XML 56 R32.htm IDEA: XBRL DOCUMENT
v3.25.3

Condensed Financial Information of the Parent Company | 12 Months Ended
--- | ---
Jun. 30, 2025
Condensed Financial Information of the Parent Company [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
25. | CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
Regulation S-X requires the condensed financial information of a registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated-subsidiaries shall mean the amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The condensed parent company financial statements have been prepared in accordance with Rule 12-04. Schedule of Regulation S-X as the restricted net assets of the Company’s PRC subsidiary exceed 25% of the consolidated net assets of the Company. The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with U.S. Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The condensed financial information of the parent company, Scage Future, has been prepared using the same accounting policies as set out in Company’s consolidated financial statements except that the parent company has used the equity method to account for its investment in its subsidiaries. The Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. The Company’s share of income and losses from its subsidiaries is reported as share of income or loss from subsidiaries in the accompanying condensed financial information of parent company. The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands. The Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands. Unaudited condensed balance sheets
|  | As of June 30, |
|  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash |  | $ | 365 |  |  | $ | 2,665 |
Prepaid expenses and other current assets |  |  | - |  |  |  | 42,700 |
Amounts due from related parties |  |  | 15,222 |  |  |  | 229,157 |
Total current assets |  |  | 15,587 |  |  |  | 274,522 |
Non-current assets |  |  |  |  |  |  |  |
Deferred offering costs |  |  | - |  |  |  | 50,320 |
Investment in subsidiaries |  |  | 163,670 |  |  |  | - |
Total non-current assets |  |  | 163,670 |  |  |  | 50,320 |
Total assets |  | $ | 179,257 |  |  | $ | 324,842 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accrued expenses and other payables |  | $ | 790,617 |  |  | $ | 5,000 |
Accounts payable |  |  | 4,930 |  |  |  | - |
Total current liabilities |  |  | 795,547 |  |  |  | 5,000 |
Non-current liabilities |  |  |  |  |  |  |  |
Investment deficit in subsidiaries |  |  | - |  |  |  | 2,253,434 |
Total non-current liabilities |  |  | - |  |  |  | 2,253,434 |
Total liabilities |  |  | 795,547 |  |  |  | 2,258,434 |
Mezzanine equity (Aggregate liquidation preference of nil and $16,622,139 as of June 30, 2025 and 2024, respectively) |  |  |  |  |  |  |  |
Series Angel convertible redeemable preferred shares (par value $0.0001 per share, nil and 13,613,762 shares authorized, issued and outstanding as of June 30, 2025 and 2024, respectively) |  |  | - |  |  |  | 3,560,518 |
Series Pre-A convertible redeemable preferred shares (par value $0.0001 per share, nil and 12,495,712 shares authorized, issued and outstanding as of June 30, 2025 and 2024, respectively) |  |  | - |  |  |  | 7,843,461 |
Series A convertible redeemable preferred shares (par value $0.0001 per share, nil and 5,082,112 shares authorized, issued and outstanding as of June 30, 2025 and 2024, respectively) |  |  | - |  |  |  | 8,811,509 |
Receivables for Series A convertible redeemable preferred shares |  |  | - |  |  |  | (735,496 | )
Redeemable non-controlling interests |  |  | 4,651,293 |  |  |  | 4,584,984 |
Total mezzanine equity |  |  | 4,651,293 |  |  |  | 24,064,976 |
Shareholders’ deficit |  |  |  |  |  |  |  |
Ordinary shares |  |  | 7,224 |  |  |  | 5,072 |
Additional paid-in capital |  |  | 34,042,059 |  |  |  | - |
Accumulated deficit |  |  | (40,217,153 | ) |  |  | (27,273,366 | )
Accumulated other comprehensive income |  |  | 900,287 |  |  |  | 1,269,726 |
Total Scage shareholders’ deficit |  |  | (5,267,583 | ) |  |  | (25,998,568 | )
Total liabilities, mezzanine equity and shareholders’ deficit |  | $ | 179,257 |  |  | $ | 324,842 |
Unaudited condensed statements of operations and comprehensive loss
|  | For the years ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Operating loss: |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | 411,987 |  |  | $ | (160,196 | ) |  | $ | - |
Share of loss from subsidiaries |  |  | (13,335,871 | ) |  |  | (5,617,007 | ) |  |  | (6,437,328 | )
Total operating loss |  |  | (12,923,884 | ) |  |  | (5,777,203 | ) |  |  | (6,437,328 | )
Interest expense, net |  |  | (19,903 | ) |  |  | (37,238 | ) |  |  | - |
Total other expense, net |  |  | (19,903 | ) |  |  | (37,238 | ) |  |  | - |
Loss before income taxes |  |  | (12,943,787 | ) |  |  | (5,814,441 | ) |  |  | (6,437,328 | )
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
Net loss attributable to Scage Future |  |  | (12,943,787 | ) |  |  | (5,814,441 | ) |  |  | (6,437,328 | )
Accretion of convertible redeemable preferred shares |  |  | - |  |  |  | - |  |  |  | (3,177,059 | )
Accretion for redeemable NCI |  |  | - |  |  |  | (1,851,388 | ) |  |  | - |
Net loss attributable to Scage Future’s ordinary shareholders |  |  | (12,943,787 | ) |  |  | (7,665,829 | ) |  |  | (9,614,387 | )
Net loss attributable to Scage Future |  |  | (12,943,787 | ) |  |  | (5,814,441 | ) |  |  | (6,437,328 | )
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation difference |  |  | (369,439 | ) |  |  | 57,032 |  |  |  | 1,162,285 |
Total comprehensive loss attributable to Scage Future |  |  | (13,313,226 | ) |  |  | (5,757,409 | ) |  |  | (5,275,043 | )
Accretion of convertible redeemable preferred shares |  |  | - |  |  |  | - |  |  |  | (3,177,059 | )
Accretion for redeemable NCI |  |  | - |  |  |  | (1,851,388 | ) |  |  | - |
Comprehensive loss attributable to Scage Future’s ordinary shareholders |  | $ | (13,313,226 | ) |  | $ | (7,608,797 | ) |  | $ | (8,452,102 | )
Unaudited condensed statements of cash flows
|  | For the years ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss attributable to Scage Future |  | $ | (12,943,787 | ) |  | $ | (5,814,441 | ) |  | $ | (6,437,328 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in loss of subsidiaries |  |  | 12,943,787 |  |  |  | 5,814,441 |  |  |  | 6,437,328 |
Net cash provided by operating activities |  |  | - |  |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | - |  |  |  | - |  |  |  | - |
Net cash provided by financing activities |  |  | (2,300 | ) |  |  | 2,665 |  |  |  | - |
Net change in cash |  |  | (2,300 | ) |  |  | 2,665 |  |  |  | - |
Cash at beginning of period |  |  | 2,665 |  |  |  | - |  |  |  | - |
Cash at end of period |  | $ | 365 |  |  | $ | 2,665 |  |  | $ | - |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration