated financial statements, which have been prepared in accordance with U.S. GAAP and audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), and included elsewhere in this prospectus. The summary consolidated statements of income for the six months ended December 31, 2024 and 2023, and the summary consolidated balance sheet data as of December 31, 2024 and June 30, 2024 are derived from our unaudited interim condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP, and included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this prospectus as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements appearing elsewhere in the prospectus.

#### Selected Statements of Operations Information:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Consolidated Statements of Income:** |  |  |  |
|  Operating revenues | 635350 | 490977 | 359374 |
|  Cost of revenues | (250032) | (288218) | (210963) |
|  Gross profit | 385318 | 202759 | 148411 |
|  Operating expenses | (975806) | (1325715) | (970367) |
|  Loss from operations | (590488) | (1122956) | (821956) |
|  Other expense, net | (144834) | (44676) | (32701) |
|  Income taxes expense |  |  |  |
|  Net loss | (735322) | (1167632) | (854657) |
|  Weighted average number of ordinary shares outstanding, basic and diluted | 16000000 | 16000000 | 16000000 |
|  Loss per share, basic and diluted | (0.05) | (0.07) | (0.05) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  **Consolidated Statements of Income:** |  |  |  |  |
|  Operating revenues | 4465134 | 5022071 | 685820 | 506066 |
|  Cost of revenues | (1009077) | (1013510) | (253193) | (186831) |
|  Gross profit | 3456057 | 4008561 | 432627 | 319235 |
|  Operating expenses | (1411788) | (2501641) | (1673280) | (1234710) |
|  Income/(Loss) from operations | 2044269 | 1506920 | (1240653) | (915475) |
|  Other expense, net | (70605) | (91124) | (176527) | 130259 |
|  Income taxes expense | (332921) | (198012) | 3622 | 2673 |
|  Net income/(loss) | 1640743 | 1217784 | (1413558) | (1043061) |
|  Weighted average number of Class A Ordinary Shares outstanding, basic and diluted | 16000000 | 16000000 | 16000000 | 16000000 |
|  Earnings/(Loss) per share, basic and diluted | 0.10 | 0.08 | (0.09) | (0.07) |

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| | | | |
|:---|:---|:---|:---|
|  | **As of <br>June 30,<br>2024** | **As of <br>December 31,** | **As of <br>December 31,** |
|  | **As of <br>June 30,<br>2024** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  |  | **(Unaudited)** | **(Unaudited)** |
|  **Summary Consolidated Balance Sheet Data** |  |  |  |
|  Total current assets | 4990412 | 4337522 | 3174880 |
|  Total other assets | 3590615 | 3590615 | 2628177 |
|  Property and equipment, net | 78687 | 2292 | 1678 |
|  Total assets | 8659714 | 7930429 | 5804735 |
|  Total current liabilities | 4107713 | 4590649 | 3360158 |
|  Total other liabilities | 44589 |  |  |
|  Total liabilities | 4152302 | 4590649 | 3360158 |
|  Total shareholders' equity | 4507412 | 3339780 | 2444577 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  **Summary Consolidated Balance Sheet Data** |  |  |  |  |
|  Total current assets | 3226609 | 5372289 | 4990412 | 3682417 |
|  Total other assets | 3499773 | 3515993 | 3590615 | 2649510 |
|  Property and equipment, net | 163310 | 121387 | 78687 | 58603 |
|  Total assets | 6889692 | 9009669 | 8659714 | 6389990 |
|  Total current liabilities | 2123251 | 3032733 | 4107713 | 3031076 |
|  Total other liabilities | 63255 | 55966 | 44589 | 32902 |
|  Total liabilities | 2186506 | 3088699 | 4152302 | 3063978 |
|  Total shareholders' equity | 4703186 | 5920970 | 4507412 | 3326012 |

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

#### Risks Related to Our Business and Industry
***We have a limited operating history, making it difficult for you to evaluate our business and future prospects. If we are unable to manage our business and any fluctuations in our results of operation effectively, our business and growth prospects could be materially and adversely affected.***

We began our operation of providing customized software solutions through our wholly owned subsidiary RP Singapore in 2019 and has since seen the growth of our business. Our revenues for the year ended June 30, 2024, 2023 and 2022 were SGD 685,820, SGD 5,022,071, and SGD 4,465,134. We experienced a significant decrease (86.34%) in the most recent fiscal year. This decline was primarily attributable to the completion of several large-scale custom software development projects in prior years, without a corresponding pipeline of new projects in 2024. This was partially due to the reduced involvement of our former majority shareholder and chairman, Mr. Sai Bin Loi, who helped us secure high-value contracts in the years ended June 30, 2023 and 2022. On December 12, 2024, we completed a shareholder restructuring as Mr. Sai Bin Loi stepped down due to his elder age and reduced ability to remain actively involved in our operations. During this transition period, our business development capabilities were materially reduced as management's attention was diverted to managing the ownership transition and related restructuring activities and we were unable to secure software development contracts with comparable value, while some existing clients reduced their annual budgets. In addition, in early 2024, companies in Singapore exhibited reluctance to invest in customized software development for digitalization due to economic uncertainty, particularly among small and medium-sized enterprises (SMEs). This reluctance was influenced by factors like rising business costs, especially manpower and rental costs, and uncertainty in customer demand. While the overall economy improved by the end of 2024, we believe some businesses focused on fortifying themselves rather than pursuing immediate growth plans. These factors had a major impact on our revenue generation. Consequently, our past financial performance, particularly our revenues for fiscal years 2022 and 2023, may not be indicative of our future operating results or financial performance. We may not be able to achieve or sustain profitability or positive cash flow from operations in future periods. Our ability to generate revenue and achieve profitability will depend on numerous factors, many of which are beyond our control, including market acceptance of our services, our ability to develop new client relationships, competitive dynamics in our industry, and our new majority shareholder's ability to provide the resources and support necessary to enhance our business development capabilities.

As a result, you should consider our prospects in light of the costs, uncertainties, delays, and difficulties frequently encountered by companies with limited operating histories in competitive markets.

***We are subject to risks associated with operating in the rapidly evolving Southeast Asia region, and we are therefore exposed to various risks inherent in operating and investing in the region.***

For the years ended June 30, 2024, 2023 and 2022, we derived 100%, 100% and 100% of our revenue from our operations in countries located in Southeast Asia. We intend to continue to develop and expand our business and capacity in Southeast Asia with our current and potential clients. Our operations in Southeast Asia are subject to various risks related to the economic, political and social conditions of the countries in which we operate, including risks related to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inconsistent regulations, licensing and legal requirements may increase our cost of operations among the countries in Southeast Asia in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currencies may be devalued or may depreciate or currency restrictions or other restraints on transfer of funds may be imposed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of inflation within Southeast Asia generally and/or within any specific country in which we operate in Southeast Asia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments may impose new or more burdensome regulations, taxes or tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political changes may lead to changes in the business environments in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic downturns, political instability, civil disturbances, military conflict, terrorism and general security concerns in the countries in which either we or our clients operate may negatively affect our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enactment or any increase in the enforcement of regulations related to personal data protection in the areas in which we operate that may incur compliance costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• health epidemics (including the COVID-19 pandemic) may affect our operations and demand for our services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters like volcano and earthquakes may impact our operational sites severely.

Additionally, the laws in the countries in which we operate may change and their interpretation and enforcement may involve significant uncertainties that could limit the reliability of the legal protections available to us. We cannot predict the effects of future developments in the legal regimes in the countries in which we operate.

#### Our business is dependent on our ability to attract and retain highly skilled professionals.
Our business is people and skill-driven and, accordingly, our success depends on our ability to attract, develop, motivate, retain and effectively utilize highly skilled professionals in the field of software development in our offices in Singapore, among other places. We believe that there is significant competition for talented personnel with such skills in these geographic regions and that such competition is likely to continue for the foreseeable future. We compete for such talented personnel not only with other companies in our industry but also with companies in adjacent industries, such as financial services and technology generally.

Increased hiring and increasing worldwide competition for skilled personnel may lead to a shortage in the availability of suitable personnel in the locations where we operate and hire and, accordingly, we may not be able to retain or hire all of the personnel necessary to meet our ongoing and future business needs. In addition, any reductions in headcount for economic or business reasons, however temporary, could negatively affect our reputation as an employer and our ability to hire engineering personnel to meet our business requirements.

If we fail to attract and retain highly skilled engineering personnel, we may not have the necessary resources to properly staff projects, and the failure to successfully compete for such personnel could materially and adversely affect our ability to provide high quality services to our clients.

If we fail to attract and retain highly skill engineering personnel, more specifically in AI space given the recent emergence of AI technology, we may not able to complete our Research and Development product, therefore causes delay or inability to offer new products and solutions to new customers.

These factors may, as a result, have a material adverse effect on our business, financial condition and results of operations.

***Our ability to continue to develop and expand our service offerings to address emerging business demands and technological trends, including our ability to sell differentiated services, may impact our future growth. If we are not successful in meeting these business challenges, our business, financial condition and results of operations may be materially and adversely affected.***

Our ability to implement solutions for our customers, incorporating new developments and improvements in software application and IOT technology that translate into productivity improvements for our customers, and our ability to develop software solutions and other new service offerings that meet current and prospective customers' needs, as well as evolving industry standards, are critical to our success. The markets we serve are highly competitive and characterized by rapid technological change which has resulted in deflationary pressure in the price of services, which in turn can adversely impact our margins. Our competitors may develop solutions or services that make our offerings

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obsolete or may force us to decrease prices on our services, which can result in lower margins. Our ability to develop and implement up-to-date solutions utilizing new technologies that meet evolving customer needs in consulting, industry software and solutions, and application services markets, and in areas such as AI, in a timely or cost-effective manner, will impact our ability to retain and attract customers and our future revenue growth and earnings.

However, there can be no assurance that our existing and new service offerings can meet prospective customers' needs and evolving industry standards. If we are unable to continue to execute our strategy and develop and expand our service offerings in a highly competitive and rapidly evolving environment, or if we are unable to commercialize such services and solutions and expand and scale them with sufficient speed and versatility, our growth, productivity objectives and profit margins could be adversely affected.

Software applications and IOT technological developments may materially affect the cost and use of these technology by our customers. Customers may delay spending under existing contracts and engagements and entering into new contracts while they evaluate new technologies. Such delays can negatively impact our results of operations if the pace and level of spending on new technologies by some of our customers is not sufficient to make up any shortfall from delays from other customers. Our growth strategy focuses on responding to these types of developments by driving innovation that will enable us to expand our services offering. If we do not sufficiently invest in new technology and adapt to industry developments, or evolve and expand our business at sufficient speed and scale, or if we do not make the right strategic investments to respond to these developments and successfully drive innovation, our business, financial condition and results of operations, as well as our services and solutions and our ability to develop and maintain a competitive advantage and to execute on our growth strategy could be adversely affected.

***If we do not succeed in attracting new clients for our technology services and/or growing revenues from existing clients, we may not achieve our revenue growth goals.***

We plan to significantly expand the number of clients we serve to diversify our client base and grow our revenues. As part of our growth strategy, we continue to invest in marketing and new business development opportunities. We are also developing a ERP products based on the core technologies and domain expertise we have accumulated from serving our clients over the years. The SaaS ERP products will have subscription-based pricing and shorter sales cycles. Currently, we are doing a pilot launch of the SaaS ERP products and expect to officially launch them in the first fiscal quarter of the fiscal year 2026. The addition of the SaaS ERP products will complement our current project-based customized ERP products and allow us to reach a broader customer base through a recurring revenue model.

While SaaS ERP product's pricing is expected to be lower than that of our customized ERP products, the model enables us to reach a significantly broader customer base. The success of this new product will depend on our ability to rapidly acquire and retain a high volume of users to offset the lower per-customer revenue.

Additionally, we may enter into new market sectors where we have limited experience, which may require additional investments in marketing, sales capabilities, and product localization. Our ability to attract new clients and grow revenues from existing clients depends on multiple factors, including the quality and competitiveness of our services offerings, the effectiveness of our go-to-market strategy, and the strength of our competitors. If we are unable to successfully launch and scale our ERP SaaS product or expand into new customer segments, our future growth may be materially and adversely affected.

***Our business is dependent on certain major clients and changes or difficulties in our relationships with our major clients may harm our business and financial results.***

We had certain clients whose revenue individually represented 10% or more of our total revenue, or whose accounts receivable balances individually represented 10% or more of our total accounts receivable.

For the six months ended December 31, 2024, four clients, Supertoy Trading Company Limited, SLV Trading Limited, Rosefinch Industry Company Limited, and Flourish Bright Limited, accounted for 26.1%, 25.7%, 24.6% and 16.5%, of the Company's total revenues, respectively. For the year ended June 30, 2024, one major client, Horse Force Limited accounted for 79.3% of the Company's total revenues. For the year ended June 30, 2023, one major client, SY Auto Parts and Hardware Trading accounted for 13.3% of the Company's total revenues. For the year ended June 30, 2022, three major clients, Payestation Pte Ltd., Australia Marine Services Pty Ltd., and Smorboll Pte Ltd. accounted for 48.7%, 16.5%, and 15.8%, respectively, of the Company's total revenues. As of December 31, 2024, two clients, Horse Force Limited and Smorboll Pte Ltd., accounted for 30.3% and 16.6%, respectively, of the Company's total accounts receivable. As of June 30, 2024, five major clients, Horse Force Limited, Smorboll Pte Ltd, SY Auto Parts and Hardware Trading, 2H Technology Sdn Bhd, and YS Wong Enterprise accounted for 22.2%, 12.2%, 10.8%, 10.4%, and 10.4%,

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respectively, of the Company's total accounts receivable. As of June 30, 2023, three major clients, Payestation Pte Ltd., SY Auto Parts and Trading, and Smorboll Pte Ltd. accounted for 16.5%, 13.6%, and 10.7%, respectively, of the Company's total accounts receivable. As of June 30, 2022, two major clients, Payestation Pte Ltd. and Smorboll Pte Ltd. accounted for 74.6%, and 24.1%, respectively, of the Company's total accounts receivable.

If we cannot maintain long-term relationships with the major client or replace the major clients from period to period with equivalent clients, the loss of such sales could have an adverse effect on our business, financial condition and results of operations. In addition, some of our clients are also concentrated in certain highly regulated industries like airports and cruise terminals, that are, or may be, increasingly subject to governmental regulation, sanctions and intervention. Increased regulation, changes in existing regulation or increased governmental intervention in the industries in which our clients operate may adversely affect the growth of their respective businesses and therefore negatively impact our revenues. Any economic or political event or regulatory developments or worsening economic conditions affecting our clients could cause a reduction of the ability of our clients to purchase our services, which may adversely affect our business, financial condition and results of operations.

***Our business is dependent on our collaboration with our vendors and changes or difficulties in our relationships with our vendors may harm our business and financial results.***

Our business is substantially dependent on our collaboration with our vendors. We consider major vendors in each period to be those that accounted for more than 10% of overall purchases, or whose accounts payable balances individually represented 10% or more of our total accounts payable in such period. Our major vendors include third-party software development service providers and hardware suppliers, both of which are essential to our operations, as not all of our software applications are developed in-house. We maintain close collaborative relationships with these vendors while implementing clear business process segregation to safeguard each party's trade secrets and client relationships If difficulties arise in our relationships with existing vendors or suppliers, we may be required to identify and engage alternative third parties. However, the time and effort involved in sourcing new vendors, establishing working relationships, and ensuring alignment with our operational standards may disrupt our business operations. Such disruptions could impact our ability to meet performance obligations to our customers and may adversely affect our financial results. As of December 31, 2024, one vendor, Btoz Tech Pte Ltd, accounted for 90.3% of the Company's accounts payable. For the six months ended December 31, 2024, one major supplier, Btoz Tech Pte Ltd, accounted for 92.8% of the Company's total purchases. As of June 30, 2024, one major vendor, PCA Group Sdn Bhd accounted for 81.5% of the Company's account payable. For the year ended June 30, 2024, two major vendors, Appiclogy Pte Ltd and Tekun Hardware Pte Ltd, accounted for 66.4% and 32.4%, respectively, of the Company's total purchases. For the year ended June 30, 2023, two major vendors, Appiclogy Pte Ltd and PCA Group Sdn Bhd accounted for 72.2% and 16.7%, respectively, of the Company's account payable. For the year ended June 30, 2023, two major vendor, Pangu Procurement Pte Ltd. and Appiclogy Pte Ltd, accounted for 48.4% and 20.3%, respectively, of the Company's total purchases. For the year ended June 30, 2022, two vendors, LYC Supply and Trading, Pangu Procurement Pte Ltd., accounted for 17.7% and 16.3%, respectively, of the Company's total purchases. For the year ended June 30, 2022, one vendor, LYC Supply and Trading, accounted for 81% of the Company's account payable.

Our vendors may fail to meet timelines or contractual obligations, which may adversely affect our business. RP Singapore generally enters into agreements with them without imposing any contractual obligations requiring them to maintain their relationships with us beyond the contractual term. Although we believe that relationships with our existing vendors are strong, there is no guarantee for future cooperation and there is no assurance that RP Singapore can maintain stable and long-term business relationships with any vendors. If a significant number of the industry vendors terminate or do not renew their agreements with RP Singapore and it is not able to replace these business partners on commercially reasonable terms in a timely manner or at all, our business, results of operations and financial condition would be materially and adversely affected.

***Our independent registered public accounting firm expressed substantial doubt regarding our ability to continue as a going concern. Our ability to continue as a going concern requires that we obtain sufficient funding to finance our operations.***

Our financial statements appearing at the end of this prospectus have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of these uncertainties related to our ability to operate on a going concern basis. The perception that we may not be able to continue as a going concern may cause others to choose not to deal with us due to concerns about our ability to meet our contractual obligations.

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Our independent registered public accounting firm included an explanatory paragraph in its audit report on our financial statements as of and for the year ended June 30, 2024, stating that we did not have sufficient cash balance as of June 30, 2024, which raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends on our ability to raise additional capital. If we seek additional financing to fund our business activities in the future and there remains substantial doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding to us on commercially reasonable terms or at all. Further, if we cannot continue as a going concern, we may be forced to discontinue operations and liquidate our assets and may receive less than the value at which those assets are carried on our audited financial statements, which would cause holders of our Class A Ordinary Shares and our shareholders to lose all or a part of their investment.

#### We are subject to privacy, data protection and information security laws in the jurisdictions in which we operate.
Generally, personal information which is captured, selected and analyzed by our software is stored in our client's proprietary systems to which our employees have user access. Although we have employed measures to protect against unauthorized access of such personal, confidential and proprietary information, as the complexity of information infrastructure continues to grow, the potential risk of security breaches and cyber-attacks increases. Such breaches can lead to shutdowns or system interruptions, and potential unauthorized disclosure of sensitive or confidential information which may result in potentially costly litigation. If any person, including any of our employees, penetrates our network security or otherwise mismanages or misappropriates sensitive or confidential client or customer data, we could be subject to significant fines for violating privacy or data protection and consumer laws or lawsuits from our clients or their customers for breaching contractual confidentiality provisions which could result in negative publicity, legal liability, loss of clients and damage to our reputation. We may be liable for any misappropriation of customers' personal information which could also harm our relationship with our clients, and/or cause us to suffer financial losses and/or reputational harm. We may also be liable for damages in the case of such a security or network breach that results in an unauthorized or impermissible disclosure of client or customer data and information.

Under data protection and personal information laws, we are typically required to manage, utilize and store sensitive or confidential client and customer data in connection with the services we provide. In Singapore, under the Personal Data Protection Act 2012, No. 26 of 2012 of Singapore, we are also required to, among others, notify individuals of: the purposes for the collection, use or disclosure of their personal data prior to such collection, use or disclosure and obtain the consent of individuals for any collection, use or disclosure of their personal data.

Furthermore, we are subject to local data protection laws, consumer laws and/or "do not call list" regulations in most of the countries in which we operate, all of which may require us to make additional expenditures to ensure compliance with these regulations or future additional regulations. We also believe that we will be subject to additional such laws and regulations in the future that may be stricter than those currently in force. Although we take extensive efforts to comply with such applicable laws and regulations, failure or perceived failure by us to comply with rapidly evolving privacy and security laws, policies (including our own policies, which we may update from time to time), legal obligations or industry standards may result in governmental enforcement actions, litigation, fines and penalties or adverse publicity, could require us or our clients to change our or their business practices and could cause our clients to lose trust in us.

We seek to implement measures to protect sensitive and confidential client and customer data in accordance with client contracts and data protection laws and consumer laws. If any person, including any of our employees, penetrates our network security or otherwise mismanages or misappropriates sensitive or confidential client or customer data, we could be subject to significant fines for violating privacy or data protection and consumer laws or lawsuits from our clients or their customers for breaching contractual confidentiality provisions which could result in negative publicity, legal liability, loss of clients and damage to our reputation. We may be liable for any misappropriation of customers' personal information which could also harm our relationship with our clients, and/or cause us to suffer financial losses and/or reputational harm.

We may also be subject to laws and regulations that restrict the flow of personal data across countries; such laws may constrain our activities and have an adverse impact on our business. Laws and regulations that impact our business, and particularly laws, regulations and other measures governments may take based on privacy and data protection concerns, are increasing in complexity, change frequently and at times conflict among the various jurisdictions where we do business.

We may also be liable for damages in the case of such a security or network breach that results in an unauthorized or impermissible disclosure of client or customer data and information. Any of the foregoing could adversely affect our business, financial condition and results of operations.

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***Our inability to protect our systems and data from continually evolving cybersecurity risks or other technological risks could affect our reputation among our clients and their customers and may expose us to liability.***

In conducting our business, we process, and transmit sensitive business information and personal information about our clients, their customers and other parties. We have certain responsibilities to card networks and their member financial institutions for any failure, including the failure of our associated third parties, to protect this information.

We may be a target of malicious third-party attempts to identify and exploit system vulnerabilities and penetrate or bypass our security measures in order to gain unauthorized access to our networks and systems or those of our associated third parties. A successful attempt could lead to the compromise of sensitive, business, personal or confidential information. As a result, we proactively employ multiple barriers and controls at different layers of our systems to defend our systems against intrusion and attack and to protect the data we collect. However, we cannot be certain that these measures will continue to successfully counter all current and emerging technology threats that are designed to breach our systems in order to gain access to confidential information. We also rely on third party vendors for aspects of our cybersecurity strategy, such as to conduct security reviews and penetration tests, and there can be no assurance that the tests conducted by these vendors, or measures we take in response to such tests, will be effective at identifying or preventing any cybersecurity threat.

Our computer systems and the computer systems of our clients could be in the future subject to breach, and our data protection measures may not prevent unauthorized access. The techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and are often difficult to detect. Threats to our systems and our associated third parties' systems can derive from human error, fraud or malice on the part of employees or third parties or may result from accidental technological failure. Computer viruses and other malware can be distributed and could infiltrate our systems or those of our associated third parties. In addition, denial of service or other attacks could be launched against us for a variety of purposes, including to interfere with our services or create a diversion for other malicious activities. Our defensive measures may not prevent downtime, unauthorized access or use of sensitive data. Further, while we carefully select third parties with which we associate, we do not control their actions. Any problems experienced by these third parties, including those resulting from breakdowns or other disruptions in the services provided by such parties or cyber-attacks and security breaches, could adversely affect our ability to service our clients or their customers or otherwise conduct our business.

Furthermore, the costs of systems and procedures associated with any protective measures that we are required to take by our clients may increase and could adversely affect our ability to compete effectively. Any failure to adequately enforce or provide these protective measures could result in liability, protracted and costly litigation, governmental and card network intervention and fines and, with respect to misuse of our clients' information, lost revenue and reputational harm.

***Our investment costs incurred in developing our new SaaS ERP products and platforms may not yield the intended results and can adversely impact our results of operations.***

We are developing standardized SaaS ERP products based on the core technologies and domain expertise we have accumulated from serving our clients over the years. The SaaS ERP products will have subscription-based pricing and shorter sales cycles. Currently, we are doing a pilot launch of the SaaS ERP products and expect to officially launch them in the first fiscal quarter of the fiscal year 2026. The addition of the SaaS ERP products will complement our current project-based customized ERP products and allow us to reach a broader customer base through a recurring revenue model.

However, there is no assurance that our investment in this new product will result in successful commercialization, broad customer adoption, or a positive return on investment. The success of this product depends on a variety of factors, including market demand, pricing competitiveness, user experience, integration capabilities, and our ability to effectively market and support the product. If we fail to achieve customer buy-in or deliver the expected product performance, our growth prospects, competitive positioning, and financial results may be materially and adversely affected.

#### Software failures, breakdowns in the operations of our servers and communications systems or the failure to implement system enhancements could harm our business.
Our success depends on the efficient and uninterrupted operation of our servers and communications systems. A failure of our network or data gathering procedures could impede services. While our operations have disaster recovery plans in place, they might not adequately protect us. Despite any precautions we take, damage from fire,

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floods, hurricanes, power loss, telecommunications failures, computer viruses, break-ins, and similar events at our computer facilities could result in interruptions in the flow of data to our servers and from our servers to our clients. In addition, any failure by our computer environment to provide our required data communications capacity could result in interruptions in our service. In the event of a server failure, we could be required to transfer our client data collection operations to an alternative provider of server hosting services. Such a transfer could result in delays in our ability to deliver our products and services to our clients.

Additionally, significant delays in the planned delivery of system enhancements, improvements and inadequate performance of the systems once they are completed could damage our reputation and harm our business. Long-term disruptions in the infrastructure caused by events such as natural disasters, the outbreak of war, the escalation of hostilities and acts of terrorism, particularly involving cities in which we have offices, could adversely affect our business, financial condition and results of operations. To the extent that we suffer loss or damage that is not covered by insurance or that exceeds our insurance coverage, or are required to pay higher insurance premiums, our business, financial condition and results of operations could be materially and adversely affected.

***We use open-source software in providing services to our clients. There are risks associated with the use of open-source software that may have an adverse effect on our results of operations and financial condition.***

We use open-source software in providing services to our clients. Further, some of our clients may also be using open-source software on which some of our products and services may need to operate. There are significant benefits and risks associated with open-source software. If a company were to buy a commercial closed source solution for enterprise use, there is an elaborate procedure followed for finalizing and purchasing a product. This includes requirement analysis, defining acceptance criteria, evaluating the product, security considerations, etc. An open-source product, however, might not undergo this kind of evaluation. This could pose business and security risks and lead to some unanticipated costs and may have an adverse effect on our results of operations and financial condition.

Some open-source licenses contain requirements that we make available source code for modifications or derivative works we create based upon the type of open source software we use or grant other licenses to our intellectual property. If we combine our software with open-source software in a certain manner, we could, under certain open source licenses, be required to release or license the source code of our software to the public. From time to time, we may be subject to claims asserting ownership of, or demanding release of, the source code, the open source software and/or derivative works that were developed using such software, requiring us to provide attributions of any open source software incorporated into our distributed software, or otherwise seeking to enforce the terms of the applicable open source license. These claims could also result in litigation, require us to purchase a costly license or require us to devote additional research and development resources to re-engineer our software or change our products or services, any of which may have an adverse effect on our results of operations and financial condition.

***We use AI and may use new technologies in our products, and challenges with properly managing their use by us or third parties could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.***

We have incorporated and may continue to incorporate AI solutions and other new technologies into our products, and these applications have become and may become important in our operations over time.

AI also presents emerging ethical and legal issues and our use of AI may result in brand or reputational harm, competitive harm, or legal liability. The rapid evolution of AI, including proposed and future regulation of AI, could significantly impact our business and will require significant resources to develop, test and maintain our products to help us implement AI ethically and in a compliant manner in order to minimize unintended, harmful impacts.

#### The AI technologies we are incorporating into certain of our products and processes may present business, legal, and reputational risks.
We use and may continue to expand our use of AI technologies into certain of our products and processes. The use of AI has recently become the source of significant media attention and political debate. The introduction of AI technologies, into new or existing offerings may result in new or expanded risks and liabilities, including due to enhanced governmental or regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality or security risks, as well as other factors that could adversely affect our business, reputation, and financial results. For example, AI technologies can lead to unintended consequences, including generating content that appears correct but is factually inaccurate, misleading

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or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our reputation and business and expose us to liability. We may also not identify inaccurate information, which may expose us to liability. Laws, regulations or industry standards that develop in response to the use of AI may be burdensome or may significantly restrict the deployment of AI, particularly generative AI technologies, in our products or processes.

We use AI technologies from third parties, which may include open-source software. If we are unable to maintain rights to use these AI technologies on commercially reasonable terms, we may be forced to acquire or develop alternate AI technologies, which may limit or delay our ability to provide competitive offerings and may increase our costs. These AI technologies also may incorporate data from third-party sources, which may expose us to risks associated with data rights and protection, and may also lead to the unintended consequences of using AI discussed above. The intellectual property ownership and license rights surrounding AI technologies as well as data protection laws related to the use and development of AI are currently not fully addressed by courts or regulators. The use or adoption of AI technologies into our products may result in exposure to claims by third parties of copyright infringement or other intellectual property misappropriation, which may require us to pay compensation or license fees to third parties. The evolving legal, regulatory and compliance framework for AI technologies may also impact our ability to protect our own data and intellectual property against infringement.

#### We do not currently maintain insurance coverage , which exposes us to potential significant financial losses and operational disruptions .
We do not currently maintain any business insurance coverage. The lack of coverage exposes us to substantial financial risks, including professional liability from potential errors in our software development services, cyber security and data breach risks given our access to client systems and data, general business liability claims, key person risks related to loss of critical personnel, and property and equipment losses that could disrupt operations.

In the event any of these risks materialize, we would bear the full financial burden of defending against claims, paying settlements, and covering associated costs such as business interruption, data recovery, and asset replacement. Such expenses could be substantial and exceed our available cash resources, potentially requiring us to seek additional financing on unfavorable terms or threatening our ability to continue operations. Furthermore, our lack of insurance may limit our ability to secure new clients, particularly larger enterprises that typically require service providers to maintain adequate coverage, which could restrict our growth opportunities and competitive positioning.

***We are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Singapore Dollars and Indonesian Rupiah, and any volatility in these currencies could adversely affect our business, financial condition and results of operations.***

We mainly operate in Singapore and Indonesia, which exposes us to the effects of fluctuations in currency exchange rates. We earn revenue denominated in Singapore Dollars and US Dollars. Fluctuations in foreign currency exchange rates will affect our financial results, which we report in Singapore Dollars. Furthermore, fluctuations in currency exchange rates may also affect the comparability of our financial results from period to period, as we convert our subsidiaries' statement of financial position into Singapore Dollars from foreign currencies at the period-end exchange rate, and income and cash flow statements at average exchange rates for the year. We cannot assure you that movements in foreign currency exchange rates will not have a material adverse effect on our results of operations in future periods.

#### Risks Related to Doing Business in Southeast Asia

#### Uncertainties with respect to the legal system in certain markets in Southeast Asia could adversely affect us.
The interpretation and enforcement of laws and regulations involve uncertainties and inconsistencies. Since local administrative and court authorities and in certain cases, independent organizations, have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we may enjoy in many of the localities in which we operate. Moreover, local courts may have broad discretion to reject enforcement of foreign awards. These uncertainties may affect our judgment on the relevance of legal requirements and our ability to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous legal actions or threats in attempts to extract payments or benefits from us.

It is possible that a number of laws and regulations may be adopted or construed to apply to us in Southeast Asia and elsewhere that could restrict our business segments. Scrutiny and regulation of the business segments in which we operate may further increase, and we may be required to devote additional legal and other resources to addressing these

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regulations. Changes in current laws or regulations or the imposition of new laws and regulations in Southeast Asia or elsewhere regarding our business segments may slow the growth of our business segments and adversely affect our business, financial condition, results of operations and prospects.

#### Developments in the social, political, regulatory and economic environment in the countries where we operate, may have a material and adverse impact on us.
Our business, prospects, financial condition and results of operations may be adversely affected by social, political, regulatory and economic developments in countries in which we operate. Such political and economic uncertainties include, but are not limited to, the risks of war, terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls and methods of taxation. We have considerable operations in Singapore, and negative developments in Singapore's socio-political environment may adversely affect our business, financial condition, results of operations and prospects. Although the overall economic environment in Singapore and other countries where we operate appears to be positive, there can be no assurance that this will continue to prevail in the future.

#### It will be difficult to acquire jurisdiction and enforce liabilities against our officers, directors and assets outside the United States.
Substantially all of our assets are currently located outside of the United States. Additionally, except for one director nominee, the rest of our directors, director nominees, and officers reside outside of the United States, specifically in Singapore and Hong Kong. As a result, it may not be possible for United States investors to enforce their legal rights, to effect service of process upon our directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties of our directors and officers under Federal securities laws. Moreover, we have been advised that Singapore does not have a treaty providing for the reciprocal recognition and enforcement of judgments of courts with the United States.

***Natural events, wars, terrorist attacks and other acts of violence involving any of the countries in which we or our clients have operations could adversely affect our operations and client confidence.***

Natural disaster events (such as volcanos, floods and earthquakes), terrorist attacks and other acts of violence or war may adversely disrupt our operations, lead to economic weakness in the countries in which they occur and affect worldwide financial markets, and could potentially lead to economic recession, which could have an adverse effect on our business, financial condition and results of operations. These events could adversely affect our clients' levels of business activity and precipitate sudden significant changes in regional and global economic conditions and cycles. These events also pose significant risks to our people and to our business operations.

#### Risks Related to this Offering and our Class A Ordinary Shares
***Our dual class share structure with different voting rights 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.***

**Immediately after the completion of this offering, we will have [•] Class A Ordinary Shares and 100,000 Class B Ordinary Shares issued and outstanding. In respect of matters requiring the votes of shareholders, holders of Class A Ordinary Shares will be entitled to one vote per share, while holders of Class B Ordinary Shares will be entitled to te**n (1**0) votes per share. We will sell Class A Ordinary Shares in this offering. Our Class B Ordinary Shares are convertible at any time by the holder thereof into Class A Ordinary Shares on a one**-for-one **basis, while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Any future issuances of Class B Ordinary Shares may be dilutive to the voting power of holders of Class A Ordinary Shares. Any conversions of Class B Ordinary Shares into Class A Ordinary Shares may dilute the percentage ownership of the existing holders of Class A Ordinary Shares within their class of ordinary shares. Such conversions may increase the aggregate voting power of the existing holders of Class A Ordinary Shares. In the event that we have multiple holders of Class B Ordinary Shares in the future and certain of them convert their Class B Ordinary Shares into Class A Ordinary Shares, the remaining holders who retain their Class B Ordinary Shares may experience increases in their relative voting power.**

**Immediately following the completion of this offering, Mr. Hao Feng Ng, our Chairman, will beneficially own 10,113,267 Class A Ordinary Shares and 100,000 Class B Ordinary Shares, representing [•]% of our total voting power, assuming that through True Sage, Mr. Ng sells 207,700 Class A Ordinary Shares pursuant to this prospectus. This is due to the** 

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**disparate voting powers associated with our dual class share structure. As a result of the dual class share structure and the concentration of ownership, Mr. Ng will be able to determine the outcome of matters requiring shareholder approval, including those to be determined either by an ordinary resolution or a special resolution, such as decisions regarding change of directors, mergers, change of control transactions and other significant corporate actions. He may take actions that are not in the best interest of us or our other shareholders. In addition, no shareholder holding less than one third of all votes attaching to our issued and outstanding shares entitled to vote at our general meetings can requisition an extraordinary general meeting. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of the Class A Ordinary Shares. This concentrated control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class A Ordinary Shares may view as beneficial.**

#### Our dual class share structure with different voting rights may adversely affect the value and liquidity of the Class A Ordinary Shares.
**We cannot predict whether our dual class share structure with different voting rights will result in a lower or more volatile market price of the Class A Ordinary Shares, in adverse publicity, or other adverse consequences. Certain index providers have announced restrictions on including companies with multiple class share structures in certain of their indices. Because of our dual class structure, we will likely be excluded from these indices and other stock indices that 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 the Class A Ordinary Shares less attractive to investors. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structure and our dual class structure may cause shareholder advisory firms to publish negative commentary about our corporate governance, in which case the market price and liquidity of the Class A Ordinary Shares could be adversely affected.**

***There has been no public market for our Class A Ordinary Shares prior to 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 this offering, there has not been a public market for our Class A Ordinary Shares. We plan to apply to list our Class A Ordinary Shares on Nasdaq. However, an active public market for our Class A Ordinary Shares may not develop or be sustained after the offering, in which case the market price and liquidity of our Class A Ordinary Shares will be materially and adversely affected.

***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, the Selling Shareholders, and the Underwriter, and does not bear any 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.

#### 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.

***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.***

The 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 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 Underwriter, the Selling Shareholders, 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 shares that have occurred from time to time prior to 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:

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

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

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

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

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

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

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

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, shareholders 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.

***Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares.***

In addition to the risks addressed above in "— 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 shares at or above the initial public offering price", our Class A Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying performance. Upon the consummation of this offering, we will have a relatively small public float due to the relatively small size of this offering, the ownership percentage of our executive officers and directors, and greater than 5% shareholders. As a result of our small public float, our Class A Ordinary Shares may be less liquid and have greater stock price volatility than the shares of companies with broader public ownership. The rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. This volatility may prevent you from being able to sell your securities at or above the price you paid for your securities. In addition, you may experience losses, which may be material, if the price of our Class A Ordinary Shares declines after this offering or if you purchase our Class A Ordinary Shares prior to any price decline.

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***Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies and our shareholders could receive less information than they might expect to receive from more mature public companies.***

Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements as well as certain reduced corporate governance and other regulatory restrictions. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least $1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our 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. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

Because we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find our ordinary shares less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our ordinary shares.

#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."
Upon completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements on the corporate governance practices of public companies. As an "emerging growth company" pursuant to the JOBS Act, we may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company," we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with increased disclosure requirements.

***As a "controlled company," we are exempt from certain Nasdaq corporate governance requirements, which may result in our independent directors not having as much influence as they would if we were not a controlled company. We may also choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders.***

Following this offering. we will be a "controlled company" as defined under the Nasdaq Capital Market Marketplace Rule 5615(c), because Mr. Ng, our Chairman, will control more than 50% of our then total voting power. Immediately following the completion of this offering, True Sage, a BVI holding entity that is wholly owned by Mr. Ng, will hold 10,113,267 Class A Ordinary Shares and 100,000 Class B Ordinary Shares, representing approximately [•]% of our total voting power, assuming True Sage sells 207,700 Class A Ordinary Shares pursuant to this prospectus. As a result, for so long as we remain a controlled company as defined under those rules, we are exempt from, and our shareholders generally are not provided with the benefits of, some of the Nasdaq corporate governance requirements, including that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of the board of directors consist of independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation of our officers be determined or recommended to our board of directors by a compensation committee that is comprised solely of independent directors and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that director nominees be selected or recommended to the board of directors by a majority of independent directors or a nominating committee comprised solely of independent directors. a majority of our board of directors must be independent directors;

We intend to take advantage of corporate governance exemptions available to controlled companies. As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

#### Our board of directors may decline to register transfers of Class A Ordinary Shares in certain circumstances.
Except in connection with the settlement of trades or transactions entered into through the facilities of a stock exchange or automated quotation system on which our Class A 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 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 conceded are free of any lien in favor of us; or (vi) a fee of such maximum sum as Nasdaq 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 one month 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, on 14 days' notice being given by advertisement in such one or more newspapers or by electronic means, 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, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any 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, the legal title to such 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 DTC systems.

#### The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.
Upon completion of this offering, we will be a publicly listed company in the United States. As a publicly listed company, we will be required to file periodic reports with the U.S. Securities and Exchange Commission upon the occurrence of matters that are material to our company and shareholders. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our competitors, which are mostly private companies, are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.

***If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud.***

Prior to this offering, we were a private company with limited accounting personnel. Furthermore, prior to this offering, 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.

Upon the completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or "Section 404", will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our first required annual report for the prior fiscal year after completion of this offering. In addition, if we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting on an annual basis.

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Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a burden on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

In connection with the audits of our consolidated financial statements as of and for the years ended June 30, 2024, 2023 and 2022, we and our independent registered public accounting firm identified two material weaknesses in our internal control over financial reporting as well as other control deficiencies. As defined in standards established by the Public Company Accounting Oversight Board (United States), a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified related to (1) our lack of sufficient skilled personnel with U.S. GAAP knowledge and the SEC reporting knowledge for the purpose of financial reporting as well as the lack in formal accounting policies and procedures manual to ensure proper financial reporting in accordance with U.S. GAAP and SEC reporting requirements; and (2) our lack of an audit committee and internal audit function to establish formal risk assessment process and internal control framework.

Upon completion of this offering, we will be subject to the reporting and internal control requirements under U.S. federal securities laws, including Section 404 of the Sarbanes-Oxley Act of 2002. As a newly public company, we will implement a formal internal control framework designed to improve the accuracy and reliability of our financial reporting.

As of the date of this prospectus, we have taken the following remediate actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have identified and appointed independent directors who will serve on our audit committee upon the effectiveness of the registration statement, of which this prospectus forms a part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have hired a Chief Financial Officer with audit and corporate financial reporting experience. The CFO currently oversees our finance function and has commenced the drafting and documentation of internal control policies, control matrices, and process narratives.

We plan to engage an external consulting firm to assist with the assessment, design and implementation of internal control procedures and accounting policy alignment, including internal reporting and risk assessment protocols in compliance with the standards applicable to U.S. public companies.

We anticipate completing our internal control remediation plan by December 2025. This plan includes documentation and implementation of entity-level and transactional controls, internal training, and final integration of automated processes. To date, we have not incurred material expenses related to the remediation efforts, as we continue to manage pre-IPO expenses prudently. We estimate that the total cost of implementing our internal control framework will be approximately USD 100,000, which covers consulting fees, software tools, and compliance-related activities.

***We are a "foreign private issuer" and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. We will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such

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as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

#### The requirements of being a public company may strain our resources and divert management's attention.
As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand and reputation and results of operations.

We also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

#### We have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.
To the extent (i) we raise more money than required for the purposes explained in the section titled "Use of Proceeds" or (ii) we determine that the proposed uses set forth in that section are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from our initial public offering. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our initial public offering in a manner that does not produce income or that loses value, which would result in our receiving a going concern letter in future fiscal periods as well.

#### There may not be an active, liquid trading market for our Class A Ordinary Shares.
Prior to this offering, there has been no public market for our Class A Ordinary Shares. An active trading market for our Class A Ordinary Shares may not develop or be sustained following this offering. You may not be able to sell your shares at the market price, if at all, if trading in our shares is not active. The initial public offering price will be determined by negotiations between us and the Underwriter based upon a number of factors. The initial public offering price may not be indicative of prices that will prevail in the trading market.

***Shares eligible for future sale may adversely affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares in the public marketplace could reduce the price of our Class A Ordinary Shares.***

The market price of our shares could decline as a result of sales of substantial amounts of our shares in the public market, or the perception that these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our Class A Ordinary Shares. [•] Class A Ordinary Shares and 100,000 Class B Ordinary Shares will be outstanding immediately after this offering. All of the Class A Ordinary Shares sold in the offering will be freely transferable without restriction or further registration under the Securities Act. The remaining

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Class A Ordinary Shares will be "restricted securities" as defined in Rule 144. These shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act. See "Shares Eligible for Future Sale."

#### You will experience immediate and substantial dilution.
The initial public offering price of our Class A Ordinary Shares is substantially higher than the pro forma net tangible book value per Class A Ordinary Share. Assuming the completion of the firm commitment offering, if you purchase Class A Ordinary Shares in this offering, you will incur immediate dilution of approximately $[•] in the pro forma net tangible book value per Class A Ordinary Share from the price per Class A Ordinary Share that you pay for the shares. Accordingly, if you purchase Class A Ordinary Shares in this offering, you will incur immediate and substantial dilution of your investment. See "Dilution."

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under British Virgin Islands law.***

The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin 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 British Virgin Islands. The rights of our shareholders and the fiduciary duties of our directors under British Virgin Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the British Virgin Islands. In addition, British Virgin Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of British Virgin Islands business companies like us have no general rights under British Virgin Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our current memorandum and articles of association if they are satisfied that it would be contrary to the Company's interests to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but in such circumstances are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

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 management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

***Our existing shareholders will be able to sell their shares after the completion of this offering subject to restrictions under Rule 144 under the Securities Act, which could impact the trading price of our Class A Ordinary Shares.***

There are 16,000,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares issued and outstanding as of the date of this prospectus. All of our directors and officers have agreed, subject to certain exceptions, 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 after the date of this prospectus. Our existing shareholders prior to this offering may be able to sell their Class A Ordinary Shares under Rule 144 after the completion of this offering and following the expiration of any lock-up period applicable to them. See "Shares Eligible for Future Sale" below. Because these shareholders have paid a lower price per Class A Ordinary Share than participants in this offering, when they are able to sell their Class A Ordinary Shares under Rule 144, they may be more willing to accept a lower sales price than the IPO price, which could impact the trading price of our Class A Ordinary Shares following the completion of the offering, to the detriment of participants in this offering. Under Rule 144, before such shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Class A Ordinary Shares to be sold pursuant to Rule 144 pending the closing of this offering.

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#### DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that reflect our current expectations and views of future events, 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to recover from the significant revenue decline experienced in fiscal 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to expand our client base and diversify our revenue sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development, launch, and market acceptance of our SaaS ERP product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete effectively in our target markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding the support and resources to be provided by our new majority shareholder, True Sage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future financial performance, including revenue growth and profitability;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and future economic and political conditions;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other assumptions described in this prospectus underlying or relating to any forward-looking statements.

We describe certain 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.

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We were incorporated under the laws of British Virgin Islands because there are certain benefits associated with being a British Virgin Islands business company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control of currency exchange control or currency restriction and the availability of professional and support services. The British Virgin Islands, however, has a less developed body of securities laws as compared to the United States and provides significantly less protection for investors than the United States.

Substantially all of our assets are located in Singapore. In addition, almost all of our directors and officers are nationals or residents of Republic of Singapore and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

Forbes Hare, our counsel with respect to the laws of the British Virgin Islands, and Insights Law LLC, our counsel with respect to Singapore law, have advised us that there is uncertainty as to whether the courts of the British Virgin Islands or Singapore would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the British Virgin Islands or Singapore against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Forbes Hare, has further advised us that there is currently no statutory enforcement or treaty between the United States and the British Virgin Islands providing for enforcement of judgments. A judgment obtained in the United States, however, may be recognized and enforced in the courts of the British Virgin Islands at common law, without any re-examination on the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Commercial Division of the Eastern Caribbean Supreme Court in the British Virgin Islands, provided such judgment: (i) is given by a foreign court of competent jurisdiction; (ii) is final; (iii) is not in respect of taxes, a fine or a penalty; and (iv) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or public policy of the British Virgin Islands. Furthermore, it is uncertain that British Virgin Islands courts would enforce: (1) judgments of U.S. courts obtained in actions against us or other persons that are predicated upon the civil liability provisions of the U.S. federal securities laws; or (2) original actions brought against us or other persons predicated upon the Securities Act. Forbes Hare has informed us that there is uncertainty with regard to British Virgin Islands law relating to whether a judgment obtained from the U.S. courts under civil liability provisions of the securities laws will be determined by the courts of the British Virgin Islands as penal or punitive in nature.

Insights Law LLC has advised us that there is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States will be recognized or enforced by the Singapore courts, and there is doubt as to whether the Singapore courts will enter judgments in original actions brought in the Singapore courts based solely on the civil liability provisions of these securities laws. An *in personam* final and conclusive judgment in the federal or state courts of the United States under which a fixed or ascertainable sum of money is payable may generally be enforced as a debt in the Singapore courts under the common law as long as it is established that the Singapore courts have jurisdiction over the judgment debtor. However, the Singapore courts are unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the same parties; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or (e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public law.

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In particular, the Singapore Courts may potentially not allow the enforcement of any foreign judgment for a sum payable in respect of taxes, fines, penalties or other similar charges, including the judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States. In respect of civil liability provisions of the United States federal and state securities law which permit punitive damages against us and our directors or executive officers, we are unaware of any decision by the Singapore courts which has considered the specific issue of whether a judgment of a United States court based on such civil liability provisions of the securities laws of the United States or any state or territory of the United States is enforceable in Singapore.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this offering of approximately US$[•], after deducting the estimated underwriting discounts and the estimated offering expenses payable by us and based upon an assumed initial public offering price of US$[•] per Class A Ordinary Share. We will not receive any amount of the proceeds from the sale of Class A Ordinary Shares by the Selling Shareholders.

We plan to use the net proceeds we receive from this offering for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% for research and development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% for investment in marketing and branding, and other capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% for recruitment of talented professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 40% for general corporate purposes and possible future acquisitions and growth opportunities.

The foregoing 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. To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

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#### DIVIDEND POLICY
We did not declare or pay any dividends for the years ended June 30, 2024, 2023 and 2022.

We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future.

Subject to the BVI Act and our memorandum and articles of association, our board of directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following the dividend the value of our assets will exceed our liabilities and we will be able to pay our debts as they become due. There is no further British Virgin Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

When considering the distribution of a dividend in the future, our Board will take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our Board may consider relevant. The payment of dividends, in certain circumstances, may also be subject to the approval of our shareholders, the Companies Act and our Amended and Restated Memorandum and Articles of Association as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio and we may not declare any dividends for the foreseeable future.

If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Singapore subsidiary, RP Singapore.

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#### CAPITALIZATION
The following table sets forth our capitalization as of December 31, 2024:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of [•] Class A Ordinary Shares by us in this offering at the assumed initial public offering price of $[•] per Class A Ordinary Share, the midpoint of the price range as set forth in the cover page of this prospectus, after deducting the estimated discounts to the Underwriter and the estimated offering expenses payable by us.

You should read this capitalization table in conjunction with "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes appearing elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Actual** | **Actual** | **Pro Forma** |
|  | **SGD** | **USD** | **USD<sup>(1)</sup>** |
|  **Shareholders' Equity:** |  |  |  |
|  Class A Ordinary shares, US$0.000625 par value, unlimited number of Class A Ordinary Shares authorized, Class B Ordinary Shares, US$0.000625 par value, 50,000,000 Class B Ordinary Shares authorized, 16,000,000 Class A Ordinary Shares issued and outstanding, 100,000 Class B Ordinary Shares issued and outstanding, pro forma as adjusted, as of December 31, 2024 | 13453 | 9847 | [•] |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 986547 | 722110 | [•] |
| &nbsp;&nbsp;&nbsp; Retained earnings | 2339780 | 1712620 | [•] |
| &nbsp;&nbsp;&nbsp; **Total Shareholders' Equity** | 3339780 | 2444577 | [•] |
|  **Total Capitalization** | 3339780 | 2444577 | [•] |

---

____________

(1) Reflects the sale of Class A Ordinary Shares in this offering at an assumed initial public offering price of $[•] per Class A Ordinary Share and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, estimated offering expenses payable by us and advisory fees. We estimate that such net proceeds will be approximately $[•].

Each $1.00 increase (decrease) in the assumed initial public offering price of $[•] per Class A Ordinary Share would increase (decrease) the pro forma as adjusted amount of total capitalization by $[•] assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of one million in the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the pro forma as the adjusted amount of total capitalization by $[•], assuming no change in the assumed initial public offering price range per Class A Ordinary Share as set forth on the cover page of this prospectus.

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#### DILUTION
If you invest in our Class A Ordinary Shares, your interest will be diluted for each Class A Ordinary Share you purchase to the extent of the difference between the initial public offering price per Class A Ordinary Share and our net tangible book value per Ordinary Share after this offering. Dilution results from the fact that the initial public offering price per Class A Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share attributable to the existing shareholders for our presently outstanding Class A Ordinary Shares.

Our net tangible book value as of December 31, 2024, was US$1,848,439 or US$0.12 per Ordinary Share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting the as adjusted net tangible book value per Ordinary Share from the initial public offering price per Class A Ordinary Share and after deducting the estimated discounts and non-accountable expense allowance payable to the Underwriter and the estimated offering expenses payable by us.

Without taking into account any other changes in net tangible book value after December 31, 2024, other than to give effect to our sale of [•] Class A Ordinary Shares offered in this offering (excluding those sold by the Selling Shareholders) based on the initial public offering price of US$[•] per Class A Ordinary Share after deduction of the estimated discounts and estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2024, would have been US$[•] or US$[•] per outstanding Ordinary Share. This represents an immediate increase in net tangible book value of US$[•] per Ordinary Share to the existing shareholders, and an immediate dilution in net tangible book value of US$[•] per Ordinary Share to investors purchasing Class A Ordinary Shares in this offering. The as adjusted information discussed above is illustrative only. The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
|  Initial public offering price per Class A Ordinary Share | US$ | [•] |
|  Net tangible book value per Ordinary Share as of December 31, 2024 | US$ | 0.12 |
|  Increase in net tangible book value per Ordinary Share attributable to payments by new investors | US$ | [•] |
|  Pro forma net tangible book value per Ordinary Share immediately after this offering | US$ | [•] |
|  Amount of dilution in net tangible book value per Ordinary Share to new investors in the offering | US$ | [•] |

---

The following table summarizes, on an as adjusted basis as of December 31, 2024, the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per Ordinary Share before deducting the estimated discounts and the estimated offering expenses payable by us.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A Ordinary Shares<br> purchased** | **<br>Class A Ordinary Shares<br> purchased** | **<br>Total consideration** | **<br>Total consideration** | **<br>Total consideration** | **Average<br>price per <br>Class A <br>Ordinary Share** | **Average<br>price per <br>Class A <br>Ordinary Share** |
|  | **Number** | **Percent** | **Amount** | **Amount** | **Percent** | **Average<br>price per <br>Class A <br>Ordinary Share** | **Average<br>price per <br>Class A <br>Ordinary Share** |
|  Existing shareholders | 16000000 | [•]% | US$ | 731957 | [•]% | US$ | 0.05 |
|  New investors | [•] | [•]% | US$ | [•] | [•]% | US$ | [•] |
|  Total | [•] | [•]% | US$ | [•] | [•]% | US$ | [•] |

---

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

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#### CORPORATE HISTORY AND STRUCTURE

#### Our Corporate History

#### Corporate Structure
We are a holding company incorporated in the British Virgin Islands on November 17, 2021 under the BVI Act. We conduct all our operations through RP Singapore, which was incorporated on January 1, 2015 under the laws of Republic of Singapore. On November 17, 2021, we acquired all the equity interest of RP Singapore via a certain share exchange agreement with Mr. Sai Bin Loi, who was the then owner of 100% of the equity interest of RP Singapore.

<u><u>Increase of Authorized Shares, Forward Split and Reserve Split</u></u>

On April 21, 2022, our shareholders and the board approved the Company's amended and restated memorandum and articles of association to effectuate an increase of the authorized shares of our Company to unlimited shares and a forward split of the then issued and outstanding shares at a ratio of 1:1,600. The increase of authorized shares and the forward split became effective on April 21, 2022. On August 29, 2023, we implemented a 1.5625 for 1 reverse share split of our Class A Ordinary Shares under British Virgin Islands Law. As a result of the reverse split, the total of 25,000,000 issued and outstanding ordinary shares prior to the reverse split was decreased back to a total of 16,000,000 issued and outstanding Class A Ordinary Shares of $0.000625 each. The reverse split maintained our existing shareholders' percentage ownership interests in our Company.

On April 7, 2025, our share capital was amended to be an unlimited number of ordinary shares divided into two classes, consisting of (i) an unlimited number of Class A Ordinary Shares, par value $0.000625 each, and (ii) 50,000,000 Class B Ordinary Shares, par value $0.000625 each. Each Class A Ordinary Share is entitled to one (1) vote on any matter on which action of the shareholders of the Company is sought while each Class B Ordinary Share is entitled to ten (10) votes. Holders of Class B Ordinary Shares will vote together with holders of Class A Ordinary Shares as one class. Class A Ordinary Shares are not convertible into Class B Ordinary Shares. Class B Ordinary Shares are convertible into Class A Ordinary Shares as a one for one basis. Holders of Class B Ordinary Shares are not entitled to receive dividends. On March 27, 2025, we issued 100,000 Class B Ordinary Shares to True Sage for cash at par.

The following diagram illustrates our corporate structure as of the date of this prospectus and upon completion of this offering based on a proposed number of [•] Class A Ordinary Shares being offered by us and 500,000 Class A Ordinary Shares offered by the Selling Shareholders. All percentages reflect the voting ownership interests instead of the equity interest held by each of our Shareholders given that each Class A Ordinary Share is entitled to one vote and each Class B Ordinary Share is entitled to ten (10) votes. For more details on our corporate history, please refer to "Corporate History and Structure."

![](tflowchart_001.jpg)

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain forward*-looking *statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward*-looking *statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward*-looking *statements.*

#### Overview
We are a provider of customized software solutions, consulting and technical support services, and peripheral hardware to large and small to medium corporate clients and government agencies based in Singapore and Malaysia, including but not limited to airports, cruise terminals and technology companies. Our customized software provides clients with real-time monitoring, efficient resources allocation, planning surveillance and threat detection. All of our clients are located in Southeast Asia. We currently generate most of our revenues from software development services, which represented 100% of total revenue in the six months ended December 31, 2024. For the six months ended December 31, 2024, our revenue were SGD 490,977 (USD 359,374). The software development services represented 100.0%, 90.3% and 71.1% of total revenue in fiscal years ended June 30, 2024, 2023 and 2022, respectively. The consulting and technical support services represented 0%, 2.7% and 28.9% of our revenue in fiscal years ended June 30, 2024, 2023 and 2022, respectively. The sale of hardware represented 0%, 7.1% and 0% of our revenue in fiscal years ended June 30, 2024, 2023 and 2022, respectively. For the years ended June 30, 2024, 2023 and 2022, our revenues were SGD 685,820, SGD 5,022,071 and SGD 4,465,134, respectively.

#### Key Factors Affecting Results of Operations
We believe the key factors affecting our financial condition and results of operations include the following:

*Revenue Decline Resulting from Business Development Limitations*

Our revenues have declined significantly in the most recent fiscal year, with total revenue for the year ended June 30, 2024 amounting to SGD 685,820, compared to SGD 5,022,071 in 2023 and SGD 4,465,134 in 2022. This decline was primarily attributable to the completion of several large-scale custom software development projects in prior years, without a corresponding pipeline of new projects in 2024. This was partially due to the reduced involvement of our former majority shareholder and chairman, Mr. Sai Bin Loi, who helped us secure high-value contracts in the years ended June 30, 2023 and 2022. On December 12, 2024, we completed a shareholder restructuring as Mr. Sai Bin Loi stepped down due to his elder age and reduced ability to remain actively involved in our operations. During this transition period, our business development capabilities were materially reduced as management's attention was diverted to managing the ownership transition and related restructuring activities and we were unable to secure software development contracts with comparable value, while some existing clients reduced their annual budgets. In addition, in early 2024, companies in Singapore exhibited reluctance to invest in customized software development for digitalization due to economic uncertainty, particularly among small and medium-sized enterprises (SMEs). This reluctance was influenced by factors like rising business costs, especially manpower and rental costs, and uncertainty in customer demand. While the overall economy improved by the end of 2024, we believe some businesses focused on fortifying themselves rather than pursuing immediate growth plans. These factors had a major impact on our revenue generation. Consequently, our past financial performance, particularly our revenues for fiscal years 2022 and 2023, may not be indicative of our future operating results or financial performance. We may not be able to achieve or sustain profitability or positive cash flow from operations in future periods.

*Strategic Shift Toward Productization and SaaS Development*

Following the shareholder restructuring, we are also developing a ERP products based on the core technologies and domain expertise we have accumulated from serving our clients over the years. The SaaS ERP products will have subscription-based pricing and shorter sales cycles. Currently, we are doing a pilot launch of the SaaS ERP products and expect to officially launch them in the first fiscal quarter of the fiscal year 2026. The addition of the SaaS ERP products will complement our current project-based customized ERP products and allow us to reach a broader customer base through a recurring

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revenue model. While this transition is still underway and the new product has not yet been commercialized, we anticipate that the rollout of our SaaS ERP modules in future periods will position us to reach a broader client base and achieve more sustainable revenue growth. These efforts represent a long-term investment in technological innovation and are expected to contribute significantly to our financial performance in the coming fiscal years.

#### Strategic Acquisitions and Investments
We may selectively pursue acquisitions, investments, joint ventures and partnerships that we believe are strategic and complementary to our operations and technology. The business or financial performance of the companies in which we have invested as well as our ability to successfully integrate these investments with our existing business would impact our results of operations and financial conditions.

#### Critical Accounting Policies, Judgments and Estimates
Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. While our significant accounting policies are more fully described in Note 3 to the consolidated financial statements included elsewhere in this prospectus, we believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements.

<u><u>Revenue recognition</u></u>

Effective July 1, 2019, we adopted ASC Topic 606, Revenue from Contracts with Clients, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for the reporting period beginning after July 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under our historic accounting under ASC Topic 605. Our accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to July 1, 2019. The effect from the adoption of ASC Topic 606 was not material to our consolidated financial statements.

The five-step model defined by ASC Topic 606 requires us to (1) identify our contracts with clients, (2) identify our performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to our performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

We applied practical expedient when sales taxes were collected from clients, meaning sales tax is recorded net of revenue, instead of cost of revenue, which are subsequently remitted to governmental authorities and are excluded from the transaction price. We do not offer rights of refund of previously paid or delivered amounts, rebates, rights of return or price protection. In all instances, we limit the amount of revenue recognized to the amounts for which it has the right to bill our clients.

For the six months ended December 31, 2024, we derived revenues from software development services, we did not derive revenue from consulting and technical services, and product sales. For the year ended June 30, 2024, we derived revenues from one source, software development services, we did not derived revenue from consulting and technical services, and product sales. For the year ended June 30, 2023, we derived revenues from three sources: (1) revenue from software development services, (2) revenue from consulting and technical support services, and (3) revenue from product sales. For the year ended June 30, 2022, we derived revenues from two sources: (1) revenue from software development services, and (2) revenue from consulting and technical support services. Our contracts with clients do not contain cancelable and refund-type provisions.

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(1) Software development services

*<u>*<u>Revenue from Software Development</u>*</u>*

The contract is typically fixed priced and does not provide any post contract client support or upgrades. We design software based on clients' specific needs which require us to perform services including design, development, and integration. These services also require significant production and customization. Upon delivery of the services, client acceptance is generally required. We assess that software development services is considered as one performance obligation as the clients do not obtain benefit for each separate service. The duration of the development period is short, usually less than one year.

From September 01, 2024 onwards, in certain software development contract, we provide complementary support services for 12 months following completion of the project. However, any feature upgrade, system scaling and ongoing maintenance will require service fee from clients.

Our software development service revenues are generated from contracts with government or related agencies, state-owned enterprises, and commercial enterprises. The contracts contain negotiated billing terms which generally include multiple payment phases throughout the contract term and a portion of contract amount usually is billed upon the completion of the related projects. Pursuant to the contract terms, we have enforceable rights on payments for the work performed.

Our revenues from software development contracts are generally recognized over time as our performance creates or enhances the project controlled by the clients and the control is transferred continuously to our clients. We use an input method based on cost incurred as we believe that this method most accurately reflects our progress toward satisfaction of the performance obligation, which usually takes less than one year. Under this method, we could appropriately measure the fulfillment of a performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivables and deferred revenues at each reporting period.

Incurred costs include all direct material, labor and subcontract costs, and those indirect costs related to application development performance, such as indirect labor, supplies, and tools. Cost-based input method requires us to make estimates of revenues and costs to complete the service. In making such estimates, significant judgment is required to evaluate assumptions related to the costs to complete the application development, including materials, labor, and other system costs. Our estimates are based upon the professional knowledge and experience of our engineers and project managers to assess the contract's schedule, performance, and technical matters. We have adequate cost history and estimating experience, with respect to which management believes it can reasonably estimate total development costs. If the estimated costs are greater than the related revenues, we recognize the entire estimated loss in the period the loss becomes known and can be reasonably estimated. Changes in estimates for software development services include but are not limited to cost forecast changes and change orders. The cumulative effect of changes in estimates is recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. To date, we have not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes probable and can be reasonably estimated. If contract modifications result in additional goods or services that are distinct from those transferred before the modification, they are accounted for prospectively as if we entered into a new contract. If the goods or services in the modification are not distinct from those in the original contract, sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs and contract values.

In certain software development service arrangements, we sell equipment to be customized and integrated with the developed software. We assess the customized equipment and service are interdependent and highly interrelated. In these cases, we control the customized equipment before it is transferred to the clients. We have the right to direct the suppliers and control the goods or assets transferred to our clients. Thus, we consider that we should recognize revenue as a principal in the gross amount of consideration to which we are entitled in exchange for the customized equipment delivered.

(2) Consulting and technical support services

Revenue from consulting and technical support services is primarily comprised of fixed-fee contracts, which require us to provide professional consulting and technical support services over contract terms beginning on the commencement date of each contract, which is the date our service is made available to clients. Billings to the clients are generally on a

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monthly or quarterly basis over the contract term, which is typically 1 to 12 months. The consulting and technical support services contracts typically include a single performance obligation. The revenue from consulting and technical support services is recognized over the contract term as clients receive and consume benefits as such services are provided.

(3) Product sales

We engage in the sale of medical equipment, hardware and related accessories. We typically enter into contracts with our client where the rights of the parties, including payment terms, are identified and sales prices to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. Our performance obligation is to deliver products according to contract specifications. We recognize product revenue at a time when the control of products is transferred to clients.

Revenue includes reimbursements of travel and out-of-pocket expenses, with equivalent amounts of expense recorded in cost of revenue.

*Practical Expedient and Exemptions*

We do not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

#### Recent Accounting Pronouncements
See the discussion of the recent accounting pronouncements contained in Note 3 to the consolidated financial statements, "Summary of Significant Accounting Policies."

#### Key Components of Our Results of Operations

#### Revenues
For the six months ended December 31, 2024 and 2023, we derived revenues from one source: software development services, we did not derive revenue from consulting and technical services, and product sales. For the years ended June 30, 2024, 2023 and 2022, we derived revenues from three sources: (1) software development services, (2) consulting and technical support services, and (3) product sales.

We are focusing on developing software and solutions equipped with our core technologies in big data analytics, AI and IoT applications.

Our breakdown of revenues for the six months ended December 31, 2024 and 2023, respectively, is summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Revenues** |  |  |  |
|  Software development service | 635350 | 490977 | 359374 |
|  Total revenues | 635350 | 490977 | 359374 |

---

Our breakdown of revenues for the years ended June 30, 2024, 2023 and 2022, respectively, is summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  **Revenues** |  |  |  |  |
|  Software development service | 3175165 | 4532571 | 685820 | 506066 |
|  Consulting and technical support services | 1289969 | 133100 |  |  |
|  Product sales |  | 356400 |  |  |
|  Total revenues | 4465134 | 5022071 | 685820 | 506066 |

---

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

#### Cost of Revenues
Our cost of revenues consists primarily of personnel costs (including salaries and benefits) for employees associated with technical support and subcontractors, professional services organizations, third party license fees, allocable overhead, and depreciation of related property and equipment.

