0001829667 2025-07-01 2026-06-30 0001829667 rgc:SegmentMember 2023-07-01 2024-06-30 0001829667 rgc:SegmentMember 2024-07-01 2025-06-30 0001829667 rgc:SegmentMember 2025-07-01 2026-06-30 0001829667 us-gaap:StockCompensationPlanMember rgc:SegmentMember 2023-07-01 2024-06-30 0001829667 us-gaap:StockCompensationPlanMember rgc:SegmentMember 2024-07-01 2025-06-30 0001829667 us-gaap:StockCompensationPlanMember rgc:SegmentMember 2025-07-01 2026-06-30 0001829667 rgc:SegmentMember rgc:ResearchAndDevelopmentExpensesMember 2023-07-01 2024-06-30 0001829667 rgc:SegmentMember rgc:ResearchAndDevelopmentExpensesMember 2024-07-01 2025-06-30 0001829667 rgc:SegmentMember rgc:ResearchAndDevelopmentExpensesMember 2025-07-01 2026-06-30 0001829667 rgc:SegmentMember rgc:GeneralAndAdministrativeMember 2023-07-01 2024-06-30 0001829667 rgc:SegmentMember rgc:GeneralAndAdministrativeMember 2024-07-01 2025-06-30 0001829667 rgc:SegmentMember rgc:GeneralAndAdministrativeMember 2025-07-01 2026-06-30 0001829667 2026-06-30 0001829667 2025-06-30 0001829667 rgc:GeneralAndAdministrativeMember 2024-07-01 2025-06-30 0001829667 rgc:GeneralAndAdministrativeMember 2025-07-01 2026-06-30 0001829667 2024-07-01 2025-06-30 0001829667 2021-08-02 0001829667 2019-07-15 0001829667 2021-08-19 2021-08-19 0001829667 srt:MinimumMember 2021-08-19 0001829667 srt:MaximumMember 2021-08-19 0001829667 2021-07-20 2021-07-20 0001829667 srt:MinimumMember 2021-07-20 0001829667 srt:MaximumMember 2021-07-20 0001829667 2021-08-19 0001829667 2021-07-20 0001829667 rgc:PublicOfferingWarrantsMember 2021-08-19 0001829667 rgc:PublicOfferingWarrantsMember 2021-07-20 0001829667 2023-07-01 2024-06-30 0001829667 rgc:OptionRepurchaseAgreementMember rgc:TwoThousandTwentyOneShareOptionPlanMember 2026-06-30 0001829667 rgc:OptionRepurchaseAgreementMember rgc:TwoThousandTwentyOneShareOptionPlanMember 2026-05-31 0001829667 2024-06-30 0001829667 us-gaap:BinomialModelMember 2025-06-30 0001829667 us-gaap:BinomialModelMember 2025-06-01 2025-06-30 0001829667 us-gaap:BinomialModelMember 2022-01-31 0001829667 us-gaap:BinomialModelMember 2022-01-01 2022-01-31 0001829667 srt:MaximumMember us-gaap:BinomialModelMember 2022-01-01 2022-01-31 0001829667 srt:MinimumMember us-gaap:BinomialModelMember 2022-01-01 2022-01-31 0001829667 rgc:BlackScholesOptionPricingModelMember 2021-06-30 0001829667 rgc:BlackScholesOptionPricingModelMember 2021-06-01 2021-06-30 0001829667 rgc:TwoThousandTwentyOneShareOptionPlanMember 2024-07-01 2025-06-30 0001829667 2025-06-30 2025-06-30 0001829667 2022-01-01 2022-01-01 0001829667 rgc:TwoThousandTwentyOneShareOptionPlanMember 2022-01-01 2022-01-01 0001829667 srt:MinimumMember 2022-01-01 0001829667 srt:MaximumMember 2022-01-01 0001829667 srt:MaximumMember 2022-01-01 2022-01-01 0001829667 srt:MinimumMember 2022-01-01 2022-01-01 0001829667 2021-06-09 2021-06-09 0001829667 2022-01-01 0001829667 2021-09-06 0001829667 rgc:TwoThousandTwentyOneShareOptionPlanMember 2021-06-09 2021-06-09 0001829667 srt:MinimumMember 2021-06-09 0001829667 srt:MaximumMember 2021-06-09 0001829667 srt:MaximumMember 2021-06-09 2021-06-09 0001829667 srt:MinimumMember 2021-06-09 2021-06-09 0001829667 rgc:TwoThousandTwentyOneShareOptionPlanMember 2025-07-01 2026-06-30 0001829667 rgc:RegisteredDirectOfferingRDOMember us-gaap:CommonStockMember 2026-05-22 2026-05-22 0001829667 rgc:RegisteredDirectOfferingRDOMember us-gaap:CommonStockMember 2026-05-22 0001829667 us-gaap:CommonStockMember us-gaap:IPOMember 2021-08-20 2021-08-20 0001829667 us-gaap:OverAllotmentOptionMember 2021-08-20 2021-08-20 0001829667 srt:MaximumMember us-gaap:IPOMember 2021-07-20 2021-07-20 0001829667 srt:MinimumMember us-gaap:IPOMember 2021-07-20 2021-07-20 0001829667 us-gaap:IPOMember 2021-07-20 0001829667 us-gaap:IPOMember 2021-07-20 2021-07-20 0001829667 us-gaap:CommonStockMember 2025-05-29 0001829667 us-gaap:CommonStockMember 2025-05-29 2025-05-29 0001829667 us-gaap:CommonStockMember 2021-05-31 0001829667 rgc:RegencellBioscienceHoldingsLimitedMember us-gaap:CommonStockMember 2021-05-31 0001829667 us-gaap:CommonStockMember 2021-05-31 2021-05-31 0001829667 us-gaap:CommonStockMember 2026-06-30 0001829667 us-gaap:CommonStockMember 2025-06-30 0001829667 rgc:RegencellBioscienceHoldingsLimitedMember 2025-06-30 0001829667 rgc:RegencellBioscienceHoldingsLimitedMember 2026-06-30 0001829667 rgc:MsEvanaYeeWahHuiMember 2026-05-26 0001829667 rgc:MsEvanaYeeWahHuiMember 2026-05-26 2026-05-26 0001829667 rgc:DrWingYanWilliamLoMember 2026-05-26 2026-05-26 0001829667 rgc:ResearchAndDevelopmentExpensesMember 2024-07-01 2025-06-30 0001829667 rgc:ResearchAndDevelopmentExpensesMember 2025-07-01 2026-06-30 0001829667 rgc:MrAuMember 2024-07-01 2025-06-30 0001829667 rgc:MrAuMember 2025-07-01 2026-06-30 0001829667 us-gaap:VehiclesMember 2025-06-30 0001829667 us-gaap:VehiclesMember 2026-06-30 0001829667 us-gaap:OfficeEquipmentMember 2025-06-30 0001829667 us-gaap:OfficeEquipmentMember 2026-06-30 0001829667 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2025-06-30 0001829667 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2026-06-30 0001829667 srt:MaximumMember 2025-07-01 2026-06-30 0001829667 srt:MinimumMember 2025-07-01 2026-06-30 0001829667 srt:MaximumMember rgc:OfficeFurnitureEquipmentAndOthersMember 2026-06-30 0001829667 srt:MinimumMember rgc:OfficeFurnitureEquipmentAndOthersMember 2026-06-30 0001829667 us-gaap:CommonStockMember 2026-06-30 0001829667 us-gaap:CommonStockMember 2025-07-01 2026-06-30 0001829667 rgc:RegencellBioscienceNorthAmericaLimitedMember 2025-07-01 2026-06-30 0001829667 rgc:RegencellBioscienceAsiaLimitedMember 2025-07-01 2026-06-30 0001829667 rgc:RegencellLimitedMember 2025-07-01 2026-06-30 0001829667 rgc:RegencellBioscienceLimitedMember 2025-07-01 2026-06-30 0001829667 us-gaap:CommonStockMember 2026-05-22 2026-05-22 0001829667 2026-05-22 0001829667 rgc:MrYatGaiMember us-gaap:CommonStockMember 2026-06-30 0001829667 rgc:RegencellBioscienceAsiaLimitedMember 2021-09-02 0001829667 rgc:MrYatGaiMember 2021-08-20 0001829667 rgc:MrYatGaiMember 2021-08-20 2021-08-20 0001829667 rgc:MrYatGaiMember us-gaap:CommonStockMember 2021-08-20 2021-08-20 0001829667 us-gaap:CommonStockMember us-gaap:OverAllotmentOptionMember 2021-08-20 2021-08-20 0001829667 us-gaap:IPOMember 2021-08-20 2021-08-20 0001829667 us-gaap:CommonStockMember us-gaap:IPOMember 2021-07-20 2021-07-20 0001829667 us-gaap:CommonStockMember 2021-07-20 0001829667 2023-06-30 0001829667 us-gaap:RetainedEarningsMember 2026-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2026-06-30 0001829667 us-gaap:RetainedEarningsMember 2025-07-01 2026-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2026-06-30 0001829667 us-gaap:CommonStockMember 2025-07-01 2026-06-30 0001829667 us-gaap:RetainedEarningsMember 2025-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2025-06-30 0001829667 us-gaap:RetainedEarningsMember 2024-07-01 2025-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2025-06-30 0001829667 us-gaap:RetainedEarningsMember 2024-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001829667 us-gaap:CommonStockMember 2024-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2024-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2023-07-01 2024-06-30 0001829667 us-gaap:RetainedEarningsMember 2023-07-01 2024-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2024-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2023-06-30 0001829667 us-gaap:RetainedEarningsMember 2023-06-30 0001829667 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0001829667 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001829667 us-gaap:CommonStockMember 2023-06-30 0001829667 rgc:ResearchAndDevelopmentExpensesMember 2023-07-01 2024-06-30 0001829667 rgc:GeneralAndAdministrativeMember 2023-07-01 2024-06-30 0001829667 us-gaap:RelatedPartyMember 2025-06-30 0001829667 us-gaap:RelatedPartyMember 2026-06-30 0001829667 dei:BusinessContactMember 2025-07-01 2026-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2024-07-01 2025-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2025-07-01 2026-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2024-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2025-06-30 0001829667 us-gaap:NoncontrollingInterestMember 2026-06-30 0001829667 2024-07-01 2024-12-31 0001829667 us-gaap:LeaseholdImprovementsMember 2026-06-30 0001829667 us-gaap:CommonStockMember 2023-07-01 2024-06-30 0001829667 us-gaap:CommonStockMember 2024-07-01 2025-06-30 iso4217:USD utr:Rate iso4217:USD shares shares pure iso4217:HKD rgc:Segments

