20-F

(Name、電話、電子郵件和/或傳真號碼以及公司聯繫人的地址）

註明截至2024年6月30日年度報告涵蓋期間結束時發行人的已發行股份數量： 170,453,431 普通股。

如果註冊人是《證券法》第405條所定義的知名經驗豐富的發行人，則通過勾選標記進行驗證。是的 ☐ 不是 ☒

如果本報告是年度報告或過渡報告，請勾選標記表明註冊人是否無需根據1934年證券交易法第13或15（d）條提交報告。是的 ☐ 不是 ☒

通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。是的 ☐ 不是 ☒

通過勾選標記來驗證註冊人是否已在過去12個月內（或在註冊人被要求提交和發佈此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。是 ☒ 沒有 ☐

通過勾選標記來確定註冊人是大型加速備案人、加速備案人、非加速備案人還是新興成長型公司。請參閱《交易法》第120亿.2條規則中「大型加速備案人」、「加速備案人」和「新興成長公司」的定義。

如果新興成長型公司根據美國公認會計原則編制財務報表，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守任何新的或修訂的財務會計準則† 根據《交易法》第13（a）條提供。 ☐

通過勾選標記檢查註冊人是否已提交報告並證明其管理層對其財務報告內部控制有效性的評估，該評估針對《薩班斯-奧克斯利法案》（15 U.S.C.）第404（b）條（15 U.S.C. 7262（b））由編制或發佈審計報告的註冊會計師事務所執行。是的 ☐ 沒有 ☒

如果證券是根據該法第12(B)條登記的，應用複選標記表示登記人的財務報表是否反映了對以前發佈的財務報表的錯誤更正。☐

通過勾選標記來驗證這些錯誤更正是否是需要根據§ 240.10D-1（b）對註冊人的任何高管在相關恢復期內收到的激勵性補償進行恢復分析的重述。 ☐

用複選標記表示註冊人在編制本文件所包括的財務報表時使用了哪種會計基礎：

如果在回答上一問題時勾選了「其他」，請通過勾選標記指明登記人選擇遵循的財務報表項目。項目17 ☐ 項目18 ☐

如果這是年度報告，請勾選註冊人是否是空殼公司（定義見《交易法》第120亿.2條）。是的 ☒ 沒有 ☐

† 「新的或修訂的財務會計準則」一詞是指財務會計準則委員會在2012年4月5日之後對其會計準則法典發佈的任何更新。

於2023年8月25日(「截止日期」)，根據開曼群島法律註冊成立的獲豁免有限責任公司NOCO-NOCO Inc.(前身爲Prime Number Holding Limited)(「公司」或「pubco」)完成先前公佈的業務合併(定義見下文)。這項業務合併是在2022年12月29日宣佈的，其中pubco、Prime Number Acquisition I Corp.(「PNAC」)、Prime Number Merge Sub Inc.是特拉華州的一家公司，以及Pubco(「Merge Sub」)、Prime Number New Sub Pte的直接全資子公司。新加坡私人股份有限公司，是Pubco(「New Subco」)的直接全資子公司，NOCO-NOCO Pte。新加坡私人股份有限公司(「NOCO-NOCO」)與共同持有控股權的若干NOCO-NOCO股東(連同其後加入交易的NOCO-NOCO其他股東，「賣方」)訂立業務合併協議(「業務合併協議」)，據此，PNAC建議與NOCO-NOCO訂立業務合併協議，涉及合併及換股，其中：(I)合併子公司將與PNAC合併及併入PNAC，PNAC爲尚存實體及Pubco的全資附屬公司(「合併」)，(Ii)新附屬公司將向賣方收購NOCO-NOCO的所有已發行及已發行股份，作爲交換，Pubco將向賣方發行Pubco的普通股，而NOCO-NOCO將成爲新附屬公司的附屬公司及Pubco的間接附屬公司(「股份交易所」，連同合併及業務合併協議擬進行的其他交易，稱爲「業務合併」)。完成業務合併後，PNAC及NOCO-NOCO將各自成爲PUBCO的附屬公司，PNAC股東及賣方將收取PUBCO每股面值0.0001美元的普通股(「PUBCO普通股」)作爲代價，併成爲PUBCO的股東。合併於2023年8月24日完成，換股和業務合併於完成日完成。

根據《企業合併協議》，於完成業務合併後：(I)在緊接合並生效日期前已發行及尚未發行的每個PNAC單位(「PNAC單位」)自動分離，其持有人被視爲持有一股PNAC A類普通股(定義見下文)、一半PNAC認股權證(定義見下文)及一項PNAC權利(定義如下)；(Ii)在緊接合並生效日期前發行及發行的每股面值$0.0001的PNAC A類普通股(「PNAC A類普通股」，連同PNAC B類普通股，每股面值$0.0001的「PNAC普通股」)已取消，以換取收取一股PUBCO普通股的權利，(Iii)在緊接合並生效時間前尚未發行的每份PNAC認股權證(「PNAC認股權證」)不再是與PNAC普通股有關的認股權證，並由pubco承擔及轉換爲pubco認股權證(「pubco認股權證」)，以購買一股pubco普通股(「pubco認股權證」)，但須受合併生效前大致相同的條款及條件規限；及(Iv)在緊接合並生效時間前尚未行使的每項PNAC權利(「PNAC權利」)已註銷，以換取一股Pubco普通股的八分之一(1/8)。此外，根據業務合併協議，於完成股份交換後，(I)新附屬公司向賣方收購所有NOCO-NOCO已發行股份(「NOCO-NOCO股份」)，(Ii)作爲交換，每名賣方收到的新發行的Pubco普通股數目相等於(A)1,350,000,000美元(「NOCO-NOCO估值」)的商數除以(Ii)相當於每股PNAC A類普通股與業務合併相關的贖回價格的每股pubco普通股價格(「pubco每股價格」)，乘以(B)《企業合併協議》分配表中規定的賣方按比例分配的部分。

2023年8月28日，PubCo普通股和PubCo認股證開始在納斯達克資本市場（「納斯達克」）交易，代碼分別爲「NNC」和「NCNCW」。

於二零二三年八月十三日，本公司與(I)Metora Capital Partners，LP(「MCP」)、(Ii)Metora Select Trading Opportunities Master，LP(「MSTO」)及(Iii)Metora Strategic Capital，LLC(「MSC」及與MCP及MSTO合稱「賣方」)就場外預付股本遠期交易訂立遠期購買協議(「遠期購買協議」)及認購協議(「FPA認購協議」)。根據遠期購買協議及FPA認購協議的條款，賣方同意認購及購買，而本公司同意於交易完成時向賣方發行及出售最多2,000,000股本公司A類普通股，減去賣方透過經紀在公開市場以不高於贖回價格的價格分別向第三方購買的本公司A類普通股數量。賣方已同意放棄根據本公司現行章程就通過財務行動協議認購協議購買的任何本公司A類普通股以及與業務合併、延期或其他業務相關而需要本公司贖回該等股份的任何循環股份(定義見F1文件第001-41789號)的任何贖回權利。

2023年8月14日，公司簽訂收購協議代表Segregated Portfolio #9 - SPC #9（「Arena」）與Arena Business Solutions Global SPC II，Ltd簽訂的（「CLARC購買協議」），該協議規定，根據其中規定的條款並遵守其中規定的條件和限制，PubCo有權指示Arena在CLARC購買協議的36個月期限內購買總計不超過150，000，000美元的PubCo普通股。根據CLARC購買協議，在滿足某些開始條件（包括但不限於轉售登記聲明（定義見下文）的有效性）後，PubCo有權向Arena提交預先通知（每條，「預先通知」），指示Arena購買任何數量的PubCo股份（每條，「預付款」），最高金額（作爲

此處定義）。在SEC宣佈與該交易相關的轉售生效後，PubCo將有權並全權酌情在36個月內向Arena出售價值不超過15，000萬美元的股票，但須遵守某些限制。PubCo將控制任何未來投資的時間和金額，Arena將有義務根據CLARC購買協議進行購買。

在本表格20-F的年度報告（本「報告」）中，除非文意另有所指，否則「公司」以及對「我們」、「我們」或類似此類提及應理解爲對Noco-Noco Inc.的提及。及其子公司。當本報告在討論noco-noco Pte的背景下提到「noco-noco」、「我們」、「我們」或類似的此類提及時。責任公司2023年8月25日業務合併完成之前的業務或其他事務，指的是noco-noco Pte。有限公司及其子公司。業務合併完成之日後，提及「noco-noco」、「我們」、「我們」或類似此類提及應理解爲指noco-noco Inc.。及其子公司。對「PACC」的提及應理解爲指Prime Number Acquisition I Corp.

由於四捨五入，本報告中出現的某些金額和百分比可能不相加。

“3DOm聯盟” 指3DOm聯盟公司，一家根據日本法律註冊成立的公司，是Noco-noco的大股東;

"現行章程大綱和章程“指2023年8月18日通過並於2023年8月25日生效的公司修訂和重述的組織章程大綱和章程;

“業務合併” 具有標題爲「解釋性註釋」的部分中賦予的含義。

“業務合併協議” 指PubCo、P納克、合併子公司、新子公司、noco-noco和noco-noco的某些股東於2022年12月29日簽訂的業務合併協議（可不時修訂、補充或以其他方式修改）;

“ERF” 指由CER管理的減排基金，CER是一項澳大利亞政府計劃，旨在激勵和財政支持減少溫室氣體排放的項目;

“ESS” 指能量存儲系統，即組裝在一起的一個或一組設備，能夠存儲能量以在以後供應電能;

“就業法案” 是指2012年的《快速啓動我們的商業初創法案》;

“合併” 指P納克和Merger Sub之間的合併，P納克是倖存的公司，也是PubCo的全資子公司;

“合併有效時間” 指合併的有效時間，即特拉華州國務卿接受合併證書（定義見業務合併協議）的時間，或合併證書中可能指定的稍後時間;

“新子公司” 意味着Prime Number新Sub Pte。有限公司，新加坡私人股份有限公司;

“諾可可-諾可可” 意思是NOCO-NOCO Pe。有限公司，新加坡私人股份有限公司，或根據上下文要求，NOCO-NOCO Pe。有限公司及其子公司和合並附屬實體;

“PubCo” 指的是Noco-Noco公司，一家根據開曼群島法律註冊成立的獲豁免股份有限公司，在收盤前原名Prime Number Holding Limited;

「PubCo每股價格」指每股PubCo普通股的價格，相當於與業務合併相關的每股P納克公衆股的贖回價格;

“註冊權協議” 指PubCo、發起人和noco-noco的某些股東在完成時根據業務合併協議簽訂的登記權協議;

“賣家” 指參與證券交易所的noco-noco股東（緊鄰證券交易所之前）。“股東”或者“股東” 指公司股份或股票的持有人;

“股票交易所” 指新子公司將從賣方收購noco-noco已發行和發行股份的交易，作爲交換，PubCo將向賣方發行PubCo普通股;

“交易融資“是指根據業務合併協議，PubCo、P納克和新子公司應盡合理的最大努力，按照noco-noco和P納克共同商定的條款，在股票交易所收盤之前或收盤時獲得至少20，000，000美元的股權融資;以及

“ACCU” 指澳大利亞碳信用單位，即澳大利亞監管機構頒發的國家碳信用，可通過建立ERF項目獲得;

“BEV” 指電池電動汽車，專門使用可充電電池組中存儲的化學能的車輛;和”EV” 指電動汽車;和

本報告包含或可能包含《證券法》第27A節和《交易法》第21E節中定義的前瞻性陳述，這些陳述涉及重大風險和不確定性。除歷史事實以外的所有陳述均爲前瞻性陳述。這些前瞻性陳述包括有關我們未來可能或假設的經營結果或業績的信息。諸如「預期」、「打算」、「計劃」、「相信」、「預期」、「估計」等詞語以及此類詞語和類似表達的變體旨在識別前瞻性陳述，但沒有這些詞語並不意味着陳述不具有前瞻性。本報告中引用或併入的風險因素和警示語言提供了風險、不確定因素和事件的例子，這些風險、不確定因素和事件可能導致實際結果與我們的前瞻性陳述中描述的預期大不相同，其中包括本報告題爲「第3項.關鍵信息--D.風險因素」一節所述事項。

請讀者不要過度依賴這些前瞻性陳述，這些陳述僅限於本報告日期。儘管我們相信此類前瞻性陳述中反映的預期是合理的，但無法保證此類預期將被證明是正確的。這些陳述涉及已知和未知的風險，並基於許多假設和估計，這些假設和估計固有地受到重大不確定性和意外情況的影響，其中許多超出了我們的控制範圍。實際結果可能與此類前瞻性陳述所表達或暗示的結果存在重大差異。我們沒有義務公開更新或修改本報告或本報告中我們向讀者推薦的文件中包含的任何前瞻性陳述，以反映我們對此類陳述的預期的任何變化或任何陳述所依據的事件、條件或情況的任何變化。

我們的業務和我們的行業面臨着巨大的風險。在評估我們的業務時，您應仔細考慮本報告和我們向SEC提交的其他文件中列出的所有信息，包括以下風險因素。如果實際發生以下任何風險，我們的業務、財務狀況、經營業績和增長前景可能會受到重大不利影響。本報告還包含涉及風險和不確定性的前瞻性陳述。請參閱題爲「有關前瞻性信息的警告」的部分。

以下摘要描述概述了我們在正常業務活動過程中面臨的重大風險。該摘要並不聲稱是完整的，並且通過參考本摘要描述之後的完整風險因素討論來對其進行了完整的限定。我們鼓勵您仔細閱讀完整的風險因素討論。

我們目前沒有任何業務，因此投資者沒有評估公司未來前景的依據。

我們目前沒有任何業務，將依賴與運營業務的合併或收購來開始運營併產生收入。由於我們沒有運營業務，也沒有產生收入，投資者沒有根據來評估我們實現定位並完成與目標企業的業務合併的業務目標的能力。我們當前與任何潛在目標企業沒有有關業務合併的安排或理解，並且可能無法在合理的時間內、合理的條款或根本無法完成業務合併。如果我們未能按計劃完成業務合併，我們將不會產生任何營業收入。

我們在尋求業務合併時可能會面臨困難或延誤，而且我們可能無法獲得足夠的資本來完成業務合併。

我們可能會遇到困難，難以確定一個可行的商業機會，或談判或支付任何由此產生的業務合併。我們無法控制的經濟因素，包括新冠肺炎疫情和隨之而來的經濟衰退，以及我們預計將因此而遇到的收購運營實體的競爭加劇，可能會阻礙我們努力以我們能夠承受的價格和條款找到和/或獲得適合我們業務目標的業務，從而使我們的業務能夠充分發展，爲股東創造價值。我們的資本有限，而且由於資金有限，我們可能無法以優惠的條件或根本不能利用任何可用的商業機會。不能保證我們將有足夠的資本爲我們提供必要的資金，以成功制定和實施我們的運營計劃，或收購我們認爲合適或必要的業務，以實現我們的目標，在這種情況下，我們可能被迫終止我們的業務計劃，您對本公司的投資可能變得一文不值。

如果我們不能成功收購新業務併產生實質性收入，投資者可能會失去投資。

如果我們不能成功制定可行的商業計劃並收購新業務來實施該計劃，我們投資者對公司的全部投資可能會變得一文不值。即使我們成功合併或收購運營實體的資產，我們也無法保證公司將能夠在短期內或根本內從中產生大量收入，或者投資者將從其投資中獲得利潤。如果我們不成功，我們的投資者可能會失去全部投資。

企業，包括我們這樣的發展階段公司和/或我們可能收購的任何運營企業，通常增長迅速，並且往往難以管理其增長。如果我們能夠收購運營業務，我們可能需要通過招聘和僱用經驗豐富的高管和關鍵員工和/或能夠提供必要支持的顧問來擴大我們的管理團隊和其他關鍵人員。

我們無法向您保證我們的管理層能夠有效或成功地管理我們的增長。我們未能應對這些挑戰可能會導致我們賠錢，而您的投資也可能會損失。

由於我們的資本有限，我們未來可能需要通過發行債務或股權證券來籌集額外資本，其條款可能會稀釋我們當前的投資者和/或減少或限制他們的清算或其他權利。

我們可能需要額外的資本來收購一家企業。當需要時，我們可能無法獲得額外的資本。未來的業務發展活動以及薪金、保險、一般管理費用、法律和合規費用以及會計費用等行政費用將需要大量額外資本。我們在未來融資交易中發行證券的條款可能對新投資者更有利，可能包括清算優先權、更高的投票權或發行其他衍生證券，這可能會進一步稀釋我們現有投資者的權利或使其從屬於現有投資者的權利。通過出售股權證券籌集的任何額外資本都可能稀釋我們股東的所有權百分比。此外，我們發行的任何債務證券都可能產生高於我們目前投資者的清算優先權，如果可以轉換爲普通股，也將構成稀釋的風險。

如果有必要，我們獲得融資的能力可能會受到以下因素的影響：資本市場(一般和我們可能選擇經營的一個或多個特定行業)、我們有限的經營歷史和目前缺乏經營、國家和全球經濟，以及微型證券市場的狀況。此外，經濟低迷，如當前新冠肺炎疫情造成的全球蕭條，可能會增加我們對資金的需求，特別是如果這種經濟低迷持續很長一段時間或在我們收購經營實體之後，可能會限制或阻礙我們獲得所需資金的能力。如果我們能夠從融資活動中籌集的資本額，以及我們可能從未來業務中產生的任何收入，不足以滿足我們的資本需求，我們可能被要求停止開發或實施業務計劃，取消尋找商業機會，停止運營，以不具吸引力的價格剝離我們的資產，或以不具吸引力的條款獲得融資。如果發生上述任何一種情況，我們的股東可能會損失部分或全部投資。

由於我們仍在制定業務計劃，因此我們沒有任何業務合併協議。

我們目前沒有關於與任何特定實體進行業務合併的安排、協議或諒解。我們可能無法成功識別和評估合適的收購候選人或完成業務合併。對於任何目標公司的行業或細分市場，我們持中立態度。我們尚未制定目標公司中尋找的具體指標和標準，如果我們這樣做，我們可能會面臨與任何此類實體達成共同協議的困難，包括考慮到市場趨勢和超出我們控制範圍的力量。鑑於我們的早期狀態，存在相當大的不確定性，因此投資者面臨着我們無法成功制定和實施可行的業務計劃的固有風險。

COVID-19大流行可能會對我們的財務狀況、未來計劃和經營業績產生重大不利影響。

這次COVID-19大流行對美國經濟和大多數企業產生了重大不利影響。公司無法預測COVID-19對其業務的最終影響;然而，如果疫情和政府的應對行動對我們的運營造成限制或導致長期經濟衰退或蕭條，那麼公司業務計劃的制定和實施以及我們開始和發展業務的能力以及我們從中產生重大收入的能力，將受到阻礙，這將對公司的財務狀況和經營業績產生重大負面影響。

目前，我們唯一的重要資產是Prime Number New Sub Pte的股份。有限公司。因此，根據投資公司法，我們可能被視爲投資公司，因此，我們要麼必須註冊爲投資公司

根據《投資公司法》，從美國證券交易委員會獲得豁免救濟或修改我們的投資或組織結構或我們的合同權利，使其超出投資公司的定義。註冊爲投資公司可能會對我們的財務狀況、業務和經營業績產生重大不利影響，嚴重限制我們借入資金或從事其他涉及槓桿交易的能力，並要求我們增加獨立於我們的董事，否則將使我們受到額外的監管，這將是昂貴且耗時的。

我們可能會在尋找和完善業務合併方面遇到困難，包括由於我們所具有的競爭劣勢。

我們預計，在尋找可產生收入的業務進行合併或收購的過程中，將面臨激烈的競爭。在當前的經濟環境下，風險投資公司、大型公司、特殊目的收購公司等空白支票公司和其他投資者正在以相對摺扣價大量收購經營實體或其資產。這些人可能比我們擁有更多的資本或人力資源，和/或在我們選擇搜索的特定行業中擁有更多的經驗。這些競爭對手中的大多數都有一定數量的流動現金，可以利用對潛在商業買家有利的市場條件，比如最近的大流行造成的市場條件。由於我們目前資產的流動性相對較差或我們相對於競爭對手的其他劣勢而導致的任何延誤或無法找到、談判和達成業務合併，都可能導致我們失去寶貴的商業機會給我們的競爭對手，這將對我們的業務產生重大不利影響。

我們可能會在最終尚未完成的潛在業務合併上花費大量時間和資本。

對每一項特定目標業務的調查，以及隨後任何相關協議、美國證券交易委員會披露和其他文件的談判和起草，都將需要大量管理層的時間和注意力，以及與會計師、律師和其他專業人員的外包服務相關的實質性額外成本。我們可能會花費大量時間和資源尋找最終可能無法實現的擬議業務合併，對其進行盡職調查，並就交易條款進行談判。在這種情況下，公司在這種追求上花費的所有時間和資本資源可能會丟失，公司或其股東可能無法追回。可能會出現我們或適用業務的賣方無法控制的意外問題，迫使我們終止與目標公司的談判，例如目標公司未能或無法提供足夠的文件來協助我們的調查，一方未能獲得所需的豁免或同意以完成交易，原因是無法獲得所需的審計、適用法律、憲章文件和協議，其他潛在買家的競爭性報價，或賣方無法在足夠長的時間內維持其運營以允許交易完成。這種風險是任何尋找新業務的過程中固有的，投資者在投資於我們這樣的企業之前應該意識到這些風險。

我們與股東、董事或管理層之間可能會出現利益衝突，這可能會對我們完善業務合併或優惠條款或產生收入的能力產生負面影響。

我們的官員不需要將全部時間投入到我們的事務中，這可能會導致在管理公司和他們正在或可能參與的其他業務之間分配時間時出現利益衝突。在完成業務合併之前，我們不打算僱用任何員工。我們的官員沒有義務爲我們的事務貢獻任何特定的小時數，並且可以在向公司提供服務的同時從事其他商業活動。如果他們的任何其他業務事務要求他們投入大量時間處理此類事務，則可能會嚴重限制他們投入時間和注意力於我們業務的能力，這可能會對我們完善業務合併或產生收入的能力產生負面影響。

我們可能會獲得一家運營公司，該公司的董事或高級職員擁有該公司的所有權權益，或者他或她是該公司的高級職員、董事或員工。如果我們確實獲得了與高級官員或董事有關聯的任何業務，此類業務合併的條款可能與公平交易中達成的條款不同。如果出現任何利益衝突，可能會對公司的業務合併或後續運營產生不利影響，在這種情況下，我們的股東可能會看到相對於通過與獨立第三方交易獲得的價值而減少。

我們可能會進行業務合併，從而給我們和我們的股東帶來稅務後果。

聯邦和州稅收後果很可能是考慮我們可能進行的任何業務合併的一個重要因素。根據現行聯邦法律，此類交易可能會根據適用的聯邦和州稅法向買家及其股東繳納高額稅款。雖然我們打算根據我們的業務目標在可行的範圍內最大限度地減少聯邦和州稅收後果，無法保證我們進行的任何業務合併將滿足稅收的法定或監管要求-自由重組或類似優惠待遇，或者此類交易各方將獲得預期或預期的稅收待遇股權或資產轉讓。不合格的重組、合併或類似交易可能會導致實施重大

聯邦和州一級的稅收，這可能會對交易雙方（包括我們的股東）產生不利影響。

我們的股東不太可能有機會評估和批准擬議的業務合併。在大多數情況下，根據適用的法律，企業合併不需要股東批准，我們的公司章程和章程不賦予我們的股東批准此類交易的權利。此外，我們的首席執行官松村正孝擁有我們已發行普通股約63%的股份。因此，我們的股東將幾乎完全依賴我們的董事會(「董事會」)和首席執行官以及他們可能依賴的任何人對潛在業務合併的判斷。爲了制定和實施我們的業務計劃，未來可能會聘請律師、會計師、技術專家、評估師或其他顧問來幫助確定公司的方向並完成由此而預期的任何交易。我們可能會依賴這些人就公司未來的業務和前景做出艱難的決定。任何此等人士的遴選將由本公司董事會作出，而根據上述任何一項而產生的任何開支或作出的任何決定，事後可能被證明對本公司不利，其結果可能會令本公司股東的價值減少。

由於我們目前尋求的業務合併並不侷限於特定行業、部門或任何特定目標企業，因此潛在投資者將無法評估任何特定目標企業運營的優點或風險，直到它們被識別和披露。

我們仍在確定公司的業務計劃，我們可能尋求與任何數量的行業或部門的運營實體完成業務合併。由於吾等尚未就收購某項特定業務訂立任何意向書或協議，潛在投資者目前並無根據評估任何特定目標業務的營運、營運結果、現金流、流動資金、財務狀況、前景或其認爲適當的其他指標或品質在考慮投資本公司時的可能優點或風險。此外，如果我們完成一項業務合併，我們可能會受到所收購業務運營中固有的許多風險的影響。例如，如果我們收購了一家財務不穩定的企業或一個沒有既定運營歷史的實體，我們可能會受到新企業或發展階段實體的業務和運營中固有風險的影響。儘管我們的管理層打算評估和權衡特定目標業務固有的優點和風險，並根據公司及其股東的利益做出決定，但不能保證我們將適當地確定或評估目標業務固有的所有重大風險，我們將有足夠的時間完成盡職調查，或我們最終將收購一家有生存能力的業務並從中產生大量收入。此外，其中一些風險可能是我們無法控制的，使我們無法降低這些風險對目標業務造成不利影響的可能性，或減輕由此對公司造成的任何損害。如果我們選擇一個行動方案，或沒有選擇一個行動方案，最終使我們面臨未知或未知的風險，我們的業務將受到損害，您可能會損失部分或全部投資。

我們管理層及其附屬公司過去的表現可能並不表明對我們投資的未來表現。

雖然我們的首席執行官擁有爲企業提供諮詢的經驗，但他過去的表現、他參與的其他實體或個人的表現或我們未來可能保留的任何其他人員的表現並不一定表明(I)我們將能夠爲我們最初的業務合併找到合適的候選人或(Ii)公司未來的經營業績，包括我們可能完成的任何業務合併。您不應依賴他或我們任何其他人員或其附屬公司的歷史記錄來指示我們未來的業績或對我們的投資將是有利可圖的。此外，對本公司的投資不是對與我們的管理層或其他人員有關聯的任何實體的投資。雖然管理層打算努力尋找一個可行的商業機會並創造股東價值，但不能保證我們會成功完成這一努力。

我們可能會在我們管理層專業領域之外的行業或部門尋求業務合併機會。

如果向我們介紹了一位業務合併候選人，並且我們認爲該候選人爲公司提供了一個有吸引力的機會，我們將考慮管理層專業領域以外的業務合併。儘管管理層打算努力評估任何特定業務合併候選者的內在風險，但我們不能向您保證，我們將充分確定或評估所有重大風險，或我們將準確確定要收購的預期經營實體的實際價值。如果我們選擇在我們管理層的專業領域之外進行收購，我們管理層代表公司進行評估和決策的能力可能會受到限制，或者我們可能會在增加人員或顧問方面花費大量資金，以協助管理層參與公司的運營。投資者應該意識到，本文中包含的有關我們管理層專業知識領域的信息不一定與我們最終選擇收購的業務的理解相關。因此，我們的管理層可能無法充分確定或評估可能出現的所有重大風險或戰略機遇。因此，在企業合併後，公司的任何股東都可能遭受其股份價值的縮水，由此造成的任何損失可能無法挽回。

我們可能會嘗試與一傢俬人目標公司完成業務合併，但相關信息很少，並且此類目標實體可能無法按照預期產生收入，或者通過與我們兼容而產生收入。

在尋找收購業務時，我們可能會尋求與一傢俬營公司完成業務合併。關於私營公司的公開信息通常很少，在做出決定之前，我們可以獲得的唯一信息可能來自目標公司直接向我們提供的與交易相關的文件和信息。此類文件或信息或我們從中得出的結論可能被證明是不準確或誤導性的。因此，我們可能需要根據有限、不完整或錯誤的信息來決定是否進行潛在的業務合併，這可能會導致我們後續業務產生的收入低於預期，這可能會對我們的財務狀況和經營業績造成重大損害。

我們評估潛在目標企業管理的能力可能有限，因此，我們可能會收購目標企業，而其管理層不具備實現無縫過渡的技能、資格或能力，這反過來又可能會對我們的運營業績產生負面影響。

在評估潛在業務合併的可取性時，由於缺乏時間、資源或信息，我們評估目標業務管理的能力可能會受到限制。因此，我們的管理層對目標管理能力的評估可能被證明是不正確的，並且此類管理可能缺乏預期的技能、資格或能力。此外，在大多數情況下，目標管理層可能會希望管理我們並更換我們的首席執行官。如果目標的管理層不具備管理上市公司或協助其前實體合併或合併到我們實體所需的技能、資格或能力，收購後業務的運營和盈利能力可能會受到負面影響，我們的股東可能會遭受股票價值減少的損失。

我們收購的任何業務都可能缺乏運營或地理覆蓋範圍的多樣性，在這種情況下，我們將面臨與依賴單一行業或地區相關的風險。

我們對業務的搜索可能會集中在業務活動單一或有限和/或在有限地理區域運營的實體。雖然較大的公司有能力通過在不同行業和地區分散業務來管理風險，但像我們這樣的較小公司和我們預計將審查的潛在業務合併實體通常在業務性質和地理範圍方面缺乏多元化。因此，與業務更加多元化的情況相比，我們可能會受到影響行業或我們所在地區的風險的更大影響。除了一般的經濟風險外，我們還可能面臨自然災害、內亂、技術進步和其他無法控制的發展，如果我們未來的業務僅限於一個行業或地區，這些發展將威脅我們的生存能力。如果我們不使我們的業務多樣化，我們的財務狀況和經營結果將面臨風險。

法律或法規的變化，或未能遵守適用於我們的法律和法規，可能會對我們的業務、談判和完成業務合併的能力以及運營結果產生不利影響。

我們遵守聯邦、州和地方政府頒佈的法律和法規。除了SEC法規之外，我們未來收購的任何業務都可能受到大量法律或監管監督和限制，這可能會阻礙我們的增長並在合規方面花費大量資金。遵守和監控適用的法律和法規可能很困難、耗時且成本高昂。這些法律法規以及法院和行政法官對其的解釋和適用也可能會不時發生變化，任何此類變化都可能對我們不利，並可能對我們的業務、投資和經營業績產生重大不利影響。此外，未能遵守解釋和適用的適用法律或法規可能會導致重大辯護或補救成本和/或損害賠償，對我們的財務狀況產生重大不利影響。

我們的股票報價目前在場外市場上不可見。目前我們股票的市場還不確定。專家市場證券的報價僅限於公衆查看，只有經紀交易商和專業或成熟的投資者才允許查看專家市場證券的報價。由於在這個市場上上市，我們的證券可能特別缺乏流動性，如果我們留在專家市場，可能會阻礙潛在的合併、收購、反向合併或業務合併，公司可能會成爲一家運營公司。

