Exhibit 99.2
OSTIN TECHNOLOGY GROUP CO., LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024
(UNAUDITED)
F-1
OSTIN TECHNOLOGY GROUP CO., LTD.
INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed Consolidated Financial Statements
F-2
OSTIN TECHNOLOGY GROUP CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 AND SEPTEMBER 30, 2024
(IN U.S. DOLLARS, EXCEPT FOR NUMBER OF SHARES DATA)
Mar 31, 2025 | Sep 30, 2024 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Accounts receivable, net of allowance for credit losses of $ | ||||||||
| Inventories, net | ||||||||
| Advances to suppliers, net | ||||||||
| Tax receivables | ||||||||
| Due from related parties | ||||||||
| Prepaid expenses and other receivables | ||||||||
| Total Current Assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Land use rights, net | ||||||||
| Intangible assets, net | ||||||||
| Right-of-use assets | ||||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | $ | ||||||
| Convertible notes | ||||||||
| Accrued expenses and other current liabilities | ||||||||
| Advances from customers | ||||||||
| Due to related parties | ||||||||
| Short-term borrowings | ||||||||
| Lease liabilities – current | ||||||||
| Deferred tax liability | ||||||||
| Total Current Liabilities | ||||||||
| Long-term borrowings | ||||||||
| Long-term payables | ||||||||
| Deferred tax liability | ||||||||
| TOTAL LIABILITIES | $ | $ | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| SHAREHOLDERS’ EQUITY* | ||||||||
| Class A ordinary share, $ | ||||||||
| Class B ordinary share, $ | ||||||||
| Preference share, $ | ||||||||
| Additional paid-in capital | ||||||||
| Statutory reserves | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Total Equity Attributable to Ostin Technology Group Co., Ltd. | ||||||||
| Equity attributable to non-controlling interests | ||||||||
| Total Shareholders’ Equity | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ | ||||||
| * |
F-3
OSTIN TECHNOLOGY GROUP CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF LOSS AND
COMPREHENSIVE LOSS
FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024
(IN U.S. DOLLARS, EXCEPT SHARES DATA)
| For the six months ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Sales | $ | $ | ||||||
| Cost of sales | ( | ) | ( | ) | ||||
| Gross profit | ||||||||
| Operating expenses: | ||||||||
| Selling and marketing expenses | ( | ) | ( | ) | ||||
| General and administrative expenses | ( | ) | ( | ) | ||||
| Research and development costs | ( | ) | ( | ) | ||||
| Gain from disposal of property, plant and equipment | ||||||||
| Total operating expenses | ( | ) | ( | ) | ||||
| Operating loss | ( | ) | ( | ) | ||||
| Other income (expenses): | ||||||||
| Interest expense, net | ( | ) | ( | ) | ||||
| Other income, net | ||||||||
| Total other expenses, net | ( | ) | ( | ) | ||||
| Loss before income taxes | ( | ) | ( | ) | ||||
| Income tax expense | ( | ) | ||||||
| Net loss | ( | ) | ( | ) | ||||
| Net loss attributable to non-controlling interests | ( | ) | ( | ) | ||||
| Net loss attributable to Ostin Technology Group Co., Ltd. | ( | ) | ( | ) | ||||
| Net loss | ( | ) | ( | ) | ||||
| Other comprehensive income (loss): | ||||||||
| Foreign currency translation adjustment | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||
| Comprehensive (loss) income attributable to non-controlling interests | ( | ) | ||||||
| Comprehensive loss attributable to Ostin Technology Group Co., Ltd. | ( | ) | ( | ) | ||||
| Loss per share | ||||||||
| Basic and diluted* | $ | ( | ) | $ | ( | ) | ||
| Weighted average number of ordinary shares outstanding | ||||||||
| Basic and diluted | ||||||||
| * |
F-4
OSTIN TECHNOLOGY GROUP CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED MARCH 31, 2025
(IN U.S. DOLLARS, EXCEPT SHARES DATA)
| Class A Shares* | Amount | Class B Shares* | Amount | Additional paid-in capital | Statutory reserves | Accumulated deficit | Accumulated other comprehensive loss | Non- controlling interests | Total shareholders’ equity | |||||||||||||||||||||||||||||||
| Balance as at September 30, 2024 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||||
| Private placement | ||||||||||||||||||||||||||||||||||||||||
| Private placement | ||||||||||||||||||||||||||||||||||||||||
| - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
| DTC round up share | ||||||||||||||||||||||||||||||||||||||||
| Redemption 1 | ||||||||||||||||||||||||||||||||||||||||
| Addition paid in capital | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Capital contribution by Non- controlling interests | - | - | - | - | ||||||||||||||||||||||||||||||||||||
| Foreign currency translation loss | - | - | - | - | ( | ) | ||||||||||||||||||||||||||||||||||
| Net loss | - | - | - | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
| Balance as at March 31, 2025 | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||||
| * | The financial statements give retroactive effect to the December 31, 2024 one-for-ten reverse share split. |
F-5