http://fasb.org/us-gaap/2026#IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate

Large Accelerated Filer

http://fasb.org/us-gaap/2026#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

http://fasb.org/srt/2026#ChiefExecutiveOfficerMember

HK HK NASDAQ U.S. GAAP false FY 0001829667 0000 000

20-F false true 2026-06-30 --06-30 2026 false false 001-40617 REGENCELL BIOSCIENCE HOLDINGS LIMITED E9 9/F Chinachem Leighton Plaza 29 Leighton Road Causeway Bay Yat-Gai Au 9/F Chinachem Leighton Plaza 29 Leighton Road Causeway Bay 852 2155 0823 Ordinary shares, par value $0.00001 RGC 495884376 Yes No Yes Yes false true false false true Risk Management and Strategy We recognize the importance of safeguarding the security of our computer systems, software, networks, and other technology assets. We have implemented cybersecurity measures and protocols for assessing, identifying, and managing material risks from cybersecurity threats, which are integrated into our overall risk management framework. We aim to ensure a comprehensive and proactive approach to safeguarding our assets and operations. 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. We have implemented cybersecurity measures and protocols for assessing, identifying, and managing material risks from cybersecurity threats, which are integrated into our overall risk management framework. true 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. true Governance Our board of directors is responsible for overseeing risks related to cybersecurity. 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, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our management. At the management level, our CBO and COO and information technology personnel are responsible for assessing, identifying and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CBO and COO report to our board of directors (i) timely 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 (ii) in connection with disclosure concerning cybersecurity matters in our annual report on Form 20-F. If a cybersecurity incident occurs, our information technology personnel will promptly organize an internal assessment. If it is further determined that the incident could potentially be a material cybersecurity event, the cybersecurity-related departments will promptly report the incident and assessment results to our CBO and COO, and, to the extent appropriate, seek advice from external experts and legal counsels. If it is determined that the incident could potentially be a material cybersecurity event, our CBO and COO will decide on relevant response measures and management shall promptly prepare disclosure material on the cybersecurity incident for review and approval by our board of directors before it is disseminated to the public. Our board of directors is responsible for overseeing risks related to cybersecurity. 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, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our management. true Our board of directors is responsible for overseeing risks related to cybersecurity. true At the management level, our CBO and COO and information technology personnel are responsible for assessing, identifying and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CBO and COO report to our board of directors (i) timely 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 (ii) in connection with disclosure concerning cybersecurity matters in our annual report on Form 20-F. 7000 Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regencell Bioscience Holdings Limited (the “Company”) as of June 30, 2026, and the related statements of consolidated operations and comprehensive loss, shareholders’ equity, and cash flows for the year ended June 30, 2026, 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, 2026, and the results of its operations and its cash flows for the year ended June 30, 2026, in conformity with accounting principles generally accepted in the United States of America. HTL International, LLC Houston, Texas