OTC Markets Group已停止公開展示我們股票的報價，因爲它已被標記爲「警告Emptor」（買家當心）。OTC Markets Group將某些證券指定爲「警告Emptor」，並在投資者可能有理由在對該證券做出投資決定之前採取額外謹慎態度並進行徹底盡職調查時，在股票符號旁邊放置頭骨和交叉骨頭圖標。

我們的股票不符合自營經紀交易商報價的資格。該股票中的所有報價反映了未經請求的客戶訂單。未認購股票價差擴大、波動性增加和價格混亂的風險較高。投資者可能會遇到困難

出售這隻股票。經紀商需要根據SEC規則15 c2 -11進行經紀交易商的初步審查，才能發佈競爭報價並提供持續的做市。

noco noco在專家市場上交易，僅有資格獲得未經請求的報價。出於公共利益考慮，我們被貼上了警告Emptor（買家當心）的標籤。

專家市場證券的報價不得公開觀看。僅允許經紀交易商和專業或成熟的投資者查看專家市場證券的報價。由於對專家市場上報價的證券施加限制，大多數投資者將無法公開出售其股票。此外，他們將無法獲取買賣價格或其他信息，包括交易量。因此，專家市場股票缺乏流動性。專家市場上的證券報價僅爲主動報價。這意味着受專家市場主動報價影響的證券交易僅適用於經紀交易商、機構和其他成熟投資者，而不是普通投資者。

我們的普通股很可能交易清淡，這意味着在任何給定的時間，有興趣以出價或接近出價購買我們普通股的人可能相對較少或根本不存在。造成這種情況的原因有很多，包括我們是一家較小的公司，股票分析師、股票經紀人、機構投資者和投資界中的其他人對產生或影響銷售額的股票相對不了解，即使我們引起了這些人的注意，他們也往往厭惡風險，不願效仿像我們這樣未經證實的公司，或者在我們變得更加成熟和可行之前，不願購買或建議購買我們的股票。因此，與經驗豐富的發行人相比，我們的股票可能有幾天或更長時間的交易活動很少或根本不存在，而經驗豐富的發行人擁有大量和穩定的交易量，通常可以支持持續銷售，而不會對股價產生不利影響。我們不能向您保證，我們普通股的更廣泛或更活躍的公開交易市場將會發展或持續，或當前的交易水平將會持續。由於這些條件，我們不能向您保證您將能夠以出價或接近出價出售您的股票，或者如果您需要資金或以其他方式希望清算您的股票，我們無法向您保證。

我們的股票已被降級爲場外專家市場，實際上，公司股東的普通股不再有公開交易市場。

OTC Markets Group已將公司普通股的交易評級下調至OTC專家市場。專家市場僅適用於未經請求的報價，這意味着經紀交易商可以使用專家市場發佈未經請求的報價，代表非發行人附屬公司或內部人士的散戶和機構投資者的限額指令。專家市場證券的報價僅提供給經紀交易商、機構和其他成熟投資者。由於對專家市場上報價的證券施加限制，大多數投資者將無法公開出售其股票。此外，他們將無法獲取買賣價格或其他信息，包括交易量。因此，專家市場股票缺乏流動性，而且實際上，公司股東不再擁有普通股的公開交易市場。

該公司的普通股預計將繼續在場外專家市場交易，該公司目前正在考慮儘早爲公司股票提供額外交易機會的替代方案，包括通過提交211表格和申請升級到粉色當前層場外市場集團。然而，無法保證該申請將由公司提交或得到場外市場集團的批准以及公司的普通股被場外市場集團接受上市，或者公司股票的市場將會發展。

普通股股票受美國證券交易委員會的「細股」規則約束，並且公司證券的交易市場是有限的，這使得其股票的交易變得繁瑣，並可能會降低其股票投資的價值。

《交易法》第15 g-9條規定，就與公司相關的目的而言，「細股」的定義是市場價格低於每股5.00美元或行使價格低於每股5.00美元的任何股權證券，但某些例外情況除外。對於任何涉及細股的交易，除非豁免，否則規則要求：（a）經紀人或交易商批准個人用於細股交易的帳戶;和（b）經紀人或交易商從投資者處收到交易的書面協議，列出了待購買的細股的身份和數量。

爲了批准某人的細股交易帳戶，經紀人或交易商必須：（a）獲取該人的財務信息和投資經驗目標;以及（b）合理確定細股交易適合該人，並且該人在財務問題上擁有足夠的知識和經驗，能夠評估細股交易的風險。

經紀人或交易商還必須在細股進行任何交易之前提交美國證券交易委員會規定的有關細股市場的披露時間表，該時間表以突出顯示的形式：（a）列出經紀人或交易商做出適合性確定的基礎;以及（b）經紀人或交易商在交易前收到了投資者簽署的書面協議。一般來說，經紀商可能不太願意執行受「細股」規則約束的證券交易。這可能會使投資者更難處置普通股，並可能導致公司股票市值下跌。還必須披露在公開發行和二級交易中投資細價股的風險，以及支付給經紀交易商和註冊代表的佣金、證券的當前報價和

投資者在細價股票交易欺詐案件中可以獲得的權利和補救措施。最後，必須發送月度報表，披露帳戶中持有的細股的最近價格信息以及細股有限市場的信息。

目前我們的普通股市場有限，即使我們成功完成了業務合併，也不能保證我們的普通股會發展出活躍的市場。即使我們的普通股發展出活躍的市場，與經驗豐富的發行人相比，它也可能會受到巨大的價格波動。我們預計，在可預見的未來，我們的普通股價格將繼續比經驗豐富的發行人波動更大。除了本報告中另行描述的因素外，我們普通股價格的波動還可能基於各種因素，包括：

其中許多因素超出了我們的控制範圍，並且可能會降低我們普通股的市場價格，無論我們是否能夠完善業務合併以及我們當前或後續的經營業績和財務狀況。過去，在公司證券市場價格波動一段時間後，通常會提起證券集體訴訟。針對我們的證券集體訴訟可能會導致巨額成本並轉移我們管理層的時間和注意力，否則這些時間和注意力將被用於使我們的業務受益。

由於我們普通股的交易非常有限，購買我們普通股的投資者如果出售普通股，可能會壓低市場。

我們的普通股在場外粉紅市場（粉色牀單的後繼者）交易。場外粉紅市場通常流動性不高，在那裏交易的大多數股票都是根據《交易法》不需要向SEC提交報告的公司。我們的普通股本身很少交易。

如果我們的大量普通股股票被一次性或大量出售，我們的普通股的市場價格可能會下降。

目前我們普通股的市場有限。如果未來我們股票的活躍市場發展，我們的部分或所有股東可能會出售他們持有的我們普通股股份，這可能會壓低市場價格。在公開市場上出售大量此類股票，或認爲可能發生此類出售，可能會導致我們普通股的市場價格下跌，這可能會減少我們其他股東持有的股票的價值。

未來發行普通股可能會稀釋我們現有股東的利益，特別是在收購和任何由此產生的融資方面。

我們未來可能會發行額外的普通股股份。發行大量普通股可能會大大稀釋我們股東的利益。此外，在公開市場上出售大量普通股，無論是在初始發行中還是在以我們普通股作爲對價的企業合併中的目標公司後續轉售中出售，或者由之前收購過此類普通股的投資者出售，都可能對我們普通股的市場價格產生不利影響。

上市公司的要求可能會使我們的資源緊張，轉移我們管理層的注意力，並影響我們吸引和留住合格董事會成員的能力。

我們遵守《交易法》、《薩班斯-奧克斯利法案》、《多德-弗蘭克法案》以及其他適用證券規則和法規的報告要求。如果我們不再符合《證券法》第2（a）條定義的「新興成長型公司」的資格，這些費用可能會增加更多。除其他外，《交易法》要求我們提交有關其業務和經營業績的年度和當前報告。除其他外，《薩班斯-奧克斯利法案》要求我們維持有效的披露控制和程序以及對財務報告的內部控制。我們可能需要僱用更多員工或聘請外部顧問來遵守這些要求，這將增加我們的成本和開支。

與公司治理和公開披露相關的法律、法規和標準的變化正在給上市公司帶來不確定性，增加法律和財務合規成本，並使某些活動更加耗時。這些法律、法規和標準在許多情況下由於缺乏具體性而受到不同的解釋，因此，隨着監管和治理機構提供新的指導，其在實踐中的應用可能會隨着時間的推移而變化。這可能會導致合規問題持續存在不確定性，並因持續修改披露和治理實踐而導致成本上升。我們預計這些法律和法規將增加我們的法律和財務合規成本，並使某些活動更加耗時和昂貴，儘管我們目前無法以任何程度的確定性估計這些成本。

我們的管理團隊在管理上市公司、與上市公司投資者互動以及遵守與上市公司相關的日益複雜的法律方面經驗有限。我們的管理團隊可能無法成功或有效地管理向上市公司的過渡，該公司受制於聯邦證券法律法規規定的重大監管和報告義務，以及對證券分析師和投資者的持續審查。建立上市公司所需的公司基礎設施的需要可能會轉移管理層對實施其增長戰略的注意力，這可能會阻止我們改善我們的業務、財務狀況和運營結果。此外，我們預計這些規則和條例將使我們更難和更昂貴地獲得董事和高級人員責任保險，因此我們可能需要產生大量費用才能獲得此類保險。這些額外的債務可能會對我們的業務、財務狀況、運營結果和前景產生實質性的不利影響。

這些因素也可能使我們更難吸引和留住合格的董事會成員，特別是在我們的審計和風險委員會、薪酬委員會和提名委員會以及合格的高管中任職。

由於本報告和上市公司要求提交的文件中的信息披露，我們的業務和財務狀況將變得更加明顯，這可能會導致威脅或實際的訴訟，包括競爭對手和其他第三方的訴訟。如果此類索賠成功，我們的業務和經營業績可能會受到不利影響，並且，即使索賠沒有導致訴訟或得到對我們有利的解決，這些索賠以及解決這些索賠所需的時間和資源，也可能會對我們的業務、財務狀況、經營業績和前景產生不利影響。

我們是一家「新興成長型公司」，無法確定適用於新興成長型公司的SEC報告要求的降低是否會降低我們的證券對投資者的吸引力，這可能會對我們產生重大不利影響，包括我們的增長前景。

我們是JOBS法案中定義的「新興成長型公司」，並且將一直是「新興成長型公司」，直到(I)財政年度的最後一天(A)在企業合併結束五週年之後，(B)我們的年總收入至少爲12.35亿億，或(C)我們被視爲大型加速申報公司，這意味着截至我們上一個第二財季的最後一個營業日，非關聯公司持有的我們證券的市值超過70000美元萬。以及(Ii)我們在前三年期間發行了超過10美元億的不可轉換債券的日期。我們打算利用適用於大多數其他上市公司的各種報告要求的豁免，無論它們是否被歸類爲「新興成長型公司」，包括但不限於，豁免遵守薩班斯-奧克斯利法案第404(B)條的規定，該條款要求我們的獨立註冊會計師事務所提供一份關於我們對財務報告的內部控制的有效性的證明報告，並減少關於高管薪酬的披露義務，以及免除就高管薪酬舉行非約束性諮詢投票的要求，以及免除股東批准之前未獲批准的任何金降落傘付款的要求。

此外，即使在我們不再具備「新興成長型公司」的資格後，只要我們繼續符合《交易法》規定的外國私人發行人資格，我們將不受《交易法》中適用於美國國內上市公司的某些條款的約束，這些條款包括但不限於《交易法》中規範就根據《交易法》註冊的證券徵集委託書、同意書或授權的條款；《交易法》中要求內部人士提交其股票所有權和交易活動的公開報告的條款，以及在短時間內從交易中獲利的內部人士的責任；以及《交易法》規定的規則，要求在發生指定的重大事件時，向美國證券交易委員會提交包含未經審計的財務和其他指定信息的Form 10-Q季度報告，以及當前的Form 8-k報告。此外，我們將不需要像根據交易法註冊證券的美國國內公司那樣迅速向美國證券交易委員會提交年報和財務報表，也不需要遵守限制選擇性披露重大信息的FD法規。

因此，我們的股東可能無法訪問他們認爲重要的某些信息。我們無法預測投資者是否會因爲我們的證券依賴於這些豁免而覺得不那麼有吸引力。如果一些投資者確實因此發現我們的證券吸引力減弱，交易市場可能會不太活躍，我們的證券的市場價格可能會更加波動。

我們是一家在開曼群島註冊成立的公司，具有《交易法》規則含義內的外國私人發行人資格，因此我們免受適用於美國國內上市公司的某些條款的約束。

我們是一家外國私人發行人，該術語的定義見《證券法》第405條，是一家在開曼群島註冊成立的公司。納斯達克市場規則允許像我們這樣的外國私人發行人遵循其祖國的公司治理實踐。我們的祖國開曼群島的某些公司治理實踐可能與適用於美國國內公司的納斯達克公司治理上市標準存在顯着差異。

由於我們在業務合併完成後立即根據《交易法》獲得了外國私人發行人資格，因此我們免受美國證券規則和法規中適用於美國國內發行人的某些條款的約束，包括：（i）《交易法》中要求向SEC提交10-Q表格季度報告和8-k表格當前報告的規則;（ii）《交易法》中規範根據《交易法》註冊的證券徵求代理、同意或授權的條款;（三）《交易法》中要求內部人士公開報告其股權和交易活動，以及從短期交易中獲利的內部人士的責任時間;和（iv）FD法規規定的重大非公開信息發行人的選擇性披露規則。

此外，我們不需要：（i）董事會的大多數成員由獨立董事組成;（ii）由獨立董事組成的薪酬委員會;（iii）由獨立董事組成的提名和公司委員會;（iv）每年定期舉行僅由獨立董事參加的高管會議或（v）符合納斯達克市場的任何其他要求。

我們打算依賴上面列出的一些豁免。因此，您可能無法享受納斯達克適用於美國國內上市公司的某些公司治理要求的好處。

我們必須在每個財年結束後的四個月內以表格20-F提交年度報告。與財務業績和重大事件相關的新聞稿也將以表格6-k的形式提交給SEC。然而，與美國國內發行人要求向美國證券交易委員會提交或提供的信息相比，我們需要向美國證券交易委員會提交或提供的信息將不那麼廣泛和及時。因此，您收到的有關我們的信息可能比您收到的有關美國國內上市公司的信息少或不同。

外國私人發行人地位的確定每年在發行人最近完成的第二財季的最後一個營業日做出。未來，如果超過50%的已發行有表決權證券由美國持有人直接或間接持有，並且下列任何一種情況屬實：(I)我們的大多數董事或高管是美國公民或居民；(Ii)超過50%的我們的資產位於美國；或(Iii)我們的業務主要在美國管理，則根據當前的美國證券交易委員會規則和法規，我們可能會失去作爲外國私人發行人的地位。如果我們未來失去外國私人發行人的地位，它將不再被豁免遵守上述規則，其中將被要求提交定期報告以及年度和季度財務報表，就像我們是在美國註冊的公司一樣。如果發生這種情況，我們可能會在滿足這些額外的監管要求時產生巨額成本，包括與根據美國公認會計准則編制財務報表相關的成本，我們的管理層成員可能不得不將時間和資源從其他職責轉移到確保這些額外的監管要求得到滿足。

您可能會在保護您的利益方面面臨困難，並且針對我們董事和高管的某些判決可能無法執行。

我們是一家根據開曼群島法律註冊成立的豁免股份有限公司，我們通過我們的子公司NOCO-NOCO PTE開展其大部分業務。Ltd.，在美國以外。我們幾乎所有的資產都位於美國以外。我們所有現任官員和董事都是美國以外國家的國民和居民，這些人的大部分資產都位於美國以外。因此，如果您認爲您的權利在適用的證券法或其他方面受到侵犯，並且難以在美國境內向我們的高級管理人員或董事送達法律程序文件，或執行在美國法院獲得的針對我們高級管理人員或董事的判決，您可能很難或不可能在美國以外對我們或這些個人提起訴訟。即使您成功提起此類訴訟，開曼群島和組成亞洲地區的司法管轄區的法律也可能使您無法執行鍼對我們的資產或我們董事和高級管理人員的資產的判決。此外，目前尚不清楚美國和亞洲市場之間目前生效的任何適用的引渡條約是否允許有效執行美國聯邦證券法的刑事處罰。

此外，我們的企業事務受我們的組織章程大綱和章程細則、開曼群島公司法和開曼群島普通法管轄。股東對董事採取行動的權利、少數股東的行動以及董事根據開曼群島法律對公司的受託責任在很大程度上受開曼群島普通法管轄。開曼群島的普通法部分源自開曼群島相對有限的司法先例以及英格蘭和威爾士的普通法，其法院的裁決是

對開曼群島法院具有說服力，但不具有約束力。開曼群島法律規定的股東權利和董事的受託義務可能不像美國一些司法管轄區的法規或司法先例那樣明確規定。特別是，開曼群島的證券法體系與美國不同。特拉華州等美國一些州可能比開曼群島擁有更充分發展和司法解釋的公司法體系。此外，開曼群島公司可能沒有資格在美國聯邦法院提起股東衍生訴訟。

根據開曼群島法律，像我們這樣的開曼群島獲豁免公司的股東無權檢查公司記錄（組織章程大綱和章程、此類公司通過的任何特別決議以及此類公司的抵押和押記登記冊除外）或獲取這些公司股東名單副本。根據當前的組織章程大綱和章程，我們的董事將有權決定股東是否以及在什麼情況下可以檢查我們的公司記錄，但我們沒有義務向股東提供這些記錄（在有限的情況下，可以任命檢查員報告我們公司的事務）。這可能會使您更難獲得確定股東動議所需的任何事實或就代理權競爭向其他股東徵求代理權所需的信息。

開曼群島法院不太可能(1)承認或執行以美國聯邦證券法或任何州證券法的民事責任條款爲依據的美國法院的判決；(2)在開曼群島提起的原告訴訟中，只要這些條款所規定的責任是刑法性質的，就不可能根據美國聯邦證券法或任何州證券法的民事責任條款施加賠償責任。在這種情況下，雖然開曼群島沒有對在美國獲得的判決進行法定執行，但開曼群島法院將承認和執行外國貨幣判決，而不對所判決的事項進行任何複審或重新訴訟，只要這種判決：(A)由具有管轄權的外國法院作出；(B)規定判定債務人有責任支付已作出判決的違約金；(C)是最終判決；(D)不涉及稅收、罰款或罰款；(E)不是通過欺詐獲得的；和(F)不屬於執行違反自然正義或開曼群島公共政策的類型。在符合上述限制的情況下，開曼群島法院在適當情況下可在開曼群島執行其他類型的外國最終判決，如宣告令、履行合同令和禁制令。

預計我們將保留大部分（如果不是全部）可用資金和業務合併後的任何未來收益，以資助其業務的發展和增長。因此，預計我們不會在可預見的未來支付任何現金股息。

根據開曼群島法律的某些要求，我們的董事會完全有權決定是否分配股息。此外，我們的股東可以通過普通決議宣佈派息，但任何股息不得超過我們董事建議的金額。根據開曼群島法律，開曼群島公司可從利潤或股票溢價賬戶中支付股息，但在任何情況下，如果這會導致公司無法償還在正常業務過程中到期的債務，則不得支付股息。即使董事會決定宣佈和支付股息，未來股息的時間、金額和形式(如有)將取決於未來的經營業績和現金流、資本需求和盈餘、我們從運營子公司收到的分派金額(如果有)、我們的財務狀況、合同限制和董事會認爲相關的其他因素。我們證券的持有者不應依賴對我們證券的投資作爲未來股息收入的來源。您在我們證券的投資可能得不到回報，甚至可能失去對我們證券的全部投資。

我們可能無法實現公司結構和公司間安排的預期稅收效率，這可能會提高我們的全球有效稅率。

我們的公司結構和公司間安排，包括但不限於我們進行公司間和關聯方交易的方式，旨在爲我們提供全球稅收效率。各個司法管轄區的稅法對我們的業務活動的適用受到解釋的約束，也取決於我們以與我們的公司結構和公司間安排一致的方式運營業務的能力。我們經營所在司法管轄區的稅務機關可能會質疑我們的公司間和關聯方安排方法，包括但不限於轉讓定價，或確定我們的經營方式未能實現預期的稅收後果，這可能會增加我們的全球有效稅率並對我們的業務、財務狀況和經營業績產生不利影響。

在評估我們的稅務狀況和確定我們的所得稅撥備時需要一定程度的判斷。在正常業務過程中，有許多交易和計算的最終稅收確定是不確定的。例如，我們的有效稅率可能會因法定稅率較低的市場的盈利低於預期而在法定稅率較高的市場的盈利高於預期、外幣匯率變化或相關稅收、會計和其他法律、法規、原則和解釋的變化而受到不利影響。任何這些因素都可能對我們的業務、財務狀況和運營業績產生不利影響。

We could face uncertain tax liabilities in various jurisdictions in which we operate, which could adversely impact our operating results.

We are subject to the tax laws and policies of each of the countries in which we operate. Since legislation and other laws and regulations (particularly in relation to tax) in emerging markets, such as the markets where we operate, are often undeveloped and the interpretation, application and enforcement of tax laws and policies in emerging market countries is uncertain, there is a risk that we may be unable to determine our taxation obligations with certainty.

我們不時獲取有關稅法適用於我們業務的外部稅務建議。由於上述解釋以及適用和執行一致性的挑戰，獲得此類建議可能很困難，並且對法律的意見可能會有所不同。我們的稅務負債撥備的確定需要重大判斷和估計，並且存在最終應繳稅款不確定的分類、交易和計算。

我們的稅務風險和義務存在於我們目前運營的每個司法管轄區，並且如果我們在此類新司法管轄區開始運營（無論是有機還是通過收購），未來可能會在其他司法管轄區產生。當我們收購一家企業時，這些風險可能會增加，特別是當我們能夠就收購進行的財務、稅務和其他盡職調查的範圍或性質受到限制或限制時，或者供應商隱瞞重要信息時。鑑於我們的業務性質，我們還面臨着全球數字稅收政策的普遍變化。

我們不時制定撥備以考慮所得稅和間接稅方面的不確定性以及時間和會計差異，包括但不限於與我們收購的業務有關的撥備。雖然我們使用我們認爲合理的假設和估計制定了稅收和其他撥備，但考慮到我們運營所在國家/地區稅收制度固有的風險和不確定性，這些撥備可能被證明是不夠的。稅務機關對我們的稅務義務做出的任何不利決定都可能會對我們的業務、財務狀況和經營業績產生不利影響，並可能對我們在相關司法管轄區的運營和我們的聲譽產生不利影響。

我們可能是或成爲一家被動外國投資公司（「PFIC」），這可能會導致美國持有人面臨不利的美國聯邦所得稅後果。

就美國聯邦所得稅而言，我們將在任何課稅年度成爲被動型外國投資公司(「PFIC」)，在任何課稅年度，在對子公司實施某些前瞻性規則後，如果(I)我們的總收入的至少75%由被動收入組成，或(Ii)我們的資產平均價值(通常按季度確定)至少有50%由產生被動收入的資產組成，或爲產生被動收入而持有的資產。被動收入通常包括股息、利息、租金、特許權使用費和某些資本收益。現金通常是一種被動資產。商譽在一定程度上是積極的，可以歸因於產生或打算產生積極收入的活動。基於我們目前和預計的收入和資產構成，以及我們資產的預期價值，包括商譽，這是基於我們普通股的預期價格，我們預計本納稅年度不會成爲PFIC。然而，由於PFIC的地位是以年度爲基礎確定的，任何關於PFIC地位的確定可能要到有關的每個納稅年度結束時才能知道，而我們在本課稅年度和任何未來納稅年度的PFIC地位將取決於我們未來的收入和資產的構成，因此不能保證我們不會在任何納稅年度成爲PFIC。

如果我們是美國投資者持有普通股的任何納稅年度的PFIC，在美國投資者持有此類普通股的後續納稅年度，我們通常會繼續被視爲該美國投資者的PFIC，即使我們不再滿足成爲PFIC的門檻要求。在這種情況下，這樣的美國投資者通常將受到不利的美國聯邦所得稅後果的影響，包括(I)將出售普通股的任何收益的全部或部分視爲普通收入，(Ii)對這些收益應用遞延利息費用，並收取某些股息，以及(Iii)遵守某些報告要求。我們不打算提供信息，使投資者能夠進行合格的選舉基金選舉，如果我們是PFIC，可能會減輕美國聯邦所得稅的不利後果。如果我們要被歸類爲PFIC，請諮詢您的稅務顧問關於擁有和處置普通股的美國聯邦所得稅後果。

如需進一步討論，請參閱「稅收-實質美國聯邦所得稅考慮」。

我們於2022年12月28日註冊成立爲豁免股份有限公司。2023年8月25日業務合併完成後，「noco-noco Inc.」（原名Prime Number Holding Limited）成爲本集團的最終母公司。2023年8月28日，我們的普通股和認購證開始在納斯達克資本市場（「納斯達克」）交易，代碼分別爲「NNC」和「NCNCW」。該公司的證券和期權於2024年11月25日開市時在納斯達克資本市場暫停交易，並轉移到場外（「OTC」）市場進行交易，分別以「NCNCF」和「NCNWF」代碼進行交易。

該公司的法定名稱爲noco-noco Inc.公司於2022年12月28日註冊成立爲豁免股份有限公司。自年以來，該公司一直是noco-noco財務報表的合併實體

業務合併於2023年8月25日完成。公司的歷史和發展以及業務合併的重大條款載於表格F-4中題爲「委託聲明/招股說明書摘要」、「業務合併提案」、「與PubCo相關的信息」和「PubCo證券描述」的部分，這些內容通過引用併入本文。有關公司和業務合併的更多信息，請參閱本報告中的「解釋性註釋」。有關公司的某些信息在「第4.b項-業務概述」中列出，並通過引用併入本文。業務合併的重大條款載於本報告第10項。

該公司的註冊辦事處位於89 Nexus Way，Camana Bay，Grand開曼群島，KY 1 -9009，開曼群島，其主要執行辦事處位於3 Temasek Avenue，Centennial Tower，Level 18，Singapore 039190。公司主要網站地址爲http：//noco-noco.com.我們不會將公司網站上包含或可通過公司網站訪問的信息納入本報告，您不應將其視爲本報告的一部分。SEC維護一個Internet Plus-related網站，其中包含報告、代理和信息聲明以及有關以電子方式向SEC提交的發行人的其他信息。美國證券交易委員會網站是 Www.sec.gov.