Our breakdown of cost of revenues for the six months ended December 31, 2024 and 2023, respectively, is summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Cost of revenues** |  |  |  |
|  Software development service | 250032 | 288218 | 210963 |
|  Total cost of revenues | 250032 | 288218 | 210963 |

---

Our breakdown of cost of revenues for the years ended June 30, 2024, 2023 and 2022, respectively, is summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  **Cost of revenues** |  |  |  |  |
|  Software development service | 876177 | 719460 | 253193 | 186831 |
|  Consulting and technical support services | 132900 | 131400 |  |  |
|  Product sales |  | 162650 |  |  |
|  Total revenues | 1009077 | 1013510 | 253193 | 186831 |

---

#### Operating expenses
Operating expenses include selling and marketing, general and administrative and research and development expenses. Selling expenses are mainly salary and benefits expenses for our sales team and related travel expenses. General and administrative expenses are mainly salary and benefits of management, professional fees, services fees, rental and other operating expenses attributable to general and administrative activities. Research and development expenses are salary and benefits for in-house software engineers and payments made to outside subcontractors.

#### Results of Operations

#### Results of Operations for the Six Months Ended December 31, 2024 and 2023
Our consolidated results of operations for the six months ended December 31, 2024 and 2023 are summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months Ended December 31,** | **For the six months Ended December 31,** | **For the six months Ended December 31,** | **For the six months Ended December 31,** | **For the six months Ended December 31,** |
|  | **2023** | **2024** | **2024** | **Variance** | **Change** |
|  | **SGD** | **SGD** | **USD** | **SGD** | **%** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | | |
|  **Revenues** | 635350 | 490977 | 359374 | (144373) | (22.7)% |
|  Cost of Revenues | (250032) | (288218) | (210963) | (38186) | 15.3% |
|  **Gross profit** | 385318 | 202759 | 148411 | (182559) | (47.4)% |
|  General and administrative expenses | (859215) | (205715) | (150575) | 653500 | (76.1)% |
|  Research and development expenses | (116591) | (1120000) | (819792) | (1003409) | 860.6% |
|  Total Operating Expenses | (975806) | (1325715) | (970367) | (349909) | 35.9% |
|  **Loss from operations** | (590488) | (1122956) | (821956) | (532468) | 90.2% |
|  Other expenses, net | (144834) | (44676) | (32701) | 100158 | (69.2)% |
|  Loss before provision for income taxes | (735322) | (1167632) | (854657) | (432310) | (58.8)% |
|  Provision for income taxes |  |  |  |  | —% |
|  **Net loss** | (735322) | (1167632) | (854657) | (432310) | (58.8)% |

---

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

#### Six Months Ended December 31, 2024 Compared to Six Months Ended December 31, 2023

#### Revenues
For the six months ended December 31, 2024, our total revenue was SGD 490,977 (USD 359,374), compared to SGD 635,350 for the same period in 2023, representing a decrease of SGD 144,373 (USD 105,675), or 22.7%. This decline was primarily due to the stage of completion of our ongoing projects. During the six-month period ended December 31, 2024, the Company underwent shareholder restructuring and implemented cost-cutting measures, which resulted in slower project progress compared to the prior period. Consequently, this led to a reduction in recognized revenue. Revenues for both periods were primarily derived from software development services.

#### Cost of Revenues
Our cost of revenues increased by SGD 38,186, or 15.3%, from SGD 250,032 for the six months ended December 31, 2023, to SGD 288,218 (USD 210,963) for the six months ended December 31, 2024. The increase was primarily due to the outsourcing of development work to third-party suppliers during this period. This strategic shift was part of our effort to reduce fixed operational costs by downsizing our in-house development team.

#### Gross Profit
Our gross profit declined by SGD 182,559, from SGD 385,318 for the six months ended December 31, 2023, to SGD 202,759 (USD 148,411) for the six months ended December 31, 2024. Our overall gross margins were 41.3% and 60.6% for the six-month periods ended December 31, 2024 and 2023, respectively. The decline in gross margin primarily reflects a strategic shift in our development model implemented during a broader shareholder and management restructuring initiative. Historically, we maintained an in-house software development team, incurring fixed monthly personnel costs. However, as project delivery timelines extended and milestone-based customer payments were delayed, this model introduced working capital pressures and increased short-term liquidity risk. In response, we transitioned in July 2024 to a project-based outsourcing model using established third-party development partners. These vendors are paid based on delivery milestones, which allows us to better align our cost structure with project revenue recognition and reduce fixed overhead exposure. While outsourcing carries higher unit costs in the short term, it enhances our ability to manage cash flow and maintain operational flexibility. Looking ahead, we expect to hire developers in-house and reduce reliance on external vendors as we strengthen our customer base and expand across commercially attractive sectors. We anticipate that by December 2025, we will have built a robust in-house team of developers with projected improvements in gross margins as internal capabilities are re-established.

#### Operating Expenses
For the six months ended December 31, 2024, we incurred SGD 1,325,715 (USD 970,367) in operating expenses, representing an increase of SGD 349,909, or 35.9%, from SGD 975,806 for the six months ended December 31, 2023, primarily due to increases in general research and development expenses.

General and administrative expenses primarily consisted of salary and compensation expenses relating to our accounting, human resources and executive office personnel, and included rental expenses, depreciation expenses, office overhead, professional service fees and travel and transportation costs. General and administrative expenses decreased by SGD 653,500, or 76.1%, from SGD 859,215 for the six months ended December 31, 2023 to SGD 205,715 (USD 150,575) for the six months ended December 31, 2024. The decrease was mainly due to a decrease in wages and salary SGD192,058, a decrease of director's fee expense of approximately SGD 288,000, entertainment expenses amount to SGD64,498 and other general administrative expenses amount to SGD108,944. As a percentage of revenues, general and administrative expenses were 41.90% and 135.23% of our total revenue in the six months ended December 31, 2024 and 2023, respectively. The percentage of revenues for general and administrative expenses was lower for the six months ended December 31, 2024, due to the decrease staff headcount and other operating expenses.

Research and development expenses primarily consisted of compensation and benefit expenses relating to our research and development personnel and other expenses relating to our research and development activities. Research and development expenses increased by SGD 1,003,409 from SGD 116,591for the six months ended December 31, 2023 to SGD1,120,000 (USD819,792) for the six months ended December 31, 2024, representing 228.12% and 18.35% of our total revenues for the six months ended December 31, 2024 and 2023, respectively. We expect to continue to invest in research and development. We expect that our ability to effectively utilize our research and development capabilities significantly affects our results of operations in the future.

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

#### Other expenses, net
Other expenses primarily consisted of interest income net of interest expense, the exchange gain and loss, and other income and expenses. Our net other expense was approximately SGD 44,676 (USD 32,701) for the six months ended December 31, 2024, compared with a net other expense of approximately SGD 144,834 for the six months ended December 31, 2023. Other expenses incurred for the six months ended December 31, 2024 included an interest expense SGD 34,295(USD 25,102), write off of renovation carrying amount SGD 14,177 (USD 10,377) and offset by an income from disposal of automobile in an amount of SGD 3,797 (USD 2,779). For the six months ended December 31, 2023, other expenses included an interest expense of SGD 187,864, finance expense of SGD 19,830, offset by other income amount to SGD58,171. The decrease in finance and interest expenses was due to there is no new borrowing facilities obtained during the six months ended December 31, 2024.

#### Income (loss) before provision for income taxes
As a result of the foregoing, our loss before provision for income taxes increased by SGD 432,310, or 58.8%, from SGD 735,322 for the six months ended December 31, 2023 to loss before provision for income taxes SGD 1,167,632 (USD 854,657) for the six months ended December 31, 2024.

#### Provision for income taxes
For six months ended December 31, 2024 and 2023, we did not need to allocate provision for income taxes as the Company is operating at loss for these periods. Deferred tax assets resulting from net operating losses and other temporary differences have not been recognized in the accompanying financial statements. This is due to the uncertainty surrounding the Company's ability to generate sufficient future taxable income to utilize these potential benefits. In accordance with ASC 740, a deferred tax asset is only recognized when it is more likely than not that the asset will be realized. As of December 31, 2024 and 2023, management has concluded that such a determination cannot be made, and therefore, a full valuation allowance has been applied.

#### Net income (loss)
As a result of the foregoing, our net loss increased by approximately 55.4% to a loss of SGD 1,167,632 (USD 854,657) for the six months ended December 31, 2024 from a loss of SGD735,322 for the six months ended December 31, 2023.

#### Results of Operations

#### Results of Operations for the Years Ended June 30, 2024 and 2023
Our consolidated results of operations for the years ended June 30, 2024 and 2023 are summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2023** | **2024** | **2024** | **Variance** | **Change** |
|  | **SGD** | **SGD** | **USD** | **SGD** | **%** |
|  **Revenues** | 5022071 | 685820 | 506066 | (4336251) | (86.3)% |
|  Cost of revenues | (1013510) | (253193) | (186831) | 760317 | (75.0)% |
|  **Gross profit** | 4008561 | 432627 | 319235 | (3575934) | (89.2)% |
|  Selling and marketing expenses | (104423) |  |  | 104423 | (100.0)% |
|  General and administrative expenses | (2310297) | (1556688) | (1148678) | 753609 | (32.6)% |
|  Research and development expenses | (86921) | (116592) | (86032) | (29671) | 34.1% |
|  Total Operating Expense | (2501641) | (1673280) | (1234710) | 828361 | (33.1)% |
|  **Income from operations** | 1506920 | (1240653) | (915475) | (2747573) | (182.3)% |
|  Other expense, net | (91124) | (176527) | (130259) | (85403) | 93.7% |
|  Income/(loss) before provision for income taxes | 1415796 | (1417180) | (1045734) | (2832976) | (200.1)% |
|  Provision for income taxes | (198012) | 3622 | 2673 | 201634 | (101.8)% |
|  **Net income/(Loss)** | 1217784 | (1413558) | (1043061) | (2631342) | (216.1)% |

---

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

#### Revenues
For the year ended June 30, 2024, our total revenue was SGD 685,820 (USD 506,066) as compared to SGD 5,022,071 for the year ended June 30, 2023. Our total revenue decreased by SGD 4,336,251 (USD 3,199,713), or 86.3%. The overall decrease in total revenue was primarily attributable to a decrease of SGD 3,846,751, SGD133,100 and SGD 356,400, in revenue from software development services, consulting and technical support services and product sales respectively.

For the year ended June 30, 2024, our software development service revenue was SGD 685,820 (USD 506,066) as compared to SGD 4,532,571 for the year ended June 30, 2023. The decrease in software development service revenue was SGD 3,846,751 or 84.9%. In 2023, we have significantly increased our software development contract portfolio by securing agreements with a more extensive array of clients. The decline in our software development service revenue was primarily attributable to the completion of several large-scale custom software development projects in prior years, without a corresponding pipeline of new projects in 2024. This was partially due to the reduced involvement of our former majority shareholder and chairman, Mr. Sai Bin Loi, who helped us secure high-value contracts in the years ended June 30, 2023 and 2022. On December 12, 2024, we completed a shareholder restructuring as Mr. Sai Bin Loi stepped down due to his elder age and reduced ability to remain actively involved in our operations. During this transition period, our business development capabilities were materially reduced as management's attention was diverted to managing the ownership transition and related restructuring activities and we were unable to secure software development contracts with comparable value, while some existing clients reduced their annual budgets. In addition, in early 2024, companies in Singapore exhibited reluctance to invest in customized software development for digitalization due to economic uncertainty, particularly among small and medium-sized enterprises (SMEs). This reluctance was influenced by factors like rising business costs, especially manpower and rental costs, and uncertainty in customer demand. While the overall economy improved by the end of 2024, we believe some businesses focused on fortifying themselves rather than pursuing immediate growth plans. These factors had a major impact on our revenue generation.

For the year ended June 30, 2024, we did not generate any consulting and technical support service revenue as compared to SGD 133,100 for the year ended June 30, 2023, representing a decrease of SGD 133,100 or 100.0%. We did not secure any consulting and technical support service contract in the year ended June 30, 2024. This is due to our existing clients requiring service in software development instead of consulting and technical support services. Nonetheless, we retain robust technical expertise in data analysis-related consulting and technical support. our intention is to persistently invest in long-term growth in this field, allowing us to offer more technical consulting services to our customers when opportunities arise.

For the year ended June 30, 2024, we did not generate any product sales revenue. For the year ended June 30, 2023, we generated SGD 356,400 in product sales revenue. The decrease in product sales revenue was mainly due to the fact that we did not deliver any customized hardware products to our clients, furthermore, we did not secure any product-related contract with our clients. In the fiscal year 2023, we have delivered customized hardware products to one of our clients. We will continue to monitor industry demands and assess the need for customized hardware products. With our retained expertise in customized hardware solutions and strong connections with hardware suppliers, we are well-positioned to respond quickly, and secure revenue contracts should the demand arise.

#### Cost of Revenues
Our cost of revenues decreased by SGD 760,317 or 75.0% from SGD 1,013,510 for the year ended June 30, 2023 to SGD 253,193 (USD 186,831) for the year ended 2024. This decrease is mainly attributed to a decrease in revenue generated from service contracts secured by the Company. In 2024, the Company has implemented cost cutting measures, including staff lay off, outsourcing software development work to external IT companies. In the year ended June 30, 2024, we did not incur any cost of revenue from consulting and technical support. This represented a reduction of SGD 131,400 (USD 96,960) or 100% from the year ended June 30, 2023. This was because Company focused its efforts on providing software development services.

***Gross Profit***

Our gross profit decreased by SGD 3,575,934, from SGD 4,008,561 for the year ended June 30, 2023 to SGD 432,627 (USD 319,235) during the year ended June 30, 2024. The decrease was attributed to a decline in new sales contracts secured during the year, as well as delays in ongoing projects, as clients adopted a wait-and-see approach amid economic uncertainty. The decrease in gross profit margin was primarily due to rising labor and material costs, driven by macroeconomic factors.

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

Our gross profit and gross profit margin from our major revenue streams are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years ended June 30,** | **For the Years ended June 30,** | **For the Years ended June 30,** | **Variance <br>Amount %** |
|  | **2023** | **2024** | **2024** | **Variance <br>Amount %** |
|  | **SGD** | **SGD** | **USD** | |
|  **Software development service** |  |  |  |  |
|  Gross profit | 3813111 | 432627 | 319235 | (3380484) |
|  Gross margin | 84.1% | 63.1% | 63.1% | (88.7)% |
|  **Consulting and technical support services** |  |  |  |  |
|  Gross profit | 1700 |  |  | (1700) |
|  Gross margin | 1.3% | —% |  | (100)% |
|  **Product sales** |  |  |  |  |
|  Gross profit | 193750 |  |  | (193750) |
|  Gross margin | 54.4% | —% | —% | (100)% |
|  **Total** |  |  |  |  |
|  Gross profit | 4008561 | 432627 | 319235 | (3575934) |
|  Gross margin | 79.8% | 63.1% | 63.1% | (89.2)% |

---

Gross profit for software development services decreased by SGD 3,380,484 or 88.7% from SGD 3,813,111 in the year ended June 30, 2023 to SGD 432,627 (USD 319,235) in the year ended June 30, 2024 mainly due to the decrease in overall software development revenue and increase in cost of revenue from software development revenue. Gross profit margin for the years ended June 30, 2024 and 2023 was 63.1% and 84.1%, respectively. The decrease in gross margin was primarily attributed to rising human capital costs and a decline in revenue from minimally customized and ready-to-sell software solutions. Additionally, sales contract revenue declined in the year ended June 30, 2024, as clients were reluctant to invest heavily in IT solutions due to uncertainty in the macroeconomic environment.

Gross profit for consulting and technical support services decreased by SGD 1,700 or 100% from SGD 1,700 in the year ended June 30, 2023 to nil in the year ended June 30, 2024, which was mainly because we have strategically shifted our focus to software development contracts that does not involve consulting and technical supports since the year ended June 30, 2023, therefore our revenue and gross profit for consulting and technical support have significantly reduced. Gross profit margin for the years ended June 30, 2024 and 2023 was nil and 1.3%, respectively.

Gross profit for product sales decreased by SGD 193,750 or 100% from SGD 193,750 in the year ended June 30, 2023 to nil in the year ended June 30, 2024, which was due to the fact that we have not completed any project of customized hardware products to our clients in fiscal year 2024. Clients adopted a wait-and-see approach amid economic uncertainty, reluctant to invest in asset-heavy solutions. As a result, gross profit margin for product sales for the year ended June 30, 2024 was nil, a decrease of 100% from 54.4% in the year ended June 30, 2023.

#### Operating Expenses
For the year ended June 30, 2024, we incurred SGD 1,673,280 (USD 1,234,710) in operating expenses, representing a decrease of SGD 828,361 or 33.1%, from SGD 2,501,641 for the year ended June 30, 2023, primarily due to the implementation of cost-cutting measures, such as staff layoffs, leading to a significant decrease in general and administrative expenses.

Selling and marketing expenses primarily consisted of salary and compensation expenses relating to our sales and marketing personnel, and included other expenses relating to our sales and marketing activities. Selling and marketing expenses decreased by SGD 104,423 or 100.0%, from SGD 104,423 for the year ended June 30, 2023 to nil for the year ended June 30, 2024. The decrease was mainly due to reduction of sales team as they did not meet the sales target set by the Company. At the same time, the Company underwent shareholder restructuring in the second half of the financial year, during which the hiring was frozen. Selling expenses accounted for nil and 2.1% of total revenue for the years ended June 30, 2024 and 2023, respectively.

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

General and administrative expenses primarily consisted of salary and compensation expenses relating to our accounting, human resources and executive office personnel, and included rental expenses, depreciation expenses, office overhead, professional service fees and travel and transportation costs. General and administrative expenses decreased by SGD 753,609 or 32.6%, from SGD 2,310,297 for the year ended June 30, 2023 to SGD 1,556,688 (USD 1,148,678) for the year ended June 30, 2024. The decrease was mainly due to a decrease in professional service fee, salary and other office expense as cost-cutting measures have been in place. As a percentage of revenues, general and administrative expenses were 227.0% and 46.0% of our total revenue in the years ended June 30, 2024 and 2023, respectively. Driven by the implementation of cost-cutting measures, the company reduced the number of administrative staff, leading to lower overall staff salaries. Additionally, reductions in company welfare and spending ceilings for general administrative expenses contributed to the overall cost savings.

Research and development expenses primarily consisted of compensation and benefit expenses relating to our research and development personnel and other expenses relating to our research and development activities. Research and development expenses increase by SGD 29,671 from SGD 86,921 for the year ended June 30, 2023 to SGD 116,592 (USD 86,032) for the year ended June 30, 2024, representing 17.0% and 1.7% of our total revenues for the years ended June 30, 2024 and 2023, respectively. The increase is driven by the need to develop innovative software solutions that respond to the current macroeconomic environment, allowing us to address clients' pain points and secure contracts. As advancements in AI technology continue at a rapid pace, we anticipate ongoing investment in research and development. Our ability to effectively leverage our R&D capabilities will play a crucial role in shaping our future operational results.

#### Other expenses, net
Other income (expense) primarily consists of interest income net of interest expense, the exchange gain and loss, and other income and expenses. Our net other expense was approximately SGD 176,527 (USD 130,259) in the year ended June 30, 2024, compared with a net other expense of approximately SGD 91,124 in the year ended June 30, 2023. Other expenses incurred for the year ended June 30, 2024 included an exchange gain in an amount of SGD 1,535 (USD 1,133), a finance expense in an amount of SGD 34,830 (USD 25,701), an interest expense in an amount of SGD 210,987 (USD 155,687), and offset by government grant and miscellaneous income in an amount of SGD 67,755 (USD49,996). Other expenses incurred for the year ended June 30, 2023 included an exchange loss in an amount of SGD 4,080, a finance expense in an amount of SGD 72,591, an interest expense in an amount of SGD 103,814, and offset by government grant and miscellaneous income in an amount of SGD 89,361.

#### Income(loss) before provision for income taxes
As a result of the foregoing, our income before provision for income/(loss) taxes decreased by SGD 2,832,976, or 200.0%, from income of SGD 1,415,796 for the fiscal year ended June 30, 2023 to a loss of 1,417,180 for the fiscal year ended June 30, 2024.

#### Provision for income taxes
Our income tax expenses decreased by SGD 201,634, or 102.0%, from SGD 198,012 for the year ended June 30, 2023 to deferred income tax with 3,622 for the year ended June 30, 2024. Under the Inland Revenue Authority of Singapore (IRAS), RP Singapore is generally subject to income tax at a rate of 17%.

#### Net income
As a result of the foregoing, our net income decreased by approximately 216.1% to a loss of SGD 1,413,558 (USD 1,043,061) in the fiscal year ended June 30, 2024 from a profit of SGD 1,217,784 for the fiscal year ended June 30, 2023.

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

#### Results of Operations for the Years Ended June 30, 2023 and 2022
Our consolidated results of operations for the years ended June 30, 2023 and 2022 are summarized below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2022** | **2023** | **2023** | **Variance** | **Change** |
|  | **SGD** | **SGD** | **USD** | **SGD** | **%** |
|  **Revenues** | 4465134 | 5022071 | 3713726 | 556937 | 12.5% |
|  Cost of revenues | (1009077) | (1013510) | (749471) | (4433) | 0.4% |
|  **Gross profit** | 3456057 | 4008561 | 2964255 | 552504 | 16.0% |
|  Selling and marketing <br>expenses | (155976) | (104423) | (77219) | 51553 | (33.1)% |
|  General and administrative expenses | (1108153) | (2310297) | (1708421) | (1202144) | 108.5% |
|  Research and development expenses | (147659) | (86921) | (64277) | 60738 | (41.1)% |
|  Total Operating Expenses | (1411788) | (2501641) | (1849917) | (1089853) | 77.2% |
|  **Income from operations** | 2044269 | 1506920 | 1114338 | (537349) | (26.3)% |
|  Other expenses, net | (70605) | (91124) | (67384) | (20519) | 29.1% |
|  Income before provision for income taxes | 1973664 | 1415796 | 1046954 | (557868) | (28.3)% |
|  Provision for income taxes | (332921) | (198012) | (146426) | 134909 | (40.5)% |
|  **Net income** | 1640743 | 1217784 | 900528 | (422959) | (25.8)% |

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The balances in the consolidated result of operation for the year ended and as of June 30, 2023, were translated from SGD into USD are solely for the convenience of the readers, at the rate of USD1.00=SGD1.3523, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2023.

#### Revenues
For the year ended June 30, 2023, our total revenue was SGD 5,022,071 (USD 3,713,726) as compared to SGD 4,465,134 for the year ended June 30, 2022. Our total revenue increased by SGD 556,937 (USD 411,844), or 12.5%. The overall increase in total revenue was primarily attributable to an increase of SGD 1,357,406 and SGD 356,400, in revenue from software development services and product sales respectively; but offset by a decrease of SGD 1,156,869 in consulting and technical support services.

For the year ended June 30, 2023, our software development service revenue was SGD 4,532,571 (USD 3,351,750) as compared to SGD 3,175,165 for the year ended June 30, 2022. The increase in software development service revenue was SGD 1,357,406 or 42.8%. In 2022, we have acquired a limited number of software development contracts from a handful of major clients. However, in 2023, we have significantly increased its software development contract portfolio by securing agreements with a more extensive array of clients. This strategic move has substantially diminished our reliance on a few major clients and reflects its successful diversification of the client base.

We plan to continue to expand our ability to provide our software development service by investing in software development and client support to address the business needs of local markets and continuous growth of these services. In addition, by providing software development services, we gain extensive understanding and knowledge of each client's unique business needs, often resulting in opportunities for us to cross-sell our consulting and technical support services.

For the year ended June 30, 2023, our consulting and technical support service revenue was SGD 133,100 (USD 98,425) as compared to SGD 1,289,969 for the year ended June 30, 2022, representing a decrease of SGD 1,156,869 or 89.7%. In 2022, we successfully secured two major contracts involving consulting and technical support services, which were fulfilled within the fiscal year ending on June 30, 2022. In contrast, in 2023, we shifted our emphasis toward software development contracts that did not include consulting and technical support obligations. This change resulted in a reduction in revenue generated from this income stream. The transition towards a stronger emphasis on software development is driven by our analysis of current customer needs and budgets within the post-COVID-19 economic climate. Nonetheless, we retain robust technical expertise in data analysis-related consulting and technical support. our intention is to persistently invest in long-term growth in this field, allowing us to offer more technical consulting services to our customers when opportunities arise.

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For the year ended June 30, 2023, our product sales revenue was SGD 356,400 (USD 263,551). For the year ended June 30, 2022, we did not generate any product sales revenue. The increase in product sales revenue was mainly due to the fact that we have delivered some customized hardware products to one of our clients in fiscal year 2023. However, in fiscal year 2022, we had not completed any contract that involves customized hardware product. We will continue to expand the scope of our services and enhance the features and functionalities of our software and improve our marketing efforts, and thus we expect our sale of products revenue will grow with an expanded offering and increasing market awareness.

#### Cost of Revenues
Our cost of revenues decreased by SGD 4,433 or 0.4% from SGD 1,009,077 for the year ended June 30, 2022 to SGD 1,013,510 (USD 749,471) for the year ended June 30, 2023, which was mainly attributable to a decrease of SGD 156,717 in cost of revenue from software development services. In 2023, despite the increase in software development revenue compared to 2022, we successfully reduced our cost of revenue associated with software development. This is attributed to our successful retention of technical engineering talent, effective resource management, and the delivery of high-quality products to our customers. Consequently, we achieved improved results with lower cost of revenue compared to the fiscal year 2022. Our cost of revenue from consulting and technical support services was approximately SGD 131,400 (USD 97,168) in the year ended June 30, 2023, representing a decrease of SGD 1,500 from SGD 132,900 in the year ended June 30, 2022. Our cost of revenue from consulting and technical support services decreased due to the fact that we have less consulting and technical support contract for the fiscal year 2023 compared to fiscal year 2022. Our cost of revenue from product sales was SGD 162,650 (USD 120,277) in the year ended June 30, 2023, representing an increase of SGD 162,650 from nil in the year ended June 30, 2022. The increase was due to the fact that in fiscal year 2023 we have customized hardware product in one of our contracts. However, in fiscal year 2022, we do not have any contract that involved customized hardware product.

#### Gross Profit
Our gross profit increased by SGD 552,504, from SGD 3,456,057 for the year ended June 30, 2022 to SGD 4,008,561 (USD 2,964,255) during the year ended June 30, 2023. The increase was mainly due to the increase in software development service revenues and product sales revenue during the year ended June 30, 2023, even though there is a decrease in consulting and technical support revenues. For the years ended June 30, 2023 and 2022, our overall gross margin was 79.8% and 77.4%, respectively. The increase in gross margin can be attributed to our strategic shift towards software development contracts, in which we possess expert knowledge. Simultaneously, our adept cost management in this domain has played a pivotal role.

Our gross profit and gross profit margin from our major revenue streams are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>For the Years ended June 30,** | **<br>For the Years ended June 30,** | **<br>For the Years ended June 30,** | **Variance <br>Amount %** |
|  | **2022** | **2023** | **2023** | **Variance <br>Amount %** |
|  | **SGD** | **SGD** | **USD** | |
|  **Software development service** |  |  |  |  |
|  Gross profit | 2298988 | 3813111 | 2819724 | 1514123 |
|  Gross margin | 72.4% | 84.1% |  | 65.9% |
|  **Consulting and technical support services** |  |  |  |  |
|  Gross profit | 1157069 | 1700 | 1257 | (1155369) |
|  Gross margin | 89.7% | 1.3% |  | (99.9)% |
|  **Product sales** |  |  |  |  |
|  Gross profit |  | 193750 | 143274 | 193750 |
|  Gross margin | —% | 54.4% |  | 100% |
|  **Total** |  |  |  |  |
|  Gross profit | 3456057 | 4008561 | 2964255 | 552504 |
|  Gross margin | 77.4% | 79.8% |  | 16.0% |

---

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Gross profit for software development services increased by SGD 1,514,123 or 65.9% from SGD 2,298,988 in the year ended June 30, 2022 to SGD 3,813,111 (USD 2,819,724) in the year ended June 30, 2023 mainly due to the increase in overall software development revenue and decrease in cost of revenue from software development revenue. Gross profit margin for the years ended June 30, 2023 and 2022 was 84.1% and 72.4%, respectively. The increase in gross margin can be primarily attributed to our delivery of comprehensive solutions to clients and the successful completion of multiple software development contracts, which expanded our client base during the fiscal year ending on June 30, 2023. These solutions and projects have been developed and deployed utilizing the foundation of our previously technical know-how, resulting in a substantial reduction in development cost.

Gross profit for consulting and technical support services decreased by SGD 1,155,369 or 99.9% from SGD 1,157,069 in the year ended June 30, 2022 to SGD 1,700 (USD 1,257) in the year ended June 30, 2023, which was mainly because we have strategically shifted our focus to software development contract that does not involve consulting and technical supports, therefore our revenue and gross profit for consulting and technical support have significantly reduced. Gross profit margin for the years ended June 30, 2023 and 2022 was 1.3% and 89.7%, respectively.

Gross profit for product sales increased by SGD193,750 or 100% from nil in the year ended June 30, 2022 to SGD 193,750 in the year ended June 30, 2023, which was due to the fact that we have not completed any project involved providing customized hardware product to our client in fiscal year 2022. However, we have completed one project that involved customized hardware product in fiscal year 2023. As a result, gross profit margin for the year ended June 30, 2023 was 54.4%, an increase of 100% from nil in the year ended June 30, 2022.

#### Operating Expenses
For the year ended June 30, 2023, we incurred SGD 2,501,641 (USD 1,849,917) in operating expenses, representing an increase of SGD 1,089,853 or 77.2%, from SGD 1,411,788 for the year ended June 30, 2022, primarily due to significant increase in general and administrative expenses.

Selling and marketing expenses primarily consisted of salary and compensation expenses relating to our sales and marketing personnel, and also included other expenses relating to our sales and marketing activities. Selling and marketing expenses decreased by SGD 51,553 or 33.1%, from SGD 155,976 for the year ended June 30, 2022 to SGD 104,423 (USD 77,219) for the year ended June 30, 2023. The decrease was mainly due to the decrease in salary and benefit expenses for our sales team. Selling expenses accounted for 2.1% and 3.5% of total revenue for the years ended June 30, 2023 and 2022, respectively.

General and administrative expenses primarily consisted of salary and compensation expenses relating to our accounting, human resources and executive office personnel, and included rental expenses, depreciation expenses, office overhead, professional service fees and travel and transportation costs. General and administrative expenses increased by SGD 1,202,144 or 108.5%, from SGD 1,108,153 for the year ended June 30, 2022 to SGD 2,310,297 (USD 1,708,421) for the year ended June 30, 2023. The increase was mainly due to an increase in professional service fee, salary and other office expense. As a percentage of revenues, general and administrative expenses were 46.0% and 24.8% of our total revenue in the years ended June 30, 2023 and 2022, respectively. Driven by developing our business, hiring more employees and offering competitive packages to retain our high caliber employees for business growth.

Research and development expenses primarily consisted of compensation and benefit expenses relating to our research and development personnel and other expenses relating to our research and development activities. Research and development expenses decreased by SGD 60,738 from SGD 147,659 for the year ended June 30, 2022 to SGD 86,921 (USD 64,277) for the year ended June 30, 2023, representing 1.7% and 3.3% of our total revenues for the years ended June 30, 2023 and 2022, respectively. The decrease is a result of the fact that the majority of the projects completed in the fiscal year 2023 drew upon our expertise gained from previous projects, eliminating the need for research and development expenses during the year. However, we expect to continue to invest in research and development and our ability to effectively utilize our research and development capabilities significantly affect our results of operations in the future.

#### Other expenses, net
Other income (expense) primarily consists of interest income net of interest expense, the exchange gain and loss, and other income and expenses. Our net other expense was approximately SGD 91,124 (USD 67,384) in the year ended June 30, 2023, compared with a net other expense of approximately SGD 70,605 in the year ended June 30, 2022.

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Other expenses incurred for the year ended June 30, 2023 included an exchange loss in an amount of SGD 4,080 (USD 3,017), a finance expense in an amount of SGD 72,591 (USD 53,680), an interest expense in an amount of SGD 103,814 (USD 76,768), and offset by government grant and miscellaneous income in an amount of SGD 89,361 (USD66,081). Other expenses incurred for the year ended June 30, 2022 included an exchange loss in an amount of SGD 1,651, a finance expense in an amount of SGD 2,018, an interest expense in an amount of SGD 56,257, and other expense in an amount of SGD 13,907, offset by lease income in an amount of SGD 3,228.

#### Income before provision for income taxes
As a result of the foregoing, our income before provision for income taxes decreased by SGD 557,868, or 28.3%, from SGD 1,973,664 for the fiscal year ended June 30, 2022 to SGD 1,415,796 (USD 1,046,954) for the fiscal year ended June 30, 2023.

#### Provision for income taxes
Our income tax expenses decreased by SGD 134,909, or 40.5%, from SGD 332,921 for the year ended June 30, 2022 to SGD 198,012 (USD 146,426) for the year ended June 30, 2023. Under the Inland Revenue Authority of Singapore (IRAS), RP Singapore is generally subject to income tax at a rate of 17%.

#### Net income
As a result of the foregoing, our net income decreased by approximately 25.8% to SGD 1,217,784 (USD 900,528) in the fiscal year ended June 30, 2023 from SGD 1,640,743 for the fiscal year ended June 30, 2022.

#### LIQUIDITY AND CAPITAL RESOURCES

#### Overview
The consolidated financial statements included in this prospectus have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. As of December 31, 2024, our total current assets were SGD 4,337,552 (USD 3,174,880), while total current liabilities amounted to SGD 4,590,649 (USD 3,360,159). The Company incurred net losses for the six months ended December 31, 2024, reflecting a decline in revenue as a result of undergoing a restructuring process. Our previous majority shareholder, Chairman, and Director, due to advanced age and inability to continue actively supporting the Company's operations, sold his shares to our new majority shareholder, True Sage International Limited. Following this, Mr. Hao Feng Ng was appointed as the new Director and Chairman. The six months ended December 31, 2024 represented a transition period for the Company. As of June 30, 2024, our total current assets amounted to SGD 4,990,412 (USD3,682,417), while total current liabilities stood at SGD 4,107,713 (USD3,031,076). The Company has experienced net losses in the fiscal year 2024, reflecting a decline in revenue due to macroeconomic conditions and shifts in client demand. However, we are implementing a structured financial strategy to ensure continued operations.

#### Recent Shareholder Restructuring and Financial Support
The Company has recently undergone a shareholder restructuring, which was completed on December 12, 2024. The previous majority shareholder and chairman, Mr. Sai Bin Loi, who had previously provided financial support to the Company, has stepped down from his position of Chairman due to his elder age and inability to remain actively involved in operations. On December 12, 2024, pursuant to a share transfer agreement, as amended by a deed of variation dated January 8, 2025, Mr. Loi sold 10,449,167 ordinary shares of the Company to True Sage for a consideration of USD450,000. On January 11, 2025, True Sage sold 128,200 ordinary shares of the Company to Hon Kei Yeung, for a consideration of HKD 2,000,000 (approximately US$257,000). On March 27, 2025, the Company issued 100,000 Class B Ordinary Shares to True Sage for cash at par. Following the above-mentioned restructuring, through True Sage, Mr. Ng became a controlling shareholder of the Company, who beneficially owns 10,320,967 Class A Ordinary Shares and 100,000 Class B Ordinary Shares, representing 66.59% of the total voting power as of the date of this prospectus.

This transition ensures the Company has the necessary resources to continue its business activities. Furthermore, following the restructuring, the Company has successfully secured new projects, which will contribute to revenue growth and enhance financial stability.

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The new shareholder, True Sage, has committed to financially supporting the Company to meet both operational and financial obligations in a management comfort letter addressed to the independent auditor of the Company, in connection with the auditor's assessment of the Company's ability to continue as a going concern. The commitment includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) True Sage will provide continuous financial support to the Company to settle its outstanding debts, and it will not demand repayment from the Company until all the external financial obligations of the Company have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) True Sage has the ability and resources to provide financial support to the Company for operational needs.

#### Current Financial Position and Going Concern Considerations
The Company's independent auditor has raised substantial doubt about our ability to continue as a going concern. In response, we have developed a three-pronged strategy to strengthen our financial position and secure the necessary resources to operate for at least the next twelve months.

#### Liquidity Strategy and Action Plans
To address liquidity concerns and demonstrate our financial viability, the Company is executing the following measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Capital Raising Initiatives**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are actively exploring financing opportunities, including equity financing and strategic investments, to strengthen our liquidity position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are in discussions with potential investors regarding possible funding options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingency plans include securing bridge financing or convertible debt instruments to ensure uninterrupted operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Revenue Expansion & Client Diversification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is leveraging its expertise in software development and consulting to secure long-term contracts with enterprise clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are developing a new subscription-based product, leveraging on the current generative AI product API and our in-house solutions, targeting the industries in which we have expertise. This will create more revenue streams for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following our shareholder restructuring, the Company has secured multiple new projects, ensuring a steady revenue stream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Cost Optimization & Operational Efficiency**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have initiated cost-reduction measures, including operational restructuring and strategic expense management, to improve cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After implementing cost-cutting measures, our operating costs have been reduced to approximately SGD 25,000 (USD18,299) per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have relocated to a smaller office, with administrative staff working remotely to reduce overhead costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are actively recovering long-outstanding accounts receivable, and to date, we have successfully collected SGD 2,010,000 (USD 1,471,234), representing 66% of our total accounts receivable for the six months period ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have managed to negotiate monthly payment plans with our outstanding creditors to ensure a structured approach to liability management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negotiation of vendor agreements to secure better payment terms and reduce capital expenditure requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimizing workforce allocation to enhance efficiency while lowering overhead costs. We have adopted a project-based payment model for our overseas developers, allowing us to better manage cash flow and allocate resources effectively.

Based on our current financial strategy, we anticipate generating sufficient cash flow through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing financing discussions to secure necessary working capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Projected revenue growth driven by new contracts and expansion efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduction in operating expenses through cost restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued collection of outstanding receivables and structured creditor payment plans to maintain liquidity.

We believe that our existing cash and cash equivalents, anticipated cash raised from financings, and expected cash flow from operations will be sufficient to meet our capital requirements for a minimum period of 12 months from the date of this prospectus. This assessment is based on our current financial projections, including revenue expectations, cost management strategies, and anticipated funding sources.

While we acknowledge that unforeseen circumstances or changes in market conditions could impact our liquidity, we remain committed to monitoring our financial health and will take necessary actions to secure additional financing if needed. In the event of unforeseen circumstances that disrupt the above-mentioned financial projection and strategies, the Company believes it possesses adequate capital resources to sustain planned operations for a minimum of 12 months from the date of this prospectus with the current available capital resources.

#### Cash Flows Analysis

#### For the Six Months Ended December 31, 2024, and 2023
The following table sets forth a summary of our cash flows for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended December 31** | **For the six months ended December 31** | **For the six months ended December 31** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  Net cash used in operating activities | (94297) | (94390) | (69089) |
|  Net cash provided by (used in) investing activities |  |  |  |
|  Net cash provided by financing activities | 91970 | 107699 | 78830 |

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*Cash used in operating activities:*

For the six months ended December 31, 2024, net cash used in operating activities of SGD 94,390 (USD 69,089) primarily resulted from the net loss of SGD 1,167,632 (USD 854,657) as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of depreciation of property and equipment SGD 14,941 (USD 55,919), asset written off SGD 14,177 (USD 10,377), and gain on early termination of lease SGD 3,796 (USD 2,779). Changes in operating assets and liabilities mainly included a decrease in accounts receivables SGD 823,551 (USD 602,804), a decrease in prepayment SGD2,648 (USD1,938), an increase in account payable SGD 267,500 (USD 195,798) and increase in other payables and accrued liabilities by SGD 116,136 (USD 85,007). This is offset by an increase in other current asset SGD 160,000 (USD 117,113), a decrease in tax payable SGD 1,915 (USD 1,401).

For the six months ended December 31, 2023, net cash used in operating activities of SGD 94,297 (USD 71,475) primarily resulted from the net loss of SGD 735,322 (USD 557,358) as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of depreciation of property and equipment SGD 22,693 (USD 17,201), provision for doubtful accounts SGD 24,723 (USD 18,739). Changes in operating assets and liabilities mainly included a decrease in account receivable SGD 1,780,557 (USD 1,349,623), an increase in other payables and accrued liabilities SGD 1,063,502 (USD 806,111), and a decrease in short-term deposit SGD 230,000 (USD 174,335). This is offset by an increase in prepayment SGD 2,270,320 (USD1,720,852), a decrease in account payable SGD 110,194 (USD 83,525), and a decrease in tax payable SGD 99,936 (USD 75,749).

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*Cash provided by (used in) investing activities:*

For the six months ended December 31, 2024 and 2023, net cash used in investing activities are nil and nil, respectively.

*Cash provided by financing activities:*

For the six months ended December 31, 2024, net cash provided by financing activities, SGD 107,699 (USD 78,830) was comprised of proceeds from financial institute loans SGD 415,289 (USD 303,973) and proceeds from director loan to the Company SGD 190,350 (USD 139,328), offset by repayment to financial institute loans SGD 428,888 (USD 313,928), repayment to director loan SGD 67,781 (USD 49,613) and finance lease payments to our lessor SGD 1,271 (USD 930).

For the six months ended December 31, 2023, net cash provided by financing activities SGD 91,970 (USD 69,711) was comprised of increase in deferred IPO costs SGD 145,382 (USD 110,197), repayment of financial institution loans SGD 246,228 (USD 186,635), repayment of director loans SGD 225,896 (USD 171,224) and finance lease payments to our lessor SGD 3,689 (USD 2,796), offset by proceeds from financial institutions SGD 332,515 (USD 252,039) and proceeds from director loan SGD 380,650 (USD288,524).

The following table sets forth a summary of our working capital as of December 31, 2024 and June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>June 30, <br>2024** | **<br>As of December 31,** | **<br>As of December 31,** |
|  | **As of <br>June 30, <br>2024** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  |  | **(Unaudited)** | **(Unaudited)** |
|  Current assets | 4990412 | 4337522 | 3174880 |
|  Current liabilities | 4107713 | 4590649 | 3360158 |
|  Working capital | 882699 | (253127) | (185279) |

---

Current assets as of December 31, 2024 was SGD 4,337,522 (USD 3,174,880). Out of this balance, we had cash in an amount of SGD 25,137 (USD 18,399) of which approximately SGD 25,000 (USD18,299) was denominated in Singapore Dollars, and SGD 137 (USD 100) denominated in United States Dollars. The current asset balance also included the following: accounts receivable, net SGD 1,795,593 (USD 1,314,297), inventories SGD 54,986 (USD40,247), short-term deposits SGD 2,301,806 (USD 1,684,824) and other current assets, net SGD160,000 (USD117,113).

Current liabilities as of December 31, 2024 was SGD 4,590,649 (USD 3,360,158). This amount was composed of accounts payable SGD 296,316 (USD 216,891), other payables and accrued liabilities SGD 444,168 (USD 325,112), loan payable — financial institution loans SGD 1,669,302 (USD 1,221,857), amount due to director SGD 524,256 (USD 383,733), and taxes payable SGD 1,656,607 (USD1,212,565).

Current assets as of June 30, 2024, was SGD 4,990,412(USD 3,682,417). Out of this balance, we had cash in an amount of SGD 11,828 (USD 8,728) of which approximately SGD 11,692 (USD 8,628) was denominated in Singapore Dollars, and SGD 136 (USD 100) denominated in United States Dollars. The current asset balance also included the following: accounts receivable, net SGD 2,619,144 (USD 1,932,662), prepayments SGD 2,648 (USD 1,954), short-term deposits SGD 2,301,806 (USD 1,698,499), and inventories SGD 54,986 (USD 40,574).

Current liabilities as of June 30, 2024 was SGD 4,107,713 (USD 3,031,076). This amount was composed of accounts payable SGD 28,816 (USD 21,264), loans payable to financial institution SGD 1,682,900 (USD 1,241,810), other payables and accrued liabilities SGD 328,033 (USD 242,055), finance lease obligation, current portion SGD 7,755 (USD 5,722), taxes payable, SGD 1,658,521 (USD 1,223,820), loans from director SGD 401,688 (USD 296,405).

We have commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on our business. All of these factors raise substantial doubt about our ability to continue as a going concern. The unaudited interim condensed consolidated financial statements for the six months ended December 31, 2024 and 2023 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from our inability to continue as a going concern.

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

#### For the Years Ended June 30, 2024 and 2023
The following table sets forth a summary of our cash flows for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Net cash provided by/(used in) operating activities | 760136 | (249128) | (1467687) | (1083003) |
|  Net cash provided by/(used in) investing activities | 914557 | (6802) |  |  |
|  Net cash (used in)/provided by financing activities | (1655524) | 236593 | 1475541 | 1088799 |

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*Net cash provided by/(used in) operating activities:*

For the year ended June 30, 2024, net cash used in operating activities of SGD 1,476,687 (USD 1,083,003) primarily resulted from the net loss of SGD 1,413,558 (USD 1,043,061) as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of depreciation of property and equipment, SGD 42,700 (USD 31,508), provision for doubtful accounts, SGD 420,793 (USD 310,503), and provision for deferred tax asset SGD3,622 (USD 2,673). Changes in operating assets and liabilities mainly included a decrease in prepayment SGD 175 (USD 128) due to a small decrease in the prepaid rental, an increase in short term deposit SGD 1,866,250 (USD 1,377,103) due to deposit paid to supplier for revenue project purchase, a decrease in accounts payable SGD 111,871 (USD 82,549), a decrease in other payables and accrued liabilities SGD 351,780 (USD 259,578) and a decrease in taxes payable SGD 99,287 (USD 73,263). The net cash inflow was partially offset by an increase in accounts receivable of SGD 1,835,013 (USD 1,354,053) due to extended settlement from our clients; and a decrease in related party deposits SGD 80,000 (USD 59,032).

For the year ended June 30, 2023, net cash used in operating activities of SGD 249,128 (USD 184,226) primarily resulted from the net income of SGD 1,217,784 (USD 900,528) as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of depreciation of property and equipment, SGD 48,725 (USD 36,031), provision for doubtful accounts, SGD 24,723 (USD 18,282), and provision for deferred tax SGD3,622 (USD 2,678). Changes in operating assets and liabilities mainly included a decrease in prepayment SGD 10,677 (USD 7,895) due to re-classification to deposits and accrual of prepaid rental, a decrease in other assets SGD 6,483 (USD 4,794), a decrease in accounts payable of SGD 79,249 (USD 58,603), an increase in other payables and accrued liabilities SGD 405,697 (USD 300,005) and an increase in taxes payable SGD 319,310 (USD 236,124). The net cash inflow was partially offset by an increase in accounts receivable of SGD 1,807,488 (USD 1,336,603) due to extended settlement from our clients; an increase in inventories SGD 54,986 (USD 40,661), and an increase in short-term deposits SGD 344,426 (USD 254,696).

For the year ended June 30, 2022, net cash provided by operating activities of SGD 760,136 (USD 546,743) primarily resulted from the net income of SGD 1,640,743 (USD 1,180,136) as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of depreciation of property and equipment, SGD 43,593 (USD 31,355), an increase in provision for doubtful accounts, SGD 22,122 (USD 15,912), an increase in inventory provision SGD 13,120 (USD 9,437) an increase in deferred tax benefit provision, SGD232 (USD167). Changes in operating assets and liabilities mainly included a decrease in prepayment SGD 572,500 (USD 411,782) due to refund of uncompleted services, a decrease in deposits to related party SGD 740,344 (USD 532,507), an increase in accounts payable SGD 219,936 (USD 158,193), an increase in other payables and accrued liabilities SGD 244,933 (USD 176,173) and an increase in taxes payable SGD 413,980 (USD 297,763). The net cash inflow was partially offset by an increase in accounts receivable of SGD 3,069,349 (USD 2,207,689) due to extended settlement from our clients; and increase in short-term deposits of SGD 82,018 (USD 58,993).

*Net cash provided by (used in) investing activities:*

For the year ended June 30, 2024, net cash used in investing activities is nil.

For the year ended June 30, 2023, net cash used in investing activities, SGD 6,802 (USD 5,030) was comprised of purchase of property and equipment of SGD 6,802 (USD 5,030).

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For the year ended June 30, 2022, net cash provided by investing activities, SGD 914,557 (USD 657,812) was comprised of purchase of property and equipment of SGD 32,360 (USD 23,276). The cash outflow was offset by the repayment of loans from third parties in the amount of SGD 840,000 (USD 604,186), repayment of amount due from a director SGD 100,000 (USD 71,927) and repayment of loans from related party SGD 6,917 (USD 4,975).

*Net cash (used in)/provided by financing activities:*

For the year ended June 30, 2024, net cash provided by financing activities, SGD 1,475,541 (USD 1,088,799) was comprised of deferred IPO cost SGD 154,622 (USD 114,095), repayment to financial institutions SGD 256,228 (USD 189,070), repayment of finance lease SGD 7,452 (USD 5,499), repayment of amount due to director SGD 328,896 (USD 242,692). The cash outflow was offset by proceeds from financial institution SGD 1,616,985 (USD 1,193,171) and proceeds from director SGD 605,754 (USD 446,984).

For the year ended June 30, 2023, net cash provided by financing activities, SGD 236,593 (USD 174,956) was comprised of deferred IPO cost SGD 16,220 (USD 11,994), repayment to financial institutions SGD 323,500 (USD 239,222), repayment of finance lease SGD 7,160 (USD 5,295), repayment to related party SGD 115,000 (USD 85,040), repayment of amount due to director SGD 60,000 (USD 44,369). The cash outflow was offset by proceeds from financial institution SGD 523,642 (USD 387,223) and proceeds from the related party SGD 50,000 (USD 36,974), and proceeds from director SGD 184,831 (USD 136,679).

For the year ended June 30, 2022, net cash used in financing activities, SGD 1,655,524 (USD 1,190,767) was comprised of repayment of amount due to a director SGD 59,042 (USD 42,467), deferred IPO cost SGD 643,602 (USD 462,923), repayment to financial institutions SGD 688,000 (USD 494,857), repayment of finance lease SGD 6,880 (USD4,948), and dividend payments SGD 1,133,000 (USD 814,932). The cash outflow was offset by proceeds from financial institution SGD 810,000 (USD 582,608) and proceeds from the related party SGD 65,000 (USD 46,752).

The following table sets forth a summary of our working capital as of June 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Current assets | 3,226,609 | 5,372,289 | 4,990,412 | 3,682,417 |
|  Current liabilities | 2,123,251 | 3,032,733 | 4,107,713 | 3,031,076 |
|  Working capital | 1,103,358 | 2,339,556 | 882,699 | 651,341 |

---

Current assets as of June 30, 2024, was SGD 4,990,412 (USD 3,682,417). Out of this balance, we had cash in an amount of SGD 11,828 (USD 8,728) of which approximately SGD 11,692 (USD 8,628) was denominated in Singapore Dollars, and SGD 136 (USD 100) denominated in United States Dollars. The current asset balance also included the following: accounts receivable, net SGD 2,619,144 (USD 1,932,662), prepayments SGD 2,648 (USD 1,954), short-term deposits SGD 2,301,806 (USD 1,698,499), and inventories SGD 54,986 (USD 40,574).

Current liabilities as of June 30, 2024 was SGD 4,107,713 (USD 3,031,076). This amount was composed of accounts payable SGD 28,816 (USD 21,264), loans payable to financial institution SGD 1,682,900 (USD 1,241,810), other payables and accrued liabilities SGD 328,033 (USD 242,055), finance lease obligation, current portion SGD 7,755 (USD 5,722), taxes payable, SGD 1,658,521 (USD 1,223,820), loans from director SGD 401,688 (USD 296,405).

Current assets as of June 30, 2023 was SGD 5,372,289 (USD 3,972,705). Out of this balance, we had cash in an amount of SGD 3,974 (USD 2,939) of which approximately SGD 2,582 (USD 1,909) was denominated in Singapore Dollars, and SGD 1,392 (USD 1,030) denominated in United States Dollars. The current asset balance also included the following: accounts receivable, net SGD 4,874,950 (USD 3,604,932), prepayments SGD 2,823 (USD 2,088), short-term deposits SGD 435,556 (USD 322,085), and inventories SGD 54,986 (USD 40,661).

Current liabilities as of June 30, 2023 was SGD 3,032,733 (USD 2,242,648). This amount was composed of accounts payable SGD 140,687 (USD 104,035), loans payable to financial institution SGD 322,142 (USD 238,218), other payables and accrued liabilities SGD 679,813 (USD 502,709), finance lease obligation, current portion SGD 7,452 (USD 5,511), taxes payable, SGD 1,757,808 (USD 1,299,865), loans from director SGD 124,831 (USD 92,310).

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Current assets as of June 30, 2022 was SGD 3,226,609 (USD 2,320,800). Out of this balance, we had cash in an amount of SGD 23,311 (USD 16,767) of which approximately SGD 22,138 (USD 15,923) was denominated in Singapore Dollars, and SGD 1,173 (USD 844) denominated in United States Dollars. The current asset balance also included the following: accounts receivable, net SGD 3,092,185 (USD 2,224,113), prepayments SGD 13,500 (USD 9,710), short-term deposits SGD 91,130 (USD 65,547), and other receivable, net SGD 6,483 (USD 4,663).

Current liabilities as of June 30, 2022 was SGD 2,123,251 (USD 1,527,189). This amount was composed of accounts payable SGD 219,936 (USD 158,193), loans payable to related party SGD 65,000 (USD 46,752), loans payable to financial institution SGD 122,000 (USD 87,751), other payables and accrued liabilities SGD 274,116 (USD 197,163), finance lease obligation, current portion SGD 7,160 (USD 5,150) and taxes payable, SGD 1,435,039 (USD 1,032,180).

We have commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on our business. All of these factors raise substantial doubt about our ability to continue as a going concern. The consolidated financial statements for the years ended June 30, 2023 and 2022 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from our inability to continue as a going concern.

#### Capital Expenditures
We have not made any capital expenditures for the six months ended December 31, 2024 and 2023.

We made capital expenditures of nil, SGD 6,802 and SGD 32,360 for the years ended June 30, 2024, 2023 and 2022, respectively. In these periods, our capital expenditures were mainly used for purchases of office equipment and furniture. We will continue to make capital expenditures to meet the expected growth of our business.

#### 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", we 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.

#### Contractual Obligations
As of December 31, 2024, the Company do not have contractual obligations commitment. As the Company has terminated the motor vehicle lease and did not renew the long-term office lease, therefore, the future minimum payment under certain of our contractual obligations is nil.

As of June 30, 2024, the future minimum payments under certain of our contractual obligations were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Payments Due In** | **Payments Due In** | **Payments Due In** | **Payments Due In** |
|  | **Total <br>SGD** | **Less than <br>1 year** | **1 – 2 <br>years** | **3 – 5 <br>years** | **Thereafter** |
|  **Contractual obligations** |  |  |  |  |  |
|  Finance lease obligation | 59057 | 9708 | 9708 | 29124 | 10517 |
|  Total | 59057 | 9708 | 9708 | 29124 | 10517 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Payments Due In** | **Payments Due In** | **Payments Due In** | **Payments Due In** |
|  | **Total <br>USD** | **Less than <br>1 year** | **1 – 2 <br>years** | **3 – 5 <br>years** | **Thereafter** |
|  **Contractual obligations** |  |  |  |  |  |
|  Finance lease obligation | 43579 | 7164 | 7164 | 21491 | 7760 |
|  Total | 43579 | 7164 | 7164 | 21491 | 7760 |

---

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#### Future Financings
We may sell our Class A Ordinary Shares in order to fund our business growth. Issuances of additional shares will result in dilution to existing shareholders. There is no assurance that we will achieve sales of the equity securities or arrange for debt or other financing to fund our growth in case it is necessary, or if we are able to do so, there is no guarantee that existing shareholders will not be substantially diluted.

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

#### Future Financings
We may issue new Class A Ordinary shares in order to fund our business growth. Issuances of additional shares will result in dilution to existing shareholders. There is no assurance that we will achieve sales of the equity securities or arrange for debt or other financing to fund our growth in case it is necessary, or if we are able to do so, there is no guarantee that existing shareholders will not be substantially diluted.

#### Quantitative and Qualitative Disclosure about Market Risk

#### For the Six Months Ended December 31, 2024, and 2023

#### Concentration of credit risk
Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and accounts receivable. We place our cash and cash equivalents with financial institutions with high credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, we perform on-going credit evaluations of the financial condition of these service clients. We establish a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

#### Concentration of clients and vendors
Concentration of clients

For the six months ended December 31, 2024, four clients, Supertoy Trading Company Limited, SLV Trading Limited, Rosefinch Industry Company Limited, and Flourish Bright Limited, accounted for 26.1%, 25.7%, 24.6% and 16.5% of the Company's total revenues, respectively. For the six months ended December 31, 2023, one major client, Horse Force Limited, accounted for 85.6% of the Company's total revenues.

As of December 31, 2024, two clients, Horse Force Limited and Smorboll Pte Ltd., accounted for 30.3% and 16.6%, respectively, of the Company's total accounts receivable. As of December 31, 2023, five clients, Horse Force Limited, Smorboll Pte. Ltd., Sy Auto Parts and Hardware Trading, 2H Technology Sdn Bhd, and YS Wong Enterprise, accounted for 22.0%, 12.0%, 10.7%, 10.3% and 10.3%, respectively, of the Company's total accounts receivable.

Concentration of vendors

For the six months ended December 31, 2024, one major supplier, Btoz Tech Pte Ltd, accounted for 92.8% of the Company's total purchases. For the six months ended December 31, 2023, two major vendors, Appiclogy Pte Ltd and Tekun Hardware Pte Ltd, accounted for 66.4% and 32.4%, respectively, of the Company's total purchases. As of December 31, 2024, one vendor, Btoz Tech Pte Ltd, accounted for 90.3% of the Company's accounts payable. As of December 31, 2023, one vendor, PCA Group Sdn Bhd, accounted for 81.5% of the Company's accounts payable.

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#### For the Years Ended June 30, 2024, 2023 and 2022

#### Concentration of credit risk
Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and accounts receivable. We place our cash and cash equivalents with financial institutions with high credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, we perform on-going credit evaluations of the financial condition of these service clients. We establish a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

#### Concentration of clients and vendors
Concentration of clients

As of June 30, 2024, five major clients, Horse Force Limited, Smorboll Pte Ltd, SY Auto Parts and Hardware Trading, 2H Technology Sdn Bhd, YS Wong Enterprise accounted for 22.2%, 12.2%, 10.8%, 10.4% and 10.4% respectively, of the Company's total accounts receivable. As of June 30, 2023, three clients accounted for 16.5%, 13.6% and 10.7%, respectively, of the Company's total accounts receivable. As of June 30, 2022, two major clients accounted for 74.6% and 24.1%, respectively, of the Company's total accounts receivable.

For the year ended June 30, 2024, one major client, Horse Force Limited accounted for 79.3% of the Company's total revenues. For the year ended June 30, 2023, one client Sy Auto Parts and Hardware Trading accounted for 13.3% of the Company's total revenues. For the year ended June 30, 2022, three major clients, Payestation Pte Ltd., Australia Marine Services Pty Ltd. and Smorboll Pte Ltd. accounted for 48.7%, 16.5%, and 15.8% respectively, of the Company's total revenues.

Concentration of vendors

As of June 30, 2024, one major vendor, PCA Group Sdn Bhd accounted for 81.5% of the Company's accounts payable. For the year ended June 30, 2024. As of June 30, 2023, two major vendors, Appiclogy Pte Ltd and PCA Group Sdn Bhd, accounted for 72.2% and 16.7% of the Company's accounts payable respectively. As of June 30, 2022, one major vendor, LYC Supply and Trading, accounted for 81.0% of the Company's total accounts payable.

For the year ended June 30, 2024, two major vendor, Appiclogy Pte Ltd and Tekun Hardware Pte Ltd, accounted for 66.4% and 32.4%, respectively, of the Company's total purchases. For the year ended June 30, 2023, two major vendor, Pangu Procurement Pte. Ltd. and Appiclogy Pte. Ltd., accounted for 48.4% and 20.3% of the Company's total purchases. For the year ended June 30, 2022, two vendors, LYC Supply and Trading, Pangu Procurement Pte. Ltd., accounted for 17.7% and 16.3%, respectively, of the Company's total purchases.

Our vendors generally can be divided into two categories: software development service providers and hardware vendors.

To manage operational costs, since June 2024, we have outsourced a portion of our software development activities to third-party service providers, particularly following a recent shareholder restructuring that involved downsizing our in-house development team. We typically enter into service agreements that are project based and with a fixed price that outline the scope of work, delivery schedules, payment terms, warranty and support, and the ownership of intellectual property developed under the agreements.

For hardware procurement, we do not generally enter into long-term agreements. Instead, we purchase the hardware from vendors through individual purchase orders on an as-needed basis. These purchase orders set forth the product specifications, pricing, and delivery terms, but do not impose continuing obligations on the parties beyond each transaction.

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#### INDUSTRY
The accelerated digitization of processes and business models now make consumers and enterprises more digitally connected than ever before. Emerging technologies today drive change and at the same time also ensure resilience. The rapid pace at which technology is changing and the need for highly-skilled technology professionals are driving businesses and governmental agencies to rely on third parties to realize their strategic technology objectives. In this digital age, enterprises and governmental agencies are increasingly focused on understanding existing users' needs and leveraging technology in new ways to meet those needs through the use of digital products and services which includes conceptualizing, designing, personalizing, prototyping, developing and delivering new digital experiences and products.

#### Industry Overview: IT and Software Development in Southeast Asia and Singapore (2021 – 2024)
The IT and software development sector in Southeast Asia has experienced significant growth, driven by digital transformation initiatives and increasing demand for cloud services, AI solutions, and enterprise software. Below are market growth projections, digital transformation trends, and adoption rates in the region, with a focus on software development, DevOps, and IT services.

#### Market Growth Projections
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Southeast Asia IT Spending: The IT spending market in Southeast Asia is projected to grow by USD 22.39 billion from 2021 to 2025, registering a CAGR of 6% during this period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore AI Market: Singapore's AI market is anticipated to reach USD 4.64 billion by 2030, growing at an annual rate of 28.10%.

![](timage_004.jpg)

Source: https://www.prnewswire.com/news-releases/it-spending-market-in-southeast-asia-to-grow-by-usd-22-39-bn- from-2021-to-2025technavio-301399443.html

https://iclg.com/briefing/22430-an-update-on-the-current-and-projected-impacts-of-artificial-intelligence-ai-on-the-fintech-landscape-in-singapore-and-around-the-world-in-2025

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#### Digital Transformation Trends
Southeast Asia's digital economy continues to expand, propelled by the adoption of cloud technologies, AI, and e-commerce solutions. The region's internet economy is forecasted to grow from USD 194 billion to over USD 330 billion by 2025, with Indonesia leading the market.

![](tbarchart_002.jpg)

Source: https://www.trade.gov/southeast-asia-region-forecast

#### AI Adoption and Enterprise Software Trends
The integration of AI into enterprise software solutions, such as data analytics, CRM, and cloud automation tools, is accelerating. Singapore's AI in media and entertainment market generated USD 308.8 million in 2022 and is expected to reach USD 2,517.5 million by 2030, reflecting a CAGR of 30%.

![](tbarchart_003.jpg)

#### Industry Opportunities and Future Outlook
Despite global economic uncertainties, the IT and software development sector in Southeast Asia continues to present substantial opportunities. The region's emphasis on digital transformation is driving strong demand for enterprise software, cloud solutions, and AI technologies. According to Astute Analytica, the SME software market in Southeast Asia was valued at approximately USD 7 billion in 2023, with expectations to reach USD 12.9 billion by 2032, reflecting strong growth in adoption of cloud-based enterprise solutions.

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Government-led initiatives across the region are further bolstering this trend, with countries such as Singapore pushing for widespread digitalization through projects like Smart Nation and extensive support for cloud and AI technologies. In addition, Southeast Asia's push towards e-commerce, fintech, and supply chain optimization has created strong demand for customized ERP, CRM, and data analytics solutions.

Source: https://www.astuteanalytica.com/industry-report/southeast-asia-sme-software-market

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#### BUSINESS

#### Our Business
We are a provider of customized ERP software solutions, consulting and technical support services, and peripheral hardware to large and SME clients and government agencies based in Singapore and Malaysia. We historically focused on delivering customized ERP systems for airports, cruise terminals, technology companies. Starting in the fiscal year 2024, we have expanded our client base to various industries, including trading, logistics, and property management. Our customized software provides general ERP functions including accounting, procurement, and workflow automation capabilities, real-time monitoring, efficient resources allocation, as well as specialized ERP functions including planning surveillance and threat detection.

We offer customized ERP related software and relevant consulting and technical support services and product sales, catered to each client's specific needs. One of our key strengths is our ability to fulfill complex requirements by using artificial intelligence ("AI") for prediction and applying algorithm, modules, and plugins to select and analyze operational data captured. We are uniquely positioned in the customization software sector with our ability to further deploy sensors, controls and other hardware and integrate the hardware to provide an Internet of Things ("IoT") connectivity with an autonomous or semiautonomous outcome. Because our core algorithm and modules are pluggable, we are able to quickly develop software for clients in different industries and complete the customization in a much shorter period.

In addition, we are developing standardized software-as-a-service ("SaaS") ERP products based on the core technologies and domain expertise we have accumulated from serving our clients over the years. The SaaS ERP products will have subscription-based pricing and shorter sales cycles. Currently, we are doing a pilot launch of the SaaS ERP products and expect to officially launch them in the first fiscal quarter of the fiscal year 2026. We believe the addition of the SaaS ERP products will complement our current project-based customized ERP products and allow us to reach a broader customer base through a recurring revenue model.