14192455

2419115

2477900

30702

5798

14223157

4902813

135112

215434

75670

92950

295620

544385

506402

852769

14729559

5755582

1073596

348354

10787

2539

236312

312780

1320695

663673

59499

231635

1380194

895308

0.00001

100000000000

495884376

494488908

4959

4945

50292725

30121231

-36903057

-25201116

-45262

-64786

13349365

4860274

13349365

4860274

14729559

5755582

6486

8014

125427

3220000

200000

480000

10418348

2813682

3545066

2420

40000.00

30000.00

1299627

948289

1066233

11724461

3769985

4736726

-11724461

-3769985

-4736726

22520

185772

373505

-11701941

-3584213

-4363221

-11701941

-3584213

-4363221

-11701941

-3584213

-4301837

-61384

-11701941

-3584213

-4363221

19524

-19020

40892

-11682417

-3603233

-4322329

-11682417

-3603233

-4260945

61384

-11682417

-3603233

-4322329

494603400

494488908

-2.37

-0.72

-0.87

494488908

4945

29427112

-86658

-17315066

-40898

11989435

449311

102282

-4301837

-61384

-4363221

40892

494488908

4945

29876423

-45766

-21616903

8218699

244808

-3584213

-19020

494488908

4945

30121231

-64786

-25201116

4860274

3225583

985222

18622134

18622144

410246

102557

102561

1778780

-11701941

19524

495884376

4959

50292725

-45262

-36903057

13349365

-11701941

-3584213

-4363221

80908

77692

305780

323635

315051

439808

3225583

244808

449311

22520

185772

248000

28522

-146980

96230

-17280

-4734

-10815

725242

223026

-32753

-323443

-349978

-465070

8248

-5904

-2127

-7695530

-3113576

-4001687

152689

5376

2504038

35316805

10248000

32477900

5000000

2504038

2686216

5242624

102561

18622144

1778780

102282

16945925

102282

18907

-114760

53221

11773340

-542120

1396440

2419115

2961235

1564795

14192455

2419115

2961235

74344 778625 71122

Note 1 – Nature of business and organization Regencell Bioscience Holdings Limited (“Regencell” or the “Company” or “we”) is a holding company incorporated as an exempted company on October 30, 2014, under the laws of the Cayman Islands and holding all of the outstanding share capital of Regencell Limited, established under the laws of Hong Kong on November 20, 2014, and Regencell Bioscience Limited, established under the laws of Hong Kong on May 12, 2015. The Company, through its controlling interests in the wholly owned subsidiaries, operates an early-stage bioscience company that focuses on research, development and commercialization of Traditional Chinese Medicine (“TCM”) for the global treatment of neurocognitive disorder and degeneration, specifically for Attention Deficit Hyperactivity Disorder (“ADHD”) and Autism Spectrum Disorder (“ASD”). The Company is in the research and development stage and has not yet generated any revenue since inception. In January 2018, the Company entered into Strategic Partnership Agreement with Mr. Sik-Kee Au (the “TCM Practitioner”), the father of Mr. Yat-Gai Au, CEO and director of the Company. Pursuant to the Strategic Partnership Agreement, the Company has exclusive rights including the intellectual property rights and ownership of all his TCM formula. Any inventions, TCM formula, utilities, models’ improvements, research, discoveries, designs, processes, methods of manufacture, and products conceived or made by the TCM Practitioner in relation to TCM shall be the sole and exclusive property of the Company. The Strategic Partnership Agreement does not have a termination date and will remain effective indefinitely under the Hong Kong law. The Strategic Partnership Agreement can be amended or terminated by the mutual written agreement of the parties without breach. Pursuant to the Strategic Partnership Agreement, in exchange for the rights, the Company is required to donate three percent (3.0%) of net revenue that the Company generates in association with the use and/or commercialization of the TCM formula to any of charitable institutions and/or trusts of a public character anywhere in the world at the sole and absolute choice of the TCM Practitioner and in such proportion at the sole and absolute discretion of the TCM practitioner on a yearly basis. The Company also undertakes to pay for all reasonable costs and expenses incurred by the TCM Practitioner in relation to the research and development of the TCM formula for ADHD and ASD. All research and development costs and expenses incurred by the TCM Practitioner are charged to operations as incurred. On July 20, 2021, the Company consummated its Initial Public Offering (“IPO”) of 87,400,000 (after giving retroactive effect to the 38-for-1 forward stock split) ordinary shares, $0.00001 par value (“Ordinary Shares”) at a price of $0.25 (after giving retroactive effect to the 38-for-1 forward stock split) per share. The gross proceeds from IPO were approximately $21.85 million with net proceeds of approximately $19.82 million. As a result of the IPO, the Ordinary Shares now trade on the Nasdaq Capital Market under the symbol “RGC”. Additional net proceeds of approximately $2.85 million were received on August 20, 2021 from the issuance of the overallotment of 12,350,000 (after giving retroactive effect to the 38-for-1 forward stock split) Ordinary Shares. 12,999,990 (after giving retroactive effect to the 38-for-1 forward stock split) Ordinary Shares were issued to Mr. Yat-Gai Au upon the automatic conversion of $3,250,000 principal amount of the shareholder loan under the conversion note that was issued to Mr. Yat-Gai Au at a price of $0.25 (after giving retroactive effect to the 38-for-1 forward stock split) per share. On September 2, 2021, the Company’s wholly-owned subsidiary, Regencell Bioscience Limited entered into a joint venture agreement with Honor Epic Enterprises Limited to form a joint venture, Regencell Bioscience Asia Limited, under the laws of Hong Kong. The Company held 60% equity interest in Regencell Bioscience Asia Limited. The joint venture ceased business on December 31, 2023 and deregistered on November 1, 2024. The disposition of the joint venture did not have a material impact on the ongoing results of operations of financial results. On May 22, 2026, the Company completed a registered direct offering, with certain investors for the purchase and sale of 985,222 of our ordinary shares, par value $0.00001 per share, at a purchase price of $20.30 per ordinary share. The aggregate net proceeds to us were approximately $18.62 million. The Company has funded its operations primarily from the net proceeds from the completion of its IPO. The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 25%; font-weight: bold;">Name of Entity</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center;">Principal Activities</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center;">Place and Date of Incorporation</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center;">Ownership</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="vertical-align: top; text-align: left;">Regencell Bioscience Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Research and Development Day-to-day operations</td> <td> </td> <td style="vertical-align: top; text-align: left;">Hong Kong, incorporated on May 12, 2015</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">100% owned by Regencell Bioscience Holdings Limited</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="vertical-align: top; text-align: left;">Regencell Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Production and testing laboratory Research and Development</td> <td> </td> <td style="vertical-align: top; text-align: left;">Hong Kong, incorporated on November 20, 2014</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">100% owned by Regencell Bioscience Holdings Limited</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="vertical-align: top; text-align: left;">Regencell Bioscience Asia Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Research and Development</td> <td> </td> <td style="vertical-align: top; text-align: left;">Hong Kong, incorporated on September 17, 2021 (Ceased business on December 31, 2023 and deregistered on November 1, 2024)</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">60% owned by Regencell Bioscience Limited</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left;">Regencell Bioscience North America Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Research and Development</td> <td> </td> <td style="text-align: left; vertical-align: top;">BVI, incorporated on April 25, 2022</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">100% owned by Regencell Bioscience Holdings Limited</td> </tr></tbody> </table>

2014-10-30 0.03

87400000

0.00001

0.25

21850000

19820000

2850000

12350000

12999990

3250000

0.25

0.60

985222

0.00001

20.3

18620000

The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 25%; font-weight: bold;">Name of Entity</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center;">Principal Activities</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center;">Place and Date of Incorporation</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 24%; font-weight: bold; text-align: center;">Ownership</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="vertical-align: top; text-align: left;">Regencell Bioscience Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Research and Development Day-to-day operations</td> <td> </td> <td style="vertical-align: top; text-align: left;">Hong Kong, incorporated on May 12, 2015</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">100% owned by Regencell Bioscience Holdings Limited</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="vertical-align: top; text-align: left;">Regencell Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Production and testing laboratory Research and Development</td> <td> </td> <td style="vertical-align: top; text-align: left;">Hong Kong, incorporated on November 20, 2014</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">100% owned by Regencell Bioscience Holdings Limited</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="vertical-align: top; text-align: left;">Regencell Bioscience Asia Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Research and Development</td> <td> </td> <td style="vertical-align: top; text-align: left;">Hong Kong, incorporated on September 17, 2021 (Ceased business on December 31, 2023 and deregistered on November 1, 2024)</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">60% owned by Regencell Bioscience Limited</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left;">Regencell Bioscience North America Limited</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Research and Development</td> <td> </td> <td style="text-align: left; vertical-align: top;">BVI, incorporated on April 25, 2022</td> <td style="text-align: left; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">100% owned by Regencell Bioscience Holdings Limited</td> </tr></tbody> </table>

Research and Development Day-to-day operations

Hong Kong, incorporated on May 12, 2015

Production and testing laboratory Research and Development

Hong Kong, incorporated on November 20, 2014

Research and Development

Hong Kong, incorporated on September 17, 2021 (Ceased business on December 31, 2023 and deregistered on November 1, 2024)