以下討論反映了諾可可-諾可可的業務。除非上下文另有所要求，否則本節中所有提及的「公司」、「我們」、「我們的」或「noco-noco」統稱爲noco-noco Inc.。及其子公司。

我們的成立是爲了成爲亞洲的早期脫碳解決方案提供商，旨在主要從事（i）向商業交通公司租賃電池產品，包括電池和BEV，並向可再生髮電廠和其他需要電網穩定和備用電力的發電廠租賃ESS;（ii）爲土地所有者提供碳減排解決方案和碳信用額銷售。根據美國證券交易委員會第405條規則，該公司因其名義資產且缺乏重大業務而符合「空殼公司」資格。在成功完成業務合併或開發運營業務之前，管理層沒有計劃爲公司的證券（無論是債務還是股權）開發市場。只要遵守該法案的定期報告要求，公司將繼續遵守該法案的定期報告要求。

該公司未來12個月及以後的主要目標是通過業務合併或運營業務的成功發展實現長期增長。截至本報告日期，公司尚未與潛在的業務合併候選人達成任何最終協議或具體討論。該公司在尋找、分析和參與潛在商業機會方面擁有不受限制的靈活性。

我們採用獨特的自有租賃業務模式，根據客戶的要求，通過OEM製造電池產品並將其出租給客戶。與電池產品銷售相比，自有租賃業務模式有助於我們的客戶節省前期投資和運營資本支出。在這種商業模式下，我們還與汽車製造商和OEM合作，在合作伙伴經營的地區開展租賃業務，以保護自己免受資本、運營和當地監管風險的影響。

我們依靠與3DOm聯盟達成的獨家許可協議，利用其最先進的知識產權和技術來開發和製造我們自己的電池產品和服務。這些最先進的技術使我們能夠生產電池，我們相信，與傳統電池相比，這些電池的設計壽命更長、可靠性更高，並且更能抵抗高工作溫度和熱失控。我們在3DOm聯盟中作爲其專利和技術的獨家被許可者的獨特地位，也使我們能夠充分利用3DOm聯盟通過與領先大學和教授的各種合作和協作安排開發或授權的技術進步，爲我們的電池產品。爲了擴大我們的業務並提高我們的生產力，我們還與戰略合作伙伴（主要包括知名汽車製造商和電池製造商）簽訂了多項諒解備忘錄。

此外，我們還從事碳減排解決方案和碳信用額銷售。我們與土地所有者客戶合作，減少他們過度的碳排放併產生碳信用額。這些碳信用額可以通過我們的客戶網絡出售給監管機構，或在二級市場上出售，所產生的收入由我們的土地所有者客戶和我們共享。我們通過積極的營銷努力將碳信用額出售給需要碳抵消的公司。除了將我們的電池產品租賃給他們之外，我們還將它們交叉銷售給我們的電池業務客戶，以抵消他們運營中的碳排放。由於我們的電池業務客戶普遍面臨業務運營脫碳的壓力，除了租賃業務外，我們對碳信用額的交叉銷售將提高我們的競爭力，並在我們的產品和服務產品之間產生協同效應。

利用我們電池產品的最先進技術、我們獨特的自有和租賃業務模式以及向電池業務客戶交叉銷售通過我們的碳減排解決方案獲得的碳信用額，我們相信我們有能力利用全球交通電氣化的勢頭和全球碳減排目標。

我們相信以下競爭優勢有助於我們的成熟，並將有助於推動我們未來的增長。

State-of-the-art Technologies Enables Highly Reliable and Longer-lasting Battery Products

我們從我們的大股東3DOM聯盟獲得了一系列最先進的專利和技術，涉及電池下跌的使用、電池管理系統、電池單元和組件型號以及電池單元等。與傳統電池相比，這些技術使我們能夠生產出壽命更長、可靠性更高、更耐高溫和熱脫軌的電池。例如，由於我們的隔膜具有更高的孔隙率和均勻間隔的三維結構，離子傳導性變得更有效，從而減少了樹枝晶的形成，樹枝晶是電池不安全風險的主要來源，如起火、快速變質和對高溫的彈性差。此外，我們的分離器具有高孔隙率，比傳統分離器更具溼潤性。這使得我們的電池能夠使用高粘度、低揮發性的電解液，提高其耐火或耐熱和高溫降解的能力。因此，我們的電池還可以避免由於高熱條件而導致的快速劣化，這會給低粘度電解液的傳統電池帶來問題。

此外，我們與3DOm Alliance作爲其專利和技術的獨家許可人的獨特地位使我們能夠通過與頂尖大學和教授就我們的電池產品達成各種合作和協作安排，充分利用3DOm Alliance開發或獲得許可的技術進步。例如，2011年10月，日本電池研究領域的領先權威、3DOm Alliance的首席技術官金村清教授將其專利《二次電池隔膜和鋰二次電池使用隔膜》的獨家版權授權給3DOm Alliance。這項關鍵專利使3DOm Alliance能夠開發和使用、製造和租賃我們高度可靠和長壽命的電池。3DOm Alliance還獲得了日本一所知名大學的技術支持，研發高可靠、長壽命的電池隔膜，補充了3DOm Alliance的研發能力。與頂尖大學和教授的合作和支持是對3DOM Alliance在電池行業研發能力的認可，這使我們能夠生產高度可靠和長壽命的電池，更好地服務於客戶的利益。

我們採用獨特的自有租賃業務模式，通過OEM根據客戶的要求生產電池產品，包括電池、BEV和ESS，並將其出租給我們的客戶，主要由亞洲的商業交通公司、可再生能源工廠和其他需要電網穩定和備用電源的發電廠組成。傳統上，企業購買電池產品需要花費巨額的前期資本支出和運營費用。然而，在我們的自營和租賃商業模式下，我們的客戶只需要租賃我們的電池產品，而不必購買它們，使我們的客戶運營BEV和可再生能源工廠更負擔得起。此外，由於3DOM Alliance授權的先進技術，我們的電池的使用壽命通常是傳統電池的兩倍，這表明我們的電池每循環的價格通常比傳統電池低約30%至35%。

根據內部評估，我們的X-SEPATM 對1C速率的電池進行了4，500次循環的測試，並將平方根定律應用於測試結果，發現能夠持續6，000次循環，然後才降至健康狀態（“Soh”）的60%。然而，使用傳統隔板的類似電池在SOH降至60%之前只能持續2，800次循環。隨着X-SEPA的生命，2023年3月的評估產生了更令人印象深刻的結果TM 電池在70%的較高SOH下實現6，400次循環。2023年4月的最近評估顯示，我們的X-SEPATM 發現配備耐高溫電解質的電池理論上可以實現大約9，000次循環，然後才降至60%的SOH。

我們電池的更長壽命也使我們的電池有兩個使用壽命-我們的電池可以在第一個生命週期（通常租賃長達八年）中用於電動摩托車、電動貨車、電動巴士和電動卡車的BEV，然後用於可再生髮電廠和其他在第二個生命週期（通常租賃長達十年）需要電網穩定和備用電力的發電廠的再生能源發電廠。這種級聯使用模式加上租賃付款的長期分期付款，預計將幫助我們吸引資本密集型運營的客戶。

由於高資本支出是交通運輸行業電氣化以及從化石燃料電力向可再生能源轉型的主要阻礙，我們相信我們的自有租賃業務模式對於加速從ICE車輛向BEV的轉型以及普遍使用ESS來支持和優化可再生能源發電至關重要。

我們已與知名汽車製造商和OEM合作伙伴簽訂了一系列諒解備忘錄，建立戰略業務合作伙伴關係，最終目標是在他們即將推出的電池驅動電動汽車中部署我們的電池。例如，我們已與Assemblepoint Co. Ltd簽訂了一份諒解備忘錄，在菲律賓的最後一英里四輪電動小巴中使用我們的電池。我們相信，電池技術的成功聯合開發以及將我們的電池整合到知名汽車製造商的車輛中將極大地擴大我們的業務和運營，並提升我們的品牌聲譽。

此外，我們打算與電子廢物回收服務提供商合作，收集我們的舊電池，以與我們的碳減排解決方案業務協同發展。

我們幫助我們的客戶，主要是森林、紅樹林、灌木叢或類似土地的土地所有者，減少他們的碳排放或吸收碳，並賺取碳減排項目產生的碳信用。具體地說，我們計劃在創造收入的同時減少和/或消除碳排放的方法，包括運營一個普通的碳信用賬戶，通過向監管機構提交碳信用來獲得碳信用，並利用我們的信息技術、科學和地圖繪製能力，確保隨後的買家銷售碳信用。我們通常與客戶組建合資企業或合作伙伴關係來實施碳減排項目。當碳排放的某些要求和標準得到滿足時，我們的客戶可以向政府引入的監管機構申請碳信用。這些碳信用額度可以賣回給這些監管機構，也可以通過我們的客戶網絡在二級市場上出售，從中產生的收入根據我們和土地所有者客戶之間預先商定的比例進行分享。

此外，利用我們的碳信用產生能力，我們能夠將通過我們的碳減排項目產生的碳信用交叉銷售給我們的電池產品客戶，他們熱衷於減少他們在運營過程中產生的碳排放。由於這些客戶通常面臨業務運營脫碳的壓力，我們在租賃業務之外交叉銷售碳信用額度，我們相信這將提高我們的競爭力，並在我們的產品和服務之間產生協同效應。特別是，憑藉我們的碳信用產生能力，我們能夠捆綁提供租賃服務和碳信用銷售，一方面幫助我們的電池產品客戶抵消其運營產生的碳排放，另一方面提高我們客戶的粘性併產生額外的利潤。我們兩個業務部門之間的協同效應爲我們贏得了客戶的青睞和戰略合作機會。隨着零碳已成爲全球目標，碳信用的國際可交易性已變得可用和流行，我們相信我們處於有利地位，有可能從我們的電池業務和碳信用業務之間的協同效應和交叉銷售中獲得可觀的回報。

我們由經驗豐富的首席執行官松村正高先生領導和影響，他在電池行業根深蒂固。松村先生深刻的業務洞察推動了我們戰略業務方向的可持續發展。他的戰略遠見和對電池行業的深入了解幫助我們根據市場趨勢和發展做出關鍵的業務決策。

自成立以來，我們得到了大股東3DOm Alliance的大力支持，並實現了巨大的協同效應。3DOm聯盟是電池隔板、鋰離子電池等電池技術研發的先驅，連續兩年被新能源與工業技術發展組織評爲創新項目。受益於「3多姆」品牌的市場認可，我們相信我們有能力在客戶中推廣我們的服務產品，並使自己與競爭對手區分開來。

We are an early-stage decarbonization solution provider in Asia, aiming to primarily engage in (i) the leasing of battery products, including batteries and BEVs to commercial transportation companies, and of ESS to renewable power plants and other power plants requiring grid stabilization and backup power; and (ii) carbon abatement solutions for landowners and carbon credit sales.

We operate a unique own-and-lease business model where we manufacture, upon our clients’ requests, our battery products through OEMs, including batteries, BEVs and ESS, and lease them to our clients, primarily consisting of commercial transportation companies, renewable energy plants and other power plants requiring grid stabilization and backup power in Asia. Traditionally, it would cost tremendous upfront capital expenditure and operation expenses for companies to purchase the battery products. However, under our own-and-lease business model, our clients only need to lease our battery products without having to purchase them, enabling operation of BEVs and renewable energy plants more affordable. Alternatively, our clients are also able to place orders to customize their battery products with specific specifications using the licensed-in X-SEPATM separator technology. See “— Our Pipeline Products and Services — X-SEPATM Separator.”

We plan to partner with automakers and manufacturers to conduct our leasing business of batteries and BEVs. We plan to cooperate with automakers as OEMs to produce BEV bodies upon orders placed by our clients to satisfy their demand. We also plan to engage battery manufacturers as OEMs for the mass manufacturing of our highly reliable and long-life batteries, which will be applied to our BEVs. Our BEVs are expected to be leased to our clients at a cost-effective rate to attract more clients and achieve our competitiveness among our competitors. These BEVs may include e-buses, e-vans, e-trucks, e-motorbikes, and last-mile delivery vehicles. We expect to focus our operations in the Southeast Asia and South Asia, including Thailand, the Philippines, Indonesia, India, and Singapore. In addition, we plan to leverage our in-house battery management system (“BMS”) integrated with data process and mesh networking technologies to optimize energy usage of our battery products and to develop intelligent batteries.

We plan to lease our ESS incorporating our highly reliable and long-life batteries to power producers, including renewable energy plants and other power plants requiring grid stabilization and backup power. We also expect to provide key technological solutions to help resolve battery-related issues in our clients’ energy storage process. With our highly reliable and long-life batteries and systems that can monitor battery conditions and allocate batteries for primary or secondary use, we believe our clients will be able to lower the costs of their energy storage solutions. In addition, we plan to explore together with our clients on opportunities to apply our batteries to a broader coverage of energy storage, including developing battery systems for the electrification of commercial vessels, and using battery tankers to transport energy from offshore farms to onshore ones.

We provide our carbon abatement solutions to help our clients reduce their excessive carbon emissions and generate carbon credits. Specifically, we plan methodologies of reducing and/or removing carbon emissions while creating revenue by operating a general carbon credit account, procuring carbon credits through submission to regulators, and securing subsequent buyers for sales of carbon credits, leveraging our information technology, science and mapping capabilities. We typically form a joint venture or a partnership with our landowner clients to carry out the carbon abatement projects. See “— Key Terms of Carbon Abatement Project Agreement” for more details regarding the arrangements of our carbon abatement projects.

We undertake extensive geography survey mapping to create an overlay of the potential target areas, and identify existing and new activities in land, vegetation, crops and others to analyze their carbon abatement potentials. By using carbon-based feasibility studies, geo-fencing and land analysis, we map the farming enterprise and calculate the current emissions. For example, we conduct on-ground site measurements combined with satellite mapping to mark the area that can be covered under subsequent applications, and assess the current status of the vegetation and carbon capture and prepare a roadmap for future development of the area to further enhance the carbon absorption potential. Thus, we can project the reduction in emissions based on each modeled, recommended change from the initial farm carbon deficit to increase value for the project by creating new registerable carbon credits. Initial set up costs, including mapping and feasibility study costs, are disbursed by the landowners. Subsequently, we prepare an application for each carbon abatement project with the relevant government regulators, which identifies the specific land and provides extensive mapping data. Upon the submission of the application, the regulators will determine the value of the carbon abatement projects based on the application material and allocate a certain amount of carbon credits based on the mapping, type, volume and lifetime of the land.

我們的碳減排項目主要包括碳農業項目、避免森林砍伐項目和農村造林項目。碳農業項目以減少溫室氣體排放或捕獲和保留植被和土壤中的碳的方式使用農業。我們爲土地所有者提供諮詢和援助，同時齊心協力建立和啓動碳農業活動，以減少碳排放並賺取碳信用額。對於避免砍伐森林的項目，我們與土地所有者合作，促進避免砍伐樹木的農業規劃和生產，倡導更強大的生物多樣性以保護農村棲息地。與此同時，我們還呼籲亞太地區停止森林砍伐。重新造林和造林項目涉及在農業地區植樹。通過這樣做，該項目有助於減少進入大氣的溫室氣體量，因爲碳庫存在樹木生長過程中仍然儲存在樹木中。

我們還爲我們的客戶銷售他們在碳減排項目過程中產生的碳信用。當碳排放的某些要求和標準得到滿足時，我們的客戶可以向政府引入的監管機構申請碳信用。這些標準包括重新綠化土地的明確行動計劃，將農場牲畜產生的甲烷轉化爲替代能源，以及實施草原農場的清理和修剪措施，以避免草原被幹草燒燬，僅舉幾例。碳信用額度可以回售給監管機構，也可以通過我們的客戶網絡在二級市場上出售，從中產生的收入根據我們和土地所有者客戶之間預先商定的比例進行分享。我們通過積極的營銷努力，將碳信用出售給需要碳抵消的公司。除了將我們的電池產品租賃給他們之外，我們還向我們的電池產品客戶交叉銷售這些碳信用。

我們的碳減排解決方案和碳信用銷售業務目前主要在澳大利亞和巴布亞新幾內亞運營，預計未來將擴展到印度尼西亞、菲律賓和斐濟。根據澳大利亞和巴布亞新幾內亞的相關法律法規，開展業務不需要具體許可證。

在澳大利亞，我們使用各種農業方法提供碳減排項目，這些方法將大氣碳封存在土壤、作物植被和生物質中。我們的解決方案包括在土壤中儲存碳、種植原生樹木和灌木、管理種群以使原生森林重新生長、養牛群改善以及減少灌溉作物的一氧化二氮排放。通過這些碳中和效應，我們可以幫助這些土地所有者建立ERF項目並申請ACCU。土地所有者可以使用ACCU來抵消他們的碳排放，可以賣給政府，並可以在二級市場上交易。

ERF爲企業和土地所有者提供了一種機制，通過其減排活動賺取ACCU來參與澳大利亞緩解氣候變化的努力。我們在ERF政府門戶網站上提交個人碳項目

用於批准ERF碳合同或信用的發放。我們有權在澳大利亞和巴布亞新幾內亞境內的地點開展碳減排項目，並可以就此類項目實現的減排申請碳信用額。

碳信用額在減排項目接受和驗證後發放。我們負責促進可審計報告、碳項目註冊、碳減排合同以及通過澳大利亞國家排放單位登記處碳信用額的發放、營銷、審計和核算所需的其他顯示信息的流程，以便在碳市場上拍賣或轉售。

我們可以通過碳市場的拍賣或直銷將碳信用額出售給第三方。我們可以使用碳市場研究所碳市場拍賣碳信用額，或者通過我們的全球網絡將碳信用額直接出售給面臨減少碳排放壓力的第三方進行直接銷售。截至本年度報告發佈之日，我們已向CER承包並提交了六個碳減排項目，總面積爲65，000公頃，預計產量約爲100萬ACCU。

由於監管框架最少，巴布亞新幾內亞的碳市場的運作方式與澳大利亞不同。巴布亞新幾內亞的碳市場由其豐富的自然資源（特別是森林）推動，在全球碳封存中發揮着至關重要的作用。巴布亞新幾內亞當前的碳市場主要關注自願碳抵消項目（例如REDD+）。

在格拉斯哥舉行的第26屆聯合國氣候變化締約方會議（COP 26）之後，澳大利亞、斐濟和巴布亞新幾內亞通過印太碳抵消計劃合作，在印太市場產生高完整性的碳抵消。見“- 政府規章.”

截至本年度報告之日，我們已在巴布亞新幾內亞簽約交付30多個碳減排項目，總面積達530萬公頃，預計可產生約15900萬噸巴布亞新幾內亞碳信用額。此外，截至同一天，我們已成功提交了其中11個碳減排項目，總面積430萬公頃，產生約12800萬碳信用額。

2023年8月29日，巴布亞新幾內亞氣候變化與發展局（「CEDA」）通過一封正式信函承認其對Hop2it Holdings Pte子公司提交的巴布亞新幾內亞兩個碳減排項目的支持。Ltd.（「Hop2it」）轉讓給CCMA。

在Hop2it在巴布亞新幾內亞獲得的30多個合同項目中，這兩個項目涉及避免砍伐森林。Hop2it的股東是NOCO-NOCO和兩名少數股東，他們與NOCO-NOCO Pte有一份重組契約。根據該協議，Hop2it的碳減排項目利潤的52%將支付給我們。此外，根據契約條款，Hop2it的碳減排管理業務以及未來Hop2it碳減排管理業務的所有潛在經濟效益將通過我們的子公司NOCO-NOCO Australia Pty Ltd.進行並轉讓給NOCO-NOCO Australia Pty Ltd.，NOCO-NOCO擁有該公司52%的股份，Hop2it的少數股東擁有48%的股份。截至本年度報告日期，兩名少數股東已與吾等接洽，並正與彼等商討重新磋商重組契據的條款，以調整彼等在NOCO-NOCO Australia Pty Ltd的持股比例及各自在NOCO-NOCO Australia Pty Ltd的碳減排項目中的經濟利益；如果雙方就此重新磋商達成共識，吾等在NOCO-NOCO Australia Pty Ltd的持股比例及吾等在NOCO-NOCO Australia Pty Ltd的碳減排項目中的利潤份額可能會相應減少。

CCMA審查的前兩個項目是（1）海灣省基科裏區的An Orumako習慣土地所有者區，和（2）中部省阿鮑區的多雲灣習慣土地所有者區。這些地塊的面積分別爲52，750公頃和148，434公頃。CCMA認識到：

我們通常與土地所有者客戶成立合資企業或合作伙伴關係，在澳大利亞和巴布亞新幾內亞開展碳減排項目，其關鍵條款如下：

合資企業或合夥企業的目的。雙方成立合資企業或合作伙伴關係，將專業知識、管理和財產資源結合起來，通過在國內和國際市場上銷售碳信用額來支持減少排放併爲我們的客戶創造額外收入。

服務期限和續訂。該協議通常自生效之日起至2030年（「初始期限」）完全有效。初始期限到期後，協議應自動續訂，每次連續五年，直至2050年，但任何一方須在初始期限或任何續訂期限到期前提前書面終止通知。

我們的服務. 我們提供地理調查服務並繪製客戶的所有碳封存能力，旨在識別客戶提供並由我們管理的土地上可能存在的任何現有牧場、植被、農作物、紅樹林、森林或草原的所有碳減排能力。特別是，我們的服務包括碳基可行性研究、地理圍欄和土地分析以識別碳排放量以及提交合同和其他政府文件以發放碳信用額。

監管提交和批准。作爲碳減排經理和註冊代理，我們管理監管提交流程以及碳減排項目產生的碳信用額的國內和國際銷售和營銷。特別是，我們提供並運營一個包含BER的在線門戶，並提供政府審計和賬戶碳信用證書問題的訪問權限。政府通常會在提交已批准的碳項目合同後90天內頒發有效的碳信用證書。

碳的銷售。我們在國內市場通過拍賣或直銷或通過海外商業關係在國際市場將碳信用額出售給第三方公司。

碳信用額銷售收入的分配。扣除運營費用和支出後，淨收益按預先商定的百分比在各方之間分配。通常，淨收益的20%至60%將分配給我們，其餘80%至40%將分配給整個土地所有者客戶和項目官員（如果有的話）。

付款時間表。我們的土地所有者客戶和我們同意爲初始期限設定保證基本價格。我們安排在政府或國際外匯市場或直銷買家繳納初始按金後的三個工作日內付款。當碳減排項目產生的利潤超過基準價格預先商定的百分比時，我們的土地所有者客戶將獲得額外付款。

排他性。由於碳減排行業的專業性以及我們參與該項目的長期性，該協議是獨家簽訂的。

保密協議。未經受影響一方明確書面同意，任何一方均無權向任何個人或實體披露與另一方業務相關的任何機密信息，法律要求的除外。

終止。任何一方均可在初始期限或任何續訂期限到期前至少30天（但在任何情況下均不得超過60天）提前書面通知另一方終止協議。經雙方書面同意，隨時也可以終止協議。協議到期或終止時，各方在協議下有關合資企業經營和管理的義務應立即終止。

我們的主要管道產品包括（i）X-SEPATM 隔板和（ii）鋰錳鐵磷酸鹽（LFP）陰極。

我們的電池配備X-SEPATM 隔板由3DOm聯盟經過八年的研發開發，由於我們的X-SEPA，與傳統電池相比更可靠、更持久TM 隔板的孔隙率高且均勻，液體吸收率高，耐熱性高。以下是使用X-SEPA的電池結構的說明性圖片TM 分隔符：

我們的X-SEPATM隔膜具有孔隙率高且均勻的獨特優勢，這是高離子導電性的關鍵，從而延長電池壽命，避免樹枝晶形成，樹枝晶是引發火災和爆炸的主要原因，也是電池快速退化的主要原因。X-SEPATM分離器具有70%以上的孔隙率，而傳統分離器的孔隙率約爲40%。傳統的分離器是通過單軸拉伸的方法制成的，這種方法只能通過撕裂產生形狀不規則、分佈隨機的孔隙。在我們的案例中，我們能夠通過3DOm Alliance，通過使用帶有珠子的聚酰亞胺前驅體的獨特製造工藝，生產出均勻且密度高的孔，並通過乾燥、分離、亞胺化和熱去除珠子的過程，從而產生形狀規則、分佈均勻的孔。下圖顯示了通用PP分離器和我們的X-SEPA的不同生產方法TM分隔符：

X-SEPA的獨特生產方法TM 隔板使我們能夠提供具有預先指定的孔尺寸和密度的定製隔板，這有助於實現所需的電池性能參數。此外，通過3層模具配置，我們現在能夠提供具有3層的隔板，其中中間層的孔隙率低，兩個外層的孔隙率高。中間層可以爲整個隔板提供強度，而高孔隙率的外層可以增加壽命，並使電池的高C充電/放電率成爲可能，而不會造成損壞和變質。以下是X-SEPA結構的說明性圖片TM 分隔符：

此外，X-SEPATM 隔板因其高且均勻的孔隙率而具有高的可溼潤性。這使我們能夠使用高粘性電解質，這種電解質不揮發，可以防止爆炸。此類電解質的粘性是傳統電解質的30倍，在高溫下也不容易蒸發，因此可以增強電池性能。25 mAH鎳錳鈷（NMC）電池，採用非揮發性電解質並使用X-SEPATM 隔板，在60攝氏度的溫度和0.5C的充/放電率下，可以持續600次循環，直到容量保持率降至60%。不帶X-SEPA的類似電池TM 在相同條件下，分離器只能持續370次循環。X-SEPATM 因此，隔板對於生產能夠承受非常高的工作溫度條件而不會導致電池功能迅速惡化的電池至關重要。

此外，我們的電池，與X-SEPATM安裝了隔膜，具有高耐熱性，在異常條件下具有高可靠性，並且壽命幾乎是其他電池的兩倍。使用X-SEPA的電池容量保持率TM在25攝氏度和1攝氏度的工作溫度下，隔膜僅在7,300次循環後降至60%，而沒有X-SEPA的電池TM分離器在相同條件下循環3,300次後，保留率降至60%。如果工作溫度上升到45攝氏度，我們的電池在3600次循環後保持率降至60%，而另一種電池只能持續1450次。在最近一次60攝氏度的測試中，我們的電池在保持容量下降到80%之前能夠達到2000次循環，這大約是其他電池可以實現的循環次數的5倍。根據歐洲汽車研發理事會(European Council for Automotive R&D)的說法，用傳統隔板對電池單元進行釘子滲透測試，導致了熱失控和排氣。EUCAR“)危險等級4，同時測試配備我們的X-SEPA的電池組TM分離器沒有導致熱失控，也沒有產生煙霧或火焰，符合EUCAR危險級別2。

X-SEPA的高均勻孔隙率TM 隔板還使其非常適合鋰金屬陽極、固體電解質電池。2020年7月開發並測試了鋰金屬陽極電池樣品，成功實現了200次循環，能量密度爲400 Wh/kg。我們預計單層隔板將於2025年第一季度開始批量生產，自2023年2月以來已提供3層樣品供客戶測試。3層隔板的批量製造計劃於2025年第一季度開始。X-SEPA的製造TM 分離器預計將由3DOm聯盟和OEM進行。

下圖顯示了傳統電池和使用X-SEPA的電池之間的差異TM 分隔符：

磷酸鐵鋰（LFP）電池越來越多地用於取代價格更貴的鎳鈷鋁（NCA）和鎳錳鈷（NMC）電池，但LFP電池具有能量密度較低的缺點。2014年，3DOm Alliance開發了一種使用磷酸鋰錳鐵（LFP）製成的正極的電池，與LFP電池相比，該電池具有更高的能量密度和更低的成本。我們由3DOm Alliance開發的LFP電池的能量密度比LFP電池高出約30%，壽命約爲6，000次循環，而第三方LFP電池的壽命爲3，000次循環。儘管我們的LFP電池的平均成本高於LFP電池，但由於使用壽命長得多，我們的LFP電池每週期的成本約低35%。我們預計LFP陰極將於2025年第一季度開始商業化。

3DOm Alliance是我們的大股東，從事各種電池技術的研發。3DOm聯盟的歷史可以追溯到2011年，當時日本專利局將「二次電池隔板和使用該隔板的鋰二次電池」專利授予金村清教授，隨後獨家授權給3DOm Technology Inc.，3DOm聯盟的前身。2015年至2017年，3DOm聯盟躋身技術創新項目名單之列，並獲得了一系列政府和大學的支持。2018年，3DOm Alliance開始製作固態電池樣品，並於次年晚些時候向BEV製造商交付了第一批使用其專有電池技術的電池。2019年，3DOm聯盟還開始開發EMS應用程序。2020年，3DOm聯盟爲其分離器X-SEPA安裝了小規模生產線TM，生產鋰金屬陽極電池樣品進行測試。

我們於2022年11月22日與3DOm Alliance簽訂了獨家、不可撤銷的許可協議，使我們能夠使用3DOm Alliance的尖端技術製造我們的電池產品。根據我們的協議，3DOm Alliance向我們授予了其某些專有和許可專利和其他知識產權，以及機密專業知識和其他信息，除其他外，與電池級聯使用、電池管理系統、電池單元和電池組模塊、碳信用額租賃、商業模式任務分配設備、電池單元、電子設備控制設備通信終端和電子設備、基於降級的計費預測和基於降級的計費預測（「3DOm IP Rights」）。

期限：許可協議的期限是永久的，除非因違約、破產或無力償債而終止。

許可證授予： 3DOm Alliance授予我們全球範圍內的、獨家的、不可撤銷的3DOm知識產權許可，以製造、進口、出口、使用或銷售包含3DOm知識產權或由3DOm知識產權產生的產品（「許可產品」）。

技術援助：3DOm聯盟將爲我們利用3DOm知識產權提供技術援助。

優先購買權：當3DOm Alliance打算許可其知識產權時，我們有權首先拒絕就其擁有或收購的3DOm Alliance的任何進一步知識產權進行談判。

排他性： 3DOm Alliance不得在永久授予我們的許可範圍內實踐或向任何第三方授予任何實踐3DOm知識產權的許可。

版稅：我們有義務在每個季度結束後六十（60）天內每季度支付3DOm Alliance特許權使用費，相當於使用每項3DOm知識產權產生的毛利潤的百分之三（3%）。特許權使用費率可以通過雙方書面同意進行修改。許可使用協議生效一週年後，任何一方均有權協商每年調整特許權使用費率。

終止：當另一方未能提前三十（30）天書面通知支付任何到期金額時，或另一方未能履行任何義務且未能在六十（60）天通知期內補救時，任何一方均可終止許可協議。發生上述任何違約事件後，非違約方應向違約方發出書面終止通知，終止自通知中規定的日期生效。3DOm Alliance還可以在我們破產或無力償債時通過書面通知終止許可協議。

作業：許可協議或我們授予的任何權利的所有轉讓均無效，除非（i）轉讓給我們的任何附屬公司，或（ii）按照協議明確允許的方式轉讓。

預付款：我們有義務向3DOM聯盟一次性支付3,000美元的萬許可費，這筆費用可以退還。此類預付款應從協議項下的任何特許權使用費中扣除，以便在到期和應支付時從特許權使用費中扣除預付款金額。如果預付款在五年期末從預付款的最後一期開始的最後一次扣除版稅後有任何剩餘金額，則應我們的要求將剩餘的未使用金額退還給我們。根據日期爲2023年5月10日的許可協議(「補充協議」)的補充協議，預付款項將在業務合併完成後分系列分期支付，金額和償還時間表由3DOM Alliance與我們商定。雙方應真誠地協商分期付款計劃，並考慮到我們的營運資金需求以及完成業務合併後我們的流動性和可用資金資源。

與商業化有關的義務：我們應負責獲得所有必要的政府批准，以行使許可協議項下的知識產權，包括開發、製造、分銷、銷售和使用任何許可產品，費用由我們承擔，包括但不限於任何安全研究。關於使用特許產品的任何警告標籤、包裝和說明，以及任何特許產品的質量控制，我們將負全部責任。3DOM聯盟同意爲我們公司提供合理的幫助，包括通過提供3DOM的技術訣竅，在獲得上述批准、行使知識產權和進行質量控制方面。關於3DOM知識產權的商業化，我們將定期與3DOM聯盟協調和諮詢，以制定和實施我們在以下較早時期的業務計劃：在簽署許可協議後的頭三年，或當3DOM聯盟合理地確定不再需要這種協調和諮詢時。

改進的免版稅許可：如果此類改進不包含在3DOm知識產權範圍內，我們將擁有其創建的許可產品改進（「改進」）的所有權利。我們向3DOm Alliance授予了改進措施的非排他性、免版稅許可，嚴格用於3DOm Alliance的非商業研究目的，不受時間或地理區域的限制，3DOm Alliance有權出於非商業研究目的向其他非營利機構進行轉許可。

政府資助：由於3DOm Alliance與感興趣的政府的任何資助或其他支持相關的義務，我們在許可證下的權利和義務可能會發生變化。

新加坡電池的進口、儲存、使用、交易和處置受新加坡多項立法監管，包括但不限於新加坡1999年《環境保護和管理法》（「EPMA」）和新加坡1987年環境公共衛生法（「EPHA」），兩者及其各自的附屬立法均由新加坡國家環境局（「NEA」）管理。

根據EPMA，某些特定危險物質的進口在這樣做之前需要獲得許可證。此類危險物質的儲存、使用和處理還必須以保護所有人以及環境的健康和安全的方式進行。雖然我們的電池不含任何受EPMA許可制度監管的危險物質，但我們將繼續監控未來的任何製造變化和電池開發，並將根據需要申請此類許可。

此外，廢棄和/或廢電池以及其他成分化學廢物產品（統稱爲「電池廢物」）的處置受EPMA、EPHA和新加坡2019年《資源可持續發展法》（「RSA」）的監管。根據EPMA，未經NEA書面許可，我們不得將電池廢料和其他污染物排放或導致排放到任何排水溝或土地中。此外，根據EPHA，我們必須以適當、有效的方式儲存電池廢料，以免造成滋擾或對人員造成任何風險、傷害或傷害，或可能污染環境，並且必須

在授權的處置設施處置電池廢料。RSA還特別規定，電池廢料必須通過根據EPHA獲得許可的廢物收集器或電子廢物回收器進行處理。

新加坡2006年《工作場所安全與健康法案》（「WSHA」）及其附屬立法規範工作場所工作人員的安全、健康和福利。它適用於新加坡的所有工作場所（某些豁免除外），通常要求僱主、佔用者和其他利益相關者維護某些安全、健康和福利標準。

根據《WSHA》，我們有義務採取合理可行的措施，確保員工、承包商以及直接或間接分包商在工作中的安全和健康，包括但不限於維護工作場所的設施和安排，對機械和設備採取充分的安全措施，並確保此類人員在加工、儲存和加工過程中不會暴露於危險之中在被佔領場所運輸和/或處理物品。我們需要維護安全和健康管理系統，並持續監控合規性。此外，我們還需要採取合理可行的措施，確保我們所佔用的場所（例如儲存設施）的任何進出點以及場所內保存的所有機械、設備或物質都是安全的，並且不會對這些場所內所有人的健康構成風險。

新加坡《1993年消防安全法》（「FSA」）規範新加坡場所的消防安全、火災危險和防火安排。由於我們的一些電池含有鋰化合物和其他易燃材料，根據FSA，我們可能需要獲得進口和/或運輸電池以及在存儲設施存儲電池的許可證。該物業產生的被視爲易燃材料的廢物也必須根據相關當局頒發的儲存許可證進行處置。如果需要，我們將在稍後在新加坡進口和/或運輸此類電池時申請此類許可證。