Our revenues have declined significantly in the most recent fiscal year, with total revenue for the year ended June 30, 2024 amounting to SGD 685,820, compared to SGD 5,022,071 in 2023 and SGD 4,465,134 in 2022. This decline was primarily attributable to the completion of several large-scale custom software development projects in prior years, without a corresponding pipeline of new projects in 2024. This was partially due to the reduced involvement of our former majority shareholder and chairman, Mr. Sai Bin Loi, who helped us secure high-value contracts in the years ended June 30, 2023 and 2022. On December 12, 2024, we completed a shareholder restructuring as Mr. Sai Bin Loi stepped down due to his elder age and reduced ability to remain actively involved in our operations. During this transition period, our business development capabilities were materially reduced as management's attention was diverted to managing the ownership transition and related restructuring activities and we were unable to secure software development contracts with comparable value, while some existing clients reduced their annual budgets. In addition, in early 2024, companies in Singapore exhibited reluctance to invest in customized software development for digitalization due to economic uncertainty, particularly among small and medium-sized enterprises (SMEs). This reluctance was influenced by factors like rising business costs, especially manpower and rental costs, and uncertainty in customer demand. While the overall economy improved by the end of 2024, we believe some businesses focused on fortifying themselves rather than pursuing immediate growth plans.

We have customized a software for a cruise terminal client, using big data analytics technology and IoT applications, to enhance operational efficiency and elevate passenger experience within the bustling environment of cruise terminals. We leveraged the seamless integration of our software and IoT devices such as count sensors and CCTV cameras to enable real-time monitoring of passenger traffic flow. Our data analytics tools in the software system provided valuable information of the passenger demographics, including race and general age group, empowering our client to make informed predictions regarding passenger profiles and preferences. Through reliable prediction of passenger demographics and traffic flow patterns, our software solution facilitated strategic allocation of the ground staff resources, resulting in reduced wait times and enhanced service quality of the cruise ships.

We have also customized a sophisticated trolley management system for an airport client, utilizing advanced AI image recognition technology, which was developed based on open-source AI frameworks. Our system boasts the capability to accurately discern and quantify the trolleys at designated locations throughout the airport premises. Interfacing with real-time flight information systems, our software intelligently allocates luggage trolleys based on demand patterns associated with arriving and departing flights. Our software solution incorporated a notification system, empowering airport management with timely insights regarding trolley availability and distribution.

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While our rely on open-source AI frameworks to develop our AI models, we specialize in adapting and refining these modules to meet the specific requirements of our clients. This tailored approach allows us to deliver solutions that are precisely aligned with the needs and objectives of each client. Furthermore, we prioritize the confidentiality and security of AI usage and data. All AI usage and data are securely stored within our clients' databases designed to safeguard the integrity and privacy of their information.

Drawing from the experience and expert knowledge garnered through our custom projects, we are currently developing our proprietary AI algorithm for facility management. At the time of this prospectus, this endeavor is in its preliminary development phase. As we navigate this initial stage, our team maintains a steadfast commitment to ensuring that our AI algorithm aligns with, and ultimately exceeds, the evolving requirements of the facility management sector.

#### Our Growth Strategies
We have developed and intend to implement the following strategies to expand and grow our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Solidify our industry position by gaining additional market share.* By continuing to deliver high quality services and customized software solutions, we intend to pursue additional revenue opportunities from our existing clients. We will also continue to promote our comprehensive services and solutions to attract new clients in the same industries of our existing clients, so we can leverage our deep domain knowledge and expertise. Furthermore, we will continue to invest in a cloud-based IoT platform that improves our operational efficiencies and therefore benefits both our existing clients and new clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage domain expertise to expand into new industry segments.* As we grow our industry and service area expertise and accumulate deep domain knowledge in the airport and cruise terminal industry verticals, we intend to leverage such experience and knowledge, and partner with top industry experts from other segments to extend our service offerings to the other verticals. In addition, we will continue to invest in R&D in certain targeted segments, including but not limited to the hospitality and medical technology industries, to develop applications to address the specific needs of those segments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our existing solutions and expand our customer base.* In addition to our project-based customized ERP products, we also are actively expanding our offerings to include subscription-based SaaS ERP to complement our current service portfolio and will allow us to target a broader customer base through a recurring revenue model*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Attract, train, incentivize and retain talented professionals.* We believe our success greatly depends on our ability to attract, train, incentivize and retain talented professionals. We will continue to build our professional talent pool through our TCP and TDP to ensure we can attract and retain professionals who have in-depth knowledge and understanding of the technologies we deploy and the industries in which we operate. We are discussing with local universities in Singapore to co-develop projects and engage talent internship with us. We will also sponsor competitions in the IT industry in Southeast Asia to promote our reputation among the young talents. We will also work with tertiary institutions to develop on campus hiring, bursary and scholarship programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Drive efficiencies through ongoing improvements in operational excellence.* We strive to gain significant operating efficiencies by leveraging historical and ongoing investments in infrastructure, research and development, and human capital. On an integrated approach level, we will institute certifications across all our process flow via ISO certification, and BizSafe certification, all of which help us build a structured workflow for our operation. We will continue to invest in our in-house tools to enhance our efficiencies in operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Capture new growth opportunities through strategic alliances and acquisitions.* We will continue to pursue selective alliances and acquisitions in order to enhance our industry-specific technology and service delivery capabilities by building up acquisitions, collaborations and integrating targeted companies. We will continue to identify and assess opportunities to enhance our abilities to better serve our clients. We will focus on enhancing our technology capabilities, deepening our penetration into key clients, expanding our portfolio of service offerings and expanding our operations geographically in Southeast Asia.

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#### Our Competitive Strengths
The market for IT services is highly competitive and we expect competition to intensify. In Singapore, our major competitors in the system integrator space include ST Engineering and NCS which are both more established and larger than us.

However, we believe the following key strengths differentiate us from our competitors and will continue to contribute to our growth and success:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our scalable technology*. Our core algorithms, modules and plugins, which select and analyze operational data captured, are highly scalable across industries with minimal production cost. We customize the software solutions which contain our core algorithms, modules and plugins in accordance with the specific needs of each client. This cost-saving approach will help us to achieve higher operating margins as we increase the number of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our deep domain knowledge and specialization in selected industry verticals*. We have deep domain knowledge and expertise in industry verticals including airports and cruise terminals. We leverage footprint and network of highly-talented IT professionals to provide comprehensive capabilities in software development services and consulting services. We believe that our robust emerging technology capabilities and solid track record of execution enable us to drive digital transformation for our clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our comprehensive offering*. We provide comprehensive service offerings including the DevOps IT solutions, sale of peripheral hardware, and consulting and technical support services as well as other services. As a result, we are able to generate revenue from a wide range of clientele.

#### Our Services and Products
<u>*<u>Software development and customization services</u> <u>and product sales</u>*</u>

We develop customized software based on clients' specific needs. Before we are engaged, we provide consultation to the clients to understand their needs and requirements and provide a preliminary proposal to address their needs. Once the proposals are accepted by our clients, we then design, develop, test and install the software for clients. The contract is typically project-based with a fixed price. Our form of software development service agreement will provide the scope of work and development timeline for each client's project, as well as the milestones for payment. The duration of the development period is relatively short, usually less than one year.

We generally do not provide any post contract support or upgrade. However, to increase our competitiveness, we start to provide complementary support services for 12 months following completion of the project starting on September 1, 2025. The clients can request for ongoing maintenance, feature upgrade and system scaling at additional fees.

We offer project management in connection with our software products. Our project management services include consultation, design, development, and testing. We also sell equipment and related accessories to clients who acquired our customized software. Before the installation of the equipment, we deliver the equipment or instruct the supplier to deliver the hardware to the clients.

In addition, we are developing SaaS ERP products based on the core technologies and domain expertise we have accumulated from serving our clients over the years. The SaaS ERP products will have subscription-based pricing and shorter sales cycles. Currently, we are doing a pilot launch of the SaaS ERP products and expect to officially launch them in the first fiscal quarter of the fiscal year 2026. We believe the addition of the SaaS ERP products will complement our current project-based customized ERP products and allow us to reach a broader customer base through a recurring revenue model.

*<u>*<u>Consulting and technical support services</u>*</u>*

We provide training to the client's personnel and technical support services to clients according to fixed-fee contracts in connection with software development with the client who acquired customized software from us. Usually the term of the contract is one year. We also provide stand-alone IT consulting services based on our expertise in these industry segments to some clients.

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For the six months ended December 31, 2024 and the year ended June 30, 2024, our revenues were all generated from software development services. For the year ended June 30, 2023, we derived revenues from three sources: (1) software development services, (2) consulting and technical support services, and (3) product sales. For the year ended June 30, 2022, we derived revenues from two sources: (1) software development services, and (2) consulting and technical support services.

#### Clients
Our clients include large corporations, SMEs and government agencies based in Southeast Asia. By serving both large corporations and small to medium enterprises, we are more aware of the issues faced during the different stages of company growth and better positioned to address a wide range of concerns.

#### Suppliers
Our suppliers generally can be divided into two categories: software development service providers and hardware suppliers.

To manage operational costs, since June 2024, we have outsourced a portion of our software development activities to third-party service providers, particularly following a recent shareholder restructuring that involved downsizing our in-house development team. While outsourcing remains a cost-efficient solution, we are committed to gradually rebuilding and investing in our internal development capabilities to support long-term growth and development. We typically enter into service agreements that are project based and with a fixed price. The agreements outline the scope of work, delivery schedules, payment terms, warranty and support, and the ownership of intellectual property developed under the agreements. These services are primarily provided in connection with the development of customized software solutions for our clients. The duration of the development period is relatively short, usually less than one year. Our service suppliers were not required to provide any post contract support or upgrade.

For hardware procurement, we do not generally enter into long-term agreements. Instead, we purchase the hardware from suppliers through individual purchase orders on an as-needed basis. These purchase orders set forth the product specifications, pricing, and delivery terms, but do not impose continuing obligations on the parties beyond each transaction.

#### Sales and Marketing
Generally, our customized software is sold to the clients, who may be project owners or the general contractors, via bidding. We provide a proposal to the project owners or the general contractors who then will decide whether to select us based on the quality and price of our proposal. We follow local government bidding announcements and participate in public bidding. Upon winning a contract through bidding, we enter into contracts with the project owner according to the corresponding bidding process. In some cases, we are also approached and engaged by the general contractors who win the bid and we, as subcontractors, assist the general contractor to develop and deliver the final products.

Currently, we have a cost-efficient referral system to market our services and solutions. Given the deep domain knowledge in each industry segment we serve, we are able to impress the clients and as such many of our clients are willing to introduce us to their industry peers. We intend to expand our business development team by hiring members with backgrounds or network specific to the industry in which our potential clients operate and thus may market our services and products to a more targeted audience. We plan to hire sales consultants in Malaysia in the future.

#### Research and Development
R&D is an integral part of our continued growth. In order to serve our clients' needs better, we focus on exploring and studying emerging technologies and how to best integrate them into our existing and new solutions.

Currently, we are utilizing emerging technologies and tools to enhance our project delivery capability and efficiency. For instance, we applied the DevOps methodology and tools in our project delivery process and platform. This methodology has greatly enhanced development, operational efficiency and project quality. We are able to pinpoint the client's issues and focus on capturing and analyzing data from clients quickly without having the need to set up expensive hardware leveraging on cloud native applications developed by us. The DevOps methodology has greatly improved our project delivery timeline and client satisfaction and the client is able to now walk through his data with

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us and be engaged with facts before embarking on customization. As a result, we have expanded our technological capabilities, improved efficiency of project delivery, and enhanced our solutions offerings, which drive new revenue opportunities and improve our core competencies.

#### Employees
We believe human resource management and planning is important to support our growth. Therefore, we are committed to effectively recruiting, training, developing, and retaining our human capital. We will, however, align our staffing requirements based on the specific needs of each project. This adjustment aims to enhance operational efficiency and minimize redundancy in human resources. As of June 30, 2024, we have 8 employees. Our technical capability are in software skills in Java, .Net, C, C++, python, mobile development, testing tools, android or IOS app, big data.

None of our employees are represented by a labor union or collective bargaining agreements. We consider our employee relations to be good. We believe that attracting and retaining highly experienced associates and sales and marketing personnel is a key to our success. In addition, we believe that we maintain a good working relationship with our employees and we have not experienced any significant labor disputes or any difficulty in recruiting staff for our operations.

The following table sets forth the numbers of our employees categorized by function as of the date of this prospectus:

---

| | |
|:---|:---|
|  | **As of <br>the date of <br>this prospectus** |
|  **Function:** |  |
|  Finance | 2 |
|  Technical Service | 3 |
|  Sales Department | 2 |
|  Research and Development | 1 |
|  Operation and Maintenance | 1 |
|  **Total** | **9** |

---

#### Intellectual Property
We rely on a combination of copyright, trade secret laws, confidentiality procedures and contractual provisions with our employees, contractors and others to protect our proprietary know-how. Our success depends in part upon our ability to obtain, maintain and enforce proprietary protection for our products, technology, and know-how, to operate without infringing the proprietary rights of others, and to prevent others from infringing our proprietary rights.

We intend to continue to assess regularly opportunities for seeking intellectual property protection for those aspects of our technology, designs and methodologies that we believe provide a meaningful competitive advantage. However, our ability to do so may be limited until such time as we are able to generate cash flow from operations or otherwise raise sufficient capital to continue to invest in our intellectual property. If we are unable to so invest in our intellectual property, our ability to protect it or prevent others from infringing on our proprietary rights may be impaired.

#### Data privacy / data protection
We are committed to protecting the clients' data security during the course of development. Generally, our clients have their own IT infrastructure where data is hosted on their premises and therefore are not accessible to us without authorization.

We are subject to a number of foreign and domestic laws and regulations relating to data privacy and data protection in the jurisdictions in which we operate our business, including but not limited to the Personal Data Protection Act 2012 of Singapore (the "PDPA"), which generally requires organizations to give notice and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or from that data and other information to which organizations have or are likely to have access), and to provide individuals with the right to access and correct (any error or omission in) their own personal data. Organizations have mandatory obligations to assess if the data breaches they suffer are notifiable data breaches and are required to notify the Singapore Personal Data Protection Commission ("PDPC") and the affected individuals where the data

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breach is of a certain severity (where the data breach results in, or is likely to result in significant harm to the affected individual, and/or is, or is likely to be of significant scale). The PDPA was last amended by the Personal Data Protection (Amendment) Act 2020 (the "Amendment Act"), which is only partially in force. As of the date of this prospectus, key portions of the Amendment Act not yet in force include a requirement for organizations to transfer personal data of an individual (that is held in electronic form) to a different organization where requested by the individual (generally referred to as "data portability"). Please see "Regulations" starting on page 67 of this prospectus for more information.

#### Insurance
We currently do not have any business insurance, directors and officers liability insurance or group comprehensive life insurance for employees, property insurance, business interruption insurance, or general third-party liability insurance. See "Risk Factors — Risks Related to Our Business and Industry — We do not currently maintain insurance coverage, which exposes us to potential significant financial losses and operational disruptions."

#### Seasonality
We do not have a seasonal business cycle.

#### Legal Proceedings
From time to time, we are involved in litigation or other legal proceedings incidental to our business. We are not currently a party to any litigation the outcome of which, if determined adversely to us, would individually or in aggregate be reasonably expected to have a material adverse effect on our business, operating results, cash flows or financial condition.

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#### REGULATIONS
We currently operate our business in Singapore and Indonesia and plan to expand our business into other Southeast Asia countries. This section summarizes the principal laws related to our business and operations.

#### Singapore
The PDPA generally requires organizations to give notice and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or from that data and other information to which organizations have or are likely to have access), and to provide individuals with the right to access and correct (any error or omission in) their own personal data. Organizations have mandatory obligations to assess if the data breaches they suffer are notifiable data breaches, and are required to notify the PDPC and the affected individuals where the data breach is of a certain severity (where the data breach results in, or is likely to result in significant harm to the affected individual, and/or is, or is likely to be of significant scale). The PDPA also imposes various baseline obligations on organizations in connection with permitted uses of, accountability for, the protection of, the retention of, and overseas transfers of, personal data. In addition, the PDPA requires organizations to check "Do-Not-Call" registries prior to sending marketing messages (whether in sound, text, visual or other forms) addressed to Singapore telephone numbers (or other telephone numbers as may be prescribed), through voice calls, fax, text messages or other means.

The PDPA creates various offenses in connection with the improper use and/or disclosure of personal data, certain methods of collecting personal data and certain failures to comply with the requirements under the PDPA. These offences may be applicable to organizations, their officers and/or their employees. Offenders are liable on conviction to fines and/or imprisonment. The PDPA also creates a right of private action, pursuant to which the Singapore courts may, upon such persons' application, grant damages, injunctions, declarations and such other relief the courts deem fit to persons who suffer loss or damages directly as a result of contraventions of certain requirements under the PDPA.

The PDPA was last amended by the Personal Data Protection (Amendment) Act 2020 (the "Amendment Act"), which is only partially in force as of the date of this prospectus. Since October 1, 2022, the maximum financial penalty for the breaches of PDPA have been increased. The financial penalty cap which may be imposed on organizations for breaches under the PDPA has increased from the previously fixed SGD1 million, to 10% of the organization's annual turnover in Singapore for organizations with annual local turnover exceeding SGD10 million, whichever is higher. As of the date of this prospectus, key portions of the Amendment Act which are not yet in force include a requirement for organizations to transfer personal data of an individual (that is held in electronic form) to a different organization where requested by the individual (generally referred to as "data portability").

The Employment of Foreign Manpower Act 1990 provides that no person shall employ a foreign employee unless the foreign employee has a valid work pass. Work passes are issued by the Controller of Work Passes.

The Employment Act 1968 (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 (i) non-workman employee (other than a workman or a person employed in a managerial or an executive position) who receives a basic salary of up to SGD2,600 a month (excluding any other payment, supplement or allowance however described); and (ii) a workman employee (whose work involves mainly manual labour) who receives a basic salary of up to S$4,500 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 in respect of each employee who is a citizen or permanent resident of Singapore; (ii) the provision of statutory maternity, paternity, childcare and adoption leave benefits (in each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-Savings Act 2001; (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; and (iv) statutory requirements relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 and the Workplace Safety and Health Act 2006, respectively.

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**British Virgin Islands**

Regulations related to the British Virgin Islands Data Protection Act, 2021

The Data Protection Act, 2021 (the "BVI DPA") came into force in the British Virgin Islands on 9 July 2021. The BVI DPA establishes a framework of rights and duties designed to safeguard individuals' personal data, balanced against the need of public authorities, businesses and organizations to collect and use personal data for lawful purposes. The BVI DPA is centered around seven data protection principles (the General Principle, the Notice and Choice Principle, the Disclosure Principle, the Security Principle, the Retention Principle, the Data Protection Principle and the Access Principle) which require that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must not be processed without consent unless specific conditions are met and must not be transferred outside the British Virgin Islands, unless there is proof of adequate data protection safeguards or consent from the data subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where consent has been given to processing of personal data, the data subject may at any time withdraw his or her consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a data controller must inform a data subject of specific matters, for instance the purposes for which it is being collected and further processed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must not be disclosed for any purpose other than the purpose for which it was to be disclosed at the time of collection or a purpose directly related thereto or to any party other than a third party of a class previously notified to the data subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a data controller shall, when processing personal data, take practical steps to protect personal data from loss, misuse, modification, unauthorized or accidental access or disclosure, alteration or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must not be kept for longer than is necessary for the purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must be accurate, complete, not misleading and kept up to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a data subject must be given access to his or her own personal data and be able to correct that data where it is inaccurate, incomplete, misleading or not up to date, except where a request for such access or correction is refused under the BVI DPA.

The BVI DPA imposes specific obligations on data controllers, including the duty to (i) apply the data protection principles; and (ii) respond in a timely fashion to requests from data subjects in relation to their personal data.

The Information Commissioner is the regulator responsible for the proper functioning and enforcement of the BVI DPA. Offences under the BVI DPA include,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• processing sensitive personal data in contravention of the BVI DPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• willfully obstructing the Information Commissioner or an authorized officer in the conduct of his or her duties and functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• willfully disclosing personal information in contravention of the BVI DPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collecting, storing or disposing of personal information in a manner that contravenes the BVI DPA. Offences committed under the BVI DPA may result in fines (up to US$500,000 in certain cases) or imprisonment. Further, a data subject who suffers damage or distress as a result of their data being processed in contravention of the DPA may institute civil proceedings in the British Virgin Islands courts.

There is no minimum statutorily prescribed wage in Singapore. Singapore employment law also does not prescribe any mandatory annual wage supplement, bonus payments or severance payments to be provided by an employer to its employees. Any such payment to be made to an employee (including as to frequency and amount) is at the discretion of the employer. An employer and its employee are generally free to agree on a notice period for termination of employment. If the employment contract does not provide for a notice period, the employer must adhere to the minimum notice periods stipulated in the Singapore EA. The Singapore EA confers a statutory right on either party to terminate the employment relationship immediately without waiting for the expiry of the notice period by paying salary in lieu of notice.

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#### Indonesia

#### Data Privacy
Minister of Communication and Informatics' ("MOCI") Regulation No. 20 of 2016 regarding Personal Data Protection in Electronic Systems, dated November 7, 2016 ("MOCI Reg. 20/2016"), imposes certain requirements on electronic system providers to ensure the proper processing of personal data. As PT Grab Teknologi Indonesia and PT Kudo Teknologi Indonesia collects personal data of customers, partners and other third parties, these entities are also subject to MOCI Reg. 20/2016. These obligations include obtaining proper prior consent from the data subject before personal data is collected, processed, shared, accessed, disclosed, transferred or erased. In case of non-compliance with the foregoing obligations, MOCI may impose administrative sanctions, i.e., verbal warning, written warning, temporary suspension of business activities and/or announcement of noncompliance in the MOCI's online website.

Under Government Regulation No. 71 of 2019 regarding the Organization of Electronic Systems and Transactions, dated October 10, 2019 ("GR 71/2019"), electronic system providers are required to notify the personal data owner of any breach involving such owner's personal data. Failure to comply with the notification obligation under GR 71/2019 may subject the relevant electronic system provider to administrative sanctions in the form of written warnings, fines, temporary suspension of parts of or the entire components or services of an Electronic System, termination of access (such as access blocking, account closure, and/or content removal), and/or removal from the list of registered electronic system providers.

#### Regulations on Competition
Business competition and monopolistic practices in Indonesia are generally regulated under Law No. 5 of 1999 regarding Prohibition of Monopolistic Practices and Unfair Competition, dated March 5, 1999, as amended by the Omnibus Law (the "Competition Law as amended"). Pursuant to the Competition Law as amended, business actors in Indonesia are prohibited from, among other things, (i) entering into anti-competitive agreements or engaging in conduct that results in oligopoly and/or oligopsony, price-fixing and resale price maintenance, market allocations, boycotts, vertical integration or closed agreements; (ii) engaging in actions such as monopoly, monopsony or market control; and (iii) abusing dominant positions. There are two types of standards of proof recognized under the Competition Law, depending on the provision thereof, namely the "rule of reason" and "illegal per se." The "rule of reason" requires the assessment of the anti-competitive effects of the business activity, while "illegal per se" provides that a violation exists insofar as all elements provided under the Competition Law are met.

The Business Competition Supervisory Commission (*Komisi Pengawas Persaingan Usaha* ("KPPU")) has the authority to supervise the implementation of the Competition Law. The KPPU is an independent institution that reports to the President of the Republic of Indonesia. Further, transactions that meet certain thresholds set forth in the Competition Law and KPPU regulations must be reported post factum to the KPPU within 30 business days of the date the transaction is legally effective. The KPPU has the authority to substantively review whether the transaction is in violation of the Competition Law, which may then be subjected to certain structural and/or behavioral remedies.

Pursuant to the Competition Law, and as further elaborated by Government Regulation No. 44 of 2021 regarding Implementation of Prohibition of Monopolistic Practices and Unfair Competition, dated February 2, 2021, non-compliance with the Competition Law could subject the offending party to administrative sanctions imposed by the KPPU. These administrative sanctions are annulment of the relevant agreement, order of cessation of the prohibited action, unwinding of the relevant transaction, payment of compensation, and administrative fine. The administrative fine is a minimum of IDR1 billion (approximately $69,000) and a maximum of (i) 50% of the net profit received by the perpetrator in the relevant market during the period in which the non-compliance persists, (ii) 10% of the total sales in the relevant market during the period in which the non-compliance persists or (iii) IDR25 billion (approximately $1.7 million), which applies only for failure to report a notifiable transaction to the KPPU in a timely manner.

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#### Malaysia

#### Regulation on Data Protection

#### Personal Data Protection Act 2010 of Malaysia ("Malaysia PDPA")
The Malaysia PDPA governs the processing of personal data in commercial transactions in Malaysia to protect personal data of common interest and to ensure information security, network reliability and integrity and is enforced by the Personal Data Protection Commissioner.

The Malaysia PDPA enunciates 7 fundamental principles of data protection (the General Principle, the Notice and Choice Principle, the Disclosure Principle, the Security Principle, the Retention Principle, the Data Integrity Principle and the Access Principle) which data users are required to adhere to during the processing of personal data within Malaysia. The overarching principle in the Malaysia PDPA (as expounded under the General Principle) provides that a data user is prohibited from processing a data subject's personal data without his/her consent, unless such processing is necessary for, among others, the performance of a contract to which the data subject is the party. Such principles are applicable to persons (i.e. data users) who engage in the processing of personal data, whether independently or jointly with others, and possess the authority to control or authorize the said processing (with the exception of processors).

Non-compliance by a data user of any of the fundamental principles constitutes an offense under the Malaysia PDPA and in the event of conviction, the data user is liable to a fine not exceeding RM300,000 (approximately $65,000) or imprisonment for a term not exceeding two (2) years or both. Non-compliance of other provisions of the Malaysian PDPA may also lead to other financial penalties, imprisonment terms or both. The Malaysian Personal Data Protection Commissioner also has broad powers to order the data user to comply with the provisions of the Malaysia PDPA.

*Transferring of personal data to places outside Malaysia*

A data user is prohibited from transferring any personal data of a data subject to a location outside of Malaysia, unless it falls under any of the exceptions outlined in Section 129(3) of the Malaysian PDPA, including where the data subject has provided his/her consent to the transfer.

Non-compliance with Section 129 of the Malaysia PDPA constitutes an offense. In the event of conviction, the data user may be subject to a fine not exceeding RM300,000 (approximately $65,000) or imprisonment for a period not exceeding two (2) years, or both.

#### General Code of Practice of Personal Data Protection ("Malaysia PDPA Code")
The Malaysia PDPA Code sets out the best practices for a data user to assist the data user in meeting the requirements under the Malaysia PDPA when undertaking a commercial transaction.

Section 29 of the Malaysia PDPA provides that the Malaysia PDPA Code carries the force of law. Non-compliance of the Malaysia PDPA Code constitutes an offence and can lead up to a fine of up RM100,000 (approximately $22,000), imprisonment for a maximum term of 1 year, or both.

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#### MANAGEMENT
Set forth below is information concerning our directors, executive officers and other key employees.

The following individuals are members of the Board and executive management of the Registrant.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Hao Feng Ng | 42 | Chairman of the Board and Director |
|  Ziyang Long | 37 | Chief Executive Officer and Director |
|  Chak Ming Wong | 37 | Chief Financial Officer |
|  Jeffrey Stagg | 63 | Independent Director Nominee\* |
|  Siu Wan Lo | 34 | Independent Director Nominee\* |
|  Chun Yu Tso | 38 | Independent Director Nominee\* |

---

____________

\* Each director nominee has indicated his/her assent to occupy such position upon the effectiveness of the registration statement of which this prospectus forms a part.

The following is a brief biography of each of our executive officers and directors.

#### Hao Feng Ng
Mr. Ng has served as a director and the Chairman of the Board of the Company since December 12, 2024. Mr. Ng was an IT manager of Hanson Motors Management Limited from 2021 to 2024, where he was responsible for the overall IT systems of the company including maintenance, sourcing software, and hardware solutions, along with negotiating terms and executing contracts with external vendors. Prior to that, Mr. Ng was a director at Black Wood Production from 2013 to 2024, where he was responsible for business development in marketing, advertising, and printing, including the identification and evaluation of business opportunities. Mr. Ng has acquired a professional vocation certificate in B.C.C in Computerized Pre-Pressed Techniques in 2001.

#### Ziyang Long
Mr. Long has served as the Chief Executive Officer ("CEO") of the Company since December 2021 and became a director of our Company on December 12, 2024. From December 2021 to June 2022, Mr. Long also served as the interim Chief Financial Officer ("CFO") of the Company. Mr. Long joined RP Singapore in September 2020 and has acted as the CEO of RP Singapore since then. He has extensive experiences in entrepreneur management, accounting, and financial reporting in different industries, including food and beverages, blockchain, and education technology. He has served as the finance manager of RP Singapore from September 2020 to present. Prior to that, he was the director and the owner of Accouncity Pte. Ltd., responsible for the operation and overseeing the outsourcing of the accounting and book-keeping business of such company. From 2018 to 2021, he served on the board of directors of FRV Solutions Pte. Ltd. Mr. Long obtained his bachelor's degree of Science (Hon) in Accounting and Finance from London School of Economics and Political Science in 2013.

#### Chak Ming Wong
Mr. Wong was appointed as the Chief Financial Controller of our company on February 1, 2025. Mr. Wong is a member of the Hong Kong Institute of Certified Public Accountants. He has served as the finance manager at iDDY.AI since August 2016, leading the financial operation and risk management at this company. Prior to that, Mr. Wong worked at Sequoia Capital as the finance manager from May 2015 to August 2016, and at Wells Fargo Bank as finance manager from March 2012 to February 2015. He embarked on his professional journey as an auditor at KPMG Hong Kong, starting from February 2019 to January 2012. Mr. Wong's career is distinguished by his adept skill in navigating the financial landscapes of diverse sectors, proving him to be a valuable leader in corporate finance. Mr. Wong earned his Bachelor of Business Administration with Honors in Accountancy from Hong Kong Polytechnic University in 2009. He also obtained his Master of Business Administration from the university of Hong Kong in 2016.

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#### Jeffrey Stagg
Mr. Stagg will become an independent director of our company upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Stagg has more than 20 years of experience in IT and telecommunication. Currently, Mr. Stagg servers as the CEO and president of S&S Equipment Holdings, Inc., a company engaged in the equipment, offshore and onshore Oil & Gas business, industrial marine, and Petroleum trading fields. Prior to that, he was a sales director at Hydrasat LLC, a firm that specializes in helping clients optimize their IT from April 2012 to July 2020. Mr. Stagg earned his bachelor's degree of Science in Electrical Engineering from University of Louisiana.

#### Siu Wan Lo
Ms. Lo will become an independent director of our Company upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Lo has vast experience in supervising dealings in securities, asset management and providing investment advice. Presently, Ms. Lo is a Responsible Officer at Sunhigh Financial Holdings Limited, I Win Securities Limited and I Win Asset Management Limited, where she is engaged in supervising and monitoring the dealings in securities, handling the subscription and redemption of assets and managing daily operations. Prior to that, Ms. Lo was an Responsible Officer (from August 2022 to March 2025) and Responsible Officer (from March 2019 to August 2022) at I Win Security Limited and Bluemount Securities Limited and Bluemount Asset Management Limited respectively, where she was responsible for supervising the dealings in securities, managing investment accounts, monitoring day-to-day trading activities, and offering investment advisory services. Ms. Lo was an Account Manager at Central Wealth Securities Investment Limited and Central Wealth Futures Limited from October 2016 to March 2019, where she was engaged in supervising investment accounts to ensure legal compliance, assisting the investigation of trading discrepancies and making margin calls. Ms. Lo obtained a Bachelor of Arts degree in Marketing and Public Relations from the Hong Kong Polytechnic University — School of Professional Education and Executive Development in 2012, and an associate degree in Marketing from the Hong Kong Polytechnic University — Hong Kong Community College in 2010.

#### Chun Yu Tso
Mr. Tso will become an independent director of our company upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Tso is a member of the Hong Kong Institute of Certified Public Accountants. He has acted as the finance manager of Hip Hing Loong Stage Engineering Co. Ltd since May 2016, overseeing the operation of the finance department. Prior to this, Mr. Tso worked as an auditor at KPMG Hong Kong for six years. He has extensive experience in financial accounting, auditing, taxation, company secretarial matter and corporate finance, especially in mergers, acquisitions and corporate restructuring. Mr. Tso earned his Bachelor of Business Administration with Honors in Accountancy from Hong Kong Polytechnic University in 2010.

#### Family Relationships
None of the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

#### 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 of Directors
Our board of directors consists of two directors as of the date of this prospectus, and will consist of five directors upon the effectiveness of the registration statement of which this prospectus forms a part.

#### Duties of Directors
Under British Virgin Islands law, our directors owe fiduciary duties both at common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, our directors also have a duty to exercise the care, diligence and skills that a reasonable director would exercise in comparable circumstances, taking into account without limitation the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting

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in a manner that contravenes our memorandum and articles of association or the BVI Act. *See "Description of Share Capital — Differences in Corporate Law" for additional information on our directors' fiduciary duties under British Virgin Islands law.* In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association. We have the right to seek damages if a duty owed by our directors is breached.

The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorizing the payment of donations to religious, charitable, public, or other bodies, clubs, funds, or associations as deemed advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of the company and mortgaging the property of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing checks, promissory notes, and other negotiable instruments on behalf of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining or registering a register of mortgages, charges, or other encumbrances of the company.

#### Terms of Directors and Executive Officers
Each of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such director holds office until the next following annual meeting of shareholders at which time such director is eligible for re-election. All of our executive officers are appointed by and serve at the discretion of our board of directors.

#### Qualification
There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.

#### Executive Compensation
For the year ended June 30, 2024, the aggregate cash compensation accrued for the Company's executive officers as a group was nil. The compensation to Mr. Ziyang Long for the period starting on July 1, 2023 is being deferred to be paid on the first month following the closing of this offering. The Company does not separately set aside any amounts for pensions, retirement or other benefits for our executive officers, other than pursuant to relevant statutory requirements.

#### Employment Agreements with Named Executive Officers
We will enter into employment agreements with each of our executive officers prior to the effective date of the registration statement of which this prospectus forms a part, the form which is filed as Exhibit 10.3 to the registration statement of which this prospectus forms a part.

On December 1, 2021, we entered into an employment agreement with Mr. Ziyang Long, who acts as our CEO. Pursuant to such agreement, he shall receive a monthly base salary of SGD 1,400, and is also eligible for bonus, benefits and reasonable expenses reimbursement. Under the employment agreement, Mr. Long works as our CEO and the term is annual basis, which automatically renews for additional one-year terms unless either party provides a written notice one (1) month prior to the termination date, or otherwise proposes to renegotiate the terms of the employment with the other party within three (3) months prior to the expiration of the applicable term. We can also terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or grossly negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties.

#### Compensation of Directors
For the fiscal year ended June 30, 2024, we have not paid cash compensation to our directors for their services as directors of the Company. However, our subsidiary, RP Singapore, paid cash compensation of SGD 300,000 (approximately US$221,369.53) to its directors for their respective services rendered to the subsidiary.

We will enter into letter agreements with each of our directors prior to the effective date of the registration statement of which this prospectus forms a part, the form which is filed as Exhibit 10.4 to the registration statement. Under these agreements, we will agree to indemnify our directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director of our company.

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#### Committees of the Board of Directors
Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate governance committee. We will adopt a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee.* Our audit committee will consist of Mr. Jeffrey Stagg, Ms. Siu Wan Lo, and Mr. Chun Yu Tso upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Chun Yu Tso will be the chairman of our audit committee. We have determined that Mr. Jeffrey Stagg, Ms. Siu Wan Lo, and Mr. Chun Yu Tso qualify as independent directors as defined in Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Our board also has determined that Chun Yu Tso qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the rules of Nasdaq. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

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

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

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

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

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

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

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

*Compensation Committee.* Our compensation committee will consist of Mr. Jeffrey Stagg, Ms. Siu Wan Lo, and Mr. Chun Yu Tso upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Jeffrey Stagg will be the chairman of our compensation committee. We have determined that Mr. Jeffrey Stagg, Ms. Siu Wan Lo, and Mr. Chun Yu Tso qualify as independent directors as defined in Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board with respect to the total compensation package for our most senior executive officers;

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

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

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

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

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

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee consists of Mr. Jeffrey Stagg, Ms. Siu Wan Lo, and Mr. Chun Yu Tso upon the effectiveness of the registration statement of which this prospectus forms a part. Ms. Siu Wan Lo will be the chairperson of our nominating and corporate governance committee. Mr. Jeffrey Stagg, Ms. Siu Wan Lo, and Mr. Chun Yu Tso qualify as independent directors as

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defined in Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

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

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

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

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

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

#### Code of Business Conduct and Ethics
Our board of directors will adopt a code of business conduct and ethics, which is applicable to all of our directors, officers and employees. We will post our code of business conduct and ethics publicly available on our website.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our ordinary shares as of the date of this prospectus, and as adjusted to reflect the sale of the Class A Ordinary Shares offered in this offering for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our director, director nominees and executive officers who beneficially own our ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to own beneficially more than 5% of our Class A Ordinary Shares or Class B Ordinary Shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all ordinary shares shown as beneficially owned by them. For the purpose of voting power, each Class A Ordinary Share entitles the holder to one vote and each Class B Ordinary Share entitles the holder to ten (10) votes on any matter or which action of the shareholders of our Company is sought. Holders of Class B Ordinary Shares will vote together with holders of Class A Ordinary Shares as one class. Percentage of beneficial ownership of each listed person prior to this offering is based on 16,000,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares outstanding as of the date of this prospectus. Percentage of beneficial ownership of each listed person after this offering is based on [•] Class A Ordinary Shares and 100,000 Class B Ordinary Shares outstanding immediately after the completion of this offering.

Information with respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of 5% or more of our Class A Ordinary Shares or Class B Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that any such person have voting or investment power with respect to securities. In computing the number of ordinary shares beneficially owned by a person listed below and the percentage ownership of such person, ordinary shares underlying options, warrants, or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Beneficially Owned <br>Prior to this Offering** | **Ordinary Shares Beneficially Owned <br>Prior to this Offering** | **Ordinary Shares Beneficially Owned <br>Prior to this Offering** | **Ordinary Shares Beneficially Owned <br>Prior to this Offering** | **Ordinary Shares Beneficially Owned <br>After this Offering** | **Ordinary Shares Beneficially Owned <br>After this Offering** | **Ordinary Shares Beneficially Owned <br>After this Offering** |
|  | **Total <br>Class A <br>Ordinary <br>Shares** | **Total <br>Class B <br>Ordinary <br>Shares** | **Percentage <br>of Total <br>Ordinary <br>Shares** | **Percentage <br>of Votes <br>Held <br>Prior to <br>this <br>Offering** | **Class A <br>Ordinary <br>Shares** | **Class B <br>Ordinary <br>Shares** | **Percentage <br>of Votes <br>Held <br>After this <br>Offering** |
|  **Directors and Executive Officers\*** |  |  |  |  |  |  |  |
|  Hao Feng Ng<sup>(1)</sup> | 10320967 | 100000 | 64.73% | 66.59% | 10113267<br><sup>(2)</sup> | 100000 | [•]% |
|  Ziyang Long |  |  |  |  |  |  |  |
|  Chak Ming Wong |  |  |  |  |  |  |  |
|  Jeffrey Stagg |  |  |  |  |  |  |  |
|  Siu Wan Lo |  |  |  |  |  |  |  |
|  Chun Yu Tso |  |  |  |  |  |  |  |
|  **All directors and executive officers as a group:** | 10320967 | 100000 | 64.73% | 66.59% | 10113267 | 100000 | [•]% |
|  **5% Shareholders:** |  |  |  |  |  |  |  |
|  True Sage<sup>(1)</sup> | 10320967 | 100000 | 64.73% | 66.59% | 10113267<br><sup>(2)</sup> | 100000 | [•]% |
|  Breydales Limited<sup>(3)</sup> | 1160000 |  | 7.20% | 6.82% | 1160000 |  | [•]% |

---

____________

\* Unless otherwise indicated, the business address of each of the individuals is #04-09 Techplace II, 5008 Ang Mo Kio Ave 5, Singapore 569874.

(1) True Sage is a British Virgin Islands business company wholly owned by Mr. Hao Feng Ng, our Chairman. Its registered address is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Its business address is Flat B, 2/F., Block 3 Provident Centre, 25 Wharf Road, North Point, Hong Kong. It holds 10,320,967 Class A Ordinary Shares and 100,000 Class B Ordinary Shares as of the date of this prospectus. Each Class B Ordinary Share is entitled to ten (10) votes on any matter on which action of the shareholders of the Company is sought.

(2) True Sage will sell 207,700 Class A Ordinary Shares through the Underwriter pursuant to this prospectus.

(3) These shares are held by Breydales Limited, a British Virgin Islands business company 100% owned by its sole shareholder, Ching Shyang Koh. Its registered address is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110, British Virgin Islands.

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#### SELLING SHAREHOLDERS
The following table sets forth the name of the Selling Shareholders, the number of Class A Ordinary Shares owned by them immediately prior to the date of this prospectus and the number of Class A Ordinary Shares to be offered by them pursuant to this prospectus. The table also provides information regarding the beneficial ownership of our Class A Ordinary Shares by the Selling Shareholders as adjusted to reflect the assumed sale of all of the shares offered under this prospectus.

Percentage of beneficial ownership before this offering is based on 16,000,000 Class A Ordinary Shares outstanding as of the date of this prospectus. Beneficial ownership is based on information furnished by the Selling Shareholders. Unless otherwise indicated and subject to community property laws where applicable, the Selling Shareholders named in the following table have, to our knowledge, sole voting and investment power with respect to the shares beneficially owned by them. Except as disclosed in the footnotes below, none of the Selling Shareholders or any natural person that controls any of the Selling Shareholders, have had a material relationship with the Company or any of its predecessors or affiliates within the past three years.

The Selling Shareholders are not a broker dealer or an affiliate of a broker dealer. The Selling Shareholders are going to enter into an underwriting agreement with us and the Underwriter for the sale of an aggregate of 500,000 Class A Ordinary Shares. The table below assumes that the Selling Shareholders will sell all of the Class A Ordinary Shares offered for sale stated to be sold.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Selling Shareholders** | **Class A <br>Ordinary <br>Shares <br>Beneficially <br>Owned Prior <br>to Offering** | **Maximum <br>Number of <br>Class A <br>Ordinary <br>Shares to <br>be Sold <br>Pursuant <br>to the <br>Public <br>Offering <br>Prospectus** | **Number of <br>Class A <br>Shares <br>owned After <br>Offering** | **Percentage <br>Ownership of <br>Class A <br>Ordinary <br>Shares <br>After <br>Offering** |
|  True Sage<sup>(1)</sup> | 10320967 | 207700 | 10113267 | [•]% |
|  Sai Bin Loi<sup>(2)</sup> | 37500 | 37500 | 0 | 0.00% |
|  Chun Yin Yu<sup>(3)</sup> | 85000 | 85000 | 0 | 0.00% |
|  Wai Shan Frances Waung<sup>(4)</sup> | 41600 | 41600 | 0 | 0.00% |
|  Hon Kei Yeung<sup>(5)</sup> | 128200 | 128200 | 0 | 0.00% |

---

Based on 16,000,000 Class A Ordinary Shares issued and outstanding immediately prior to the offering and based on [•] Class A Ordinary Shares to be issued and outstanding immediately after the offering.

____________

(1) True Sage is a British Virgin Islands business company wholly owned by Mr. Hao Feng Ng, our Chairman. Its business address is Flat B, 2/F., Block 3 Provident Centre, 25 Wharf Road, North Point, Hong Kong.

(2) Sai Bin Loi was the major shareholder of our Company and our former Chairman. His address is 53 Pipit Road, #06-92, Singapore.

(3) Chun Yin Yu's address is Flat A, 18/F, Block 22, Double Cove Starview Prime, 8 Wu Kai Sha Road, Double Cove Phase 3, Ma On Shan, New Territories, Hong Kong.

(4) Wai Shan Frances Waung's address is 5-119 Kadooria, 111-133 Kadoorie Avenue, Ho Man Tin, Kowloon, Hong Kong.

(5) Hon Kei Yeung's address is Flat F, 31/F, Block 3, New Haven, Tsuen Wan, New Territories, Hong Kong.

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#### RELATED PARTY TRANSACTIONS

#### Material Transactions with Related Parties
The relationship and the nature of related party transactions as of the date of this prospectus, as of December 31 2024, and for the three years ended June 30, 2024, 2023, and 2022 are summarized as follows:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship with Us** |
|  Ad Navitas | Owned by Mr. Sai Bin Loi, our former controlling shareholder |
|  Consap Pte Ltd. ("Consap") | Controlled by Mr. Chee Wai Chan, our former COO |
|  Republic SC Pte Ltd. | Owned by Mr. Sai Bin Loi and Mr. Loi's daughter |
|  Mr. Wee Chong Loi | Son of Mr. Sai Bin Loi |

---

*a. Short*-term *and long*-term *deposits to a related party*

The Company entered into a service agreement with Ad Navitas. Ad Navitas agreed to assist the Company to provide software development projects. Per terms set forth in the agreement, the Company agreed and has maintained a minimum security amount of SGD 1,000,000 as a long-term deposit to Ad Navitas since February 11, 2019. As of the date of this prospectus, December 31, 2024, June 30, 2024, 2023 and 2022, long-term deposits to related party was SGD 920,000, SGD 920,000 (USD 673,401), SGD 920,000 SGD 1,000,000 and SGD 1,000,000 respectively.

*b. Deposit paid to a related party for acquisition of subsidiary*

On December 1, 2020, RP Singapore entered into an acquisition agreement with Consap, to acquire the 100% equity interest in Consap, a limited company incorporated in Singapore, for total cash consideration of USD 2,400,000 (equivalent to SGD 3,216,960).

A deposit of USD 1,400,000 (equivalent to SGD 1,856,171) was paid to Consap on June 30, 2021. The remaining consideration of USD 1,000,000 was paid by RP Singapore to Consap on December 31, 2022, if certain conditions were met. Pursuant to the acquisition agreement, in case the aforesaid acquisition is not completed, the deposits was fully refundable to RP Singapore. This agreement has been superseded by a new addendum mentioned below.

The acquisition had not been completed and the remaining consideration of USD 1,000,000 was not paid by RP Singapore to Consap on December 31, 2022. The completion is contingent and subject to certain conditions, including target sales performance, set out in the acquisition agreement. The acquisition was conditional upon Consap entering into one or more definitive sales agreements, with clients approved by RP Singapore, for total contracts value of not less than USD 2,000,000 on or before November 30, 2022.

On March 31, 2024, an addendum to the acquisition agreement was signed. Pursuant to the addendum, Consap should enter into one or more definitive sales agreements with client approved by RP Singapore, for a total contract value of not less than USD2,000,000 on or before November 30, 2025. The expected completion date will be within 30 days from the date of fulfilment of the condition precedents or March 31, 2026, whichever is earlier, the remaining of consideration of USD 1,000,000 will be paid by RP Singapore to Consap on the completion date. In the event that Consap fails to secure enough sales agreement for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025. As of date of this prospectus, December 31, 2024, June 30, 2024, 2023 and 2022, deposit paid to a related party for acquisition of subsidiary amounted to SGD 1,856,171, SGD 1,856,171 (USD1,358,638), SGD 1,856,171 SGD 1,856,171, and SGD 1,856,171, respectively.

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*c. Loans from related parties*

The Company borrowed SGD 59,042 from Mr. Sai Bin Loi on June 11, 2021 for operational purposes. This loan was interest-free and with no collateral. The amount was settled in cash on November 30, 2021.

On June 15, 2022, the Company had unsecured loan with annual interest of 6% from Republic SC Pte Ltd., which is co-owned by the Company's former shareholder and sole director, Mr. Sai Bin Loi, and his daughter, amounted to SGD 65,000 as of June 30, 2022. This loan was fully paid in October 2022.

On October 10, 2022, the Company had another unsecured loan with annual interest of 6% from Republic SC Pte Ltd, amounted to SGD 50,000. This loan was fully paid in January 2023.

As of date of this prospectus, June 30, 2024, 2023 and 2022, the loans from related parties amounted to nil, nil, nil and SGD 65,000, respectively.

*d. Service agreements with related parties*

Company's Vendors

The Company has entered into a service agreement with Mr. Wee Chong Loi, who agreed to provide IT advisory services to assist in the Company's software development projects, with a term from April 1, 2020 to December 31, 2021. For the six month ended December 31, 2024, and for the years ended June 30, 2024, 2023 and 2022, the Company paid service fee of nil, nil, nil and SGD 48,021 to Mr. Wee Chong Loi, respectively.

Company's Clients

Since July 1, 2020, the Company had entered into multiple service agreements with Consap to assist Consap in several software development projects. As of the date of this prospectus, the Company has received an aggregate of SGD 220,000 from Consap for the services the Company provided. For the years ended June 30, 2024, 2023 and 2022, Consap paid to the Company in consideration of nil, nil and SGD 130,000 respectively.

On December 6, 2022, the Company entered into a service agreement with Republic SC Pte Ltd., to provide consulting services to Republic SC Pte Ltd. for a software development project. For the year ended June 30, 2023, the project was completed and Republic SC Pte Ltd. paid to the Company in consideration SGD 5,500. For the six month ended December 31, 2024 and the years ended June 30, 2024, 2023 and 2022, Republic SC Pte Ltd. paid to the Company in consideration of nil, nil, SGD 5,500 and nil respectively.

#### Employment Agreements
*See "Management — Employment Agreements with Named Executive Officers."*

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#### DESCRIPTION OF SHARE CAPITAL
We are a British Virgin Islands business company with limited liability and our affairs are governed by our Memorandum and Articles of Association, the BVI Act, the common law of the British Virgin Islands, our corporate government documents and the rules and regulations of the stock exchange on which our Class A Ordinary Shares (after the completion of this Offering, our Class A Ordinary Shares) are traded.

As of the date of this prospectus, we are authorized to issue an unlimited number of shares with a par value of US$0.000625 each comprising of (a) an unlimited number of Class A Shares with a par value of US$0.000625 each, and (b) 50,000,000 Class B Ordinary Shares with a par value of US$0.000625 each. As of the date of this prospectus, 16,000,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares are issued and outstanding.

Immediately prior to the completion of this offering, we have 16,000,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares issued and outstanding. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

#### Ordinary Shares
All of our issued and outstanding Class A Ordinary Shares are fully paid and non-assessable. Certificates evidencing the shares are issued in registered form. There are no limitations imposed by our 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 memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed. Under the BVI Act, the Class A Ordinary Shares are deemed to be issued when the name of the shareholder is entered in our register of members. If (a) information that is required to be entered in the register of members is omitted from the register or is inaccurately entered in the register, or (b) there is unreasonable delay in entering information in the register, a shareholder of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands Courts for an order that the register be rectified, and the court may either refuse the application or order the rectification of the register, and may direct the company to pay all costs of the application and any damages the applicant may have sustained.

Our Company is authorized to issue unlimited ordinary shares, par value US$0.000625 per share. Subject to the provisions of the BVI Act and our articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. Such authority could be exercised by the directors to allot shares which carry rights and privileges that are preferential to the rights attaching to Class A Ordinary Shares. No share may be issued at a discount except in accordance with the provisions of the BVI Act. 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.

*Share Rights.*

Our Class A Ordinary Shares and Class B Ordinary Shares rank *pari passu* with one another other than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As regards conversion, a holder of Class B Ordinary Shares shall have the conversion right in respect of each Class B Ordinary Share. For the avoidance of doubt, a holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances. Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into one fully paid Class A Ordinary Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As regards voting rights holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with the Articles), vote together as one class on all matters submitted to a vote for members' consent. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As regards transfer upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any person or entity which is not an Affiliate of such holder (as defined in the articles of association), such Class B Ordinary Shares validly transferred to the new holder shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As regards dividends each Class A Ordinary Share be entitled to such dividends as the Board may from time to time declare. Each Class B Ordinary Share shall not be entitled to any dividends or distributions be entitled to such dividends as the Board may from time to time declare.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganization or otherwise or upon any distribution of capital, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to the surplus assets of the Company on a pari passu basis.

We have applied to list the Class A Ordinary Shares on Nasdaq under the symbol "RPGL."

**Transfer Agent and Registrar**

The transfer agent and registrar for the Class A Ordinary Shares is Transhare Corporation with offices located at Bayside Center 1, 17755 North US Highway 19, Suite No. 140, Clearwater, FL 33764.

#### Dividends
Shareholders holding Class A Ordinary Shares in the Company are entitled to receive such dividends as may be declared by our board of directors subject to the BVI Act and our memorandum and articles of association. Class B Ordinary Shares shall not be entitled to any dividends or distributions be entitled to such dividends as the Board may from time to time declare.

#### Voting Rights
Subject to any rights or restrictions as to voting attached to any shares, unless any share carries special voting rights. On a poll, every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each share of which he or the person represented by proxy is the holder. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

#### Calls on Shares and Forfeiture
Subject to the terms of allotment, the directors may make calls on the shareholders in respect of any monies unpaid on their shares including any premium and each shareholder shall (subject to receiving at least 14 clear days' notice specifying when and where payment is to be made), pay to us the amount called on his shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or if no rate is fixed, at the rate of ten percent per annum. The directors may waive payment of the interest wholly or in part.

We have a first and paramount lien on all shares (whether fully paid up or not) registered in the name of a shareholder (whether solely or jointly with others). The lien is for all monies payable to us by the shareholder or the shareholder's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

At any time, the directors may declare any share to be wholly or partly exempt from the lien on shares provisions of the articles.

We may sell in such manner as the directors may determine, any share on which the sum in respect of which the lien exists is presently payable, if due notice that such sum is payable has been given (as prescribed by the articles) and, within 14 days of the date on which the notice is deemed to be given under the articles, such notice has not been complied with.

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#### Variation of Rights of Shares
Subject to the BVI Act, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, be varied or modified with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class.

Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.

#### Redemption and Purchase of Own Shares
Subject to the provisions of the BVI Act, we may issue shares on terms that are subject to redemption, at our option or at the option of the holders, on such terms and in such manner as may be determined by our memorandum and articles of association and subject to any applicable requirements imposed from time to time by, the BVI Act, the SEC, or by any recognized stock exchange on which our securities are listed.

#### Inspection of Books and Records
Under the BVI Act, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available at the office of the Registrar of Corporate Affairs which will include the company's certificate of incorporation, its memorandum and articles of association (with any amendments) and records of license fees paid to date and will also disclose any articles of dissolution, articles of merger and a register of charges if the company has elected to file such a register.

#### General Meetings
Under our memorandum and articles of association, a copy of the notice of any meeting of shareholders shall be given not less than 7 days before the date of the proposed meeting to those persons whose names appear as shareholders in the register of members on the date of the notice and are entitled to vote at the meeting. Our board of directors shall call a meeting of shareholders upon the written request of shareholders holding at least 30% of our outstanding voting shares. In addition, our board of directors may call a meeting of shareholders on its own motion. A meeting of shareholders may be called on short notice if at least 90% of the shares entitled to vote on the matters to be considered at the meeting have agreed to short notice of the meeting, or if all members holding shares entitled to vote on all or any matters to be considered at the meeting have waived notice and presence at the meeting shall be deemed to constitute waiver for this purpose.

At any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than 50 percent of the shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if shareholders representing not less than one-third of the votes of the common shares or each class of shares entitled to vote on the matters to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. If not, the meeting will be dissolved. No business may be transacted at any meeting of shareholders unless a quorum is present at the commencement of business. If present, the chair of our board of directors shall be the chair presiding at any meeting of the shareholders. If the chair of our board is not present then the members present shall choose a shareholder to act to chair the meeting of the shareholders. If the shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting shares present in present of by proxy shall preside as chairman, failing which the oldest individual member or member representative shall take the chair.

A corporation that is a shareholder shall be deemed for the purpose of our memorandum and articles of association to be present in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

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#### Directors
There is nothing under British Virgin law which specifically prohibits or restricts the creation of cumulative voting rights for the election of our directors. Our memorandum and articles of association do not provide for cumulative voting for elections of directors.

#### Liquidation Rights
As permitted by the BVI Act and our memorandum and articles of association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors and resolution of shareholders if our assets exceed our liabilities and we are able to pay our debts as they fall due. We also may be wound up in circumstances where we are insolvent in accordance with the terms of the BVI Insolvency Act (Law Revision 2020).

If we wound up and the assets available for distribution among our shareholders are more than sufficient to repay all amounts paid to us on account of the issue of shares immediately prior to the winding up, the excess shall be distributable pari passu among those shareholders in proportion to the amount paid up immediately prior to the winding up on the shares held by them, respectively. If we are wound up and the assets available for distribution among the shareholders as such are insufficient to repay the whole of the amounts paid to us on account of the issue of shares, those assets shall be distributed so that, to the greatest extent possible, the losses shall be borne by the shareholders in proportion to the amounts paid up immediately prior to the winding up on the shares held by them, respectively. If we are wound up, the liquidator appointed by us may, in accordance with the BVI Act, divide among our shareholders in specie or kind the whole or any part of our assets (whether they shall consist of property of the same kind or not) and may, for such purpose, set such value as the liquidator deems fair upon any property to be divided and may determine how such division shall be carried out as between the shareholders or different classes of shareholders.

#### Differences in Corporate Law
The BVI Act and the laws of the British Virgin Islands affecting British Virgin Islands companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the British Virgin Islands applicable to us and the laws applicable to companies incorporated under the Delaware General Corporation Law in the United States and their shareholders.

*Mergers and Similar Arrangements*

Under the laws of the British Virgin Islands, two or more companies may merge or consolidate in accordance with Section 170 of the BVI Act. A merger means the merging of two or more constituent companies into one of the constituent companies (the "surviving company") and a consolidation means the uniting of two or more constituent companies into a new company (the "consolidated company"). The procedure for a merger or consolidation between the company and another company (which need not be a British Virgin Islands company, and which may be the company's parent or subsidiary, but need not be) is set out in the BVI Act. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation, which with the exception of a merger between a parent company and its subsidiary, must also be approved by a resolution of a majority of the shareholders voting at a quorate meeting of shareholders or by written resolution of the shareholders of the British Virgin Islands company or British Virgin Islands companies which are to merge. While a director may vote on the plan of merger or consolidation, or any other matter, even if he has a financial interest in the plan, the interested director must disclose the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the company. A transaction entered into by our company in respect of which a director is interested (including a merger or consolidation) is voidable by us unless the director's interest was (a) disclosed to the board prior to the transaction or (b) the transaction is (i) between the director and the company and (ii) the transaction is in the ordinary course of the company's business and on usual terms and conditions. Notwithstanding the above, a transaction entered into by the company is not voidable if the material facts of the interest are known to the shareholders and they approve or ratify it or the company received fair value for the transaction. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting to approve the plan of merger or consolidation. A foreign company which is able under the laws of its foreign jurisdiction to participate in the merger or consolidation is required by the BVI Act to comply with the laws of that foreign jurisdiction in relation to the merger or consolidation. The shareholders of the

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constituent companies are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series must receive the same kind of consideration. After the plan of merger or consolidation has been approved by the directors and authorized, if required, by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the Registrar of Corporate Affairs in the British Virgin Islands. The merger is effective on the date that the articles of merger are registered with the Registrar or on such subsequent date, not exceeding thirty days, as is stated in the articles of merger or consolidation.

As soon as a merger becomes effective: (a) the surviving company or consolidated company (so far as is consistent with its memorandum and articles of association, as amended or established by the articles of merger or consolidation) has all rights, privileges, immunities, powers, objects and purposes of each of the constituent companies; (b) in the case of a merger, the memorandum and articles of association of any surviving company are automatically amended to the extent, if any, that changes to its memorandum and articles of association are contained in the articles of merger or, in the case of a consolidation, the memorandum and articles of association filed with the articles of consolidation are the memorandum and articles of the consolidated company; (c) assets of every description, including choses-in-action and the business of each of the constituent companies, immediately vest in the surviving company or consolidated company; (d) the surviving company or consolidated company is liable for all claims, debts, liabilities and obligations of each of the constituent companies; (e) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against a constituent company or against any member, director, officer or agent thereof, is released or impaired by the merger or consolidation; and (f) no proceedings, whether civil or criminal, pending at the time of a merger by or against a constituent company, or against any member, director, officer or agent thereof, are abated or discontinued by the merger or consolidation; but: (i) the proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or consolidated company or against the member, director, officer or agent thereof; as the case may be; or (ii) the surviving company or consolidated company may be substituted in the proceedings for a constituent company. The Registrar of Corporate Affairs shall strike off the register of companies each constituent company that is not the surviving company in the case of a merger and all constituent companies in the case of a consolidation. If the directors determine it to be in the best interests of the company, it is also possible for a merger to be approved as a Court approved plan of arrangement or scheme of arrangement in accordance with the BVI Act.

A shareholder may dissent from (a) a merger if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (b) a consolidation if the company is a constituent company; (c) any sale, transfer, lease, exchange or other disposition of more than 50 per cent in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including: (i) a disposition pursuant to an order of the court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; (d) a compulsory redemption of 10 per cent, or fewer of the issued shares of the company required by the holders of 90 percent, or more of the shares of the company pursuant to the terms of the BVI Act; and (e) a plan of arrangement, if permitted by the British Virgin Islands Court (each, an Action). A shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.

A shareholder dissenting from an Action must object in writing to the Action before the vote by the shareholders on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company must give notice of this fact to each shareholder within 20 days who gave written objection. Such objection shall include a statement that the member proposes to demand payment for his or her shares if the Action is taken. These shareholders then have 20 days to give to the company their written election in the form specified by the BVI Act to dissent from the Action, provided that in the case of a merger, the 20 days starts when the plan of merger is delivered to the shareholder. Upon giving notice of his election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent. Within seven days of the later of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company shall make a written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be the fair value of the shares. The company and the shareholder then have 30 days to agree upon the price. If the

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company and a shareholder fail to agree on the price within the 30 days, then the company and the shareholder shall, within 20 days immediately following the expiration of the 30-day period, each designate an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.

*Shareholders' Suits*

There are both statutory and common law remedies available to our shareholders as a matter of British Virgin Islands Law. These are summarized below:

*Prejudiced Members*

A shareholder who considers that the affairs of the company have been, are being, or are likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in that capacity, can apply to the court under Section 184I of the BVI Act, inter alia, for an order that his shares be acquired, that he be provided compensation, that the Court regulate the future conduct of the company, or that any decision of the company which contravenes the BVI Act or our memorandum and articles of association be set aside.

*Derivative Actions*

Section 184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company in certain circumstances to redress any wrong done to it. Such actions are known as derivative actions. The British Virgin Islands Court may only grant permission to bring a derivative action where the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company does not intend to bring, diligently continue or defend or discontinue proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the shareholders as a whole.

When considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the shareholder is acting in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether a derivative action is in the company's best interests, taking into account the directors' views on commercial matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the action is likely to proceed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of the proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether an alternative remedy is available.

*Just and Equitable Winding Up*

In addition to the statutory remedies outlined above, shareholders can also petition the British Virgin Islands Court for the winding up of a company under the BVI Insolvency Act, 2003 (Law Revision 2020) for the appointment of a liquidator to liquidate the company and the court may appoint a liquidator for the company if it is of the opinion that it is just and equitable for the court to so order. Save in exceptional circumstances, this remedy is generally only available where the company has been operated as a quasi-partnership and trust and confidence between the partners has broken down.

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*Indemnification of Directors and Executive Officers and Limitation of Liability*

Our memorandum and articles of association provide that, subject to certain limitations, we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the memorandum and articles of association, unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the company or that the person had reasonable cause to believe that his conduct was unlawful.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. 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 advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Anti-Takeover Provisions in Our Memorandum and Articles of Association*

Some provisions of our articles of association may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable. Under the BVI Act there are no provisions that specifically prevent the issuance of preferred shares or any such other "poison pill" measures. Our memorandum and articles of association also do not contain any express prohibitions on the issuance of any preferred shares. Therefore, the directors without the approval of the holders of ordinary shares may issue preferred shares that have characteristics that may be deemed to be anti-takeover. Additionally, such a designation of shares may be used in connection with plans that are poison pill plans. However, under British Virgin Islands law, our directors in the exercise of their powers granted to them under our memorandum and articles of association and performance of their duties, are required to act honestly and in good faith in what the director believes to be in the best interests of our company.

*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 act 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, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

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Under British Virgin Islands law, our directors owe fiduciary duties both at common law and under statute including, among others, a statutory duty to act honestly, in good faith, for a proper purpose and with a view to what the directors believe to be in the best interests of the company. Our directors are also required, when exercising powers or performing duties as a director, to exercise the care, diligence and skill that a reasonable director would exercise in comparable circumstances, taking into account without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken. In the exercise of their powers, our directors must ensure neither they nor the company acts in a manner which contravenes the BVI Act or our memorandum and articles of association. A shareholder has the right to seek damages for breaches of duties owed to us by our directors.

Pursuant to the BVI Act and our memorandum and articles, a director of a company who has an interest in a transaction and who has declared such interest to the other directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction.

In certain limited circumstances, a shareholder has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, or proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the British Virgin Islands Court may, on application of a shareholder or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to section 184I(1) of the BVI Act a shareholder of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the British Virgin Islands Court for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

*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. British Virgin Islands law provides that, subject to the memorandum and articles of association of a company, an action that may be taken by members of the company at a meeting may also be taken by a resolution of members consented to in writing.

*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. British Virgin Islands law and our memorandum and articles of association allow our shareholders holding 30% or more of the votes of the outstanding voting shares to requisition a shareholders' meeting. There is no requirement under British Virgin Islands law to hold shareholders' annual general meetings, but our memorandum and articles of association do permit the directors to call such a meeting. The location of any shareholders' meeting can be determined by the board of directors and can be held anywhere in the world.

*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. As permitted under the British Virgin Islands law, our memorandum and articles 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.

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*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 memorandum and articles of association, directors can be removed from office, with or without cause, by a resolution of shareholders. Directors can also be removed with cause by a resolution of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director.

*Transactions With Interested Shareholders*

The Delaware General Corporation Law contains a business combination statute applicable to Delaware public 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 group who or which owns or owned 15% or more of the target's outstanding voting shares 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 public corporation to negotiate the terms of any acquisition transaction with the target's board of directors. British Virgin Islands law has no comparable statute and our memorandum and articles of association fails to expressly provide for the same protection afforded by the Delaware business combination statute.

*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 the BVI Act and our memorandum and articles of association, we may appoint a voluntary liquidator by a resolution of the shareholders or directors, provided that the directors have made a declaration of solvency that the company is able to discharge its debts as they fall due and that the value of the company's assets exceed its liabilities.

*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 our memorandum and articles of association, if at any time our shares are divided into different classes of shares, the rights attached to any class may only be varied, whether or not our company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by not less than 50 percent of the votes cast by those entitled to vote at a meeting of the holders of the issued shares in that class. For these purposes the creation, designation or issue of shares with rights and privileges ranking pari passu to an existing class of shares is deemed not to be a variation of the rights of such existing class and may in accordance with our memorandum and articles of association be affected by resolution of directors without shareholder approval.