0.60

Research and Development

BVI, incorporated on April 25, 2022

-3580000

-4360000

-3110000

-4000000

-25200000

985222

0.00001

20.3

18620000

-11700000

14190000

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”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among 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. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statement of changes in shareholders’ equity, respectively. Use of estimates and assumptions The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Accounting estimates reflected in the Company’s consolidated financial statements required to be made by management include, but not limited to, the useful lives of property and equipment, impairment of long-lived assets, valuation of share options, share-based compensation, allowance for deferred tax assets. Actual results could differ from these estimates. Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulations and rapid technological changes. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. Segment The ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The ASU should be adopted retrospectively to all periods presented in the financial statements unless it is impracticable to do so. The Company adopted ASU 2023-07 for the year beginning on July 1, 2024. The adoption of ASU 2023-07 does not have a material impact on the Company’s consolidated balance sheets, statements of operations and comprehensive loss, cash flows or disclosures. Refer to Note 10, Segment Reporting for the inclusion of the new required disclosures. Foreign currency translation and transaction The reporting currency of the Company is the United States dollar (“$”). The Company conducts its businesses in Hong Kong in the local currency, Hong Kong Dollar (“HK$”), as its functional currency. The consolidated balance sheet accounts, statement of operations accounts and equity accounts are all translated at the exchange rate as quoted by the Hong Kong Monetary Authority (“HKMA”). The Company considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to $ is not significant as HK$ is pegged to $. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange existing at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing at the transaction date. Transaction gains and losses are recognized in “other income, net.” Assets and liabilities denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive loss in the consolidated statements of changes in shareholders’ equity and comprehensive loss. Cash Cash represents demand deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less and are readily convertible to known amounts of cash. All of the cash balances as at June 30, 2026 and 2025, were maintained at financial institutions in Hong Kong, and were insured by the Hong Kong Deposit Protection Board up to a limit of HK$800,000 (approximately $102,000) since October 1, 2024 per depositor per scheme member in an event of bank failure. Short term investment Short term investment represents certificates of bank deposits or time deposits that have a maturity, at the date of purchase, of less than one year. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 61%;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%;"> </td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center;">Useful Life</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF;"><td style="font: 10pt Times New Roman, Times, Serif;">Leasehold improvement</td> <td style="font: 10pt Times New Roman, Times, Serif;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center;">Shorter of the remaining lease terms or estimated useful lives</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif;">Office furniture, equipment and others</td> <td style="font: 10pt Times New Roman, Times, Serif;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center;">3 – 5 years</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF;"><td style="font: 10pt Times New Roman, Times, Serif;">Motor vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center;">5 years</td> </tr></tbody> </table> The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Prepayment Prepayments primarily consist of prepayments for corporate apartments’ monthly rental. Prepayments are classified as current based on the terms of the respective agreements. This prepayment is unsecured and is reviewed periodically to determine whether their carrying value has become impaired. Long-term deposits Long-term deposits present the deposits paid to the landlords as required on the signing of the various lease agreements and thereafter, to be held by the landlords as security for the performance of the Company’s obligations under the lease agreements. The deposits are classified as either current or non-current based on the terms of the respective agreements. The deposit is unsecured and is reviewed periodically to determine whether its carrying value has become impaired. Impairment for long-lived assets Long-lived assets, including property and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. For the years ended June 30, 2026, 2025 and 2024, no impairment loss on long-lived assets was recognized. Fair value measurement ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">Level 3 — inputs to the valuation methodology are unobservable.</td> </tr></tbody></table> Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, short-term investment, accrued expenses and other payables – related parties approximate their recorded values due to their short-term maturities. The fair value of the long-term deposits approximates their carrying amounts because the deposit was paid in cash. Selling and Marketing Expenses Sales and marketing expenses were mainly for marketing initiatives and sponsorship with Non-Governmental Organizations (“NGOs”) and institutions that serves families with ADHD and ASD children, who voluntary sign up as qualified patients to be enrolled in our efficacy trial in the future. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended June 30, 2026, 2025 and 2024, the advertising expenses were approximately nil, nil and $1 thousand, respectively. Research and development Expenses Research and development costs are charged to operations as incurred. The Company accounts for non-refundable advance payments for goods and services that will be used in future research and development activities as expenses when the goods have been received or when the service has been performed rather than when the payment is made. Research and development expenses consist of costs incurred by the Company for the discovery and development of the Company’s product candidates. Research and development costs include, but not limited to, payroll and personnel expenses including share-based compensation, research studies supplies, fees for research studies services, consulting costs, and allocated overhead, including rent, equipment, and utilities. Employee benefit plan Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment. The Company is required to contribute to the plan based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. For the years ended June 30, 2026, 2025 and 2024, the contribution made was approximately $27 thousand, $24 thousand and $26 thousand, respectively. Leases The Company adopted the new lease accounting standard – ASC 842 on July 1, 2021. Under this standard, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. We elected the package of practical expedients upon transition that permits us to not reassess (1) whether any contracts entered into prior to adoption are or contain leases, (2) the lease classification of existing leases and (3) initial direct costs for any leases that existed prior to adoption. We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. The lease classification affects the expense recognition in the statement of income. Operating lease costs are recorded entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses and an implied interest component is recorded in interest expense. Under the standard, operating leases (as lessee) are included in Operating lease right-of-use assets. Operating lease amortization of right of use assets, Operating lease right of use assets, net, Current operating lease liabilities and Noncurrent operating lease liabilities in our accompanying balance sheets. ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The ROU asset includes any lease payments made but excludes lease incentives and initial direct costs incurred, if any. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using their incremental borrowing rate. Lease expense is recognized on a straight-line basis over the lease term. Lease extensions Many of our leases have options to either extend or terminate the lease. In determining the lease term, we considered all available contract extensions that are reasonably certain of occurring. Significant assumptions and judgments Incremental borrowing rate. As most of the leases do not provide an implicit interest rate, we use our incremental borrowing rate (“IBR”) at the commencement of the lease and estimate the IBR for each lease agreement taking into consideration lease contract term, collateral and entity credit ratings, and use sensitivity analyses to evaluate the reasonableness of the rates determined. Since the leases do not provide an explicit or implicit rate of return, the Company determines incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on an individual lease basis. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar term, which ranged from 5% to 5.88%. 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 operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Government grants Government grants include financial incentives in the form of cash subsidies that involve no conditions or continuing performance obligations of the Company. Government grants are recognized as other non-operating income upon receipt. Share-based compensation The Company accounts for share-based compensation in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company determines whether an award should be classified and accounted for as a liability award or an equity award. All of the Company’s share-based awards were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Company has elected to recognize share-based compensation using graded vesting method over the requisite service period, which is the vesting period. The Company accounts for forfeitures as they occur in accordance with ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the share options granted to employees. The Black Scholes Model and/or the Binomial Model was applied in determining the estimated fair value of the options granted to employees and non-employees. Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. 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. 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. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2026, 2025 and 2024. Loss per share The Company computes loss per share (“LPS”) in accordance with ASC 260, “Earnings per Share.” ASC 260 requires companies to present basic and diluted LPS. Basic LPS is measured as net loss divided by the weighted average ordinary share outstanding for the period. Diluted loss per share is calculated by dividing net loss attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. Potential Ordinary Shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted LPS. For the years ended June 30, 2026, 2025 and 2024, there were no dilutive shares. Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash in good credit quality financial institutions in Hong Kong. The Company deposits its cash in financial institutions that it believes have high credit quality and have not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Recently issued accounting pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements. Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

Segment The ASU 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of segment profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The ASU should be adopted retrospectively to all periods presented in the financial statements unless it is impracticable to do so. The Company adopted ASU 2023-07 for the year beginning on July 1, 2024. The adoption of ASU 2023-07 does not have a material impact on the Company’s consolidated balance sheets, statements of operations and comprehensive loss, cash flows or disclosures. Refer to Note 10, Segment Reporting for the inclusion of the new required disclosures.

Cash Cash represents demand deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less and are readily convertible to known amounts of cash. All of the cash balances as at June 30, 2026 and 2025, were maintained at financial institutions in Hong Kong, and were insured by the Hong Kong Deposit Protection Board up to a limit of HK$800,000 (approximately $102,000) since October 1, 2024 per depositor per scheme member in an event of bank failure.

800000 102000

Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom;"><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 61%;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%;"> </td> <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 38%; text-align: center;">Useful Life</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF;"><td style="font: 10pt Times New Roman, Times, Serif;">Leasehold improvement</td> <td style="font: 10pt Times New Roman, Times, Serif;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center;">Shorter of the remaining lease terms or estimated useful lives</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif;">Office furniture, equipment and others</td> <td style="font: 10pt Times New Roman, Times, Serif;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center;">3 – 5 years</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF;"><td style="font: 10pt Times New Roman, Times, Serif;">Motor vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif;"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center;">5 years</td> </tr></tbody> </table>

P3Y

P5Y

Prepayment Prepayments primarily consist of prepayments for corporate apartments’ monthly rental. Prepayments are classified as current based on the terms of the respective agreements. This prepayment is unsecured and is reviewed periodically to determine whether their carrying value has become impaired.