澳大利亞聯邦政府根據2011年《清潔能源監管法案》和2011年《碳信用額（碳農業倡議）法案》建立了ACCU計劃。該計劃旨在激勵項目減少排放，作爲ERF的一部分。BER是監管機構，負責（i）管理ACCU計劃及其下運營的項目，以及（ii）ACCU項目合規、監督和執行。BER由《2022年清潔能源監管法案》設立和管理。氣候變化、能源、環境和水部負責ACCU計劃的總體政策、管理立法併爲部長提供建議。

ERF根據2011年《碳信用額（碳農業倡議）法案》和2015年《碳信用額（碳農業倡議）規則》設立。土地註冊所有者和註冊建議者能夠通過在其土地或業務範圍內開展減排活動來創造價值。這些活動涉及減少碳排放或去除和儲存植被和/或土壤中的碳。

符合條件的項目每減少、避免、清除或儲存一噸排放，就可以獲得一個ACCU。

在ACCU銷售的一級市場上，澳大利亞政府是ERF反向拍賣流程的主要買家，政府還可以與項目支持者（反向拍賣計劃之外）簽訂直接合同來購買ACCU。碳信用額也可以通過二級市場出售，其中包括私人投機、私人碳承諾或向各自項目的其他支持者出售。目前沒有可交易的碳信用額交易所。澳大利亞正在推出澳大利亞碳交易所（「ACE」），該交易所將促進ACCU的購買、銷售和結算。ACE是否與國際市場融合尚未確定。

ACCU通過澳大利亞國家排放單位登記處（「ANREU」）購買和銷售，每個單位都記錄在登記處。ANREU受《2011年澳大利亞國家排放單位登記處法案》和《2011年澳大利亞國家排放單位登記處條例》的管轄。

該登記處監控擁有、轉移以獲取收入、取消或放棄的積分。根據減排計劃註冊的每個支持者都必須在ANREU註冊。成功申請減排量後，信用額將發放到已登記的提案人登記處帳戶並可用於交易。

澳大利亞是印度-太平洋碳抵消計劃的締約國，該計劃允許通過碳減排項目獲得的信用額在私營部門公司之間公開交易。

澳大利亞政府對澳大利亞碳信用單位進行的最新獨立審查建議將政府購買ACCU的責任從BER轉移到另一個政府機構，以避免實際或感知的利益衝突。截至本年度報告之日，BER不再代表英聯邦舉行澳大利亞碳信用單位（ACCU）計劃拍賣。參與者無法再與減排委員會簽訂碳減排合同。政府正在就政府購買ACCU的目的和作用與利益相關者進行諮詢。政府將根據磋商結果決定購買ACCU的適當實體。截至本年度

據報道，政府尚未宣佈任何與新採購實體有關的立法修正案。新的採購實體被列爲優先改革之一，預計將在不久的將來公佈。

巴布亞新幾內亞有關開發碳項目、發放碳信用額和碳市場的法律和政策目前處於發展階段。政策制定者和立法者正在慢慢來制定適當的制度和監管框架，以創建一個可行的碳市場，該市場具有國際吸引力，爲當地土地所有者利益相關者提供服務，並確保遵守《巴黎協定》及其自己的憲法。當前的監管框架僅包括2015年《氣候變化（管理）法案》。長期實施的2023年氣候變化（管理）（碳市場）法規草案將爲碳項目支持者提供進一步明確的信息，並將得到衆多保障政策和REDD+戰略的支持。

氣候變化與發展局（「CEDA」）是巴布亞新幾內亞的法定機構，負責碳捕獲和儲存，協調所有氣候變化相關政策和行動，以及溫室氣體測量和報告等。過去，巴布亞新幾內亞林業局（「PNGFA」）頒發碳許可證，作爲其管理森林碳項目職責的一部分。現在，CCMA是監督碳市場和碳信用發放的主要機構，而PNGFA繼續在國家森林資源的可持續管理中發揮主要作用。

巴布亞新幾內亞目前尚未建立合規的碳市場，但自願市場多年來已經發放了碳信用額，取得了不同程度的成功。目前的運營自願碳項目是與土地所有者以及國家和省政府直接談判的協議。鑑於巴布亞新幾內亞碳市場行業處於發展階段，缺乏立法、政策框架和行政安排，缺乏充分參與國內和國際自願合規市場的信心。當前的一些自願碳項目正在轉向管轄範圍內的合規項目。

目前，巴布亞新幾內亞暫停了新的自願碳項目，因爲政府認爲需要一個更強大、更明確的監管框架，即《2023年氣候變化（管理）（碳市場）法規》草案。一旦該法規實施，自願合規碳市場預計將恢復批准新項目

巴布亞新幾內亞是印度-太平洋碳抵消計劃的締約方，該計劃允許通過碳減排項目獲得的信用額在私營部門公司之間公開交易。

2023年12月8日，巴布亞新幾內亞和新加坡簽署了《巴黎協定》第六條下的碳信用額合作實施協議。

由於其豐富的生物多樣性、歷史上較低的伐木率和「藍色生態系統」，巴布亞新幾內亞被認爲是碳捕獲和碳信用額銷售的潛在理想地點，這是減緩監管日益薄弱和激進的伐木作業的最佳方式。巴布亞新幾內亞國家法院已發佈禁令，禁止進一步伐木，直到伐木項目得到審計，但尚不清楚這是否有效。

根據日期爲2022年11月22日的許可協議，我們當前的所有知識產權和技術均由我們的大股東3DOm Alliance獨家許可。見“- 與3DOm聯盟的關係了解更多細節。

這些許可的知識產權包括在日本、美國和韓國註冊的五項專利。我們還有42項專利正在申請，其中5項是根據《專利合作條約》（「PCT」）申請，其餘37項專利正在日本、新加坡、歐洲專利局、中國、美國、韓國、泰國和臺灣申請。許可使用的知識產權還包括日本的四個註冊商標、新加坡的兩個註冊商標、日本申請的一個商標、新加坡申請的一個商標以及印度申請的兩個商標。我們授權的知識產權和技術主要用於電池級聯使用、電池管理系統、電池單元和電池組模塊、碳信用額租賃、電池單元、基於退化的計費預測和基於退化的計費預測。

我們通過要求我們的承包商、客戶和在爲我們工作過程中開發知識產權（包括機密信息）的其他人來保護我們的專業知識、商業祕密和其他任何類型的機密商業信息。

我們目前沒有任何客戶，因爲我們尚未將租賃服務和其他服務商業化。我們的業務主要針對商業交通公司以及可再生髮電廠和其他需要電網穩定和備用電力、具有環境問題、可持續發展目標和零排放使命的發電廠。根據我們對市場狀況和運營狀況的估計，我們預計將於2025年第一季度開始租賃業務。

我們碳減排解決方案業務的當前客戶主要是澳大利亞和巴布亞新幾內亞的土地所有者。

電池和能源存儲行業競爭激烈，對汽車排放的新監管要求、技術進步和不斷變化的客戶需求正在導致該行業向零排放解決方案發展。我們認爲市場上的主要競爭因素包括但不限於：

與乘用車市場的傳統原始設備製造商類似，現有的商業交通原始設備製造商揹負着遺留系統的負擔，並且需要從現有基礎設施上產生足夠的回報，這導致他們不願採用新的零排放傳動系統技術。這種不情願爲我們創造了機會，並使我們能夠在競爭中取得重大領先。我們相信，全球對低排放的推動，加上燃料電池和電池電動動力總成技術的巨大技術進步，喚醒了知名電池技術公司和汽車製造商，開始投資零排放交通。我們預計未來三年商業交通領域將加速從ICE車輛向BEV轉型。

我們的主要競爭對手是領先的電池技術公司。我們的電池具有各種優勢特徵，包括耐熱性、更高的能量密度、高充電率、高放電率、長壽命和提高的可靠性，適合不同的需求和操作條件，我們相信這將增加我們的市場份額。有關更多詳細信息，請參閱“- 我們的競爭優勢「和」- 銷售和營銷.”

此外，我們還爲面臨業務運營脫碳壓力的公司（例如物流公司）產生和提供碳信用額。見“- 碳減排解決方案和碳信用銷售了解更多細節。

我們目前正在談判正式建立幾個戰略合作伙伴關係，主要是與汽車製造商和電池製造商，以尋求更多互利的商業機會。

我們於2022年12月28日與3DOm Alliance和日本電動汽車製造商Assemble Point Co. Ltd.（「Assemble Point」）簽訂了諒解備忘錄。通過簽署該諒解備忘錄，我們的目標是共同開發電動迷你巴士及其電動迷你巴士的電池，並在菲律賓共同提供電池相關服務和無碳租賃服務。2023年12月28日，諒解備忘錄再延長一年，將於2024年12月28日到期。這次延期強調了我們對推進目前正在進行的發展計劃的承諾。

我們於2023年12月15日與Greenfuel簽訂了爲期兩年的業務聯盟諒解備忘錄，旨在通過具有卓越效率、性能和壽命能力的電池徹底改變印度的清潔電動出行格局。根據諒解備忘錄，我們將向Greenfuel提供內置X-SEPA™技術的電池，Greenfuel將使用這些電池製造電池組。Greenfuel還將帶頭在印度和非洲開展營銷和銷售活動，滿足各種應用的需求，包括無人機即服務（DaSaaS）和電池即服務（Baaz），以提供電池交換等解決方案。合作將分多個階段展開，最終制造能力由noco-noco（或其指定的第三方）確定，每季度供應3兆瓦時或每年供應12兆瓦時的電池。

2024年1月20日，我們與印度上市公司Neogen Chemical Ltd（NSO：NEOogen）的全資子公司Neogen Ionics（India）Ltd就Noco-noco的X-SEPA™技術簽訂了爲期3年的營銷和分銷協議。我們的目標是利用Neogen在印度電池製造行業廣泛的客戶網絡，迅速滲透到快速增長的印度電動汽車和能源存儲市場。該協議爲Noco-noco革命性的X-SEPA™電池隔板技術引入印度市場鋪平了道路，Neogen的最終目標是製造X-SEPATM 國內分離器。

我們的供應商主要包括（i）原電池材料供應商和（ii）製造隔板、電池單元和電池組以及BEV的OEM。我們正在與多家OEM汽車製造商和電池材料供應商建立業務關係。除了從供應商處購買產品外，我們還計劃與他們（特別是OEM）建立合作伙伴關係。我們還計劃與供應商密切合作，共同開發先進的電池材料來製造電池。

憑藉許可技術以及對東南亞和南亞市場的深入了解，我們採取洞察力驅動的戰略方法來實施我們的市場進入戰略。銷售活動通常由業務發展部門的全職員工進行。我們還與多家汽車製造商建立戰略合作伙伴關係，將我們的電池整合到他們的車輛中，以吸引市場更多關注。

我們根據客戶對電池的特殊要求，針對不同的客戶類型或地區定製不同的營銷策略。例如，我們開發和銷售高粘度電解液的電池，以便在工作溫度高的地區供應高度可靠和耐用的電池。對於需要高扭矩電池的應用，如無人機和跑車，我們採用X-SEPATM多層隔膜，開發不會變質的高C放電率電池。對於ESS市場，我們戰略上專注於開發可持續6000次循環的長壽命電池，以降低我們客戶的成本。關於我們的碳減排解決方案和碳信用銷售業務，我們通過從碳信用銷售產生的收入中獲得更高比例的份額，與更多的土地所有者獲得合同。此外，我們還展示了專業知識、行業知識、高標準的誠信以及與監管機構的密切關係。

我們的業務發展團隊負責人與我們的首席產品官和首席戰略官密切協商，制定有效的策略，向潛在客戶和合作或合資夥伴推銷我們的產品和服務。特別是，我們高度重視脫碳生命週期評估，我們相信從長遠來看，這將有助於我們在全球BEV和ESS市場中贏得更大的市場份額。我們的首席運營官還與業務發展團隊合作，確保營銷和傳播工作以及所開展的計劃一致並提供有意義的幫助。

一旦開始電池租賃業務，我們計劃制定有效的售後服務政策。我們計劃承擔電池以及租賃的BEV和ESS的維護和維修費用。爲了避免電池缺陷對客戶運營造成干擾，我們保留了備用庫存，以便快速更換出現故障的BEV或ESS。

我們沒有運營或設有任何研發部門。我們的成功在一定程度上取決於3DOm聯盟研發部門產生的創新和先進技術。

3 DOm聯盟研發的主要重點領域包括但不限於X-SEPATM 用於高扭矩電池、大型鋰離子電池原型、下一代鋰金屬陽極、固體電解質可充電電池和磷酸燃料電池（PAFC）的多層隔板。3DOm Alliance在向我們供應電池產品之前對電池產品進行重要的測試和驗證，以滿足我們的內部質量控制標準和客戶的需求。

我們認識到，全球大規模採用鋰離子電池需要具有成本效益的回收過程。因此，我們重點關注X-SEPA的使用TM 電池隔板，可以將傳統電池的壽命延長一倍，使我們的電池組可以作爲翻新電池或用於固定存儲應用而擁有「第二次生命」。

此外，我們的碳減排解決方案業務可以幫助我們減少運營過程中產生的碳排放。我們將使用在碳減排項目中獲得的碳信用額來抵消我們自己的碳排放。我們相信，我們的技術、與廢物回收領導者的合作以及我們的碳減排解決方案業務將幫助我們爲創造更美好的環境做出更多貢獻。

我們的自有租賃業務模式爲我們提供了積累大量原始數據的機會。我們計劃通過存儲、管理和分析我們的數據資產來構建數據基礎設施。該數據基礎設施預計將產生有關電池使用和行爲的有意義的數據，以開發日益高效的電池，並處理數據以實現智能和優化的交通。我們計劃利用我們的智能電池基礎設施來提供數據服務以及租賃服務。

我們爲每個部門和數據檔案建立了數據訪問權限，並任命了管理人員來控制該數據訪問權限。雖然我們尚未制定數據保護政策，但已成立信息安全委員會來調查以下問題：

業務合併完成後，noco-noco Pte.有限公司，PNAC和New SubCo成爲公司的全資子公司。下圖描繪了截至本文之日公司的簡化組織結構。這些子公司也見圖表8.1万亿。本報告。

* 公司的其他子公司（包括P納克）已被省略，因爲總的來說，截至業務合併完成時，它們不會成爲S-X法規第1-02（w）條定義的「重要子公司」。

我們的註冊辦事處位於89 Nexus Way，Camana Bay，Grand開曼群島，KY 1 -9009，開曼群島，我們的主要執行辦事處位於3 Temasek Avenue，Centennial Tower，Level 18，Singapore 039190。

您應結合我們的綜合財務報表和本報告其他部分包含的相關注釋閱讀以下對我們財務狀況和經營業績的討論和分析。本討論包含前瞻性陳述，涉及我們業務和運營的風險和不確定性。由於各種因素，包括我們在「第3項」下描述的因素，我們的實際結果和選定事件的時間可能與這些前瞻性陳述中的預期存在重大差異。關鍵信息- D。風險因素”以及本報告的其他部分。

We consummated the Business Combination on August 25, 2023. Our ordinary shares and warrants commenced trading on the Nasdaq on August 28, 2023, under the symbols “NCNC” and “NCNCW”, respectively. The Company's securities and warrants were suspended from trading on Nasdaq Capital Market at the open of business on November 25, 2024 and were moved to Over-the-Counter ("OTC") Market for trading under the symbols "NCNCF" and "NCNWF", respectively.

Pursuant to the Business Combination, the dissolution of PNAC ("the corporation") was duly authorized by the Board of Directors and stockholders of the corporation in accordance to the state of Delaware on March 14, 2024. The liquidation of the corporation includes a distribution to noco-noco Inc. of any assets of the corporation after satisfaction of the obligations of the Corporation in accordance with applicable law.

We entered into an asset acquisition agreement with noco-tech on October 11, 2024, in which we purchased manufacturing equipment featuring the revolutionary X-SEPA™ technology.

As a pre-commercialization stage company, we believe that our performance and future success depend on several factors that present significant opportunities for us but also pose significant risks and challenges, including those discussed below and in the section titled “Item 3. Key Information — D. Risk Factors” in this Report.

We license in a series of state-of-the-art patents and know-how technologies from 3DOM Alliance, our majority shareholder, with respect to, among others, battery cascade use, battery management system, battery cell and pack model, and battery units. For details of our licensing-in arrangement with 3DOM Alliance, see the section entitled “Item 4. Business Overview — Relationship with 3DOM Alliance” in this Report. These licensed-in technologies enable us to produce batteries that we believe, as compared to conventional batteries, are designed to have a longer lifespan and higher reliability, and be more resistant to high operating temperature and thermal runaways. Therefore, our ability to produce state-of-the-art battery products and achieve profitability in our leasing services depends, in part, on the continued innovation of the technologies licensed-in from 3DOM Alliance.

We have entered into several MOUs with our strategic partners, including well-known automakers and battery manufacturers, for potential business collaborations and formation of strategic joint ventures. See the section entitled “Item 4. Business Overview — Partnerships” in this Report. We believe that our battery products will experience swift market adoption due to our strategic partnerships with these automakers and manufacturers. We plan to collaborate with other automakers and OEMs to expedite such adoption and increase market acceptance of our battery products over time.

The key factor driving the demand for carbon credits is the global push towards decarbonization, driven by governmental and supra national bodies, such as the United Nations. As more and more nations start to adopt or even accelerate the setting of standards for compliance towards zero carbon emissions, the demand for carbon credits is anticipated to surge. Carbon credit prices have been in an uptrend since 2007 and, aside from minor short-term fluctuations, are likely to continue the long-term uptrend. This will mean higher earnings from our carbon credit sales. Therefore, our ability to procure and sign new contracts with landowners to increase credits generations is highly dependent on our reputation and expertise in this industry. As such, our business is subject to adverse events which may cause damage, whether real or perceived, to our reputation. For more information, see the section entitled “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Industry” in this Report.

The battery and BEV market is fast-growing, competitive and driven by the innovation of both large companies and emerging entrants like us. We acknowledge that the existing market players and other emerging entrants may have greater resources to invest in advancing their technologies, access to more potential customers, or strategic relationships with OEMs (or other third parties) that may give them a competitive edge. We further acknowledge that these disparities, where they exist, have the potential to harm our business, results of operations or financial condition.

We have incurred net loss and negative cash flows from operations for the years ended June 30, 2024, 2023 and 2022. Assuming we experience no significant delays in the commercialization of our business, we believe that our cash resources are sufficient to fund our marketing activities and manufacturing of battery products through OEMs. For more information, see “— Liquidity and Capital Resources.”

There are government regulations pertaining to battery safety, transportation of batteries, use of batteries in vehicles, product liabilities and disposal of hazardous materials. We will ultimately have to comply with these regulations to lease our battery products. In addition, changes in national or global regulations may affect the demand for credits or our ability to generate credits. Hence, we are constantly keeping abreast of current or potential changes in regulations, and where possible, engage with the regulators in order to understand or anticipate potential headwinds that may affect our business. See the section entitled “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Industry” in this Report for the risks that may affect our business, and “— Government Regulations” for details of the regulations that are applicable to our business operations.

隨附的合併財務報表是根據美國公認的會計原則（「美國公認會計原則」）並根據美國證券交易委員會（「SEC」）的規則和法規編制的。

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

現金及現金等值物包括手頭現金和銀行活期存款，提款和使用不受限制，購買時原到期日爲三個月或以下。

就辦公室租賃支付的按金計入按金。爲未來費用預付的金額計入預付費用。貨物和服務稅退款和應收稅款作爲其他應收賬款覈算。截至2024年和2023年6月，未確認預期信用損失撥備。

截至2023年6月30日，我們已向Prime Number Acquisition I CORP.提供總計333，594美元的貸款，用於支付業務合併的部分費用。該等貸款爲無息、無抵押，並於業務合併結束時到期。

財產和設備按成本減去累計折舊列賬。擴建、主要更新和改善的支出被資本化，維護和維修的支出在發生時計入費用。

折舊採用直線法在相關資本化資產的估計使用壽命內計算。估計使用壽命如下：

其他流動負債是指在財政年度結束前向我們提供但未付的商品和服務的負債。如果付款在一年或更短時間內到期，則將其歸類爲流動負債。如果不是，則將其呈列爲非流動負債。

本公司參考股權工具於授出日期的公允價值來衡量股權結算交易的成本。估計股份薪酬交易的公允價值需要確定最合適的估值模型，該模型取決於授予的條款和條件。該估計還需要確定估值模型最合適的輸入數據，包括股票期權的預期壽命、波動性和股息收益率，並做出

關於他們的假設。普通股的公允價值是通過根據已售出的公司股份的最新交易價格獲得場外市場報價來確定的。

該公司主要就辦公場所簽訂了經營租賃協議。公司在開始時確定安排是否爲租賃。對於所有類別的基礎資產，當租賃在開始日期的租期爲12個月或以下並且不包括公司合理確定行使的購買基礎資產的選擇權時，公司選擇不確認使用權資產或租賃負債。截至2024年6月30日，公司合併資產負債表中沒有記錄經營租賃資產和負債。經營租賃資產和負債計入截至2023年6月30日的綜合資產負債表。

經營租賃資產和負債按租賃開始日未來租賃付款額的現值確認。用於確定未來租賃付款現值的利率是增量借款利率，因爲大多數租賃中隱含的利率不容易確定。增量借款利率估計接近於在租賃資產所在的經濟環境中具有類似條款和付款的抵押利率。經營租賃資產還包括任何預付租賃付款和租賃激勵。租賃期限包括在合理確定公司將行使選擇權時延長或終止租賃的選擇權的期限。公司在確定租賃資產和負債時通常使用不可撤銷的基本租賃期。經營租賃費用在租賃期內按直線法確認。

公司根據對權證具體條款的評估以及財務會計準則委員會(「財務會計準則委員會」)會計準則編纂(「ASC」)480區分負債(「ASC 480」)和ASC 815「衍生工具和對沖」(「ASC 815」)中對權證具體條款和適用權威指引的評估，將認股權證列爲權益分類或負債分類工具。評估考慮權證是否根據ASC 480爲獨立的金融工具，是否符合ASC 480對負債的定義，以及權證是否符合ASC 815關於股權分類的所有要求，包括權證是否與本公司本身的普通股掛鉤，以及權證持有人是否可能在本公司無法控制的情況下要求「現金淨額結算」，以及股權分類的其他條件。這項評估需要使用專業判斷，在權證發行時以及在權證尚未結清的每個季度結束日進行。

對於符合所有股權分類標準的已發行或修改的認購證，該認購證必須在發行時記錄爲股權組成部分。由於公司的認購證符合股權分類的所有標準，因此公司將每份認購證歸類爲自己的股權。

收入在客戶獲得對承諾的商品或服務的控制權時確認，並確認的金額反映了實體預期從這些商品或服務交換中獲得的對價。此外，該標準還要求披露因與客戶簽訂合同而產生的收入和現金流的性質、金額、時間和不確定性。由於合同背後的經濟因素相似，因此該公司沒有對其收入流進行分類，並沒有提供重大區別。所記錄的收入金額反映了公司預期用這些商品或服務換取的對價。公司採用以下五步模式來確定這一數額：(1)確定合同中承諾的貨物或服務；(2)確定承諾的貨物或服務是否是履約義務，包括它們在合同中是否不同；(3)交易價格的測量，包括可變對價的限制；(4)將交易價格分配給履約義務；(5)當公司履行每項履約義務時(或作爲履行義務時)確認收入。

公司僅在實體有可能收取其有權獲得的對價以換取其向客戶轉讓的商品或服務時，才會將五步模式應用於合同。一旦在合同開始時確定合同屬於ASC 606的範圍，公司將審查合同，以確定公司必須履行哪些履行義務以及哪些履行義務是不同的。公司在履行義務時將分配給各自履行義務的交易價格金額確認爲收入。

ASC 220「綜合收益」制定了綜合財務報表中全面收益及其組成部分的報告和顯示標準。截至2024年、2023年和2022年6月30日，公司確定有些項目代表全面收益的組成部分，因此已在綜合財務報表中納入綜合經營報表和全面虧損。

該公司根據美國所得稅公認會計原則覈算所得稅。稅款基於本財年的結果，並對不可徵稅或不允許徵稅的項目進行了調整。其使用資產負債表日已頒佈或實質頒佈的稅率計算。

遞延稅項按資產負債法就綜合財務報表內資產及負債賬面值與計算應評稅利潤所用的相應課稅基準之間的差額所產生的暫時性差額入賬。原則上，遞延稅項負債應確認爲所有應稅暫時性差異。遞延稅項資產確認時，應課稅利潤很可能會被用來抵銷可扣除的臨時差額。遞延稅金是使用預期適用於資產變現或負債清償期間的稅率計算的。遞延稅項在損益表中計入或記入貸方，但與直接計入權益的項目有關時除外，在這種情況下，遞延稅項也在權益中處理。當管理層認爲部分或全部遞延稅項資產很可能無法變現時，遞延稅項資產減值準備。現行所得稅是根據有關稅務機關的法律規定的。

只有在稅務檢查中「更有可能」維持稅務狀況（假設稅務檢查已發生）時，不確定的稅務狀況才被視爲一項福利。確認的金額是審查中實現的可能性大於50%的最大金額稅收優惠。對於不符合「更有可能」測試的稅收狀況，不記錄稅收優惠。截至2024年6月30日和2023年6月30日止年度，沒有發生與少繳所得稅相關的罰款和利息。截至2024年6月30日和2023年6月30日止年度，公司沒有不確定的稅務狀況。該公司預計其對未確認稅務狀況的評估在未來12個月內不會發生重大變化。

金融工具的公允價值是在計量日市場參與者之間的有序交易中出售資產時可能收到的金額或轉讓負債所支付的金額。金融資產按買入價計價，金融負債按賣出價計價。公允價值計量不包括交易成本。公允價值層次結構用於優先考慮用於確定公允價值的信息的質量和可靠性。公允價值層級內的分類基於對公允價值計量重要的最低級別輸入。公允價值層級定義爲以下三個類別：

第1級：適用於相同資產或負債在活躍市場上有報價的資產或負債。

2級：適用於存在第一級報價以外的輸入數據的資產或負債，這些輸入數據可觀察資產或負債，例如活躍市場上類似資產或負債的報價;交易量不足或交易不頻繁的市場中相同資產或負債的報價（不太活躍的市場）;或模型衍生的估值，其中重要輸入是可觀察到的，或者可以主要從可觀察的市場數據中得出或得到可觀察的市場數據的證實。

三級：適用於估值方法中存在對資產或負債公允價值的計量具有重要意義的不可觀察輸入數據的資產或負債。

於2023年和2022年6月30日，公司不存在須進行經常性公允價值計量的金融資產或負債。2024年6月30日，公司簽訂了備用股權購買協議。根據調整安排，應付承諾股份須於確認調整之日接受第一級公允價值計量。有關更多詳情，請參閱本年度報告其他部分包含的綜合財務報表附註13。

公司的金融工具包括現金、預付款、其他應收賬款、其他應付賬款和相關應付賬款。由於金融工具的短期性質，管理層估計金融工具的公允價值接近其公允價值。由於相關交易的關聯方性質，估計直接控股公司金額的公允價值並不可行。

公司根據ASC 360《財產、廠房和設備》定期評估確認與長期資產相關的減損損失的必要性。每當有事件或情況表明資產可能已出現損害時，就會評估長期資產的可收回性。在評估資產的可回收性時，公司在未貼現的基礎上估計使用資產和最終處置預計產生的未來現金流量。如果預期未來現金流量之和低於資產的公允價值，公司將將資產減記至公允價值，並相應記錄損失費用。截至2024年6月30日和2023年6月30日，沒有確認長期資產的任何減損。

該公司在其合併資產負債表上記錄了預付遠期合同股權21，299，979美元，以計入遠期購買協議的預付金額，正如上文在業務合併討論中所討論的那樣。預付款金額將保存在存款賬戶中，直至估值日（收盤兩週年）

業務合併，須遵守某些加速條款）。在估值日，公司將按比例收到剩餘預付款金額的部分。此外，就遠期購買協議而言，公司在其綜合資產負債表上將該工具確認爲額外繳足資本的減少。有關更多詳情，請參閱本年度報告其他部分包含的綜合財務報表附註12。

公司應用了ASC 340-10-S99-1和SEC員工會計公告（「SAB」）主題5A，發行費用的要求。截至2023年12月31日止期間，該公司與上述業務合併一起產生了250萬美元的諮詢費、法律費、會計費和管理費，這些費用包括在綜合運營報表中的一般和行政費用中。與業務合併相關的直接和特定增量交易成本（如果交易未完成，則不會產生）分配到與交易相關的衍生工具中。

該公司已採用ASC Topic 260，「每股收益」，（「每股收益」），要求在所有資本結構複雜的實體的利潤表中列報基本每股收益，並要求對賬基本每股收益計算的分子和分母。在隨附的合併財務報表中，每股基本收益是通過淨虧損除以期內已發行普通股的加權平均股數計算的。

截至2024年、2023年和2022年6月30日止期間，普通股計入每股稀釋淨虧損的計算。

Unrealized gains and losses related to foreign currency translation are accumulated in "accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "other comprehensive income (loss)" on the consolidated statements of comprehensive income.