*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. As permitted by British Virgin Islands law, our memorandum and articles of association may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution of directors. An amendment is effective from the date it is registered at the Registry of Corporate Affairs in the British Virgin Islands.

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*Anti-Money Laundering Laws*

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. Where permitted, and subject to certain conditions, we also may 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 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.

If any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required to report his belief or suspicion to the Financial Investigation Agency of the British Virgin Islands, pursuant to the Proceeds of Criminal Conduct Act (Law Revision 2020). 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.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Before our initial public offering, there has not been a public market for our Class A Ordinary Shares, and although we have made an application for the Class A Ordinary Shares to be listed on Nasdaq, a regular trading market for our Class A Ordinary Shares may not develop. Future sales of substantial amounts of our Class A Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering, we will have [•] Class A Ordinary Shares and 100,000 Class B Ordinary Shares issued and outstanding. All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

#### Lock Up Agreement
See "Underwriting-Lock Up Agreements."

#### Rule 144
All of our Class A Ordinary Shares outstanding prior to this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Class A Ordinary Shares then outstanding, in the form of Class A Ordinary Shares or otherwise, which will equal approximately 172,500 shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Class A Ordinary Shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

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

#### Rule 701
Rule 701 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 ninety (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 and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. 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 United States.

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We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States 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 United States and will register all the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director may resell their restricted shares in an "offshore transaction" under Regulation S if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• none of the shareholder, its affiliate nor any person acting on their behalf engages in directed selling efforts in the United States, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

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#### TAXATION
The following discussion of material British Virgin Islands, Singapore, and United States federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares, such as the tax consequences under state, local, and other tax laws. To the extent that the discussion relates to matters of British Virgin Islands tax law, it represents the opinion of Forbes Hare, our British Virgin Islands counsel.

**WE URGE POTENTIAL PURCHASERS OF OUR CLASS A ORDINARY SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL, AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES.**

<u>**<u>Republic of Singapore Taxation</u>**</u>

*Dividends or Other Distributions with Respect to Class A Ordinary Shares*

Under the one-tier corporate tax system which currently applies to all Singapore tax resident companies, tax on corporate profits is final, and dividends paid by a Singapore tax resident company will be income tax exempt in the hands of a shareholder, whether or not the shareholder is a company or an individual and whether or not the shareholder is a Singapore tax resident.

*Capital Gains upon Distribution of Class A Ordinary Shares*

Under current Singapore tax laws, there is no tax on capital gains. The determination of whether a gain or loss from disposal of equity investments in a company is income or capital in nature is based on consideration of the facts and circumstances of each case. The factors considered are drawn from established case law principles. Gains arising from the disposal of the Company's Class A Ordinary Shares may be construed to be of an income nature and subject to Singapore income tax, if they arise from activities which the Inland Revenue Authority of Singapore regards as the carrying on of a trade or business in Singapore. However, under Singapore tax laws, any gains derived by a divesting company from its disposal of Class A Ordinary Shares in an investee company between June 1, 2012 and December 31, 2027 are generally not taxable if immediately prior to the date of the relevant disposal, the divesting company has held at least 20% of the Class A Ordinary Shares in the investee company for a continuous period of at least 24 months.

*Goods and Services Tax*

The issue or transfer of ownership of the Company's Class A Ordinary Shares should be exempt from Singapore Goods and Services Tax. Hence, the holders would not incur any Goods and Services Tax on the subscription or subsequent transfer of the shares.

*Stamp Duty*

If the Company's Class A Ordinary Shares evidenced in certificated forms are acquired in Singapore, stamp duty is payable on the instrument of their transfer at the rate of 0.2% of the consideration for or market value of the Company's Class A Ordinary Shares, whichever is higher. Where an instrument of transfer is executed outside Singapore or no instrument of transfer is executed, no stamp duty is payable on the acquisition of the Company's Class A Ordinary Shares. However, stamp duty may be payable if the instrument of transfer is executed outside Singapore and is received in Singapore. The stamp duty is borne by the purchaser unless there is an agreement to the contrary.

On the basis that any transfer instrument in respect of the Company's shares traded on Nasdaq are executed outside Singapore through the Company's transfer agent/transfer secretary and share registrar in the United States for registration in the Company's branch registers of members maintained in the United States (without any transfer instrument being received in Singapore), no stamp duty should be payable in Singapore on such transfers.

*Tax Treaties Regarding Withholding Taxes*

There is no comprehensive avoidance of double taxation agreement between the United States and Singapore which applies to withholding taxes on dividends or capital gains.

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<u>**<u>British Virgin Islands Taxation</u>**</u>

The British Virgin 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 the Company levied by the Government of the British Virgin Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the British Virgin Islands. No stamp duty is payable in the British Virgin Islands on the issue of shares by, or any transfers of shares of, British Virgin Islands companies (except those which hold interests in land in the British Virgin Islands). The British Virgin Islands is not party to any double tax treaties that are applicable to any payments made to or by the Company. There are no exchange control regulations or currency restrictions in the British Virgin Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the British Virgin Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to British Virgin Islands income or corporation tax.

<u>**<u>British Virgin Islands Economic Substance Legislation</u>**</u>

The British Virgin Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the "ESA") came into force in the British Virgin Islands introducing certain economic substance requirements for British Virgin Islands tax resident companies which are engaged in certain "relevant activities." However, it is not anticipated that the Company itself will be subject to any such requirements. Although it is presently anticipated that the ESA will have little material impact on the Company or its operations, as the legislation is new and remains subject to further clarification and interpretation it is not currently possible to ascertain the precise impact of these legislative changes on the Company.

<u>**<u>United States Federal Income Taxation</u>**</u>

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advertising investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to mark their securities to market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates or former long-term residents of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Class A Ordinary Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares through partnerships or other pass-through entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficiaries of a Trust holding our Class A Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares through a Trust.

Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Class A Ordinary Shares.

#### Material Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Shares
The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Class A Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of ordinary share and you are, for U.S. federal income tax purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### Taxation of Dividends and Other Distributions on our Class A Ordinary Shares
Subject to the PFIC (defined below) rules discussed below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC (defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the British Virgin Islands, clause (1) above can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on Nasdaq. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares, including the effects of any change in law after the date of this prospectus.

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Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Class A Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

#### Taxation of Dispositions of Class A Ordinary Shares
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Class A Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Class A Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

#### Passive Foreign Investment Company ("PFIC")
We were not a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable year ended June 30, 2024. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our taxable year ending June 30, 2025 or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC, which could have adverse US federal income tax consequences for US taxpayers who are shareholders. We will make this determination following the end of any particular tax year. PFIC status is a factual determination for each taxable year which cannot be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

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

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

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

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. However, we must make a separate determination each year as to whether we are a PFIC, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year.

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In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold ordinary shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. However, if we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Ordinary Shares.

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

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

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

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

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

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

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

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

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

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

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

#### Information Reporting and Backup Withholding
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 information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. 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 U.S. Internal Revenue Service 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 U.S. Internal Revenue Service 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 U.S. Internal Revenue Service 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.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Class A Ordinary Shares, subject to certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Class A Ordinary Shares.

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#### UNDERWRITING
In connection with this offering, we and the Selling Shareholders will enter into an underwriting agreement with Bancroft Capital, LLC with respect to the Class A Ordinary Shares being offered. Under the terms and subject to the conditions contained in the underwriting agreement, the Underwriter has agreed to purchase [•] Class A Ordinary Shares from us and 500,000 Class A Ordinary Shares from the Selling Shareholders.

The Underwriter is offering the Class A Ordinary Shares subject to its acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the Underwriter 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 its counsel and to certain other conditions. The Underwriter is obligated to take and pay for all of the Class A Ordinary Shares offered by this prospectus if any such ordinary shares are taken.

The Underwriter initially proposes to offer the Class A Ordinary Shares directly to the public at the public offering price listed on the cover page of this prospectus. The Underwriter is expected to make offers and sales both inside and outside the United States through its selling agents. Any offers or sales in the United States will be conducted by broker-dealers registered with the SEC.

#### Underwriter's Compensation
Except as disclosed in this prospectus, the Underwriter has not received and will not receive from us any other item of compensation or expense in connection with this offering considered by the Financial Industry Regulatory Authority, Inc. ("FINRA") to be underwriting compensation under its rules of fair price.

*Discount*

The underwriting discount is equal to the public offering price per share, less the amount paid by the Underwriter to us per share. The underwriting discount was determined through an arms' length negotiation between us and the Underwriter. We have agreed to sell the shares to the Underwriter, at the initial offering price of between $[•] and $[•] per Class A Ordinary Share, which represents the initial public offering price range of the Class A Ordinary Shares set forth on the cover page of this prospectus less an 7.0% underwriting discount.

The following tables show the per-share price and total underwriting discounts to be paid to the Underwriter for underwriting [•] Class A Ordinary Shares to be sold by us and 500,000 Class A Ordinary Shares to be sold by the Selling Shareholders per Class A Ordinary Share.

---

| | | |
|:---|:---|:---|
|  | **Per Share<sup>(1)</sup>** | **Total** |
|  **Initial public offering price** | $[•] | $[•] |
|  **Discounts to be paid by the Company** | $[•] | $[•] |
|  **Discounts to be paid by the Selling Shareholders** | $[•] | $[•] |
|  **Proceeds to the Company, before expenses** | $[•] | $[•] |
|  **Proceeds to the Selling Shareholders, before expenses** | $[•] | $[•] |
|  **Non-accountable expense allowance payable by the Company** | $[•] | $[•] |

---

____________

(1) Assuming the initial public offering price is $[•] per Class A Ordinary Share.

*Expense Reimbursement*

We have agreed to reimburse the Underwriter up to a maximum of $150,000 for fees and expenses of legal counsel and other out-of-pocket expenses, roadshow expenses and cost of background checks, and, if applicable, the costs associated with the use of a third-party electronic road show service. We have also agreed to pay the closing costs of the offering, which shall include the reimbursement of the out-of-pocket costs of the escrow agent or clearing agent, as applicable, which costs shall not exceed $14,900. In addition, at the closing of the offering, we shall reimburse the Underwriter one percent (1%) of the gross proceeds of the offering as a non-accountable expense allowance.

We have agreed to pay $25,000 as an advance to be applied towards accountable expenses, or the Advance, which was paid upon the execution of the engagement letter between us and the Underwriter dated December 17, 2024 (the "Engagement Letter"). Any portion of the Advance shall be returned back to us to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). In addition, we have agreed to pay a retainer of $20,000 to be applied towards fees and expenses of legal counsel described in the paragraph above, within seven (7) days of the execution

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of the Engagement Letter and the Underwriter's engagement of legal counsel. We have agreed to pay, upon receipt of FINRA's no objections letter, an additional retainer of $25,000 to be applied towards fees and expenses of legal counsel described in the paragraph above. Any portion of such retainers shall be returned to us to the extent not actually incurred.

Furthermore, pursuant to the underwriting agreement, the Underwriter's obligations are subject to customary conditions, representations and warranties contained in the underwriting agreement, such as receipt by the Underwriter of officers' certificates and legal opinions.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts, will be approximately $[•] million.

*Right of First Refusal*

We have agreed to grant the Underwriter, from the date of the Engagement Letter until the twelve-month period following the closing of this offering, a right of first refusal, exercisable at the sole discretion of the Underwriter, if the Company or any of its subsidiaries: (i) decides to dispose of or acquire business units or acquire any of its outstanding securities or make any exchange or tender offer or enter into a merger, consolidation or other business combination or any recapitalization, reorganization, restructuring or other similar transaction, including, without limitation, an extraordinary dividend or distributions or a spin-off or split-off, and Company decides to retain a financial advisor for such transaction, Bancroft (or any affiliate designated by Bancroft) shall have the right to act as Company's exclusive financial advisor for any such transaction; or (ii) decides to finance or refinance any indebtedness using a manager or agent, Bancroft (or any affiliate designated by Bancroft) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (iii) decides to raise funds in the United States by means of a public offering (including through an at-the-market facility) or a private placement or any other capital-raising financing of equity, equity-linked or debt securities using an underwriter or placement agent, Bancroft (or any affiliate designated by Bancroft) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing. If Bancroft or one of its affiliates decides to accept any such engagement, the agreement governing such engagement will contain, among other things, provisions for customary fees for transactions of similar size and nature and the provisions of this Agreement, including indemnification, which are appropriate to such a transaction. Notwithstanding the foregoing, the right of first refusal shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by us for cause, which shall be a breach by the Underwriter of the Engagement Letter or a material failure by the Underwriter to provide the services as contemplated by the Engagement Letter, and shall be subject to FINRA Rule 5110(g)(6)(A).

*Tail Financing Payments*

We have also agreed to pay the Underwriter a cash compensation equal to seven percent (7.0%) of the gross proceeds received by us from any public or private offering or other financing or capital raising transaction of any kind to the extent that such financing or capital is provided to us by any of the investors or affiliates of investors introduced to us by the Underwriter if such financing is consummated at any time within the 18-month period following the expiration or termination of the Engagement Letter. Notwithstanding the foregoing, this tail fee shall be subject to FINRA Rule 5110(g)(5)(B), including that it may be terminated by us for cause, which shall be a breach by the Underwriter of the Engagement Letter or a material failure by the Underwriter to provide the services as contemplated by the Engagement Letter.

#### Lock-up Agreements
We have agreed, subject to certain exceptions, not to (i) offer or sell any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares; (iii) complete any offering of debt securities of our Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Class A Ordinary Shares, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise for a period of 180 days after the date of this prospectus

Our officers, directors and shareholders of more than 5% of our outstanding securities (except for the Class A Ordinary Shares offered by the Selling Shareholders pursuant to this prospectus) have agreed, subject to certain exceptions, to a 180-day lock-up period from the date of this prospectus, with respect to the Class A Ordinary Shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that may be currently outstanding or which may be issued.

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The Representative has no present intention to waive or shorten any of the above lock-up periods; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the Representative may base its decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

#### Price Stabilization
In connection with this offering, the Underwriter may engage in activities that stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares during and after this offering, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stabilizing transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposition of penalty bids; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• syndicate covering transactions.

The Underwriter may close out any covered short position by purchasing shares in the open market.

Naked short sales are short sales made in excess of any over-allotment option. The Underwriter 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 Underwriter is concerned that there may be downward pressure on the price of the Class A Ordinary Shares in the open market that could adversely affect investors who purchased in this offering.

The Underwriter also may impose a penalty bid. This occurs when a particular underwriter repays to the Underwriter a portion of the underwriting discount received by it because the Underwriter has repurchased shares sold by or for the account of that underwriter in stabilizing or short covering transactions.

#### Indemnification
We have agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the Underwriter may be required to make in respect of those liabilities.

#### Determination of Offering Price
Prior to this offering, there has not been a public market for our Class A Ordinary Shares. The public offering price of the Class A Ordinary Shares offered by this prospectus has been determined by negotiation between us, the Selling Shareholders, and the Underwriter. Among the factors considered in determining the public offering price of the Class A Ordinary Shares were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our history and our prospects;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial information and historical performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The industry in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The status and development prospects for our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The experience and skills of our executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The general condition of the securities markets at the time of this offering.

The offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the Class A Ordinary Shares. That price is subject to change as a result of market conditions and other factors, and we cannot assure you that the Class A Ordinary Shares can be resold at or above the public offering price.

#### Listing
We have applied to list our Class A Ordinary Shares on Nasdaq under the symbol "RPGL." The closing of this offering is conditioned upon Nasdaq's final approval of our listing application. We cannot assure you that our application will be approved; if it is not approved by Nasdaq, we will not proceed with this offering.

#### Electronic Distribution
A prospectus in electronic format will be made available on the websites maintained by the Underwriter. The Underwriter may distribute prospectuses electronically. The Underwriter may agree to allocate a number of Class A Ordinary Shares for sale to its online brokerage account holders. Class A Ordinary Shares to be sold pursuant to an Internet distribution will be allocated on the same basis as other allocations. In addition, Class A Ordinary Shares may be sold by the Underwriter to securities dealers who resell Class A Ordinary Shares to online brokerage account holders.

#### Other Relationships
The Underwriter is a full service financial institution engaged in various activities, which may include the sales and trading of securities, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, financing, brokerage and other financial and non-financial activities and services. The Underwriter may in the future perform a variety of such activities and services for us and for persons or entities with relationships with us for which they received or will receive customary fees, commissions and expenses.

In addition, in the ordinary course of its business activities, the Underwriter, its affiliates, directors, officers and employees may at any time purchase, sell or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and other financial instruments (including bank loans) for its own account and for the accounts of its customers.

Such investments and securities activities may involve assets, securities and/or instruments of ours or our affiliates. The Underwriter and its affiliates, directors, officers and employees may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Selling Restrictions outside the United States
*Notice to Prospective Investors in Canada*

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the Underwriter is not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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The Class A Ordinary Shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Class A Ordinary Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

*Notice to Prospective Investors in the United Kingdom*

This prospectus is only being distributed to and is only directed at persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 within, and/or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling with Article 49(2)(a) to (d) (all such persons together being referred to as "relevant persons").

This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom who is not a relevant person should not act or rely on this prospectus or any of its contents.

*Notice to Prospective Investors in Singapore*

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares may not be circulated or distributed, nor may the Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act 2001 (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

*Notice to Prospective Investors in the People's Republic of China*

This prospectus may not be circulated or distributed in China 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 China except pursuant to applicable laws, rules and regulations of China. For the purpose of this paragraph only, China does not include Taiwan and the special administrative regions of Hong Kong and Macau.

*Notice to Prospective Investors in Hong Kong*

The Class A Ordinary Shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (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 which 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 our Class A Ordinary Shares be issued or may be in possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which 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 our 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.

*Notice to Prospective Investors in Taiwan*

The Class A Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan, pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory Commission of Taiwan.

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#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding the underwriting discounts, which are expected to be incurred in connection with the sale of Class A Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq listing fee and the filing fee payable to FINRA, all amounts are estimates.

---

| | |
|:---|:---|
|  SEC registration fee | $3392 |
|  Nasdaq listing fee | $90000 |
|  FINRA filing fee | $7540 |
|  Printing expenses | $15000 |
|  Legal fees and expenses | $510116 |
|  Accounting fees and expenses | $287000 |
|  Transfer agent and registrar fee and expenses | $16700 |
|  Underwriter's expenses (accountable and non-accountable) | $200000 |
|  Miscellaneous | $335736 |
|  **Total** | $**1465484** |

---

These expenses will be borne by us. Underwriting discounts and the non-accountable expense allowance will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering. The Selling Shareholders will bear the underwriting discounts in proportion to the number of Class A Ordinary Shares resold by the Underwriter.

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#### LEGAL MATTERS
The validity of the Class A Ordinary Shares offered in this offering and certain other legal matters as to British Virgin Islands law will be passed upon for us by Forbes Hare. Certain legal matters as to United States Federal and New York State law in connection with this offering will be passed upon for us by Hunter Taubman Fischer & Li LLC. Legal matters as to Singapore law will be passed upon for us by Insights Law LLC. The Crone Law Group, P.C. is acting as counsel to the Underwriter.

#### EXPERTS
The consolidated financial statements for the year ended June 30, 2022 appearing in this prospectus have been audited by Friedman LLP, independent registered public accounting firm, as set forth in their report (which contains an explanatory paragraph relating to substantial doubt about the ability of Republic Power Group Limited to continue as a going concern, as described in Note 2 to the consolidated financial statements) thereon appearing elsewhere in this prospectus and are included in reliance upon such report given on the authority of said firm as experts in auditing and accounting. The office of Friedman LLP was located at One Liberty Plaza, 165 Broadway, 21<sup>st</sup> Floor, New York, New York 10006.

The consolidated financial statements for the years ended June 30, 2023 and 2024, included in this prospectus have been so included in reliance on the report (which contains an explanatory paragraph relating to substantial doubt about the ability of Republic Power Group Limited to continue as a going concern, as described in Note 2 to the consolidated financial statements) of Onestop Assurance PAC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Onestop Assurance PAC is located at 10 Anson Road, #06-15, International Plaza, Singapore 079903.

#### CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On October 5, 2023, the Company dismissed Marcum Asia CPAs LLP ("Marcum Asia") as its independent registered public accounting firm.

Marcum Asia served as our independent registered public accounting firm from February 7, to October 5 2023, as Friedman LLP ("Friedman"), our then independent registered public accounting firm merged with Marcum LLP and continued to operate as an independent registered public accounting effective from September 1, 2022 onwards.

Friedman's report on our consolidated financial statements for the years ended June 30, 2022 and 2021 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. Furthermore, during our two most recent fiscal years and through October 5, 2023, there have been no disagreements with Friedman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Friedman's satisfaction, would have caused Friedman to make reference to the subject matter of the disagreement in connection with its reports on our financial statements for such periods.

For our two most recent fiscal years and the subsequent period through October 5, 2023, there were no "reportable events" as that term is described in Item 16F(a)(1)(v) of the Form 20-F, other than the material weaknesses reported by management in the Risk Factors section of this registration statement on Form F-1.

We provided Friedman with a copy of the above disclosure and requested that Friedman furnish us with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statement. A copy of Friedman's letter was filed as Exhibit 16.1 to the registration statement of which this prospectus is a part.

On October 5, 2023, the Company engaged Onestop Assurance PAC to be our independent registered public accounting firm for the fiscal year ended June 30, 2023. During our two most recent fiscal years and through October 5, 2023, neither our Company nor anyone acting on our behalf consulted Onestop Assurance PAC with respect to any of the matters or reportable events set forth in Item 16F(a)(2)(i) and (ii) of the Form 20-F.

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#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Class A Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Class A Ordinary Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

The SEC maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

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#### REPUBLIC POWER GROUP LIMITED

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID 6732)](#T901) | F-2 |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID 711)](#T902) | F-3 |
|  [Consolidated Balance Sheets as of June 30, 2022, 2023 and 2024](#T903) | F-4 |
|  [Consolidated Statements of Income for the Years Ended June 30, 2022, 2023 and 2024](#T904) | F-5 |
|  [Consolidated Statements of Changes in Shareholders' Equity for the years ended June 30, 2022, 2023 and 2024](#T905) | F-6 |
|  [Consolidated Statements of Cash Flows for the Years Ended June 30, 2022, 2023 and 2024](#T906) | F-7 |
|  [Notes to Consolidated Financial Statements](#T907) | F-8 |
|  [Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2024 and <br>December 31, 2024](#T5001) | F-29 |
|  [Unaudited Interim Condensed Consolidated Statements of Income (Loss) for the six months ended December 31, 2023 and 2024](#T5002) | F-30 |
|  [Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the six months ended December 31, 2024 and 2023](#T5003) | F-31 |
|  [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2023 and 2024](#T5004) | F-32 |
|  [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#T5005) | F-33 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the board of directors of <br>Republic Power Group Limited.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Republic Power Group Limited and its subsidiaries (collectively, the "Company") as of June 30, 2024 and 2023, the related consolidated statements of income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended June 30, 2024, 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 positions of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Going Concern Uncertainty
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company does not have sufficient cash balance at June 30, 2024, which raises substantial doubt about the Company's ability to continue as a going concern. Management's plans regarding this matter are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. 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 Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Onestop Assurance PAC

We have served as the Company's auditor since 2023.

PCAOB ID 6732

Singapore<br>April 18, 2025

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of<br>Republic Power Group Limited

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Republic Power Group Limited and Subsidiaries (collectively, the "Company") as of June 30, 2022, and the related consolidated statements of income, changes in shareholders' equity, and cash flows for the year ended June 30, 2022, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2022, and the results of its operations and its cash flows for the year ended June 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

#### Explanatory Paragraph — Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company does not have sufficient cash balance, which raise substantial doubt about the Company's ability to continue as a going concern. Management's plans regarding this matter are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. 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 Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit 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 consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

*/s/ Friedman LLP*

Friedman LLP

We served as the Company's auditor from 2021 through 2023 (such date takes into account the acquisition of certain assets of Friedman LLP by Marcum Asia CPAs LLP effective September 1, 2022).

New York, New York<br>December 22, 2022

![](tfriedmanllp_footer.jpg)

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#### REPUBLIC POWER GROUP LIMITED <br> CONSOLIDATED BALANCE SHEETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **June 30,<br>2023** | **Jun 30<br>2024** | **June 30,<br>2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  ASSETS |  |  |  |  |
|  CURRENT ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 23311 | 3974 | 11828 | 8728 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 3092185 | 4874950 | 2619144 | 1932662 |
| &nbsp;&nbsp;&nbsp; Inventories |  | 54986 | 54986 | 40574 |
| &nbsp;&nbsp;&nbsp; Prepayments | 13500 | 2823 | 2648 | 1954 |
| &nbsp;&nbsp;&nbsp; Short-term deposits | 91130 | 435556 | 2301806 | 1698499 |
| &nbsp;&nbsp;&nbsp; Other current assets, net | 6483 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 3226609 | 5372289 | 4990412 | 3682417 |
|  NON CURRENT ASSETS |  |  |  |  |
|  Property and equipment, net | 163310 | 121387 | 78687 | 58063 |
|  OTHER ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deposit paid for acquisition of subsidiary – related party | 1856171 | 1856171 | 1856171 | 1369666 |
| &nbsp;&nbsp;&nbsp; Deferred initial public offering ("IPO") costs | 643602 | 659822 | 814444 | 600977 |
| &nbsp;&nbsp;&nbsp; Long-term deposits – related party | 1000000 | 1000000 | 920000 | 678867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 3499773 | 3515993 | 3590615 | 2649510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6889692 | 9009669 | 8659714 | 6389990 |
|  LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
|  CURRENT LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Loan payable – Financial Institution | 122000 | 322142 | 1682900 | 1241810 |
| &nbsp;&nbsp;&nbsp; Loan payable – Related party | 65000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Amount due to directors |  | 124831 | 401688 | 296405 |
| &nbsp;&nbsp;&nbsp; Accounts payable | 219936 | 140687 | 28816 | 21264 |
| &nbsp;&nbsp;&nbsp; Other payables and accrued liabilities | 274116 | 679813 | 328033 | 242055 |
| &nbsp;&nbsp;&nbsp; Finance lease obligation, current portion | 7160 | 7452 | 7755 | 5722 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 1435039 | 1757808 | 1658521 | 1223820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 2123251 | 3032733 | 4107713 | 3031076 |
|  OTHER LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Finance lease obligation, net of current portion | 59796 | 52344 | 44589 | 32902 |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities, net | 3459 | 3622 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other liabilities | 63255 | 55966 | 44589 | 32902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2186506 | 3088699 | 4152302 | 3063978 |
|  COMMITMENTS AND CONTINGENCIES |  |  |  |  |
|  SHAREHOLDERS' EQUITY |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, US$0.000625 par value, unlimited shares authorized, 16,000,000 shares issued and outstanding as of June 30, 2022 2023 and 2024, respectively | 13453 | 13453 | 13453 | 9927 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 986547 | 986547 | 986547 | 727972 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 3703186 | 4920970 | 3507412 | 2588113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 4703186 | 5920970 | 4507412 | 3326012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | 6889692 | 9009669 | 8659714 | 6389990 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### REPUBLIC POWER GROUP LIMITED <br> CONSOLIDATED STATEMENTS OF INCOME

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  OPERATING REVENUES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Software development service | 3175165 | 4532571 | 685820 | 506066 |
| &nbsp;&nbsp;&nbsp; Consulting and technical support services | 1289969 | 133100 |  |  |
| &nbsp;&nbsp;&nbsp; Product sales |  | 356400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 4465134 | 5022071 | 685820 | 506066 |
|  COST OF REVENUES | (1009077) | (1013510) | (253193) | (186831) |
|  GROSS PROFIT | **3456057** | **4008561** | **432627** | **319235** |
|  OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | (155976) | (104423) |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (1108153) | (2310297) | (1556688) | (1148678) |
| &nbsp;&nbsp;&nbsp; Research and development expenses | (147659) | (86921) | (116592) | (86032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | (1411788) | (2501641) | (1673280) | (1234710) |
|  INCOME/(LOSS) FROM OPERATIONS | **2044269** | **1506920** | **(1240653)** | **(915475)** |
|  OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (56257) | (103814) | (210987) | (155687) |
| &nbsp;&nbsp;&nbsp; Lease income | 3228 |  |  |  |
| &nbsp;&nbsp;&nbsp; Finance expenses | (2018) | (72591) | (34830) | (25701) |
| &nbsp;&nbsp;&nbsp; Foreign exchange (loss)/income | (1651) | (4080) | 1535 | 1133 |
| &nbsp;&nbsp;&nbsp; Other (expense)/income, net | (13907) | 89361 | 67755 | 49996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense, net | (70605) | (91124) | (176527) | (130259) |
|  INCOME/(LOSS) BEFORE INCOME TAXES | **1973664** | **1415796** | **(1417180)** | **(1045734)** |
|  (PROVISION FOR)/BENEFIT FROM INCOME TAX |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Current | (332689) | (194390) |  |  |
| &nbsp;&nbsp;&nbsp; Deferred | (232) | (3622) | 3622 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (provision for)/benefit from income tax | (332921) | (198012) | 3622 | 2673 |
|  NET INCOME (LOSS) | **1640743** | **1217784** | **(1413558)** | **(1043061)** |
|  WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | 16000000 | 16000000 | 16000000 | 16000000 |
|  EARNINGS/(LOSS) PER SHARE |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | 0.10 | 0.08 | (0.09) | (0.07) |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### REPUBLIC POWER GROUP LIMITED<br>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares** | **<br>Ordinary shares** | **Additional <br>paid-in<br>capital** | **Retained<br>earnings** | **Total** |
|  | **Shares** | **Par Value** | **Additional <br>paid-in<br>capital** | **Retained<br>earnings** | **Total** |
|  |  | **SGD** | **SGD** | **SGD** | **SGD** |
|  BALANCE, June 30, 2021 | 16000000 | 13453 | 986547 | 3195443 | 4195443 |
|  Dividend paid |  |  |  | (1133000) | (1133000) |
|  Net income |  |  |  | 1640743 | 1640743 |
|  BALANCE, June 30, 2022 | 16000000 | 13453 | 986547 | 3703186 | 4703186 |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  | 1217784 | 1217784 |
|  BALANCE, June 30, 2023 | **16000000** | **13453** | **986547** | **4920970** | **5920970** |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  | (1413558) | (1413558) |
|  BALANCE, June 30, 2024 | **16000000** | **13453** | **986547** | **3507412** | **4507412** |
|  |  | **USD** | **USD** | **USD** | **USD** |
|  BALANCE, June 30, 2024 | **16000000** | **9927** | **727972** | **2588113** | **3326012** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### REPUBLIC POWER GROUP LIMITED <br> CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net income/(loss) | 1640743 | 1217784 | (1413558) | (1043061) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property and equipment | 43593 | 48725 | 42700 | 31508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for doubtful accounts | 22122 | 24723 | 420793 | 310503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory provision | 13120 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax provision | 232 | 3622 | (3622) | (2673) |
| &nbsp;&nbsp;&nbsp; Change in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivables | (3069349) | (1807488) | 1835013 | 1354053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments | 572500 | 10677 | 175 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | (54986) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term deposits | (82018) | (344426) | (1866250) | (1377103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits – related party | 740344 |  | 80000 | 59032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | 6483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 219936 | (79249) | (111871) | (82549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables and accrued liabilities | 244933 | 405697 | (351780) | (259578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes payable | 413980 | 319310 | (99287) | (73263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) operating activities | 760136 | (249128) | (1467687) | (1083003) |
|  CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Repayments of loans to third parties | 840000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Repayments of amount due from a director | 100000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Repayments of loans to related party | 6917 |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchases of property and equipment | (32360) | (6802) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) investing activities | 914557 | (6802) |  |  |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred IPO costs | (643602) | (16220) | (154622) | (114095) |
| &nbsp;&nbsp;&nbsp; Proceeds from financial institutions | 810000 | 523642 | 1616985 | 1193171 |
| &nbsp;&nbsp;&nbsp; Proceeds from related party | 65000 | 50000 |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from director |  | 184831 | 605754 | 446984 |
| &nbsp;&nbsp;&nbsp; Repayment to financial institutions | (688000) | (323500) | (256228) | (189070) |
| &nbsp;&nbsp;&nbsp; Repayment to related party |  | (115000) |  |  |
| &nbsp;&nbsp;&nbsp; Repayment of amount due to a director | (59042) | (60000) | (328896) | (242692) |
| &nbsp;&nbsp;&nbsp; Repayment to finance lease | (6880) | (7160) | (7452) | (5499) |
| &nbsp;&nbsp;&nbsp; Dividend payments | (1133000) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in)/provided by financing activities | (1655524) | 236593 | 1475541 | 1088799 |
|  CHANGE IN CASH | 19169 | (19337) | 7854 | 5796 |
|  CASH, beginning of the period | 4142 | 23311 | 3974 | 2932 |
|  CASH, end of the period | 23311 | 3974 | 11828 | 8728 |
|  SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for income tax |  |  | 100000 | 73790 |
| &nbsp;&nbsp;&nbsp; Cash paid for interest expense | 56546 | 103981 | 75676 | 53716 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — Nature of business and organization
Republic Power Group Limited (the "Company" or "RP") is a holding company incorporated on November 17, 2021 under the British Virgin Islands ("BVI") law. The Company has no substantial operations other than holding all of the equity interest of Republic Power Pte. Ltd. ("RP Singapore"), a Singapore company incorporated on January 1, 2015. The Company, through RP Singapore, is a provider of customized software solutions and peripheral hardware to large and small to medium corporate clients and government agencies. The Company's headquarter is located in Singapore. All of the Company's business activities are carried out by RP Singapore.

On November 17, 2021, the Company completed a reorganization of RP Singapore under common control of its then existing shareholders, who collectively owned all of the equity interests of the Company prior to the reorganization. The Company and RP Singapore are under common control which results in the consolidation of RP Singapore at carrying value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company.

The consolidated financial statements reflect the activities of each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Background** | **Ownership** | **Principal activity** |
|  Republic Power Group Limited | • A BVI company <br> • Incorporated on November 17, 2021 |  | Investment holding |
|  Republic Power Pte. Ltd | • A Singapore company <br> • Incorporated on January 1, 2015 | 100% owned by RP | Providing of software development and technology services |

---

#### Note 2 — Liquidity and going concern
The Company's accounts have been prepared assuming that the company will continue as a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the consolidated financial statements. The Company's ability to continue as a going concern depends upon aligning its sources of funding (debt and equity) with the expenditure requirements of the Company and repayment of the short-term debt facilities as and when they fall due.

The Company has considered whether there is a substantial doubt about its ability to continue as a going concern. As of June 30, 2024 the Company reported a net loss of SGD 1,413,558 (USD1,043,061) and net cash used in operating activities of SGD 1,467,687 (USD 1,083,003) indicating negative cash flow from operating activities. The Company's working capital was SGD 882,699 (USD 651,341) as of June 30, 2024. The Company had SGD 11,828 (USD 8,728) in cash, which is unrestricted as to withdrawal and use as of June 30, 2024. In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To improve the financial position and ensure business continuity, management has implemented the following measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial Support**: The majority shareholder has formally committed to supporting the Company for the next 12 months, ensuring financial obligations are met which amounted to SGD 720,000 (USD 531,287)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Debt Repayment Plans**: The Company has secured a monthly repayment agreement with financial institutions for trade facility obligations and an instalment plan with tax authorities for corporate tax payments. Monthly repayment to the financial institutions and tax authorities amounted to SGD 60,000 (USD 44,274).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cost Reduction Strategies**: The Company has laid off staff and moved to a smaller office to reduce overhead expenses.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Liquidity and going concern (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Revenue Growth Initiatives**: The Company has expanded its target market to increase revenue and improve profitability. We believe the revenue grow will be able to sustain the Company's operating cost for the next 12 months.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements for the years ended June 30, 2024, 2023 and 2022 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

#### Note 3 — Summary of significant accounting policies
<u><u>Basis of presentation</u></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 applicable rules and regulations of the Securities and Exchange Commission ("SEC").

<u><u>Principles of consolidation</u></u>

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions have been eliminated upon consolidation.

<u><u>Use of estimates and assumptions</u></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. Significant accounting estimates reflected in the Company's consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for doubtful accounts, revenue recognition, and deferred taxes. Actual results could differ from these estimates.

<u><u>Foreign currency transaction</u></u>

The Company uses Singapore Dollars ("SGD") as its reporting currency. The functional currency of the Company is United States Dollars ("USD") and its subsidiary which is incorporated in Singapore is SGD, which is its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in exchange gains/(losses) on the consolidated statements of income and comprehensive income.

<u><u>Convenience translation</u></u>

Translations of balances in the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows from SGD into USD as of June 30, 2024 are solely for the convenience of the readers and are calculated at the rate of USD1.00=SGD1.3552, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Cash</u></u>

Cash primarily consists of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains most of its bank accounts in Singapore.

<u><u>Accounts receivable, net</u></u>

Accounts receivable are recorded in accordance with ASC 310, "Receivables." Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. For the years ended June 30, 2024, 2023 and 2022, the Company recorded allowances for doubtful accounts against its accounts receivable amounting to SGD 445,516 (USD 328,746), SGD 24,723 and SGD 27,690 respectively.

<u><u>Inventories</u></u>

Inventories are comprised of finished goods and are stated at the lower of cost or net realizable value using the weighted average method. As of June 30, 2024, 2023 and 2022, the inventory amounted to SGD 54,986 (USD 40,574), SGD 54,986 and nil respectively. Management reviews inventories for obsolescence and cost in excess of net realizable value periodically when appropriate and records a reserve against the inventory when the carrying value exceeds net realizable value. As of June 30, 2024, 2023 and 2022, the Company determined that no allowance was necessary.

<u><u>Prepayments</u></u>

Pursuant to ASC340-10, prepayments refer to payments made in advance to vendors or service providers for services that are yet to be rendered, including prepayment of rent for office accommodation. These amounts are refundable and bear no interest. As of June 30, 2024, 2023 and 2022, the prepaid expenses amounted to SGD 2,648 (USD 1,954), SGD 2,823 and SGD 13,500 respectively. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. The Company determined that no allowance was deemed necessary for years ended June 30, 2024, 2023 and 2022.

<u><u>Short-term</u> <u>deposits and</u> <u>long-term</u> <u>deposits</u></u>

Short-term deposits and long-term deposits are mainly for rent, utilities and money deposited with certain suppliers. These amounts are refundable and bear no interest. The short-term deposits usually have one year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when term and conditions set forth in the agreements have been satisfied. As of June 30, 2024, 2023 and 2022, the Short-term deposits amounted to SGD 2,301,806 (USD 1,698,499), SGD 435,556 and SGD 91,130, respectively.

<u><u>Deferred IPO costs</u></u>

Pursuant to ASC 340-10-S99-1, IPO 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. These costs include legal fees related to the registration drafting and counsel, accounting fees and consulting fees related to the registration preparation, the SEC filing and print related costs. The Company is expected to complete this IPO offering on or before September 30, 2025. As of June 30, 2024, 2023 and 2022, the accumulated deferred IPO cost was SGD814,444 (USD 600,977), SGD659,822 and SGD 643,602, respectively.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Other current assets, net</u></u>

Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.

<u><u>Property and equipment, net</u></u>

Property and equipment are stated at cost less accumulated depreciation and impairment 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** |
|  Office equipment | 3 years |
|  Office furniture and fixtures | 3 years |
|  Leasehold improvements | 5 years |
|  Automobiles | 10 years |

---

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 consolidated statements of income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u><u>Impairment for</u> <u>long-lived</u> <u>assets</u></u>

Long-lived assets, including property and equipment with finite lives 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 Company 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 Company would 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 June 30, 2024, the Company conducted a recoverability test and the total future projected cashflows from the asset group exceed or equal to the carrying amount of the assets group therefore no impairment of long-lived assets was recognized.

<u><u>Fair value measurement</u></u>

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Revenue recognition</u></u>

Effective July 1, 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Clients, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after July 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company's historic accounting under ASC Topic 605. The Company's accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to July 1, 2019. The effect from the adoption of ASC Topic 606 was not material to the Company's consolidated financial statements.

The five-step model defined by ASC Topic 606 requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Company applied practical expedient when sales taxes were collected from clients, meaning sales tax is recorded net of revenue, instead of cost of revenue, which are subsequently remitted to governmental authorities and are excluded from the transaction price. The Company does not offer rights of refund of previously paid or delivered amounts, rebates, rights of return or price protection. In all instances, the Company limits the amount of revenue recognized to the amounts for which it has the right to bill its' clients.

The Company derives its revenues from three sources: (1) revenue from software development services, (2) revenue from consulting and technical support services, and (3) revenue from product sales. All of the Company's contracts with clients do not contain cancelable and refund-type provisions.

(1) Software development services

The contract is typically fixed priced and does not provide any post contract client support or upgrades. The Company designs software based on clients' specific needs which require the Company to perform services including design, development, and integration. These services also require significant customization. Upon delivery of the services, client acceptance is generally required. The Company assesses that software development services is considered as one performance obligation as the clients do not obtain benefit for each separate service. The duration of the development period is short, usually less than one year.

From September 01, 2024 onwards, in certain software development contract, we provide complementary support services for 12 months following completion of the project. However, any feature upgrade, system scaling and ongoing maintenance will require service fee from clients.

The Company's software development service revenues is generated primarily from contracts with government or related agencies and state-owned enterprises. The contracts contain negotiated billing terms which generally include multiple payment phases throughout the contract term and a portion of contract amount usually is billed upon the completion of the related projects. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed.

The Company's revenue from software development contracts are generally recognized over time as the Company's performance creates or enhances the project controlled by the clients and the control is transferred continuously to the Company's clients. The Company uses an input method based on cost incurred as the Company believes that this method most accurately reflects the Company's progress toward satisfaction of the performance obligation, which usually takes less than one year. Under this method, the Company could appropriately measure the fulfillment of a performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivables and deferred revenues at each reporting period.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
Incurred costs include all direct material, labor and subcontract costs, and those indirect costs related to application development performance, such as indirect labor, supplies, and tools. Cost-based input method requires the Company to make estimates of revenues and costs to complete the service. In making such estimates, significant judgment is required to evaluate assumptions related to the costs to complete the application development, including materials, labor, and other system costs. The Company's estimates are based upon the professional knowledge and experience of the Company's engineers and project managers to assess the contract's schedule, performance, and technical matters. The Company has adequate cost history and estimating experience, and with respect to which management believes it can reasonably estimate total development costs. If the estimated costs are greater than the related revenues, the Company recognizes the entire estimated loss in the period the loss becomes known and can be reasonably estimated. Changes in estimates for software development services include but are not limited to cost forecast changes and change orders. The cumulative effect of changes in estimates is recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. To date, the Company has not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes probable and can be reasonably estimated. If contract modifications result in additional goods or services that are distinct from those transferred before the modification, they are accounted for prospectively as if the Company entered into a new contract. If the goods or services in the modification are not distinct from those in the original contract, sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs and contract values.

In certain software development service arrangements, the Company sells equipment to be customized and integrated with the developed software. The Company assesses the customized equipment and service are interdependent and highly interrelated. In these cases, the Company controls the customized equipment before it is transferred to the clients. The Company has the right to direct the suppliers and control the goods or assets transferred to its clients. Thus, the Company considers it should recognize revenue as a principal in the gross amount of consideration to which it is entitled in exchange for the customized equipment delivered.

(2) Consulting and technical support services

Revenue from consulting and technical support services is primarily comprised of fixed-fee contracts, which require the Company to provide professional consulting and technical support services over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or quarterly basis over the contract term, which is typically 1 to 12 months. The consulting and technical support services contracts typically include a single performance obligation. The revenue from consulting and technical support services is recognized over the contract term as clients receive and consume benefits of such services as provided.

(3) Product sales

The Company engages in sale of medical equipment, hardware and related accessories. The Company typically enters into contracts with its client where the rights of the parties, including payment terms, are identified and sales prices to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company's performance obligation is to deliver products according to contract specifications. The Company recognizes product revenue at a time when the control of products is transferred to clients.

Revenue includes reimbursements of travel and out-of-pocket expense, with equivalent amounts of expense recorded in cost of revenue.

*Practical Expedient and Exemptions*

The Company does not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

<u><u>Cost of Revenue</u></u>

Cost of revenue consists primarily of personnel costs (including salaries and benefits) for employees associated with technical support and subcontractors, professional services organizations, third party license fees, allocable overhead.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Selling and marketing expenses</u></u>

Selling and marketing expenses consist primarily of advertising and marketing research expenses. For the years ended June 30, 2024, 2023 and 2022, the Company's selling and marketing expenses were nil, SGD104,423 and SGD155,976, respectively.

<u><u>General and administrative expenses</u></u>

General and administrative expenses consist primarily of corporate expenses, operating expenses and employment expenses. For the year ended June 30, 2024, 2023 and 2022, the Company's total general and administrative expenses were SGD 1,556,688 (USD 1,148,678), SGD2,310,297 and SGD1,108,153 respectively. For the year ended June 30, 2024, corporate expenses amounted to SGD123,170 (USD 90,887), operating expenses amounting to SGD208,980 (USD154,206), employment expenses amounting to SGD647,295 (USD477,638) and other operating expenses SGD577,243 (USD425,947). For the year ended June 30, 2023, corporate expenses amounted to SGD778,312, operating expenses amounting to SGD443,926 and employment expenses amounting to SGD1,088,059. For the year ended June 30, 2022, corporate expenses amounted to SGD531,709, operating expenses amounting to SGD271,344 and employment expenses amounting to SGD305,100.

<u><u>Research and development</u></u>

Research and development expenses include salaries and other compensation-related expenses to the Company's research and product development personnel, outsourced subcontractors, as well as related expenses for the Company's research and product development team. For the years ended June 30, 2024, 2023 and 2022, the research and development expenses were SGD116,592 (USD 86,032) SGD86,921 and SGD 147,659, respectively.

<u><u>Leases</u></u>

Effective July 1, 2019, the Company adopted ASU 2016-02, "Leases" (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.

The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancelable lease term in calculating the right-of-use assets and lease liabilities.

The Company may recognize the lease payments in the consolidated statements of income on a straight-line basis over the lease terms and variable lease payments in the periods in which the obligations for those payments are incurred, if any. The lease payments under the lease arrangements are fixed.

The Company elected the package of practical expedients under the transition guidance which allows the Company to carryforward its historical lease classification, its assessment on whether a contract is or contains a lease and its initial direct costs for any lease that exists prior to adoption of the new standard.

The Company elected to apply the short-term lease exception for lease arrangements with a lease term of 12 months or less at commencement. Lease terms used to compute the present value of lease payments do not include any option to extend, renew or terminate the lease that the Company is not able to be reasonably certain to exercise upon the lease inception. Accordingly, operating lease right-of-use assets and liabilities do not include leases with a lease term of 12 months or less.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
The Company did not adopt the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease components from the lease components to which they relate.

ROU lease assets are included in property and equipment, net.

Operating lease expense is recognized on a straight-line basis over the lease term. Upon completion of lease term, the Company does not have control of the renewal option on all leases as the lessor can terminate the renewal option with advance notice.

The Company evaluates the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended June 30, 2024, 2023 and 2022, the Company did not have any impairment loss against its finance lease ROU assets.

<u><u>Income taxes</u></u>

Republic Power Group Limited is not subject to tax on income or capital gains under the current laws of the British Virgin Islands. In addition, upon payments of dividends by Republic Power Group Limited and the Company's subsidiary in Singapore, Republic Power Pte. Ltd. to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

The Company accounts for income tax in accordance with U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred tax.

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 is 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 consolidated 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 incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company had no uncertain tax positions for the years ended June 30, 2024, 2023 and 2022. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Earnings per share</u></u>

Basic earnings per share is computed by dividing net income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period presented. Diluted income per share is calculated by dividing net income attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded.

<u><u>Employee benefit</u></u>

(1) Defined contribution plan

The Company participates in the national pension schemes as defined by the laws of Singapore'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.

(2) Employees leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.

<u><u>Related parties</u></u>

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

<u><u>Commitments and Contingencies</u></u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical performance and the specific facts and circumstances of each matter.

<u><u>Concentration of Risks</u></u>

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Company places its cash with financial institutions with high-credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these service clients. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
Concentration of clients

As of June 30, 2024, five major clients, Horse Force Limited, Smorboll Pte Ltd, SY Auto Parts and Hardware Trading, 2H Technology Sdn Bhd, YS Wong Enterprise accounted for 22.2%, 12.2%, 10.8%, 10.4% and 10.4% respectively, of the Company's total accounts receivable. As of June 30, 2023, three major clients, Payestation Pte Ltd., SY Auto Parts and Trading, Smorboll Pte Ltd. accounted for 16.5%, 13.6% and 10.7% respectively, of the Company's total accounts receivable. As of June 30, 2022, two major clients, Payestation Pte Ltd. and Smorboll Pte Ltd. accounted for 74.6%, and 24.1%, respectively, of the Company's total accounts receivable. For the year ended June 30, 2024, one client Horse Force Limited accounted for 79.3% of the Company's total revenues. No other clients accounted more than 10% of the Company's total revenues. For the year ended June 30, 2023, one client Sy Auto Parts and Hardware Trading accounted 13.3% of the Company's total revenues. No other clients accounted more than 10% of the Company's total revenues. For the year ended June 30, 2022, three major clients, Payestation Pte Ltd., Australia Marine Services Pty Ltd. and Smorboll Pte Ltd. accounted for 48.7%, 16.5%, and 15.8% respectively, of the Company's total revenues.

Concentration of vendors

As of June 30, 2024, only one vendor accounted for more than 10% of the Company's total account payable. PCA Group Sdn Bhd accounted for 81.5% of the Company's total account payable. As of June 30, 2023, two vendors accounted for more than 10% of the Company's total account payable. Appiclogy Pte. Ltd. and PCA Group Sdn Bhd, accounted for 72.2% and 16.7%, of the Company's total account payable respectively. As of June 30, 2022, one vendor; LYC Supply and Trading, accounted for 81% of the Company's accounts payable.

For the year ended June 30, 2024, two major vendor, Appiclogy Pte Ltd., and Tekun Hardware Pte Ltd., accounted for 66.4% and 32.4% of the Company's total purchase respectively. For the year ended June 30, 2023, two vendors, Pangu Procurement Pte Ltd, and Appiclogy Pte. Ltd., accounted for 48.4% and 20.3% of the Company's total purchase respectively. For the year ended June 30, 2022, two major vendors, LYC Supply and Trading and Pangu Procurement Pte Ltd., accounted for 17.7% and 16.3% respectively, of the Company's total purchases.

<u><u>Segment reporting</u></u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in the consolidated financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company'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 Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographical segments are presented.

<u><u>Recently issued accounting pronouncements</u></u>

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01") that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. Management has evaluated and concluded no material impact of this to the financial statements.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
In October 2023, the FASB issued Accounting Standards Updates ("ASU") No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the "Codification"). This update will improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB codification with the SEC's regulations. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements but does not expect the impact to be material.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands disclosures about a public entity's reportable segments and required more enhanced information about a reportable segment's expenses, interim segment profit or loss, and how a public entity's chief decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Management has evaluated and concluded no material impact of this to the financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 720): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-02, which removes references to the Board's concepts statements from the FASB Accounting Standards Codification (the "Codification" or ASC). The ASU is part of the Board's standing project to make "Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements." The Company's management does not believe the adoption of ASU 2024-02 will have a material impact on its consolidated financial statements and disclosures.

Except as mentioned above, there are no new recently issued accounting standards that will have a material impact on the Company's consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June 2020, ASU 2020-05 defer the effective date for one year for entities in the "all other" category. For all other entities, the amendments in ASU 2020-05 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the guidance continues to be permitted. The Company adopted ASU 2016-02 from July 1, 2019.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows.

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**REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 4 — Revenues
Revenues are recognized when control of the promised services and deliverables are transferred to the Company's clients in an amount that reflects the consideration to which the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

The following table presents the Company's revenues disaggregated by service lines for the years ended June 30, 2024, 2023 and 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Software development service | 3175165 | 4532571 | 685820 | 506066 |
|  Consulting and technical support services | 1289969 | 133100 |  |  |
|  Product sales |  | 356400 |  |  |
|  Total revenues | 4465134 | 5022071 | 685820 | 506066 |

---

The following table presents the Company's revenues disaggregated by the timing of revenue recognition for the years ended June 30, 2024, 2023 and 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Services and deliverables transferred at a point in time |  | 489500 |  |  |
|  Services and deliverables transferred over time | 4465134 | 4532571 | 685820  | 506066 |
|  Total revenues | 4465134 | 5022071 | 685820  | 506066 |

---

The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less.

#### Note 5 — Accounts receivable, net
Accounts receivable, net consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Accounts receivable | 3119875 | 4899673 | 3064660 | 2261408 |
|  Less: allowance for doubtful accounts | (27690) | (24723) | (445516) | (328746) |
|  Accounts receivable, net | 3092185 | 4874950 | 2619144  | 1932662 |

---

The following table summarizes the changes in allowance for doubtful accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Beginning balance | 5568 | 27690 | 24723 | 18243 |
|  Addition | 22122 | 24723 | 420793 | 310503 |
|  Write-off |  | (27690) | —  |  |
|  Ending balance | 27690 | 24723 | 445516  | 328746 |

---

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 6 — Prepayments
Prepayments consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Service prepayment | 13500 | 2823 | 2648 | 1954 |
|  Total prepayments | 13500 | 2823 | 2648  | 1954 |

---

#### Note 7 — Property and equipment, net
Property and equipment consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **June 30,<br>2023** | **June 30,<br>2024** | **June 30,<br>2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
| &nbsp;&nbsp;&nbsp; Office equipment | 48571 | 55373 | 55373 | 40859 |
| &nbsp;&nbsp;&nbsp; Office furniture and fixtures | 12096 | 12096 | 12096 | 8926 |
| &nbsp;&nbsp;&nbsp; Leasehold improvements | 94516 | 94516 | 94516 | 69743 |
| &nbsp;&nbsp;&nbsp; Automobiles | 79905 | 79905 | 79905 | 58962 |
| &nbsp;&nbsp;&nbsp; Subtotal | 235088 | 241890 | 241890 | 178490 |
|  Less: accumulated depreciation | (71778) | (120503) | (163203) | (120427) |
|  Total | 163310 | 121387 | 78687 | 58063 |

---

Depreciation expense for the years ended June 30, 2024, 2023 and 2022 amounted to SGD 42,700 (USD 31,508), SGD 48,725 and SGD 43,593, respectively.

No impairment loss had been recognized during the years ended June 30, 2024, 2023 and 2022, respectively.

<u><u>Automobile under finance lease</u></u>

On August 21, 2020, the Company entered into a finance lease agreement with a third party to lease an automobile for 120 months for SGD 79,905 (USD58,962). The lease required monthly lease payments of SGD 809 from August 21, 2020 through August 20, 2030 and interest rate per annum of 4.00%. The Company placed this vehicle into service in August 2020; accordingly, it has been capitalized. As of June 30, 2024, 2023 and 2022, the accumulated depreciation of the automobile was SGD 31,296 (USD 23,093) SGD 23,306 and SGD 15,315 respectively. In the year ended June 30, 2024, 2023 and 2022, the depreciation of the automobile was SGD 7,991 (USD 5,897) and SGD 7,991 and SGD 7,991 respectively.

#### Note 8 — Accounts payable, other payables and accrued liabilities
Accounts payable, other payables and accrued liabilities consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **June 30,<br>2023** | **June 30,<br>2024** | **June 30,<br>2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Accounts payables | 219936 | 140687 | 28816 | 21264 |
|  Salary payables | 82330 | 253171 | 75404 | 55641 |
|  Other payables |  | 351648 | 185202 | 136660 |
|  Accrued expenses | 191786 | 74994 | 67427  | 49754 |
|  Total accounts payable, other payables and accrued liabilities | 494052 | 820500 | 356849 | 263319 |

---

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 9 — Loans Payable — third parties
On March 23, 2022, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 40,000 (USD 29,579) for a term of ten months and at a fixed monthly interest rate of 1.88%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of January 2023.

On May 5, 2022, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 100,000 (USD 73,948) for a term of ten months and at a fixed monthly interest rate of 3.50%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of April 2023.

On October 21, 2022, RP Singapore entered into a loan agreement with a financial institution to obtain a loan of SGD 40,000 (USD 29,579) for a term of 10 months and at a fixed annual interest rate of 1.88%. The loan was unsecured and guaranteed by a third party. This loan has been settled as of August 2023.

On November 2, 2022, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 20,000 (USD 14,790) for a term of ten months and at a fixed monthly interest rate of 3.00%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of September 2023.

On November 3, 2022, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 100,000 (USD 73,948) for a term of 22 bi-weekly installment and at a fixed bi-weekly interest rate of 1.75%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of May 2023.

On November 14, 2022, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 40,000 (USD 29,579) for a term of ten months and at a fixed monthly interest rate of 5.00%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of September 2023.

On March 3, 2023, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 25,000 (USD 18,487) for a term of six months and at a fixed monthly interest rate of 3.50%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of September 2023.

On April 28, 2023, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 100,000 (USD 73,948) for a term of 20 bi-weekly installment and at a fixed bi-weekly interest rate of 1.75%. The bank loan was unsecured and guaranteed by a third party. As of June 30, 2024 the outstanding balance is SGD 75,914 (USD 56,017).

On April 8, 2024, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 80,000 (USD 59,032) for a term of one month and at a fixed monthly interest rate of 6.00%. The financial loan was unsecured and guaranteed by a third party. On June 12, 2024, after a repayment of SGD 10,000 (USD 7,379) towards the outstanding amount, the loan was re-structured to be a monthly repayment over a term of 8 months. As of June 30, 2024, the outstanding balance is SGD 75,649 (USD 55,821).

As of June 30, 2024, RP Singapore has utilized the overdraft credit line of SGD 201,022 (USD148,334) from a banking institution. The overdraft credit line was unsecured and guaranteed by a third party with an annual interest rate of 7.25%.

#### Note 10 — Related party balances and transactions
<u><u>Related party balances</u></u>

a. Long-term deposits — related party

On February 11, 2019, the Company entered into a service agreement with Ad Navitas Pte Ltd, which is owned by our former shareholder and sole director, Mr. Sai Bin Loi. Ad Navitas Pte Ltd will assist the Company to provide software development projects. Per terms set forth in the agreement, the Company is required to maintain a minimum security amount of SGD 1,000,000 to Ad Navitas Pte Ltd after signing the agreement. Long-term deposits — related party was SGD 920,000 (USD 678,867), SGD 1,000,000 and SGD 1,000,000 as of June 30, 2024, 2023 and 2022, respectively. The Company has made an expected credit loss provision of SGD80,000 (USD 59,032) in the year ended June 30, 2024.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 10 — Related party balances and transactions (cont.)
b. Loans Payable — related party

On June 15, 2022, the Company had unsecured, interest-bearing loan from Republic SC Pte Ltd., which is co-owned by the Company's former shareholder and sole director, Mr. Sai Bin Loi, and his daughter, amounted to SGD 65,000. This loan was fully settled on November 29, 2022. On October 13, 2022, the Company had unsecured, interest-free loan from Republic SC Pte Ltd, amounted to SGD50,000. This loan was fully settled on January 3, 2023. As of June 30, 2024, 2023 and 2022, loans payable to related party is nil, nil and SGD65,000, respectively.

c. Deposit paid for acquisition of subsidiary — related party

On December 1, 2020, RP Singapore entered into an acquisition agreement with Consap Pte Ltd. ("Consap"), which a company is controlled by Chee Wai Chan, who was appointed as RP Singapore's COO and director in February 2021, to acquire the 100% equity interest in Consap, a limited company incorporated in Singapore, for total cash consideration of USD 2,400,000 (equivalent to SGD 3,216,960).

The acquisition is not completed as of June 30, 2024 and the completion is contingent and subject to certain conditions, including target sales performance, set out in the acquisition agreement.

Deposit of USD 1,400,000 (equivalent to SGD 1,856,171) has been paid to Consap on June 30, 2021. The remaining of consideration of USD 1,000,000 will be paid by RP Singapore to Consap on June 30, 2023 if the conditions are met. Pursuant to the acquisition agreement, in case the aforesaid acquisition is not completed, the deposits would be fully refundable to RP Singapore. This agreement has been superseded by a new addendum mentioned below.

The acquisition had not been completed and the remaining consideration of USD 1,000,000 has not been paid by RP Singapore to Consap on June 30, 2024. The completion is contingent and subject to certain conditions, including target sales performance, set out in the acquisition agreement. The acquisition was conditional upon Consap entering into one or more definitive sales agreements, with clients approved by RP Singapore, for total contracts value of not less than USD 2,000,000 on or before November 30, 2025. In the event that Consap fails to secure enough sales agreements for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025.

On March 31, 2024, an addendum to the acquisition agreement has been signed. Pursuant to the addendum, Consap should enter into one or more definitive sales agreements with client approved by RP Singapore, for a total contract value of not less than USD2,000,000 on or before November 30, 2025. The expected completion date will be within 30 days from the date of fulfilment of the condition precedents or March 31, 2026, whichever is earlier, the remaining of consideration of USD 1,000,000 will be paid by RP Singapore to Consap on the completion date. In the event that Consap fails to secure enough sales agreement for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025. As of June 30, 2024, 2023 and 2022, deposit paid to a related party for acquisition of subsidiary amounted to SGD 1,856,171 (USD 1,369,666), 1,856,171 SGD 1,856,171, respectively.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 10 — Related party balances and transactions (cont.)
d. Amount due to directors

Mr. Hao Feng Ng (Mr. Ng) is director of Republic Power Group Limited. Mr. Sai Bin Loi ("Mr. Loi"), Mr. Ziyang Long (Mr. Long) and Mr. Chee Wai Chan (Mr. Chan) are directors of Republic Power Pte Limited.

The Company borrows from Mr. Ng, Mr. Loi, Mr. Long, the Company's Chief Executive Officer and Mr. Chan, the Chief Operating Officer for operation purpose. The loans are interest free and free of collateral.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name of Related Party** | **Relationship** | **Nature of<br>Transactions** | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  |  |  | **SGD** | **SGD** | **USD** |
|  Mr. Sai Bin Loi | Mr. Loi is a shareholder and director of Republic Power Pte Limited | Loan | 77624 | 76842 | 56245 |
|  Mr. Ziyang Long | Mr. Long is a director of Republic Power Pte Limited | Loan | 252976 | 292371 | 214003 |
|  Mr. Chee Wai Chan | Mr. Chan is a director of Republic Power Pte Limited | Loan | 71088 | 71088 | 52033 |
|  Mr. Hao Feng Ng | Mr. Ng is director of Republic Power Group Limited | Loan |  | 83955 | 61451 |

---

Mr. Chee Wai Chan has resigned from the position of director of Republic Power Pte Limited and Chief Operating Officer on August 1, 2024.

<u><u>Related party transactions</u></u>

a. Revenue

On May 10, 2021 and February 10, 2022, the Company entered into 2 service agreements with Consap, which is currently controlled by Chee Wai Chan, who was appointed as RP Singapore's COO and director from February 1, 2021 to August 1, 2024, with a term from May 10, 2021 and February 11 2022, to complete software development projects. The projects was completed in the year ended June 30, 2022. During the years ended June 2024, 2023 and 2022 the project was completed and Consap paid to the Company in a consideration of nil, nil and SGD 130,000 respectively.

On December 6, 2022, the Company entered into a service agreement with Republic SC Pte Ltd., to provide consulting services to Republic SC Pte Ltd. for a software development project. During the years ended June 30, 2024, 2023 and 2022, Republic SC Pte Ltd. paid to the Company in a consideration of nil, SGD 5,500 and nil respectively.

b. Cost of revenue

The Company has entered into a service agreement with Mr. Wee Chong Loi, who agreed to provide IT advisory services to assist in the Company's software development projects, with a term from April 1, 2020 to December 31, 2021. During the years ended June 30, 2024, 2023 and 2022, the Company paid service fee of nil, nil and SGD 48,021 to Mr. Wee Chong Loi, respectively.

#### Note 11 — Taxes
*<u>*<u>Income tax</u>*</u>*

*British Virgin Islands*

Republic Power Group Limited is incorporated in the British Virgin Islands and conducts all of the Company's businesses through the Company's subsidiary in Singapore, Republic Power Pte Limited. Under the current laws of the British Virgin Islands, Republic Power Group Limited is not subject to tax on income or capital gains. In addition, upon payments of dividends by Republic Power Group Limited and the Company's subsidiary in Singapore, Republic Power Pte. Limited to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — Taxes (cont.)
*Singapore*

Republic Power Pte Limited is incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first SGD 10,000 (approximately USD 7,395) taxable income and 50% of the next SGD 190,000 (approximately USD 140,501) taxable income exempted from income tax.

Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of June 30, 2024, the Company is operating at a loss and it will be carried forward to offset future taxable income. As of June 30, 2023 and 2022, the Company did not generate net operating loss carry forwards available to offset future taxable income.

Significant components of the provision for income taxes are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br>year ended<br>June 30,<br>2022** | **For the<br>year ended<br>June 30,<br>2023** | **For the<br>year ended<br>June 30,<br>2024** | **For the<br>year ended<br>June 30,<br>2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Current income tax | 332689 | 242077 |  |  |
|  Overprovision in prior year |  | (47687) |  |  |
|  Deferred income tax | 232 | 3622 | (3622) | (2673) |
|  Provision for income taxes | 332921 | 198012 | (3622) | (2673) |

---

A reconciliation between the Company's actual provision for income taxes and the provision at the Singapore statutory rate was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Income before income tax | 1973664 | 1415796 | (1417180) | (1045734) |
|  Singapore income tax rate | 17.00% | 17.00% | 17% | 17% |
|  Income tax expense computed at statutory rate | 335523 | 240685 | (240920) | (177775) |
|  Reconciling items: |  |  |  |  |
|  Non-deductible items in Singapore | 14823 | 27323 | 8516 | 6284 |
|  Non-taxable income |  | (2283) |  |  |
|  Utilization of previous unrecognized: Capital allowances |  | (6223 |  |  |
|  Tax credit\* | (17425) | (17425) |  |  |
|  Deferred tax asset not recognized in current year |  |  | 232404 | 171491 |
|  Overprovision in prior year |  | (47687) | 3622 | 2673 |
|  Deferred tax liability |  | 3622 |  |  |
|  Total income tax expense | 332921 | 198012 | 3622 | 2673 |
|  Effective tax rate | 16.9% | 14.0% | (0.3)% | (0.3)% |

---

____________

\* A partial tax exemption is eligible for the first SGD200,000 of chargeable income. Under this condition, 75% of the first SGD10,000 of chargeable income is tax exempt and 50% of the next SGD190,000 of chargeable income is tax exempt.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — Taxes (cont.)
<u><u>Deferred tax</u></u>

Significant components of deferred tax were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  Deferred tax assets: |  |  |  |  |
|  Provision for doubtful accounts |  | 4203 | 3622 | 2673 |
|  Total deferred tax assets |  | 4203 | 3622 | 2673 |
|  Deferred tax liabilities: |  |  |  |  |
|  Difference in tax depreciation for tax purpose | (3459) | (7825) | (3622) | (2673) |
|  Total deferred tax liabilities | (3459) | (7825) | (3622) | (2673) |
|  Deferred tax liabilities, net | (3459) | (3622) |  |  |

---

<u><u>Uncertain tax positions</u></u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2024, 2023 and 2022, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended June 30, 2024, 2023 and 2022 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2024.