Impairment for long-lived assets Long-lived assets, including property and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. For the years ended June 30, 2026, 2025 and 2024, no impairment loss on long-lived assets was recognized.

1000

27000

24000

26000

Leases The Company adopted the new lease accounting standard – ASC 842 on July 1, 2021. Under this standard, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. We elected the package of practical expedients upon transition that permits us to not reassess (1) whether any contracts entered into prior to adoption are or contain leases, (2) the lease classification of existing leases and (3) initial direct costs for any leases that existed prior to adoption. We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. The lease classification affects the expense recognition in the statement of income. Operating lease costs are recorded entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses and an implied interest component is recorded in interest expense. Under the standard, operating leases (as lessee) are included in Operating lease right-of-use assets. Operating lease amortization of right of use assets, Operating lease right of use assets, net, Current operating lease liabilities and Noncurrent operating lease liabilities in our accompanying balance sheets. ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The ROU asset includes any lease payments made but excludes lease incentives and initial direct costs incurred, if any. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using their incremental borrowing rate. Lease expense is recognized on a straight-line basis over the lease term.

0.50

Loss per share The Company computes loss per share (“LPS”) in accordance with ASC 260, “Earnings per Share.” ASC 260 requires companies to present basic and diluted LPS. Basic LPS is measured as net loss divided by the weighted average ordinary share outstanding for the period. Diluted loss per share is calculated by dividing net loss attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. Potential Ordinary Shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted LPS. For the years ended June 30, 2026, 2025 and 2024, there were no dilutive shares.

Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash in good credit quality financial institutions in Hong Kong. The Company deposits its cash in financial institutions that it believes have high credit quality and have not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

Recently issued accounting pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements. Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

Note 4 – Property and equipment, net Property and equipment, net consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Leasehold improvement</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">621,417</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">620,625</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Office furniture, equipment and others</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88,850</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88,736</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Motor vehicles</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">363,804</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">363,340</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.125in;">Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,074,071</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,072,701</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: accumulated depreciation</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(938,959</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(857,267</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">135,112</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">215,434</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> Depreciation expense for the years ended June 30, 2026, 2025 and 2024, amounted to approximately $80,908, $77,692 and $305,780, respectively. During the years ended June 30, 2026, 2025 and 2024, there was no disposal of property and equipment.

Property and equipment, net consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Leasehold improvement</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">621,417</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">620,625</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Office furniture, equipment and others</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88,850</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88,736</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Motor vehicles</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">363,804</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">363,340</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.125in;">Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,074,071</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,072,701</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: accumulated depreciation</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(938,959</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(857,267</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">135,112</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">215,434</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

621417

620625

88850

88736

363804

363340

1074071

1072701

938959

857267

135112

215434

80908

77692

305780

Note 5 – Accrued expenses Accrued expenses represent salary and welfare payables, professional fees, utilities, and payables for other operating expenses.

10787

2539

70000.00

210000

70600

19000

1279946

The income tax provision consisted of the following components: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the year ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Current:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -10.7pt; padding-left: 19.8pt;">Hong Kong</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"> -</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"> -</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"> -</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="width: 64%; text-indent: -10.7pt; padding-left: 19.8pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-indent: -19.8pt; padding-left: 19.8pt;">Deferred:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10.7pt; padding-left: 19.8pt;">Hong Kong</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 2.5pt;">Total provision for income taxes</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">-</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">-</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">-</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

0.165

The following table presents the differences between income taxes from continuing operations for financial reporting purposes and the statutory rate upon the adoption of ASU 2023-09: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the year ended June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 76%; text-align: left;">Pretax book loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(11,701,941</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">-</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left;">Cayman Islands statutory income tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left;">Income tax calculated at statutory rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left;">Rate differences in various jurisdictions</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,930,820</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16.5</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt;">Changes in valuation allowance</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,930,820</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(16.5</td> <td style="padding-bottom: 1.5pt; text-align: left;">)%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">-</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">-</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the statutory tax rates to the Company’s effective tax rate for the periods indicated below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">For the year ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 76%; text-align: left; text-indent: -19.8pt; padding-left: 19.8pt;">Tax benefit calculated at statutory tax rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">16.5</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">16.5</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -19.8pt; padding-left: 19.8pt;">Valuation allowance</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(16.5</td> <td style="padding-bottom: 1.5pt; text-align: left;">)%</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(16.5</td> <td style="padding-bottom: 1.5pt; text-align: left;">)%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 2.5pt;">Effective tax rate</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">0.0</td> <td style="padding-bottom: 2.5pt; text-align: left;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">0.0</td> <td style="padding-bottom: 2.5pt; text-align: left;">%</td> </tr></tbody></table>

-11701941

-1930820

0.165

1930820

-0.165

0.165

-0.165

4737477

3338878

2787876

1254038

721817

681424

5991515

4060695

3469300

The following table sets forth the changes in valuation allowance: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">For the year ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 76%; text-align: left;">Balance at beginning of the year</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">4,060,695</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,469,300</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="padding-bottom: 1.5pt;">Addition</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,930,820</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">591,395</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 2.5pt;">Balance at end of the year</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">5,991,515</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">4,060,695</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