公司的功能貨幣是公司經營所在主要經濟環境的貨幣。以功能貨幣以外貨幣計價的資產和負債，貨幣賬戶採用現行匯率和非貨幣賬戶的歷史匯率重新計量，重新計量的匯率差異計入綜合全面收益表的全面收益。

以外幣爲功能貨幣的公司使用（i）資產負債表日資產負債的匯率，（ii）期間收入和費用的平均匯率，（iii）股權歷史匯率將該貨幣兌換爲美元。此過程產生的任何換算調整均單獨列爲資產負債表股東赤字內累計其他全面虧損的組成部分。

往年合併財務報表中的某些項目已重新分類，以符合本期的列報方式，以方便比較。

2020年8月，FASb發佈了ASO 2020-06，債務-帶轉換和其他期權的債務（子主題470-20）和衍生品和對沖-實體自有股權合同（子主題815-40）。該ASO減少了可轉換債務工具和可轉換優先股會計模型的數量，並修改了實體自有權益合同的衍生品範圍例外指南，以減少基於形式而非實質的會計結論。此外，該亞利桑那州立大學改進並修改了相關每股收益指引。本標準自2024年10月1日起對公司生效。採用要麼是修改後的追溯方法，要麼是完全追溯的過渡方法。公司採納了該指南，自2023年9月1日起生效，該準則的採用並未對其合併財務報表產生重大影響。

2023年11月，FASb發佈了ASO 2023-07《可報告部門披露的改進》。該亞利桑那州立大學旨在通過加強對重大分部費用的披露來改善分部披露。該準則要求披露重大費用類別和此類費用的金額，包括定期向首席運營決策者提供、可根據定期提供的信息輕鬆計算的分部費用，或以實際金額以外的形式表示的重大費用。該標準將於2025財年對公司生效，並要求

應追溯應用於財務報表中呈列的所有前期。公司目前正在評估額外披露要求對公司合併財務報表的影響。

2023年12月，FASb發佈了ASO 2023-09《所得稅披露改進》，這是關於所得稅披露改進的最終標準，適用於所有繳納所得稅的實體。該標準要求提供有關報告實體有效稅率對賬的分類信息以及有關已繳納所得稅的信息。該標準旨在通過提供更詳細的所得稅披露來使投資者受益，這將有助於做出資本配置決策。該標準將於2026財年對公司生效，並應前瞻性應用。公司目前正在評估額外披露要求對公司合併財務報表的影響。

我們是一家處於商業化前發展階段的早期成長公司。我們尚未從向客戶銷售中產生任何收入，而且由於可能難以預期的原因，我們的歷史業績可能無法指示我們未來的業績。我們未來創造足以實現盈利的收入的能力將在很大程度上取決於我們電池產品的成功開發以及我們自有租賃業務模式和碳減排解決方案業務的商業化。因此，我們未來財務業績的驅動因素以及此類業績的組成部分可能無法與我們的歷史經營業績進行比較。

我們的運營費用主要包括銷售、一般和行政費用。我們的銷售、一般和行政費用主要包括專業服務費、審計和合規費用、法律、會計和其他諮詢服務、董事薪酬、工資和相關成本、財產和設備折舊產生的費用以及使用權資產攤銷。截至2024年6月30日和2023年6月30日止年度，我們的運營費用總額分別爲8，075，623美元和16，840，854美元。

商業運營開始後，我們預計將產生客戶和銷售支持以及廣告費用。因此，我們還預計我們的銷售、一般和行政費用將大幅增加。

其他收入/（費用）包括（i）公允價值調整，（ii）其他收入，（iii）其他費用，包括註銷的財產和設備，（iv）利息費用，（v）外匯收益和（vi）股權信貸額度的承諾費用。截至2024年6月30日和2023年6月30日止年度，我們產生的其他（費用）/收入總額分別爲3，179，003美元和49，084美元。

下表分別列出了截至2024年6月30日和2023年6月30日止年度的經營業績摘要，並提供了有關這些期間美元和百分比增長的信息。

運營費用。截至2024年6月30日止年度的總運營費用從截至2023年6月30日止年度的1680萬美元下降52.0%至截至2024年6月30日止年度的810萬美元。減少主要是由於（i）一般和行政費用減少550萬美元，這是由於截至2023年6月30日止年度與碳信用額專業知識相關的服務的非經常性股票補償，但被工資和與僱用新員工相關的相關成本的增加所抵消。與業務合併相關的專業費用。

其他收入/（費用）。截至2024年6月30日止年度的其他費用總額從截至2023年6月30日止年度的其他收入總額49，084美元增加了6，576.7%至3，179，003美元。該增加主要是由於備用股權購買協議產生的承諾費3，228，510美元。

全年虧損。由於上述原因，截至2024年6月30日止年度的1，680萬美元減少了33.0%至截至2024年6月30日止年度的1，130萬美元。

下表分別列出了截至2023年6月30日和2022年6月30日止年度的經營業績摘要，並提供了有關這些期間美元和百分比增長的信息。

運營費用。截至2023年6月30日止年度的總運營費用從截至2022年6月30日止年度的110萬美元增加1，447%至截至2023年6月30日止年度的1680萬美元。增加主要是由於一般和行政費用增加1590萬美元，這是由於與僱用新員工相關的工資和相關成本增加以及與碳信用專業知識相關的服務的股票補償。

其他收入/（費用）。截至2023年6月30日止年度的其他收入總額從截至2022年6月30日止年度的11，828美元增加315%至截至2023年6月30日止年度的49，084美元。這種增長主要是因爲（i）我們獲得了政府工作勞工救濟增加了36，439美元，以及（ii）兌換收益12，901美元。

全年虧損。由於上述原因，截至2023年6月30日止年度，我們的年度虧損從截至2022年6月30日止年度的110萬美元增加了1，459%至截至2023年6月30日止年度的1680萬美元。

從歷史上看，我們的主要流動性來源一直是與投資者的交易融資和大股東的貸款，這些貸款爲我們提供了支持我們的業務活動所需的資金。2020年8月1日，我們與3DOm Alliance發行了一張期票（「票據」）。該票據規定應我們的要求，可在一次或多次借款，本金總額不超過580萬美元（800萬新元）。本票據項下的任何貸款均不產生利息。2024年3月6日，欠3DOm Alliance的680萬新元（即提取的總額）被資本化爲28，700，000股普通股，發行價格爲0.1785美元。截至2024年6月30日，我們已從3DOm Alliance Inc.提取60萬美元（80萬新元）

2022年11月22日，我們與3DOM聯盟簽訂了一項獨家的、不可撤銷的許可協議，根據該協議，我們有義務向3DOM聯盟一次性支付3,000美元的可退還的萬許可費。此外，我們將支付相當於使用授予我們的每個3DOM知識產權產生的毛利潤的3%(3%)的季度使用費，包括其專有和許可專利和其他知識產權，以及機密但關鍵的專有技術和其他信息。此類預付款應從協議項下的任何特許權使用費中扣除，以便在到期和應支付時從特許權使用費中扣除預付款金額。如果預付款在五年期末從預付款的最後一期開始的最後一次扣除版稅後有任何剩餘金額，則應我們的要求將剩餘的未使用金額退還給我們。根據日期爲2023年5月10日的許可協議(「補充協議」)的補充協議，預付款項將在業務合併完成後分系列分期支付，金額和償還時間表由3DOM Alliance與我們商定。雙方應真誠地協商分期付款計劃，並考慮到我們的營運資金需求以及完成業務合併後我們的流動性和可用資金資源。因此，我們預計3,000美元的萬預付款不會在業務合併完成之前或之後對我們的流動資金和資本資源產生重大影響。截至本年度報告日期，我們尚未向3DOM支付任何預付款

聯盟尚未。見“noco-noco的業務-與3DOm聯盟的關係「和」某些關係和關聯人交易- noco-noco和Pubco關係和關聯方交易-許可協議。”

2023年8月14日，我們與Arena Business Solutions Global SPC II，Ltd.（「Arena」）簽訂了一份採購協議，並不時修訂，（「購買協議」），根據該協議，我們有權向Arena出售高達150，000，000美元的普通股，但須遵守購買協議中規定的某些限制和條件，在購買協議的36個月期限內不時進行。根據購買協議出售我們的普通股以及任何出售的時間完全由我們自行決定，並且我們沒有義務根據購買協議向Arena出售任何證券。2024年9月5日至2024年9月30日期間，我們通過向Arena發行和出售1，640，000股普通股，提取了206，168美元。

2024年10月14日，我們根據資產收購協議向noco-tech配發併發行了90，433，183股限制性普通股，發行價爲每股0.10美元，總代價爲9，043，318美元，該協議我們從noco-tech購買了採用革命性X-SEPA™技術的製造設備。

截至2024年6月30日，我們擁有現金及現金等值物437，184美元。我們的現金和現金等值物主要以新加坡元以及優先市場的當地貨幣計價。我們尚未從業務運營中產生任何收入，自成立以來我們尚未實現盈利運營或運營正現金流。截至2024年6月30日，我們的累計赤字總計3040萬美元，預計未來期間將出現巨額虧損。作爲一家處於商業化前發展階段的早期成長型公司，我們自成立以來發生的淨虧損與我們的戰略和預算一致。

由於我們的業務是資本密集型的，我們預計將維持大量的運營支出，而不會產生足夠的收入，以支付未來幾年的支出。隨着時間的推移，我們預計我們將需要通過各種可能的方法籌集更多資金，包括但不限於成立合資企業或其他戰略安排，發行股票、與股票有關的證券或債務證券，或通過從金融機構獲得信貸。預計這些資金將爲我們的主要流動性來源和持續運營費用提供資金。如果我們需要額外的資金或以其他方式確定尋求額外的融資來源或達成上述其他安排是有益的，我們相信我們的無債務資產負債表將使我們能夠以合理的條件獲得融資。然而，不能保證在需要時，這些額外的資本將以有吸引力的條件提供，如果有的話，這可能會稀釋股東的權益。我們可能會被迫降低對產品開發的投資水平，或者縮減我們的業務。此外，債務成本可能高於預期。也不能保證來自運營的正現金流能夠實現或持續。見“項目3.關鍵信息-D.風險因素-與我們的業務和行業相關的風險-我們可能需要籌集額外的資金，而當我們需要這些資金時，這些資金可能無法使用。如果我們不能在需要的時候籌集額外的資金，我們的業務、前景、財務狀況和經營業績可能會受到負面影響。

不能保證這些計劃會成功實施。如果我們無法實現這些目標，我們可能需要額外的融資來償還債務和執行我們的業務計劃，我們可能無法及時、按可接受的條件或根本無法獲得必要的額外資本。如果我們無法獲得融資來源，或我們未能成功提高毛利率和減少經營虧損，我們可能無法實施目前的擴張計劃、償還債務或應對競爭壓力，任何這些都將對我們的業務、財務狀況和經營業績產生重大不利影響，並可能對我們作爲持續經營企業的持續經營能力產生重大不利影響。見「項目3.關鍵信息--D.風險因素--與我們的商業和工業有關的風險--本報告所附的綜合財務報表包含與我們作爲持續經營企業繼續經營的能力有關的披露。」

我們的綜合財務報表不包括與記錄資產的可收回性和分類或負債的金額和分類相關的任何調整，也不包括在我們無法繼續持續經營時可能需要的任何其他調整。

Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, our ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support our working capital requirements.

Our cash and cash equivalents amounted to $437,184 and $17,789 as of June 30, 2024 and 2023, respectively.

As of June 30, 2024, we had total liabilities of $7.6 million, consisting of accruals and other payable of $3.2 million, deferred underwriting fees of $2.3 million and amount due to shareholders of $1.9 million.

As of June 30, 2023, we had total liabilities of $4.4 million, which included accruals and other payable of $0.6 million, amount due to shareholders of $3.6 million and current portion operating lease liabilities of $173,045 and non-current portion of operating lease liabilities of $36,700.

As of June 30, 2024, we had a working capital deficiency of $2,928,470 compared with a working capital deficiency of $304,448 as of June 30, 2023.

The increase in the working capital deficiency was due to (i) an increase in accruals and other payables of $2,624,486, partially offset by (ii) a decrease in the current portion of operating lease liabilities of $173,045.

The following table summarizes our cash flow data for the year ended June 30, 2024, 2023 and 2022.

Net cash used in operating activities for the year ended June 30, 2024 was $0.9 million, while our loss for the year was $11.3 million. The difference was primarily due to (i) adjustments for non-cash items including depreciation of property and equipment of $5,644, amortization of right-of-use assets of $174,788, property and equipment written-off of $855, stock-based compensation of $2,214,431, issuance of shares as part of the ELOC commitment fee of $3,228,510, issuance of shares for forward purchase agreement of $756,000, issuance of shares for marketing fee of $200,000, and changes in working capital including (ii) a decrease in due from promissory note of $333,594, and (iii) a decrease in deposits, upfront payments and other receivables of $47,640, partially offset by (iv) an increase in accruals and other payables of $3,404,973 and (v) an increase in amount due to directors of $7,638.

Net cash used in operating activities for the year ended June 30, 2023 was $3.0 million, while our loss for the year was $16.8 million. The difference was primarily due to (i) adjustments for non-cash items including depreciation of property and equipment of $4,855, property and equipment written-off of $256, stock-based compensation of $13,568,137, and changes in working capital including (ii) an increase in due from promissory note of $333,594, (iii) an increase in deposits, upfront payments and other receivables of $2,805, and (iv) a decrease in operating lease liabilities of $1,976, partially offset by (v) an increase in accruals and other payables of $574,119.

Net cash used in operating activities for the year ended June 30, 2022 was $0.8 million, while our loss for the year was $1.1 million. The movement was primarily due to (i) adjustments for non-cash items including depreciation of property and equipment of $3,447, and changes in working capital including (ii) a decrease in inventory of $163,259, (iii) an increase in accruals and other payables of $121,253, and (iv) an increase in operating lease liabilities of $2,565, partially offset by (v) an increase in deposit, upfront payments and other receivables of $18,878.

Net cash used in investing activities for the year ended June 30, 2024 was $2.1 million, primarily resulting from the issuance of shares upon the completion of the business combination.

Net cash used in investing activities for the year ended June 30, 2023 and 2022 was $5,735 and $3,888, primarily comprising of purchase of property and equipment.

Net cash generated from financing activities primarily consisted of (i) repayment of lease liabilities amounted to $179,652, for the year ended June 30, 2024 and (ii) advances from shareholders, 3DOM Alliance Inc and Future Science Research Inc, amounting to $3.5 million, $3.4 million and $0.9 million for the years ended June 30, 2024, 2023 and 2022, respectively.

Our capital expenditures amounted to $Nil for the year ended June 30, 2024. We expect to continue to make capital expenditures to meet the expected growth in scale of our business and expect that cash generated from our cash and cash equivalents following the Business Combination and cash from operating activities and financing activities may be used to meet our capital expenditure needs in the foreseeable future.

As of June 30, 2024, we did not have any off-balance sheet arrangements, as defined in the rules and regulations of the SEC, that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenue, or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.

We are an “emerging growth company,” as defined in the JOBS Act, and we may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The JOBS Act also exempts us from having to provide an auditor attestation of internal control over financial reporting under Sarbanes-Oxley Act Section 404(b).

noco-noco Inc. (formerly known as Prime Number Holding Limited prior to Closing) is an exempted company with limited liability incorporated in the Cayman Islands on December 28, 2022 with no material operations of its own. We currently conduct our operations primarily through our subsidiaries. As a result, our ability to pay dividends primarily depends upon dividends paid by our subsidiaries. If our existing subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

We do not operate or have any R&D department. Our success depends in part on the innovative and advanced technologies generated by 3DOM Alliance’s R&D department.

The primary areas of focus for 3 DOM Alliance’s R&D include, but are not limited to, X-SEPATM multi-layer separators for high torque batteries, large lithium-ion battery prototypes, next-generation lithium metal anode, solid electrolyte rechargeable batteries, and phosphoric acid fuel cells (PAFC). 3DOM Alliance undertakes significant testing and validation of the battery products before supplying to us in order to meet our internal quality control standards and the demands of our clients.

All of our current intellectual properties and technologies are exclusively licensed in from our majority shareholder, 3DOM Alliance, pursuant to a license-in agreement dated November 22, 2022. See “— Relationship with 3DOM Alliance” for more details.

These licensed-in intellectual property rights include five registered patent in Japan, the United States and South Korea. We also have 42 patents under application, five of which are under Patent Cooperation Treaty (“PCT”) application, with the remaining 37 patents under application in Japan, Singapore, European Patent Office, China, the United States, South Korea, Thailand and Taiwan. The licensed-in intellectual property rights also include four registered trademarks in Japan, two registered trademarks in Singapore, one trademark under application in Japan, one trademark under application in Singapore, and two trademarks under application in India. Our licensed intellectual property rights and technologies are mainly for battery cascade use, battery management system, battery cell and pack module, leasing with carbon credit, battery unit, degradation-based billing prediction, and degradation-based billing forecasting.

We protect our know-how, trade secrets and other confidential business information of any type by requiring our contractors, clients and others who develop intellectual property (including confidential information) in the course of their work for us.

Other than as disclosed elsewhere in this annual Report, we are not aware of any trends, uncertainties, demands, commitments or events for the fiscal year ended June 30, 2024 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial conditions.

For our critical accounting estimates, see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Significant Accounting Policies and Estimates.”

The following table sets forth certain information relating to our executive officers and directors. Our board of directors is comprised of five directors.

Masataka Matsumura has served as a Director on our board of directors as well as our Chief Executive Officer since August 25, 2023. He has served as noco-noco’s chief executive officer, since November 2022, and a director, since October 2022. Mr. Matsumura currently also serves as the representative director and the chief executive officer of 3DOM Alliance since September 2018 where he has served as a director since November 2016. He is also a director of Tesnology Inc. since April 2020 and was a director of BINEX Inc. from May 2021 to January 2023. In addition, he is also serving as the representative director on the board of Quintuple Air Inc., Social Mobility, Inc. and FOREST PINE DESIGN LAB Inc., since November 2019, December 2018 and November 2012, respectively, and has been serving as a non-executive director of Ellebeau Inc. since June 2014. From December 2013 to February 2019, Mr. Matsumura served as a director of Future Science Research Inc., which is one of the principal shareholders of noco-noco. Prior to Future Science Research Inc., he was the creative director of Fujiwara Design Studio S.R.L., and also the representative director and the president of Steadfast Inc. from April 2005 to June 2012. Mr. Matsumura received his bachelor of fine arts degree in fashion design and marketing from American InterContinental University London.

Yuta Akakuma has served as a Director on our board of directors since August 25, 2023. Mr. Akakuma has been the head of business development of noco-noco since November 2022, where he was previously working as a business development manager from May 2022 to October 2022. In addition, Mr. Akakuma has been serving as the managing director and the chief executive officer of 3DOM (Asia) Co., Ltd., a fellow subsidiary of noco-noco, since November 2022. Prior to this, he worked as the general manager of sales and marketing department and joint venture department at Summit Auto Seats Industry from April 2019 to April 2022, during which he also served as director for several subsidiaries of Summit Auto Seats Industry. He also worked at Darwin Summit Corporation Company Limited, as general manager from April 2019 to April 2022, and simultaneously served as the deputy chief executive officer at Faurecia and Summit Interior Systems Thailand Co., Ltd., the chief executive officer at Summit Hirotani Sugihara Co., Ltd. and a director at Summit & Autoneum (Thailand) Co., Ltd., from June 2020 to April 2022. Prior to that, Mr. Akakuma was the deputy managing director at Soltec Thai Co., Ltd from May 2018 to April 2019. Mr. Akakuma founded Sakura Kaigo (Thailand) Co., Ltd. and served as its managing director from November 2013 to April 2018. Before that, he founded Imm & Co., Ltd. and served as managing director from May 2010 to April 2018. Prior to the founding of his own companies, he worked as the Thailand representative office manager at Agilis Inc. from October 2008 to May 2010. Mr. Akakuma received his bachelor of arts degree in environmental and information studies from Keio University in Japan in 2008.

Jean-Francois Raymond Roger Minier has served as an Independent Director on our board of directors since August 25, 2023. Mr. Minier is currently serving as the Asia Pacific regional director of Audere International since April 2022, the joint representative director and co-chief executive officer of Les Rois Mages Japan Co., Ltd. since November 2021, an independent director of DKK Denki Kogyo Co., Ltd. since June 2021, an independent auditor of Amuseum Parks Co., Ltd. since April 2020, a trustee of Ueno Gakuen Educational Foundation and a representative director of ABC Properties Co., Ltd. since March 2017. He previously worked as a managing director and then a senior advisor at Kroll, LLC from April 2020 to March 2022, a corporate project director at Rusal from November 2016 to March 2020, a non-executive director and the head of corporate development in Northeast Asia of First Names Group from November 2016 to October 2017. Mr. Minier had also served as the managing director and Asia head of fund services at Moore Group Limited from November 2013 to October 2016, an advisor to the chairman for international relations at Kyoto Prefectural Union of Agricultural Cooperatives from April 2013 to August 2016, an advisor to the chief executive officer (Japan and Korea) at Buhler Group from November 2013 to December 2015. Prior to that, he worked as an Asia-Pacific advisor at Avisa Partners from September 2009 to October 2013, the chief executive officer of Asia Pacific region and Tokyo branch manager at Dresdner Kleinwort from August 2006 to September 2009, managing director, Tokyo branch manager and head of capital markets in Asia Pacific at Dresdner Kleinwort Wasserstein from August 2001 to July 2006, managing director of global equities at Dresdner Kleinwort Benson from March 1998 to July 2001, head of OTC equity derivatives trading at Natwest Securities from February 1997 to February 1998. Mr. Minier also worked as a vice president and an equity derivatives trader at Morgan Stanley Japan from April 1995 to January 1997, an equity derivatives trader and structurer at Bankers Trust from December 1993 to March 1995, and an equity derivatives trader at Indosuez W.I. Carr from September 1992 to November 1993. Mr. Minier received his master of science in financial mathematics from Ecole Polytechnique in Paris, France in 1992 and completed the Allianz SE executive leadership program at IMD Business School in Shanghai, China in November 2003.

Noriyoshi Suzuki has served as an Independent Director on our board of directors since February 26, 2024. Mr. Noriyoshi Suzuki is a seasoned professional with extensive experience in major securities firms, worked at Nikko Cordial Securities Co., Ltd. (currently SMBC Nikko Securities Co., Ltd.) for 37 years from April 1982 to June 2019 and at Edmon de Rothschild Nikko Co., Ltd. for 12 years from December 2008 to March 2020, serving as representative directors. He has served as President of Suzuki Noriyoshi Office Co., Ltd. from June 2020 till now and as a representative director of Les Rois Mages Japon Co., Ltd. from January 2021 till now. He has also served as an independent director at several firms, including Electric Kogyo Co., Ltd. and transcosmos Inc.

Minoru Tanaka has served as an Independent Director on our board of directors since February 26, 2024. Mr. Minoru Tanaka is an experienced executive with extensive audit experience, and was registered as a certified public accountant in Japan in March 1986. He served at Shinko Audit Corporation from September 1982 to April 1988 and Kaikei Joho Center K.K. from April 1988 to November 1994 before being appointed as a representative director of an accounting firm, Recolte, in December 1994 (incumbent). He has been serving as a representative director of abreuvoir since August 2004, as a director of Trans Continental since January 2017, and as a director of Standard Link K.K. since July 2022. He has also served and serves as a statutory auditor of several firms, including Hikari Tsushin, Inc., Kamikawa Taisetu Sake Brewery, and Kamikawa Taisetu Sake Brewery.

Ng Wee Kiat (Darren) has served as our Chief Financial Officer since September 14, 2023. He has over two decades of leadership experiences in leading banks, fintech companies and private equity firms in Asia, responsible for financial planning and analysis, financial controlling, business transformation, strategy, operations, sales incentive management & analytics and business management. He was recognized amongst the Top 50 CFOs in Southeast Asia in 2022. Prior to joining our Company, Mr. Ng served as the chief financial officer and remains an independent non-executive director in Taki Network Pte. Ltd., a global Web3 fintech company, since March 2022. Prior to that, he worked as the chief performance officer at Clermont Group, an international private equity group, from September 2020 to February 2022. He served as a director and a key member of the regional business development team under the chief operating officer office at SEA (NYSE: SE) from February 2020 to July 2020. He held the positions as the group chief financial officer of OCBC Bank, responsible for the consumer banking and wealth management division, from March 2016 to January 2020; the country head of business finance at HSBC Singapore from October 2009 to February 2016; the head of performance management for consumer, private and business banking (Singapore and Southeast Asia) at Standard Chartered Bank from April 2007 to September 2009; and a vice president of business finance managing the performance of the consumer banking operations across Asia at DBS Bank from August 2004 to April 2007. He also worked as a senior financial analyst in the Ministry of Defence of Singapore from August 2000 to August 2004, after serving as a management executive at PSA International Pte Ltd from July 1999 to August 2000. Mr. Ng received a bachelor of accountancy degree from Nanyang Technological University in Singapore in 1999.

Koji Ito has served as our Chief Product Officer since August 1, 2024, responsible for providing strategic management of the X-SEPA™ separator manufacturing process. Mr. Ito brings extensive experience to our Company. He began his career at Toyota Motor Corporation in April 2010, where he improved factory working conditions and production efficiency through his work in plant engineering. Following his tenure at Toyota, Mr. Ito founded an IT service business in May 2013 and subsequently worked at a consulting firm specializing in the manufacturing sector in August 2015. In December 2015, he joined Future Science Research Inc., an affiliate of 3DOM Alliance Inc., where he served as an executive officer and led the business strategy office. Mr. Ito was appointed as a director at Tesnology Inc. in March 2021, and Tesnology Consulting Inc. in July 2021, focusing on system development. He further served as a director at BINEX Inc., a subsidiary of 3DOM Alliance, in July 2022. Mr. Ito holds a master’s degree in engineering from Kyoto University

For the year ended June 30, 2024, noco-noco paid an aggregate of approximately S$1.1 million in cash compensation and benefits in kind to noco-noco’s executive officers as a group. In Singapore, noco-noco is required by the applicable laws and regulations to make contributions, as employers, to the Central Provident Fund for executive officers who are employed by noco-noco as prescribed under the Central Provident Fund Act. The contribution rates vary, depending on the age of the executive officers, and whether such executive officer is a Singapore citizen or permanent resident (contributions are not required or permitted in respect of a foreigner on a work pass). Save as aforesaid, noco-noco’s executive officers do not receive pension, retirement or other similar benefits, and noco-noco has not set aside or accrued any amount to provide cash benefits to its executive officers. noco-noco paid an aggregate of S$0.2 million in cash compensation to its independent directors for the year ended June 30, 2024. noco-noco is not a party to any agreements with its executive officers and directors that provide for benefits upon termination of employment.

In February 2023, our board of directors adopted, and in August 2023, our shareholders approved, the noco-noco Inc. 2023 Equity Incentive Plan (the “PubCo Incentive Plan”). As of the date of this annual report, under the PubCo 2023 Plan, dividend equivalents, options, restricted shares, restricted share units, share appreciation rights or other rights or benefits to purchase 6,621,822 PubCo Ordinary Shares were outstanding.

Shares Subject to the PubCo Incentive Plan. Under the terms of the Shareholders’ Agreement, the maximum number of PubCo Ordinary Shares that may be issued under the PubCo Incentive Plan from time to time is five percent (5%) of the fully diluted share capital of PubCo as of the date of determination. The maximum aggregate number of PubCo Ordinary Shares which may be subject to awards under the PubCo Incentive Plan initially shall be an aggregate number equal to 6,961,159 (assuming no redemptions of PNAC public shares). The aggregate number of PubCo Ordinary Shares reserved for awards under the PubCo Incentive Plan will automatically increase on July 1 of each year, for a period of not more than ten (10) years, commencing on July 1 of the year following the year in which the effective date occurs and ending on (and including) July 1, 2033, in an amount equal to five percent (5%) of the total number of PubCo Ordinary Shares outstanding on June 30 of the preceding calendar year. Notwithstanding the foregoing, our board may act prior to July 1 of a given year to provide that there will be no July 1 increase for such year or that the increase for such year will be a lesser number of PubCo Ordinary Shares than provided in the PubCo Incentive Plan.

Plan Administration. Our board of directors itself or any committee delegated by our board of directors will administer the PubCo Incentive Plan. The administrator, among other things, determines the participants to receive awards, when and how awards will be granted, the type of award to be granted, the number of awards to be granted, and the other terms and conditions of each award.

Capitalization Adjustment. In the event that the number of outstanding PubCo Ordinary Shares is changed by a share dividend, recapitalization, share split, reverse share split, subdivision, combination, reclassification or other change in our capital structure affecting PubCo Ordinary Shares without consideration, then in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the PubCo Incentive Plan: (a) the number of PubCo Ordinary Shares reserved for issuance under this Plan, (b) the applicable price per PubCo Ordinary Share and number of PubCo Ordinary Shares subject to outstanding awards will be proportionately adjusted, subject to any required action by the our board of directors or our shareholders and compliance with applicable law; provided, however, that fractions of a PubCo Ordinary Share will not be issued but will either be paid in cash at the fair market value of such fraction of a PubCo Ordinary Share or will be rounded down to the nearest whole PubCo Ordinary Share, as determined by the administrator.

Types of Awards. The PubCo Incentive Plan permits the grants of dividend equivalents, options, restricted shares, restricted share units, and share appreciation rights.

Eligibility. Our employees, directors and consultants or any of our subsidiaries and affiliates are eligible to participate in the PubCo Incentive Plan, except that pursuant to any applicable laws, grants to non-employees are prohibited.

Award Agreements. Awards granted under the PubCo Incentive Plan are evidenced by award agreements confirming the grant of awards.

Conditions of Awards. The administrator determines the provisions, terms and conditions of each dividend equivalent, option, restricted share, restricted share unit, and share appreciation right granted under the PubCo 2023 Plan, including but not limited to the term, timing of grant, and the vesting schedule of the awards.

Transferability. The awards and all rights thereunder are exercisable only by the participants and are not assignable or transferable, unless otherwise permitted in the award agreement.

Termination of Employment. Except as may otherwise be provided by the administrator in an award agreement, a grantee’s rights in all dividend equivalent rights shall automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with us and our subsidiaries for any reason.

Term; Amendment. Unless suspended or terminated earlier, the PubCo Incentive Plan has a term of ten years from the date it was adopted by our board of directors (or, if earlier, the date it was approved by our shareholders). Our board of directors has the authority to, at any time; (i) terminate or amend the PubCo Incentive Plan in any respect, including without limitation amendment of any form of award agreement or other instrument to be executed pursuant to PubCo Incentive Plan, provided that any amendment or termination that has a material and adverse effect on the rights of grantees shall require their consents; and, (ii) terminate any and all outstanding options or share appreciation rights upon a winding up or liquidation of our company, followed by the payment of creditors and the distribution of any remaining funds to the our shareholders.

Our board of directors currently consists of five directors, three of which are independent. We have a majority of our board consisting of independent directors. The Current Memorandum and Articles of Association provides that the minimum number of directors shall be three, which may be increased or reduced by ordinary resolution, and the maximum number of directors shall be unlimited unless fixed by ordinary resolution. Except as provided in the Current Memorandum and Articles of Association, a director may vote in respect of any contract or transaction in which he/she is interested provided that the nature and extent of the interest of any director in any such contract or transaction is disclosed at or prior to its consideration and any vote thereon, and such director may be counted in the quorum at any meeting of directors at which any such contract or transaction is considered. A director who is interested in a contract or proposed contract with us must declare the nature of his interest at a meeting of the directors or otherwise be made in writing. None of our non-employee director has a service contract with us that provides for benefits upon termination of service.

Under the laws of the Cayman Islands, our directors owe certain fiduciary duties to us, including a duty of loyalty, a duty to act honestly, and a duty to act in good faith in what they consider to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skills they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.

In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association as may be amended from time to time. Our company has a right to seek damages against any director who breaches a duty owed to us.

The Current Memorandum and Articles of Association does not limit the maximum number of directors, though this number may be fixed by ordinary resolution.

The Current Memorandum and Articles of Association provides that first directors shall be appointed in writing by the subscriber or subscribers to the Current Memorandum and Articles of Association, or a majority of them, and thereafter, the directors may be appointed and removed by our shareholders by ordinary resolution or by the directors.