<u><u>Goods and services taxes ("GST")</u></u>

Revenue represents the invoiced value of service, net of GST. The GST are based on gross sales price. GST rate increased from 7% to 8% from January 1, 2023. With effect from January 1, 2024, GST rate increase from 8% to 9%.

Taxes payable consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **June 30,<br>2023** | **June 30,<br>2024** | **June 30,<br>2024** |
|  | **SGD** | **SGD** | **SGD** | **USD** |
|  GST taxes payable | 196895 | 217096 | 266464 | 196623 |
|  Income taxes payable | 1238144 | 1540712 | 1392057 | 1027197  |
|  Total | 1435039 | 1757808 | 1658521 | 1223820  |

---

#### Note 12 — Equity
*Ordinary shares*

On November 17, 2021, 10,000 ordinary shares of the Company were issued to the participating shareholders in connection with the restructuring of the Company.

On April 21, 2022, the majority shareholders and the board of the Company approved, upon the consummation of the offering, to increase the authorized shares of the Company from 10,000 ordinary shares, par value $1.00 per share to unlimited ordinary shares, par value $0.000625 per share and effectuate a forward share split all issued and outstanding shares at a ratio of 1,600:1. On April 21, 2022, the majority shareholders and the board of the Company approved that the effective date of the increase of the authorized shares and effectuate share split shall be April 21, 2022, prior to the consummation of the offering. The Company completed this share split on April 21, 2022, resulting in the Company having a total of 16,000,000 ordinary shares outstanding, par value $0.000625 per share, and effected

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 12 — Equity (cont.)
a forward share split of all issued and outstanding shares at a ratio of 1,600:1, effective immediately following the filing of the Amended and Restated Charter. The Company believed it is appropriate to reflect the above transactions on a retroactive basis similar to share split or dividend pursuant to ASC 260. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the 1,600 for 1 share split.

*Dividends*

The Company declared and paid SGD1,133,000 (USD836,039) to its shareholder on December 31, 2021. The dividend per share was SGD0.07 (USD0.05). There were no dividend declared and paid by the Company for years ended June 30, 2024 and 2023.

*Capital contributions*

There were no capital contributions during the years ended June 30, 2024, 2023 and 2022.

#### Note 13 — Commitments and contingencies
The Company determines if a contract contains a lease at inception. US GAAP requires that the Company'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 Company 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 Company has two property lease agreements with lease terms ranging for one year and ten years, respectively. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with lease term with one year.

The Company recognized SGD79,905 (USD58,962) ROU assets and finance lease obligation for the ten years lease. Lease expense is recognized on a straight-line basis over the lease term.

For the years ended June 30, 2024, 2023 and 2022, rent expenses for the short-term lease amounted to approximately SGD34,600 (USD26,531), SGD31,080 and SGD31,080, respectively.

The Company's commitment for minimum lease payments under the operating lease that is within twelve months as of June 30, 2024 as follow:

---

| | | |
|:---|:---|:---|
|  **Twelve months ending June 30,** | **Minimum lease <br>payment** | **Minimum lease <br>payment** |
|  | **SGD** | **USD** |
| &nbsp;&nbsp;&nbsp; 2024 | 9708 | 7164 |
|  Thereafter |  |  |
| &nbsp;&nbsp;&nbsp; Total future lease payments | 9708 | 7164 |

---

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — Commitments and contingencies (cont.)
<u><u>Finance Lease Obligation</u></u>

As of June 30, 2024, 2023 and 2022, finance lease obligation was SGD52,344 (USD38,624), SGD59,793 and SGD66,956, respectively. The finance lease obligation bears interest at a rate of 4.0% per annum. As of June 30, 2024, the Company's finance lease has a weighted-average remaining lease term of approximately six (6) years.

The following is a schedule of future lease payments as of June 30, 2024:

---

| | | |
|:---|:---|:---|
|  **Year ending June 30,** | **Amount<br> (SGD)** | **Amount<br> (USD)** |
| &nbsp;&nbsp;&nbsp; 2025 | 9708 | 7164 |
| &nbsp;&nbsp;&nbsp; 2026 | 9708 | 7164 |
| &nbsp;&nbsp;&nbsp; 2027 | 9708 | 7164 |
| &nbsp;&nbsp;&nbsp; 2028 | 9708 | 7164 |
| &nbsp;&nbsp;&nbsp; 2029 | 9708 | 7164 |
|  Thereafter | 10517 | 7760 |
| &nbsp;&nbsp;&nbsp; Total future lease payments | 59057 | 43578 |
|  Amount representing interest | (6713) | (4954) |
|  Present value of future payments | 52344 | 38624 |
| &nbsp;&nbsp;&nbsp; Less: current portion | 7755 | 5722 |
| &nbsp;&nbsp;&nbsp; Long term portion | 44589 | 32902 |

---

<u><u>Acquisition Commitments</u></u>

On December 1, 2020, RP Singapore entered into an acquisition agreement with Consap Pte Ltd. ("Consap"), which a company is currently controlled by Chee Wai Chan, who was appointed as RP Singapore's COO and director in February 2021, to acquire the 100% equity interest in Consap, a limited company incorporated in Singapore at a total cash consideration of USD 2,400,000 (equivalent to SGD 3,228,720). Pursuant to the agreement, RP Singapore is required to pay the consideration in cash with the amount of USD1,400,000 (equivalent to SGD1,856,171) due upon signing of the acquisition agreement. The remaining acquisition consideration in the amount of USD1,000,000 will be paid by RP Singapore to Consap on December 31, 2022 if conditions are met. The acquisition is conditional upon Consap entering into one or more definitive sales agreements, with clients approved by RP Singapore, for total contracts value of not less than USD2,000,000 on or before November 30, 2022. In the event that Consap fails to secure enough sales agreements for a total contracts value of at least USD2,000,000, Consap shall return USD1,400,000 to RP Singapore within seven days from March 31, 2023.

On March 31, 2024, an addendum to the acquisition agreement has been signed. Pursuant to the addendum, Consap should enter into one or more definitive sales agreements with client approved by RP Singapore, for a total contract value of not less than USD2,000,000 on or before November 30, 2025. The expected completion date will be within 30 days from the date of fulfilment of the condition precedents or March 31, 2026, whichever earlier, the remaining consideration of USD 1,000,000 will be paid by RP Singapore to Consap on the completion date. In the event that Consap fails to secure enough sales agreement for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025. As of June 30, 2024, 2023 and 2022, deposit paid to a related party for acquisition of subsidiary amounted to SGD 1,856,171 (USD 1,369,666) SGD 1,856,171 and SGD 1,856,171 respectively.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 14 — Subsequent events
On April 7, 2025, our share capital was amended to be an unlimited number of ordinary shares divided into two classes, consisting of (i) an unlimited number of Class A Ordinary Shares, par value $0.000625 each, and (ii) 50,000,000 Class B Ordinary Shares, par value $0.000625 each. Each Class A Ordinary Share is entitled to one (1) vote on any matter on which action of the shareholders of the Company is sought while each Class B Ordinary Share is entitled to ten (10) votes. Holders of Class B Ordinary Shares will vote together with holders of Class A Ordinary Shares as one class. Class A Ordinary Shares are not convertible into Class B Ordinary Shares. Class B Ordinary Shares are convertible into Class A Ordinary Shares as a one for one basis. Holders of Class B Ordinary Shares are not entitled to receive dividends. On March 27, 2025, we allotted and issued 100,000 Class B Ordinary Shares to True Sage for cash at par.

Subsequent to year-end, the Company received a legal confirmation from Forbes Hare indicating unbilled professional fees amounting to approximately US$40,000, relating to ongoing legal services in connection with the Company's initial public offering (IPO). As of June 30, 2024, the Company had not received an invoice nor had knowledge of the amount due.

Per the engagement terms, professional fees were capped at US$25,000 based on certain assumptions, with provisions allowing for additional charges in the event of expanded scope, unforeseen complications, or delays beyond four months from engagement. Given that the IPO process remained in progress as of the reporting date and the final billing amount was not yet determinable, management assessed that the condition giving rise to the additional fees did not exist as of June 30, 2024.

Accordingly, in line with ASC 855, the Company considers this to be a non-adjusting subsequent event. No accrual has been recorded in the financial statements as of June 30, 2024. The additional legal fees will be recognized when invoiced and once the related service period is confirmed.

Management evaluated subsequent events of the Company through April 18, 2025, the date the consolidated financial statements were issued, and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to the consolidated financial statements.

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

#### REPUBLIC POWER GROUP LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  ASSETS |  |  |  |
|  CURRENT ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 11828 | 25137 | 18399 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 2619144 | 1795593 | 1314297 |
| &nbsp;&nbsp;&nbsp; Inventories | 54986 | 54986 | 40247 |
| &nbsp;&nbsp;&nbsp; Prepayments | 2648 |  |  |
| &nbsp;&nbsp;&nbsp; Short-term deposits | 2301806 | 2301806 | 1684824 |
| &nbsp;&nbsp;&nbsp; Other current assets, net |  | 160000 | 117113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 4990412 | 4337522 | 3174880 |
|  PROPERTY AND EQUIPMENT, NET | 78687 | 2292 | 1678 |
|  OTHER ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp; Deposit paid for acquisition of subsidiary – related party | 1856171 | 1856171 | 1358638 |
| &nbsp;&nbsp;&nbsp; Deferred initial public offering ("IPO") costs | 814444 | 814444 | 596138 |
| &nbsp;&nbsp;&nbsp; Long-term deposits – related party | 920000 | 920000 | 673401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current assets | 3590615 | 3590615 | 2628177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 8659714 | 7930429 | 5804735 |
|  LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
|  CURRENT LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp; Loan payable – Financial Institutions | 1682900 | 1669302 | 1221857 |
| &nbsp;&nbsp;&nbsp; Amount due to director | 401688 | 524256 | 383733 |
| &nbsp;&nbsp;&nbsp; Accounts payable | 28816 | 296316 | 216891 |
| &nbsp;&nbsp;&nbsp; Other payables and accrued liabilities | 328033 | 444168 | 325112 |
| &nbsp;&nbsp;&nbsp; Finance lease obligation, current portion | 7755 |  |  |
| &nbsp;&nbsp;&nbsp; Taxes payable | 1658521 | 1656607 | 1212565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 4107713 | 4590649 | 3360158 |
|  OTHER LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp; Finance lease obligation, net of current portion | 44589 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other liabilities | 44589 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4152302 | 4590649 | 3360158 |
|  COMMITMENTS AND CONTINGENCIES |  |  |  |
|  SHAREHOLDERS' EQUITY |  |  |  |
|  Ordinary shares, US$0.000625 par value, unlimited shares authorized, 16,000,000 shares issued and outstanding as of June 30, 2024 and December 31, 2024, respectively | 13453 | 13453 | 9847 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 986547 | 986547 | 722110 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 3507412 | 2339780 | 1712620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 4507412 | 3339780 | 2444577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | 8659714 | 7930429 | 5804735 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### REPUBLIC POWER GROUP LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31,** | **For the Six Months Ended<br> December 31,** | **For the Six Months Ended<br> December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  OPERATING REVENUES |  |  |  |
| &nbsp;&nbsp;&nbsp; Software development service | 635350 | 490977 | 359374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 635350 | 490977 | 359374 |
|  COST OF REVENUES | (250032) | (288218) | (210963) |
|  GROSS PROFIT | 385318 | 202759 | 148411 |
|  OPERATING EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (859215) | (205715) | (150575) |
| &nbsp;&nbsp;&nbsp; Research and development expenses | (116591) | (1120000) | (819792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | (975806) | (1325715) | (970367) |
|  LOSS FROM OPERATIONS | (590488) | (1122956) | (821956) |
|  OTHER INCOME (EXPENSE) |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest Expense | (187864) | (34295) | (25102) |
| &nbsp;&nbsp;&nbsp; Finance expenses | (19831) |  |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange gain (loss) | 1061 |  |  |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | 61800 | (10381) | (7599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense, net | (144834) | (44676) | (32701) |
|  LOSS BEFORE INCOME TAXES | (735322) | (1167632) | (854657) |
|  PROVISION FOR INCOME TAX |  |  |  |
| &nbsp;&nbsp;&nbsp; Current |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total provision for income tax |  |  |  |
|  NET LOSS | (735322) | (1167632) | (854657) |
|  WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted\* | 16000000 | 16000000 | 16000000 |
|  EARNINGS (LOSS) PER SHARE |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | (0.05) | (0.07) | (0.05) |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### REPUBLIC POWER GROUP LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED<br>STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

#### For the six months ended December 31, 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares** | **<br>Ordinary shares** | **Additional <br>paid-in <br>capital** | **Retained <br>earnings** | **Total** |
|  | **Shares\*** | **Par Value** | **Additional <br>paid-in <br>capital** | **Retained <br>earnings** | **Total** |
|  |  | **SGD** | **SGD** | **SGD** | **SGD** |
|  BALANCE, June 30, 2023 | 16000000 | 13453 | 986547 | 4920970 | 5920970 |
|  Net loss |  |  |  | (735322) | (735322) |
|  BALANCE, December 31, 2023 | 16000000 | 13453 | 986547 | 4185648 | 5185648 |

---

#### For the six months ended December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares** | **<br>Ordinary shares** | **Additional <br>paid-in <br>capital** | **Retained <br>earnings** | **Total** |
|  | **Shares\*** | **Par Value** | **Additional <br>paid-in <br>capital** | **Retained <br>earnings** | **Total** |
|  |  | **SGD** | **SGD** | **SGD** | **SGD** |
|  BALANCE, June 30, 2024 | 16000000 | 13453 | 986547 | 3507412 | 4507412 |
|  Net loss |  |  |  | (1167632) | (1167632) |
|  BALANCE, December 31, 2024 | 16000000 | 13453 | 986547 | 2339780 | 3339780 |
|  |  | **USD** | **USD** | **USD** | **USD** |
|  BALANCE, December 31, 2024 | **16000000** | **9847** | **722110** | **1712620** | **2444577** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### REPUBLIC POWER GROUP LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> December 31,** | **For the Six Months Ended<br> December 31,** | **For the Six Months Ended<br> December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Net loss | (735322) | (1167632) | (854657) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property and equipment | 22693 | 14941 | 10936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets written off |  | 14177 | 10377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on early termination of lease |  | (3796) | (2778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for doubtful accounts | 24723 |  |  |
| &nbsp;&nbsp;&nbsp; Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivables | 1780557 | 823551 | 602804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments | (2270320) | 2648 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term deposits | 230000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | (160000) | (117113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (110194) | 267500 | 195798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables and accrued liabilities | 1063502 | 116136 | 85007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes payable | (99936) | (1915) | (1401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (94297) | (94390) | (69089) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred IPO costs | (145382) |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from financial institutions | 332515 | 415289 | 303973 |
| &nbsp;&nbsp;&nbsp; Proceeds from director | 380650 | 190350 | 139328 |
| &nbsp;&nbsp;&nbsp; Repayment to financial institutions | (246228) | (428888) | (313928) |
| &nbsp;&nbsp;&nbsp; Repayment to due to a director | (225896) | (67781) | (49613) |
| &nbsp;&nbsp;&nbsp; Repayment to finance lease | (3689) | (1271) | (930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 91970 | 107699 | 78830 |
|  CHANGE IN CASH | (2327) | 13309 | 9741 |
|  CASH, beginning of the period | 3974 | 11828 | 8658 |
|  CASH, end of the period | 1647 | 25137 | 18399 |
|  SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for income tax |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for interest expense | 187864 | 34295 | 25102 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — Nature of business and organization
Republic Power Group Limited (the "Company" or "RP") is a holding company incorporated on November 17, 2021 under the British Virgin Islands ("BVI") law. The Company has no substantial operations other than holding all of the equity interest of Republic Power Pte. Ltd ("RP Singapore"), a Singapore Company incorporated on January 1, 2015. The Company, through RP Singapore, is a provider of customized software, technology solutions and peripheral hardware to large and small to medium corporate clients and government agencies. The Company's headquarters is located in Singapore. All of the Company's business activities are carried out by RP Singapore.

On November 17, 2021, the Company completed a reorganization of RP Singapore under common control of its then existing shareholders, who collectively owned all of the equity interests of the Company prior to the reorganization. The Company and RP Singapore are under common control which results in the consolidation of RP Singapore at carrying value. The unaudited interim condensed consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying unaudited interim condensed consolidated financial statements of the Company.

The unaudited interim condensed consolidated financial statements reflect the activities of each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Background** | **Ownership** | **Principal activity** |
|  Republic Power Group Limited | • A BVI company<br> • Incorporated on November 17, 2021 | **—** | Investment holding |
|  Republic Power Pte. Ltd.  | • A Singapore company<br> • Incorporated on January 1, 2015 | 100% owned by RP | Providing of software development and technology services |

---

#### Note 2 — Liquidity and going concern
The Company's accounts have been prepared assuming that the company will continue as a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the consolidated financial statements. The Company's ability to continue as a going concern depends upon aligning its sources of funding (debt and equity) with the expenditure requirements of the Company and repayment of the short-term debt facilities as and when they fall due.

The Company has considered whether there is a substantial doubt about its ability to continue as a going concern. As of December 31, 2024 the Company reported a net loss of SGD 1,167,632 (USD 854,657) and net cash used in operating activities of SGD 94,390 (USD 69,089) indicating negative cash flow from operating activities. The Company's working capital deficit was SGD 253,127 (USD 185,279) as of December 31, 2024. The Company had SGD 25,137 (USD 18,399) in cash, which is unrestricted as to withdrawal and use as of December 31, 2024. In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To improve the financial position and ensure business continuity, management has implemented the following measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financial Support**: The majority shareholder has formally committed to supporting the company for the next 12 months, ensuring financial obligations are met which amounted to SGD 720,000 (USD 527,009)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Debt Repayment Plans**: The company has secured a monthly repayment agreement with financial institutions for trade facility obligations and an instalment plan with tax authorities for corporate tax payments. Monthly repayment to the financial institutions and tax authorities amounted to SGD 60,000 (USD 43,917).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cost Reduction Strategies**: The company has laid off staff and moved to a smaller office to reduce overhead expenses.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Liquidity and going concern (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Revenue Growth Initiatives**: The company will continue to expand its target market to increase revenue and improve profitability. We believe the revenue grow will be able to sustain the company's operating cost for the next 12 months.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The unaudited interim condensed consolidated financial statements for the six months ended December 31, 2024 and 2023 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

#### Note 3 — Summary of significant accounting policies
<u><u>Basis of presentation</u></u>

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC"), and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operation results. The results of operations for the six months ended December 31, 2024 are not necessarily indicative of results to be expected for the full year ending June 30, 2025. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements thereto as of and for the years ended June 30, 2024, 2023 and 2022.

<u><u>Principles of consolidation</u></u>

The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions have been eliminated upon consolidation.

<u><u>Use of estimates and assumptions</u></u>

The preparation of unaudited interim 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 interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company's unaudited interim condensed consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for doubtful accounts, revenue recognition, and deferred taxes. Actual results could differ from these estimates.

<u><u>Foreign currency transaction</u></u>

The Company uses Singapore Dollars ("SGD") as its reporting currency. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars ("USD") and its subsidiary which is incorporated in Singapore is SGD, which is its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in exchange gains/(losses) on the unaudited interim condensed consolidated statements of income and comprehensive income.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Convenience translation</u></u>

Translations of balances in the unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of income, unaudited interim condensed consolidated statements of changes in shareholders' equity and unaudited interim condensed consolidated statements of cash flows from SGD into USD as of December 31, 2024 are solely for the convenience of the readers and are calculated at the rate of USD1.00=SGD1.3662, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

<u><u>Cash</u></u>

Cash primarily consists of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains most of its bank accounts in Singapore.

<u><u>Accounts receivable, net</u></u>

Accounts receivable are recorded in accordance with ASC 310, "Receivables." Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others. As of December 31, 2024 and June 30, 2024, the Company recorded allowances for doubtful accounts against its accounts receivable amounting to SGD 445,516 (USD 326,099) and SGD 445,516, respectively.

<u><u>Inventories</u></u>

Inventories are comprised of finished goods and are stated at the lower of cost or net realizable value using the weighted average method. Management reviews inventories for obsolescence and cost in excess of net realizable value periodically when appropriate and records a reserve against the inventory when the carrying value exceeds net realizable value. As of December 31, 2024 and June 30, 2024, the Company's inventory amounted to SGD 54,986 (USD 40,247) and SGD 54,986, respectively. No allowance for inventory valuation or obsolescence loss was recognized for both periods.

<u><u>Prepayments</u></u>

Pursuant to ASC340-10, prepayments refer to payments made in advance to vendors or service providers for services that are yet to be rendered, including prepayment of rent for office accommodation. These amounts are refundable and bear no interest. As of December 31, 2024 and June 30 2024, the prepaid expenses amounted to nil and SGD 2,648 respectively. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. The Company determined that no allowance was deemed necessary for years ended December 31, 2024 and June 30, 2024.

<u><u>Short-term</u> <u>deposits and</u> <u>long-term</u> <u>deposits</u></u>

Short-term deposits and long-term deposits are mainly for rent, utilities and money deposited with certain suppliers. These amounts are refundable and bear no interest. The short-term deposits usually have one year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when term and conditions set forth in the agreements have been satisfied. As of December 31, 2024 and June 30, 2024, the short-term deposits amounted to SGD 2,301,806 (USD1,684,824) and SGD 2,301,806, respectively.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
<u><u>Deferred IPO costs</u></u>

Pursuant to ASC 340-10-S99-1, IPO 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. These costs include legal fees related to the registration drafting and counsel, accounting fees and consulting fees related to the registration preparation, the SEC filing and print related costs. The Company is expected to complete this IPO offering on or before September 30, 2025. As of December 31, 2024 and June 30, 2024, the accumulated deferred IPO cost was SGD 814,444 (USD 596,138) and SGD 814,444, respectively.

<u><u>Other current assets, net</u></u>

Other current assets, net, primarily consists of other receivables from third parties. These other receivables are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.

<u><u>Property and equipment, net</u></u>

Property and equipment are stated at cost less accumulated depreciation and impairment 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** |
|  Office equipment | 3 years |
|  Office furniture and fixtures | 3 years |
|  Leasehold improvements | 5 years |
|  Automobiles | 10 years |

---

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 interim condensed consolidated statements of income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u><u>Impairment for</u> <u>long-lived</u> <u>assets</u></u>

Long-lived assets, including property and equipment with finite lives 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 Company 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 Company would 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 December 31, 2024, the company conducted a recoverability test and the total future projected cashflows from the asset group exceed or equal to the carrying amount of the assets group therefore no impairment of long-lived assets was recognized.

<u><u>Fair value measurement</u></u>

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Financial instruments included in current assets and current liabilities are reported in the unaudited interim condensed consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

<u><u>Revenue recognition</u></u>

Effective July 1, 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Clients, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after July 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company's historic accounting under ASC Topic 605. The Company's accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to July 1, 2019. The effect from the adoption of ASC Topic 606 was not material to the Company's unaudited interim condensed consolidated financial statements.

The five-step model defined by ASC Topic 606 requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Company applied practical expedient when sales taxes were collected from clients, meaning sales tax is recorded net of revenue, instead of cost of revenue, which are subsequently remitted to governmental authorities and are excluded from the transaction price. The Company does not offer rights of refund of previously paid or delivered amounts, rebates, rights of return or price protection. In all instances, the Company limits the amount of revenue recognized to the amounts for which it has the right to bill its' clients.

The Company derives its revenues from two sources: (1) revenue from software development services and (2) revenue from consulting and technical support services. All the Company's contracts with clients do not contain cancelable and refund-type provisions.

(1) Software development services

The contract is typically fixed priced and does not provide any post contract client support or upgrades. The Company designs software based on clients' specific needs which require the Company to perform services including design, development, and integration. These services also require significant customization. Upon delivery of the services, client acceptance is generally required. The Company assesses that software development services is considered as one performance obligation as the clients do not obtain benefit for each separate service. The duration of the development period is short, usually less than one year.

From September 01, 2024 onwards, in certain software development contract, we provide complementary support services for 12 months following completion of the project. However, any feature upgrade, system scaling and ongoing maintenance will require service fee from clients.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
The Company's software development service revenues is generated primarily from contracts with government or related agencies and state-owned enterprises. The contracts contain negotiated billing terms which generally include multiple payment phases throughout the contract term and a portion of contract amount usually is billed upon the completion of the related projects. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed.

The Company's revenue from software development contracts are generally recognized over time as the Company's performance creates or enhances the project controlled by the clients and the control is transferred continuously to the Company's clients. The Company uses an input method based on cost incurred as the Company believes that this method most accurately reflects the Company's progress toward satisfaction of the performance obligation, which usually takes less than one year. Under this method, the Company could appropriately measure the fulfillment of a performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivables and deferred revenues at each reporting period.

Incurred costs include all direct material, labor and subcontract costs, and those indirect costs related to application development performance, such as indirect labor, supplies, and tools. Cost-based input method requires the Company to make estimates of revenues and costs to complete the service. In making such estimates, significant judgment is required to evaluate assumptions related to the costs to complete the application development, including materials, labor, and other system costs. The Company's estimates are based upon the professional knowledge and experience of the Company's engineers and project managers to assess the contract's schedule, performance, and technical matters. The Company has adequate cost history and estimating experience, and with respect to which management believes it can reasonably estimate total development costs. If the estimated costs are greater than the related revenues, the Company recognizes the entire estimated loss in the period the loss becomes known and can be reasonably estimated. Changes in estimates for software development services include but are not limited to cost forecast changes and change orders. The cumulative effect of changes in estimates is recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. To date, the Company has not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes probable and can be reasonably estimated. If contract modifications result in additional goods or services that are distinct from those transferred before the modification, they are accounted for prospectively as if the Company entered into a new contract. If the goods or services in the modification are not distinct from those in the original contract, sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs and contract values.

In certain software development service arrangements, the Company sells equipment to be customized and integrated with the developed software. The Company assesses the customized equipment and service are interdependent and highly interrelated. In these cases, the Company controls the customized equipment before it is transferred to the clients. The Company has the right to direct the suppliers and control the goods or assets transferred to its clients. Thus, the Company considers it should recognize revenue as a principal in the gross amount of consideration to which it is entitled in exchange for the customized equipment delivered.

(2) Consulting and technical support services

Revenue from consulting and technical support services is primarily comprised of fixed-fee contracts, which require the Company to provide professional consulting and technical support services over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or quarterly basis over the contract term, which is typically 1 to 12 months. The consulting and technical support services contracts typically include a single performance obligation. The revenue from consulting and technical support services is recognized over the contract term as clients receive and consume benefits of such services as provided.

(3) Product sales

The Company engages in sale of medical equipment, hardware and related accessories. The Company typically enters into contracts with its client where the rights of the parties, including payment terms, are identified and sales prices to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company's performance obligation is to deliver products according to contract specifications. The Company recognizes product revenue at a time when the control of products is transferred to clients.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
Revenue includes reimbursements of travel and out-of-pocket expense, with equivalent amounts of expense recorded in cost of revenue.

*Practical Expedient and Exemptions*

The Company does not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

<u><u>Cost of Revenue</u></u>

Cost of revenue consists primarily of personnel costs (including salaries and benefits) for employees associated with technical support and subcontractors, professional services organizations, third party license fees, allocable overhead.

<u><u>General and administrative expenses</u></u>

General and administrative expenses consist primarily of corporate expenses, operating expenses and employment expenses. For six months ended December 31, 2024 and 2023, the Company's total general and administrative expenses were SGD 205,715 (USD 150,575) and SGD 859,215 respectively. For six month ended December 31, 2024, corporate expenses amounted to SGD 163,063 (USD 119,355), operating expenses amounting to SGD 24,139 (USD 17,669) and employment expenses amounting to SGD 18,513 (USD 13,551). For the six month ended December 31, 2023, corporate expenses amounted to SGD 54,640, operating expenses amounting to SGD 157,280 and employment expenses amounting to SGD 647,295.

<u><u>Research and development expenses</u></u>

Research and development expenses include salaries and other compensation-related expenses to the Company's research and product development personnel, outsourced subcontractors, as well as related expenses for the Company's research and product development team. For the six months ended December 31, 2024 and 2023, the research and development expenses were SGD 1,120,000 (USD 819,792) and SGD 116,591, respectively.

<u><u>Leases</u></u>

Effective July 1, 2019, the Company adopted ASU 2016-02, "Leases" (Topic 842), and elected the practical expedients that does not require the Company to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.

The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancelable lease term in calculating the right-of-use assets and lease liabilities.

The Company may recognize the lease payments in the consolidated statements of income on a straight-line basis over the lease terms and variable lease payments in the periods in which the obligations for those payments are incurred, if any. The lease payments under the lease arrangements are fixed.

The Company elected the package of practical expedients under the transition guidance which allows the Company to carryforward its historical lease classification, its assessment on whether a contract is or contains a lease and its initial direct costs for any lease that exists prior to adoption of the new standard.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
The Company elected to apply the short-term lease exception for lease arrangements with a lease term of 12 months or less at commencement. Lease terms used to compute the present value of lease payments do not include any option to extend, renew or terminate the lease that the Company is not able to be reasonably certain to exercise upon the lease inception. Accordingly, operating lease right-of-use assets and liabilities do not include leases with a lease term of 12 months or less.

The Company did not adopt the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. Non-lease components include payments for building management, utilities and property tax. It separates the non-lease components from the lease components to which they relate.

ROU lease assets are included in property and equipment, net.

Operating lease expense is recognized on a straight-line basis over the lease term. Upon completion of lease term, the Company does not have control of the renewal option on all leases as the lessor can terminate the renewal option with advance notice.

The Company evaluates the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the six months ended December 31, 2024 and 2023, the Company did not have any impairment loss against its finance lease ROU assets.

<u><u>Income taxes</u></u>

Republic Power Group Limited is not subject to tax on income or capital gains under the current laws of the British Virgin Islands. In addition, upon payments of dividends by Republic Power Group Limited and the Company's subsidiary in Singapore, Republic Power Pte. Ltd to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

The Company accounts for income tax in accordance with U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred tax.

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 is 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 unaudited interim condensed consolidated 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.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
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 incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company had no uncertain tax positions for the six months ended December 31, 2024 and 2023. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

<u><u>Earnings per share</u></u>

Basic earnings per share is computed by dividing net income attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period presented. Diluted income per share is calculated by dividing net income attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded.

<u><u>Employee benefit</u></u>

(1) Defined contribution plan

The Company participates in the national pension schemes as defined by the laws of Singapore'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.

(2) Employees leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.

<u><u>Related parties</u></u>

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

<u><u>Commitments and Contingencies</u></u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical performance and the specific facts and circumstances of each matter.

<u><u>Concentration of Risks</u></u>

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and account receivable. The Company places its cash with financial institutions with high-credit ratings and quality.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these service clients. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

Concentration of clients

As of December 31, 2024, two clients, Horse Force Limited and Smorboll Pte Ltd., accounted for 30.3% and 16.6%, respectively, of the Company's total accounts receivable. As of June 30, 2024, five major clients, Horse Force Limited, Smorboll Pte Ltd, SY Auto Parts and Hardware Trading, 2H Technology Sdn Bhd, and YS Wong Enterprise accounted for 22.2%, 12.2%, 10.8%, 10.4%, and 10.4%, respectively, of the Company's total accounts receivable.

For the six months ended December 31, 2024, four clients Supertoy Trading Company Limited, SLV Trading Limited, Rosefinch Industry Company Limited, Flourish Bright Limited, accounted for 26.1%, 25.7%, 24.6% and 16.5%, of the Company's total revenues, respectively. For the six months ended December 31, 2023, one major client Horse Force Limited accounted for 85.6% of the Company's total revenues.

Concentration of vendors

As of December 31, 2024, one vendor Btoz Tech Pte Ltd accounted for 90.3% of the Company's accounts payable.

As of June 30, 2024, one major vendor, PCA Group Sdn Bhd accounted for 81.5% of the Company's account payable.

For the six months ended December 31, 2024, one major supplier, Btoz Tech Pte Ltd, accounted for 92.8% of the Company's total purchases. For the six months ended December 31, 2023, two major vendors, Appiclogy Pte Ltd and Tekun Hardware Pte Ltd, accounted for 66.4% and 32.4%, respectively, of the Company's total purchases.

<u><u>Segment reporting</u></u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in unaudited interim condensed consolidated financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews unaudited interim condensed consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographical segments are presented.

<u><u>Recently issued accounting pronouncements</u></u>

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01") that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. Management has evaluated and concluded no material impact of this to the financial statements.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — Summary of significant accounting policies (cont.)
In October 2023, the FASB issued Accounting Standards Updates ("ASU") No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the "Codification"). This update will improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB codification with the SEC's regulations. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements but does not expect the impact to be material.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands disclosures about a public entity's reportable segments and required more enhanced information about a reportable segment's expenses, interim segment profit or loss, and how a public entity's chief decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Management has evaluated and concluded no material impact of this to the financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 720): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its consolidated financial statements.

In March 2024, the FASB issued ASU No. 2024-02, which removes references to the Board's concepts statements from the FASB Accounting Standards Codification (the "Codification" or ASC). The ASU is part of the Board's standing project to make "Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements." The Company's management does not believe the adoption of ASU 2024-02 will have a material impact on its consolidated financial statements and disclosures.

Except as mentioned above, there are no new recently issued accounting standards that will have a material impact on the Company's consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June 2020, ASU 2020-05 defer the effective date for one year for entities in the "all other" category. For all other entities, the amendments in ASU 2020-05 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the guidance continues to be permitted. The Company adopted ASU 2016-02 from July 1, 2019.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 4 — Revenues
Revenues are recognized when control of the promised services and deliverables are transferred to the Company's clients in an amount that reflects the consideration to which the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

The following table presents the Company's revenues for the six months ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended December 31,** | **For the six months ended December 31,** | **For the six months ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  Software development service | 635350 | 490977 | 359374 |
|  Total revenues | 635350 | 490977 | 359374 |

---

The following table presents the Company's revenues disaggregated by the timing of revenue recognition for the six months ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended December 31,** | **For the six months ended December 31,** | **For the six months ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  Services and deliverables transferred over time | 635350 | 490977 | 359374 |
|  Total revenues | 635350 | 490977 | 359374 |

---

The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less.

#### Note 5 — Accounts receivable, net
Accounts receivable, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  Accounts receivable | 3064660 | 2241109 | 1640396 |
|  Less: allowance for doubtful accounts | (445516) | (445516) | (326099) |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 2619144 | 1795593 | 1314297 |

---

The following table summarizes the changes in allowance for doubtful accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  Beginning balance | 24,723 | 445,516 | 326,099 |
|  Addition | 420,793 |  |  |
|  Ending balance | 445,516 | 445,516 | 326,099 |

---

#### Note 6 — Prepayments
Prepayments consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  Service prepayment | 2648 |  |  |
|  Total prepayments | 2648 |  |  |

---

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 7 — Property and equipment, net
Property and equipment consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  Office equipment | 55373 | 55373 | 40530 |
|  Office furniture and fixtures | 12096 | 12096 | 8854 |
|  Leasehold improvements | 94516 | 94516 | 69182 |
|  Automobiles | 79905 | 79905 | 58487 |
|  Subtotal | 241890 | 241890 | 177053 |
|  Less: asset written off |  | (174421) | (127669) |
|  Less: accumulated depreciation | (163203) | (65177) | (47706) |
|  Total | 78687 | 2292 | 1678 |

---

Depreciation expense for the six months ended December 31, 2024 and 2023 amounted to SGD 14,941 (USD 10,936) and SGD 22,693, respectively.

No impairment loss had been recognized during the six months ended December 31, 2024 and 2023. In August 2024, the Company relocated its office, resulting in the disposal and write-off of leasehold improvements, office furniture, and fixtures. Additionally, the Company disposed of and terminated the finance lease for its automobile during the same period.

<u><u>Automobile under finance lease</u></u>

On August 21, 2020, the Company entered into a finance lease agreement with a third party to lease an automobile for 120 months for SGD 79,905 (USD 59,613). The lease required monthly lease payments of SGD 809 from August 21, 2020 through July 20, 2030 and interest rate per annum of 4.00%. The Company placed this vehicle into service in August 2020; accordingly, it has been capitalized. The Company terminated the automobile lease in August 2024. As of December 31, 2024 and June 30, 2023, the accumulated depreciation of the automobile was nil and SGD 19,310, respectively.

#### Note 8 — Loan Payable — Financial Institutions
On November 14, 2022, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 40,000 (USD 29,278) for a term of ten months and at a fixed monthly interest rate of 5.00%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of September 2023.

On March 3, 2023, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 25,000 (USD 18,298) for a term of six months and at a fixed monthly interest rate of 3.50%. The bank loan was unsecured and guaranteed by a third party. This loan has been settled as of September 2023.

On April 28, 2023, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 100,000 (USD 73,196) for a term of 20 bi-weekly installment and at a fixed bi-weekly interest rate of 1.75%. The bank loan was unsecured and guaranteed by a third party. As of December 31, 2024 the outstanding balance is SGD 75,914 (USD 55,566).

On April 8, 2024, RP Singapore entered into a short-term loan agreement with a financial institution to obtain a loan of SGD 80,000 (USD 58,557) for a term of one month and at a fixed monthly interest rate of 6.00%. The financial loan was unsecured and guaranteed by a third party. On June 12, 2024, after a repayment of SGD 10,000 (USD 7,379) towards the outstanding amount, the loan was re-structured to be a monthly repayment over a term of 8 months. As of December 31, 2024, the outstanding balance is SGD 76,893.96 (USD 56,283).

As of June 30, 2024, RP Singapore has utilized the overdraft credit line of SGD 192,220 (USD140,697) from a banking institution. The overdraft credit line was unsecured and guaranteed by a third party with an annual interest rate of 7.25%.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 9 — Accounts payable, other payables and accrued liabilities
Accounts payable, other payables and accrued liabilities consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  Account payable | 28816 | 296316 | 216891 |
|  Salary payables | 75404 | 85384 | 62497 |
|  Other payable | 185202 | 289740 | 212077 |
|  Accrued expenses | 67427 | 69044 | 50538 |
|  Total other payables and accrued liabilities | 356849 | 740484 | 542003 |

---

#### Note 10 — Related party balances and transactions
<u><u>Related party balances</u></u>

*a. Long*-term *deposits — related party*

On February 11, 2019, the Company entered into a service agreement with Ad Navitas Pte Ltd, which is owned by our former shareholder and sole director, Mr. Sai Bin Loi. Ad Navitas Pte Ltd will assist the Company to provide software development projects. Per terms set forth in the agreement, the Company is required to maintain a minimum security amount of SGD 1,000,000 to Ad Navitas Pte Ltd after signing the agreement. The Company has made an expected credit loss provision of SGD 80,000 (USD 58,557) in the year ended June 30, 2024. Long-term deposits — related party was SGD 920,000 (USD 673,400) and SGD 1,000,000 as of December 31, 2024, and June 30, 2024, respectively. The expected credit loss provision as of December 31, 2024 and June 30, 2023 are SGD 80,000 (SGD 58,557) and SGD 80,000.

*b. Deposit paid for acquisition of subsidiary — related party*

On December 1, 2020, RP Singapore entered into an acquisition agreement with Consap Pte Ltd. ("Consap"), which a company is controlled by Chee Wai Chan, who was appointed as RP Singapore's COO and director in February 2021, to acquire the 100% equity interest in Consap, a limited company incorporated in Singapore, for total cash consideration of USD 2,400,000 (equivalent to SGD 3,216,960).

The acquisition is not completed as of June 30, 2024 and the completion is contingent and subject to certain conditions, including target sales performance, set out in the acquisition agreement.

Deposit of USD 1,400,000 (equivalent to SGD 1,856,171) has been paid to Consap on June 30, 2021. The remaining of consideration of USD 1,000,000 will be paid by RP Singapore to Consap on June 30, 2023 if the conditions are met. Pursuant to the acquisition agreement, in case the aforesaid acquisition is not completed, the deposits would be fully refundable to RP Singapore. This agreement has been superseded by a new addendum mentioned below.

The acquisition had not been completed and the remaining consideration of USD 1,000,000 has not been paid by RP Singapore to Consap on June 30, 2024. The completion is contingent and subject to certain conditions, including target sales performance, set out in the acquisition agreement. The acquisition was conditional upon Consap entering into one or more definitive sales agreements, with clients approved by RP Singapore, for total contracts value of not less than USD 2,000,000 on or before November 30, 2025. In the event that Consap fails to secure enough sales agreements for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025.

On March 31, 2024, an addendum to the acquisition agreement has been signed. Pursuant to the addendum, Consap should enter into one or more definitive sales agreements with client approved by RP Singapore, for a total contract value of not less than USD2,000,000 on or before November 30, 2025. The expected completion date will be within

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 10 — Related party balances and transactions (cont.)
30 days from the date of fulfilment of the condition precedents or March 31, 2026, whichever is earlier, the remaining of consideration of USD 1,000,000 will be paid by RP Singapore to Consap on the completion date. In the event that Consap fails to secure enough sales agreement for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025. As of December 31, 2024 and June 30, 2024, deposit paid to a related party for acquisition of subsidiary amounted to SGD 1,856,171 (USD 1,358,638) and 1,856,171, respectively.

c. Amount due to directors

Mr. Hao Feng Ng is director of Republic Power Group Limited. Mr. Sai Bin Loi ("Mr. Loi"), Mr. Ziyang Long and Mr. Chee Wai Chan are directors of Republic Power Pte Limited.

The Company had borrowed from Mr. Ng, Mr. Loi, the Company's previous shareholder and Mr. Long, the Company's Chief Executive Officer, Mr. Chan, the Company's Chief Operating Officer for operation purpose. The loans are interest free and free of collateral.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name of Related Party** | **Relationship** | **Nature of <br>Transactions** | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  |  |  | **SGD** | **SGD** | **USD** |
|  Mr. Sai Bin Loi | Mr. Loi is a shareholder and director <br>of Republic Power Pte Limited | Loan | 77624 | 76842 | 56245 |
|  Mr. Ziyang Long | Mr. Long is a director of Republic Power Pte Limited | Loan | 252976 | 292371 | 214003 |
|  Mr. Chee Wai Chan | Mr. Chan is a director of Republic Power Pte Limited | Loan | 71088 | 71088 | 52033 |
|  Mr. Hao Feng Ng | Mr. Ng is director of Republic Power <br>Group Limited | Loan |  | 83955 | 61451 |
|  |  |  | 401688 | 524256 | 383732 |

---

Mr. Chee Wai Chan has resigned from the position of director of Republic Power Pte Limited and Chief Operating Officer on August 1, 2024.

#### Note 11 — Taxes
*<u>*<u>Income tax</u>*</u>*

*British Virgin Islands*

Republic Power Group Limited is incorporated in the British Virgin Islands and conducts all of the Company's businesses through the Company's subsidiary in Singapore, Republic Power Pte Limited. Under the current laws of the British Virgin Islands, Republic Power Group Limited is not subject to tax on income or capital gains. In addition, upon payments of dividends by Republic Power Group Limited and the Company's subsidiary in Singapore, Republic Power Pte. Limited to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

*Singapore*

Republic Power Pte Limited is incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first SGD 10,000 (approximately USD 7,460) taxable income and 50% of the next SGD 190,000 (approximately USD 141,749) taxable income exempted from income tax.

Net operating loss will be carryforward indefinitely under Singapore profits tax regulation. As of December 31, 2024 and June 30, 2024 the Company generated a loss of SGD 1,167,632 (USD 854,657) and SGD 1,417,180 respectively.

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

#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — Taxes (cont.)
Significant components of the provision for income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2023** | **For the <br>six months <br>ended <br>December 31, <br>2024** | **For the <br>six months <br>ended <br>December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  Current | 34,801 |  |  |
|  Deferred | 1,650 |  |  |
|  Provision for income taxes | 36,451 |  |  |

---

A reconciliation between the Company's actual provision for income taxes and the provision at the Singapore statutory rate was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended December 31,** | **For the six months ended December 31,** | **For the six months ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  Income (loss) before tax | (735322) | (1167632) | (854657) |
|  Singapore income tax rate | 17.0% | 17.0% | 17.0% |
|  Income tax expense computed at statutory rate | (125005) | (198497) | (145291) |
|  Reconciling items: |  |  |  |
|  Non-deductible items in Singapore | 4021 | 2792 | 2044 |
|  Non-taxable income |  | (645) | (472) |
|  Change in valuation allowance |  | 196350 | 143719 |
|  Tax credit\* | 120984 |  |  |
|  Total income tax expense |  |  |  |
|  Effective tax rate | 0.00% | 0.0% | 0.0% |

---

____________

\* A partial tax exemption is eligible for the first SGD 200,000 of chargeable income. Under this condition, 75% of the first SGD 10,000 of chargeable income is tax exempt and 50% of the next SGD190,000 of chargeable income is tax exempt.

<u><u>Deferred tax</u></u>

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>June 30, <br>2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **SGD** | **SGD** | **USD** |
|  Deferred tax assets: |  |  |  |
|  Provision for doubtful accounts | 3622 |  |  |
|  Total deferred tax assets | 3622 |  |  |
|  Deferred tax liabilities: |  |  |  |
|  Depreciation | (3622) |  |  |
|  Total deferred tax liabilities | (3622) |  |  |
|  Deferred tax liabilities, net |  |  |  |

---

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — Taxes (cont.)
<u><u>Uncertain tax positions</u></u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and June 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the six months ended December 31, 2024 and 2023 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2024.

<u><u>Goods and services taxes ("GST")</u></u>

Revenue represents the invoiced value of service, net of GST. The GST are based on gross sales price. GST rate is generally 9% in Singapore.

Taxes payable consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **December 31, <br>2024** | **December 31, <br>2024** |
|  | **SGD** | **SGD** | **USD** |
|  GST taxes payable | 266464 | 266549 | 195102 |
|  Income taxes payable | 1392057 | 1390058 | 1017463 |
|  Total | 1658521 | 1656607 | 1212565 |

---

#### Note 12 — Equity
*Ordinary shares*

On November 17, 2021, 10,000 ordinary shares of the Company were issued to the participating shareholders in connection with the restructuring of the Company.

On April 21, 2022, the majority shareholders and the board of the Company approved to increase the authorized shares of the Company from 10,000 ordinary shares, par value $1.00 per share to unlimited ordinary shares, par value $0.000625 per share and effectuate a forward share split all issued and outstanding shares at a ratio of 1,600:1. On April 21, 2022, the majority shareholders and the board of the Company approved that the effective date of the increase of the authorized shares and effectuate share split shall be April 21, 2022, prior to the consummation of the offering. The Company completed this share split on April 21, 2022, resulting in the Company having a total of 16,000,000 ordinary shares outstanding, par value $0.000625 per share, and effected a forward share split of all issued and outstanding shares at a ratio of 1,600:1, effective immediately following the filing of the Amended and Restated Charter. The Company believed it is appropriate to reflect the above transactions on a retroactive basis similar to share split or dividend pursuant to ASC 260. All references made to share or per share amounts in the accompanying unaudited interim condensed consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the 1,600 for 1 share split.

*Dividends*

For the six months ended December 31, 2024 and 2023, the Company did not declare and pay dividends to shareholders.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — Commitments and contingencies
The Company determines if a contract contains a lease at inception. US GAAP requires that the Company'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 Company 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 Company has two property lease agreements with lease terms ranging for one year and ten years, respectively. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with lease term with one year.

The Company recognized SGD 79,905 (USD 59,613) ROU assets and finance lease obligation for the ten years lease. Lease expense is recognized on a straight-line basis over the lease term.

The Company terminated the automobile finance lease in August 2024.

For the six months ended December 31, 2024 and 2023, rent expenses for the short term lease amounted to approximately SGD 2,910 (USD 2,130) and SGD 15,540, respectively.

The Company did not renew the office lease which ended on July 31, 2024. Subsequently, the Company shifted to co-working office space.

<u><u>Acquisition Commitments</u></u>

On December 1, 2020, RP Singapore entered into an acquisition agreement with Consap Pte Ltd. ("Consap"), which a company is currently controlled by Chee Wai Chan, who was appointed as RP Singapore's COO and director in February 2021, to acquire the 100% equity interest in Consap, a limited company incorporated in Singapore at a total cash consideration of USD 2,400,000 (equivalent to SGD 3,228,720). Pursuant to the agreement, RP Singapore is required to pay the consideration in cash with the amount of USD1,400,000 (equivalent to SGD1,856,171) due upon signing of the acquisition agreement. The remaining acquisition consideration in the amount of USD1,000,000 will be paid by RP Singapore to Consap on December 31, 2022 if conditions are met. The acquisition is conditional upon Consap entering into one or more definitive sales agreements, with clients approved by RP Singapore, for total contracts value of not less than USD2,000,000 on or before November 30, 2022. In the event that Consap fails to secure enough sales agreements for a total contracts value of at least USD2,000,000, Consap shall return USD1,400,000 to RP Singapore within seven days from March 31, 2023.

On March 31, 2024, an addendum to the acquisition agreement has been signed. Pursuant to the addendum, Consap should enter into one or more definitive sales agreements with client approved by RP Singapore, for a total contract value of not less than USD2,000,000 on or before November 30, 2025. The expected completion date will be within 30 days from the date of fulfilment of the condition precedents or March 31, 2026, whichever earlier, the remaining consideration of USD 1,000,000 will be paid by RP Singapore to Consap on the completion date. In the event that Consap fails to secure enough sales agreement for a total contracts value of at least USD 2,000,000, Consap shall return USD 1,400,000 to RP Singapore within seven days from December 31, 2025. As of December 31, 2024 and June 30, 2024, deposit paid to a related party for acquisition of subsidiary amounted to SGD 1,856,171 (USD 1,358,638) and SGD 1,856,171 respectively.

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#### REPUBLIC POWER GROUP LIMITED<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 14 — Subsequent events
On April 7, 2025, our share capital was amended to be an unlimited number of ordinary shares divided into two classes, consisting of (i) an unlimited number of Class A Ordinary Shares, par value $0.000625 each, and (ii) 50,000,000 Class B Ordinary Shares, par value $0.000625 each. Each Class A Ordinary Share is entitled to one (1) vote on any matter on which action of the shareholders of the Company is sought while each Class B Ordinary Share is entitled to ten (10) votes. Holders of Class B Ordinary Shares will vote together with holders of Class A Ordinary Shares as one class. Class A Ordinary Shares are not convertible into Class B Ordinary Shares. Class B Ordinary Shares are convertible into Class A Ordinary Shares as a one for one basis. Holders of Class B Ordinary Shares are not entitled to receive dividends. On March 27, 2025, we allotted and issued 100,000 Class B Ordinary Shares to True Sage for cash at par.

Subsequent to year-end, the Company received a legal confirmation from Forbes Hare indicating unbilled professional fees amounting to approximately US$40,000, relating to ongoing legal services in connection with the Company's initial public offering (IPO). As of June 30, 2024, the Company had not received an invoice nor had knowledge of the amount due.

Per the engagement terms, professional fees were capped at US$25,000 based on certain assumptions, with provisions allowing for additional charges in the event of expanded scope, unforeseen complications, or delays beyond four months from engagement. Given that the IPO process remained in progress as of the reporting date and the final billing amount was not yet determinable, management assessed that the condition giving rise to the additional fees did not exist as of June 30, 2024.

Accordingly, in line with ASC 855, the Company considers this to be a non-adjusting subsequent event. No accrual has been recorded in the financial statements as of June 30, 2024. The additional legal fees will be recognized when invoiced and once the related service period is confirmed.

Management evaluated subsequent events of the Company through May 09, 2025, the date the consolidated financial statements were issued, and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to the consolidated financial statements.

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
British Virgin 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 British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our articles of association provide that, we may indemnify against all expenses, including legal fees, and against all judgements, fines, and amounts paid in settlement and reasonably incurred in connection with legal, administrative, or investigative proceedings any Eligible Person (which is defined in the memorandum and articles of association as any "individuals, corporations, trusts, the estates of deceased individuals, partnerships, and unincorporated associations of persons") who is or was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a party or is threatened to be made a party to any threatened, pending, or completed proceedings, whether civil, criminal, administrative, or investigative, by reason of the fact that the Eligible Person is or was a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at our request, serving as a director of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust, or other enterprise.

The above does not apply unless the Eligible Person acted honestly and in good faith and in what he or she believed to be in our best interests and, in the case of criminal proceedings, the Eligible Person had no reasonable cause to believe that his or her conduct was unlawful.

For the purposes of the above, where the Company is a wholly owned subsidiary or a parent, a director acts in our best interests if he or she acts in the best interests of our parent, in either case, in the circumstances specified in the BVI Act, as the case may be.

The decision of our directors as to whether the person acted honestly and in good faith and with a view to our best interests and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of our articles of association, unless a question of law is involved.

The termination of any proceedings by any judgement, order, settlement, conviction, or the entering of a nolle prosequi does not, by itself, create a presumption that the Eligible Person did not act honestly and in good faith and with a view to our best interests or that the Eligible Person had reasonable cause to believe that his or her conduct was unlawful.

Expenses, including legal fees, incurred by our director (or our former director) in defending any legal, administrative, or investigative proceedings may be paid by us in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of such director (or a former director) to repay the amount if it shall ultimately be determined that the director (or a former director) is not entitled to be indemnified by us in accordance with the provisions stated above and upon such other terms and conditions, if any, as we deem appropriate.

The indemnification and advancement of expenses provided by, or granted pursuant to our memorandum and articles of association is not exclusive of any other rights to which the Eligible Person seeking indemnification or advancement of expenses may be entitled under any agreement, resolution of members, resolution of disinterested directors, or otherwise, both as to acting in the Eligible Person's official capacity and as to acting in another capacity while serving as a Director.

To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former secretary or any of our officers in respect of any matter identified above on condition that the secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the secretary or that officer for those legal costs.

Pursuant to the offer letters with our directors and the employment agreements with our executive officers we agree to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

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

The underwriting agreement, the form of which will be filed as Exhibit 1.1 to the registration statement of which this prospectus forms a part, will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have issued the following securities which were not registered under the Securities Act.

On March 27, 2025, we issued 100,000 Class B Ordinary Shares to True Sage for cash at par.

**ITEM 8. *EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.***

**(a) Exhibits**

See Exhibit Index beginning on page II-4 of the registration statement of which this prospectus forms a part.

**(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.***

The undersigned registrant hereby undertakes to provide to the Underwriter at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the Underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the

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

registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **1.1\*\*** | Form of Underwriting Agreement |
|  **3.1\*** | [Amended and Restated Memorandum and Articles of Association, effective on August 29, 2023](ea023149505ex3-1_republic.htm) |
|  **3.2\*** | [Amended and Restated Memorandum and Articles of Association, effective on April 21, 2025](ea023149505ex3-2_republic.htm) |
|  **4.1\*** | [Specimen Certificate for Class A Ordinary Shares](ea023149505ex4-1_republic.htm) |
|  **5.1\*** | [Opinion of Forbes Hare regarding the validity of the Class A Ordinary Shares being registered](ea023149505ex5-1_republic.htm) |
|  **8.1\*** | [Opinion of Forbes Hare regarding certain British Virgin Islands tax matters (included in Exhibit 5.1)](ea023149505ex5-1_republic.htm) |
|  **10.1\*** | [Share Exchange Agreement dated November 17, 2021, by and between Republic Power Group Limited and Mr. Sai Bin Loi](ea023149505ex10-1_republic.htm) |
|  **10.2\*** | [Form of Director Offer Letter](ea023149505ex10-2_republic.htm) |
|  **10.3\*** | [Employment Agreement by and between CEO Ziyang Long and the Company dated December 1, 2021](ea023149505ex10-3_republic.htm) |
|  **10.4\*** | [Employment Agreement by and between CFO Chak Ming Wong and the Company dated February 3, 2025](ea023149505ex10-4_republic.htm) |
|  **10.5\*** | [Form of Software Development Service Agreement with the Company's clients](ea023149505ex10-5_republic.htm) |
|  **10.6\*** | [Form of Software Development Service Agreement with the Company's supplier](ea023149505ex10-6_republic.htm) |
|  **10.7\*** | [The Share Purchase Agreement by and between Sai Bin Loi and True Sage, dated December 11, 2024, as amended on January 8, 2028](ea023149505ex10-7_republic.htm) |
|  **16.1\*** | [<u>Letter of Friedman LLP to the U.S. Securities and Exchange Commission dated July</u> <u>1, 2025</u>](ea023149505ex16-1_republic.htm) |
|  **21.1\*** | [List of Subsidiary](ea023149505ex21-1_republic.htm) |
|  **23.1\*** | [Consent of Friedman LLP](ea023149505ex23-1_republic.htm) |
|  **23.2\*** | [Consent of Onestop Assurance PAC](ea023149505ex23-2_republic.htm) |
|  **23.3\*** | [Consent of Forbes Hare (included in Exhibit 5.1)](ea023149505ex5-1_republic.htm) |
|  **24.1\*** | [Power of Attorney (included on signature pages)](#T2101) |
|  **99.1\*** | [Audit Committee Charter](ea023149505ex99-1_republic.htm) |
|  **99.2\*** | [Compensation Committee Charter](ea023149505ex99-2_republic.htm) |
|  **99.3\*** | [Nominating and Corporate Governance Committee Charter](ea023149505ex99-3_republic.htm) |
|  **99.4\*** | [Code of Business Conduct and Ethics of Registrant](ea023149505ex99-4_republic.htm) |
|  **99.5\*** | [Consent of Independent Director Nominee Jeffrey Stagg](ea023149505ex99-5_republic.htm) |
|  **99.6\*** | [Consent of Independent Director Nominee Siu Wan Lo](ea023149505ex99-6_republic.htm) |
|  **99.7\*** | [Consent of Independent Director Nominee Chun Yu Tso](ea023149505ex99-7_republic.htm) |
|  **99.8\*** | [Executive Compensation Recovery Policy](ea023149505ex99-8_republic.htm) |
|  **107\*** | [Filing Fee Table](ea023149505ex-fee_republic.htm) |

---

____________

\* Filed herewith

\*\* To be filed by amendment

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#### 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 July 1, 2025.

---

| | | |
|:---|:---|:---|
|  Republic Power Group Limited | Republic Power Group Limited | Republic Power Group Limited |
|  By: | /s/ Ziyang Long | /s/ Ziyang Long |
|  | Name: | Ziyang Long |
|  | Title: | Chief Executive Officer |

---

#### POWER OF ATTORNEY
We, the undersigned directors and executive officers of Republic Power Group Limited and its subsidiaries hereby severally constitute and appoint Mr. Ziyang Long and Mr. Chak Ming Wong, singly (with full power to act alone), our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution in him/her for him/her and in his/her name, place and stead, and in any and all capacities, to sign this registration statement on Form F-1 and any and all amendments (including post-effective amendments) to this registration statement (or any other Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and him/her, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his/her substitute or substitutes may lawfully 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/ Ziyang Long | Chief Executive Officer and Director | July 1, 2025 |
|  Name: Ziyang Long | (Principal Executive Officer) |  |
|  /s/ Chak Ming Wong | Chief Financial Officer | July 1, 2025 |
|  Name: Chak Ming Wong | (Principal Accounting and Financial Officer) |  |
|  /s/ Hao Feng Ng | Chairman of the Board and Director | July 1, 2025 |
|  Name: Hao Feng Ng |  |  |

---

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#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, New York, on July 1, 2025.

---

| | | |
|:---|:---|:---|
|  By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

**BVI COMPANY NUMBER: 2082540**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT, 2004**

**MEMORANDUM AND ARTICLES**

**OF ASSOCIATION**

**OF**

**Republic Power Group Limited**

**A COMPANY LIMITED BY SHARES**

**Incorporated on the 17th day of November, 2021**

**Amended and Restated on 21st day of April, 2022**

**Amended and Restated on 16th day of August, 2023**

**Amended and Restated on 29th day of August, 2023**

**INCORPORATED IN THE BRITISH VIRGIN ISLANDS**

TERRITORY OF THE BRITISH VIRGIN ISLANDS

THE BVI BUSINESS COMPANIES ACT, 2004

MEMORANDUM OF ASSOCIATION

OF

Republic Power Group Limited

A COMPANY LIMITED BY SHARES

1. DEFINITIONS AND INTERPRETATION

1.1. In this Memorandum of Association and the Articles of Association of the Company, if not inconsistent
with the subject or context:

"**Act**" means the BVI Business Companies Act, 2004 (No. 16 of 2004) and includes the regulations made under the Act;

"**Articles**" means the Articles of Association of the Company;

"**Auditor**" means the person for the time being performing the duties of auditor of the Company (if any

"**Chairman of the Board**" has the meaning specified in Regulation 12;

"**Designated Stock Exchange**" means any national securities exchange in the United States of America on which Public Shares of the Company may be listed for trading, including the NASDAQ Stock Market LLC, the NYSE MKT LLC or The New York Stock Exchange LLC;

"**Distribution**" in relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares held by a Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares, a transfer of indebtedness or otherwise, and includes a dividend;

"**FINRA**" means the Financial Industry Regulatory Authority of the United States of America;

"**IPO**" means the Company's initial public offering of securities;

"**Memorandum**" means this Memorandum of Association of the Company;

"**Person**" includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

"**Prospectus**" means the prospectus set out in the Registration Statement;

"**Registrar**" means the Registrar of Corporate Affairs appointed under section 229 of the Act;

"**Registration Statement**" means the Company's registration statement on Form F-1 filed with the SEC in connection with the IPO;

"**Relevant System**" means a system utilised for the purposes of holding and transferring shares of the Company;

"**Resolution of Directors**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of directors of
the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director is given
more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing or by telex, telegram, cable or other written
electronic communication by a majority of the directors of the Company. A written resolution consented to in such manner may consist of
several documents including written electronic communication, in like form each signed or assented to by one or more directors.

"**Resolution of Shareholders**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of the Shareholders
of the Company by the affirmative vote of a majority of in excess of 50 percent of the votes of the Shares entitled to vote thereon which
were present at the meeting and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by a majority of in excess of 50 percent of
the votes of Shares entitled to vote thereon;

"**Seal**" means any seal which has been duly adopted as the common seal of the Company;

"**SEC**" means the United States Securities and Exchange Commission;

"**Securities**" means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire Shares or debt obligations;

"**Share**" means a share issued or to be issued by the Company;

"**Shareholder**" means a Person whose name is entered in the register of members as the holder of one or more Shares or fractional Shares;

"**Treasury Share**" means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled; and

"**Written**" or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "**in writing**" shall be construed accordingly.

1.2. In the Memorandum and the Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "**Regulation**" is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**Clause**" is a reference to a clause of the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting by Shareholders is a reference to the casting of the votes attached to the
Shares held by the Shareholder voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Act, the Memorandum or the Articles is a reference to the Act or those documents
as amended or, in the case of the Act, any re-enactment thereof and any subsidiary legislation made thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular includes the plural and vice versa.

1.3. Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning
in the Memorandum and the Articles unless otherwise defined herein.

1.4. Headings are inserted for convenience only and shall be disregarded in interpreting
the Memorandum and the Articles.

**2.** **NAME** 

The name of the Company is Republic Power Group Limited.

**3.** **STATUS** 

The Company is a company limited by Shares.

**4.** **REGISTERED OFFICE AND REGISTERED AGENT** 

4.1. The first registered office of the Company is at Vistra Corporate Services Centre, Wickhams Cay II,
Road Town, Tortola, VG1110, British Virgin Islands, the office of the first registered agent.

4.2. The first registered agent of the Company is Vistra (BVI) Limited of Vistra Corporate Services Centre,
Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

4.3. The Company may by Resolution of Shareholders or by Resolution of Directors change the location of its
registered office or change its registered agent.

4.4. Any change of registered office or registered agent will take effect on the registration
by the Registrar of a notice of the change filed by the existing registered agent or a legal practitioner in the British Virgin Islands
acting on behalf of the Company.

4.5. The registered agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act on the instructions of the directors of the Company if those instructions are
contained in a Resolution of Directors and a copy of the Resolution of Directors is made available to the registered agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recognize and accept the appointment or removal of a director or directors by Shareholders.

5. CAPACITY AND POWERS

5.1. Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective
of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity, do any act or
enter into any transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph (a), full rights, powers and privileges.

5.2. For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company
may carry on.

6. NUMBER AND CLASSES OF SHARES

6.1. Shares in the company shall be issued in the currency of the United States of America.

6.2. The Company is authorised to issue an unlimited number of Shares of a single class
each with a par value of US$0.000625.

6.3. The Company may issue fractional Shares and a fractional Share shall have the corresponding
fractional rights, obligations and liabilities of a whole Share of the same class or series of Shares.

6.4. Shares may be issued in one or more series of Shares as the directors may by Resolution of Directors
determine from time to time.

7. RIGHTS OF SHARES

7.1. Each Share confers upon the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one vote at a meeting of the Shareholders or on
any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

7.2. The Company may by Resolution of Directors redeem, purchase or otherwise acquire
all or any of the Shares subject to Regulation 3 of the Articles.

8. VARIATION OF RIGHTS

If at any time the Shares are divided into different classes, the rights attached to any class may only be varied, whether or not the Company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by the holders of not less than 50 percent of the issued Shares in that class.

9. RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU

The rights conferred upon the holders of the Shares of any class 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 or issue of further Shares ranking *pari passu* therewith.

10. REGISTERED SHARES

10.1. The Company shall issue registered Shares only.

10.2. The Company is not authorised to issue bearer Shares, convert registered Shares
to bearer Shares or exchange registered Shares for bearer Shares.

11. TRANSFER OF SHARES

11.1. The Company shall, on receipt of an instrument of transfer or appropriate instruction from a Relevant
System complying with Sub-Regulation 6 of the Articles, enter the name of the transferee of a Share in the register of members unless
the directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified in a Resolution of Directors.

11.2. The directors may not resolve to refuse or delay the transfer of a Share unless
the Shareholder has failed to pay an amount due in respect of the Share.