4060695

3469300

1930820 591395

5991515

4060695

29000000

20000000

Note 8 – Shareholder’s equity Ordinary Shares Regencell Bioscience Holdings Limited (Cayman) was established under the laws of Cayman Islands on October 30, 2014. The authorized number of Ordinary Shares is 100,000,000,000 shares with a par value of $0.00001 per ordinary share, and 495,884,376 Ordinary Shares and 494,488,908 Ordinary Shares were issued and outstanding as of June 30, 2026 and 2025, respectively. On May 31, 2021, the board of directors approved a share subdivision of the Company’s authorized number of ordinary shares at a ratio of 1,000-for-1. After the share subdivision, the Company’s authorized number of ordinary shares was 100,000,000,000 shares with par value of $0.00001 per share and 10,000,000,000 shares were issued and outstanding accordingly. Further on May 29, 2025, the board of directors approved to capitalize an amount standing to the credit of the share premium account of the Company, and appropriate such sum and apply it on behalf of the shareholders towards paying in full (as to the full par value of $0.00001 per Ordinary Share) an aggregate of 481,476,042 Ordinary Shares (representing the receipt by each shareholder of the Company of 37 additional Ordinary Shares for every Ordinary Share held on the record date). This did not result in any changes in authorized share capital or par value of the Ordinary Shares of the Company, nor involve any cash outflow. This is treated as an equity reclassification of a 38-for-1 forward stock split (“38-for-1 forward stock split”) under U.S. GAAP. After the 38-for-1 forward share split, the Company’s authorized number of Ordinary Shares remain at 100,000,000,000 shares with par value of $0.00001 per share and additional 481,476,042 shares were issued and outstanding accordingly. The Company believes it is appropriate to reflect these share issuances as nominal share issuance on a retroactive basis similar to share split pursuant to ASC 260. The Company has retroactively adjusted all shares and per share data for all the periods presented. Initial Public Offering On July 20, 2021, the Company consummated its IPO of 87,400,000 (after giving retroactive effect to the 38-for-1 forward stock split) Ordinary Shares at a price of $0.25 (after giving retroactive effect to the 38-for-1 forward stock split) per share. The gross proceeds from IPO were approximately $21.85 million with net proceeds of approximately $19.82 million. As a result of the IPO, the Ordinary Shares now trade on Nasdaq Capital Market under the symbol “RGC”. Additional net proceeds of approximately $2.85 million were received on August 20, 2021 from the issue of the overallotment shares and exercise of 12,350,000 (after giving retroactive effect to the 38-for-1 forward stock split) ordinary shares. Registered Direct Offering (“RDO”) On May 22, 2026, the Company completed a registered direct offering, with certain investors for the purchase and sale of 985,222 of our ordinary shares, par value $0.00001 per share, at a purchase price of $20.30 per ordinary share. The aggregate net proceeds to us were approximately $18.62 million. 2021 Share Option Plan On May 31, 2021, the Company adopted a 2021 Share Option Plan (the “Plan”). The Plan is a share-based compensation plan that provides for discretionary grants of share options to key employees, directors and consultants of the Company. The purpose of the Plan is to recognize contributions made to the Company and its subsidiaries by such individuals and to provide them with additional incentive to achieve the objectives of the Company. The Board authorized that the maximum aggregate number of ordinary shares reserved and available pursuant to this Plan shall be the aggregate of (i) 1,235,076 (or 46,932,888 after giving retroactive effect to the 38-for-1 forward stock split) Ordinary Shares, and (ii) on each January 1, starting with January 1, 2022, an additional number of shares equal to the lesser of (A) 2% of the outstanding number of Ordinary Shares (on a fully-diluted basis) on the immediately preceding December 31, and (B) such lower number of Ordinary Shares as may be determined by the board of directors. On June 9, 2021, the board of the Company granted issuance of 1,235,076 (or 46,932,888 after giving retroactive effect to the 38-for-1 forward stock split) options to certain officers, directors and employees under the Plan; provided that 46,755 (or 1,776,690 after giving retroactive effect to the 38-for-1 forward stock split) options granted to the independent director nominees will become effective upon the effectiveness of the Registration Statement when the nominee’s directorship becomes effective. These options will be exercisable at $9.50 (or $0.25 after giving retroactive effect to the 38-for-1 forward stock split) per share, of which 25% vest on each anniversary over four years following the closing of our IPO and is valid for 10 years once vested. On January 1, 2022, the board of the Company granted issuance of 15,585 (or 592,230 after giving retroactive effect to the 38-for-1 forward stock split) options to a certain director under the Plan. These options will be exercisable at $31.85 (or $0.84 after giving retroactive effect to the 38-for-1 forward stock split) per share, of which 25% vest on each anniversary over four years following the issuance date and is valid for 10 years once vested. On June 30, 2025, the board of the Company granted issuance of 592,230 options to a certain director under the Plan. These options will be exercisable at $17.40 per share, of which 25% vest on each anniversary over four years following the issuance date and are valid for 10 years once vested. The Plan became effective upon the completion of the Company’s initial public offering on July 20, 2021. It shall continue in effect for a term of ten (10) years unless sooner terminated or unless renewed for another period not to exceed ten (10) years pursuant to shareholder approval. It is intended that share options qualify as “performance-based compensation”. Share-based Compensation The Company has elected to recognize share-based compensation expense using graded vesting method over the requisite service period, which is the vesting period provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the equity awards that are vested at that date. The fair value of share options was determined at the date of grant using the Black-Scholes option pricing model or the Binomial option pricing model. The Black-Scholes option pricing model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The Binomial Option Pricing model requires management to make various estimates and assumptions, including the grant date share price, expected volatility, expected early exercise multiple, option life, risk-free interest rate and dividend yield. For expected volatility, the Company has made reference to historical volatility of several comparable companies in the same industry. The risk-free rate for periods within the contractual life of the options is based on the market yield of U.S. Government Notes with a maturity life equal to the remaining maturity life of the options as of the valuation date. The expected dividend yield is based on our expected dividend policy over the contractual life of the options. For the years ended June 30, 2026, 2025 and 2024, key inputs used to estimate the fair value of share options on the grant dates are as follows: Black-Scholes option pricing model <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Options granted in June 2021</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: justify;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.87</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Expected life of the options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.25 years</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">64.75</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Fair value</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.14</td> <td style="text-align: left;">*</td> </tr></tbody></table> Binomial option pricing model <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Options granted in January 2022</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">Fair value of the ordinary shares on the date of option grant</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">0.63</td> <td style="width: 1%; text-align: left;">*</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.53% to 1.589</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Option life</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10 years</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88.68% to 94.17</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercise price</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.84</td> <td style="text-align: left;">*</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected early exercise multiple</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.80</td> <td style="text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Options granted in June 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">Fair value of the ordinary shares on the date of option grant</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">10.39</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.23</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Option life</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10 years</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">65.34</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercise price</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">17.40</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected early exercise multiple</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.80</td> <td style="text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">These have been restated for the 38-for-1 forward stock split.</td> </tr></tbody> </table> A summary of activities of the share options for the years ended June 30, 2026 and 2025 are presented as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of Share Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted Average Grant-date Fair value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted Average Remaining Contractual Term</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">$</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">$</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">Year</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">$</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 40%; text-align: justify;">Outstanding as of July 1, 2024</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">28,673,014</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.26</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.15</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">7.06</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">-</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">592,230</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.39</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.00</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 1.5pt;">Expired, forfeited or cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,774,738</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.25</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.14</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">6.55</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Outstanding as of June 30, 2025</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24,490,506</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.68</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">440,464,693</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(410,246</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.25</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.14</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.05</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Repurchased(2)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(123,498</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.59</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.42</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.31</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 1.5pt;">Expired, forfeited or cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,035,736</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.25</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.14</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">5.55</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Outstanding as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">21,921,026</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.73</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.43</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">5.17</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">117,555,247</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 2.5pt;">Exercisable as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">21,476,854</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.38</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">5.09</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">122,578,832</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Vested and Expected to Vest as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">21,921,026</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.73</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.43</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">5.17</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">117,555,247</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> Notes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">The above table reflects the 38-for-1 forward stock split.</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif;">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">In May and June 2026, the Company repurchased 123,498 vested stock options from two independent directors and one former independent director, which had been previously granted through its 2021 Share Option Plan.</td> </tr></tbody> </table> During the year ended June 30, 2026, the Company recognized share-based compensation expense of approximately $3,226,000 (2025: $245,000 and 2024: $449,000) for share options granted. As of June 30, 2026, total unrecognized employee share-based compensation, may be adjusted for actual forfeitures occurring in the future were approximately $2,948,000 which are expected to be recognized over a weighted-average period of 3 years. Public Offering Warrants In connection with and upon closing of the Public Offering and overallotment on July 20, 2021 and August 19, 2021 respectively, the Company issued warrants equal to 2.5% of the shares issued in the Public Offering, totaling 57,500 units (or 2,185,000 after giving retroactive effect to the 38-for-1 forward stock split) and 8,125 units (or 308,750 after giving retroactive effect to the 38-for-1 forward stock split) to the placement agents for the offering (the “Public Offering Warrants”). The warrants carry a term of five years, and shall not be exercisable for a period of 180 days from the closing of the Public Offering and shall be exercisable at a price equal to $0.28 (after giving retroactive effect to the 38-for-1 forward stock split) per share. Management determined that these warrants meet the definition of a derivative under ASC 815-40, however, they fall under the scope exception which states that contracts issued that are both a) indexed to its own share; and b) classified in shareholders’ equity are not considered derivatives. The warrants were recorded at their fair value on the date of grant as a component of shareholders’ deficiency. The aggregated fair value of the Public Offering Warrants on July 20, 2021 was $0.27 million. The fair value has been estimated using the Black-Scholes pricing model with the following weighted-average assumptions: market value of underlying share of $9.27 (or $0.24 after giving retroactive effect to the 38-for-1 forward stock split); risk free rate of 0.68%; expected term of 5 years; exercise price of the warrants of $10.45 (or $0.28 after giving retroactive effect to the 38-for-1 forward stock split); volatility of 65.24%; and expected future dividends of nil. As of June 30, 2025, all warrants were issued and exercised. The aggregated fair value of the overallotment Warrants on August 19, 2021 was $0.03 million. The fair value has been estimated using the Binomial model with the following weighted-average assumptions: market value of underlying share of $6.30 (or $0.17 after giving retroactive effect to the 38-for-1 forward stock split); risk free rate of 0.77%; expected term of 5 years; exercise price of the warrants of $10.45 (or $0.28 after giving retroactive effect to the 38-for-1 forward stock split); volatility of 82.66%; and expected future dividends of nil. As of June 30, 2025, all warrants were issued and exercised.