The Current Memorandum and Articles of Association provides for certain circumstances whereby a director’s office shall be terminated forthwith. Our directors have a fixed term expiring at the next-following general meeting of PubCo unless re-appointed or removed pursuant to the Current Memorandum and Articles of Association, and there is no requirement for them to retire by rotation nor to make themselves eligible for re-election. Each director shall remain in office until the end of his/her term or if he or she is removed by ordinary resolution and the office of a director shall be vacated automatically if the director, among other things, (i) he or she is prohibited by the law of the Cayman Islands from acting as a director; (ii) he or she is made bankrupt or makes an arrangement or composition with his/her creditors generally; (iii) he or she resigns his/her office by notice to us; (iv) he or she only held office as a director of our Company for a fixed term and such term expires; (v) in the opinion of a registered medical practitioner by whom he/she is being treated he/she becomes physically or mentally incapable of acting as a director; (vi) he/she is made subject to any law relating to mental health or incompetence, whether by court order or otherwise; (vii) without the consent of the other directors, he/she is absent from meetings of directors for a continuous period of six months; or (vii) is removed from office pursuant to any other provision of the Current Memorandum and Articles of Association.

Our board of directors have established an audit committee, a compensation committee, and a nominating and corporate committee. Each committee’s members and functions are described below.

The audit committee consists of three independent directors, Mr. Minoru Tanaka, Mr. Noriyoshi Suzuki and Mr. Jean-Francois Raymond Roger Minier. Mr. Minoru Tanaka is the chairperson of the audit committee and he satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC. Each of Mr. Minoru Tanaka, Mr. Noriyoshi Suzuki and

Mr. Jean-Francois Raymond Roger Minier satisfies the requirements for an “independent director” within the meaning of the Nasdaq listing rules and the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

The audit committee oversees our accounting and financial reporting processes. The audit committee is responsible for, among other things:

The compensation committee consists of Mr Noriyoshi Suzuki, Mr. Jean-Francois Raymond Roger Minier and Mr. Masataka Matsumura. Mr Noriyoshi Suzuki is the chairperson of the compensation committee. Each of Mr. Noriyoshi Suzuki and Mr. Jean-Francois Raymond Roger Minier satisfies the requirements for an “independent director” within the meaning of the Nasdaq listing rules. As a controlled company and foreign private issuer, we have elected to not have our compensation committee consist of entirely of independent directors.

Our nominating and corporate governance committee consists of Mr. Minoru Tanaka, Mr. Jean-Francois Raymond Roger Minier and Mr. Masataka Matsumura. Each of Mr. Minoru Tanaka and Mr. Jean-Francois Raymond Roger Minier satisfies the requirements for an “independent director” within the meaning of the Nasdaq listing rules. Mr. Jean-Francois Raymond Roger Minier is chairperson of the nominating and corporate governance committee. As a controlled company and foreign private issuer, we have elected to not have our nominating and corporate governance committee consist of entirely independent directors..

The nominating and corporate governance committee assists our board of directors in evaluating nominees to our board of directors and its committees. In addition, the nominating and corporate governance committee will be responsible for, among other things:

We have adopted a Code of Business Conduct and Ethics applicable to our directors, officers and employees. We seek to conduct business ethically, honestly, and in compliance with applicable laws and regulations. Our Code of Business Conduct and Ethics sets out the principles designed to guide our business practices with integrity, respect and dedication. The code applies to all directors, officers, employees and extended workforce, including our directors and executive officers. We expect our suppliers, contractors, consultants, and other business partners to follow the principles set forth in its code when providing goods and services to us or acting on our behalf.

We have entered into an employment agreement with each of our executive officers. The employment of the executive officers under these employment agreements is for an indefinite period, but may be terminated by us for cause at any time without advance notice or for any other reason by giving prior written notice or by paying certain compensation, and the executive officer may terminate his or her employment at any time by giving us prior written notice. The employment agreements with the executive officers also include confidentiality and non-disclosure restrictions and non-competition and non-solicitation restrictions that apply during employment and for certain periods following termination of employment.

We have entered into indemnification agreements with each of our directors. Under these agreements, we may agree to indemnify our director against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director of us.

As of June 30, 2024, we had four employees based primarily in Singapore, all of which were full-time employees. Our employees are engaged in business development, operations, finance, and administration. None of our employees is either represented by a labor union or subject to a collective bargaining agreement. We enter into non-competition, non-solicitation and confidentiality agreements or service agreement or employment agreement that contains non-competition, non-solicitation and confidentiality clauses with our employees. We also rely on 3DOM Alliance to provide support function services in business development, operations and administration.

Please see “Item. 7 Major Shareholders and Related Party Transactions” below.

The following table sets forth information regarding the beneficial ownership of ordinary shares as of the date hereof by:

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if that person possesses sole or shared voting or investment power over that security. A person is also deemed to be a beneficial owner of securities that person has a right to acquire within 60 days including, without limitation, through the exercise of any option, warrant or other right or the conversion of any other security. Such securities, however, are deemed to be outstanding only for the purpose of computing the percentage beneficial ownership of that person but are not deemed to be outstanding for the purpose of computing the percentage beneficial ownership of any other person. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities.

As of the date of this Annual Report, there are 283,382,728 ordinary shares issued and outstanding.

Unless otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all shares of voting shares beneficially owned by them.

We have experienced significant changes in the percentage ownership held by major shareholders as a result of the Business Combination. Prior to the consummation of the Business Combination, the sole shareholder of our Company is Dongfeng Wang, the Chief Executive Officer and Chairman of PNAC.

On August 1, 2020, noco-noco issued a promissory note to 3DOM Alliance (the “Note”). The Note provides for borrowings upon the request of noco-noco, on one or more occasions, up to the principal amount of S$1.0 million ($0.7 million). The principal amount was extended to S$3.0 million ($2.2 million) on January 23, 2023, and further extended to S$8.0 million ($5.8 million) on February 6, 2023. No interest shall accrue to any loans under the Note. There are no payment schedules under the Note; however, the Note must be repaid upon 3DOM Alliance’s request or certain events of default. On March 6, 2024, S$6.8 million owed to 3DOM Alliance, representing the aggregate amount drawn down, was capitalized into 28,700,000 ordinary shares at an issuance price of $0.1785. As of June 30, 2024, we had drawdown of S$0.3 million ($0.2 million) from 3DOM Alliance Inc.

On October 22, 2021, noco-noco allotted and issued 15,478 new ordinary shares in its capital, at $100 per share, to 3DOM Alliance, pursuant to a debt-to-equity swap which both parties agreed to convert noco-noco’s debt of $1.5 million owed to 3DOM Alliance into new ordinary shares in the capital of noco-noco.

On July 15, 2022, noco-noco allotted and issued another 759 (295,824 after reverse recapitalization) new ordinary shares in its capital, at the issue price of $1,041.22 ($2.67 after reverse recapitalization), to 3DOM Alliance, pursuant to another debt-to-equity swap which both parties agreed to convert noco-noco’s debt of $0.8 million owed to 3DOM Alliance into new ordinary shares in the capital of noco-noco.

On March 28, 2024, noco-noco allotted and issued another 28,700,000 new ordinary shares, at the issue price of $0.1785 per share to 3DOM Alliance, pursuant to another debt-to-equity swap which both parties agreed to convert our debt of $5.1 million owed to 3DOM Alliance in relation to the Promissory Note into new ordinary shares in the capital of noco-noco.

On August 18, 2021, noco-noco entered into an exclusive, irrevocable license-in agreement (the “2021 license-in agreement”) with 3DOM Alliance. Pursuant to the agreement, 3DOM Alliance granted a license to certain of its proprietary patents, trademarks and other intellectual properties to noco-noco, in return for royalties of the sum equal to 1.5% of noco-noco’s revenue. The 2021 license-in agreement was amended once on August 29, 2022 and was terminated on November 22, 2022.

On November 22, 2022, noco-noco entered into a new exclusive, irrevocable license-in agreement with 3DOM Alliance. Pursuant to such agreement, 3DOM Alliance granted noco-noco the exclusive rights to utilize certain of its proprietary and licensed-in patents and other intellectual property, as well as confidential yet critical know-how and other information for a perpetual term, in return for quarterly royalties equal to three percent (3%) of the gross profit generated using each of 3DOM IP Rights. In addition, noco-noco is obligated to pay a one-off, refundable upfront payment of $30 million licensing fee to 3DOM Alliance. Such upfront payment shall be credited against any royalties under the agreement such that the amount of the upfront payment shall be deducted from the royalties when due and payable. In the event that the upfront payment has any remaining amount after the last deduction from the royalties at the end of a five-year period from the last installment of the upfront payment, the remaining unutilized amount shall be refunded to us at our request. Pursuant to a supplemental agreement to the license-in agreement dated May 10, 2023 (the “Supplemental Agreement”), the upfront payment shall be payable over a series of installments after the consummation of the Business Combination, in such amounts and manner, and pursuant to such repayment schedule as may be agreed between 3DOM Alliance and us. Both parties shall negotiate the instalment plan in good faith, taking into consideration our working capital needs as well as our liquidity and available capital resources after the consummation of the Business Combination. As of the date of this annual report, we had not paid any upfront payments to 3DOM Alliance yet. See “Business — Relationship with 3DOM Alliance” for more details.

See the section headed “Item 6. Directors, Senior Management and Employees — C. Board Practices — Employment Agreements and Indemnification Agreements.”

Prior to the consummation of the Business Combination, PNAC, PubCo, PNAC Initial Insiders (as defined in the Lock-up Agreement), and certain of the shareholders of noco-noco entered into a lock-up agreement (the “Lock-up Agreement”), pursuant to which the Initial Insiders and certain shareholders of noco-noco agreed not to sell, assign, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any of the Lock-up Shares (as defined in the Lock-up Agreement); (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Lock-up Shares, whether any such transaction is to be settled by delivery of such Lock-up Shares, in cash or otherwise; (c) make public announcement of any intention to effect any transaction specified in clause (a) or (b) above; or (d) engage in any short sales (as defined in the Lock-up Agreement) with respect to any security of PubCo, for a period of six months following the Share Exchange Closing Date with respect to PNAC Founder Shares and PubCo Ordinary Shares that certain shareholders of noco-noco will receive in connection with the Share Exchange, and for a period of 30 days following the Share Exchange Closing Date with respect to PNAC Private Shares and Working Capital Loan Shares, if any. Such lock-up period may end earlier if certain conditions occur as provided in the Lock-up Agreement. The lock-up restrictions imposed on 3DOM and Future Science Research Inc. (“FSR”, together with 3DOM, the “Holders”) were waived by us on and effective from September 29, 2023, as the Holders desire to pledge all or a portion of their Lock-up Shares for the purpose of obtaining financing by third party lender(s) (the “Financing”), the proceeds of which will be used in accordance with the requirements set out in the definitive documents for the Financing.

On September 29, 2023, the board of directors of our Company (“our Board”) agreed to waive (the “Waivers”): (i) the lock-up restrictions set forth in the lock-up agreement by and among our Company, PNAC and 3DOM dated August 1, 2023 (the “3DOM Lock-up Agreement”), and (ii) the lockup restrictions set forth in the lock-up agreement by and among our Company, PNAC and Future Science Research Inc. (“FSR”) dated August 1, 2023 (the “FSR Lock-up Agreement”), in relation to the business combination of our Company and PNAC, among others. Pursuant to the 3DOM Lock- up Agreement and the FSR Lock-up Agreement, each of FSR and 3DOM has agreed, among other things, not to pledge or enter into any arrangement that transfers to another any of the economic consequences or ownership of any of the Lock-up Shares.

3DOM and FSR desire to pledge or transfer all or a portion of their Lock-up Shares for the purpose of obtaining financing from third party lender(s) (the “Financing”), the proceeds of which will be used in accordance with the requirements set out in the definitive documents for the Financing. A portion of funds from the Financing will be injected by 3DOM and/or FSR into our Company as loans to fund our Company’s operations. Our Board believes granting such Waivers would assist to make financing available for our Company’s operations (and 3DOM’s operations which is important for our Company) which would otherwise not be forthcoming. The effectiveness of Waivers took place on September 29, 2023.

PubCo and certain holders of PubCo Ordinary Shares entered into a Registration Rights Agreement, effective upon the Closing pursuant to which, among other things, PubCo agreed to undertake certain resale registration obligations in accordance with the Securities Act and the holders have been granted certain demand and piggyback registration rights.

As provided in the Registration Rights Agreement, PubCo must upon the demand of the registration rights holders, use reasonable efforts to cause to be declared effective as soon as practicable thereafter, a registration statement for a registration on Form F-1 (“Form F-1”) covering the resale of all registrable securities held by the holders of registration rights on a delayed or continuous basis. Following the filing of the Form F-1, PubCo has agreed to use reasonable efforts to convert the Form F-1 to a shelf registration on Form F-3, and/or to file and cause to become effective a shelf registration on Form F-3, as soon as practicable and in any event after PubCo is eligible to use Form F-3. A majority-in-interest of the Demanding Holders (as defined in the Registration Rights Agreement), may, subject to certain limitations described in the Registration Rights Agreement, make demand for an underwritten offering of all or any portion of their registrable securities pursuant to the registration statement, up to certain number of times depending on the type of registrable securities that such holder holds; provided that PubCo will not be required to effectuate (i) with respect to any Tranche A Registrable Securities (as defined in the Registration Rights Agreement), more than an aggregate of one (1) registration pursuant to a demand registration, (ii) with respect to any Tranche B Registrable Securities (as defined in the Registration Rights Agreement), more than an aggregate of one (1) registration pursuant to a demand registration, (iii) with respect to any Tranche C Registrable Securities (as defined in the Registration Rights Agreement), more than an aggregate of one (1) registration pursuant to a demand registration, and (iv) with respect to any Tranche D Registrable Securities (as defined in the Registration Rights Agreement), more than an aggregate of one (1) registration pursuant to a demand registration; provided, however, that a registration shall not be counted for such purposes unless a Form F-1 or any similar long-form registration statement that may be available at such time has become effective and all of the registrable securities requested by the requesting holders to be registered on behalf of the requesting holders in such Form F-1 registration have been sold, in accordance with the Registration Rights Agreement. In addition, holders of registrable securities have certain “piggy-back” registration rights with respect to registration statements filed after the expiration of any lock-up to which such securities are subject pursuant to any Lock-Up Agreement, with certain customary exceptions. PubCo will bear all costs and expenses incurred in connection with the filing of any such registration statements.

On October 10, 2023, the Company entered into a payoff letter agreement (the “Payoff Letter”) with PNAC, PNCPS and WestPark Capital, Inc. (“WestPark”), in connection with: (i) the engagement letter entered into by and among PNAC, PNCPS and WestPark as of October 25, 2022 (the “Financial Advisory Engagement”), (ii) the engagement letter entered into by and between PNAC and PNCPS as of October 25, 2022 (as amended by an amendment dated January 31, 2023 setting forth the compensation therefor, the “Business Combination Advisory Engagement”) and (iii) the placement agent agreement entered into by and between PNAC and PNCPS as of April 30, 2023 (the “Placement Agent Agreement,” together with Financial Advisory Engagement and Business Combination Advisory Engagement, the “Prime Agreements”). Pursuant to the Payoff Letter, the Company would undertake certain amounts and obligations to PNCPS and WestPark (the “Payoff Amount”) under the Prime Agreements in connection with and as a result of the Business Combination. Each of PNCPS and WestPark agreed to equitize the entire Payoff Amount by subscribing for (including having its designated person subscribe for) such number of the Company’s ordinary shares (the “Payoff Shares”), among others under the Payoff Letter. Upon the execution and delivery of the Payoff Letter, the Prime Agreements were terminated automatically without further force and effect and any claims thereunder should be released.

See “Item 6. Directors, Senior Management and Employees — B. Compensation — Share Incentive Plan.”

On March 19, 2024, we issued 2,522,980 ordinary shares, priced at $0.1785 (Average per share (the average of 30 trading-day moving average and 50 trading-day moving average with reference date on February 1, 2024) to our directors and executive officers as form of compensation.

On July 2, 2024, we issued 873,149 ordinary shares, priced at $0.1785 (Average per share (the average of 30 trading-day moving average and 50 trading-day moving average with reference date on February 1, 2024) to our directors and executive officers as form of compensation.

On October 14, 2024, we allotted and issued 90,433,183 restricted ordinary shares, at the issue price of $0.10 per share to noco-tech, for a total consideration of $9,043,318, pursuant to an asset acquisition agreement in which we purchased manufacturing equipment featuring the revolutionary X-SEPA™ technology from noco-tech.

Consolidated financial statements have been filed as part of this Report. See "Item 18. Financial Statements.”

From time to time, we may become involved in additional legal proceedings arising in the ordinary course of its business. We are currently involved in a civil litigation (the "Litigation") in Singapore relating to an alleged breach of a share swap agreement, pursuant to which, subject to certain condition precedents by the claimant, we would engage in a share swap (the “Share Swap”) with the claimant where we will hold 24% of the claimant’s total equity interests and the claimant would hold 8% (the “Minority Interests”) of our total equity interests. In the Litigation, the claimant alleges that we have substantially breached the contract by not performing the Share Swap, and demands, inter alia, that the court orders specific performance of the Share Swap. On October 31, 2023, with respect to the Litigation, we entered into a settlement agreement with the claimant under which, among others, that (i) the claimant and us have irrevocably and unconditionally agreed to a full and final settlement of any Claims (as defined therein), (ii) the claimant and us have further agreed to unconditionally and absolutely discharge and release each other, its affiliates and other Released Persons (as defined therein) with immediate effect from any and all Claims, and (iii) all parties involved in the litigation shall discontinue its respective legal proceeding under the Litigation with no order as to costs and shall file the Notice of Discontinuance within a stipulated period of time, and bear its own costs in relation to the Litigation, the mediation and the settlement. The Share Swap is therefore voided and our shareholding structure will not be affected under such settlement.

We may declare dividends on our ordinary shares from time to time. The declaration, payment and amount of any future dividends will be made at the discretion of our board of directors and will depend upon, among other things, the results of operations, cash flows and financial condition, operating and capital requirements, and other factors as our board of directors considers relevant. There is no assurance that future dividends will be paid, and if dividends are paid, there is no assurance with respect to the amount of any such dividend.

Our board of directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors.

Except as disclosed elsewhere in this annual report, we have not experienced any significant changes since June 30, 2024.

Our ordinary shares and warrants were listed on Nasdaq under the symbols “NCNC” and “NCNCW,” respectively. The Company's securities and warrants were suspended from trading on Nasdaq Capital Market at the open of business on November 25, 2024 and were moved to Over-the-Counter ("OTC") Market for trading under the symbols "NCNCF" and "NCNWF", respectively. Holders of ordinary shares and warrants should obtain current market quotations for their securities.

The Company's securities and warrants were suspended from trading on Nasdaq Capital Market at the open of business on November 25, 2024 and were moved to Over-the-Counter ("OTC") Market for trading under the symbols "NCNCF" and "NCNWF", respectively.

As of the date of this annual report, there were 283,382,728 ordinary shares that were outstanding and issued.

The memorandum and articles of association of the Company effective as of August 25, 2023, i.e. the Current Memorandum and Articles of Association, are filed as part of this Report.

A summary of material terms of the articles of association of the Company is set forth in Exhibit 2.3 to this Report entitled “Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934”.

Other than in the ordinary course of business and other than those described in “Explanatory Note,” “Item 4. Information on the Company,” “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions” or elsewhere in this annual report, including the below, we have not entered into any material contract during the two years immediately preceding the date of this annual report:

On August 13, 2023, we entered into a Forward Purchase Agreement (the “Forward Purchase Agreement”) with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, the “Seller”) for an OTC Equity Prepaid Forward Transaction. On October 26, 2023, we further entered into a Forward Purchase Agreement Confirmation Amendment with the Seller to amend certain terms of the Forward Purchase Agreement.

On August 14, 2023, we entered into a purchase agreement (the “Purchase Agreement”) with ARENA BUSINESS SOLUTIONS GLOBAL SPC II, LTD on behalf of and for the account of SEGREGATED PORTFOLIO #9 – SPC #9 (“Arena”), which provides that, upon the terms and subject to the conditions and limitations set forth therein, we have the right to direct Arena to purchase up to an aggregate of $150,000,000 of PubCo Ordinary Shares over the 36-month term of the Purchase Agreement. On September 18, 2023, we entered into Amendment No.1 to the Purchase Agreement to amend certain terms of the Purchase Agreement. A summary of material terms and full text of such agreements is set forth in the Registration Statement on Form F-1 filed with the SEC on September 19, 2023, which is incorporated herein by reference.

On June 26, 2024, we entered into a share subscription agreement with Future Science Research. Pursuant to the agreement, Future Science Research agreed to purchase an aggregate of 6,235,410 ordinary shares of the Company, at a price per share of $0.1656, representing aggregate gross proceeds to the company of $1,032,583.89,

On August 16, 2024, we entered into a securities purchase agreement (the "Securities Purchase Agreement") with Arena Investors, LP. Pursuant to the Securities Purchase Agreement, we have agreed to issue Arena a convertible promissory note and a warrant to purchase ordinary shares of the Company.

On October 11, 2024, we entered into an asset purchase agreement (the "Asset Purchase Agreement") with noco-tech Inc, to purchase manufacturing equipment featuring the revolutionary X-SEPA™ technology. We allotted and issued 90,433,183 ordinary shares, at a price of $0.10 in consideration for the assets.

There are no governmental laws, decrees, regulations or other legislation in the Cayman Islands that may affect the import or export of capital, including the availability of cash and cash equivalents for use by the Company, or that may affect the remittance of dividends, interest, or other payments by the Company to non-resident holders of its ordinary shares, assuming the absence of applicable United Nations sanctions as implemented or otherwise adopted under the laws of the Cayman Islands. There is no limitation imposed by laws of Cayman Islands or in the Company’s articles of association on the right of non-residents to hold or vote shares.”

The following is a discussion of certain material U.S. federal income tax considerations generally applicable to the acquisition, ownership, and disposition of ordinary shares by a “U.S. Holder.” This discussion applies only to ordinary shares that are held by a U.S. Holder as “capital assets” within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not describe all U.S. federal income tax considerations that may be relevant to a U.S. Holder in light of such U.S. Holder’s particular circumstances, nor does it address any state, local, or non-U.S. tax considerations, any non-income tax (such as gift or estate tax) considerations, the alternative minimum tax, the special tax accounting rules under Section 451(b) of the Code, the Medicare contribution tax on net investment income, or any tax consequences that may be relevant to U.S. Holders that are subject to special tax rules, including, without limitation:

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds ordinary shares, the tax treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership and the partner. Partnerships holding ordinary shares should consult their tax advisors regarding the tax consequences in their particular circumstances.

This discussion is based on the Code, the U.S. Treasury regulations promulgated thereunder, administrative rulings, and judicial decisions, all as currently in effect and all of which are subject to change or differing interpretation, possibly with retroactive effect. Any such change or differing interpretation could alter the tax consequences described herein. Furthermore, there can be no assurance that the Internal Revenue Service (the “IRS”) will not challenge the tax considerations described herein and that a court will not sustain such challenge.

For purposes of this discussion, a “U.S. Holder” is a beneficial owner of ordinary shares, that is, for U.S. federal income tax purposes:

THIS DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF ORDINARY SHARES IN THEIR PARTICULAR CIRCUMSTANCES.

Subject to the PFIC rules discussed below under “—Passive Foreign Investment Company Rules,” distributions on Ordinary Shares generally will be taxable as a dividend for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such distributions in excess of our current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the applicable U.S. Holder’s adjusted tax basis in its Ordinary Shares. Any remaining excess will be treated as capital gain realized on the sale or other taxable disposition of the Ordinary Shares and will be treated as described below under “—Sale or Other Taxable Disposition of Ordinary Shares.” Notwithstanding the foregoing, our Company does not intend to maintain calculations of its earnings and profits as determined for U.S. federal income tax purposes. Consequently, distributions generally will be reported as dividend income for U.S. information reporting purposes. Subject to the PFIC rules described below, dividends paid by a non-U.S. corporation generally will be taxed at the preferential tax rates applicable to long-term capital gain of non-corporate taxpayers if (a) such non-U.S. corporation is eligible for the benefits of certain U.S. treaties or the dividend is paid by such non-U.S. corporation with respect to stock that is readily tradable on an established securities market in the United States, (b) the U.S. Holder receiving such dividend is an individual, estate, or trust, and (c) such dividend is paid on shares that have been held by such U.S. Holder for at least 61 days during the 121-day period beginning 60 days before the “ex-dividend date.” If the requirements of the immediately preceding sentence are not satisfied, a dividend paid by a non-U.S. corporation to a U.S. Holder, including a U.S. Holder that is an individual, estate, or trust, generally will be taxed at ordinary income tax rates (and not at the preferential tax rates applicable to long-term capital gains). The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the dividend rules. Any such dividends paid in a currency other than the U.S. dollar generally will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt of the dividend payment, regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of actual or constructive receipt of the dividend payment.

Taxing jurisdictions other than the United States may withhold taxes from distributions on Ordinary Shares, and a U.S. Holder may be eligible for a reduced rate of withholding to the extent there is an applicable tax treaty between the applicable taxing jurisdiction and the United States and/or may be eligible for a foreign tax credit against the U.S. Holder’s U.S. federal income tax liability. Dividends received generally will be income from non-U.S. sources, which may be relevant in calculating your U.S. foreign tax credit limitation. Such non-U.S. source income generally will be “passive category income”, which is treated separately from other types of income for purposes of computing the foreign tax credit allowable to you. The rules with respect to foreign tax credits are complex and involve the application of rules that depend on a U.S. Holder’s particular circumstances. You should consult your own tax advisor to determine the foreign tax credit implications of owning the Ordinary Shares.

Subject to the PFIC rules discussed below under “—Passive Foreign Investment Company Rules,” upon any sale or other taxable disposition of Ordinary Shares, a U.S. Holder generally will recognize gain or loss in an amount equal to the difference, if any, between (i) the sum of (A) the amount of cash and (B) the fair market value of any other property received in such sale or disposition and (ii) the U.S. Holder’s adjusted tax basis in the Ordinary Shares. Any such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder’s holding period for such Ordinary Shares exceeds one year. Long-term capital gain recognized by non-corporate U.S. Holders generally will be taxed at currently preferential long-term capital gains rates. The deductibility of capital losses is subject to limitations. For foreign tax credit purposes, any such gain or loss generally will be treated as U.S. source gain or loss.

If the consideration received by a U.S. Holder upon a sale or other taxable disposition of Ordinary Shares is not paid in U.S. dollars, the amount realized will be the U.S. dollar value of such payment calculated by reference to the exchange rate in effect on the date of such sale or disposition. A U.S. Holder may have foreign currency gain or loss to the extent of the difference, if any, between (i) the U.S. dollar value of such payment on the date of such sale or disposition and (ii) the U.S. dollar value of such payment calculated by reference to the exchange rate in effect on the date of settlement.

U.S. Holders should consult their tax advisors regarding the tax consequences of a sale or other taxable disposition of Ordinary Shares, including the creditability of foreign taxes imposed on such sale or disposition by a taxing jurisdiction other than the United States, in their particular circumstances.

The U.S. federal income tax treatment of U.S. Holders could be materially different from that described above if we are treated as a PFIC for U.S. federal income tax purposes. In general, a non-U.S. corporation is a PFIC for U.S. federal income tax purposes for any taxable year in which (i) 50% or more of the average value of its assets (generally determined on the basis of a weighted quarterly average) consists of assets that produce, or are held for the production of, passive income, or (ii) 75% or more of its gross income consists of passive income. Passive income generally includes dividends, interest, royalties, rents, investment gains, net gains from the sales of property that does not give rise to any income and net gains from the sale of commodities (subject to certain exceptions, such as an exception for certain income derived in the active conduct of a trade or business). Cash and cash equivalents are generally treated as passive assets. The value of goodwill will generally be treated as an active or passive asset based on the nature of the income produced in the activity to which the goodwill is attributable. For purposes of the PFIC rules, a non-U.S. corporation that owns, directly or indirectly, at least 25% by value of the stock of another corporation is treated as if it held its proportionate share of the assets of the other corporation, and received directly its proportionate share of the income of the other corporation.

Based on the current and projected composition of our income and assets, and the valuation of our assets, including goodwill, we do not expect to become a PFIC in the current taxable year for U.S. federal income tax purposes. However, the Company’s PFIC status for any taxable year is a factual annual determination that can be made only after the end of that year and will depend a number of factors, some of which are beyond our Company’s control, such as the composition of the Company’s income and assets and the value of its assets from time to time (including the value of its goodwill, which may be determined in large part by reference to the market price of the Ordinary Shares from time to time, which could be volatile). In addition, the risk of the Company being a PFIC for any taxable year will increase if its market capitalization declines substantially during that year. The above described look-through rule applicable to a corporation which we own directly or indirectly at least 25% by value of the stock may be complex to apply and certain data might not be readily available for us to make such determination. Furthermore, whether and to which extent the Company’s income and assets, including goodwill, will be characterized as active or passive will depend on various factors that are subject to uncertainty, including the Company’s future business plan and business activities and the application of laws that are subject to varying interpretation (including with respect to the treatment of government grants). Moreover, certain of the Company’s business activities generate passive income and, although the amount of such income is currently small, the Company’s risk of being a PFIC will increase if the proportion of the Company’s revenue earned from such business activities increases in future taxable years. Similarly, the Company’s risk of being a PFIC will increase if the proportion of the Company’s revenue earned from active business activities decreases in future taxable years. Accordingly, there can be no assurances that the Company will not be a PFIC for its current or any future taxable year, and the Company’s U.S. counsel expresses no opinion with respect to the Company’s PFIC status for any taxable year. If our Company was currently or were to become a PFIC, U.S. Holders of Ordinary Shares would be subject to special rules and a variety of potentially adverse tax consequences under the Code.

Although PFIC status is generally determined annually, if we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder in its Ordinary Shares and the U.S. Holder did not make either a mark-to-market election or a qualifying electing fund (“QEF”) election or, which are referred to collectively as the “PFIC Elections” for purposes of this discussion, for the first taxable year in which we are treated as a PFIC, and in which the U.S. Holder held (or was deemed to hold) Ordinary Shares, or the U.S. Holder does not otherwise make a purging election, as described below, the U.S. Holder generally will be subject to special and adverse rules with respect to (i) any gain recognized by the U.S. Holder on the sale or other taxable disposition of its Ordinary Shares and (ii) any “excess distribution” made to the U.S. Holder (generally, any distributions to the U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by the U.S. Holder in respect of its Ordinary Shares during the three preceding taxable years of the U.S. Holder or, if shorter, the U.S. Holder’s holding period in its Ordinary Shares).

If we are treated as a PFIC and Ordinary Shares constitute “marketable stock,” a U.S. Holder may avoid the adverse PFIC tax consequences discussed above if such U.S. Holder makes a mark-to-market election with respect to its Ordinary Shares for the first taxable year in which the U.S. Holder holds (or is deemed to hold) the Ordinary Shares and each subsequent taxable year. Such U.S. Holder generally will include for each of its taxable years as ordinary income the excess, if any, of the fair market value of its Ordinary Shares at the end of such year over its adjusted tax basis in its Ordinary Shares. The U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted tax basis in its Ordinary Shares over the fair market value of its Ordinary Shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder’s adjusted tax basis in its Ordinary Shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable disposition of its Ordinary Shares will be treated as ordinary income.