12. AMENDMENT OF THE MEMORANDUM AND THE ARTICLES

12.1. Subject to Clause 8, the Company may amend the Memorandum or the Articles by Resolution
of Shareholders or by Resolution of Directors, save that no amendment may be made by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Shareholders to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend the Memorandum
or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where the Memorandum or the Articles cannot be amended by the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to Clauses 7, 8, 9 or this Clause 12.

12.2. Any amendment of the Memorandum or the Articles will take effect on the registration by the Registrar
of a notice of amendment, or restated Memorandum and Articles, filed by the registered agent.

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the 17th day of November, 2021.

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| |
|:---|
| Incorporator |
| /s/ Rexella D. Hodge |
| (Sd.) Rexella D. Hodge |
| Authorised Signatory <br> Vistra (BVI) Limited |

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TERRITORY OF THE BRITISH VIRGIN ISLANDS<br> THE BVI BUSINESS COMPANIES ACT, 2004

ARTICLES OF ASSOCIATION

OF

Republic Power Group Limited

A COMPANY LIMITED BY SHARES

1. REGISTERED SHARES

1.1. Every Shareholder is entitled, on request to a certificate signed by a director
or officer of the Company, or any other person authorised by Resolution of Directors, or under the Seal specifying the number of Shares
held by him and the signature of the director, officer or authorised person and the Seal may be facsimiles.

1.2. Any Shareholder receiving a certificate shall indemnify and hold the Company and
its directors and officers harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use
or representation made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed
on production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution
of Directors.

1.3. If several Persons are registered as joint holders of any Shares, any one of such
Persons may give an effectual receipt for any Distribution.

2. SHARES

2.1. Shares and other Securities may be issued at such times, to such Persons, for
such consideration and on such terms as the directors may by Resolution of Directors determine.

2.2. Section 46 of the Act *(Pre-emptive rights)* does not apply to the Company.

2.3. A Share may be issued for consideration in any form or a combination of forms, including
money, a promissory note, or other written obligation to contribute money or property, real property, personal property (including goodwill
and know-how), services rendered or a contract for future services.

2.4. The consideration for a Share with par value shall not be less than the par value
of the Share. If a Share with par value is issued for consideration less than the par value, the person to whom the Share is issued is
liable to pay to the Company an amount equal to the difference between the issue price and the par value.

2.5. A bonus share issued by the Company shall be deemed to have been fully paid for on issue.

2.6. No Shares may be issued for a consideration, which is in whole or in part, other
than money, unless a Resolution of Directors has been passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, in the opinion of the directors, the present cash value of the non-money consideration and money
consideration, if any, is not less than the amount to be credited for the issue of the Shares.

2.7. The consideration paid for any Share, whether a par value Share or a no par value
Share, shall not be treated as a liability or debt of the Company for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the solvency test in Regulations 3 and 18; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sections 197 and 209 of the Act.

2.8. The Company shall keep a register (the "**register of members**") containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the Persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Shareholder was entered in the register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any Person ceased to be a Shareholder.

2.9. The register of members may be in any such form as the directors may approve,
but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents.
Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members.

2.10. A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

3. REDEMPTION OF SHARES AND TREASURY SHARES

3.1. The Company may purchase, redeem or otherwise acquire and hold its own Shares
in such manner and upon such other terms as the directors may agree with the relevant Shareholder(s) save that the Company may not purchase,
redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise
acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise
acquire the Shares without their consent.

3.2. The Company may acquire its own fully paid Share or Shares for
no consideration by way of surrender of the Share or Shares to the Company by the Shareholder holding the Share or Shares. Any surrender
of a Share or Shares under this Sub-Regulation 3.2 shall be in writing and signed by the Shareholder holding the Share or Shares.

3.3. The Company may only offer to purchase, redeem or otherwise acquire Shares if the
Resolution of Directors authorising the purchase, redemption or other acquisition contains a statement that the directors are satisfied,
on reasonable grounds, that immediately after the acquisition the value of the Company's assets will exceed its liabilities and
the Company will be able to pay its debts as they fall due.

3.4. Sections 60 (*Process for acquisition of own Shares*), 61 (*Offer to one or more shareholders*) and 62 (*Shares redeemed otherwise than at the option of company*) of the Act shall not apply to the Company.

3.5. Shares that the Company purchases, redeems or otherwise acquires pursuant to this
Regulation may be cancelled or held as Treasury Shares except to the extent that such Shares are in excess of 50 percent of the issued
Shares in which case they shall be cancelled but they shall be available for reissue.

3.6. All rights and obligations attaching to a Treasury Share are suspended and shall
not be exercised by the Company while it holds the Share as a Treasury Share.

3.7. Treasury Shares may be transferred by the Company on such terms and conditions
(not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

3.8. Where Shares are held by another body corporate of which the Company holds, directly
or indirectly, Shares having more than 50 percent of the votes in the election of directors of the other body corporate, all rights and
obligations attaching to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate.

4. MORTGAGES AND CHARGES OF SHARES

4.1. Shareholders may mortgage or charge their Shares.

4.2. There shall be entered in the register of members at the written request of the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in subparagraphs (a) and (b) are entered
in the register of members.

4.3. Where particulars of a mortgage or charge are entered in the register of members,
such particulars may be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised
to act on his behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the directors of the discharge of the liability
secured by the mortgage or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

4.4. Whilst particulars of a mortgage or charge over Shares are entered in the register
of members pursuant to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no replacement certificate shall be issued in respect of
such Shares,

without the written consent of the named mortgagee or chargee.

5. FORFEITURE

5.1. Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation.

5.2. A written notice of call specifying the date for payment to be made shall be served
on the Shareholder who defaults in making payment in respect of the Shares.

5.3. The written notice of call referred to in Sub-Regulation 5.2 shall name a further
date not earlier than the expiration of 14 days from the date of service of the notice on or before which the payment required by the
notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares,
or any of them, in respect of which payment is not made will be liable to be forfeited.

5.4. Where a written notice of call has been issued pursuant to Sub-Regulation 5.3
and the requirements of the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel
the Shares to which the notice relates.

5.5. The Company is under no obligation to refund any moneys to a Shareholder whose
Shares have been cancelled pursuant to Sub-Regulation 5.4 and that Shareholder shall be discharged from any further obligation to the
Company.

6. TRANSFER OF SHARES

6.1. Subject to the Memorandum, Shares may be transferred by a written instrument of
transfer (which complies with applicable rules of the SEC and federal and state securities laws of the United States) signed by the transferor
and containing the name and address of the transferee, which shall be sent to the Company for registration. The instrument of transfer
shall be in writing in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved
by the directors and shall be signed by the transferor and shall also be signed by the transferee if registration as a holder of the shares
imposes a liability to the Company on the transferee and may be under hand or, if the transferor or transferee is a clearing house or
its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Directors may approve from time
to time.

6.2. The transfer of a Share is effective when the name of the transferee is entered on
the register of members.

6.3. If the directors of the Company are satisfied that an instrument of transfer relating
to Shares has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's name should be entered in the register of members notwithstanding the absence
of the instrument of transfer.

6.4. Subject to the Memorandum, the personal representative of a deceased Shareholder
may transfer a Share even though the personal representative is not a Shareholder at the time of the transfer.

6.5. Notwithstanding any other provisions of the Memorandum and Articles, shares in
the Company may be transferred by means of a Relevant System and the operator of the Relevant System (and any other person necessary to
ensure the Relevant System is effective to transfer shares) shall act as agent of the members for the purposes of the transfer of any
shares transferred by means of the Relevant System. If the Shares in question were issued in conjunction with rights, options or warrants
on terms that one cannot be transferred without the other, the directors shall refuse to register the transfer of any such share without
evidence satisfactory to them of the like transfer of such option or warrant.

7. MEETINGS AND CONSENTS OF SHAREHOLDERS

7.1. Any director of the Company may convene meetings of the Shareholders at such times
and in such manner and places within or outside the British Virgin Islands as the director considers necessary or desirable.

7.2. Upon the written request of Shareholders entitled to exercise 30 percent or more
of the voting rights in respect of the matter for which the meeting is requested the directors shall convene a meeting of Shareholders.

7.3. The director convening a meeting shall give not less than 7 days' notice
of a meeting of Shareholders to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Shareholders whose names on the date the notice is given appear as Shareholders in the register
of members and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other directors.

7.4. The director convening a meeting of Shareholders may fix as the record date for
determining those Shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as
may be specified in the notice, being a date not earlier than the date of the notice.

7.5. A meeting of Shareholders held in contravention of the requirement to give
 notice is valid if Shareholders holding at least 90 percent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for
this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder
holds.

7.6. The inadvertent failure of a director who convenes a meeting to give notice of
a meeting to a Shareholder or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate
the meeting.

7.7. A Shareholder may be represented at a meeting of Shareholders by a proxy who may
speak and vote on behalf of the Shareholder.

7.8. The instrument appointing a proxy shall be produced at the place designated for
the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting
may specify an alternative or additional place or time at which the proxy shall be presented.

7.9. The instrument appointing a proxy shall be in substantially the following form
or such other form as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

[COMPANY NAME]

(the "**Company**")

I/We, ______________, being a Shareholder of the Company HEREBY APPOINT _________________ of_________________or failing him ____________ of _____________ to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the ________day of ____________, 20___ and at any adjournment thereof.

(Any restrictions on voting to be inserted here.)

Signed this _____ day of _______________, 20 ____

___________________________________

Shareholder

7.10. The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting
of Shareholders and may speak as a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint
owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one.

7.11. A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates
by telephone or other electronic means and all Shareholders participating in the meeting are able to hear each other.

7.12. A meeting of Shareholders is duly constituted if, at the commencement of the meeting,
there are present in person or by proxy not less than 50 percent of the votes of the Shares entitled to vote on Resolutions of Shareholders
to be considered at the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders
and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute avalid
Resolution of Shareholders.

7.13. If within two hours from the time appointed for the meeting a quorum is not
 present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business
day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors
may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or
by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered
by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

7.14. At every meeting of Shareholders, the Chairman of the Board shall preside as chairman
of the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Shareholders present
shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person
representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which
the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

7.15. The chairman may, with the consent of the meeting, adjourn any 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.

7.16. At any meeting of the Shareholders the chairman is responsible for deciding in
such manner as he considers appropriate whether any resolution proposed has been carried or not and the result of his decision shall be
announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a
proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then
any Shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately
following such announcement demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting,
the result shall be announced to the meeting and recorded in the minutes of the meeting.

7.17. Subject to the specific provisions contained in this Regulation for the appointment
of representatives of Persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined
by the law of the jurisdiction where, and by the documents by which, the Person is constituted or derives its existence. In case of doubt,
the directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall
otherwise rule, the directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

7.18. Any Person other than an individual which is a Shareholder may by resolution of
its directors or other governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders
or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder
which he represents as that Shareholder could exercise if it were an individual.

7.19. The chairman of any meeting at which a vote is cast by proxy or on behalf of any
Person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within 7 days
of being so requested or the votes cast by such proxy or on behalf of such Person shall be disregarded.

7.20. Directors of the Company may attend and speak at any meeting of Shareholders and
at any separate meeting of the holders of any class or series of Shares.

7.21. An action that may be taken by the Shareholders at a meeting may also be taken
by a resolution consented to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than
by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting
to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the
consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest
date upon which Shareholders holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented
to the resolution by signed counterparts.

8. DIRECTORS

8.1. The first directors of the Company shall be appointed by the first registered agent within 6 months of the date of incorporation of
the Company; and thereafter, the directors shall be elected by Resolution of Shareholders or by Resolution of Directors.

8.2. No person shall be appointed as a director, alternate director, or nominated as
a reserve director, of the Company unless he has consented in writing to be a director, alternate director or to be nominated as a reserve
director respectively.

8.3. Subject to Sub-Regulation 8.1, the minimum number of directors shall be one and
there shall be no maximum number.

8.4. Each director holds office for the term, if any, fixed by the Resolution of Shareholders
or the Resolution of Directors appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment
of a director, the director serves indefinitely until his earlier death, resignation or removal.

8.5. A director may be removed from office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with or without cause, by Resolution of Shareholders passed at a meeting of Shareholders
called for the purposes of removing the director or for purposes including the removal of the director or by a written resolution passed
by at least 75 percent of the votes of the Shareholders of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with cause, by Resolution of Directors passed at a meeting of directors called
for the purpose of removing the director or for purposes including the removal of the director.

8.6. A director may resign his office by giving written notice of his resignation to the
Company and the resignation has effect from the date the notice is received by the Company or from such later date as may be specified
in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the
Act.

8.7. The directors may at any time appoint any person to be a director either to fill
a vacancy or as an addition to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall
not exceed the term that remained when the person who has ceased to be a director ceased to hold office.

8.8. A vacancy in relation to directors occurs if a director dies or otherwise ceases
to hold office prior to the expiration of his term of office.

8.9. Where the Company only has one Shareholder who is an individual and that Shareholder
is also the sole director of the Company, the sole Shareholder/director may, by instrument in writing, nominate a person who is not disqualified
from being a director of the Company as a reserve director of the Company to act in the place of the sole director in the event of his
death.

8.10. The nomination of a person as a reserve director of the Company ceases to have effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before the death of the sole Shareholder/director who nominated him,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he resigns as reserve director, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sole Shareholder/director revokes the nomination in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sole Shareholder/director who nominated him ceases to be able to be the sole
Shareholder/director of the Company for any reason other than his death.

8.11. The Company shall keep a register of directors (the "**register of directors**") containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an individual director, the particulars stated
in section 118A(1)(a) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a corporate director, the particulars stated in section 118A(1)(b) of the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other information as may be prescribed by the Act.

8.12. The register of directors may be kept in any such form as the directors may approve,
but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents.
Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original
register of directors.

8.13. The Company shall file for registration with the Registrar a copy of its register
of directors (and any changes to the register of directors) in accordance with the provisions of the Act.

8.14. The directors may, by Resolution of Directors, fix the emoluments of directors
with respect to services to be rendered in any capacity to the Company.

8.15. A director is not required to hold a Share as a qualification to office.

8.16. A director, by written instrument deposited at the registered office of the Company
may from time to time appoint another director or another person who is not disqualified for appointment as a director under section 111
of the Act to be his alternate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise the appointing director's powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carry out the appointing director's responsibilities,

in relation to the taking of decisions by the directors in the absence of the appointing director.

8.17. No person shall be appointed as an alternate director unless he has consented in
writing to be an alternate director. The appointment of an alternate director does not take effect until written notice of the appointment
has been deposited at the registered office of the Company.

8.18. The appointing director may, at any time, terminate or vary the alternate's appointment.
The termination or variation of the appointment of an alternate director does not take effect until written notice of the termination
or variation has been deposited at the registered office of the Company, save that if a director shall die or cease to hold the office
of director, the appointment of his alternate shall thereupon cease and terminate immediately without the need of notice.

8.19. An alternate director has no power to appoint an alternate, whether of the appointing
director or of the alternate director.

8.20. An alternate director has the same rights as the appointing director in relation
to any directors' meeting and any written resolution of directors circulated for written consent. Unless stated otherwise in the notice
of the appointment of the alternate, or a notice of variation of the appointment, if undue delay or difficulty would be occasioned by
giving notice to a director of a resolution of which his approval is sought in accordance with these Articles his alternate (if any) shall
be entitled to signify approval of the same on behalf of that director. Any exercise by the alternate director of the appointing director's
powers in relation to the taking of decisions by the directors is as effective as if the powers were exercised by the appointing director.
An alternate director does not act as an agent of or for the appointing director and is liable for his own acts and omissions as an alternate
director.

8.21. The remuneration of an alternate director (if any) shall be payable out of the
remuneration payable to the director appointing him (if any), as agreed between such alternate and the director appointing him.

9. POWERS OF DIRECTORS

9.1. The business and affairs of the Company shall be managed by, or under the direction
or supervision of, the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing
and supervising, the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection
with the incorporation of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the
Articles required to be exercised by the Shareholders.

9.2. Each director shall exercise his powers for a proper purpose and shall not act
or agree to the Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his
powers or performing his duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

9.3. If the Company is the wholly owned subsidiary of a holding company, a director
of the Company may, when exercising powers or performing duties as a director, act in a manner which he believes is in the best interests
of the holding company even though it may not be in the best interests of the Company.

9.4. Any director which is a body corporate may appoint any individual as its duly authorised
representative for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

9.5. The continuing directors may act notwithstanding any vacancy in their body.

9.6. The directors may by Resolution of Directors exercise all the powers of the Company
to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of
any third party.

9.7. All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments
and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be,
in such manner as shall from time to time be determined by Resolution of Directors.

9.8. For the purposes of Section 175 (*Disposition of assets*) of the Act, the
directors may by Resolution of Directors determine that any sale, transfer, lease, exchange or other disposition is in the usual or regular
course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive.

10. PROCEEDINGS OF DIRECTORS

10.1. Any one director of the Company may call a meeting of the directors by sending
a written notice to each other director.

10.2. The directors of the Company or any committee thereof may meet at such times and
in such manner and places within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.

10.3. A director is deemed to be present at a meeting of directors if he participates
by telephone or other electronic means and all directors participating in the meeting are able to hear each other.

10.4. A director shall be given not less than 3 days' notice of meetings of directors,
but a meeting of directors held without 3 days' notice having been given to all directors shall be valid if all the directors entitled
to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall
constitute waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has
not received the notice, does not invalidate the meeting.

10.5. A meeting of directors is duly constituted for all purposes if at the commencement
of the meeting there are present in person or by alternate not less than one-half of the total number of directors, unless there are only
2 directors in which case the quorum is 2.

10.6. If the Company has only one director the provisions herein contained for meetings
of directors do not apply and such sole director has full power to represent and act for the Company in all matters as are not by the
Act, the Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall
record in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes
sufficient evidence of such resolution for all purposes.

10.7. At meetings of directors at which the Chairman of the Board is present, he shall
preside as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors
present shall choose one of their number to be chairman of the meeting.

10.8. An action that may be taken by the directors or a committee of directors at a
meeting may also be taken by a Resolution of Directors or a resolution of a committee of directors consented to in writing or by telex,
telegram, cable or other written electronic communication by a majority of the directors or by a majority of the members of the committee,
as the case may be, without the need for any notice. A written resolution consented to in such manner may consist of several documents,
including written electronic communication, in like form each signed or assented to by one or more directors. If the consent is in one
or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last
director has consented to the resolution by signed counterparts.

11. COMMITTEES

11.1. The directors may, by Resolution of Directors, designate one or more committees,
each consisting of one or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

11.2. The directors have no power to delegate to a committee of directors any of the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to appoint or remove directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make a declaration of solvency or to approve a liquidation plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to make a determination that immediately after a proposed Distribution the value
of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

11.3. Sub-Regulation 11.2(b) and (c) do not prevent a committee of directors, where authorised
by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and
delegating powers exercisable by the committee to the sub-committee.

11.4. The meetings and proceedings of each committee of directors consisting of 2 or
more directors shall be governed *mutatis mutandis* by the provisions of the Articles regulating the proceedings of directors so
far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee.

11.5. Where the directors delegate their powers to a committee of directors they remain
responsible for the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise
of the power that the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.

12. OFFICERS AND AGENTS

12.1. The Company may by Resolution of Directors appoint officers of the Company at such
times as may be considered necessary or expedient. Such officers may consist of a Chairman of the Board of Directors, a president and
one or more vice-presidents, secretaries and treasurers and such other officers as may from time to time be considered necessary or expedient.
Any number of offices may be held by the same person.

12.2. The officers shall perform such duties as are prescribed at the time of their
appointment subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any
specific prescription of duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Shareholders,
the president to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the
president but otherwise to perform such duties as may be delegated to them by the president, the secretaries to maintain the register
of members, minute books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements
imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the Company.

12.3. The emoluments of all officers shall be fixed by Resolution of Directors.

12.4. The officers of the Company shall hold office until their successors are duly appointed,
but any officer elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any
vacancy occurring in any office of the Company may be filled by Resolution of Directors.

12.5. The directors may, by Resolution of Directors, appoint any person, including a
person who is a director, to be an agent of the Company.

12.6. An agent of the Company shall have such powers and authority of the directors,
including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the
agent, except that no agent has any power or authority with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the registered office or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint or remove directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to fix emoluments of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to make a declaration of solvency or to approve a liquidation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to make a determination that immediately after a proposed Distribution the value
of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to authorise the Company to continue as a company incorporated under the laws of
a jurisdiction outside the British Virgin Islands.

12.7. The Resolution of Directors appointing an agent may authorise the agent to appoint
one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.

12.8. The directors may remove an agent appointed by the Company and may revoke or vary
a power conferred on him.

13. CONFLICT OF INTERESTS

13.1. A director of the Company shall, forthwith after becoming aware of the fact that
he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the
Company.

13.2. For the purposes of Sub-Regulation 13.1, a disclosure to all other directors to
the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the
entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction
or disclosure of the interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that
transaction.

13.3. A director of the Company who is interested in a transaction entered into or to
be entered into by the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of directors at which a matter relating to the transaction arises
and be included among the directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity
as a director, that relates to the transaction,

and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liableto be avoided on the grounds of any such interest or benefit.

14. INDEMNIFICATION

14.1. Subject to the limitations hereinafter provided the Company shall indemnify against
all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection
with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending
or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a
director of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a director of, or in any other
capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

14.2. The indemnity in Sub-Regulation 14.1 only applies if the person acted honestly
and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable
cause to believe that their conduct was unlawful.

14.3. For the purposes of Sub-Regulation 14.2, a director acts in the best interests
of the Company if he acts in the best interests of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's holding company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Shareholder or Shareholders;

in either case, in the circumstances specified in Sub-Regulation 9.3 or the Act, as the case may be.

14.4. The decision of the directors as to whether the person acted honestly and in good
faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct
was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

14.5. The termination of any proceedings by any judgment, order, settlement, conviction
or the entering of a *nolle prosequi* does not, by itself, create a presumption that the person did not act honestly and in good
faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

14.6. Expenses, including legal fees, incurred by a director in defending any legal,
administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt
of an undertaking by or on behalf of the director to repay the amount if it shall ultimately be determined that the director is not entitled
to be indemnified by the Company in accordance with Sub-Regulation 14.1.

14.7. Expenses, including legal fees, incurred by a former director in defending any
legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings
upon receipt of an undertaking by or on behalf of the former director to repay the amount if it shall ultimately be determined that the
former director is not entitled to be indemnified by the Company in accordance with Sub-Regulation 14.1 and upon such terms and conditions,
if any, as the Company deems appropriate.

14.8. The indemnification and advancement of expenses provided by, or granted pursuant
to, this section is not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled
under any agreement, Resolution of Shareholders, resolution of disinterested directors or otherwise, both as acting in the person's
official capacity and as to acting in another capacity while serving as a director of the Company.

14.9. If a person referred to in Sub-Regulation 14.1 has been successful in defence
of any proceedings referred to in Sub-Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal
fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

14.10. The Company may purchase and maintain insurance in relation to any person who
is or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer
or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise,
against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would
have had the power to indemnify the person against the liability as provided in the Articles.

15. RECORDS AND UNDERLYING DOCUMENTATION

15.1. The Company shall keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the register of members, or a copy of the register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs
in the previous 10 years.

15.2. Until the directors determine otherwise by Resolution of Directors the Company
shall keep the original register of members and original register of directors at the office of its registered agent.

15.3. If the Company maintains only a copy of the register of members or a copy of the
register of directors at the office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 days of any change in either register, notify the registered agent in writing of the change;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the place or places at
which the original register of members or the original register of directors is kept.

15.4. Where the original register of members or the original register of directors is
maintained other than at the office of the registered agent, and the place at which the original records is changed, the Company shall
provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change
of location.

15.5. The Company shall keep the following records at the office of its registered agent
or at such other place or places, within or outside the British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the records and underlying documentation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Shareholders and classes of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) minutes of meetings and Resolutions of Directors and committees of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an impression of the Seal.

15.6. The records and underlying documentation of the Company shall be in such form as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are sufficient to show and explain the Company's transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

15.7. The Company shall retain the records and underlying documentation for a period
of at least five years from the date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of completion of the transaction to which the records and underlying documentation relate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company terminates the business relationship to which the records and underlying documentation
relate.

15.8. Where the records and underlying documentation of the Company are kept at a place
or places other than at the office of its registered agent, the Company shall provide the registered agent with a written:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) record of the physical address of the place at which the records and underlying documentation are kept;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) record of the name of the person who maintains and controls the Company's records and underlying
documentation.

15.9. Where the place or places at which the records and underlying documentation of
the Company, or the name of the person who maintains and controls the Company's records and underlying documentation, change, the
Company shall, within 14 days of the change, provide its registered agent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the physical address of the new location of the records and underlying documentation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the new person who maintains and controls the Company's records and underlying documentation.

15.10. The Company shall provide its registered agent without delay any records and underlying
documentation in respect of the Company that the registered agent requests pursuant to the Act.

15.11. The records and underlying documentation kept by the Company under this Regulation
shall be in written form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions
Act, 2001 (No. 5 of 2001) as from time to time amended or re-enacted.

16. REGISTER OF CHARGES

16.1. The Company shall maintain at the office of its registered agent a register of

Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of creation of the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the trustee for the security or, if there is no such trustee,
the name and address of the chargee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the charge is a security to bearer, the name and address of the holder of the charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) details of any prohibition or restriction contained in the instrument creating
the charge on the power of the Company to create any future charge ranking in priority to or equally with the charge.

16.2. Where a change occurs in the relevant charges or in the details of the charges
required to be recorded in the Company's register of charges maintained in accordance with Sub-Regulation 16.1, the Company shall,
within 14 days of the change occurring, transmit details of the change to the registered agent.

17. SEAL

The Company shall have a Seal and may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

18. DISTRIBUTIONS

18.1. The directors of the Company may, by Resolution of Directors, authorise a Distribution
at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the Distribution, the
value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

18.2. Distributions may be paid in money, Shares, or other property.

18.3. Notice of any Distribution that may have been declared shall be given to each
Shareholder as specified in Sub-Regulation 20.1 and all Distributions unclaimed for 3 years after having been declared may be forfeited
by Resolution of Directors for the benefit of the Company.

18.4. No Distributions shall bear interest as against the Company and no Distribution
shall be paid on Treasury Shares.

19. ACCOUNTS AND AUDIT

19.1. The Company shall keep records that are sufficient to show and explain the Company's
transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

19.2. The Company may by Resolution of Shareholders call for the directors to prepare
periodically and make available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be
drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair
view of the assets and liabilities of the Company as at the end of a financial period.

19.3. The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

19.4. The first auditors shall be appointed by Resolution of Directors; subsequent auditors
shall be appointed by Resolution of Shareholders or by Resolution of Directors.

19.5. The auditors may be Shareholders, but no director or other officer shall be eligible
to be an auditor of the Company during their continuance in office.

19.6. The remuneration of the auditors of the Company may be fixed by Resolution of Directors.

19.7. The auditors shall examine each profit and loss account and balance sheet required
to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet give a true and
fair view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company
at the end of that period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information and explanations required by the auditors have been obtained.

19.8. The report of the auditors shall be annexed to the accounts and shall be read at
the meeting of Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

19.9. Every auditor of the Company shall have a right of access at all times to the books
of account and vouchers of the Company, and shall be entitled to require from the directors and officers of the Company such information
and explanations as he thinks necessary for the performance of the duties of the auditors.

19.10. The auditors of the Company shall be entitled to receive notice of, and to attend
any meetings of Shareholders at which the Company's profit and loss account and balance sheet are to be presented.

20. NOTICES

20.1. Any notice, information or written statement to be given by the Company to Shareholders
may be given by (a) personal service (b) through a Relevant System, where the notice or document relates to uncertificated shares; (c)
where appropriate, by making it available on a website and notifying the member of its availability in accordance with this Regulation;
(d) in accordance with the rules of a Designated Stock Exchange; (e) by any other means authorised in writing by the member or (f) by
mail addressed to each Shareholder at the address shown in the registerof members.

20.2. Any summons, notice, order, document, process, information or written statement
to be served on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered
office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company.

20.3. Service of any summons, notice, order, document, process, information or written
statement to be served on the Company may be proved by showing that the summons, notice, order, document, process, information or written
statement was delivered to the registered office or the registered agentof the Company or that it was mailed in such time as to admit
to its being delivered to the registered office or the registered agent of the Company in the normal course of delivery within the period
prescribed for service and was correctly addressed and the postage was prepaid.

21. VOLUNTARY LIQUIDATION

The Company may by Resolution of Shareholders or, subject to section 199(2) of the Act, by Resolution of Directors appoint a voluntary liquidator.

22. CONTINUATION

The Company may by Resolution of Shareholders or by a Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

23. UNTRACEABLE SHAREHOLDER

The Company is entitled to sell any shares of a shareholder who is untraceable, as long as: (a) all checks, not being less than three in total number, for any sums payable in cash to the holder of such shares have remained uncashed for a period of 12 years; (b) the Company has not during that time or before the expiry of the three-month period referred to in (c) below received any indication of the existence of the shareholder or person entitled to such shares by death, bankruptcy or operation of law; and (c) upon expiration of the 12-year period, the Company caused an advertisement to be published in newspapers, giving notice of its intention to sell such shares, and a period of three months or such shorter period has elapsed since the date of such advertisement. The net proceeds of any such sale shall belong to the Company, and when the Company receives these net proceeds the Company shall become indebted to the former shareholder for an amount equal to such net proceeds.

To give effect to any sale of shares under this Article, the Board may authorise some person to transfer the shares in question and may enter the name of the transferee in respect of the transferred shares in the Register even if no share certificate has been lodged for such shares and may issue a new certificate to the transferee. An instrument of transfer executed by that person shall be as effective as if it had been executed by the holder of, or the person entitled by transmission to, the shares. The buyer shall not be bound to see to the application of the purchase monies, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.

The Company shall account to the member or other person entitled to the share for the net proceeds of a sale under this Regulation 23 by carrying all monies relating to such sale to a separate account. The Company shall be deemed to be a debtor to, and not a trustee for, such member or other person in respect of such monies. Monies carried to such separate account may either be employed in the business of the Company or invested in such investments as the Board may think fit. No interest shall be payable to such member or other person in respect of such monies and the Company does not have to account for any money earned on them

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 17th day of November, 2021.

Incorporator

/s/ Rexella D. Hodge

(Sd.) Rexella D. Hodge

Authorised Signatory

Vistra (BVI) Limited

## Exhibit 3.2

**Exhibit 3.2**

**BVI COMPANY NUMBER: 2082540**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS <br> THE BVI BUSINESS COMPANIES ACT, 2004**

**MEMORANDUM AND ARTICLES**

**OF ASSOCIATION**

**OF**

**Republic Power Group Limited**

**A COMPANY LIMITED BY SHARES**

**Incorporated on the 17th day of November, 2021**

**Amended and Restated on 21 April 2022**

**Amended and Restated on 29 August 2023**

**Amended and Restated on 7 April 2025**

**INCORPORATED IN THE BRITISH VIRGIN ISLANDS**

TERRITORY OF THE BRITISH VIRGIN ISLANDS<br> THE BVI BUSINESS COMPANIES ACT, 2004

MEMORANDUM OF ASSOCIATION

OF

Republic Power Group Limited

A COMPANY LIMITED BY SHARES

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1. In
this Memorandum of Association and the Articles of Association of the Company, if not inconsistent with the subject or context:

"**Act**" means the BVI Business Companies Act, 2004 (No. 16 of 2004) and includes the regulations made under the Act;

"**Articles**" means the Articles of Association of the Company;

"**Auditor**" means the person for the time being performing the duties of auditor of the Company (if any

"**Chairman of the Board**" has the meaning specified in Regulation 12;

"**Class A Share**" means a Class A ordinary share of a par value of US$0.000625 in the Company;

"**Class B Share**" means a Class B ordinary share of a par value of US$0.000625 in the Company;

"**Company**" means the above named Company;

"**Designated Stock Exchange**" means any national securities exchange in the United States of America on which Public Shares of the Company may be listed for trading, including the NASDAQ Stock Market LLC, the NYSE MKT LLC or The New York Stock Exchange LLC;

"**Distribution**" in relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares held by a Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares, a transfer of indebtedness or otherwise, and includes a dividend;

"**FINRA**" means the Financial Industry Regulatory Authority of the United States of America;

"**IPO**" means the Company's initial public offering of securities;

"**Memorandum**" means this Memorandum of Association of the Company;

"**Person**" includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

"**Prospectus**" means the prospectus set out in the Registration Statement;

"**Registrar**" means the Registrar of Corporate Affairs appointed under section 229 of the Act;

"**Registration Statement**" means the Company's registration statement on Form F-1 filed with the SEC in connection with the IPO

"**Relevant System**" means a system utilised for the purposes of holding and transferring shares of the Company

"**Resolution of Directors**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 resolution approved at a duly convened and constituted meeting of directors of the Company
 by the affirmative vote of a majority of the directors present at the meeting who voted except
 that where a director is given more than one vote, he shall be counted by the number of votes
 he casts for the purpose of establishing a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
resolution consented to in writing or by telex, telegram, cable or other written electronic communication by a majority of the directors
of the Company. A written resolution consented to in such manner may consist of several documents including written electronic communication,
in like form each signed or assented to by one or more directors.

"**Resolution of Shareholders**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 resolution approved at a duly convened and constituted meeting of the Shareholders of the
 Company by the affirmative vote of a majority of in excess of 50 percent of the votes of
 the Shares entitled to vote thereon which were present at the meeting and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 resolution consented to in writing by a majority of in excess of 50 percent of the votes
 of Shares entitled to vote thereon;

"**Seal**" means any seal which has been duly adopted as the common seal of the Company; "**SEC**" means the United States Securities and Exchange Commission;

"**Securities**" means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire Shares or debt obligations;

"**Share**" means a Class A Share or a Class B Share issued or to be issued by the Company;

"**Shareholder**" means a Person whose name is entered in the register of members as the holder of one or more Shares or fractional Shares;

"**Treasury Share**" means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled; and

"**Written**" or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "**in writing**" shall be construed accordingly.

1.2. In
 the Memorandum and the Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 "**Regulation**" is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 "**Clause**" is a reference to a clause of the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting
 by Shareholders is a reference to the casting of the votes attached to the Shares held by
 the Shareholder voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Act, the Memorandum or the Articles is a reference to the Act or those documents as amended
 or, in the case of the Act, any re-enactment thereof and any subsidiary legislation made
 thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 singular includes the plural and vice versa.

1.3. Any
 words or expressions defined in the Act unless the context otherwise requires bear the same
 meaning in the Memorandum and the Articles unless otherwise defined herein.

1.4. Headings
 are inserted for convenience only and shall be disregarded in interpreting the Memorandum
 and the Articles.

**2.** **NAME** 

The name of the Company is Republic Power Group Limited.

**3.** **STATUS** 

The Company is a company limited by Shares.

**4.** **REGISTERED OFFICE AND REGISTERED AGENT** 

4.1. The
first registered office of the Company is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin
Islands, the office of the first registered agent.

4.2. The
 first registered agent of the Company is Vistra (BVI) Limited of Vistra Corporate Services
 Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

4.3. The
 Company may by Resolution of Shareholders or by Resolution of Directors change the location
 of its registered office or change its registered agent.

4.4. Any
 change of registered office or registered agent will take effect on the registration by the
 Registrar of a notice of the change filed by the existing registered agent or a legal practitioner
 in the British Virgin Islands acting on behalf of the Company.

4.5. The
 registered agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act
 on the instructions of the directors of the Company if those instructions are contained in
 a Resolution of Directors and a copy of the Resolution of Directors is made available to
 the registered agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recognize
 and accept the appointment or removal of a director or directors by Shareholders.

**5.** **CAPACITY AND POWERS** 

5.1. Subject
 to the Act and any other British Virgin Islands legislation, the Company has, irrespective
 of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full
 capacity to carry on or undertake any business or activity, do any act or enter into any
 transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 the purposes of paragraph (a), full rights, powers and privileges.

5.2. For
 the purposes of section 9(4) of the Act, there are no limitations on the business that the
 Company may carry on.

**6.** **NUMBER AND CLASSES OF SHARES** 

6.1. Shares
 in the company shall be issued in the currency of the United States of America.

6.2. The
 Company is authorised to issue an unlimited number of Shares divided into two classes each
 with a par value of US$0.000625 each as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 unlimited number of Class A ordinary shares of par value $0.000625 each; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 50,000,000
 Class B ordinary shares par value $0.000625 each.

6.3. The
 Company may issue fractional Shares and a fractional Share shall have the corresponding fractional
 rights, obligations and liabilities of a whole Share of the same class or series of Shares.

6.4. Shares
 may be issued in one or more series of Shares as the directors may by Resolution of Directors
 determine from time to time.

**7.** **RIGHTS OF SHARES** 

7.1. Each
 Class A Share confers upon the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 right to one vote at a meeting of the Shareholders or on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 right to an equal share in any dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

7.2. Each
 Class B Share confers upon the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 right to ten votes at a meeting of the Shareholders or on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 right to share in any dividend paid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right at any time and at the sole option of the Shareholder to convert any Class B Share
 into a Class A Share in accordance with the procedure set out in Regulations 3.4 to 3.7 of
 the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

7.3. The
 Company may by Resolution of Directors redeem, purchase or otherwise acquire all or any of
 the Shares subject to Regulation 3 of the Articles.

**8.** **VARIATION OF RIGHTS** 

If at any time the Shares are divided into different classes, the rights attached to any class may only be varied, whether or not the Company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by the holders of not less than 50 percent of the issued Shares in that class.

**9.** **RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU** 

The rights conferred upon the holders of the Shares of any class 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 or issue of further Shares ranking *pari passu* therewith.

**10.** **REGISTERED SHARES** 

10.1. The
 Company shall issue registered Shares only.

10.2. The
 Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares
 or exchange registered Shares for bearer Shares.

**11.** **TRANSFER OF SHARES** 

11.1. The
 Company shall, on receipt of an instrument of transfer or appropriate instruction from a
 Relevant System
complying with Sub-Regulation 6 of the Articles, enter the name of the transferee of a Share in the register of members unless the directors
resolve to refuse or delay the registration of the transfer for reasons that shall be specified in a Resolutionof Directors.

11.2. The
 directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder
 has failed to pay an amount due in respect of the Share.

**12.** **AMENDMENT OF THE MEMORANDUM AND THE ARTICLES** 

12.1. Subject
 to Clause 8, the Company may amend the Memorandum or the Articles by Resolution of Shareholders
 or by Resolution of Directors, save that no amendment may be made by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 restrict the rights or powers of the Shareholders to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 change the percentage of Shareholders required to pass a Resolution of Shareholders to amend
 the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 circumstances where the Memorandum or the Articles cannot be amended by the Shareholders;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
Clauses 7, 8, 9 or this Clause 12.

12.2. Any
 amendment of the Memorandum or the Articles will take effect on the registration by the Registrar
 of a notice of amendment, or restated Memorandum and Articles, filed by the registered agent.

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the 17th day of November, 2021.

---

| |
|:---|
| Incorporator |
| /s/ Rexella D. Hodge |
| (Sd.) Rexella D. Hodge |
| Authorised Signatory<br> Vistra (BVI) Limited |

---

TERRITORY OF THE BRITISH VIRGIN ISLANDS <br> THE BVI BUSINESS COMPANIES ACT, 2004

ARTICLES OF ASSOCIATION

OF

Republic Power Group Limited

A COMPANY LIMITED BY SHARES

**1.** **REGISTERED SHARES** 

1.1. Every
 Shareholder is entitled, on request to a certificate signed by a director or officer of the
 Company, or any other person authorised by Resolution of Directors, or under the Seal specifying
 the number of Shares held by him and the signature of the director, officer or authorised
 person and the Seal may be facsimiles.

1.2. Any
Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any loss or liability
which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession
thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out certificate or on satisfactory
proof of its loss together with such indemnity as may be required by Resolution of Directors.

1.3. If
 several Persons are registered as joint holders of any Shares, any one of such Persons may
 give an effectual receipt for any Distribution.

**2.** **SHARES** 

2.1. Shares
 and other Securities may be issued at such times, to such Persons, for such consideration
 and on such terms as the directors may by Resolution of Directors determine.

2.2. Section
 46 of the Act *(Pre-emptive rights)* does not apply to the Company.

2.3. A
 Share may be issued for consideration in any form or a combination of forms, including money,
 a promissory note, or other written obligation to contribute money or property, real property,
 personal property (including goodwill and know-how), services rendered or a contract for
 future services.

2.4. The
 consideration for a Share with par value shall not be less than the par value of the Share.
 If a Share with par value is issued for consideration less than the par value, the person
 to whom the Share is issued is liable to pay to the Company an amount equal to the difference
 between the issue price and the par value.

2.5. A
 bonus share issued by the Company shall be deemed to have been fully paid for on issue.

2.6. No
 Shares may be issued for a consideration, which is in whole or in part, other than money,
 unless a Resolution of Directors has been passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount to be credited for the issue of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that,
 in the opinion of the directors, the present cash value of the non-money consideration and
 money consideration, if any, is not less than the amount to be credited for the issue of
 the Shares.

2.7. The
 consideration paid for any Share, whether a par value Share or a no par value Share, shall
 not be treated as a liability or debt of the Company for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 solvency test in Regulations 3 and 18; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sections
 197 and 209 of the Act.

2.8. The
 Company shall keep a register (the "**register of members**") containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names and addresses of the Persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of each class and series of Shares held by each Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 date on which the name of each Shareholder was entered in the register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 date on which any Person ceased to be a Shareholder.

2.9. The
 register of members may be in any such form as the directors may approve, but if it is in
 magnetic, electronic or other data storage form, the Company must be able to produce legible
 evidence of its contents. Until the directors otherwise determine, the magnetic, electronic
 or other data storage form shall be the original register of members.

2.10. A
 Share is deemed to be issued when the name of the Shareholder is entered in the register
 of members.

**3.** **REDEMPTION OF SHARES AND TREASURY SHARES** 

3.1. The
Company may purchase, redeem or otherwise acquire and hold its own Shares in such manner and upon such other terms as the directors may
agree with the relevant Shareholder(s) save that the Company may not purchase, redeem or otherwise acquire its own Shares without the
consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or
any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire the Shares without their consent.

3.2. The
 Company may acquire its own fully paid Share or Shares for no consideration by way of surrender
 of the Share or Shares to the Company by the Shareholder holding the Share or Shares. Any
 surrender of a Share or Shares under this Sub-Regulation 3.2 shall be in writing and signed
 by the Shareholder holding the Share or Shares.

3.3. The
 Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution
 of Directors authorising the purchase, redemption or other acquisition contains a statement
 that the directors are satisfied, on reasonable grounds, that immediately after the acquisition
 the value of the Company's assets will exceed its liabilities and the Company will
 be able to pay its debts as they fall due.

3.4. A
 Shareholder holding Class A Ordinary Shares may at any time require the Company to convert
 all or a portion of the Class A Ordinary Shares held by that Shareholder for Ordinary Shares
 on a one for one basis by giving the Company notice of such request not less than 21 days
 prior to the date on which such conversion is required to take place. The notice shall specify
 the number and series of Class A Ordinary Shares that the Shareholder wishes to convert and
 the date on which the Shareholder requires the conversion to occur and shall be accompanied
 by the relative share certificates, if any have been issued by the Company. The conversion
 shall be effected on the date specified in the notice by, at the absolute discretion of the
 directors, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conversion
 of the Class A Ordinary Shares into Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 redesignation of the Class A Ordinary Shares into Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) redemption
 of the Class A Ordinary Shares and application of the proceeds of such redemption for the
 allotment of Ordinary Shares.

3.5. In
 each case, the number of Ordinary Shares to be issued shall be equal to the number of Class
 A Ordinary Shares on the relevant conversion date.

3.6. Each
 Shareholder authorises the Company to make such conversion on the basis set out in this Regulation
 and irrevocably appoints the Company as its agent for such purpose.

3.7. On
 conversion, exchange, redesignation or redemption of Class A Ordinary Shares into Ordinary
 Shares the converted, exchanged, redesignated or redeemed Class A Ordinary Shares will not
 be available for reissue.

3.8. Sections
 60 (*Process for acquisition of own Shares*), 61 (*Offer to one or more shareholders*)
 and 62 (*Shares redeemed otherwise than at the option of company*) of the Act shall
 not apply to the Company.

3.9. Shares
 that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may
 be cancelled or held as Treasury Shares except to the extent that such Shares are in excess
 of 50 percent of the issued Shares in which case they shall be cancelled but they shall be
 available for reissue.

3.10. All
 rights and obligations attaching to a Treasury Share are suspended and shall not be exercised
 by the Company while it holds the Share as a Treasury Share.

3.11. Treasury
 Shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent
 with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

3.12. Where
 Shares are held by another body corporate of which the Company holds, directly or indirectly,
 Shares having more than 50 percent of the votes in the election of directors of the other
 body corporate, all rights and obligations attaching to the Shares held by the other body
 corporate are suspended and shall not be exercised by the other body corporate.

**4.** **MORTGAGES AND CHARGES OF SHARES** 

4.1. Shareholders
 may mortgage or charge their Shares.

4.2. There
 shall be entered in the register of members at the written request of the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 date on which the particulars specified in subparagraphs (a) and (b) are entered in the register
 of members.

4.3. Where
 particulars of a mortgage or charge are entered in the register of members, such particulars
 may be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the written consent of the named mortgagee or chargee or anyone authorised to act on his
 behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 evidence satisfactory to the directors of the discharge of the liability secured by the mortgage
 or charge and the issue of such indemnities as the directors shall consider necessary or
 desirable.

4.4. Whilst
 particulars of a mortgage or charge over Shares are entered in the register of members pursuant
 to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
replacement certificate shall be issued in respect of such Shares, without the written consent of the named mortgagee or chargee.

**5.** **FORFEITURE** 

5.1. Shares
 that are not fully paid on issue are subject to the forfeiture provisions set forth in this
 Regulation.

5.2. A written notice of call specifying the date for payment to be made shall be served on the Shareholder who
defaults in making payment in respect of the Shares.

5.3. The
 written notice of call referred to in Sub-Regulation 5.2 shall name a further date not earlier
 than the expiration of 14 days from the date of service of the notice on or before which
 the payment required by the notice is to be made and shall contain a statement that in the
 event of non-payment at or before the time named in the notice the Shares, or any of them,
 in respect of which payment is not made will be liable to be forfeited.

5.4. Where
 a written notice of call has been issued pursuant to Sub-Regulation 5.3 and the requirements
 of the notice have not been complied with, the directors may, at any time before tender of
 payment, forfeit and cancel the Shares to which the notice relates.

5.5. The
 Company is under no obligation to refund any moneys to a Shareholder whose Shares have been
 cancelled pursuant to Sub-Regulation 5.4 and that Shareholder shall be discharged from any
 further obligation to the Company.

**6.** **TRANSFER OF SHARES** 

6.1. Subject
to the Memorandum, Shares may be transferred by a written instrument of transfer (which complies with applicable rules of the SEC and
federal and state securities laws of the United States) signed by the transferor and containing the name and address of the transferee,
which shall be sent to the Company for registration. The instrument of transfer shall be in writing in the usual or common form or in
a form prescribed by the Designated Stock Exchange or in any other form approved by the directors and shall be signed by the transferor
and shall also be signed by the transferee if registration as a holder of the shares imposes a liability to the Company on the transferee
and may be under hand or, if the transferor or transferee is a clearing house or its nominee(s), by hand or by machine imprinted signature
or by such other manner of execution as the Directors may approve from time to time.

6.2. The
 transfer of a Share is effective when the name of the transferee is entered on the register
 of members.

6.3. If
 the directors of the Company are satisfied that an instrument of transfer relating to Shares
 has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution
 of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the transferee's name should be entered in the register of members notwithstanding
 the absence of the instrument of transfer.

6.4. Subject
 to the Memorandum, the personal representative of a deceased Shareholder may transfer a Share
 even though the personal representative is not a Shareholder at the time of the transfer.

6.5. Notwithstanding
 any other provisions of the Memorandum and Articles, shares in the Company may be transferred
 by means of a Relevant System and the operator of the Relevant System (and any other person
 necessary to ensure the Relevant System is effective to transfer shares) shall act as agent
 of the members for the purposes of the transfer of any shares transferred by means of the
 Relevant System. If the Shares in question were issued in conjunction with rights, options
 or warrants on terms that one cannot be transferred without the other, the directors shall
 refuse to register the transfer of any such share without evidence satisfactory to them of
 the like transfer of such option or warrant.

**7.** **MEETINGS AND CONSENTS OF SHAREHOLDERS** 

7.1. Any
 director of the Company may convene meetings of the Shareholders at such times and in such
 manner and places within or outside the British Virgin Islands as the director considers
 necessary or desirable.

7.2. Upon
 the written request of Shareholders entitled to exercise 30 percent or more of the voting
 rights in respect of the matter for which the meeting is requested the directors shall convene
 a meeting of Shareholders.

7.3. The
 director convening a meeting shall give not less than 7 days' notice of a meeting of
 Shareholders to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those
 Shareholders whose names on the date the notice is given appear as Shareholders in the register
 of members and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 other directors.

7.4. The
 director convening a meeting of Shareholders may fix as the record date for determining those
 Shareholders that are entitled to vote at the meeting the date notice is given of the meeting,
 or such other date as may be specified in the notice, being a date not earlier than the date
 of the notice.

7.5. A
 meeting of Shareholders held in contravention of the requirement to give notice is valid
 if Shareholders holding at least 90 percent of the total voting rights on all the matters
 to be considered at the meeting have waived notice of the meeting and, for this purpose,
 the presence of a Shareholder at the meeting shall constitute waiver in relation to all the
 Shares which that Shareholder holds.

7.6. The
 inadvertent failure of a director who convenes a meeting to give notice of a meeting to a
 Shareholder or another director, or the fact that a Shareholder or another director has not
 received notice, does not invalidate the meeting.

7.7. A
 Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and
 vote on behalf of the Shareholder.

7.8. The
instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at which
the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time
at which the proxy shall be presented.

7.9. The
 instrument appointing a proxy shall be in substantially the following form or such other
 form as the chairman of the meeting shall accept as properly evidencing the wishes of the
 Shareholder appointing the proxy.

[COMPANY NAME]

(the "**Company**")

I/We, ______________, being a Shareholder of the Company HEREBY APPOINT _________________ of_________________or failing him ____________ of _____________ to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the ________day of ____________, 20___ and at any adjournment thereof.

(Any restrictions on voting to be inserted here.)

Signed this _____ day of _______________, 20 ____

___________________________________

Shareholder

7.10. The
 following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 two or more persons hold Shares jointly each of them may be present in person or by proxy
 at a meeting of Shareholders and may speak as a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 only one of the joint owners is present in person or by proxy he may vote on behalf of all
 joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 two or more of the joint owners are present in person or by proxy they must vote as one.

7.11. A
 Shareholder shall be deemed to be present at a meeting of Shareholders if he participates
 by telephone or other electronic means and all Shareholders participating in the meeting
 are able to hear each other.

7.12. A
 meeting of Shareholders is duly constituted if, at the commencement of the meeting, there
 are present in person or by proxy not less than 50 percent of the votes of the Shares entitled
 to vote on Resolutions of Shareholders to be considered at the meeting. A quorum may comprise
 a single Shareholder or proxy and then such person may pass a Resolution of Shareholders
 and a certificate signed by such person accompanied where such person be a proxy by a copy
 of the proxy instrument shall constitute avalid Resolution of Shareholders.

7.13. If
 within two hours from the time appointed for the meeting a quorum is not present, the meeting,
 if convened upon the requisition of Shareholders, shall be dissolved; in any other case it
 shall stand adjourned to the next business day in the jurisdiction in which the meeting was
 to have been held at the same time and place or to such other time and place as the directors
 may determine, and if at the adjourned meeting there are present within one hour from the
 time appointed for the meeting in person or by proxy not less than one third of the votes
 of the Shares or each class or series of Shares entitled to vote on the matters to be considered
 by the meeting, those present shall constitute a quorum but otherwise the meeting shall be
 dissolved.

7.14. At
every meeting of Shareholders, the Chairman of the Board shall preside as chairman of the meeting. If there is no Chairman of the Board
or if the Chairman of the Board is not present at the meeting, the Shareholders present shall choose one of their number to be the chairman.
If the Shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting Shares
present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual Shareholder or representative
of a Shareholder present shall take the chair.

7.15. The
 chairman may, with the consent of the meeting, adjourn any 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.

7.16. At
 any meeting of the Shareholders the chairman is responsible for deciding in such manner as
 he considers appropriate whether any resolution proposed has been carried or not and the
 result of his decision shall be announced to the meeting and recorded in the minutes of the
 meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution,
 he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman
 fails to take a poll then any Shareholder present in person or by proxy who disputes the
 announcement by the chairman of the result of any vote may immediately following such announcement
 demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is
 taken at any meeting, the result shall be announced to the meeting and recorded in the minutes
 of the meeting.

7.17. Subject
 to the specific provisions contained in this Regulation for the appointment of representatives
 of Persons other than individuals the right of any individual to speak for or represent a
 Shareholder shall be determined by the law of the jurisdiction where, and by the documents
 by which, the Person is constituted or derives its existence. In case of doubt, the directors
 may in good faith seek legal advice from any qualified person and unless and until a court
 of competent jurisdiction shall otherwise rule, the directors may rely and act upon such
 advice without incurring any liability to any Shareholder or the Company.

7.18. Any
 Person other than an individual which is a Shareholder may by resolution of its directors
 or other governing body authorise such individual as it thinks fit to act as its representative
 at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised
 shall be entitled to exercise the same rights on behalf of the Shareholder which he represents
 as that Shareholder could exercise if it were an individual.

7.19. The
 chairman of any meeting at which a vote is cast by proxy or on behalf of any Person other
 than an individual may call for a notarially certified copy of such proxy or authority which
 shall be produced within 7 days of being so requested or the votes cast by such proxy or
 on behalf of such Person shall be disregarded.

7.20. Directors
 of the Company may attend and speak at any meeting of Shareholders and at any separate meeting
 of the holders of any class or series of Shares.

7.21. An
 action that may be taken by the Shareholders at a meeting may also be taken by a resolution
 consented to in writing, without the need for any notice, but if any Resolution of Shareholders
 is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of
 such resolution shall forthwith be sent to all Shareholders not consenting to such resolution.
 The consent may be in the form of counterparts, each counterpart being signed by one or more
 Shareholders. If the consent is in one or more counterparts, and the counterparts bear different
 dates, then the resolution shall take effect on the earliest date upon which Shareholders
 holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders
 have consented to the resolution by signed counterparts.

**8.** **DIRECTORS** 

8.1. The
 first directors of the Company shall be appointed by the first registered agent within 6
 months of the date of incorporation of the Company; and thereafter, the directors shall be
 elected by Resolution of Shareholders or by Resolution of Directors.

8.2. No
 person shall be appointed as a director, alternate director, or nominated as a reserve director,
 of the Company unless he has consented in writing to be a director, alternate director or
 to be nominated as a reserve director respectively.

8.3. Subject
 to Sub-Regulation 8.1, the minimum number of directors shall be one and there shall be no
 maximum number.

8.4. Each
director holds office for the term, if any, fixed by the Resolution of Shareholders or the Resolution of Directors appointing him, or
until his earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely
until his earlier death, resignation or removal.

8.5. A
 director may be removed from office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 or without cause, by Resolution of Shareholders passed at a meeting of Shareholders called
 for the purposes of removing the director or for purposes including the removal of the director
 or by a written resolution passed by at least 75 percent of the votes of the Shareholders
 of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 cause, by Resolution of Directors passed at a meeting of directors called for the purpose
 of removing the director or for purposes including the removal of the director.

8.6. A
 director may resign his office by giving written notice of his resignation to the Company
 and the resignation has effect from the date the notice is received by the Company or from
 such later date as may be specified in the notice. A director shall resign forthwith as a
 director if he is, or becomes, disqualified from acting as a director under the Act.

8.7. The
 directors may at any time appoint any person to be a director either to fill a vacancy or
 as an addition to the existing directors. Where the directors appoint a person as director
 to fill a vacancy, the term shall not exceed the term that remained when the person who has
 ceased to be a director ceased to hold office.

8.8. A
 vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office
 prior to the expiration of his term of office.

8.9. Where
 the Company only has one Shareholder who is an individual and that Shareholder is also the
 sole director of the Company, the sole Shareholder/director may, by instrument in writing,
 nominate a person who is not disqualified from being a director of the Company as a reserve
 director of the Company to act in the place of the sole director in the event of his death.

8.10. The
 nomination of a person as a reserve director of the Company ceases to have effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 the death of the sole Shareholder/director who nominated him,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he
resigns as reserve director, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 sole Shareholder/director revokes the nomination in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director
of the Company for any reason other than his death.

8.11. The
 Company shall keep a register of directors (the "**register of directors** ")
 containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an individual director, the particulars stated in section 118A(1)(a) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a corporate director, the particulars stated in section 118A(1)(b) of the Act;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 other information as may be prescribed by the Act.

8.12. The
 register of directors may be kept in any such form as the directors may approve, but if it
 is in magnetic, electronic or other data storage form, the Company must be able to produce
 legible evidence of its contents. Until a Resolution of Directors determining otherwise is
 passed, the magnetic, electronic or other data storage shall be the original register of
 directors.

8.13. The
 Company shall file for registration with the Registrar a copy of its register of directors
 (and any changes to the register of directors) in accordance with the provisions of the Act.

8.14. The
 directors may, by Resolution of Directors, fix the emoluments of directors with respect to
 services to be rendered in any capacity to the Company.

8.15. A
 director is not required to hold a Share as a qualification to office.

8.16. A
director, by written instrument deposited at the registered office of the Company may from time to time appoint another director or another
person who is not disqualified for appointment as a director under section 111 of the Act to be his alternate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise
 the appointing director's powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carry
 out the appointing director's responsibilities,

in relation to the taking of decisions by the directors in the absence of the appointing director.

8.17. No
 person shall be appointed as an alternate director unless he has consented in writing to
 be an alternate director. The appointment of an alternate director does not take effect until
 written notice of the appointment has been deposited at the registered office of the Company.

8.18. The
 appointing director may, at any time, terminate or vary the alternate's appointment. The
 termination or variation of the appointment of an alternate director does not take effect
 until written notice of the termination or variation has been deposited at the registered
 office of the Company, save that if a director shall die or cease to hold the office of director,
 the appointment of his alternate shall thereupon cease and terminate immediately without
 the need of notice.

8.19. An
 alternate director has no power to appoint an alternate, whether of the appointing director
 or of the alternate director.

8.20. An
 alternate director has the same rights as the appointing director in relation to any directors'
 meeting and any written resolution of directors circulated for written consent. Unless stated
 otherwise in the notice of the appointment of the alternate, or a notice of variation of
 the appointment, if undue delay or difficulty would be occasioned by giving notice to a director
 of a resolution of which his approval is sought in accordance with these Articles his alternate
 (if any) shall be entitled to signify approval of the same on behalf of that director. Any
 exercise by the alternate director of the appointing director's powers in relation to the
 taking of decisions by the directors is as effective as if the powers were exercised by the
 appointing director. An alternate director does not act as an agent of or for the appointing
 director and is liable for his own acts and omissions as an alternate director.

8.21. The
 remuneration of an alternate director (if any) shall be payable out of the remuneration payable
 to the director appointing him (if any), as agreed between such alternate and the director
 appointing him.

**9.** **POWERS OF DIRECTORS** 

9.1. The
 business and affairs of the Company shall be managed by, or under the direction or supervision
 of, the
directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Shareholders.

9.2. Each
 director shall exercise his powers for a proper purpose and shall not act or agree to the
 Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each
 director, in exercising his powers or performing his duties, shall act honestly and in good
 faith in what the director believes to be the best interests of the Company.

9.3. If
 the Company is the wholly owned subsidiary of a holding company, a director of the Company
 may, when exercising powers or performing duties as a director, act in a manner which he
 believes is in the best interests of the holding company even though it may not be in the
 best interests of the Company.

9.4. Any
 director which is a body corporate may appoint any individual as its duly authorised representative
 for the purpose of representing it at meetings of the directors, with respect to the signing
 of consents or otherwise.

9.5. The
 continuing directors may act notwithstanding any vacancy in their body.

9.6. The
directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and
to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

9.7. All
 cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and
 all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or
 otherwise executed, as the case may be, in such manner as shall from time to time be determined
 by Resolution of Directors.

9.8. For
 the purposes of Section 175 (*Disposition of assets*) of the Act, the directors may
 by Resolution of Directors determine that any sale, transfer, lease, exchange or other disposition
 is in the usual or regular course of the business carried on by the Company and such determination
 is, in the absence of fraud, conclusive.

**10.** **PROCEEDINGS OF DIRECTORS** 

10.1. Any
 one director of the Company may call a meeting of the directors by sending a written notice
 to each other director.

10.2. The
 directors of the Company or any committee thereof may meet at such times and in such manner
 and places within or outside the British Virgin Islands as the directors may determine to
 be necessary or desirable.

10.3. A
 director is deemed to be present at a meeting of directors if he participates by telephone
 or other electronic means and all directors participating in the meeting are able to hear
 each other.

10.4. A
 director shall be given not less than 3 days' notice of meetings of directors, but
 a meeting of directors held without 3 days' notice having been given to all directors
 shall be valid if all the directors entitled to vote at the meeting who do not attend waive
 notice of the meeting, and for this purpose the presence of a director at a meeting shall
 constitute waiver by that director. The inadvertent failure to give notice of a meeting to
 a director, or the fact that a director has not received the notice, does not invalidate
 the meeting.

10.5. A
 meeting of directors is duly constituted for all purposes if at the commencement of the meeting
 there are present in person or by alternate not less than one-half of the total number of
 directors, unless there are only 2 directors in which case the quorum is 2.

10.6. If
 the Company has only one director the provisions herein contained for meetings of directors
 do not apply and such sole director has full power to represent and act for the Company in
 all matters as are not by the Act, the Memorandum or the Articles required to be exercised
 by the Shareholders. In lieu of minutes of a meeting the sole director shall record in writing
 and sign a note or memorandum of all matters
requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all purposes.

10.7. At
 meetings of directors at which the Chairman of the Board is present, he shall preside as
 chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the Board
 is not present, the directors present shall choose one of their number to be chairman of
 the meeting.

10.8. An
 action that may be taken by the directors or a committee of directors at a meeting may also
 be taken by a Resolution of Directors or a resolution of a committee of directors consented
 to in writing or by telex, telegram, cable or other written electronic communication by a
 majority of the directors or by a majority of the members of the committee, as the case may
 be, without the need for any notice. A written resolution consented to in such manner may
 consist of several documents, including written electronic communication, in like form each
 signed or assented to by one or more directors. If the consent is in one or more counterparts,
 and the counterparts bear different dates, then the resolution shall take effect on the date
 upon which the last director has consented to the resolution by signed counterparts.

**11.** **COMMITTEES** 

11.1. The
 directors may, by Resolution of Directors, designate one or more committees, each consisting
 of one or more directors, and delegate one or more of their powers, including the power to
 affix the Seal, to the committee.

11.2. The
directors have no power to delegate to a committee of directors any of the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 appoint or remove directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 make a declaration of solvency or to approve a liquidation plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to
 make a determination that immediately after a proposed Distribution the value of the Company's
 assets will exceed its liabilities and the Company will be able to pay its debts as they
 fall due.

11.3. Sub-Regulation
 11.2(b) and (c) do not prevent a committee of directors, where authorised by the Resolution
 of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing
 a sub-committee and delegating powers exercisable by the committee to the sub-committee.

11.4. The
 meetings and proceedings of each committee of directors consisting of 2 or more directors
 shall be governed *mutatis mutandis* by the provisions of the Articles regulating the
 proceedings of directors so far as the same are not superseded by any provisions in the Resolution
 of Directors establishing the committee.

11.5. Where
 the directors delegate their powers to a committee of directors they remain responsible for
 the exercise of that power by the committee, unless they believed on reasonable grounds at
 all times before the exercise of the power that the committee would exercise the power in
 conformity with the duties imposed on directors of the Company under the Act.

**12.** **OFFICERS AND AGENTS** 

12.1. The
 Company may by Resolution of Directors appoint officers of the Company at such times as may
 be considered necessary or expedient. Such officers may consist of a Chairman of the Board
 of Directors, a president and one or more vice-presidents, secretaries and treasurers and
 such other officers as may from time to time be considered necessary or expedient. Any number
 of offices may be held by the same person.

12.2. The
 officers shall perform such duties as are prescribed at the time of their appointment subject
 to any modification in such duties as may be prescribed thereafter by Resolution of Directors.
 In the absence of any specific prescription of duties it shall be the responsibility of the
 Chairman of the Board to preside at meetings of directors and Shareholders, the president
 to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority
 in the absence of the president but otherwise to perform such duties as may be delegated
 to them by the president, the secretaries to maintain the register of members, minute books
 and records (other than financial records) of the Company and to ensure compliance with all
 procedural requirements imposed on the Company by applicable law, and the treasurer to be
 responsible for the financial affairs of the Company.

12.3. The
 emoluments of all officers shall be fixed by Resolution of Directors.

12.4. The
officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the directors
may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may
be filled by Resolution of Directors.

12.5. The
 directors may, by Resolution of Directors, appoint any person, including a person who is
 a director, to be an agent of the Company.

12.6. An
 agent of the Company shall have such powers and authority of the directors, including the
 power and authority to affix the Seal, as are set forth in the Articles or in the Resolution
 of Directors appointing the agent, except that no agent has any power or authority with respect
 to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 change the registered office or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 appoint or remove directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 fix emoluments of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to
 approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 make a declaration of solvency or to approve a liquidation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to
 make a determination that immediately after a proposed Distribution the value of the Company's
 assets will exceed its liabilities and the Company will be able to pay its debts as they
 fall due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to
 authorise the Company to continue as a company incorporated under the laws of a jurisdiction
 outside the British Virgin Islands.

12.7. The
 Resolution of Directors appointing an agent may authorise the agent to appoint one or more
 substitutes or delegates to exercise some or all of the powers conferred on the agent by
 the Company.

12.8. The directors may remove an agent appointed by the Company and
may revoke or vary a power conferred on him.

13. CONFLICT OF INTERESTS

13.1. A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company.

13.2. For the purposes of Sub-Regulation 13.1, a disclosure to all other directors to the effect that a director
is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the
interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

13.3. A director of the Company who is interested in a transaction entered into or to be entered into by the
Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of directors at which a matter relating to the transaction arises and be included among
the directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign
a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction,

and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liableto be avoided on the grounds of any such interest or benefit.

14. INDEMNIFICATION

14.1. Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including
legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative
or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a director of, or in any other capacity is or was
acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

14.2. The indemnity in Sub-Regulation 14.1 only applies if the person acted honestly and in good faith with
a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that
their conduct was unlawful.