100000000000

0.00001

495884376

494488908

On May 31, 2021, the board of directors approved a share subdivision of the Company’s authorized number of ordinary shares at a ratio of 1,000-for-1.

100000000000

0.00001

10000000000

0.00001

481476042

100000000000

0.00001

481476042

87400000

0.25

21850000

19820000

2850000

12350000

985222

0.00001

20.3

18620000

1235076 46932888 0.02

1235076

46932888

46755 1776690

9.5

0.25

P4Y P4Y P4Y

P10Y

15585

592230

31.85

0.84

0.25

P10Y

592230

17.4

0.25

P10Y

For the years ended June 30, 2026, 2025 and 2024, key inputs used to estimate the fair value of share options on the grant dates are as follows: Black-Scholes option pricing model <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Options granted in June 2021</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: justify;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.87</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Expected life of the options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.25 years</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">64.75</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Fair value</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.14</td> <td style="text-align: left;">*</td> </tr></tbody></table> Binomial option pricing model <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Options granted in January 2022</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">Fair value of the ordinary shares on the date of option grant</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">0.63</td> <td style="width: 1%; text-align: left;">*</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.53% to 1.589</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Option life</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10 years</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">88.68% to 94.17</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercise price</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.84</td> <td style="text-align: left;">*</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected early exercise multiple</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.80</td> <td style="text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Options granted in June 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">Fair value of the ordinary shares on the date of option grant</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">10.39</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.23</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Option life</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10 years</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">65.34</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercise price</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">17.40</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Expected early exercise multiple</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.80</td> <td style="text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">These have been restated for the 38-for-1 forward stock split.</td> </tr></tbody> </table>

0.0087

P6Y3M

0.6475

0.14

0.63

0.0153

0.01589

P10Y

0.8868

0.9417

0.84

2.8

10.39

0.0423

P10Y

0.6534

17.4

2.8

A summary of activities of the share options for the years ended June 30, 2026 and 2025 are presented as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of Share Options</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted Average Grant-date Fair value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted Average Remaining Contractual Term</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">$</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">$</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">Year</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">$</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 40%; text-align: justify;">Outstanding as of July 1, 2024</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">28,673,014</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.26</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.15</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">7.06</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">-</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">592,230</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.39</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.00</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 1.5pt;">Expired, forfeited or cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,774,738</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.25</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.14</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">6.55</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Outstanding as of June 30, 2025</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">24,490,506</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.68</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.40</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">440,464,693</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(410,246</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.25</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.14</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.05</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Repurchased(2)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(123,498</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.59</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.42</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.31</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 1.5pt;">Expired, forfeited or cancelled</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,035,736</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.25</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">0.14</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">5.55</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Outstanding as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">21,921,026</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.73</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.43</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">5.17</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">117,555,247</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 2.5pt;">Exercisable as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">21,476,854</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.38</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">5.09</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">122,578,832</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Vested and Expected to Vest as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">21,921,026</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.73</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">0.43</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">5.17</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt; text-align: right;">117,555,247</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> Notes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">The above table reflects the 38-for-1 forward stock split.</td> </tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif;">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">In May and June 2026, the Company repurchased 123,498 vested stock options from two independent directors and one former independent director, which had been previously granted through its 2021 Share Option Plan.</td> </tr></tbody> </table>

28673014

0.26

0.15

P7Y21D

592230

17.4

10.39

P10Y

4774738

0.25

0.14

P6Y6M18D

24490506

0.68

0.4

P6Y1M28D

440464693

-410246

0.25

0.14 P5Y18D -123498 0.59 0.42 P5Y3M21D

2035736

0.25

0.14

P5Y6M18D

21921026

0.73

0.43

P5Y2M1D

117555247

21476854

0.38

0.23

P5Y1M2D

122578832

21921026

0.73

0.43

P5Y2M1D

123498

3226000

245000

449000

2948000

P3Y

0.025 0.025

57500

2185000

8125

308750

P5Y P180D

0.28

270000

9.27

0.24

0.0068

P5Y

10.45

0.28

0.6524

30000.00

6.3

0.17

0.0077

P5Y

10.45

0.28

0.8266

Note 9 – Leases Lease balances and costs All of the lease agreements that we have entered into are classified as operating leases. Effective July 15, 2019, we entered into an agreement to lease usage of our Hong Kong office with a third-party entity. The lease was for 5 years term. The lease expired during the year ended June 30, 2025 and we did not renew the lease. Effective August 2, 2021, we entered into an agreement to lease usage of our Hong Kong office with a third-party entity. The lease was for 3 years term. We renewed the lease during the year ended June 30, 2025. The lease was for 3 years term. During the years ended June 30, 2026 and 2025, we entered into agreements to lease usage of office space and staff quarters with third parties. The leases were for two-year term and three-year term. Payments for operating leases were $346,958 and $349,978 for the years ended June 30, 2026 and 2025, respectively. All the above leases were classified as operating at the inception of the lease. The lease does not contain any residual value guarantees or material restrictive covenants. The Company has no finance lease. The components of lease expense consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Classification</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Year Ended June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Year Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 35%; text-align: left; padding-bottom: 2.5pt;">Operating lease costs</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 40%; text-align: center; padding-bottom: 2.5pt;">General and administrative expenses</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">350,827</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">315,051</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> Balance sheet information related to leases consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Classification</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 35%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Operating lease – ROU assets</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 40%; text-align: center; padding-bottom: 2.5pt;">Right-of-use assets</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">295,620</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">544,385</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold;">Liabilities</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 9pt;">Operating lease liabilities</td> <td> </td> <td style="text-align: center;">Current portion</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">236,312</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">312,780</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Operating lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">Non-current portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">59,499</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">231,635</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Total lease liabilities</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">295,811</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">544,415</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td>Weighted average remaining term (years)</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Operating leases</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.22</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.28</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td>Weighted average discount rate</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Operating leases</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.69</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.88</td> <td style="text-align: left;">%</td> </tr></tbody></table> The following table sets forth the Company’s minimum lease payments in future periods: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: left;">For the years ending June 30,</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">2027</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">258,094</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">2028</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49,580</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt;">2029</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 9pt;">Total minimum lease payments</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">307,674</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Less: imputed interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(11,863</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total:</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">295,811</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

P5Y

P3Y

346958

349978

The components of lease expense consist of the following:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Classification</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Year Ended June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Year Ended June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 35%; text-align: left; padding-bottom: 2.5pt;">Operating lease costs</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 40%; text-align: center; padding-bottom: 2.5pt;">General and administrative expenses</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">350,827</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">315,051</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> Balance sheet information related to leases consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Classification</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 35%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Operating lease – ROU assets</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 40%; text-align: center; padding-bottom: 2.5pt;">Right-of-use assets</td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">295,620</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 2.5pt;"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 4pt double; text-align: right;">544,385</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold;">Liabilities</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 9pt;">Operating lease liabilities</td> <td> </td> <td style="text-align: center;">Current portion</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">236,312</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">312,780</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Operating lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">Non-current portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">59,499</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">231,635</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Total lease liabilities</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">295,811</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">544,415</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td>Weighted average remaining term (years)</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Operating leases</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.22</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.28</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td>Weighted average discount rate</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Operating leases</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.69</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.88</td> <td style="text-align: left;">%</td> </tr></tbody></table>

350827

315051

295620

544385

236312

312780

59499

231635

295811

544415

P1Y2M19D

P1Y3M10D

0.0569

0.0588

The following table sets forth the Company’s minimum lease payments in future periods: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: left;">For the years ending June 30,</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left;">2027</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">258,094</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">2028</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49,580</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt;">2029</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 9pt;">Total minimum lease payments</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">307,674</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt;">Less: imputed interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(11,863</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total:</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">295,811</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