The mark-to-market election is available only for “marketable stock,” generally, stock that is regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission, including the Nasdaq (on which Ordinary Shares are currently listed), or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. As such, such election generally will not apply to any of our non-U.S. subsidiaries, unless the shares in such subsidiaries are themselves “marketable stock.” As such, U.S. Holders may continue to be subject to the adverse PFIC tax consequences discussed above with respect to any lower-tier PFICs, as discussed below, notwithstanding their mark-to-market election with respect to Ordinary Shares.

If made, a mark-to-market election would be effective for the taxable year for which the election was made and for all subsequent taxable years unless Ordinary Shares cease to qualify as “marketable stock” for purposes of the PFIC rules or the IRS consents to the revocation of the election. U.S. Holders should consult their tax advisors regarding the availability and tax consequences of a mark-to-market election with respect to Ordinary Shares in their particular circumstances.

The tax consequences that would apply if we were a PFIC and a U.S. Holder made a valid QEF election would also be different from the adverse PFIC tax consequences described above. In order to comply with the requirements of a QEF election, however, a U.S. Holder generally must receive a PFIC Annual Information Statement from us. If we are determined to be a PFIC for any taxable year, we do not currently intend to provide the information necessary for U.S. Holders to make or maintain a QEF election. As such, U.S. Holders should assume that a QEF election will not be available with respect to Ordinary Shares.

If we are treated as a PFIC and a U.S. Holder failed or was unable to timely make a PFIC Election for prior periods, the U.S. Holder might seek to make a purging election to rid its Ordinary Shares of the PFIC taint. Under the purging election, the U.S. Holder will be deemed to have sold its Ordinary Shares at their fair market value and any gain recognized on such deemed sale will be treated as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will have a new adjusted tax basis and holding period in the Ordinary Shares solely for purposes of the PFIC rules.

If we are treated as a PFIC and, at any time, has a non-U.S. subsidiary that is treated as a PFIC, a U.S. Holder generally would be deemed to own a proportionate amount of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if we receive a distribution from, or sell or otherwise dispose of all or part of our interest in, such lower-tier PFIC, or the U.S. Holder otherwise was deemed to have sold or otherwise disposed of an interest in such lower-tier PFIC. U.S. Holders should consult their tax advisors regarding the application of the lower-tier PFIC rules in their particular circumstances.

A U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year may have to file an IRS Form 8621 (whether or not a QEF election or a mark-to-market election is made) and to provide such other information as may be required by the U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations applicable to such U.S. Holder until such required information is furnished to the IRS and could result in penalties.

THE PFIC RULES ARE VERY COMPLEX AND U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE APPLICATION OF SUCH RULES IN THEIR PARTICULAR CIRCUMSTANCES.

In addition, certain U.S. Holders may be subject to certain reporting obligations with respect to Ordinary Shares if the aggregate value of “specified foreign financial assets” exceeds $50,000. If required, this disclosure is made by filing Form 8938 with the IRS. Significant penalties can apply if U.S. Holders are required to make this disclosure and fail to do so. In addition, a U.S. Holder should consider the possible obligation for online filing of a FinCEN Report 114—Foreign Bank and Financial Accounts Report as a result of holding Ordinary Shares. U.S. Holders are thus encouraged to consult their U.S. tax advisors with respect to these and other reporting requirements that may apply to their acquisition of Ordinary Shares.

In general, information reporting requirements will apply to distributions made on our Ordinary Shares within the U.S. to a non-corporate U.S. Holder and to the proceeds from the sale, exchange, redemption or other disposition of Ordinary Shares by a non-corporate U.S. Holder to or through a U.S. office of a broker. Payments made (and sales or other dispositions effected at an office) outside the U.S. will be subject to information reporting in limited circumstances.

In addition, backup withholding of U.S. federal income tax may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification number (or otherwise establishes, in the manner provided by law, an exemption from backup withholding) or to report dividends required to be shown on the U.S. Holder’s U.S. federal income tax returns.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder’s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

U.S. Holders should consult their tax advisors regarding the information reporting requirements and the application of the backup withholding rules in their particular circumstances.

THIS DISCUSSION IS FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. INCOME AND NON-INCOME TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF ORDINARY SHARES, INCLUDING THE IMPACT OF ANY POTENTIAL CHANGE IN LAW, IN THEIR PARTICULAR CIRCUMSTANCES.

The following is a discussion on certain Cayman Islands income tax consequences of an investment in the Ordinary Shares. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor’s particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law. Prospective investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any shares under the laws of their country of citizenship, residence or domicile.

Payments of dividends and capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of interest and principal or a dividend or capital to any holder of Ordinary Shares, as the case may be, nor will gains derived from the disposal of the Ordinary Shares be subject to Cayman Islands income or corporation tax. The Cayman Islands currently have no income, corporation or capital gains tax and no estate duty, inheritance tax or gift tax.

The Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has obtained an undertaking from the Governor in Cabinet of the Cayman Islands in the following form:

In accordance with the Tax Concessions Law, the following undertaking is hereby given to the Company:

(a) that no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to its operations; and

(b) in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:

(i) on or in respect of the shares, debentures or other obligations of our Company; or

(ii) by way of the withholding in whole or part, of any relevant payment as defined in Tax Concessions Law.

These concessions shall be for a period of TWENTY years from the 18th day of July 2023.

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations 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 Cayman Islands save certain stamp duties which may be applicable, from time to time, on certain instruments executed in or brought within the jurisdiction of the Cayman Islands.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

We are subject to certain of the informational filing requirements of the Exchange Act. Since we are a “foreign private issuer,” we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and “short-swing” profit recovery provisions contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we are required to file with the SEC an annual report on Form 20-F containing financial statements audited by an independent accounting firm. We may, but are not required, to furnish to the SEC, on Form 6-K, unaudited financial information after each of our first three fiscal quarters. The SEC also maintains a website at http://www.sec.gov that contains reports and other information that we file with or furnish electronically with the SEC. You may read and copy any report or document we file, including the exhibits, at the SEC’s public reference room located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room.

Credit risk is the potential financial loss to us resulting from the failure of a customer or a counterparty to settle our financial and contractual obligations, as and when they fall due. As we do not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (exclude upfront payments) and cash and bank deposits presented on the consolidated balance sheets. We have no other financial assets which carry significant exposure to credit risk.

We operate in several countries and regions, which exposes us to the effects of fluctuations in currency exchange rates as we report our financials and key operational metrics in US dollars. We earn revenue denominated in, and generally incur expenses for employee compensation and other operating expenses in, local currencies. Fluctuations in the exchange rates among the various currencies that we use could cause fluctuations in our operational and financial results.

Information regarding our Warrants is set forth in the Form F-4 under the section titled “Description of PubCo’s Securities — Warrants” and is incorporated herein by reference. Upon the completion of the Business Combination, there were 3,224,994 Warrants outstanding. The Warrants, which entitle the holder to purchase one Ordinary Share at an exercise price of $11.50 per share, subject to adjustment pursuant to the terms of the Warrant Agreement and Warrant Assumption Agreement, will become exercisable on September 25, 2023, which is 30 days after the completion of the Business Combination. The Warrants will expire on September 25, 2028, (i.e., five years after the completion of the Business Combination) or earlier upon redemption or liquidation in accordance with their terms.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Based upon that evaluation, our management has concluded that, as of June 30, 2024, our disclosure controls and procedures were not effective in ensuring that the information required to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) under the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of its published consolidated financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. As required by Section 404 of the Sarbanes-Oxley Act of 2002 and related rules promulgated by the Securities and Exchange Commission, our management conducted an assessment of the effectiveness of our internal control over financial reporting as of June 30, 2024. In making this assessment, it used the criteria established within the Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that assessment, our management concluded that our internal control over financial reporting was not effective as of June 30, 2024 due to material weaknesses in internal control over financial reporting.

As defined in Regulation 12b-2 under the Exchange Act, a “material weakness” is a deficiency, or 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 consolidated financial statements will not be prevented, or detected on a timely basis.

Since we qualified as an “emerging growth company” as defined under the JOBS Act, this annual report on Form 20-F does not include an attestation report of our independent registered public accounting firm.

Prior to the closing of the Business Combination, we were a private company with limited numbers of accounting personnel and other resources with which to address our internal controls and procedures. In connection with the audit of our consolidated financial statements for the years ended June 30, 2024 and 2023, we and our auditors, an independent registered public accounting firm, identified one material weakness in our internal control over financial reporting. As defined in the standards established by the PCAOB, a “material weakness” is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. A “significant deficiency” is a deficiency, or a combination of deficiencies, in internal control over financial reporting, that is less severe than a material weakness yet important enough to merit attention by those responsible for oversight of the company’s financial reporting.

We have started implementing several measures to address this identified material weakness, including: (1) hiring additional accounting and financial reporting personnel with U.S. GAAP and SEC reporting experience, (2) implementing regular and

continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel; and (3) strengthening corporate governance. Because such remediation measures were not fully implemented, our management concluded that the material weakness still existed as of June 30, 2024.

Other than as described above, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) that occurred during the period covered by this annual Report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Mr. Minoru Tanaka is the chairperson of the audit committee, and he satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC.

On October 17, 2024, we engaged WWC, P.C. ("WWC") as its independent registered public accounting firm and auditor to audit our consolidated financial statements as of and for the fiscal year ended June 30, 2024, to be filed with the SEC.

The following table sets forth, for each of the years indicated, the fees billed by WWC for the year ended June 30, 2024 and Marcum Asia CPAs LLP for the year ended June 30, 2024 and 2023.

Our Audit Committee has adopted policies and procedures for the pre-approval of audit and non-audit services rendered by our independent registered public accounting firm. Pre-approval of an audit or non-audit service may be given as a general pre-approval, as part of the audit committee’s approval of the scope of the engagement of our independent registered public accounting firm, or on an individual basis. Any proposed services exceeding general pre-approved levels also requires specific pre-approval by our audit committee. The policy prohibits retention of the independent registered public accounting firm to perform the prohibited non-audit functions defined in Section 201 of the Sarbanes-Oxley Act or the rules of the Securities and Exchange Commission, and also requires the audit committee to consider whether proposed services are compatible with the independence of the registered public accounting firm. All of the fees described above were pre- approved by our Audit Committee.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Neither we, nor any affiliated purchaser of our Company, has purchased any of our securities during the year ended June 30, 2024.

On September 26, 2024, our audit committee and board of directors approved the engagement of WWC and the dismissal of Marcum Asia CPAs LLP ("Marcum Asia") as our independent registered public accounting firm for the fiscal year ended June 30, 2024 for U.S. financial reporting purposes. The engagement of WWC became effecting on October 17, 2024. The decision to change our independent registered public accounting firm was not made due to any disagreements between Marcum Asia and us.

The audit reports of Marcum Asia on the financial statements of the Company as of and for the years ended June 30, 2022 and 2023 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; provided that there is an explanatory paragraph on the Company's ability to continue as a going concern for the year ended June 30, 2023.

During the fiscal years ended June 30, 2022 and 2023 and in the subsequent interim period through October 17, 2024, there have been no disagreements (as described under Item 16F(a)(1)(iv) of Form 20-F) between the Company and Marcum Asia on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to Marcum Asia’s satisfaction, would have caused Marcum Asia to make reference to the subject matter of such disagreements in its reports on the financial statements for such years. Except for the material weaknesses relating to the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP technical accounting issues, prepare and review financial statements including related disclosures in accordance with U.S. GAAP and reporting requirements set forth by the SEC, none of “reportable events”, as that term is described in Item 16F(a)(1)(v) of Form 20-F, occurred within the two fiscal years of the Company ended June 30, 2022 and 2023 and subsequently up to the date of dismissal.

We provided a copy of the foregoing disclosure to Marcum Asia and requested that Marcum Asia furnish us with a letter addressed to the SEC stating whether it agrees with the statements made above, and if not, stating the respects in which it does not agree. A copy of the letter from Marcum Asia is filed as Exhibit 16.1 to this annual report on Form 20-F.

During the Company’s most recent two fiscal years and in the subsequent interim period through October 17, 2024, neither the Company nor anyone on its behalf has consulted with WWC on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company that WWC concluded was an important factor considered by the Company in reaching a decision as to any accounting, audit, or financial reporting issue or (b) any matter that was the subject of a disagreement, as that term is defined in Item 16F(a)(1)(iv) of Form 20-F (and the related instructions thereto) or a reportable event as set forth in Item 16F(a)(1)(v)(A) through (D) of Form 20-F.

We are a “controlled company” as defined under the Nasdaq Stock Market Rules because 3DOM Alliance, our parent company, together with its wholly-owned subsidiary, noco-tech Inc., holds more than 50% of our voting power. For so long as we remain a “controlled company,” we are not required to comply with the following permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply with certain corporate governance requirements, including:

As a result, if we take advantage of these exemptions, you will not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements. We intend to take advantage of these controlled company exemptions. As a result, you may not be provided with the benefits of certain corporate governance requirements of Nasdaq applicable to U.S. domestic public companies. See “Risk Factors — Because we are a “controlled company” as defined in the Nasdaq Stock Market Rules, you may not have protections of certain corporate governance requirements which otherwise are required by Nasdaq’s rules.”

We are a foreign private issuer as such term is defined in Rule 405 under the Securities Act and are a company incorporated in the Cayman Islands, and, we are a listed company on the Nasdaq. The Nasdaq market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards applicable to domestic U.S. companies.

Because we have qualified as a foreign private issuer under the Exchange Act immediately following the consummation of the Business Combination, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q and current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

In addition, we are not required to have: (i) a majority of the board of directors consist of independent directors; (ii) a compensation committee consisting of independent directors; (iii) a nominating and corporate committee consisting of independent directors; or (iv) regularly scheduled executive sessions with only independent directors each year.

We intend to rely on some of the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate governance requirements of the Nasdaq applicable to U.S. domestic public companies.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. Accordingly, you may receive less or different information about us than you would receive about a U.S. domestic public company.

The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter. In the future, we could lose our status as a foreign private issuer under current SEC rules and regulations if more than 50% of our outstanding voting securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of our directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States. If we lose our status as a foreign private issuer in the future, it will no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements as if we were a company incorporated in the United States. If this were to happen, we would likely incur substantial costs in fulfilling these additional regulatory requirements, including costs related to the preparation of financial statements in accordance with U.S. GAAP, and members of our management would likely have to divert time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.

The Company has adopted securities trading policies and procedures governing the purchase, sale, and other dispositions of the group’s securities by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the registrant.

We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.

Because we are aware of the risks associated with third-party service providers, we implement stringent processes to oversee and manage these risks. We conduct thorough security assessments of all third-party providers before engagement and maintain ongoing monitoring to ensure compliance with our cybersecurity standards, including risk assessment for each service provider and strict control of privileged access granted to service providers. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third-parties.

As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.

Our board of directors is responsible for overseeing our cybersecurity risk management. Our board of directors shall (i) maintain oversight of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F.

At management level, our information technology department is responsible for overseeing the process of assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident.

If a cybersecurity incident occurs, our information technology department will promptly organize personnel for internal assessment and report to our board of directors. If it is further determined that the incident could potentially be a material cybersecurity event, our information technology department will promptly report the incident and assessment results to our disclosure committee and external legal counsel to the extent appropriate.

We have elected to furnish financial statements and related information specified in Item 18.

The financial statements are filed as part of this annual Report beginning on page F-1.

† Indicates a management contract or any compensatory plan, contract or arrangement.

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report on its behalf.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company had an accumulated deficit and its net cash outflows from operating activities raises substantial doubt about its ability to continue as a going concern. Management’s plan regarding these matters are described in Note 2. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have audited the accompanying consolidated balance sheet of noco-noco Inc. (the “Company”) as of June 30, 2023, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the two years in the period ended June 30, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. This condition raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("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.

The accompanying notes are an integral part of these consolidated financial statements.

* Shares and per share data are presented on a retroactive basis to give effect to the reverse recapitalization.

The accompanying notes are an integral part of these consolidated financial statements.

NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS

The Company incorporated as a Singapore corporation on July 25, 2019 under the name 3DOM (Singapore) Pte. Ltd. The Company is wholly-owned by 3DOM Alliance Inc., a Company incorporated in Japan and the ultimate controlling shareholder is Mr. Masataka Matsumara.

On November 9, 2022, the Company changed its name from 3DOM (Singapore) Pte. Ltd. to noco-noco Pte. Ltd ("noco-noco").

noco-noco Inc. (the “Company”) is a platform-solution provider of decarbonization offerings, aiming to truly solve urgent environmental crises through the comprehensive decarbonization of all forms of transportation.

Business combination

On August 25, 2023 (the “Closing Date”), noco-noco Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company” or “PubCo”), consummated the previously announced Business Combination (defined below).

On December 29,2022, PubCo, Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo (“Merger Sub”), Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo (“New SubCo”), noco-noco Pte. Ltd., a Singapore private company limited by shares, and certain shareholders of noco-noco collectively holding a controlling interest (together with other shareholders of noco-noco subsequently joining the transactions, the “Sellers”), entered into a business combination agreement (“Business Combination Agreement”), pursuant to which, PNAC proposed to enter into a business combination with noco-noco involving a merger and a share exchange, among which: (i) Merger Sub would merge with and into PNAC, with PNAC as the surviving entity and a wholly-owned subsidiary of PubCo (the “Merger”), (ii) New SubCo would acquire all of the issued and outstanding shares of noco-noco from the Sellers, and in exchange, PubCo would issue to the Sellers the ordinary shares of PubCo, with noco-noco becoming a subsidiary of New SubCo and an indirect subsidiary of PubCo (the “Share Exchange”, and together with the Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”).

Upon the consummation of the Business Combination, each of PNAC and noco-noco would become a subsidiary of PubCo, and PNAC stockholders and the Sellers would receive ordinary shares, par value $0.0001 per share, of PubCo (“PubCo Ordinary Shares”) as consideration and become the shareholders of PubCo. The Merger was consummated on August 24, 2023, and the Share Exchange and Business Combination were consummated on the Closing Date.

Pursuant to the Business Combination Agreement, upon the consummation of the Business Combination: (i) each PNAC unit (“PNAC Units”) issued and outstanding immediately prior to the effective time of the Merger was automatically detached and the holder thereof was deemed to hold one share of PNAC Class A Ordinary Share (defined below), one half of PNAC Warrant (defined below), and one PNAC Right (defined below); (ii) each share of PNAC Class A Ordinary Share, par value $0.0001 per share (“PNAC Class A Ordinary Share”, together with PNAC Class B Ordinary Share, par value $0.0001 per share, the “PNAC Ordinary Share”) issued and outstanding immediately prior to the effective time of the Merger was canceled in exchange for the right to receive one PubCo Ordinary Share, (iii) each PNAC warrant (“PNAC Warrant”) outstanding immediately prior to the effective time of the Merger ceased to be a warrant with respect to PNAC Ordinary Share and was assumed by PubCo and converted into a warrant of PubCo (“PubCo Warrant”) to purchase one PubCo Ordinary Share subject to substantially the same terms and conditions prior to the effective time of the Merger; and (iv) each PNAC Right (“PNAC Right”) outstanding immediately prior to the effective time of the Merger was cancelled in exchange for the right to receive one-eighth (1/8) of one PubCo Ordinary Share. In addition, pursuant to the Business Combination Agreement, upon the consummation of the Share Exchange (i) New SubCo acquired all the outstanding shares of noco-noco (“noco-noco Shares”) from the Sellers, (ii) in exchange, each Seller received such number of newly issued PubCo Ordinary Share that was equal to the product of (a) the quotient of (i) $1,350,000,000 (the “noco-noco Valuation”), divided by (ii) the price per PubCo Ordinary Share that equals to the redemption price of each share of PNAC Class A Ordinary Share in connection with the Business Combination (the “PubCo Per Share Price”), multiplied by (b) such Seller’s Pro Rata Portion as set out in the Allocation Schedule of the Business Combination Agreement.

The Company was determined to be the accounting acquirer given that the original shareholders of noco-noco effectively controlled the combined entity after the Transaction. PNAC is treated as the acquired company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the SPAC Transaction, the Company’s shareholders have a majority of the voting power of the combined company, the Company comprised all of the ongoing operations of the combined entity, the Company comprised a majority of the governing body of the combined company, and the Company’s senior management comprised all of the senior management of the combined company. Accordingly, for accounting purposes, the SPAC Transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by the Company for the net assets of PNAC,

accompanied by a recapitalization. The Company is determined as the predecessor, and the historical financial statements of noco-noco Group became the Company’s historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The share and per share data is retrospectively restated to give effect to the reverse recapitalization. Net assets of PNAC were stated at historical costs. No goodwill or other intangible assets were recorded. Operations prior to the SPAC Transaction were those of the noco-noco Group.

Prior to the Closing of the Business Combination, on August 13, 2023, PNAC entered into an agreement (the “Forward Purchase Agreement”) with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, the “Seller”) for a cash-settled OTC Equity Prepaid Forward Transaction (the “Forward Purchase Transaction”). Pursuant to the terms of the Forward Purchase Agreement, the Seller purchased 1,999,998 shares of PNAC’s Class A Ordinary Shares (the “Forward Purchase shares”) from third parties at approximately $10.65 per share through a broker in the open market and, three business day following the closing of the Business Combination, the Company paid out to the Seller an amount (such amount, as adjusted under the Forward Purchase Agreement, the “Prepayment Amount”) equal to the redemption price per share multiplied by the number of subject shares on the date of prepayment. The prepayment amount of $21,299,979 was paid out of the funds received by the Company from PNAC's trust account and will be held in deposit account for the benefit of the Seller until the “Valuation Date” (the second anniversary of the closing of the Business Combination, subject to certain acceleration provisions). At any time prior to the Valuation Date, the Seller may elect an optional early termination to sell some or all of the Forward Purchase shares in the open market. If the Seller sells any shares prior to the Valuation Date, a pro-rata portion of the prepayment amount will be released from the deposit account and paid to the Company. Depending on the manner in which the Forward Purchase Transaction is settled, the Company may never have access to the full remaining prepayment amount of $21,299,979. Refer to Note 12 for further details on the Forward Purchase Agreement and the related settlement scenarios.


	August 28, 2023
	$
Cash - PNAC trust and cash, net of redemptions		24,029,660
Less: Combined company transaction costs		(755,872	)
Net cash proceeds from Business Combination		23,273,788
Less: Prepayment amount pursuant to Forward Purchase Transaction		(21,299,979	)
Less: Forward Purchase Transaction share consideration reimbursement and trading commissions		(1,201,348	)
Cash proceeds, net of Forward Purchase Transaction Prepayment Amount		772,461

As at June 30, 2024, subsidiaries of the Company include the following entities:


Entity	Date of incorporation	Place of incorporation	Ownership	Principal activities
Prime Number New Sub Pte. Ltd.	January 25, 2023	Singapore	100% owned by the Company	Dormant
noco-noco Pte. Ltd.	July 25, 2019	Singapore	100% owned by Prime Number New Sub Pte. Ltd.	Principally engaged in providing platform-solutions of decarbonizing offerings
noco-noco Australia Pty. Ltd. ("noco-noco Australia")	January 19, 2023	Australia	52% owned by noco-noco Pte. Ltd.	Dormant

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC").

Principles of consolidation

Use of estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis the Company review their estimates and assumptions. The estimates were based on historical experience and other assumptions that the Company believe to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions, but the Company does not believe such differences will materially affect the consolidated financial position or results of operations.

Fiscal year

The Company operates on a fiscal year basis with the fiscal year ending on June 30.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposit with banks, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased.

Deposits, upfront payments and other receivables

Security deposits paid for office lease are accounted for as deposits. Amounts paid in advance for future expenses are accounted for as prepaid expenses. Goods and Service Tax (“GST”) refunds and tax receivables are accounted for as other receivables. No allowance for expected credit loss was recognized as of June, 2024 and 2023.

Promissory note – Prime Number Acquisition I Corp.

As of June 30, 2023, the Company agreed to loan Prime Number Acquisition I Corp. an aggregate of $333,594, to be used for a portion of the expenses of the Business Combination. These loans are non-interest bearing, unsecured and are due at the closing of the Business Combination.

Property and equipment, net

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for additions, major renewals and betterments are capitalized and expenditures for maintenance and repairs are charged to expense as incurred.

Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets. The estimated useful lives are as follows:


		Useful lives
Office equipment		5 years

Other current liabilities

Other current liabilities are liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Share-based compensation transaction

The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based compensation transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about them. The fair value of the ordinary shares was determined by obtaining quoted prices over-the-counter market based on the latest transacted price of the Company shares that were sold.

Leases

The Company has entered into operating lease agreements primarily for office premises. The Company determine if an arrangement is a lease at inception. For all classes of underlying assets, the Company elect not to recognize right-of-use assets or lease liabilities when a lease has a lease term of 12 months or less at the commencement date and does not include an option to purchase the underlying asset that the Company are reasonably certain to exercise. The Company does not have operating lease assets and liabilities recorded on the consolidated balance sheet as of June 30, 2024. Operating lease assets and liabilities are included on the consolidated balance sheet as of June 30, 2023.

Operating 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 incremental borrowing rate, because the interest rate implicit in most of the leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally use the base, non-cancellable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary share and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. As the Company’s warrants meet all of the criteria for equity classification, the Company classified each warrants as its own equity.

Revenue recognition

Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not disaggregate its revenue streams as the economic factors underlying the contracts are similar and provide no significant distinction. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Comprehensive gain / (loss)

ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. As of June 30, 2024, 2023 and 2022, the Company established that there are items that represented components of comprehensive income and, therefore, has included a consolidated statement of operations and comprehensive loss in the consolidated financial statements.

Income taxes

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the 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 for the years ended June 30, 2024 and 2023. The Company had no uncertain tax positions for the years ended June 30, 2024 and 2023. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

Measurement of fair value

The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories:

Level 1: applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2: applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3: applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

At June 30, 2023 and 2022, the Company has no financial assets or liabilities subject to recurring fair value measurements. At June 30, 2024, the Company entered into a Standby Equity Purchase Agreement. Under the true-up arrangement, the commitment shares payable are subject to Level 1 fair value measurements upon the date where the true-up is recognised (Note 13).

The Company’s financial instruments include cash, upfront payments, other receivables, other payables and related payables. Management estimates that the carrying amounts of financial instruments approximate their fair values due to their short-term nature. The fair value of amounts with immediate holding company is not practicable to estimate due to the related party nature of the underlying transactions.

Impairment for long-lived assets

The Company periodically evaluates the need to recognize impairment losses relating to long-lived assets in accordance with ASC 360, Property, Plant, and Equipment. Long-lived assets are evaluated for recoverability whenever events or circumstances indicate that an asset may have been impaired. In evaluating an asset for recoverability, the Company estimates the future cash flows, on an undiscounted basis, expected to result from the use of the asset and eventual disposition. If the sum of the expected future cash

flows is less than the carrying amount of the asset, the Company would write the asset down to fair value and record an impairment charge accordingly. No impairment for long-lived assets was recognized as of June 30, 2024 and 2023.

Prepaid forward contract equity

The Company recorded a Prepaid Forward Contract Equity on its consolidated balance sheet of $21,299,979 to account for the prepayment amount of the Forward Purchase Agreement, as discussed above within the discussion of the Business Combination. The prepayment amount will be held in a deposit account until the Valuation Date (the second anniversary of the closing of the Business Combination, subject to certain acceleration provisions). On the Valuation Date, the Company will receive a pro rata portion of the remaining Prepayment Amount. Also, in connection with the Forward Purchase Agreement, the Company recognized this instrument as a reduction to additional paid in capital, on its consolidated balance sheets. Refer to Note 12 for further details.

Transaction costs

The Company applied the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, Expenses of Offering. The Company incurred $2.5 million for the period ended December 31, 2023, in advisory, legal, accounting and management fees in conjunction with the Business Combination detailed above, which are included in general and administrative expense in the consolidated statements of operations. Direct and specific incremental transaction costs related to the Business Combination that would not otherwise have been incurred had the transaction not consummated were allocated across the derivative instruments associated with the transaction.

Net loss per share

The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying consolidated financial statements, basic earnings per share is computed by dividing net loss by the weighted average number of shares of ordinary shares outstanding during the period.

For the periods ended June 30, 2024, 2023 and 2022, the ordinary shares were included in the computation of diluted net loss per share.

Accumulated other comprehensive income/(loss)

Foreign currency translation

The functional currency of the Company is the currency of the primary economic environment in which the Company operates. Assets and liabilities denominated in currencies other than the functional currency are remeasured using the current exchange rate for monetary accounts and historical exchange rates for nonmonetary accounts, with exchange differences on remeasurement included in comprehensive income in the consolidated statements of comprehensive income.

The Company that utilizes foreign currency as their functional currency translate such currency into U.S. dollars using (i) the exchange rate on the balance sheet dates for assets and liabilities, (ii) the average exchange rates prevailing during the period for revenues and expenses, and (iii) historical exchange rates for equity. Any translation adjustments resulting from this process are shown separately as a component of accumulated other comprehensive loss within shareholders’ deficits in balance sheets.

Related parties

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.

Comparative information

Certain items in prior years consolidated financial statements have been reclassified to conform to the current period’s presentation to facilitate comparison..

Recent accounting pronouncements

NOTE 6 – PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:


	Office equipment			Total
	$			$
Cost
At July 1, 2022		19,131			19,131
Additions		8,888			8,888
Written-off		(703	)		(703	)
Effects of movements in exchange rates		948			948
At June 30, 2023		28,264			28,264
Written-off		(7,740	)		(7,740	)
Effects of movements in exchange rates		(130	)		(130	)
At June 30, 2024		20,394			20,394

Accumulated depreciation
At July 1, 2022		8,524			8,524
Depreciation for the year		4,855			4,855
Written-off		(442	)		(442	)
Effects of movements in exchange rates		336			336
At June 30, 2023		13,273			13,273
Depreciation for the year		5,644			5,644
Written-off		(6,885	)		(6,885	)
Effects of movements in exchange rates		(78	)		(78	)
At June 30, 2024		11,954			11,954

Carrying amounts
At June 30, 2023		14,991			14,991
At June 30, 2024		8,440			8,440

Depreciation expense for the year ended June 30, 2024 and 2023 were $5,644 and $4,855, respectively.

represent the obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

Operating lease

The Company had previously entered into commercial operating leases for the use of office premises in Singapore. The lease has varying terms, escalation clauses and run for a period of three years with an option to renew the lease after that term.

When measuring lease liabilities for leases that were classified as operating leases as of June 30, 2023, the Company discounted lease payments using its estimated borrowing rate of 5.25% per annum.

The Company recognized ROU assets and lease liabilities as follows:


	June 30, 2024
	$
Assets:
Leasehold premise		220,261
Addition		—
Amortization		(174,788	)
Written-off		(44,991	)
Effects of movements in exchange rates		(482	)
Total right-of-use assets - Operating leases		—

Amortization expenses for the year ended June 30, 2024 was $174,788.