14.3. For the purposes of Sub-Regulation 14.2, a director acts in the best interests of the Company if he acts
in the best interests of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's holding company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Shareholder or Shareholders;

in either case, in the circumstances specified in Sub-Regulation 9.3 or the Act, as the case may be.

14.4. The decision of the directors as to whether the person acted honestly and in good faith and with a view
to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is,
in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

14.5. The termination of any proceedings by any judgment, order, settlement,
conviction or the entering of a *nolle prosequi* does not, by itself, create a presumption that the person did not act honestly
and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct
was unlawful.

14.6. Expenses, including legal fees, incurred by a director in defending any legal, administrative or investigative
proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on
behalf of the director to repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified by
the Company in accordance with Sub-Regulation 14.1.

14.7. Expenses, including legal fees, incurred by a former director in defending any legal, administrative or
investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking
by or on behalf of the former director to repay the amount if it shall ultimately be determined that the former director is not entitled
to be indemnified by the Company in accordance with Sub-Regulation 14.1 and upon such terms and conditions, if any, as the Company deems
appropriate.

14.8. The indemnification and advancement of expenses provided by,
or granted pursuant to, this section is not exclusive of any other rights to which the person seeking indemnification or advancement
of expenses may be entitled under any agreement, Resolution of Shareholders, resolution of disinterested directors or otherwise, both
as acting in the person's official capacity and as to acting in another capacity while serving as a director of the Company.

14.9. If a person referred to in Sub-Regulation 14.1 has been successful in defence of any proceedings referred
to in Sub-Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments,
fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

14.10. The Company may purchase and maintain insurance in relation to any person who is or was a director, officer
or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any
other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability
asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to
indemnify the person against the liability as provided in the Articles.

15. RECORDS AND UNDERLYING DOCUMENTATION

15.1. The Company shall keep the following documents at the office
of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the register of members, or a copy of the register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs in the previous 10 years.

15.2. Until the directors determine otherwise by Resolution of Directors the Company shall keep the original
register of members and original register of directors at the office of its registered agent.

15.3. If the Company maintains only a copy of the register of members or a copy of the register of directors
at the office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 days of any change in either register, notify the registered agent in writing of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the place or places at which the original register of
members or the original register of directors is kept.

15.4. Where the original register of members or the original register
of directors is maintained other than at the office of the registered agent, and the place at which the original records is changed,
the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14
days of the change of location.

15.5. The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the records and underlying documentation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Shareholders and classes of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) minutes of meetings and Resolutions of Directors and committees of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an impression of the Seal.

15.6. The records and underlying documentation of the Company shall be in such form as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are sufficient to show and explain the Company's transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

15.7. The
Company shall retain the records and underlying documentation for a period of at least five years from the date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of completion of the transaction to which the records and underlying documentation relate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company terminates the business relationship to which the records and underlying documentation relate.

15.8. Where the records and underlying documentation of the Company are kept at a place or places other than
at the office of its registered agent, the Company shall provide the registered agent with a written:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) record of the physical address of the place at which the records and underlying documentation are kept; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) record of the name of the person who maintains and controls the Company's records and underlying documentation.

15.9. Where the place or places at which the records and underlying documentation of the Company, or the name
of the person who maintains and controls the Company's records and underlying documentation, change, the Company shall, within 14
days of the change, provide its registered agent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the physical address of the new location of the records and underlying documentation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the new person who maintains and controls the Company's records and underlying documentation.

15.10. The Company shall provide its registered agent without delay any records and underlying documentation
in respect of the Company that the registered agent requests pursuant to the Act.

15.11. The records and underlying documentation kept by the Company under this Regulation shall be in written
form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act, 2001 (No. 5
of 2001) as from time to time amended or re-enacted.

16. REGISTER OF CHARGES

16.1. The Company shall maintain at the office of its registered agent
a register of charges in which there shall be entered the following particulars regarding each mortgage, charge and other encumbrance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of creation of the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the trustee for the security or, if there is no such trustee, the name and address
of the chargee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the charge is a security to bearer, the name and address of the holder of the charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) details of any prohibition or restriction contained in the instrument creating the charge on the power
of the Company to create any future charge ranking in priority to or equally with the charge.

16.2. Where
a change occurs in the relevant charges or in the details of the charges required to be recorded in the Company's register of charges
maintained in accordance with Sub-Regulation 16.1, the Company shall, within 14 days of the change occurring, transmit details of the
change to the registered agent.

17. SEAL

The Company shall have a Seal and may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

18. DISTRIBUTIONS

18.1. The directors of the Company may, by Resolution of Directors, authorise a Distribution at a time and of
an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the Distribution, the value of the Company's
assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

18.2. Distributions may be paid in money, Shares, or other property.

18.3. Notice of any Distribution that may have been declared shall be given to each Shareholder as specified
in Sub-Regulation 20.1 and all Distributions unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors
for the benefit of the Company.

18.4. No Distributions shall bear interest as against the Company and no Distribution shall be paid on Treasury
Shares.

19. ACCOUNTS AND AUDIT

19.1. The Company shall keep records that are sufficient to show and explain the Company's transactions
and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

19.2. The Company may by Resolution of Shareholders call for the directors to prepare periodically and make
available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give
respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets
and liabilities of the Company as at the end of a financial period.

19.3. The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

19.4. The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed
by Resolution of Shareholders or by Resolution of Directors.

19.5. The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor
of the Company during their continuance in office.

19.6. The remuneration of the auditors of the Company may be fixed by Resolution of Directors.

19.7. The auditors shall examine each profit and loss account and
balance sheet required to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written
report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet
give a true and fair view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities
of the Company at the end of that period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information and explanations required by the auditors have been obtained.

19.8. The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders
at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

19.9. Every auditor of the Company shall have a right of access at all times to the books of account and vouchers
of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he
thinks necessary for the performance of the duties of the auditors.

19.10. The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders
at which the Company's profit and loss account and balance sheet are to be presented.

20. NOTICES

20.1. Any notice, information or written statement to be given by the Company to Shareholders may be given by
(a) personal service (b) through a Relevant System, where the notice or document relates to uncertificated shares; (c) where appropriate,
by making it available on a website and notifying the member of its availability in accordance with this Regulation; (d) in accordance
with the rules of a Designated Stock Exchange; (e) by any other means authorised in writing by the member or (f) by mail addressed to
each Shareholder at the address shown in the registerof members.

20.2. Any summons, notice, order, document, process, information or written statement to be served on the Company
may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it
with, or by sending it by registered mail to, the registered agent of the Company.

20.3. Service of any summons, notice, order, document, process, information
or written statement to be served on the Company may be proved by showing that the summons, notice, order, document, process, information
or written statement was delivered to the registered office or the registered agentof the Company or that it was mailed in such time
as to admit to its being delivered to the registered office or the registered agent of the Company in the normal course of delivery within
the period prescribed for service and was correctly addressed and the postage was prepaid.

21. VOLUNTARY LIQUIDATION

The Company may by Resolution of Shareholders or, subject to section 199(2) of the Act, by Resolution of Directors appoint a voluntary liquidator.

22. CONTINUATION

The Company may by Resolution of Shareholders or by a Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

23. UNTRACEABLE SHAREHOLDER

The Company is entitled to sell any shares of a shareholder who is untraceable, as long as: (a) all checks, not being less than three in total number, for any sums payable in cash to the holder of such shares have remained uncashed for a period of 12 years; (b) the Company has not during that time or before the expiry of the three-month period referred to in (c) below received any indication of the existence of the shareholder or person entitled to such shares by death, bankruptcy or operation of law; and (c) upon expiration of the 12-year period, the Company caused an advertisement to be published in newspapers, giving notice of its intention to sell such shares, and a period of three months or such shorter period has elapsed since the date of such advertisement. The net proceeds of any such sale shall belong to the Company, and when the Company receives these net proceeds the Company shall become indebted to the former shareholder for an amount equal to such net proceeds.

To give effect to any sale of shares under this Article, the Board may authorise some person to transfer the shares in question and may enter the name of the transferee in respect of the transferred shares in the Register even if no share certificate has been lodged for such shares and may issue a new certificate to the transferee. An instrument of transfer executed by that person shall be as effective as if it had been executed by the holder of, or the person entitled by transmission to, the shares. The buyer shall not be bound to see to the application of the purchase monies, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.

The Company shall account to the member or other person entitled to the share for the net proceeds of a sale under this Regulation 23 by carrying all monies relating to such sale to a separate account. The Company shall be deemed to be a debtor to, and not a trustee for, such member or other person in respect of such monies. Monies carried to such separate account may either be employed in the business of the Company or invested in such investments as the Board may think fit. No interest shall be payable to such member or other person in respect of such monies and the Company does not have to account for any money earned on them

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 17th day of November, 2021.

Incorporator

/s/ Rexella D. Hodge

(Sd.) Rexella D. Hodge

Authorised Signatory

Vistra (BVI) Limited

## Exhibit 4.1

**Exhibit 4.1**

**Share Certificate**

Certificate Number Number of Shares <br>

**Republic Power Group Limited**

**Incorporated in the British Virgin Islands**

This certifies that [Name] of [Address] is the registered holder of [Number] Class A ordinary shares fully paid and non-assessable, subject to the Memorandum and Articles of Association of the Company.

[Transfer date]

Director

## Exhibit 5.1

**Exhibit 5.1**

---

| |
|:---|
| Qwomar Building |
| P.O. Box 4649, Road Town |
| Tortola VG1110 |
| British Virgin Islands |
| T: +1 284 494 1890 |

---

---

| | | |
|:---|:---|:---|
| **DD:** | +1 284 542 1899 | ![](ex5-1_001.jpg) |
| **E:** | Jose.santos@forbeshare.com | ![](ex5-1_001.jpg) |
| **Our Ref:** | JS/MBD/6328.001 | ![](ex5-1_001.jpg) |
| **Your Ref:** | Reference | ![](ex5-1_001.jpg) |
|  |  | ![](ex5-1_001.jpg) |
| Republic Power Group Limited | Republic Power Group Limited | ![](ex5-1_001.jpg) |
| 158 Kallang Way #06-08 | 158 Kallang Way #06-08 | ![](ex5-1_001.jpg) |
| Singapore, Republic of Singapore | Singapore, Republic of Singapore | ![](ex5-1_001.jpg) |
| S349245 | S349245 | ![](ex5-1_001.jpg) |
|  |  | ![](ex5-1_001.jpg) |
| 25 June 2025 | 25 June 2025 | ![](ex5-1_001.jpg) |

---

Dear Sirs

**Republic Power Group Limited (the "Company")**

We are lawyers licensed and qualified to practice law in the British Virgin Islands. We have acted as special British Virgin Islands counsel to the Company to provide this legal opinion in connection with the Company's Registration Statement on Form F-1-A, including all amendments or supplements thereto ("**Form F-1**"), filed with the Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933 (the "**Act**"), as amended, (the "**Registration Statement**") in relation to: (i) the underwritten public offering of 1,250,000 Class A Ordinary Shares of par value US$0.000625 in the Company (ii) the offering of 500,000 Class A Ordinary Shares by the Selling Shareholder (the "**Ordinary Shares**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Documents Reviewed** 

We have reviewed originals, copies or drafts of the following documents and have examined such other documents and considered such legal matters as we have deemed necessary for the purpose of rendering this legal opinion:

1.1 The public records of the Company on file and available for
public inspection at the Registry of Corporate Affairs in the 25 June 2025 including:

1.1.1 the Company's Certificate
of Incorporation; and

1.1.2 the Company's amended and restated Memorandum and Articles of Association
dated 7 April 2025.

Page **1** of **3**

1.2 A Registered Agent's Certificate dated 25 June 2025
issued by Vistra (BVI) Ltd, the Company's registered agent (the "**Registered Agent's Certificate** ").

1.3 A Certificate of Good Standing issued by the Registry of Corporate
Affairs on 23 June 2025 (the "**Certificate of Good Standing** ")

1.4 The records of proceedings on file with and available for inspection
on 25 June 2025 at the British Virgin Islands High Court Registry (the "**High Court Registry** ").

1.5 The Registration Statement.

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have assumed, without further verification, the completeness and accuracy of the Registered Agent's Certificate and that the information contained in such certificate remains accurate as at the date of this opinion. We have also relied upon the following assumptions, which we have not independently verified:

2.1 Copies of documents, conformed copies or drafts of documents
provided to us are true and complete copies of, or in the final forms of, the originals.

2.2 All signatures, initials and seals are genuine.

2.3 The accuracy and completeness of all factual representations
expressed in or implied by the documents we have examined.

2.4 That all public records of the Company which we have examined
are accurate and that the information disclosed by the searches which we conducted against the Company at the Registry of Corporate Affairs
and the High Court Registry is true and complete and that such information has not since then been altered and that such searches did
not fail to disclose any information which had been delivered for registration but did not appear on the public records at the date of
our searches.

2.5 There is nothing under any law (other than the law of the British
Virgin Islands) which would or might affect the opinions hereinafter appearing. Specifically, we have made no independent investigation
of the laws of the [State of New York].

---

| | |
|:---|:---|
| **3** | **Opinion** |

---

Based upon, and subject to, the foregoing assumptions and the qualifications set out in section 4 below, and having regard to such legal considerations as we consider relevant, we are of the opinion that:

3.1 The Company is a company limited by shares and registered under
the BVI Business Companies Act, 2004 (as amended) (the "**Act** "), in good standing at the Registry of Corporate Affairs and validly existing under the laws of
the British Virgin Islands, and possesses the capacity to sue and be sued in its own name.

Page **2** of **3**

3.2 The Ordinary Shares to be offered and sold by the Company as
contemplated by the Registration Statement have been duly authorised for issue, and when issued by the Company against payment in full,
of the consideration, in accordance with the terms set out in the Registration Statement and duly registered in the Company's register
of members (shareholders), such Ordinary Shares will be validly issued, fully paid and non-assessable (meaning that no further sums are
payable to the Company on such securities).

3.3 The disclosures in the Registration Statement under the section
"TAXATION - British Virgin Islands Taxation" are accurate in all material respects.

---

| | |
|:---|:---|
| **4** | **Qualifications** |

---

The opinions expressed above are subject to the following qualifications:

4.1 To maintain the Company in good standing under the laws of the
British Virgin Islands, annual filing fees must be paid to the Registry of Corporate Affairs.

4.2 The obligations of the Company may be subject to restrictions pursuant to
United Nations sanctions as implemented under the laws of the British Virgin Islands.

4.3 We make no comment with regard to any references to foreign statutes in the Registration Statement.

4.4 This opinion is given only as to, and based on, circumstances and matters
of fact existing and known to us on the date of this opinion. This opinion only relates to the laws of the British Virgin Islands which
are in force on the date of this opinion.

---

| | |
|:---|:---|
| **5** | **Consents** |

---

In connection with the above opinion, we hereby consent:

5.1 To the use of our name in the Registration Statement, the prospectus constituting a part thereof and all
amendments thereto under the caption "Legal Matters"; and

5.2 To the filing of this opinion
as an exhibit to the Registration Statement.

This opinion is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

---

| |
|:---|
| /s/ Forbes Hare |
| **Forbes Hare** |

---

Page **3** of **3**

## Exhibit 10.1

**Exhibit 10.1**

**<u>SHARE EXCHANGE AGREEMENT</u>**

**THIS SHARE EXCHANGE AGREEMENT**, dated as of November 17, 2021 (the "***Agreement***"), is made by and among Republic Power Group Limited (the "***RP BVI***"), Sai Bin Loi (the "***Shareholder***") who owns all the issued and outstanding shares of Republic Power Pte. Ltd. ("***RP Singapore***"), a company incorporated in Singapore (individually a "***Party***" or collectively "***Parties***").

**<u>RECITALS</u>**

**WHEREAS**, RP BVI was formed solely for the purpose of serving as the holding company for RP Singapore;

**WHEREAS**, the Shareholder desire to exchange their equity interest in RP Singapore for ordinary shares of RP BVI, and RP BVI has agreed to issue its ordinary shares in connection with such exchange, upon the terms and conditions set forth in this Agreement;

**WHEREAS**, for United States federal income tax purposes, it is intended that the Exchange (as defined below) will qualify as an exchange under the provisions of Section 351(a) of the Code.

**WHEREAS**, following the Exchange (as defined below), RP Singapore will become a wholly-owned subsidiary of RP BVI.

**NOW, THEREFORE**, for and in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

**SECTION I**

**EXCHANGE OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On the terms and subject to the conditions set forth in this Agreement, at the Closing (i) Shareholder will sell, convey, transfer and assign to RP BVI, free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description, and RP BVI will purchase and accept from Shareholder, 100% of the equity interest of RP Singapore (the "***RP Singapore Shares***"), in the individual percentages as set forth on <u>Schedule A</u>, and (ii) in exchange for the transfer of such securities by the Shareholder, RP BVI will sell, convey, transfer and assign to Shareholder, and Shareholder will purchase and accept from RP BVI, T6,875 newly-issued ordinary shares of RP BVI, par value $1.00 per share, in the aggregate (the "***RP BVI Shares***") (such exchange referred to herein as the "***Exchange***"). Upon completion of the Exchange, 100% of the equity interest of RP Singapore shall be held directly by RP BVI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The closing of the Exchange shall occur on the date of this Agreement at the offices of RP BVI, Vistra Corporate Services Centre, Wickham Cay II, Road Town, Tortola, VG1110, British Virgin Islands, or at such other date, time and place or manner as may be agreed upon by the parties.

**SECTION II**

**SHAREHOLDERS REPRESENTATIONS AND**

**WARRANTIES.**

The Shareholder hereby represents and warrants to RP Singapore and RP BVI, all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Such Shareholder has the right, power, legal capacity and authority to enter into and perform such Shareholder's obligations under this Agreement; and no approvals or consents are necessary in connection with it. All of the ordinary shares of RP Singapore owned by such Shareholder are owned free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The equity interest of RP Singapore owned by such Shareholder will, at the Closing, be validly transferred to RP BVI free and clear of any encumbrances and from all taxes, liens and charges with respect to the transfer thereof and such ordinary shares of RP Singapore shall be fully paid and non-assessable with the holder being entitled to all rights accorded to a holder of ordinary shares of RP Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Shareholder understands that the RP BVI Shares have not been registered under the Securities Act of 1933, as amended (the "***Securities Act***") or any other applicable securities laws. Each such Shareholder also understands that the RP BVI Shares are being offered and issued pursuant to an exemption from the registration requirements of the Securities Act, under Section 4(2) and/or Regulation S of the Securities Act. Each such Shareholder acknowledges that RP BVI will rely on such Shareholder's representations, warranties and certifications set forth below for purposes of determining such Shareholder's suitability as an investor in the RP BVI Shares and for purposes of confirming the availability of the Section 4(2) and/or Regulation S exemption from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Shareholder has received all the information such Shareholder considers necessary or appropriate for deciding whether to acquire the RP BVI Shares. The Shareholder understands the risks involved in an investment in the RP BVI Shares. The Shareholder further represents that such Shareholder has had an opportunity to ask questions and receive answers from RP BVI regarding the terms and conditions of the offering of the RP BVI Shares and the business, properties, prospects, and financial condition of RP BVI and to obtain such additional information (to the extent RP BVI possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to such Shareholder or to which such Shareholder had access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Shareholder is acquiring the RP BVI Shares for such Shareholder's own account for investment only and not with a view towards their resale or "distribution" (within the meaning of the Securities Act) of any part of the RP BVI Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Shareholder understands that the RP BVI Shares may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption therefrom, and in each case in compliance with the conditions set forth in this Agreement. The Shareholder acknowledges and is aware that the RP BVI Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until such Shareholder has held the RP BVI Shares for the applicable holding period under Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Shareholder acknowledges and agrees that each certificate representing the RP BVI Shares shall bear a legend substantially in the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF ALE GROUP HOLDING LIMITED (THE "COMPANY") THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT, IN THE CASE OF (C), (D) OR (E), THE HOLDER HAS DELIVERED TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Shareholder has not relied on and is not relying on any representations, warranties or other assurances regarding RP BVI other than the representations and warranties expressly set forth in this Agreement.

**SECTION III**

**RP SINGAPORE REPRESENTATIONS AND**

**WARRANTIES.**

RP Singapore hereby represents and warrants to Shareholder and RP BVI, all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 RP Singapore is a company formed in Singapore and duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 RP Singapore has full power and authority to enter into and perform its obligations under this Agreement. This Agreement has been duly executed by RP Singapore and constitutes the legal, valid, binding and enforceable obligation of RP Singapore, enforceable against RP Singapore in accordance with its terms. The execution and delivery of this Agreement and the consummation by RP Singapore of the transactions contemplated herein do not and will not on the Closing (A) conflict with or violate any of the terms of the articles of incorporation and bylaws of RP Singapore or any applicable law relating to RP Singapore, (B) conflict with, or result in a breach of any of the terms of, or result in the acceleration of any indebtedness or obligations under, any material agreement, obligation or instrument by which RP Singapore is bound or to which any property of RP Singapore is subject, or constitute a default thereunder, other than those material agreements, obligations or instruments for which RP Singapore has obtained consent for the transactions contemplated under this Agreement, (C) result in the creation or imposition of any lien on any of the assets of RP Singapore, (D) constitute an event permitting termination of any material agreement or instrument to which RP Singapore is a party or by which any property or asset of RP Singapore is bound or affected, pursuant to the terms of such agreement or instrument, other than those material agreements or instruments for which RP Singapore has obtained consent for the transactions contemplated under this Agreement, or (E) conflict with, or result in or constitute a default under or breach or violation of or grounds for termination of, any license, permit or other governmental authorization to which RP Singapore is a party or by which RP Singapore may be bound, or result in the violation by RP Singapore of any laws to which RP Singapore may be subject, which would materially adversely affect the transactions contemplated herein. No authorization, consent or approval of, notice to, or filing with, any public body or governmental authority or any other person is necessary or required in connection with the execution and delivery by RP Singapore of this Agreement or the performance by RP Singapore of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The RP Singapore Shares constitute all of the equity interests of RP Singapore. No securities of RP Singapore are entitled to pre-emptive or similar rights, and no person has any right of first refusal, pre-emptive right, right of participation, or any similar right to participate in the transactions contemplated by this Agreement. There are no outstanding options, warrants, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire, equity interests of RP Singapore. The issuance of RP Singapore Shares contemplated by this Agreement will not, immediately or with the passage of time; (A) obligate RP Singapore to issue equity interests of RP Singapore or other securities to any person, or (B) result in a right of any holder of RP Singapore securities to adjust the exercise, conversion, exchange or reset price of such securities.

**SECTION IV**

 **RP BVI REPRESENTATIONS AND WARRANTIES.**

RP BVI hereby acknowledges, represents and warrants to, and agrees with the Shareholder and RP Singapore (which representations and warranties will be true and correct as of the date of the Closing as if they were made on the date of Closing) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 RP BVI has been duly organized, is validly existing and is in good standing under the laws of British Virgin Islands. RP BVI has full corporate power and authority to enter into this Agreement and this Agreement, has been duly and validly authorized, executed and delivered by RP BVI and are valid and binding obligations of RP BVI, enforceable against RP BVI in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Subject to the performance by the Shareholder and RP Singapore of their respective obligations under this Agreement and the accuracy of the representations and warranties of the Shareholder and RP Singapore, the offering and exchange of the RP BVI Shares will be exempt from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The execution and delivery by RP BVI of, and the performance by RP BVI of its obligations hereunder in accordance with its terms will not contravene any provision of the charter documents of RP BVI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The RP BVI Shares have been duly authorized and, when issued and delivered as provided by this Agreement, will be validly issued and fully paid and non-assessable, and the RP BVI Shares are not subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 RP BVI is not in violation of its memorandum of association or articles of association and is not in material default in the performance of any bond, debenture, note or any other evidence of indebtedness or any indenture, mortgage, deed of trust, license, contract, lease or other instrument to which RP BVI is a party or by which it is bound, or to which any of the property or assets of RP BVI is subject, except such as have been waived or which would not, singly or in the aggregate, prevent RP BVI from discharging its obligations under this Agreement.

**SECTION V**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **<u>Releases and Waivers of Shareholder.</u>** Each Shareholder on its own behalf hereby acknowledges and agrees that the percentage of RP Singapore Shares set forth on Schedule A represents the entire RP Singapore Shares held by such Shareholder as of the date of this Agreement and as of the Closing. Each Shareholder hereby releases RP BVI from all obligations, liabilities and causes of action arising before, on or after the date of this Agreement, out of or in relation to any entitlement which such Shareholder may have with respect to any RP Singapore Shares in excess of the number of RP Singapore Shares set forth on Schedule A. Each Shareholder hereby generally, irrevocably, unconditionally and completely waives any and all rights to receive any anti-dilution protection to which such Shareholder may be entitled under the articles of incorporation, bylaws or other organizational documents of RP Singapore or under any other agreement or instrument in connection with the Exchange. Except for the RP BVI Shares to be issued in connection with the Exchange, each Shareholder hereby generally, irrevocably, unconditionally and completely waives any and all rights existing as of the date hereof to receive options, depository receipts, warrants, stock appreciation or similar rights to acquire or receive securities in RP Singapore or RP BVI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **<u>Survival</u>.** All representations, warranties, covenants, and obligations in this Agreement shall survive until the expiration of the applicable statute of limitation with respect to the underlying claim to which such representation, warranty, covenant, or obligation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **<u>Written Changes</u>.** Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally, except by a statement in writing signed by the Party against which enforcement of the change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **<u>Delays or Omissions</u>.** Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party under this Agreement shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence thereto, or of a similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **<u>Entire Agreement</u>.** This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings, inducements or conditions, express or implied, written or oral, between the Parties with respect hereto. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **<u>Severability</u>.** Should any one or more of the provisions of this Agreement or of any agreement entered into pursuant to this Agreement be determined to be illegal or unenforceable, all other provisions of this Agreement and of each other agreement entered into pursuant to this Agreement, shall be given effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be affected thereby. The Parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision which will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **<u>Successors and Assigns</u>.** The terms and conditions of this Agreement shall inure to the benefit of and be binding upon and be enforceable by the successors and assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 **<u>Governing Law</u>.** The validity, terms, performance and enforcement of this Agreement shall be governed and construed by the provisions hereof and in accordance with the laws of the State of New York applicable to agreements that are negotiated, executed, delivered and performed in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 **<u>Counterparts</u>.** This Agreement may be executed concurrently in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each Party and delivered to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 **<u>Further Assurances</u>.** Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 **<u>Third Party Beneficiaries</u>.** Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Parties any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 **<u>Headings</u>.** The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

**[SIGNATURE PAGES TO FOLLOW]**

IN WITNESS WHEREOF, the parties have executed and delivered this Share Exchange Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **RP Singapore** | **RP Singapore** | **RP BVI:** | **RP BVI:** |
| Republic Power Pte. Ltd. | Republic Power Pte. Ltd. | Republic Power Group Limited | Republic Power Group Limited |
| By: | /s/ Sai Bin Loi | By: | /s/ Sai Bin Loi |
| Name: | Sai Bin Loi | Name: | Sai Bin Loi |
| Its: | Director | Its: | Director |

---

**The Shareholder:**

---

| |
|:---|
| /s/ Sai Bin Loi |
| Sai Bin Loi |

---

## Exhibit 10.2

**Exhibit 10.2**

**Republic Power Group Ltd**

#04-09 Techplace II

5008 Ang Mo Kio Ave 5

Singapore 569874

[DATE]

[NAME]

[Address]

Re: <u>Director Offer Letter</u>

Dear Ms./Mr. [NAME],

Republic Power Group Ltd., a British Virgin Islands exempted company with limited liability (the "Company"), is pleased to offer you a position as of member of its Board of Directors (the "Board"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board and Class I director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Term</u>**. This Agreement is effective upon your acceptance and signature below. Your term as a Class I director shall commence on [ ], and continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election at the next annual shareholder's meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services</u>**. You shall render services as a member of the Board and the Board's committees set forth on ***<u>Schedule A</u>*** attached hereto (hereinafter your "Duties"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. As compensation for your services to the Company, you will receive compensation as set forth on ***<u>Schedule B</u>*** attached hereto (hereinafter, the "Compensation") per year for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>No Assignment</u>**. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidential Information; Non-Disclosure</u>**. In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **<u>Definition</u>**. For purposes of this Agreement the term "Confidential Information" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; 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;ii. Any information which is related to the business of the Company and is generally not known by non-Company personnel.

&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. Confidential Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **<u>Exclusions</u>**. Notwithstanding the foregoing, the term Confidential Information shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&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. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; 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;iii. Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **<u>Documents</u>**. You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **<u>Confidentiality</u>**. You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **<u>Ownership</u>**. You agree that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "Inventions") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Non-Competition</u>**. You agree and undertake that you will not, so long as you are a member of the Board and for a period of 24 months following termination of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, shareholder, employee, broker, agent principal, corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries or affiliates; *<u>provided</u>*, *<u>however</u>*, that you may own securities of any public corporation which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of stock or securities of such company, so long as you has no active role in the publicly owned company as director, employee, consultant or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Non-Solicitation</u>**. So long as you are a member of the Board and for a period of 24 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Termination and Resignation</u>**. Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least a majority of the shares of the Company's issued and outstanding shares entitled to vote. Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Governing Law</u>**. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Entire Agreement; Amendment; Waiver; Counterparts</u>**. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Acknowledgement</u>**. You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| Republic Power Group Ltd. | Republic Power Group Ltd. |
| By: |  |
| Name: | Ziyang Long |
| Title: | Chief Executive Officer |

---

AGREED AND ACCEPTED:

By:   <br> Name: [NAME]

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Committee** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Audit Committee |  |
| &nbsp;&nbsp;Nominating and Governance Committee |  |
| &nbsp;&nbsp;Compensation Committee |  |

---

**Schedule B**

Compensation

During your term as a member of Board of Directors of the Company, you will receive cash compensation in the amount of $[ ], payable quarterly and [share]/[option] compensation as set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;[Share]/[Options] | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Exercise Price | &nbsp;&nbsp;Vesting Schedule | &nbsp;&nbsp;Potential Forfeiture |

---

## Exhibit 10.3

**Exhibit 10.3**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "Agreement"), is entered into as of 1 December 2021, by and between Republic Power Group Limited, incorporated under the laws of the British Virgin Islands (the "Company"), and Long Ziyang (the "Employee"). Except with respect to the direct employment of the Employee by the Company, the term "Company" as used herein with respect to all obligations of the Employee hereunder shall be deemed to include the Company and all of its subsidiaries and affiliated entities (collectively, the "Group").

**RECITALS**

A. The Company desires to employ the Employee as its Chief Executive Officer and interim Chief Financial Officer and to assure itself of the services of the Employee during the term of Employment (as defined below).

B. The Employee desires to be employed by the Company as its Chief Executive Officer and interim Chief Financial Officer during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1.** **POSITION** 

The Employee hereby accepts a position of Chief Executive Officer and interim Chief Financial Officer (the "Employment") of the Company.

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be 1 years, commencing on the date hereof (the "Effective Date"), unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one-year terms if neither the Company nor the Employee provides a 1-month prior written notice of termination of the Employment to the other party, or otherwise proposes to renegotiate the terms of the Employment with the other party within three (3) months prior to the expiration of the applicable term, or unless the Employment is terminated earlier pursuant to the terms of this Agreement.

**3.** **DUTIES AND RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Employee's duties at the Company will include all jobs assigned by the Company's Board of the Directors (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Employee shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall faithfully
and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company, as amended
and restated from time to time (the "Charter Documents"), and the guidelines, policies and procedures of the Company approved
from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Employee shall use his best efforts to perform his duties
hereunder. The Employee shall not, without the prior written consent of the Board, become an employee of any entity other than the Company
and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that engages in the
same business in which the Company engages (any such business or entity, a "Competitor"), provided that nothing in this clause
shall preclude the Employee from holding any shares or other securities of any Competitor that is listed on any securities exchange or
recognized securities market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities.
The Employee shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details
and particulars as the Company may reasonably require.

**4.** **NO BREACH OF CONTRACT** 

The Employee hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Employee and the performance by the Employee of the Employee's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Employee is a party or otherwise bound, except for agreements entered into by and between the Employee and any member of the Group pursuant to applicable law, if any; (ii) that the Employee has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Employee entering into this Agreement or carrying out his duties hereunder; (iii) that the Employee is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**5.** **Intentionally Omitted** 

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. The Employee shall draw a base salary of Singapore Dollar $1,400 per month during the Effective Date, and such arrangement
is subject to annual review and adjustment by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>.
The Employee shall not draw a bonus prior to and during the Effective Date, and such arrangement is subject to annual review and adjustment
by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Employee will be eligible to participate in
such plan pursuant to the terms thereof as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Benefits</u>.
The Employee is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted
by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday
plan.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expenses</u>.
The Employee shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred
by the Employee in the performance of his duties under this Agreement; provided that he properly accounts for such expenses in accordance
with the Company's policies and procedures.

**7.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Employee is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Employee has been grossly negligent or acted dishonestly to the detriment 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;(3) the Employee has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after the Employee is afforded a reasonable opportunity to cure such failure; 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;(4) the Employee violates Section 8 or 10 of this Agreement.

Upon termination for cause, the Employee shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Employee will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Employee's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>For death and disability</u>. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the Employee has died, 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;(2) the Employee has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Employee unable to perform the essential functions of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

Upon termination for death or disability, the Employee shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Employee will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Employee's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon one-month prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Employee: (1) a lump sum cash payment equal to 1 months of the Employee's base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Employee.

Upon termination without cause, the Employee shall be entitled to the amount of base salary earned and not paid prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Change of Control Transaction</u>. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the "<u>Change of Control Transaction</u>"), the Employee shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash payment equal to 1 months of the Employee's base salary at a rate equal to the greater of his/her annual salary in effect immediately prior to the termination, or his/her then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Employee</u>. The Employee may terminate the Employment at any time with a one-month prior written notice to the Company, if (1) there
is a material reduction in the Employee's authority, duties and responsibilities, or (2) there is a material reduction in
the Employee's annual salary. Upon the Employee's termination of the Employment due to either of the above reasons, the Company
shall provide compensation to the Employee equivalent to 1 months of the Employee's base salary that he is entitled to immediately
prior to such termination. In addition, the Employee may resign prior to the expiration of the Agreement if such resignation is approved
by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Employee's employment under this Agreement shall be communicated by written notice
of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this
Agreement relied upon in effecting the termination.

**8.** **CONFIDENTIALITY AND NON-DISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Employee hereby agrees at all times during the term of the Employment, to hold in the strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without prior written
consent of the Company, any Confidential Information. The Employee understands that " <u>Confidential Information</u> " means
any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including,
without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and
customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration
information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and
other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company
or other business information disclosed to the Employee by or obtained by the Employee from the Company, its affiliates, or their respective
clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically indicated to be confidential
or reasonably expected to be confidential. The confidentiality obligations under this Clause shall survive notwithstanding the termination
of this Employment Agreement for ten (10) years thereafter. Notwithstanding the foregoing, Confidential Information shall not include
information that is generally available and known to the public through no fault of the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Employee understands that all documents (including computer records, facsimile and e-mail) and materials created, received
or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject to inspection
by the Company at any time. Upon termination of the Employee's employment with the Company (or at any other time when requested
by the Company), the Employee will promptly deliver to the Company all documents and materials of any nature pertaining to his work with
the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Employee have,
following his termination, in his possession any property of the Company, or any documents or materials or copies thereof containing
any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Employee agrees that he has not and will not, during the term of his employment, (i) improperly use
or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Employee has
an agreement or duty to keep in confidence information acquired by Employee, if any, or (ii) bring into the premises of the Company
any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing
by such former employer, person or entity. The Employee will indemnify the Company and hold it harmless from and against all claims,
liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with
any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Employee recognizes that the Company may have received, and in the future may receive, from third parties
their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information
and to use it only for certain limited purposes. The Employee agrees that the Employee owes the Company and such third parties, during
the Employee's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the
strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes
permitted by, the Company's agreement with such third party.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Employee breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

**9.** **CONFLICTING EMPLOYMENT** 

The Employee hereby agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Employee's employment, nor will the Employee engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company.

**10.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the compensation and benefits paid to the Employee by the Company and subject to applicable law, the Employee agrees that during the term of the Employment and for a period of two (2) years following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Employee will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Employee in the
Employee's capacity as a representative of the Company for the purposes of doing business with such persons or entities which will
harm the business relationship between the Company and such persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Employee will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether as principal,
partner, licensor or otherwise, in any Competitor; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Employee will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the
services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination.

The provisions contained in Section 10 are considered reasonable by the Employee and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

This Section 10 shall survive two (2) years after the termination of this Agreement for any reason. In the event the Employee breaches this Section 10, the Employee acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law.

**11.** **WITHHOLDING TAXES** 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**12.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**13.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**14.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Employee and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between the Employee and a member of the Group. The Employee acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Employee and the Company.

**15.** **GOVERNING LAW; JURISDICTION** 

This Agreement shall be governed by and construed in accordance with the laws of New York and each of the parties irrevocably consents to the jurisdiction and venue of the courts located in New York.

**16.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**17.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**18.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**19.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**20.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

 

*[Remainder of this page has been intentionally left blank.]*

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **Republic Power Group Limited** | **Republic Power Group Limited** |
| By: | /s/ Saibin Loi |
| Name: | Sai Bin, Loi |
| Title: | Chairman of the Board |

---

---

| | |
|:---|:---|
| **Employee** | **Employee** |
| Signature: | /s/ Ziyang Long |
| Name: | Ziyang, Long |

---

## Exhibit 10.4

**Exhibit 10.4**

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "Agreement"), is entered into as of 03 February 2025, by and between Republic Power Group Limited, incorporated under the laws of the British Virgin Islands (the "Company"), and **Chak Ming Wong** (the "Employee"). Except with respect to the direct employment of the Employee by the Company, the term "Company" as used herein with respect to all obligations of the Employee hereunder shall be deemed to include the Company and all of its subsidiaries and affiliated entities (collectively, the "Group").

**RECITALS**

A. The Company desires to employ the Employee as its CHIEF FINANCIAL OFFICER and to assure itself of the services of the Employee during the term of Employment (as defined below).

B. The Employee desires to be employed by the Company as its CHIEF FINANCIAL OFFICER during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1. POSITION**

The Employee hereby accepts a position of CHIEF FINANCIAL OFFICER (the "Employment") of the Company.

**2. TERM**

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be 1 year, commencing on the date hereof (the "Effective Date"), unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one-year terms if neither the Company nor the Employee provides a 1-month prior written notice of termination of the Employment to the other party, or otherwise proposes to renegotiate the terms of the Employment with the other party within three (3) months prior to the expiration of the applicable term, or unless the Employment is terminated earlier pursuant to the terms of this Agreement.

 **3. DUTIES AND RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Employee's duties at the Company will include all jobs assigned by the Company's Board of the Directors (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Employee shall devote all of his working time as designated by the Company, attention and skills to
the performance of his duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement,
the Memorandum and Articles of Association of the Company, as amended and restated from time to time (the "Charter Documents"),
and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Employee shall use his best efforts to perform his duties hereunder. The Employee shall not, without
the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the
Company, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company engages
(any such business or entity, a "Competitor"), provided that nothing in this clause shall preclude the Employee from holding
any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere if
such shares or securities represent less
than 5% of the competitors outstanding shares and securities. The Employee shall notify the Company in writing of his interest in such
shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

**4. NO BREACH OF CONTRACT**

The Employee hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Employee and the performance by the Employee of the Employee's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Employee is a party or otherwise bound, except for agreements entered into by and between the Employee and any member of the Group pursuant to applicable law, if any; (ii) that the Employee has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Employee entering into this Agreement or carrying out his duties hereunder; (iii) that the Employee is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

 **5. COMPENSATION AND BENEFITS**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. The Employee shall draw a base salary
of Singapore Dollar five Thousand only (SGD$5,000.00) per month after The Company have successfully listed in Nasdaq Stock Exchange,
and such arrangement is subject to annual review and adjustment by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>. The Employee shall not draw a bonus prior to
and during the Effective Date, and such arrangement is subject to annual review and adjustment by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equity Incentives</u>. To the extent the Company adopts
and maintains a share incentive plan, the Employee will be eligible to participate in such plan pursuant to the terms thereof as determined
by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Benefits</u>. The Employee is eligible for participation
in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including,
but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expenses</u>. The Employee shall be entitled to reimbursement
by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Employee in the performance of his
duties under this Agreement; provided that he properly accounts for such expenses in accordance with the Company's policies and
procedures.

 **6. TERMINATION OF THE AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Employee is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement;

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Employee has been grossly negligent or acted dishonestly to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Employee has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after the Employee is afforded a reasonable opportunity to cure such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Employee violates Section 8 or 10 of this Agreement.

Upon termination for cause, the Employee shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Employee will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Employee's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>For death and disability</u>. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the Employee has died, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Employee has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Employee unable to perform the essential functions of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

Upon termination for death or disability, the Employee shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Employee will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Employee's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon one-month prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Employee: (1) a lump sum cash payment equal to 1 months of the Employee's base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Employee.

Upon termination without cause, the Employee shall be entitled to the amount of base salary earned and not paid prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Change of Control Transaction</u>. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the "<u>Change of Control Transaction</u>"), the Employee shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash payment equal to 1 months of the Employee's base salary at a rate equal to the greater of his/her annual salary in effect immediately prior to the termination, or his/her then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Employee.

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Employee</u>. The Employee may terminate the Employment
at any time with a one-month prior written notice to the Company, if (1) there is a material reduction in the Employee's authority,
duties and responsibilities, or (2) there is a material reduction in the Employee's annual salary. Upon the Employee's termination
of the Employment due to either of the above reasons, the Company shall provide compensation to the Employee equivalent to 1 months of
the Employee's base salary that he is entitled to immediately prior to such termination. In addition, the Employee may resign prior
to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment
is agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Employee's
employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.
The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 **7. CONFIDENTIALITY AND NON-DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Employee hereby
agrees at all times during the term of the Employment, to hold in the strictest confidence, and not to use, except for the benefit of
the Company, or to disclose to any person, corporation or other entity without prior written consent of the Company, any Confidential
Information. The Employee understands that " <u>Confidential Information</u> " means any proprietary or confidential information
of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade
secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software
developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing,
finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business,
information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Employee
by or obtained by the Employee from the Company, its affiliates, or their respective clients, customers or partners, either directly
or indirectly, in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.
The confidentiality obligations under this Clause shall survive notwithstanding the termination of this Employment Agreement for ten
(10) years thereafter. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available
and known to the public through no fault of the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Employee understands that all
documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his work
or using the facilities of the Company are property of the Company and subject to inspection by the Company at any time. Upon termination
of the Employee's employment with the Company (or at any other time when requested by the Company), the Employee will promptly
deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification
of his compliance with this Agreement. Under no circumstances will the Employee have, following his termination, in his possession any
property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Employee agrees that
he has not and will not, during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets
of any former employer or other person or entity with which the Employee has an agreement or duty to keep in confidence information acquired
by Employee, if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging
to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Employee will
indemnify the Company and hold it harmless from and against all
claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection
with any violation of the foregoing.

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Employee recognizes that
the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject
to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes.
The Employee agrees that the Employee owes the Company and such third parties, during the Employee's employment by the Company
and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to
any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement
with such third party.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Employee breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

**8. CONFLICTING EMPLOYMENT**

The Employee hereby agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Employee's employment, nor will the Employee engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company.

**9. NON-COMPETITION AND NON-SOLICITATION**

In consideration of the compensation and benefits paid to the Employee by the Company and subject to applicable law, the Employee agrees that during the term of the Employment and for a period of two (2) years following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Employee will not approach clients, customers or contacts
of the Company or other persons or entities introduced to the Employee in the Employee's capacity as a representative of the Company
for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such
persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Employee will not assume employment with or provide services
as a director or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Employee will not seek, directly or indirectly, by the
offer of alternative employment or other inducement whatsoever, to solicit the services of any employee of the Company employed as at
or after the date of such termination, or in the year preceding such termination.

The provisions contained in Section 9 are considered reasonable by the Employee and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

This Section 9 shall survive one (1) years after the termination of this Agreement for any reason. In the event the Employee breaches this Section 9, the Employee acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law.

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

**10. WITHHOLDING TAXES**

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**11. ASSIGNMENT**

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**12. SEVERABILITY**

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**13. ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement and understanding between the Employee and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between the Employee and a member of the Group. The Employee acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Employee and the Company.

**14. GOVERNING LAW; JURISDICTION**

This Agreement shall be governed by and construed in accordance with the laws of Singapore and each of the parties irrevocably consents to the jurisdiction and venue of the courts located in Singapore.

**15. AMENDMENT**

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**16. WAIVER**

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

**17. NOTICES**

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**18. COUNTERPARTS**

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**19. NO INTERPRETATION AGAINST DRAFTER**

Each party recognizes that this Agreement is a legally binding contract and acknowledges that he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of this page has been intentionally left blank.]*

![](ex10-3_001.jpg)

**REPUBLIC POWER GROUP LTD (201500006G)**

158 Kallang Way #06-08, Singapore 349245

+65 6908 9825 \| www.republicpower.net

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **Republic Power Group Limited** | **Republic Power Group Limited** |
| By: | /s/ Ziyang Long |
| Name: | Ziyang Long |
| Title: | Executive Director and CEO |
| **Employee** | **Employee** |
| Signature: | /s/ Chak Ming Wong |
| Name: | Chak Ming Wong |

---

## Exhibit 10.5

**Exhibit 10.5**

![](ex10-5_001.jpg)

**REPUBLIC POWER PTE LTD (201500006G)**

5008 Ang Mo Kio Ave 5, #04-09, Singapore 569874

+65 6908 9825 \| www.republicpower.net

SOFTWARE DEVELOPMENT SERVICE CONTRACT

------

THIS SERVICE CONTRACT ("Contract") is made and entered into as of 05 January 2025, by and between:

1. ("Client")

2. REPUBLIC POWER PTE LTD (UEN No. 201500006G), 5008 Ang Mo Kio Ave 5, #04-09 Techplace II, Singapore 569874 ("Service Provider")

WHEREAS:

1. The Service Provider specializes in software development and AI-powered content solutions.

2. The Client wishes to engage the Service Provider to develop [SCOPE]

3. The Service Provider agrees to provide such services under the terms outlined herein.

1. SCOPE OF WORK

The Service Provider shall deliver a Content Creation Platform with AI backend, NLP conversational interface, and mini-app modules including video editing, video-to-text, and text-to-video, as detailed in Appendix A.

2. DEVELOPMENT TIMELINE

Start Date:

End Date:

Detailed phases and milestones are in Appendix B.

3. PAYMENT TERMS

Total contract value:

Milestones:

4. WARRANTY & SUPPORT

30-day post-acceptance warranty for defect resolution. Ongoing maintenance and upgrades available under a separate agreement.

5. INTELLECTUAL PROPERTY RIGHTS

Client receives full ownership of custom-developed work upon payment. Pre-existing tools remain Service Provider property but are licensed royalty-free for project use.

![](ex10-5_001.jpg)

**REPUBLIC POWER PTE LTD (201500006G)**

5008 Ang Mo Kio Ave 5, #04-09, Singapore 569874

+65 6908 9825 \| www.republicpower.net

6. CONFIDENTIALITY

Both parties agree to strict confidentiality of technical, commercial, and user data for three years post-contract.

7. LIABILITY & INDEMNITY

Service Provider's liability is capped at total contract value. Service Provider indemnifies Client against third-party claims arising from infringement or gross negligence.

8. TERMINATION

Either party may terminate with 30 days' notice for breach. Upon early termination, Service Provider is entitled to payment for completed work.

9. FORCE MAJEURE

Neither party is liable for delays caused by events beyond reasonable control, including natural disasters and government actions.

10. NON-COMPETITION & NON-SOLICITATION

Client agrees not to develop competing solutions using Service Provider's proprietary knowledge for three years. Both parties shall not solicit each other's employees for six months post-contract.

11. DISPUTE RESOLUTION

Disputes shall be resolved under Singapore law. If unresolved, they will be submitted to Singapore courts.

12. GOVERNING LAW

This Contract shall be governed by the laws of Singapore.

![](ex10-5_001.jpg)

**REPUBLIC POWER PTE LTD (201500006G)**

5008 Ang Mo Kio Ave 5, #04-09, Singapore 569874

+65 6908 9825 \| www.republicpower.net

---

| |
|:---|
| **SIGNING** |
| Authorized Representative — [Client] |
| Name: |
| Title: |
| Date: |
| Authorized Representative — Republic Power Pte Ltd |
| Name: |
| Title: |
| Date: |

---

![](ex10-5_001.jpg)

**REPUBLIC POWER PTE LTD (201500006G)**

5008 Ang Mo Kio Ave 5, #04-09, Singapore 569874

+65 6908 9825 \| www.republicpower.net

**APPENDIX A — SCOPE OF WORK**

![](ex10-5_001.jpg)

**REPUBLIC POWER PTE LTD (201500006G)**

5008 Ang Mo Kio Ave 5, #04-09, Singapore 569874

+65 6908 9825 \| www.republicpower.net

**APPENDIX B — DELIVERY AND ACCEPTANCE CRITERIA**

Contract Date:

Start Date:

End Date:

## Exhibit 10.6

**Exhibit 10.6**

**SOFTWARE DEVELOPMENT CONTRACT**

This Software Development Contract ("Agreement") is entered into as of 20 July 2024 by and between:

**Republic Power Pte Ltd**, a company incorporated in Singapore with its principal place of business at 158 Kallang Wy, #06-08, Singapore 349245 ("Client"),

AND

**[Vendor]**, a company incorporated in Singapore with its principal place of business at [address].

The Client and Vendor may be referred to individually as a "Party" or collectively as the "Parties."

**1. Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Agreement**: This Software Development Contract, including
all exhibits and attachments.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Deliverables**: The software, documentation, and other
materials to be delivered by the Vendor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Project**: The development of the Medical Superapp as
described in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Confidential Information**: Any non-public information
disclosed by one Party to the other, including but not limited to business plans, technical specifications, and trade secrets.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Warranty Period**: The 3-month period following the
delivery of the software during which the Vendor will provide bug fixes and updates.

**2. Scope of Work**

The Vendor agrees to design, develop, and deliver the **Medical Superapp** as described in **Exhibit A** (attached and incorporated into this Agreement). The scope of work includes:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Requirements Gathering**: Collaborate with the Client to define project goals, user personas, and technical specifications.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Design**: Create wireframes, UI/UX designs, and prototypes for Client approval.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Development**: Develop the software modules as outlined in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Testing**: Conduct unit testing, integration testing, and user acceptance testing (UAT).

&nbsp;&nbsp;&nbsp;&nbsp;5. **Deployment**: Deploy the software to production servers and ensure data migration (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;6. **Training**: Provide training sessions for the Client's staff.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Post-Launch Support**: Provide bug fixes and updates during the Warranty Period.

**3. Payment Terms**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Total Contract Price**: SGD.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment Schedule**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Milestone 1 (30%)**: SGD upon project kickoff and Client approval of wireframes and UI/UX design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Milestone 2 (50%)**: SGD upon delivery and Client approval of all developed modules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Milestone 3 (20%)**: SGD upon successful deployment, training, and completion of the 3-month Warranty Period.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Payment Method**: All payments shall be made via bank transfer to the Developer's designated account.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Late Payment**: A late fee of 1.5% per month will be applied to any overdue payments.

**4. Intellectual Property Rights**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Ownership**: Upon full payment, ownership of the developed software, including source code, documentation, and related materials,
will transfer to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Pre-Existing IP**: The Developer retains ownership of any pre-existing intellectual property or tools used in the development
process.

&nbsp;&nbsp;&nbsp;&nbsp;3. **License**: During the development period, the Developer grants the Client a non-exclusive, royalty-free license to use any pre-existing
IP solely for the purpose of the Project.

**5. Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Obligations**: Both Parties agree to maintain the confidentiality of all Confidential Information disclosed during the Project.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Exclusions**: Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Is or becomes publicly available without breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Is independently developed by the receiving Party without reference to the disclosing Party's information.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Survival**: This confidentiality obligation survives the termination of this Agreement for a period of 3 years.

**6. Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Functionality**: The Developer warrants that the software will function as described in the specifications for the duration of
the Warranty Period.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Bug Fixes**: The Developer will provide bug fixes and updates during the Warranty Period at no additional cost.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Exclusions**: The Developer does not warrant that the software will be error-free or meet all of the Client's requirements
beyond the agreed specifications.

**7. Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Cap on Liability**: The Developer's total liability under this Agreement shall not exceed the total amount paid by the
Client.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Exclusions**: The Developer is not liable for any indirect, incidental, or consequential damages, including but not limited to
lost profits, data loss, or business interruption.

**8. Termination**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Termination for Cause**: Either Party may terminate this Agreement with 30 days' written notice if the other Party breaches
any material term of this Agreement and fails to remedy the breach within the notice period.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Termination for Convenience**: The Client may terminate this Agreement for convenience with 30 days' written notice. In
such cases, the Client will pay for all work completed up to the termination date.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Effect of Termination**: Upon termination, the Developer will deliver all completed work and materials to the Client.

**9. Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Negotiation**: Any disputes arising under this Agreement shall first be resolved through good-faith negotiations between the
Parties.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Mediation**: If negotiations fail, the Parties agree to mediate the dispute through a mutually agreed mediator in Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Arbitration**: If mediation fails, the dispute shall be resolved by binding arbitration in accordance with the rules of the Singapore
International Arbitration Centre (SIAC).

&nbsp;&nbsp;&nbsp;&nbsp;4. **Costs**: The prevailing Party in any legal action shall be entitled to recover reasonable attorney's fees and costs.

**10. Governing Law**

This Agreement shall be governed by and construed in accordance with the laws of Singapore. Any legal actions arising under this Agreement shall be brought exclusively in the courts of Singapore.

**11. Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Entire Agreement**: This Agreement constitutes the entire understanding between the Parties and supersedes all prior agreements,
representations, or understandings, whether written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Amendments**: Any amendments to this Agreement must be in writing and signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Assignment**: Neither Party may assign this Agreement without the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Force Majeure**: Neither Party shall be liable for delays or failures in performance due to events beyond their reasonable control,
including but not limited to natural disasters, acts of war, or government restrictions.

**12. Signatures**

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

**Client: Republic Power Pte Ltd**

---

| |
|:---|
| Signature: |
| Name: |
| Title: |
| Date: |

---

**Vendor:** 

---

| |
|:---|
| Signature: |
| Name: |
| Title: |
| Date: |

---

## Exhibit 10.7

**Exhibit 10.7**

THIS AGREEMENT is made on 11 December 2024

BETWEEN:-

(1) **LOI SAI BIN** (Holder of Singapore ID Card No. S0992503A) of 158 Kallang Way #06-08, Singapore,
Republic of Singapore, S349245 (the "**Vendor** "); and

(2) **TRUE SAGE INTERNATIONAL LIMITED**, a company incorporated in the British Virgin
Islands the registered office of which is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands
(the "**Purchaser** ").

WHEREAS:-

(A) The Vendor is the registered holder and beneficial owner of 10,486,667 Shares representing approximately
66% of the Company's entire issued share capital.

(B) The Sale Shares represent approximately 65% of all the Shares in issue on Completion.

(C) The Vendor has agreed to sell and the Purchaser has agreed to purchase the Sale
Shares for the consideration and otherwise upon and subject to the terms and conditions hereinafter set out.

(D) The Company is currently conducting a listing on Nasdaq or on an other international recognised securities
exchange in the USA (the "**Listing** ").

IT IS HEREBY AGREED THAT:-

1. INTERPRETATION

(A) In this Agreement, the Schedules and the Recital hereto, unless the context requires otherwise:-

---

| | |
|:---|:---|
| "Business Day" | means a day (other than a Saturday on which banks in Hong Kong and Singapore are generally open for business; |
| "Company" | means Republic Power Group Limited, a company incorporated in the British Virgin Islands with company registration number 2082540; |
| "Completion" | means the performance by the parties of their respective obligations in accordance with the provisions of Clause 5; |
| "Group" | means the Company and its Subsidiaries and a "member of the Group" means any one of them; |
| "Purchase Price" | means the consideration payable by the Purchaser for the purchase of the Sale Shares as provided in Clause 3; |

---

---

| | |
|:---|:---|
| "Sale Shares" | means 10,361,667 Shares legally and beneficially owned by the Vendor, representing approximately 65% of the entire issued share capital of the Company; |
| "Share(s)" | means the ordinary shares of US$0.000625 each in the issued share capital of the Company; |
| "Subsidiaries" | means the subsidiaries of the Company from time to time and as at Completion, shall include Republic Power Pte. Ltd; |
| "Warranties" | means the warranties, representations and undertakings referred to in Clause 4 and Schedule 1; and |
| "US$" | means lawful currency of the United States of America. |

---

(B) References herein to statutory provisions shall be construed as references to those
provisions as amended or re-enacted or as their applications are modified by other provisions (whether before or after the date hereof)
from time to time and shall include any provisions of which they are re-enactments (whether with or without modification).

(C) References herein to "Clauses" and "Schedules" are to clauses
of and schedules to this Agreement unless the context requires otherwise and the Schedules to this Agreement form an integral part of
this Agreement.

(D) The Clause headings are inserted for convenience only and shall not affect the construction or interpretation
of this Agreement.

(E) Unless the context requires otherwise, in this Agreement, words importing the singular
include the plural and vice versa and words importing gender or the neuter include both genders and the neuter.

(F) The expressions the "Vendor" and the "Purchaser" shall, where the context permits,
include their respective successors, personal representatives and permitted assigns.

2. SALE AND PURCHASE AND IMMEDIATE OBLIGATIONS

Subject to the terms and conditions of this Agreement, the Vendor shall sell as beneficial owner and the Purchaser shall purchase (or procure the purchase of) the Sale Shares, free from all liens, claims, equities, charges, Encumbrances or third-party rights of whatsoever nature and with all rights now or hereafter becoming attached thereto (including, the right to receive all dividends and distributions declared, made or paid on or after the date of this Agreement).

3. CONSIDERATION

The aggregate Purchase Price payable to the Vendor by the Purchaser shall be US$450,000 and paid in the manner set out in Clause 5.

4. REPRESENTATIONS, WARRANTIES, UNDERTAKINGS AND INDEMNITIES

(A) The Vendor hereby represents, warrants and undertakes to the Purchaser (to the intent that the provisions
of this Clause shall continue to have full force and effect notwithstanding Completion) in the terms set out in Schedule 1 and acknowledges
that the Purchaser in entering into this Agreement is relying on such representations, warranties and undertakings and the Purchaser shall
be entitled to treat the same as conditions of this Agreement.

(B) Each of the Warranties shall be separate and independent to the intent that the Purchaser
shall have a separate claim and right of action in respect of any breach thereof and save as expressly provided herein shall not be limited
by reference to anything else in this Agreement.

(C) The Purchaser undertakes to the Vendor that, following a successful Listing, it will
procure not less than US$1,850,000 shall be made available by the Company from the net proceeds of the Listing to Republic Power Pte.
Ltd for its general working capital purposes.

5. COMPLETION

(A) Completion shall take place after the signing of this Agreement when all (but not part only) of the following
businesses shall be transacted:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Vendor shall deliver to the Purchaser or its nominee an instrument of transfer
in respect of the Sale Shares duly executed in favour of the Purchaser (or its nominee) accompanied by the relevant certificates for such
Sale Shares (if any), a certified copy of the resolutions of the board of directors of the Company approving the transfer of Sale Shares
to the Purchaser and the new share certificates of the Company (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchaser shall pay for the Purchase Price in clear funds as to US$450,000 to
Robertsons, as the legal advisers for the Purchaser, to be held as stakeholder and subject to the provisions of Clause 5(B).

(B) On Completion, the Vendor shall provide written instructions to Robertsons (in the
form set out in Schedule 2) directing them to make payment of the Purchase Price or part thereof to the relevant professional parties
to the Listing for their costs and expenses incurred in connection with the Listing.

6. LISTING

In the event that a Listing does not materialise by March 31, 2026 (or such later date as the Vendor and Purchaser may agree), the Purchaser agrees that the Vendor shall have the right to re-purchase ("**Repurchase**") all the Sale Shares from the Purchaser at par value per Sale Share (the "**Relevant Consideration**"). The Repurchase shall take place within 14 days after the Vendor giving to the Purchaser written notice of such Repurchase. Upon completion of the Repurchase, the Vendor and Purchaser shall execute such transfer documents as may be required to effect such transfer and the Vendor shall pay to the Purchaser the Relevant Consideration.

7. CONFIDENTIALITY AND RESTRICTION

The terms contained in this Agreement shall be and remain confidential save for disclosure to regulatory authorities in Hong Kong where required by law. Where any press or other announcement is required by law, the party proposing to make the announcement shall so far as practicable consult and obtain the consent from the other parties hereto regarding the terms of such announcement prior to its release.

8. MISCELLANEOUS

(A) Subject to any express provision of this Agreement to the contrary, each party to
this Agreement shall pay its own costs and disbursements of and incidental to the preparation, negotiation and completion of this Agreement
and the sale and purchase hereby agreed to be made.

(B) Each notice, demand or other communication given or made under this Agreement shall
be in writing and delivered or sent to the relevant party at its address or fax number set out below (or such other address or fax number
as the addressee has by two (2) Business Days' prior written notice specified to the other parties):-

To the Vendor:

Address : 158 Kallang Way #06-08, Singapore, Republic of Singapore, <br> S349245 <br> Email :

To the Purchaser:

Address : Vistra Corporate Services Centre, Wickhams Cay II, Road Town, <br> Tortola, British Virgin Islands <br> Email : <br> Attention : Mr. Ng Hao Feng

Any such notice or other document shall be deemed to have been duly given upon receipt if delivered by hand or if sent by facsimile transmission upon the receipt of machine printed confirmation and in the case of a notice sent by post it shall be deemed to have been given on the second Business Day after posting if the address is in Hong Kong and on the fifth Business Day after posting if the address is outside Hong Kong. In proving the giving of a notice it shall be sufficient to prove that the notice was left or that the envelope containing such notice was properly addressed and posted or that the applicable means of telecommunication was properly received (as the case may be).

(C) This Agreement constitutes the whole agreement between the parties hereto and shall
supersede the terms of any agreement, whether oral or otherwise, made prior to the entering into of this Agreement. It is expressly declared
that no purported variations hereof shall be effective unless made in writing and signed by all the parties hereto.

(D) The provisions of this Agreement, insofar as the same shall not have been fully performed at Completion,
shall remain in full force and effect notwithstanding Completion.

(E) Each of the parties hereto shall at the request of any of the others do and execute
or procure to be done and executed all such further acts, deeds, things and documents as may be necessary to give effect to the terms
of this Agreement.

(F) No waiver by any party to this Agreement of any breach by any other party of any
provision hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision hereof and any forbearance or
delay by the relevant party in exercising any of its rights hereunder shall not be constituted as a waiver thereof.

(G) Time shall be of the essence as regards any time, date or period mentioned in this
Agreement and any time, date or period substituted for the same by agreement of the parties hereto or otherwise.

(H) The illegality, invalidity or unenforceability of any part of this Agreement shall not affect the legality,
validity or enforceability of any other part of this Agreement.

(I) The provisions of this Agreement shall be binding on and shall enure for the benefit of the successors
and assigns and personal representatives (as the case may be) of each party.

(J) This Agreement may be executed in any number of counterparts by the parties hereto
on separate counterparts, each of which when executed shall constitute an original and all of which when taken together shall constitute
one and the same document.

9. PROCESS AGENT

The Purchaser hereby appoints Robertsons of 57<sup>th</sup> Floor, The Center, 99 Queen's Road Central, Hong Kong as its agent to receive and acknowledge on their behalf service of any writ, summons, order, judgment or other notice of legal process in Hong Kong. If for any reason the agent named above (or its successor) no longer serves as agent of the Purchaser for this purpose, the Purchaser shall promptly appoint a successor agent in Hong Kong and notify the other party hereto failing which the Vendor shall be entitled to treat the last known agent as valid. The Purchaser agrees that any such notice of legal process shall be sufficiently served on it if delivered to such agent for service at its address for the time being in Hong Kong whether or not such agent gives notice thereof to the Vendor.

The Vendor hereby appoints Robertsons of 57<sup>th</sup> Floor, The Center, 99 Queen's Road Central, Hong Kong as his agent to receive and acknowledge on their behalf service of any writ, summons, order, judgment or other notice of legal process in Hong Kong. If for any reason the agent named above (or his successor) no longer serves as agent of the Vendor for this purpose, the Vendor shall promptly appoint a successor agent in Hong Kong and notify the other party hereto failing which the Purchaser shall be entitled to treat the last known agent as valid. The Vendor agrees that any such notice of legal process shall be sufficiently served on it if delivered to such agent for service at his address for the time being in Hong Kong whether or not such agent gives notice thereof to the Purchaser.

10. GOVERNING LAW AND JURISDICTION

This Agreement is governed by and shall be construed in accordance with the laws of Hong Kong and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the Hong Kong courts. Each of the parties hereto also irrevocably agrees to waive any objection which it may at any time have to the laying of the venue of any proceedings in the Hong Kong Courts and any claim that any such proceedings have been brought in an inconvenient forum.

IN WITNESS WHEREOF this Agreement has been executed on the day and year first before written.

**<u>SCHEDULE 1</u>**

<u>THE WARRANTIES</u>

The Vendor represents and warrants and undertakes to the Purchaser that all representations and statements of fact set out in this Schedule 1 or otherwise contained in this Agreement are and will be true and accurate in all respects as at the date hereof and at all times up to and as at Completion.

Unless the context otherwise requires, the representations, warranties and undertakings contained in this Schedule 1 in relation to the Company shall be deemed to be repeated mutatis mutandis in relation to each member of the Group.

1. <u>General Information</u> 

(A) The Vendor has full power to enter into this Agreement and to exercise his rights
and perform his obligations hereunder and this Agreement will, when executed by the Vendor, be a legal, valid and binding agreement on
him and enforceable in accordance with the terms hereof.

(B) The execution, delivery and performance of this Agreement by the Vendor does not
and will not violate in any respect any provision of (i) any law or regulation or any order or decree of any governmental authority, agency
or court of Singapore, the British Virgin Islands or elsewhere prevailing as at the date of this Agreement and as at Completion.

(C) No Consent of or filing or registration with or other requirement of any governmental
department authority or agency in the British Virgin Islands or any part thereof is required by the Vendor in relation to the valid execution,
delivery or performance of this Agreement (or to ensure the validity or enforceability thereof) and the sale by the Vendor of the Sale
Shares.