258094

49580

307674

11863

295811

Note 10 – Segment In accordance with ASC 280, Segment Reporting, an operating segment is a component of an enterprise that engages in business activities, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker (“CODM”) to assess performance and allocate resources, and for which discrete financial information is available. The Company has identified its Chief Executive Officer as its CODM. The Company operates and manages its business as a single segment – in the research and development of the Company’s product candidates. The Company’s CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the segment net loss that also is reported as consolidated net loss on the statement of operations and comprehensive loss, after taking into account the Company’s strategic priorities, its cash balance, and its expected use of cash. Further, the CODM reviews and utilizes functional expenses (i.e., research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included are share-based compensation, interest income and other income, net, which are reflected in the segment and consolidated net loss. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within segment and consolidated net loss: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the year ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Expenses</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left;">Operating expenses, excluding share-based compensation, depreciation and amortization expense:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 64%; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt;">Selling and marketing</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">6,486</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">8,014</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">125,427</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">General and administrative</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 19.8pt;">Salaries and related benefit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,383,902</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">912,948</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,214,852</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 19.8pt;">Professional fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,709,008</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">583,293</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">303,577</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 19.8pt;">Rental expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">450,699</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">542,749</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">521,814</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 19.8pt;">Other expenses*</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">570,671</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">499,638</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">720,949</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-indent: -9pt; padding-left: 19.8pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,114,280</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,538,628</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,761,192</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Research and development</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-left: 9pt;">Salaries and related benefit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,009,370</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">593,804</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">606,761</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -10.7pt; padding-left: 19.8pt;">Supplies and materials</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">74,571</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,325</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">85,910</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10.7pt; padding-left: 19.8pt;">Other expenses*</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">213,263</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">233,714</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">402,345</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -10.7pt; padding-left: 19.8pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,297,204</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">900,843</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,095,016</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -19.5pt; padding-left: 19.8pt;">Share-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -10.7pt; padding-left: 19.8pt;">General and administrative</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,223,160</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">197,361</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">478,094</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10.7pt; padding-left: 19.8pt;">Research and development</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,423</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">47,447</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(28,783</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -10.7pt; padding-left: 19.8pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,225,583</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">244,808</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">449,311</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="padding-bottom: 1.5pt; text-indent: -19.8pt; padding-left: 19.8pt;">Depreciation</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">80,908</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">77,692</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">305,780</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -19.8pt; padding-left: 19.8pt;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">11,724,461</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">3,769,985</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,736,726</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -19.8pt; padding-left: 19.8pt;">Operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,724,461</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,769,985</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,736,726</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -19.8pt; padding-left: 19.8pt;">Other income, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22,520</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">185,772</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">373,505</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -19.5pt; padding-left: 19.8pt;">Income tax expense</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 2.5pt;">Segment and consolidated net loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(11,701,941</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(3,584,213</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(4,363,221</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">Other expenses include travelling, transportation, entertainment and other sundries expenses.</td> </tr></tbody> </table>

Segment Reporting, an operating segment is a component of an enterprise that engages in business activities, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker (“CODM”) to assess performance and allocate resources, and for which discrete financial information is available. The Company has identified its Chief Executive Officer as its CODM.

The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within segment and consolidated net loss: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the year ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Expenses</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left;">Operating expenses, excluding share-based compensation, depreciation and amortization expense:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="width: 64%; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt;">Selling and marketing</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">6,486</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">8,014</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">125,427</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">General and administrative</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 19.8pt;">Salaries and related benefit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,383,902</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">912,948</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,214,852</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 19.8pt;">Professional fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,709,008</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">583,293</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">303,577</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -9pt; padding-left: 19.8pt;">Rental expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">450,699</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">542,749</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">521,814</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 19.8pt;">Other expenses*</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">570,671</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">499,638</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">720,949</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-indent: -9pt; padding-left: 19.8pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,114,280</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,538,628</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,761,192</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Research and development</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-left: 9pt;">Salaries and related benefit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,009,370</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">593,804</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">606,761</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -10.7pt; padding-left: 19.8pt;">Supplies and materials</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">74,571</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,325</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">85,910</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10.7pt; padding-left: 19.8pt;">Other expenses*</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">213,263</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">233,714</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">402,345</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -10.7pt; padding-left: 19.8pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,297,204</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">900,843</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,095,016</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -19.5pt; padding-left: 19.8pt;">Share-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -10.7pt; padding-left: 19.8pt;">General and administrative</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,223,160</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">197,361</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">478,094</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10.7pt; padding-left: 19.8pt;">Research and development</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,423</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">47,447</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(28,783</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-indent: -10.7pt; padding-left: 19.8pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,225,583</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">244,808</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">449,311</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="padding-bottom: 1.5pt; text-indent: -19.8pt; padding-left: 19.8pt;">Depreciation</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">80,908</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">77,692</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">305,780</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -19.8pt; padding-left: 19.8pt;">Total operating expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">11,724,461</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">3,769,985</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,736,726</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; text-indent: -19.8pt; padding-left: 19.8pt;">Operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,724,461</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,769,985</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,736,726</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; text-indent: -19.8pt; padding-left: 19.8pt;">Other income, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22,520</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">185,772</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">373,505</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -19.5pt; padding-left: 19.8pt;">Income tax expense</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-bottom: 2.5pt;">Segment and consolidated net loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(11,701,941</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(3,584,213</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(4,363,221</td> <td style="padding-bottom: 2.5pt; text-align: left;">)</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top;"><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in;">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify;">Other expenses include travelling, transportation, entertainment and other sundries expenses.</td> </tr></tbody> </table>

6486

8014

125427

2383902

912948

1214852

3709008

583293

303577

450699

542749

521814

570671

499638

720949

7114280

2538628

2761192

1009370

593804

606761

74571

73325

85910

213263

233714

402345

1297204

900843

1095016

3223160

197361

478094

2423

47447

-28783

3225583

244808

449311

80908

77692

305780

11724461

3769985

4736726

-11724461

-3769985

-4736726

22520

185772

373505

-11701941

-3584213

-4363221

Note 11 – Commitments and contingencies Contingencies From time to time, we may be subject to legal or administrative proceedings, investigations and claims arising in the ordinary course of our business. In addition, following volatility in the market for our Ordinary Shares in the first half of 2025, the Company received correspondence and a subpoena from the U.S. Department of Justice (“DOJ”) in July 2025, indicating that the DOJ is conducting an investigation into the trading in our Ordinary Shares. The DOJ has requested the production of documents and communications concerning these and other corporate operational, financial and accounting matters. We are cooperating with this investigation, but we cannot predict its ultimate resolution. We expect to continue to incur significant legal costs and other expenses in connection with responding to the investigation. We may be required to pay fines, penalties, damages or settlement costs in excess of our insurance coverage, if any, related to the investigation. While we are not currently subject to any legal or administrative proceedings in relation to the investigation, it is possible that government investigations, including the pending investigation in which we are involved, and related legal and administrative proceedings in the future, if any, could result in the institution of administrative, injunctive, or other proceedings against us and/or our directors, officers, or employees or the imposition of fines, suspension, or other remedies and sanctions. Any such material costs and expenses or injunctive relief could have a material adverse effect on our financial condition and results of operations. Since the Company cannot predict the ultimate resolution might have on the Company’s financial position, results of operations or liquidity, the Company has not established any provision for losses relating to this matter. In addition, on April 24, 2026, a single shareholder filed a putative class action complaint against the Company and certain of its directors and/or officers with the U.S. District Court for the District of Maryland, asserting claims under the Exchange Act related to the Company’s statements concerning the volatility in the market for our Ordinary Shares. On September 14, 2026, the Court-appointed lead plaintiff filed a notice of voluntary dismissal requesting that all claims be dismissed and the Court has now closed the case. However, as the market price for our Ordinary Shares may be volatile, there can be no assurance that other shareholders will not assert claims against the Company.

Other expenses include travelling, transportation, entertainment and other sundries expenses. Giving retroactive effect to the 38-for-1 share split effected on June 13, 2025. Giving retroactive effect to the 38-for-1 share split effected on June 13, 2025. These have been restated for the 38-for-1 forward stock split. In May and June 2026, the Company repurchased 123,498 vested stock options from two independent directors and one former independent director, which had been previously granted through its 2021 Share Option Plan.