	June 30, 2024
	$
Liabilities:
Current:
Operating lease liabilities		—
Non-current
Operating lease liabilities		—
Total lease liabilities		—

There is no further minimum lease payments for the Company’s operating lease liabilities for the twelve-month period ended June 30, 2024.


	June 30, 2024
	$
Short-term lease expenses		1,418

The Company has elected not to recognize ROU assets and operating lease liabilities for short-term leases that have lease terms of 12 months or low value leases. Lease payments relating to these leases are expensed to statements of operations on a straight-line basis over the lease term.

NOTE 9 – RELATED PARTY BALANCES AND TRANSACTIONS

The Company follows ASC 850, “Related Party Disclosures” for the identification of related parties and disclosure of related party transactions.

Related parties are any entities or individuals that, through employment, ownership or other means, possess the ability to direct or cause the direction of the management and policies of the Company.

The Company's relationships with related parties who had transactions with the Company are summarized as follows:


Related Parties		Relationship
3DOM Alliance Inc.		Shareholder
Future Science Research Inc.		Shareholder

Masataka Matsumura		Chief Executive Officer and Director
Yuta Akakuma		Director
Jean-Francois Raymond Roger Minier		Independent Director
Minoru Tanaka		Independent Director
Noriyoshi Suzuki		Independent Director
Ng Wee Kiat (Darren)		Chief Financial Officer

a. Related party balances


Nature	Name	June 30, 2024		June 30, 2023
		$		$
Amount due to shareholder	3DOM Alliance Inc		885,751		3,572,358
Amount due to shareholder	Future Science Research Inc		1,047,470		—
			1,933,221		3,572,358

Amount due to director	Masataka Matsumura		101,514		—
Amount due to director	Yuta Akakuma		47,247		—
Amount due to independent director	Jean-Francois Raymond Roger Minier		25,837		—
Amount due to independent director	Minoru Tanaka		18,072		—
Amount due to independent director	Noriyoshi Suzuki		18,072		—
			210,742		—

b. Related party transactions


Nature	Name	June 30, 2024			June 30, 2023			June 30, 2022
		$			$			$
Cash advances provided to the Company	3DOM Alliance Inc		1,266,916			2,079,901			873,066
Payment on behalf of the Company	3DOM Alliance Inc		639,604			1,308,112			117,882
Purchases by the Company	3DOM Alliance Inc		—			—			—
Fees for support services received by the Company	3DOM Alliance Inc		446,250			—			—
Ordinary shares issued for conversion of debt	3DOM Alliance Inc		(5,122,950	)		(790,287	)		(1,547,804	)

Cash advances provided to the Company	Future Science Research Inc		1,047,470			—			—

Cash advances provided to the Company	Masataka Matsumura		7,638			—			—
Share-based compensation	Masataka Matsumura		177,753			—			—

Share-based compensation	Yuta Akakuma		44,996			—			—

Share-based compensation	Jean-Francois Raymond Roger Minier		51,599			—			—

Share-based compensation	Minoru Tanaka		18,072			—			—

Share-based compensation	Noriyoshi Suzuki		18,072			—			—

Share-based compensation	Ng Wee Kiat (Darren)		86,393			—			—

Amounts due to shareholder - 3DOM Alliance Inc

As of June 30, 2024 and 2023, the Company reported amounts due to immediate holding company, 3DOM Alliance Inc. of amount $885,751 and $3,572,358, respectively. These amounts have been reclassified and retrospectively applied to non-current liabilities as the liabilities is expected to be settled over a longer-term horizon from the nature of the promissory note.

On July 15, 2022, the Company agreed with 3DOM Alliance Inc. to convert the debt amounting to $790,287 (S$1,100,000) into ordinary shares of the Company at $1,041.22 ($2.67 after reverse recapitalization) per share. The Company issued 759 (295,824 after reverse recapitalization) shares of ordinary shares on July 18, 2022.

On January 23, 2023. 3DOM Alliance Inc. issued an amendment of the Original Promissory Note (“First Amendment to Original Promissory Note”) extending the principal amount up to $2,255,639 (S$3,000,000) to the Company. There is no other change in terms and conditions to the Original Promissory Note.

On February 2, 2023, the Company requested an additional drawdown of $2,240,601 (S$2,980,000) of which 3DOM Alliance Inc. split the amount into two tranches. The Company received $1,030,075 (S$1,370,000) on February 3, 2023 and $1,210,526 (S$1,610,000) on February 6, 2023.

On February 6, 2023. 3DOM Alliance Inc. further issued an amendment of the Original Promissory Note ("Second Amendment to Original Promissory Note") extending the principal amount up to $6,015,037 (S$8,000,000) to the Company. There is no other change in terms and conditions to the Original Promissory Note. The promissory is interest-free and 3DOM Alliance Inc will not demand any payment for at least the next twelve months from the issuance of the consolidated financial statements (refer to Note 2).

NOTE 10 – SHAREHOLDERS’ EQUITY

The Company was incorporated on December 28, 2022 with having authorized 500,000,000 ordinary shares with par value of $0.0001 each. Pursuant to the Business Combination Agreement, upon the consummation of the Share Exchange, New SubCo acquired all the outstanding shares of noco-noco from the Sellers, in exchange, the Seller received such number of newly issued PubCo Ordinary Shares that amounted to 126,799,854.

On July 18, 2022, the Company issued 759 (295,824 after reverse recapitalization) ordinary shares to 3DOM Alliance Inc. in connection with the conversion of debt (refer to Note 9).

On January 19, 2023, the Company granted 5,071,886 shares to Gregory Hannan and Arun Ramachandran (“Gregory and Arun”) during the incorporation of noco-noco Australia Pty Ltd (“noco-noco Australia") and recognized the stock-based compensation expenses as a settlement of their management expertise in the generation of carbon credits. The Company entered into a Share Swap Agreement (“Share Swap”) on July 19, 2022 with Hop2it Holdings Pte. Ltd. (“Hop2it”) and its two shareholders, Gregory and Arun for the purpose of establishing a carbon abatement management business under Hop2it. In this Share Swap, Gregory and Arun transferred 42% and 10% of their respective Hop2it shares in exchange for 3.2% and 0.8% shares in the Company. This resulted the Company to own 52% interest in Hop2it while the Gregory and Arun own 38% and 10% respectively. Subsequent to the Share Swap, on December 27, 2022, the Company together with Hop2it, Gregory and Arun entered into a Restructuring Deed as all parties have decided to carry out the carbon abatement management business through a newly incorporated entity, noco-noco Australia, instead of Hop2it. This was done by the Restructuring Deed specifying that all future potential economic benefits of the carbon abatement management business of Hop2it (represented by the gross proceeds of potential future sales of carbon credits by Hop2it from anticipated issuance of such credits by regulators in Australia and Papua New Guinea; and the expertise and network of potential clients) are to be assigned to noco-noco Australia. The fair value of the ordinary shares was determined by obtaining quoted prices over-the-counter market based on the latest transacted price of the Company shares that were sold.

On August 28, 2023, the Company issued 5,636,585 ordinary shares in relation to the business combination (refer to Note 1).

On October 12, 2023, the Company issued 2,994,012 ordinary shares to Arena Business Solutions Global SPC II Ltd as commitment fee in relation to the Standby Equity Purchase Agreement (refer to Note 13).

On February 1, 2024, the Company issued 400,000 ordinary shares to Outside of the Box Capital Inc as payment for marketing services.

On March 19, 2024, the Company issued 2,522,980 in restricted ordinary shares, priced at $0.1785 (Average per share (the average of 30 trading-day moving average and 50 trading-day moving average with reference date on February 1, 2024) to the employees, directors and executive officers as form of compensation.

On March 26, 2024, the Company issued 3,000,000 ordinary shares to (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, the “Meteora Parties”) in relation to the Forward Purchase Agreement (refer to Note 12).

On March 28, 2024, the Company issued 28,700,000 ordinary shares to 3DOM Alliance Inc. in connection with the conversion of debt (refer to Note 9).

On April 22, 2024, the Company issued an additional 400,000 ordinary shares to Outside of the Box Capital Inc as payment for marketing services.

The consolidated financial statements for the years ended and as of June 30, 2024 and 2023 were prepared on a retroactive basis to reflect the Group’s consummation of the business combination. The number of shares and net loss per share information is presented as if the consummation took place at the beginning of the period presented.

As of June 30, 2024 and 2023, the Company had 170,453,431 and 126,799,854 ordinary shares issued and outstanding, respectively.

Issuance of warrants

On August 28, 2023, in relation to the business combination (refer to Note 1), the Company issued 3,224,994 warrants at an offering price of $11.50 per share. These warrants can be exercised beginning on August 28, 2023, for a period of 5 years. As at June 30, 2024, none of the warrants have been exercised. The fair value of the warrants which was determined by using the Black-Scholes model using the following assumptions: (1) expected volatility of 90.8%, (2) risk-free interest rate of 4.58%, (3) expected life of 4.17 years, (4) exercise price of $11.50 and (5) share price of $0.18 as at end of reporting period. Due to the market conditions of the Company's share prices, the fair value of the warrants is immaterial.

NOTE 11 – INCOME TAX

Cayman Islands

The Company is incorporated in Cayman Islands and is not subject to tax on income or capital gains under current Cayman Islands law. In addition, upon payments of dividends by the Company entities to their shareholders, no Cayman Islands withholding tax will be imposed. Accordingly, the Company do not accrue for taxes.

Australia

noco-noco Australia Pty Ltd is incorporated in Australia and under the current tax laws of Australia, its standard corporate income tax rate is 30%. noco-noco Australia has been dormant since incorporation and has not engaged in any business activities since its incorporation.

Singapore

noco-noco Pte. Ltd. is incorporated in Singapore, and under the current tax laws of Singapore, its standard corporate income tax rate is 17%.

Due to the noco-noco's net loss position, there was no provision for income taxes recorded as of June 30, 2024 and 2023. Management considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more-likely-than-not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, and the duration of statutory carry forward periods. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. Due to a history of losses, noco-noco assessed it was not more likely than not that the deferred tax assets would be realized in the foreseeable future.


	June 30, 2024			June 30, 2023			June 30, 2022
	$			$			$
Loss before tax		(11,254,626	)		(16,791,770	)		(1,076,823	)
Singapore statutory income tax rate		17	%		17	%		17	%
Income tax expense computed at statutory rate		(1,913,286	)		(2,854,601	)		(183,060	)
Reconciling items:
Income not subject to tax in Singapore		—			—			(11,680	)
Non-deductible expenses		1,875,179			2,236,523			—
Change in valuation allowance		—			618,078			194,740
Others		38,107			—			—
Income tax expenses		—			—			—

noco-noco evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2024 and 2023, noco-noco did not have any significant unrecognized uncertain tax positions. noco-noco did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operations for the years ended June 30, 2024 and 2023. noco-noco does not believe that its uncertain tax benefits position will materially change over the next twelve months.

As of June 30, 2024, Singapore tax returns for the years 2020 to 2024 are subject to examination by the tax authorities.

noco-noco had net operating loss carried forward for tax purposes of approximately $2,590,374 as of June 30, 2024 arising from prior periods, which may be carried forward indefinitely to offset future taxable income.

NOTE 15 – SUBSEQUENT EVENTS

The Company evaluated all events and transactions from June 30, 2024 up through December 24, 2024, which is the date that these consolidated financial statements are available to be issued, there were no other material subsequent events that require disclosure in these consolidated financial statements except below:

On July 2, 2024, the Company issued 873,149 restricted ordinary shares, priced at $0.1785 (the average of 30 trading-day moving average and 50 trading-day moving average with reference date on February 1, 2024) to the directors and executive officers as form of compensation.

On July 2, 2024, the Company allotted and issued 6,235,410 restricted ordinary shares, pursuant to a share subscription agreement for a private placement on June 26, 2024, at the issue price of $0.1656 per share to Future Science Research Inc, for a total consideration of $1,032,584.

On August 16, 2024, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Arena Investors LP (“Arena”) whereby it issued a convertible promissory note and warrant (the “Private Placement”). Pursuant to the Purchase Agreement, the Company has agreed to issue Arena a convertible promissory note in an amount of up to $285,714 (the “Note”) and a warrant to purchase up to 1,783,676 ordinary shares (the “Warrant”), par value $0.0001 per share, of the Company at a price of $0.1927 per share (the “Warrant Shares”). The gross proceeds from the Note and Warrant will be used for working capital purposes. The Note has a maturity date of February 15, 2025. The Company’s failure to comply with the material terms of the Note will be considered an event of default. Upon an event of default the Note becomes convertible at a conversion price of 85% of the lowest one-day VWAP (the daily volume weighted average price of the ordinary shares for such trading day on the principal market) for the previous ten (10) trading days prior to conversion. Additionally, Arena may redeem any portion of the Note at a cash price equal to 100% of the amount Arena is electing to redeem. The Warrant is exercisable until August 15, 2029. The exercise price will reset every three months on the sixteenth (16th) of each month beginning November 16, 2024 to a price equal to 100% of the closing price of the ordinary shares on the trading day immediately prior to each such reset date. If there is no Registration Statement of the Company effective by November 15, 2024, the Warrant Shares will be subject to cashless exercise. The number of Warrant Shares deliverable upon exercise of the Warrant is subject to adjustment for subdivision or consolidation of shares and other standard dilutive events.

On August 22, 2024, the share subscription agreement entered into on July 26, 2024 with GEE Strategy Revitalize Japan Limited was superseded with an amended agreement, pursuant to which the Company shall issue 25,770,308 restricted ordinary shares to GEE Strategy Revitalize Japan Limited, at the price of $0.1785 per share and for a total consideration of $4,600,000.

On August 22, 2024, the Company allotted and issued 5,519,847 restricted ordinary shares to Arena under the true-up arrangement in relation to the SEPA (Note 13).

On August 26, 2024, the Company allotted and issued 127,708 restricted ordinary shares to Garden State Securities Inc, the Company's placement agent, pursuant to the issuance of the commitment fee shares to Arena in relation to the SEPA.

On September 5, 2024, the Company allotted and issued 600,000 restricted ordinary shares as payment to Outside The Box Capital Inc, pursuant to a marketing services agreement on August 29, 2024, at the price of $0.25 per share and for a total consideration of $150,000.

On September 6, 2024 and September 9, 2024, the Company allotted and issued another 7,500,000 restricted ordinary shares, at the issue price of $0.1785 per share to 3DOM Alliance, pursuant to a debt-to-equity swap which both parties agreed to convert the debt of $1,338,750 owed to 3DOM Alliance in relation to a Master Service Agreement into ordinary shares.

Between September 5, 2024 to October 1, 2024, the Company allotted and issued 1,640,000 ordinary shares to Arena to raise $206,168 from the SEPA.

On October 14, 2024, the Company allotted and issued 90,433,183 restricted ordinary shares, pursuant to an asset purchase agreement on October 11, 2024, at the issue price of $0.10 per share to noco-tech Inc, a related party, for a total consideration of $9,043,318 (¥1,340,000,000).

On November 22, 2024, the Company received a determination letter dated November 21, 2024 from Nasdaq Capital Market notifying the Company of its decision to delist the Company’s securities and warrants due to non-compliance with Nasdaq’s continued listing requirements. The Company's securities and warrants were suspended from trading on Nasdaq Capital Market at the open of business on November 25, 2024 and were moved to Over-the-Counter ("OTC") Market for trading.


每個班級的標題	交易符號	註冊的交易所名稱
普通股，面值0.0001美元	NCNCF	OTC專家市場
憑證，每份完整憑證可行使一股普通股	NCNWF	OTC專家市場


			頁面
解釋性說明			1
介紹			3
有關前瞻性陳述的警示說明			5
第一部分			6
項目1.董事、高級管理人員和顧問的身份			6
項目2.報價統計數據和預期時間表			6
項目3.密鑰信息			6
項目4.公司信息			16
項目4A。未解決的工作人員評論			31
項目5.運營和財務審查及前景			31
項目6.董事、高級管理人員和員工			43
項目7.主要股東及關聯方交易			48
項目8.財務資料			52
項目9.報價和列表			53
項目10.附加信息			53
項目11.關於市場風險的定量和證明性披露			60
項目12.股票證券以外的證券的描述			60
第二部分			61
項目13.失敗、拖欠和驅逐			61
項目14.對證券持有人權利和收益使用的重大修改			61
項目15.控制和程序			61
項目16.保留			62
ITEm 16 A。審計委員會財務專家			62
ITEm 160。道德守則			62
ITEm 16 C。主要會計費用和服務			62
ITEm 16 D。審計委員會上市標準的豁免			62
ITEm 16 E。發行人及關聯買家購買股票證券			63
ITEm 16 F。登記人認證會計師的變更			63
ITEm 16 G。公司治理			64
ITEm 16 H。礦山安全披露			64
ITEm 16 I.關於外國司法管轄區的披露以防止發生騷亂			64
ITEm 16 J。內幕交易政策			65
ITEm 1.6。網絡安全			65
第三部分			66
項目17.財務報表			66
項目18.財務報表			66
項目19.展品			66
展品索引			66
簽名			68


	2024年6月30日			2023年6月30日			變化			變化
	$			$			$			%
運營費用：
一般和行政費用		(8,075,623	)		(16,840,854	)		8,765,231			(52.0	%)
總運營支出		(8,075,623	)		(16,840,854	)		8,765,231			(52.0	%)

運營虧損		(8,075,623	)		(16,840,854	)		8,765,231			(52.0	%)

其他收入/（費用）：
其他收入		5,070			36,439			(31,369	)		(86.1	%)
其他費用		(3,235,573	)		(256	)		(3,235,317	)		1,263,795.7	%
利息開支		(6,876	)		—			(6,876	)		100.0	%
外匯收益		58,376			12,901			45,475			352.5	%
其他收入/（費用）總額		(3,179,003	)		49,084			(3,228,087	)		(6,576.7	%)

本年度虧損		(11,254,626	)		(16,791,770	)		5,537,144			(33.0	%)


	2023年6月30日			2022年6月30日			變化			變化
	$			$			$			%
運營費用：
研發		—			(137,412	)		137,412			(100.0	%)
一般和行政費用		(16,840,854	)		(951,239	)		(15,889,615	)		1,670.4	%
總運營支出		(16,840,854	)		(1,088,651	)		(15,752,203	)		1,446.9	%

運營虧損		(16,840,854	)		(1,088,651	)		(15,752,203	)		1,446.9	%

其他收入/（費用）：
其他收入		36,439			11,792			24,647			209.0	%
其他費用		(256	)		—			(256	)		100.0	%
外匯收益		12,901			36			12,865			35,736.1	%
其他收入總額		49,084			11,828			37,256			315.0	%

本年度虧損		(16,791,770	)		(1,076,823	)		(15,714,947	)		1,459.4	%


	June 30, 2024			June 30, 2023			Change			Change
	$			$			$			%
Current assets		494,104			455,943			38,161			8.4	%
Current liabilities		(3,422,574	)		(760,391	)		(2,662,183	)		(350.1	%)
Working capital deficit		(2,928,470	)		(304,448	)		(2,624,022	)		(861.9	%)


	☐	根據1934年《證券交易所法》第12（b）或12（g）條的登記聲明


	☒	根據1934年《證券交易所法》第13或15（d）條提交的年度報告


	☐	根據1934年《證券交易所法》第13或15（d）條提交的過渡報告


	☐	殼牌公司根據1934年《證券交易所法》第13或15（d）條報告


大型加速文件夾	☐	加速編報公司	☐

非加速文件服務器	☒	新興成長型公司	☒


名字	管轄權	持有的所有權權益百分比公司
Noco-Noco Australia Pty Ltd.	澳大利亞	52%


Name	Age	Position
Mr. Masataka Matsumura	44	Chief Executive Officer and Director
Mr. Yuta Akakuma	39	Head of Business Development and Director
Mr. Jean-Francois Raymond Roger Minier	53	Independent Director
Mr. Minoru Tanaka	70	Independent Director
Mr. Noriyoshi Suzuki	68	Independent Director
Mr. Ng Wee Kiat (Darren)	49	Chief Financial Officer
Mr. Koji Ito	39	Chief Product Officer


Name of Beneficial Owner	Ordinary Shares		% of Total Ordinary Shares
Directors and Executive Officers(1)
Mr. Masataka Matsumura(2)		177,617,308		62.68
Mr. Yuta Akakuma		252,079		0.09
Mr. Ng Wee Kiat (Darren)		483,992		0.17
Mr. Minoru Tanaka		101,245		0.04
Mr. Jean-Francois Raymond Roger Minier		289,070		0.10
Mr. Noriyoshi Suzuki		101,245		0.04
All other executive officers and directors as a group		178,844,939		63.11
5.0% Shareholders
3DOM Alliance(3)		127,118,596		44.86
noco-tech Inc(4)		90,433,183		31.91
Future Science Research(5)		15,566,930		5.49


Services	June 30, 2024		June 30, 2023
	$		$
Audit Fees - Marcum Asia CPAs LLP		355,686		288,400
Audit Fees - WWC, P.C.		138,000		—
Total audit fees(1)		493,686		288,400


EXHIBIT NUMBER		DESCRIPTION

1.1		Form of Amended and Restated Memorandum and Articles of Association of the Company as adopted by special resolution passed on August 18, 2023 and effective on August 25, 2023 (incorporated herein by reference to Exhibit 3.5 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

2.1		Specimen Ordinary Share Certificate of the Company

2.2		Specimen Warrant Certificate of the Company

2.3		Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934

4.1		Business Combination Agreement dated December 29, 2022, by and among PNAC, Prime Number Merger Sub Inc., Noco-Noco Pte. Ltd., and certain other parties of the agreement, joined by PubCo and New SubCo on February 3, 2022 (incorporated herein by reference to Exhibit 2.1 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.2		Form of Lock-Up Agreement (incorporated herein by reference to Exhibit 10.9 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.3		Form of Warrant Assumption Agreement, between PNAC, PubCo and VStock Transfer, LLC. (incorporated herein by reference to Exhibit 4.7 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.4		Form of Registration Rights Agreement (incorporated herein by reference to Exhibit 10.10 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.5†		2023 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.14 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.6†		Form of Employment Agreement between the Company and its executive officers (incorporated herein by reference to Exhibit 10.16 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.7†		Form of Indemnification Agreement between the Company’s and its executive officers (incorporated herein by reference to Exhibit 10.18 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

4.8		Forward Purchase Agreement by and among Prime Number Acquisition I Corp., NOCO-NOCO PTE. LTD., Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC dated August 13, 2023.

4.9		Forward Purchase Agreement Confirmation Amendment by and among the Company, NOCO-NOCO PTE. LTD., Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC dated October 26, 2023 (incorporated herein by reference to Exhibit 10.1 to a Current Report on Form 6-K (File No. 001-41789), filed with the SEC on October 30, 2023).


	有用的壽命
辦公設備		5年


	June 30, 2024		June 30, 2023
	$		$
Deposits		311		45,369
Upfront payments		30,972		47,161
Other receivables		25,637		12,030
Total		56,920		104,560


EXHIBIT NUMBER		DESCRIPTION

4.10		Purchase Agreement by and between the Company and Arena Business Solutions Global SPC II, Ltd, dated August 14, 2023 (incorporated herein by reference to Exhibit 10.4 to the Registration Statement on Form F-1 (File No. 333-271994), filed with the SEC on September 19, 2023).

4.11		Amendment No.1 to the Purchase Agreement by and between the Company and Arena Business Solutions Global SPC II, Ltd, dated September 18, 2023 (incorporated herein by reference to Exhibit 10.5 to the Registration Statement on Form F-1 (File No. 333-271994), filed with the SEC on September 19, 2023).

4.12		Payoff Letter among the Company, Prime Number Acquisition I Corp., Prime Number Capital LLC and WestPark Capital, Inc.dated October 10, 2023 (incorporated herein by reference to Exhibit 10.1 to a Current Report on Form 6-K (File No. 333-271994), filed with the SEC on October 12, 2023).

4.13		Share Subscription Agreement by and between the Company and Future Science Research Inc, dated June 24, 2024 (incorporated herein by reference to Exhibit 99.1 to a current report on Form 6-K (File No. 001-41789), filed with the SEC on August 2, 2024)

4.14		Securities Purchase Agreement by and between the Company and Arena Investors LP, dated August 16, 2024 (incorporated herein by reference to Exhibit 99.1 to a current report on Form 6-K (File No. 001-41789), filed with the SEC on August 22, 2024).

4.15*		Asset Purchase Agreement by and between the Company and noco-tech Inc, dated October 11, 2024.

8.1		List of significant subsidiaries of the Company (incorporated herein by reference to Exhibit 21.1 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), filed with the SEC on July 21, 2023).

11.1		Code of Business Conduct and Ethics of the Company (incorporated herein by reference to Exhibit 14.1 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), field with the SEC on July 21, 2023).

11.2		Form of Insider Trading Policy (incorporated herein by reference to Exhibit 19.1 to Amendment No. 3 to the Registration Statement on Form F-4 (File No. 333-271994), field with the SEC on July 21, 2023).

12.1*		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

12.2*		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

13.1*		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

13.2*		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

16.1		Letter from Marcum Asia CPAs LLP to SEC dated October 17, 2024 (incorporated herein by reference to Exhibit 16.1 to a current report on Form 6-K (File No.001-41789), filed with the SEC on October 17, 2024).

97.1*		Incentive Compensation Recoupment Policy

101.INS		Inline XBRL Instance Document—this instance document does not appear in the Interactive Data File because its XBRL tags embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

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	noco-noco Inc.

December 24, 2024	By:	/s/ Masataka Matsumura
		Name:	Masataka Matsumura
		Title:	Director and CEO


		Page

Report of Independent Registered Public Accounting Firm (WWC, P.C., PCAOB ID: 1171)		F-2
Report of Independent Registered Public Accounting Firm (Marcum Asia CPAs LLP, PCAOB ID:5395)		F-3
Consolidated Balance Sheets as of June 30, 2024 and 2023		F-4
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended June 30, 2024, 2023 and 2022		F-5
Consolidated Statements of Changes in Shareholders’ Deficit for the Years Ended June 30, 2024, 2023 and 2022		F-6
Consolidated Statements of Cash Flows for the Years Ended June 30, 2024, 2023 and 2022		F-7
Notes to the Consolidated Financial Statements		F-8


/s/ WWC, P.C.
WWC, P.C.
Certified Public Accountants
PCAOB ID No. 1171


	June 30, 2024			June 30, 2023
	$			$
ASSETS
Current assets
Cash and cash equivalents		437,184			17,789
Deposits, upfront payments and other receivables		56,920			104,560
Promissory note – Prime Number Acquisition I Corp		—			333,594
Total current assets		494,104			455,943

Non-current assets
Property and equipment, net		8,440			14,991
Right-of-use assets – operating lease, net		—			220,261
Total non-current assets		8,440			235,252

Total assets		502,544			691,195

Liabilities and shareholders' deficit
Current liabilities
Accruals and other payables - current		3,211,832			587,346
Amount due to directors		210,742			—
Operating lease liability – current		—			173,045
Total current liabilities		3,422,574			760,391

Non-current liabilities
Accruals and other payables – non-current		2,257,500			—
Amount due to shareholders		1,933,221			3,572,358
Operating lease liability – non-current		—			36,700
Total non-current liabilities		4,190,721			3,609,058

Total liabilities		7,613,295			4,369,449

Commitments and contingencies		—			—

Shareholders’ deficit
Ordinary shares ($0.0001 par value, 170,453,431 and 126,799,854 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively) *		17,044			12,679
Additional paid-in capital		23,686,552			15,903,549
Accumulated deficits		(30,398,139	)		(19,143,513	)
Accumulated other comprehensive loss		(416,277	)		(451,038	)
Equity attributable to owners of the Company		(7,110,820	)		(3,678,323	)
Non-controlling interest		69			69
Total shareholders' deficit		(7,110,751	)		(3,678,254	)

Total liabilities and shareholder’s deficit		502,544			691,195


	Ordinary shares
	Number of shares		Amount*		Additional paid-in capital*			Accumulated deficits			Accumulated other comprehensive loss			Equity attributable to owners of the Company			Non-controlling interest		Total
			$		$			$			$			$			$		$
Balance as of July 1, 2021		779,510		78		9,922			(1,274,920	)		23,259			(1,241,661	)		—		(1,241,661	)
Ordinary shares issued for conversion of debt		120,652,634		12,065		1,535,739			—			—			1,547,804			—		1,547,804
Foreign currency translation adjustment		—		—		—			—			(14,143	)		(14,143	)		—		(14,143	)
Net loss		—		—		—			(1,076,823	)		—			(1,076,823	)		—		(1,076,823	)
Balance as of June 30, 2022		121,432,144		12,143		1,545,661			(2,351,743	)		9,116			(784,823	)		—		(784,823	)
Capital contribution from non-controlling interest		—		—		—			—			(2	)		(2	)		69		67
Ordinary shares issued for conversion of debt		295,824		29		790,258			—			—			790,287			—		790,287
Shares issued under stock-based compensation		5,071,886		507		13,567,630			—			—			13,568,137			—		13,568,137
Foreign currency translation adjustment		—		—		—			—			(460,152	)		(460,152	)		—		(460,152	)
Net loss		—		—		—			(16,791,770	)		—			(16,791,770	)		—		(16,791,770	)
Balance as of June 30, 2023		126,799,854		12,679		15,903,549			(19,143,513	)		(451,038	)		(3,678,323	)		69		(3,678,254	)
Shares issued for commitment shares under Equity Line of Credit Arrangement		2,994,012		299		2,251,198			—			—			2,251,497			—		2,251,497
Shares issued for PNCPS Compensation Shares		609,756		61		1,060,914			—			—			1,060,975			—		1,060,975
New share issuances		3,015,437		302		22,552,764			—			—			22,553,066			—		22,553,066
Reverse capitalisation of Prime Number Acquisition I Corp.		2,011,392		201		(24,607,673	)		—			—			(24,607,472	)		—		(24,607,472	)
Ordinary shares issued for conversion of debt		28,700,000		2,870		5,120,080			—			—			5,122,950			—		5,122,950
Share issued under stock-based compensation		2,522,980		252		450,100			—			—			450,352			—		450,352
Share issued for marketing services		800,000		80		199,920			—			—			200,000			—		200,000
Share issued for Forward Purchase Agreement		3,000,000		300		755,700			—			—			756,000			—		756,000
Foreign currency translation adjustment		—		—		—			—			34,761			34,761			—		34,761
Net loss		—		—		—			(11,254,626	)		—			(11,254,626	)				(11,254,626	)
Balance as of June 30, 2024		170,453,431		17,044		23,686,552			(30,398,139	)		(416,277	)		(7,110,820	)		69		(7,110,751	)


	June 30, 2024
	$
Other payables - non-current
Other payables*		2,257,500

Accruals and other payables - current
Other payables**		3,055,916
Accrued expenses		155,916
		3,211,832

Total		5,469,332