2. <u>Sale Shares</u> 

(A) The Sale Shares were allotted and issued fully paid in accordance with the Memorandum
of Association and Articles of Association of the Company and in compliance with all relevant laws of the British Virgin Islands and rank
pari passu in all respects inter se and with all other Shares in the issued share capital of the Company.

(B) The Sale Shares are free from any liens, charges, Encumbrances, claims, equities
or pre-emptive or third party rights of whatsoever nature and together with all rights and entitlements attaching thereto as at the date
of this Agreement and as at the date of the Completion.

(C) The Sale Shares represent approximately 65% of the entire issued share capital of the Company.

3. <u>Litigation</u> 

The Company is not a party to any material litigation, arbitration or prosecutions or to any other legal or contractual proceedings or hearings before any statutory, regulatory or governmental body, department, board or agency or to any material disputes or to or the subject of any investigation by any authority in the place where the business of the Company is conducted and no material litigation, arbitration, prosecution or other legal or contractual proceedings or investigations are threatened or pending either by or against the Company and there are no facts or circumstances, subsisting which might give rise to any such proceeding, investigation, hearing or to any dispute or to any payment and there are no unfulfilled or unsatisfied judgment or court orders against the Company.

4. <u>Insolvency</u> 

(A) No order has been made or resolution passed for the winding up of any member of the Group and there is
not outstanding:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any petition or order for the winding up of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any receivership of the whole or any part of the undertaking or assets of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any petition or order for the administration of any member of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any voluntary arrangement between any member of the Group and any of its creditors.

(B) There are no circumstances which are known, or would on reasonable enquiry be known,
to the Vendor and which would entitle any person to present a petition for the winding up or administration of any member of the Group
or to appoint a receiver of the whole or any part of its undertaking or assets.

5. <u>Miscellaneous</u> 

All information contained in this Agreement was when given true and accurate in all respects and there is no fact or matter which has not been disclosed, which may render any such information or documents untrue, inaccurate or misleading at the date of this Agreement or which if disclosed might reasonably be expected to influence adversely the Purchaser's decision to purchase the Sale Shares on the terms of this Agreement.

**<u>SCHEDULE 2</u>**

Form of Instructions

---

| | |
|:---|:---|
| To: | Robertsons |
|  | 577<sup>th</sup> Floor, The Center |
|  | 99 Queen's Road Central |
|  | Hong Kong |

---

cc: True Sage International Limited

cc: Republic Power Group Limited

Dear Sirs,

Agreement relating to the sale and purchase of shares in Republic Power Group Limited dated [ ], 2024 (the "**S&P Agreement**")

I refer to the S&P Agreement, in particular, clause 5(B) therein. Capitalised terms used herein shall have the same meanings as in the S&P Agreement unless the context requires otherwise.

I hereby instruct Robertsons to release the following amount from the Purchase Price held by you to the following parties:

---

| | | | |
|:---|:---|:---|:---|
| **Parties** |  | **Amount (US$)** | **Amount (US$)** |
| [ | ] | [ | ] |
| [ | ] | [ | ] |

---

As to any balance Purchase Price leftover after the above payments, I request Robertsons to hold such balance amount to the instructions of the Company for the continued payment of professional fees in connection with the Listing.

Yours sincerely,

---

| |
|:---|
| ![](ex10-7_001.jpg) |
| LOI SAI BIN |

---

**<u>SIGNATURE PAGE</u>**

---

| | |
|:---|:---|
| SIGNED by) | ![](ex10-7_002.jpg) |
| **LOI SAI BIN**) | ![](ex10-7_002.jpg) |
| in the presence of:-) | ![](ex10-7_002.jpg) |

---

 SIGNED by)) for and on behalf of)
**TRUE SAGE INTERNATIONAL LIMITED**)
in the presence of:-)

**<u>SIGNATURE PAGE</u>**

---

| |
|:---|
| SIGNED By) |
| **LOI SAI BIN**) |
| in the presence of:-) |

---

---

| |
|:---|
| ![](ex10-7_003.jpg) |
| ![](ex10-7_003.jpg) |
| ![](ex10-7_003.jpg) |
| ![](ex10-7_003.jpg) |
| ![](ex10-7_003.jpg) |

---

**<u>Dated 11 December 2024</u>**

**LOI SAI BIN**

**and**

**TRUE SAGE INTERNATIONAL LIMITED**

**AGREEMENT**

**relating to the sale and purchase**

**of Shares of**

**Republic Power Group Limited**

THIS DEED is made on the 8<sup>th</sup> day of January 2025

<u>BETWEEN</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **LOI SAI BIN** (Holder of Singapore ID Card No. S0992503A) of 158 Kallang Way #06-08, Singapore, Republic
of Singapore, S349245 ()"**Mr. Loi** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **TRUE SAGE INTERNATIONAL LIMITED**, a company incorporated in the British Virgin
Islands the registered office of which is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands
(" **True Sage** ").

WHEREAS:

(A) By sale and purchase agreement dated 11 December 2024 (the "**SPA**") True Sage had agreed
to transfer 10,361,667 shares in Republic Power Group Limited to Mr. Loi.

(B) The parties have agreed that the SPA be varied in the manner contained herein.

NOW IT IS HEREBY AGREED as follows:

1. <u>INTERPRETATION</u> 

1.1 In this Deed, unless the context
requires otherwise:

Capitalised terms used herein and not defined shall have the same meaning as those in the SPA, a copy of which is attached hereto.

"Deed" means this deed of variation as amended or varied from time to time by a supplemental deed duly executed by the Parties;

"Effective Date" means 11 December 2024;

"Parties" means the named parties to this Deed and "Party" means any one of them.

1.2 References herein to statutory provisions shall be construed as references
to those provisions as amended or re-enacted or as their application is modified by other provisions (whether before or after the date
hereof) from time to time and shall include any provisions of which they are re-enactments (whether with or without modification).

1.3 References herein to Clauses are to clauses in this Deed unless the context
requires otherwise.

1.4 The headings are inserted for convenience only and shall not affect the
construction of this Deed.

1.5 Unless the context requires otherwise, words importing
the singular include the plural and vice versa and words importing a gender include every gender.

1.6 All reference to times and dates
are to Hong Kong time and dates unless otherwise stated.

2. <u>VARIATION OF THE DEED</u> 

2.1 The Parties agree that with effect from and on the Effective
Date, the following amendments to the terms and conditions of the SPA shall be (and are hereby deemed to be) made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) under the definition of "Sale Shares" the number "10,486,667" shall be replaced with "10,449,167".

2.2 The Parties agree that, without limiting the generality of the provisions
of clause 2.1, with effect from the Effective Date, the SPA shall be read and construed so as to give full effect to the amendments contemplated
under this Deed. The Parties further agree that save as varied by the provisions of this Deed, all the terms and conditions of the SPA
will remain in full force and effect to the extent that they are not inconsistent with the provisions herein contained.

3. <u>GOVERNING LAW AND JURISDICTION</u> 

This Deed shall be governed by and construed in accordance with the laws of Hong Kong and the Parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Hong Kong.

4. <u>COSTS AND EXPENSES</u> 

The Company shall bear all legal and professional fees, costs and expenses incurred in the negotiation, preparation and execution of this Deed.

5. <u>COUNTERPARTS</u> 

This Deed may be executed by the Parties in any number of counterparts and on separate counterparts, each of which when so executed shall be deemed an original but all of which shall constitute one and the same instrument and binding on all Parties.

Any notice under this Deed or in connection herewith between the parties may be sent by written form of electronic communication to the last known address; if sent by form of electronic communication, shall be treated as served at the time of sending.

IN WITNESS WHEREOF this Deed has been executed on the day and year first above written.

**<u>SIGNING PAGE</u>**

---

| | |
|:---|:---|
| SIGNED SEALED AND DELIVERED by) | ![](ex10-7_004.jpg) |
| **LOI SAI BIN**) | ![](ex10-7_004.jpg) |
| in the presence of) | ![](ex10-7_004.jpg) |

---

---

| | |
|:---|:---|
| THE COMMON SEAL OF) | ![](ex10-7_005.jpg) |
| **TRUE SAGE INTERNATIONAL LIMITED** and) | ![](ex10-7_005.jpg) |
| SIGNED by) | ![](ex10-7_005.jpg) |
| was affixed to this Deed in the presence of) | ![](ex10-7_005.jpg) |

---

Dated 08 JANUARY, 2025

**LOI SAI BIN**

and

**TRUE SAGE INTERNATIONAL LIMITED**

DEED OF VARIATION

## Exhibit 16.1

**Exhibit 16.1**

![](ex16-1_001.jpg)

July 1, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Dear Sir or Madam:

We have read the Registration Statement on Form F-1 dated July 1, 2025 of Republic Power Group Limited ("Registrant") and are in agreement with the statements contained under the section of Change in Registrant's Certifying Accountant as it pertains to our firm; we are not in a position to agree or disagree with other statements of Registrant contained therein.

Very truly yours,

/s/ Friedman LLP

New York, New York

![](ex16-1_002.jpg)

## Exhibit 21.1

**Exhibit 21.1** 

**Subsidiary of the Registrant**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Republic Power Pte. Ltd. | Singapore |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**<u>Independent Registered Public Accounting Firm's Consent</u>**

We consent to the use in this Registration Statement on Form F-1 of our report dated December 22, 2022 relating to the financial statements of Republic Power Group Limited appearing in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Friedman LLP

New York, New York

July 1, 2025

![](ex23-1_002.jpg)

## Exhibit 23.2

**Exhibit 23.2**

---

| | |
|:---|:---|
| ![](ex23-2_001.jpg) | **Onestop Assurance PAC** |
| ![](ex23-2_001.jpg) | **10 Anson Road** |
| ![](ex23-2_001.jpg) | **#06-15 International Plaza** |
| ![](ex23-2_001.jpg) | **Singapore 079903** |
| ![](ex23-2_001.jpg) | **Email:audit@onestop-audit.com** |
| ![](ex23-2_001.jpg) | **Website:www.onestop-audit.com** |

---

**<u>Consent of Independent Registered Public Accounting Firm</u>**

We hereby consent to the incorporation of our report dated April 18, 2025 in the Registration Statement on Form F-1, under the Securities Act of 1933, with respect to the consolidated balance sheets of Republic Power Group Limited and its subsidiaries (collectively, the "Company") as of June 30, 2024 and 2023, the related consolidated statements of income, changes in shareholders' equity, and cash flows, for each of the years in the two-year period ended June 30, 2024, and the related notes (collectively referred to as the "financial statements").

We also consent to the reference to our firm under the heading "Experts" in such Registration Statements.

![](ex23-2_002.jpg)

OneStop Assurance PAC

Singapore

July 1, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Republic Power Group Limited<br> Charter of The Audit Committee<br> Of The Board Of Directors**

**1. STATUS**

The Audit Committee (the "**Committee**") is a committee of the board of directors (the "**Board**") of Republic Power Group Limited, a British Virgin Islands company (the "**Company**").

**2. PURPOSE**

The Committee is appointed by the Board for the primary purposes of:

● Performing the Board's oversight responsibilities as they relate to the Company's accounting policies and internal controls, financial reporting practices and legal and regulatory compliance, including, among other things:

● the quality and integrity of the Company's financial statements;

● the Company's compliance with legal and regulatory requirements;

● review of the independent auditors' qualifications and independence; and

● the performance of the Company's internal audit function and the Company's independent auditors;

● Maintaining, through regularly scheduled meetings, a line of communication between the Board and the Company's financial management, internal auditors and independent auditors, and

● Preparing the report to be included in the Company's annual proxy statement, as required by the rules of the U.S. Securities and Exchange Commission ()"**SEC** ").

**3. COMPOSITION AND QUALIFICATIONS**

The Committee shall be appointed by the Board and shall be comprised of three or more directors (as determined from time to time by the Board), each of whom shall meet the independence requirements of the Sarbanes-Oxley Act of 2002 (the "**Act**"), the SEC, the Nasdaq Capital Market ("**Nasdaq**") and all other applicable laws.

Each member of the Committee shall be financially literate and at least one member of the Committee shall have past employment experience in finance or accounting, requisite professional certification in accounting or any other comparable experience or background which results in the individual's financial sophistication, including being or having been a chief executive officer, chief financial officer or other senior officer with financial oversight responsibilities, as each such qualification is interpreted by the Board in its business judgment. In addition, at least one member of the Committee shall be an "audit committee financial expert" as such term is defined by the SEC.

**4. RESPONSIBILITIES**

The Committee will:

1. Review and discuss the annual audited financial statements and the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations" with management and the independent auditors. In connection with such review, the Committee will:

● Discuss with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61 (as may be modified or supplemented) and the matters in the written disclosures required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant's communications with the audit committee concerning independence;

● Review significant changes in accounting or auditing policies;

● Review with the independent auditors any problems or difficulties encountered in the course of their audit, including any change in the scope of the planned audit work and any restrictions placed on the scope of such work and management's response to such problems or difficulties;

● Review with the independent auditors, management and the senior internal auditing executive the adequacy of the Company's internal controls, and any significant findings and recommendations with respect to such controls;

● Review reports required to be submitted by the independent auditor concerning: (a) all critical accounting policies and practices used; (b) all alternative treatments of financial information within generally accepted accounting principles ()"**GAAP**") that have been discussed with management, the ramifications of such alternatives, and the accounting treatment preferred by the independent auditors; and (c) any other material written communications with management;

● Review (a) major issues regarding accounting principles and financial statement presentations, including any significant changes in the Company's selection or application of accounting principles, and major issues as to the adequacy of the Company's internal controls and any special audit steps adopted in light of material control deficiencies; and (b) analyses prepared by management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analysis of the effects of alternative GAAP methods on the financial statements and the effects of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company; and

● Discuss policies and procedures concerning earnings press releases and review the type and presentation of information to be included in earnings press releases (paying particular attention to any use of "pro forma" or "adjusted" non-GAAP information), as well as financial information and earnings guidance provided to analysts and rating agencies.

2. Review and discuss the quarterly financial statements and the Company's disclosures provided in periodic quarterly reports including "Management's Discussion and Analysis of Financial Condition and Results of Operations" with management, the senior internal auditing executive and the independent auditor, such review to include taking those actions, if applicable, listed in item 1 under this <u>Section 4</u>.

3. Oversee the external audit coverage. The Company's independent auditors are ultimately accountable to the Committee, which has the direct authority and responsibility to appoint, retain, compensate, terminate, select, evaluate and, where appropriate, replace the independent auditors. In connection with its oversight of the external audit coverage, the Committee will have authority to:

● Appoint and replace (subject to shareholder approval, if deemed advisable by the Board) the independent auditors;

● Approve the engagement letter and the fees to be paid to the independent auditors;

● Pre-approve all audit and non-audit services to be performed by the independent auditors and the related fees for such services other than prohibited nonauditing services as promulgated under rules and regulations of the SEC (subject to the inadvertent de minimis exceptions set forth in the Act and the SEC rules);

● Monitor and obtain confirmation and assurance as to the independent auditors' independence, including ensuring that they submit on a periodic basis (not less than annually) to the Committee a formal written statement delineating all relationships between the independent auditors and the Company. The Committee is responsible for actively engaging in a dialogue with the independent auditors with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditors and for taking appropriate action in response to the independent auditors' report to satisfy itself of their independence;

● At least annually, obtain and review a report by the independent auditors describing: the firm's internal quality-control procedures; any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and to assess the independent auditors' independence, all relationships between the independent auditors and the Company;

● Meet with the independent auditors prior to the annual audit to discuss planning and staffing of the audit;

● Review and evaluate the performance of the independent auditors, as the basis for a decision to reappoint or replace the independent auditors;

● Set clear hiring policies for employees or former employees of the independent auditors, including but not limited to, as required by all applicable laws and listing rules; and

● Assure regular rotation of the lead (or coordinating) audit partner by setting clear policies for audit partner rotation and by having primary responsibility for the audit and the audit partner responsible for reviewing the audit, as required by the Act, and consider whether rotation of the independent auditor is required to ensure independence.

4. Oversee internal audit coverage. In connection with its oversight responsibilities, the Committee will:

● Review the appointment or replacement of the senior internal auditing executive;

● Review, in consultation with management, the independent auditors and the senior internal auditing executive, the plan and scope of internal audit activities;

● Review internal audit activities, budget and staffing; and

● Review significant reports to management prepared by the internal auditing department and management's responses to such reports.

5. Review, with the independent auditors and the senior internal auditing executive, the adequacy of the Company's internal controls, and any significant findings and recommendations with respect to such controls.

6. Resolve any differences in financial reporting between management and the independent auditors.

7. Establish procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and (ii) the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

8. Discuss policies and guidelines to govern the process by which risk assessment and risk management is undertaken.

9. Meet periodically and at least four times per year with management to review and assess the Company's major financial risk exposures and the manner in which such risks are being monitored and controlled.

10. Meet periodically (not less than annually) in separate executive session with each of the chief financial officer, the senior internal auditing executive, and the independent auditors.

11. Review and approve all "related party transactions" requiring disclosure under SEC Regulation S-K, Item 404, in accordance with the policy set forth in <u>Section 6</u> below.

12. Review periodically with the Company's outside legal counsel (i) legal and regulatory matters which may have a material effect on the financial statements, and (ii) corporate compliance policies or codes of conduct.

13. As it determines necessary to carry out its duties, engage and obtain advice and assistance from outside legal, accounting or other advisers.

14. Report regularly to the Board with respect to Committee activities.

15. Prepare the report of the Committee required by the rules of the SEC to be included in the proxy statement for each annual meeting.

16. Review and reassess annually the adequacy of this Charter and recommend any proposed changes to the Board.

17. Monitor compliance, on a regularly scheduled basis, with the terms of the Company's initial public offering (the "Offering") and, if any noncompliance is identified, promptly take all action necessary to rectify such noncompliance or otherwise cause the Company to come into compliance with the terms of the Offering.

18. Inquire and discuss with management the Company's compliance with applicable laws and regulations.

19. Determine the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditors regarding financial reporting) for the purpose of preparing or issuing an audit report or related work.

20. Review and approve all payments made to the Company's existing holders, executive officers or directors and their respective affiliates.

21. Evaluate the Committee's own performance and report that it has done so to the Board.

**5. PROCEDURES**

1. *Action*.

A majority of the members of the entire Committee shall constitute a quorum. The Committee shall act on the affirmative vote a majority of members present at a meeting at which a quorum is present. Without a meeting, the Committee may act by unanimous written consent of all members. However, the Committee may delegate to one or more of its members the authority to grant pre-approvals of audit and non-audit services, provided the decision is reported to the full Committee at its next scheduled meeting.

2. *Fees.*

The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation: (a) to outside legal, accounting or other advisors employed by the Committee; and (b) for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

3. *Limitations.*

While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Company's financial statements are complete and accurate and are in accordance with GAAP. This is the responsibility of management and the independent auditors.

**6. RELATED PARTY TRANSACTIONS POLICY**

1. *Definitions.*

A "Related Party Transaction" is any transaction directly or indirectly involving any Related Party that would need to be disclosed under Item 404(a) of Regulation S-K. Under Item 404(a), the Company is required to disclose any transaction occurring since the beginning of the Company's last fiscal year, or any currently proposed transaction, involving the Company where the amount involved exceeds $120,000, and in which any related person had or will have a direct or indirect material interest. "Related Party Transaction" also includes any material amendment or modification to an existing Related Party Transaction.

"Related Party" means any of the following:

● a director (which term when used herein includes any director nominee);

● an executive officer;

● a person known by the Company to be the beneficial owner of more than 10% of the Company's ordinary shares (a "10% shareholder"); or

● a person known by the Company to be an immediate family member of any of the foregoing.

"Immediate family member" means a child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of such director, executive officer, nominee for director or beneficial owner, and any person (other than a tenant or employee) sharing the household of such director, executive officer, nominee for director or beneficial owner.

2. *Identification of Potential Related Party Transactions.*

Related Party Transactions will be brought to management's and the Board's attention in a number of ways. Each of the Company's directors and executive officers shall inform the Chairman of the Committee of any potential Related Party Transactions. In addition, each such director and executive officer shall complete a questionnaire on an annual basis designed to elicit information about any potential Related Party Transactions.

Any potential Related Party Transactions that are brought to the Committee's attention shall be analyzed by our the Committee, in consultation with outside counsel or members of management, as appropriate, to determine whether the transaction or relationship does, in fact, constitute a Related Party Transaction requiring compliance with this Policy.

3. Review and Approval of Related Party Transactions.

At each of its meetings, the Committee shall be provided with the details of each new, existing or proposed Related Party Transaction, including the terms of the transaction, any contractual restrictions that the Company has already committed to, the business purpose of the transaction, and the benefits to the Company and to the relevant Related Party. In determining whether to approve a Related Party Transaction, the 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 interests 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 Related Party, the direct or indirect nature of the director's, executive officer's or Related Party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the Committee deems relevant; and

● any pre-existing contractual obligations.

Any member of the Committee who has an interest in the transaction under discussion shall abstain from voting on the approval of the Related Party Transaction, but may, if so requested by the Chairman of the Committee, participate in some or all of the Committee's discussions of the Related Party Transaction. Upon completion of its review of the transaction, the Committee may determine to permit or to prohibit the Related Party Transaction.

A Related Party Transaction entered into without pre-approval of the Committee shall not be deemed to violate this Policy, or be invalid or unenforceable, so long as the transaction is brought to the Committee as promptly as reasonably practical after it is entered into or after it becomes reasonably apparent that the transaction is covered by this Policy.

A Related Party Transaction entered into prior to the effective date of this Charter shall not be required to be reapproved by the Committee.

**7. DISCLOSURE**

If required by the rules of the SEC or any of any exchange or national listing market system upon which the Company's securities are listed or quoted for trading, this Charter, as amended from time to time, shall be made available to the public on the Company's website.

## Exhibit 99.2

**Exhibit 99.2**

**Republic Power Group Limited**

**Charter of The Compensation Committee<br> of The Board Of Directors**

The following Compensation Committee Charter (the "**Charter**") was adopted by the board of directors (the "**Board**") of Republic Power Group Limited, a British Virgin Islands company (the "**Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Members</u>. The Board shall appoint the members of the Compensation Committee (the "**Committee**"). The Committee shall consist of at least two directors of the Board, and must be comprised solely of "independent" directors of the Board who shall also satisfy such other criteria imposed on members of the Committee pursuant to the federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission ("**SEC**"), the listing standards of any exchange or national listing market system upon which the Company's securities are listed or quoted for trading (including, without limitation, The NASDAQ Capital Market) (the "**Principal Market**"), any other applicable laws or regulations, and any additional requirements that the Board deems appropriate. Each appointed member of the Committee may be removed by the Board at any time, with or without cause. Unless the Board elects a Chair of the Committee, the Committee shall elect a Chair by majority vote. Each Committee member shall have one vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purpose</u>. In addition to such other duties as may be assigned to the Committee by the Board from time to time, the purpose of the Committee is to represent and assist the Board in (a) discharging its responsibilities for approving and evaluating the officer compensation plans, policies and programs of the Company, (b) reviewing and recommending to the Board regarding compensation to be provided to the Company's employees and directors, and (c) implementing and administering the equity compensation plans of the Company. The Committee shall ensure that the Company's compensation programs are competitive, designed to attract and retain highly qualified directors, officers and employees, encourage high performance, promote accountability and assure that employee interests are aligned with the interests of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties and Responsibilities</u>. The Committee shall, among its duties and responsibilities as may be delegated to the Committee by the Board, and in addition to any duties and responsibilities imparted to the Committee by the SEC or any applicable Principal Market or any other applicable laws or regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determine, in executive session at which the Chief Executive Officer of the Company (the "**CEO**") is not present, the compensation for the Company's CEO or President, if such person is acting as the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Review and determine the compensation of the executive officers of the Company other than the CEO based upon the recommendation of the CEO and such other customary factors that the Committee deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Recommend awards and/or bonuses to be granted to executive officers of the Company under the Company's equity plans and other compensation or benefit plans or policies as approved by the Board or the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Approve the overall amount or percentage of plan and/or bonus awards to be granted to all Company employees and delegate to the Company's executive management the right and power to specifically grant such awards to each Company employee within the aggregate limits and parameters set by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review and evaluate the performance of the CEO and the other executive officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Review and approve the design of other benefit plans pertaining to executives and employees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prepare and approve such reports on compensation as are necessary for filing with the SEC and other government bodies, including in the Company's annual proxy statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Review, recommend to the Board, and administer all plans that require "disinterested administration" under Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Approve the amendment or modification of any compensation or benefit plan pertaining to executives or employees of the Company that does not require shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Review and recommend to the Board the adoption of or changes to the compensation of the Company's independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Retain (at the Company's expense) outside consultants and obtain assistance from members of management as the Committee deems appropriate in the exercise of its authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Make reports and recommendations to the Board within the scope of its functions and advise the officers of the Company regarding various personnel matters as may be raised with the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Approve all special perquisites, special cash payments and other special compensation and benefit arrangements for the Company's executive officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Review the form, terms and provisions of employment and similar agreements with the Company's executive officers and any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To the extent the same has been adopted, review, at least annually, the compensation philosophy of the Company.

The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it. To the extent that the Company's securities are not listed or quoted on a Principal Market, the Committee shall determine which of the aforementioned duties and responsibilities it shall undertake or shall be applicable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Meetings; Reports</u>. The Committee will meet as often as it deems necessary or appropriate, in its judgment, either in person or telephonically, and at such times and places as the Committee members determine. Face to face meetings shall be encouraged at least twice each year. The majority of the members of the Committee constitutes a quorum and shall be empowered to act on behalf of the Committee. Minutes will be kept of each meeting of the Committee. The Chairman of the Committee shall report to the Board following meetings of the Committee and as otherwise requested by the Chairman of the Board. The Committee shall also make reports and recommendations to the Board within the scope of its functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation Consultant</u>. The Committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser. The Committee shall be directly responsible for the appointment, compensation and oversight of the work of any compensation consultant, legal counsel and other adviser retained by the Committee. The Company shall provide for appropriate funding, as determined by the Committee, for payment of reasonable compensation to a compensation consultant, legal counsel or any other adviser retained by the Committee.

Before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the Committee shall consider the independence of each such adviser by taking into account the following factors and any other factors required by the Principal Market or the SEC and corresponding rules that may be amended from time to time, including any exceptions permitted by such rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provision of other services to the Company by the person that employs the compensation consultant, legal counsel or other adviser (the "**Advisory Firm**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of fees received from the Company by the Advisory Firm, as a percentage of the total revenue of the Advisory Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the policies and procedures of the Advisory Firm or other adviser that are designed to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any business or personal relationship of the compensation consultant, legal counsel or adviser with a member of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any stock of the Company owned by the compensation consultant, legal counsel or other adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any business or personal relationship of the compensation consultant, legal counsel, other adviser or the Advisory Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Review of Charter</u>. The Committee shall review this Charter at least annually and recommend any changes thereto to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Self-Assessment</u>. The Committee will annually evaluate the Committee's own performance and report that it has done so to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Delegation by Committee</u>. The Committee may delegate authority consistent with this Charter to one or more Committee members or subcommittees comprised of one or more Committee members when appropriate. Any such member, members or subcommittee shall be subject to this Charter. The decisions of any such member, members or subcommittees to which authority is delegated under this paragraph shall be presented to the full Committee at its next regularly scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendment</u>. Any amendment or other modification of this Charter shall be made and approved by the full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Disclosure of Charter</u>. If required by the rules of the SEC or any Principal Market, this Charter, as amended from time to time, shall be made available to the public on the Company's website or the Company's SEC filings.

## Exhibit 99.3

**Exhibit 99.3**

**Republic Power Group Limited<br> Charter of the Nomination and Corporate Governance Committee<br> of the Board of Directors**

This Charter governs the operations of the Nomination and Corporate Governance Committee (the "***Committee***") of the board of directors (the "***Board***") of Republic Power Group Limited., a British Virgin Islands company (the "***Company***"). The Committee shall review and reassess the adequacy of the Charter annually or at such other times as the Committee deems appropriate and recommend any proposed changes to the Board for approval.

**Organization**

The Committee shall consist of at least two (2) members of the Board. Each member shall be free from any relationship that, as determined by the Board, would interfere with the exercise of his or her independent judgment and will meet the required standards for independence required of members of the Company's audit committee as set forth in applicable rules and regulations of the Nasdaq Capital Market ("***Nasdaq***") and the U.S. Securities and Exchange Commission to the extent the Company's securities are then listed on Nasdaq. The Board shall appoint the members of the Committee and the Committee chairperson (the "***Chairperson***").

Committee members shall serve for such terms as the Board may determine, or until their earlier resignation, death or removal and may be removed by the Board in its discretion.

**Statement of Policy**

The purpose of the Committee shall be to:

● Identify,
review and evaluate candidates to serve as directors of the Company;

● Evaluate
the Board composition and performance, and recommend nominations and re-election of directors, including recommendations of directors
to serve on committees of the Board;

● Administer
and oversee all aspects of the Company's corporate governance functions on behalf of the Board; and

● Make
recommendations to the Board regarding corporate governance issues and related policies for risk assessment and risk management.

**Operating Principles and Processes**

In fulfilling its functions and responsibilities, the Committee shall give due consideration to the following operating principles and processes. The Committee shall:

● Make
regular and meaningful contacts throughout the year with the Chairman of the Board, other committee chairpersons, members of senior management
and independent professional advisors to the Board and its various committees, since such contacts are important and significant for
strengthening the Committee's knowledge of relevant current and prospective corporate governance issues.

● Keep
apprised of legislative and regulatory developments and other important corporate governance issues and trends in corporate governance
practices. Develop and participate in, along with management and such external and internal resources as deemed necessary by the Committee,
a process for systematic review of such developments, issues, and trends that could potentially impact the Company and, as appropriate,
make recommendations for changes in the Company's corporate governance policy to enhance the effectiveness of the Committee.

● Perform
such other functions, and have such powers, as may be necessary or appropriate in the efficient and lawful discharge of its responsibilities
hereunder.

● Report
all material activities of the Committee to the Board from time to time, or whenever so requested by the Board, through the Chairperson.

**Responsibilities**

The operation of the Committee will be subject to, as long as the Company is a British Virgin Islands company, the provisions of the Memorandum and Articles of Association of the Company and the BVI Business Companies Act (Law Revision 2020), as amended, to each as in effect from time to time. The Committee will have the full power and authority to carry out the following primary responsibilities or to delegate such power and authority to one or more subcommittees of the Committee to the extent permitted by applicable law. The Committee shall:

● Establish
criteria for membership of the Board, including standards for the independence of directors to serve on the Board and committees of the
Board.

● Consider
and assess the independence of the directors, including whether a majority of the Board continues to be independent from management in
both fact and appearance, and to the extent applicable, within the meaning prescribed by the Nasdaq.

● Identify,
evaluate, review and nominate qualified candidates to serve on the Board and to each of the Board's committees. Candidates for
director nominees will be reviewed in the context of composition of the Board, the Company's operating requirements and the long-term
interests of the Company's shareholders. In assessing the qualifications of the candidates, the Committee will consider diversity,
age, skills and such other factors as it deems appropriate given the Company's current needs and those of the Board to maintain
a balance of knowledge, experience and capability.

● Evaluate,
review and consider the nomination of current directors for re-election to the Board and monitor the size of the Board.

● Consider
shareholders recommendations for director nominations and other proposals submitted by shareholders; provided, with respect to those
candidates recommended by shareholders, that such recommendation is made in accordance with the Company's procedures for nomination
of directors by shareholders as provided in the Company's amended and restated Memorandum and Articles of Association. Further,
establish any procedures to facilitate shareholder communications with the Board and make any such disclosures required by applicable
law in the course of exercising such authority.

● Develop
a set of corporate governance principles and policies applicable to the Company, periodically review and assess these principles and
policies and their application, and recommend any necessary changes to the Board for approval, including an annual review of the Company's
corporate governance guidelines.

● Review
with management and the Board the adequacy of and compliance with the Company's Code of Ethics (the "  ***Code of Ethics*** ")
and the results of management's efforts to monitor compliance with the Company's policies designed to ensure adherence to
applicable laws and rules.

● Periodically
review the Company's policy statements to determine their adherence to the Code of Ethics.

● Make
recommendations in connection with directors' and officers' indemnification and insurance matters.

● Develop
and oversee an orientation program for new directors and continuing education program for all directors.

● At
least annually, review, discuss and assess the performance of the Board, including Board committees, seeking input from senior management,
the full Board and others. The assessment shall include an evaluation of the Board's contribution as a whole, specific areas in
which the Board and/or management believe better contributions could be made, and overall Board composition and makeup.

● Establish
and oversee procedures for the receipt, retention and treatment of complaints received by the Company (whether initiated by employees
of the Company or outside third parties) with respect to legal and regulatory compliance (except for compliance relating to accounting,
internal accounting controls, auditing matters and financial disclosure and reporting, all of which shall be the responsibility of the
Audit Committee).

● Recommend
to the Board to establish such special committees as may be desirable or necessary from time to time in order to address ethical, legal,
business or other matters that may arise.

● Oversee
and review the processes and procedures used by the Company to provide information to the Board and its committees.

● Review
and discuss with management the Company's major risks relating to the purview of the Committee, the Company's policies for
assessment and management of such risks, and the steps to be taken to control such risks, which may include the areas of clinical development,
business development and alliance management, environmental health and safety, intellectual property, manufacturing and quality, procurement,
or regulatory, or other risks as the Committee or the Board deems appropriate.

● Investigate
any matter brought to the Committee's attention within the scope of the Committee's duties.

● Perform
such other functions and have such powers as may be necessary or appropriate in the efficient and lawful discharge of the foregoing.

**Meetings**

The Committee will hold at least one regular meeting per year and additional meetings as the Committee deems appropriate. At the discretion of the Committee, members of management may attend any meeting of the Committee, except for portions of the meetings where his, her or their presence would be inappropriate, as determined by the Committee.

**Consultants and Advisors**

The Committee may retain any independent counsel, experts or advisors that the Committee believes to be desirable and appropriate. The Committee may also use the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any such persons employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms.

**Minutes and Reports**

The Committee shall maintain copies of minutes of each meeting of the Committee, and each written consent to action taken without a meeting, reflecting the actions authorized or taken by the Committee. A copy of the minutes of each meeting and all consents shall be placed in the Company's minute book. Minutes of each meeting will be distributed to each member of the Committee, members of the Board who are not members of the Committee and the Secretary of the Company. The Chairperson will report to the Board from time to time or whenever so requested by the Board.

## Exhibit 99.4

**Exhibit 99.4**

**CODE OF BUSINESS CONDUCT AND ETHICS** 

**OF**

**REPUBLIC POWER GROUP LIMITED**

**INTRODUCTION**

**Purpose**

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of Republic Power Group Limited, a British Virgin Islands company (the "<u>Company</u>"), consistent with the highest standards of business ethics. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.

This Code applies to all of the directors, officers, and employees of the Company and its subsidiaries (which, unless the context otherwise requires, are collectively referred to as the "Company" in this Code). We refer to all persons covered by this Code as "<u>Company employees</u>" or simply "<u>employees</u>." We also refer to our chief executive officer and our chief financial officer as our "<u>principal financial officers</u>."

**Seeking Help and Information**

This Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or have any doubts about whether it is consistent with the Company's ethical standards, seek help. We encourage you to contact your supervisor for help first. If your supervisor cannot answer your question or if you do not feel comfortable contacting your supervisor, contact the Compliance Officer of the Company, who shall be a person appointed by the Board of Directors of the Company. Upon the effectiveness of the Company's registration statement on Form F-1 for the Company's initial public offering, the Chief Executive Officer of the Company shall be appointed by the Board of Directors of the Company as the Compliance Officer for the Company. The Company will notify you if the Board of Directors appoints a different Compliance Officer. You may remain anonymous and will not be required to reveal your identity in your communication to the Company.

**Reporting Violations of the Code**

All employees have a duty to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply to the Company. If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor. Your supervisor will contact the Compliance Officer, who will work with you and your supervisor to investigate the matter. If you do not feel comfortable reporting the matter to your supervisor or you do not get a satisfactory response, you may contact the Compliance Officer directly. Employees making a report need not leave their name or other personal information and reasonable efforts will be used to conduct the investigation that follows from the report in a manner that protects the confidentiality and anonymity of the employee submitting the report. All reports of known or suspected violations of the law or this Code will be handled sensitively and with discretion. Your supervisor, the Compliance Officer and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your report.

It is the Company policy that any employee who violates this Code will be subject to appropriate discipline, which may include termination of employment. This determination will be based upon the facts and circumstances of each particular situation. An employee accused of violating this Code will be given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline. Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms. The Company may also face substantial fines and penalties and many incur damage to its reputation and standing in the community. Your conduct as a representative of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.

**Policy Against Retaliation**

The Company prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. Any reprisal or retaliation against an employee because the employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.

**Waivers of the Code**

Waivers of this Code for employees may be made only by an executive officer of the Company. Any waiver of this Code for our directors, executive officers or other principal financial officers may be made only by our Board of Directors or the appropriate committee of our Board of Directors and will be disclosed to the public as required by law or the rules of the Nasdaq Capital Market.

**CONFLICTS OF INTEREST**

**Identifying Potential Conflicts of Interest**

A conflict of interest can occur when an employee's private interest interferes, or appears to interfere, with the interests of the Company as a whole. You should avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively.

Identifying potential conflicts of interest may not always be clear-cut. The following situations are examples of conflicts of interest:

● <u>Outside Employment</u>. No employee should be employed by, serve as a director of, or provide any services not in his or her capacity as a Company employee to a company that is a material customer, supplier, or competitor of the Company.

● <u>Improper Personal Benefits</u>. No employee should obtain any material (as to him or her) personal benefits or favors because of his or her position with the Company. Please see "Gifts and Entertainment" below for additional guidelines in this area.

● <u>Financial Interests</u>. No employee should have a significant financial interest (ownership or otherwise) in any company that is a material customer, supplier or competitor of the Company. A "significant financial interest" means (i) ownership of greater than 1% of the equity of a material customer, supplier or competitor or (ii) an investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the employee.

● <u>Loans or Other Financial Transactions</u>. No employee should obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with banks, brokerage firms or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee should serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests reasonably would be expected to conflict with those of the Company.

● <u>Actions of Family Members</u>. The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee's objectivity in making decisions on behalf of the Company. For purposes of this Code, " <u>family members</u> " include your spouse or life-partner, brothers, sisters and parents, in-laws and children whether such relationships are by blood or adoption.

For purposes of this Code, a company is a "material" customer if that company has made payments to the Company in the past year in excess of US$100,000 or 10% of the customer's gross revenues, whichever is greater. A company is a "material" supplier if that company has received payments from the Company in the past year in excess of US$100,000 or 10% of the supplier's gross revenues, whichever is greater. A company is a "material" competitor if that company competes in the Company's line of business and has annual gross revenues from such line of business in excess of US$500,000. If you are uncertain whether a particular company is a material customer, supplier or competitor, please contact the Compliance Officer for assistance.

**Disclosure of Conflicts of Interest**

The Company requires that employees disclose any situations that reasonably would be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to your supervisor or the Compliance Officer. Your supervisor and the Compliance Officer will work with you to determine whether you have a conflict of interest and, if so, how best to address it. Although conflicts of interest are not automatically prohibited, they are not desirable and may only be waived as described in "Waivers of the Code" above.

**CORPORATE OPPORTUNITIES**

As an employee of the Company, you have an obligation to advance the Company's interests when the opportunity to do so arises. If you discover or are presented with a business opportunity through the use of corporate property, information, or because of your position with the Company, you should first present the business opportunity to the Company before pursuing the opportunity in your individual capacity. No employee may use corporate property, information, or his or her position with the Company for personal gain or should compete with the Company.

You should disclose to your supervisor the terms and conditions of each business opportunity covered by this Code that you wish to pursue. Your supervisor will contact the Compliance Officer and the appropriate management personnel to determine whether the Company wishes to pursue the business opportunity. If the Company waives its right to pursue the business opportunity, you may pursue the business opportunity on the same terms and conditions as originally proposed and consistent with the other ethical guidelines set forth in this Code.

**Confidential Information and Company Property**

Employees have access to a variety of confidential information while employed at the Company. Confidential information includes all non-public information that might be of use to competitors, or, if disclosed, harmful to the Company or its customers. Every employee has a duty to respect and safeguard the confidentiality of the Company's information and the information of our suppliers and customers, except when disclosure is authorized or legally mandated. In addition, you must refrain from using any confidential information from any previous employment if, in doing so, you could reasonably be expected to breach your duty of confidentiality to your former employers. An employee's obligation to protect confidential information continues after he or she leaves the Company. Unauthorized disclosure of confidential information could cause competitive harm to the Company or its customers and could result in legal liability to you and the Company.

Employees also have a duty to protect the Company's intellectual property and other business assets. The intellectual property, business systems and the security of the Company property are critical to the Company.

Any questions or concerns regarding whether disclosure of Company information is legally mandated should be promptly referred to the Compliance Officer.

**Safeguarding Confidential Information and Company Property**

Care must be taken to safeguard and protect confidential information and Company property. Accordingly, the following measures should be adhered to:

● The Company's employees should conduct their business and social activities so as not to risk inadvertent disclosure of confidential information. For example, when not in use, confidential information should be secretly stored. Also, review of confidential documents or discussion of confidential subjects in public places (e.g., airplanes, trains, taxis, buses, etc.) should be conducted so as to prevent overhearing or other access by unauthorized persons.

● Within the Company's offices, confidential matters should not be discussed within hearing range of visitors or others not working on such matters.

● Confidential matters should not be discussed with other employees not working on such matters or with friends or relatives including those living in the same household as a Company employee.

● The Company's employees are only to access, use, and disclose confidential information that is necessary for them to have in the course of performing their duties. They are not to disclose confidential information to other employees or contractors at the Company unless it is necessary for those employees or contractors to have such confidential information in the course of their duties.

● The Company's files, personal computers, networks, software, internet access, internet browser programs, emails, voice mails, and other business equipment (e.g. desks and cabinets) and resources are provided for business use and they are the exclusive property of the Company. Misuse of such Company property is not tolerated.

**COMPETITION AND FAIR DEALING**

All employees are obligated to deal fairly with fellow employees and with the Company's customers, suppliers and competitors. Employees should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

**Relationships with Customers**

Our business success depends upon our ability to foster lasting customer relationships. The Company is committed to dealing with customers fairly, honestly, and with integrity. Specifically, you should keep the following guidelines in mind when dealing with customers:

● Information we supply to customers should be accurate and complete to the best of our knowledge. Employees should not deliberately misrepresent information to customers.

● Employees should not refuse to sell, service, or maintain products the Company has produced simply because a customer is buying products from another supplier.

● Customer entertainment should not exceed reasonable and customary business practice. Employees should not provide entertainment or other benefits that could be viewed as an inducement to or a reward for customer purchase decisions. Please see "Gifts and Entertainment" below for additional guidelines in this area.

**Relationships with Suppliers**

The Company deals fairly and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service, and reputation, among other factors. Employees dealing with suppliers should carefully guard their objectivity. Specifically, no employee should accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, their objective assessment of the supplier's products and prices. Employees can give or accept promotional items of nominal value or moderately scaled entertainment within the limits of responsible and customary business practice. Please see "Gifts and Entertainment" below for additional guidelines in this area.

**Relationships with Competitors**

The Company is committed to free and open competition in the marketplace. Employees should avoid actions that would be contrary to laws governing competitive practices in the marketplace, including antitrust laws. Such actions include misappropriation and/or misuse of a competitor's confidential information or making false statements about the competitor's business and business practices.

**PROTECTION AND USE OF COMPANY ASSETS**

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of Company funds or assets, whether or not for personal gain, for any unlawful or improper purpose is prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● exercise reasonable care to prevent theft, damage or misuse of Company property;

● report the actual or suspected theft, damage or misuse of Company property to a supervisor;

● use the Company's telephone system, other electronic communication services, written materials and other property primarily for business-related purposes;

● safeguard all electronic programs, data, communications and written materials from inadvertent access by others; and

● use Company property only for legitimate business purposes, as authorized in connection with your job responsibilities.

Employees should be aware that Company property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems. Company property also includes all written communications. Employees and other users of Company property should have no expectation of privacy with respect to these communications and data. To the extent permitted by law, the Company has the ability, and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure to law enforcement or government officials.

**GIFTS AND ENTERTAINMENT**

The giving and receiving of gifts is a common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should not compromise, or appear to compromise, your ability to make objective and fair business decisions.

It is your responsibility to use good judgment in this area. As a general rule, you may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment would not be viewed as an inducement to or reward for any particular business decision. All gifts and entertainment expenses should be properly accounted for on expense reports. The following specific examples may be helpful:

● <u>Meals and Entertainment</u>. You may occasionally accept or give meals, refreshments or other entertainment if:

● The items are of reasonable value;

● The purpose of the meeting or attendance at the event is business related; and

● The expenses would be paid by the Company as a reasonable business expense if not paid for by another party.

Entertainment of reasonable value may include food and tickets for sporting and cultural events if they are generally offered to other customers, suppliers or vendors.

● <u>Advertising and Promotional Materials</u>. You may occasionally accept or give advertising or promotional materials of nominal value.

● <u>Personal Gifts</u>. You may accept or give personal gifts of reasonable value that are related to recognized special occasions such as a graduation, promotion, new job, wedding, retirement or a holiday. A gift is also acceptable if it is based on a family or personal relationship and unrelated to the business involved between the individuals.

● <u>Gifts Rewarding Service or Accomplishment</u>. You may accept a gift from a civic, charitable or religious organization specifically related to your service or accomplishment.

You must be particularly careful that gifts and entertainment are not construed as bribes, kickbacks, or other improper payments. See "The Foreign Corrupt Practices Act" below for a more detailed discussion of our policies regarding giving or receiving gifts related to business transactions.

You should make every effort to refuse or return a gift that is beyond these permissible guidelines. If it would be inappropriate to refuse a gift or you are unable to return a gift, you should promptly report the gift to your supervisor. Your supervisor will bring the gift to the attention of the Compliance Officer, who may require you to donate the gift to an appropriate community organization. If you have any questions about whether it is permissible to accept a gift or something else of value, contact your supervisor or the Compliance Officer for additional guidance.

**COMPANY RECORDS**

Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with our business practices and are prohibited. You are responsible for understanding and complying with our record keeping policy. Ask your supervisor if you have any questions.

**ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS**

As a public company we are subject to various securities laws, regulations and reporting obligations. These laws, regulations and obligations and our policies require the disclosure of accurate and complete information regarding the Company's business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

It is essential that the Company's financial records, including all filings with the Securities and Exchange Commission ("SEC") be accurate and timely. Accordingly, in addition to adhering to the conflict of interest policy and other policies and guidelines in this Code, the principal financial officers and other senior financial officers must take special care to exhibit integrity at all times and to instill this value within their organizations. In particular, these senior officers must ensure their conduct is honest and ethical that they abide by all public disclosure requirements by providing full, fair, accurate, timely and understandable disclosures, and that they comply with all other applicable laws and regulations. These financial officers must also understand and strictly comply with generally accepted accounting principles in the U.S. and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.

In addition, U.S. federal securities law requires the Company to maintain proper internal books and records and to devise and maintain an adequate system of internal accounting controls. The SEC has supplemented the statutory requirements by adopting rules that prohibit (1) any person from falsifying records or accounts subject to the above requirements and (2) officers or directors from making any materially false, misleading, or incomplete statement to an accountant in connection with an audit or any filing with the SEC. These provisions reflect the SEC's intent to discourage officers, directors, and other persons with access to the Company's books and records from taking action that might result in the communication of materially misleading financial information to the investing public.

**COMPLIANCE WITH LAWS AND REGULATIONS**

Each employee has an obligation to comply with all laws, rules and regulations applicable to the Company's operations. These include, without limitation, laws covering bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice from your supervisor or the Compliance Officer.

**COMPLIANCE WITH INSIDER TRADING LAWS**

The Company has an insider trading policy, which may be obtained from the Compliance Officer. The following is a summary of some of the general principles relevant to insider trading, and should be read in conjunction with the aforementioned specific policy.

Company employees are prohibited from trading in shares or other securities of the Company while in possession of material, nonpublic information about the Company. In addition, Company employees are prohibited from recommending, "tipping" or suggesting that anyone else buy or sell shares or other securities of the Company on the basis of material, nonpublic information. Company employees who obtain material nonpublic information about another company in the course of their employment are prohibited from trading in shares or securities of the other company while in possession of such information or "tipping" others to trade on the basis of such information. Violation of insider trading laws can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Information is "non-public" if it has not been made generally available to the public by means of a press release or other means of widespread distribution. Information is "material" if a reasonable investor would consider it important in a decision to buy, hold or sell stock or other securities. As a rule of thumb, any information that would affect the value of stock or other securities should be considered material. Examples of information that is generally considered "material" include:

● Financial results or forecasts, or any information that indicates the Company's financial results may exceed or fall short of forecasts or expectations;

● Important new products or services;

● Pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint venture proposals;

● Possible management changes or changes of control;

● Pending or contemplated public or private sales of debt or equity securities;

● Acquisition or loss of a significant customer or contract;

● Significant write-offs;

● Initiation or settlement of significant litigation; and

● Changes in the Company's auditors or a notification from its auditors that the Company may no longer rely on the auditor's report.

The laws against insider trading are specific and complex. Any questions about information you may possess or about any dealings you have had in the Company's securities should be promptly brought to the attention of the Compliance Officer.

**PUBLIC COMMUNICATIONS AND PREVENTION OF SELECTIVE DISCLOSURE**

**Public Communications Generally**

The Company places a high value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community directly impacts our reputation, positively or negatively. Our policy is to provide timely, accurate and complete information in response to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary information and to prevent selective disclosure of market-sensitive financial data. To ensure compliance with this policy, all news media or other public requests for information regarding the Company should be directed to the Company's Investor Relations Department. The Investor Relations Department will work with you and the appropriate personnel to evaluate and coordinate a response to the request.

**Prevention of Selective Disclosure**

Preventing selective disclosure is necessary to comply with United States securities laws and to preserve the reputation and integrity of the Company as well as that of all persons affiliated with it. "Selective disclosure" occurs when any person provides potentially market-moving information to selected persons before the news is available to the investing public generally. Selective disclosure is a crime under United States law and the penalties for violating the law are severe.

The following guidelines have been established to avoid improper selective disclosure. Every employee is required to follow these procedures:

● All contact by the Company with investment analysts, the press and/or members of the media shall be made through the chief executive officer, chief financial officer or persons designated by them (collectively, the "Media Contacts").

● Other than the Media Contacts, no officer, director or employee shall provide any information regarding the Company or its business to any investment analyst or member of the press or media.

● All inquiries from third parties, such as industry analysts or members of the media, about the Company or its business should be directed to a Media Contact. All presentations to the investment community regarding the Company will be made by us under the direction of a Media Contact.

● Other than the Media Contacts, any employee who is asked a question regarding the Company or its business by a member of the press or media shall respond with "No comment" and forward the inquiry to a Media Contact.

These procedures do not apply to the routine process of making previously released information regarding the Company available upon inquiries made by investors, investment analysts and members of the media.

Please contact the Compliance Officer if you have any questions about the scope or application of the Company's policies regarding selective disclosure.

**THE FOREIGN CORRUPT PRACTICES ACT**

**Foreign Corrupt Practices Act**

The Foreign Corrupt Practices Act (the "FCPA") prohibits the Company and its employees and agents from offering or giving money or any other item of value to win or retain business or to influence any act or decision of any governmental official, political party, candidate for political office or official of a public international organization. Stated more concisely, the FCPA prohibits the payment of bribes, kickbacks or other inducements to foreign officials. This prohibition also extends to payments to a sales representative or agent if there is reason to believe that the payment will be used indirectly for a prohibited payment to foreign officials. Violation of the FCPA is a crime that can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Certain small facilitation payments to foreign officials may be permissible under the FCPA if customary in the country or locality and intended to secure routine governmental action. Governmental action is "routine" if it is ordinarily and commonly performed by a foreign official and does not involve the exercise of discretion. For instance, "routine" functions would include setting up a telephone line or expediting a shipment through customs. To ensure legal compliance, all facilitation payments must receive prior written approval from the Compliance Officer and must be clearly and accurately reported as a business expense.

**ENVIRONMENT, HEALTH AND SAFETY**

The Company is committed to providing a safe and healthy working environment for its employees and to avoiding adverse impact and injury to the environment and the communities in which we do business. Company employees must comply with all applicable environmental, health and safety laws, regulations and Company standards. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with environmental, health and safety laws and regulations can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the Compliance Officer if you have any questions about the laws, regulations and policies that apply to you.

**Environment**

All Company employees should strive to conserve resources and reduce waste and emissions through recycling and other energy conservation measures. You have a responsibility to promptly report any known or suspected violations of environmental laws or any events that may result in a discharge or emission of hazardous materials. Employees whose jobs involve manufacturing have a special responsibility to safeguard the environment. Such employees should be particularly alert to the storage, disposal and transportation of waste, and handling of toxic materials and emissions into the land, water or air.

**Health and Safety**

The Company is committed not only to complying with all relevant health and safety laws, but also to conducting business in a manner that protects the safety of its employees. All employees are required to comply with all applicable health and safety laws, regulations and policies relevant to their jobs. If you have a concern about unsafe conditions or tasks that present a risk of injury to you, please report these concerns immediately to your supervisor or the Human Resources Department.

**EMPLOYMENT PRACTICES**

The Company pursues fair employment practices in every aspect of its business. The following is intended to be a summary of our employment policies and procedures. Copies of our detailed policies are available from the Human Resources Department. Company employees must comply with all applicable labor and employment laws, including anti-discrimination laws and laws related to freedom of association, privacy and collective bargaining. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with labor and employment laws can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the Compliance Officer or the Human Resources Department if you have any questions about the laws, regulations and policies that apply to you.

**Harassment and Discrimination**

The Company is committed to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination because of race, color, religion, national origin, gender (including pregnancy), sexual orientation, age, disability, veteran status or other characteristic protected by law. The Company prohibits harassment in any form, whether physical or verbal and whether committed by supervisors, non-supervisory personnel or non-employees. Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions, verbal abuse, sexually or racially degrading words, or the display in the workplace of sexually suggestive objects or pictures.

If you have any complaints about discrimination or harassment, report such conduct to your supervisor or the Human Resources Department. All complaints will be treated with sensitivity and discretion. Your supervisor, the Human Resources Department and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your concern. Where our investigation uncovers harassment or discrimination, we will take prompt corrective action, which may include disciplinary action by the Company, up to and including, termination of employment. The Company strictly prohibits retaliation against an employee who, in good faith, files a compliant.

Any member of management who has reason to believe that an employee has been the victim of harassment or discrimination or who receives a report of alleged harassment or discrimination is required to report it to the Human Resources Department immediately.

**CONCLUSION**

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If you have any questions about these guidelines, please contact your supervisor or the Compliance Officer. We expect all Company employees to adhere to these standards.

 

*This Code of Business Conduct and Ethics, as applied to the Company's principal financial officers, shall be the Company's "code of ethics" within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.*

 

*This Code and the matters contained herein are neither a contract of employment nor a guarantee of continuing Company policy. We reserve the right to amend, supplement or discontinue this Code and the matters addressed herein, without prior notice, at any time.*

## Exhibit 99.5

**Exhibit 99.5**

CONSENT OF JEFFREY STAGG

Republic Power Group Limited intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: July 1, 2025 | /s/ Jeffrey Stagg |
|  | Jeffrey Stagg |

---

## Exhibit 99.6

**Exhibit 99.6**

CONSENT OF SIU WAN LO

Republic Power Group Limited intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: July 1, 2025 | /s/ Siu Wan Lo |
|  | Siu Wan Lo |

---

## Exhibit 99.7

**Exhibit 99.7**

CONSENT OF CHUN YU TSO

Republic Power Group Limited intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: July 1, 2025 | /s/ Chun Yu Tso |
|  | Chun Yu Tso |

---

## Exhibit 99.8

**Exhibit 99.8**

**REPUBLIC POWER GROUP LIMITED**

**COMPENSATION RECOVERY POLICY**

Effective [\*], 202[\*]

REPUBLIC POWER GROUP LIMITED (the "**Company**") is committed to strong corporate governance. As part of this commitment, the Company's Board of Directors (the "**Board**") has adopted this Compensation Recovery Policy (the "**Policy**"). The Policy is intended to further the Company's pay-for-performance philosophy and to comply with applicable law by providing for the reasonably prompt recovery of certain incentive-based compensation received by Executive Officers in the event of an Accounting Restatement.

Capitalized terms used in the Policy are defined below, and the definitions have substantive impact on its application so reviewing them carefully is important to your understanding. The application of the Policy to Executive Officers is not discretionary, except to the limited extent provided below, and applies without regard to whether an Executive Officer was at fault.

The Policy is intended to comply with, and will be interpreted in a manner consistent with, Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**"), with Exchange Act Rule 10D-1 and with the listing standards of the national securities exchange (the "**Exchange**") on which the securities of the Company are listed, including any interpretive guidance provided by the Exchange.

**Persons Covered by the Policy**

The Policy is binding and enforceable against all Executive Officers. "**Executive Officer**" means each individual who is or was ever designated as an "officer" by the Board in accordance with Exchange Act Rule 16a-1(f). Each Executive Officer will be required to sign and return to the Company an acknowledgement that such Executive Officer will be bound by the terms and comply with the Policy. The failure to obtain such acknowledgement will have no impact on the applicability or enforceability of the Policy.

**Administration of the Policy**

The Compensation Committee of the Board (the "**Committee**"), if any, has full delegated authority to administer the Policy. The Committee is authorized to interpret and construe the Policy and to make all determinations necessary, appropriate, or advisable for the administration of the Policy. In addition, if determined in the discretion of the Board, the Policy may be administered by the independent members of the Board or another committee of the Board made up of independent members of the Board, in which case all references to the Committee will be deemed to refer to the independent members of the Board or the other Board committee. All determinations of the Committee will be final and binding and will be given the maximum deference permitted by law.

**Accounting Restatements Requiring Application of the Policy**

If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (an "**Accounting Restatement**"), then the Committee must determine the Excess Compensation, if any, that must be recovered. The Company's obligation to recover Excess Compensation is not dependent on if or when the restated financial statements are filed.

**Compensation Covered by the Policy**

The Policy applies to certain Incentive-Based Compensation that is Received on or after October 2, 2023 (the "**Effective Date**"), during the Covered Period while the Company has a class of securities listed on a national securities exchange. The Incentive-Based Compensation is considered "**Clawback Eligible Incentive-Based Compensation**" if the Incentive-Based Compensation is Received by a person after such person became an Executive Officer and the person served as an Executive Officer at any time during the performance period to which the Incentive-Based Compensation applies. The "**Excess Compensation**" that is subject to recovery under the Policy is the amount of Clawback Eligible Incentive-Based Compensation that exceeds the amount of Clawback Eligible Incentive-Based Compensation that otherwise would have been Received had such Clawback Eligible Incentive-Based Compensation been determined based on the restated amounts (this is referred to in the listings standards as "erroneously awarded incentive-based compensation").

To determine the amount of Excess Compensation for Incentive-Based Compensation based on stock price or total shareholder return, where it is *<u>not</u>* subject to mathematical recalculation directly from the information in an Accounting Restatement, the amount must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received and the Company must maintain documentation of the determination of that reasonable estimate and provide the documentation to the Exchange.

"**Incentive-Based Compensation**" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure. *<u>For the avoidance of doubt, no compensation that is potentially subject to recovery under the Policy will be earned until the Company's right to recover under the Policy has lapsed.</u>*

The following items of compensation are not Incentive-Based Compensation under the Policy: salaries, bonuses paid solely at the discretion of the Committee or Board that are not paid from a bonus pool that is determined by satisfying a Financial Reporting Measure, bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period, non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures, and equity awards for which the grant is not contingent upon achieving any Financial Reporting Measure performance goal and vesting is contingent solely upon completion of a specified employment period (e.g., time-based vesting equity awards) and/or attaining one or more non-Financial Reporting Measures.

"**Financial Reporting Measures**" are measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also Financial Reporting Measures. A Financial Reporting Measure need not be presented within the financial statements or included in a filing with the Securities and Exchange Commission.

Incentive-Based Compensation is "**Received**" under the Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment, vesting, settlement or grant of the Incentive-Based Compensation occurs after the end of that period. For the avoidance of doubt, the Policy does not apply to Incentive-Based Compensation for which the Financial Reporting Measure is attained prior to the Effective Date.

"**Covered Period**" means the three completed fiscal years immediately preceding the Accounting Restatement Determination Date. In addition, Covered Period can include certain transition periods resulting from a change in the Company's fiscal year.

"**Accounting Restatement Determination Date**" means the earliest to occur of: (a) the date the Board, a committee of the Board, or one or more of the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (b) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

**Repayment of Excess Compensation**

The Company must recover Excess Compensation reasonably promptly and Executive Officers are required to repay Excess Compensation to the Company. Subject to applicable law, the Company may recover Excess Compensation by requiring the Executive Officer to repay such amount to the Company by direct payment to the Company or such other means or combination of means as the Committee determines to be appropriate (these determinations do not need to be identical as to each Executive Officer). These means may include:

(a) requiring reimbursement of cash Incentive-Based 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 amount to be recovered from any unpaid or future compensation to be paid by the Company or any affiliate of the Company to the Executive Officer;

(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 Committee.

The repayment of Excess Compensation must be made by an Executive Officer notwithstanding any Executive Officer's belief (whether or not legitimate) that the Excess Compensation had been previously earned under applicable law and therefore is not subject to clawback.

In addition to its rights to recovery under the Policy, the Company or any affiliate of the Company may take any legal actions it determines appropriate to enforce an Executive Officer's obligations to the Company or its affiliate or to discipline an Executive Officer, including (without limitation) termination of employment, institution of civil proceedings, reporting of misconduct to appropriate governmental authorities, reduction of future compensation opportunities or change in role. The decision to take any actions described in the preceding sentence will not be subject to the approval of the Committee and can be made by the Board, any committee of the Board, or any duly authorized officer of the Company or of any applicable affiliate of the Company.

**Limited Exceptions to the Policy**

The Company must recover Excess Compensation in accordance with the Policy except to the limited extent that the conditions set forth below are met, and the Committee determines that recovery of the Excess Compensation would be impracticable:

(a) The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before reaching this conclusion, the Company must make a reasonable attempt to recover the Excess Compensation, document the reasonable attempt(s) taken to so recover, and provide that documentation to the Exchange; or

(b) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the legal requirements as such.

**Other Important Information in the Policy**

The Policy is in addition to the requirements of Section 304 of the Sarbanes-Oxley Act of 2002 that are applicable to the Company's Chief Executive Officer and Chief Financial Officer, as well as any other applicable laws, regulatory requirements, or rules.

Notwithstanding the terms of any of the Company's organizational documents (including, but not limited to, the Company's bylaws), any corporate policy or any contract (including, but not limited to, any indemnification agreement), neither the Company nor any affiliate of the Company will indemnify or provide advancement for any Executive Officer against any loss of Excess Compensation. Neither the Company nor any affiliate of the Company will pay for or reimburse insurance premiums for an insurance policy that covers potential recovery obligations. In the event that pursuant to the Policy the Company is required to recover Excess Compensation from an Executive Officer who is no longer an employee, the Company will be entitled to seek recovery in order to comply with applicable law, regardless of the terms of any release of claims or separation agreement such individual may have signed.

The Committee or Board may review and modify the Policy from time to time.

If any provision of the Policy or the application of any such provision to any Executive Officer is adjudicated to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of the Policy or the application of such provision to another Executive Officer, and the invalid, illegal or unenforceable provisions will be deemed amended to the minimum extent necessary to render any such provision or application enforceable.

The Policy will terminate and no longer be enforceable when the Company ceases to be a listed issuer within the meaning of Section 10D of the Exchange Act.

**ACKNOWLEDGEMENT**

I acknowledge that I have received and read the Compensation Recovery Policy (the "**Policy**") of REPUBLIC POWER GROUP LIMITED (the "**Company**").

I understand and acknowledge that the Policy applies to me, and all of my beneficiaries, heirs, executors, administrators or other legal representatives and that the Company's right to recovery in order to comply with applicable law will apply, regardless of the terms of any release of claims or separation agreement I have signed or will sign in the future.

I agree to be bound by and to comply with the Policy and understand that determinations of the Committee (as such term is used in the Policy) will be final and binding and will be given the maximum deference permitted by law.

I understand and agree that my current indemnification rights, whether in an individual agreement or the Company's organizational documents, exclude the right to be indemnified for amounts required to be recovered under the Policy.

I understand that my failure to comply in all respects with the Policy is a basis for termination of my employment with the Company and any affiliate of the Company, as well as any other appropriate discipline.

I understand that neither the Policy, nor the application of the Policy to me, gives rise to a resignation for good reason (or similar concept) by me under any applicable employment agreement or arrangement.

I acknowledge that if I have questions concerning the meaning or application of the Policy, it is my responsibility to seek guidance from the Company's legal department or my own personal advisers.

I acknowledge that neither this Acknowledgement nor the Policy is meant to constitute an employment contract.

Please review, sign and return this form to the Company.

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| |
|:---|
| **Executive Officer** |
| *(print name)* |
| */s/* |
| *(signature)* |

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## Ex-Filing

**Exhibit 107**

**Filing Fee Table**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>F-1</u> 

(Form Type)

<u>Republic Power Group Limited</u> 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Security**<br>**Type** | <br>**Security**<br>**Class Title** | **Fee**<br>**Calculation**<br>**or Carry**<br>**Forward**<br>**Rule** |<br><br>**Amount**<br>**Registered<sup>(1)</sup>** | **Proposed**<br>**Maximum**<br>**Offering**<br>**Price Per**<br>**Unit** | **Proposed**<br>**Maximum**<br>**Aggregate**<br>**Offering**<br>**Price<sup>(2)</sup>** |<br><br>**Fee Rate** |<br>**Amount of**<br>**Registration**<br>**Fee** |
| Fees to Be Paid | Equity | Class A ordinary shares, par value $0.000625 each | Rule 457(o) | 1250000 | $5.00 | $6250000 | 0.00015310 | $956.88 |
| Fees to Be Paid | Equity | Class A ordinary shares, par value $0.000625 each | Rule 457(o) | 500000 | $5.00 | $2500000 | 0.00015310 | $382.75 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $8750000 |  | $1339.63 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $0 |
|  | **Total Fee Offset** | **Total Fee Offset** | **Total Fee Offset** | **Total Fee Offset** |  |  |  | $0 |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $1339.63 |

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(1) Pursuant to Rule 416 under the Securities Act, we are also registering an indeterminate number of additional ordinary shares that shall be issuable pursuant to Rule 416 to prevent dilution resulting from share splits, share dividends or similar transactions.

(2) Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act.