{"url_path":"/sec/ftrk/10-k/2026/item-18","section_key":"item-18","section_title":"Item 18 FINANCIAL STATEMENTS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-30","source_url":"https://www.sec.gov/Archives/edgar/data/2027262/0001493152-26-031197-index.html","accession_number":"0001493152-26-031197","cik":"0002027262","ticker":"FTRK","issuer_name":"Fast Track Group","edgar_url":"https://www.sec.gov/Archives/edgar/data/2027262/0001493152-26-031197-index.html","primary_entity_key":"0002027262","primary_entity_name":"Fast Track Group"},"word_count":8560,"has_tables":true,"body_markdown":"**ITEM\n18. FINANCIAL STATEMENTS**\n\n \n\nOur\nconsolidated financial statements are included at the end of this Annual Report.\n\n \n\n60\n\n \n\n \n\n**FAST\nTRACK GROUP**\n\n**INDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n \nPage\n\n[Report of Independent Registered Public Accounting Firm](#f_001) (PCAOB ID: 6783)\nF-2\n\nFinancial\nStatements:\n \n\n[Consolidated Balance Sheets as of February 28, 2025 and February 28, 2026](#f_002)\nF-3\n\n[Consolidated\nStatements of Operations and Comprehensive Income for the Years Ended February 29, 2024, February 28, 2025 and February 28,\n2026](#f_003)\nF-4\n\n[Consolidated\nStatements of Changes in Shareholders’ (Deficit) Equity for the Years Ended February 29, 2024, February 28, 2025 and February\n28, 2026](#f_004)\nF-5\n\n[Consolidated\nStatements of Cash Flows for the Years Ended February 29, 2024, February 28, 2025 and February 28, 2026](#f_005)\nF-6\n\n[Notes to Consolidated Financial Statements](#f_006)\nF-7\n– F-19\n\n \n\nF-1\n\n \n\n \n\n**Report\nof Independent Registered Public Accounting Firm**\n\n****\n\n \n\n**Assentsure\nPAC**\n\n**UEN\n– 201816648N**\n\n180B\nBencoolen Street #03-01\n\nThe\nBencoolen Singapore 189648\n\nhttp://www.assentsure.com.sg\n\n \n\nTo:\nThe Board of Directors and Shareholders of\n\n \nFast Track Group\n\n \n\n**Opinion\non the Financial Statements**\n\n** **\n\nWe\nhave audited the accompanying consolidated balance sheets of Fast Track Group and its subsidiaries (the “Company”) as of\nFebruary 28, 2026 and 2025, and the related consolidated statements of operations and comprehensive income, changes in shareholders equity\nand cash flows for each of the years in the three-year period ended February 28, 2026, and the related notes (collectively referred to\nas the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial\nposition of the Company as of February 28, 2026 and 2025 and the results of its operations and its cash flows for each of the years in\nthe three-year period ended February 28, 2026, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\n**Going\nConcern Uncertainty**\n\n** **\n\nThe\naccompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note\n1 to the financial statements, the Company has incurred loss from operations and net cash used in operating activities that raise substantial\ndoubt about its ability to continue as a going concern. Management’s plan regarding these matters are also described in Note 1.\nThe financial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n** **\n\n**Basis\nfor Opinion**\n\n \n\nThese\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides\na reasonable basis for our opinion.\n\n \n\n/s/\nAssentsure PAC\n\n \n\nWe\nhave served as the Company’s auditor since 2024.\n\nSingapore\n\nJune\n30, 2026\n\nPCAOB\nID: 6783\n\n \n\nF-2\n\n \n\n \n\n**FAST\nTRACK GROUP**\n\n**CONSOLIDATED\nBALANCE SHEETS**\n\n** **\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nASSETS \n    \n    \n   \n\nCurrent assets: \n    \n    \n   \n\nCash and cash equivalents \n 268,436  \n 2,375,293  \n 1,879,782 \n\nAccounts receivable, net \n 113,643  \n -  \n - \n\nDeposits, prepayments and other current assets \n 15,340  \n 6,370,728  \n 5,041,729 \n\nDeferred public offering costs \n 787,977  \n -  \n - \n\nContract costs \n 147,135  \n 3,202,775  \n 2,534,643 \n\nTotal current assets \n 1,332,531  \n 11,948,796  \n 9,456,154 \n\n  \n    \n    \n   \n\nNon-current assets: \n    \n    \n   \n\nProperty and equipment, net \n 2,030  \n 261,021  \n 206,569 \n\nOperating lease right-of-use assets, net \n 23,252  \n 408,807  \n 323,526 \n\nPrepayments \n \n-\n  \n \n461,489\n  \n \n365,218\n \n\nTotal non-current assets \n 25,282  \n 1,131,317  \n 895,313 \n\n  \n    \n    \n   \n\nTOTAL ASSETS \n 1,357,813  \n 13,080,113  \n 10,351,467 \n\n  \n    \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY \n    \n    \n   \n\nCurrent liabilities: \n    \n    \n   \n\nAccounts payable \n 438,700  \n -  \n - \n\nAccrued liabilities and other payables \n 585,028  \n 1,577,417  \n 1,248,351 \n\nContract liabilities \n 544,678  \n -  \n - \n\nAmount due to related parties \n 691,981  \n 11,829  \n 9,361 \n\nOperating lease liabilities, current \n 20,463  \n 153,476  \n 121,459 \n\nLoans payable, current \n 3,442  \n -  \n - \n\nTotal current liabilities \n 2,284,292  \n 1,742,722  \n 1,379,171 \n\n  \n    \n    \n   \n\nNon-current liabilities: \n    \n    \n   \n\nOperating lease liabilities, non-current \n 2,789  \n 255,331  \n 202,067 \n\nWarrant liabilities \n 276,250  \n -  \n - \n\nTotal non-current liabilities \n 279,039  \n 255,331  \n 202,067 \n\n  \n    \n    \n   \n\nTOTAL LIABILITIES \n 2,563,331  \n 1,998,053  \n 1,581,238 \n\n  \n    \n    \n   \n\nCommitments and contingencies \n -  \n -  \n - \n\n  \n    \n    \n   \n\nSHAREHOLDERS’ (DEFICIT) EQUITY \n    \n    \n   \n\nOrdinary shares, US$0.001 par value, 50,000,000 shares authorized, 17,500,000 and 21,812,500 shares issued and outstanding as of February 28, 2025 and February 28, 2026 respectively \n 23,550  \n 29,000  \n 22,950 \n\nAdditional paid in capital \n 1,076,450  \n 19,461,288  \n 15,401,464 \n\nAccumulated deficits \n (2,305,518) \n (8,408,228) \n (6,654,185)\n\nTotal shareholders’ (deficit) equity \n (1,205,518) \n 11,082,060  \n 8,770,229 \n\n  \n    \n    \n   \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY \n 1,357,813  \n 13,080,113  \n 10,351,467 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-3\n\n \n\n \n\n**FAST\nTRACK GROUP**\n\n**CONSOLIDATED\nSTATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**\n\n \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nFor the Years Ended \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nRevenue \n    \n    \n    \n   \n\n- Related parties \n 1,170,951  \n -  \n -  \n - \n\n- Third parties \n 120,000  \n 1,013,482  \n 2,147,134  \n 1,699,220 \n\nRevenue \n 1,290,951  \n 1,013,482  \n 2,147,134  \n 1,699,220 \n\nCost of revenue \n (1,025,516) \n (884,883) \n (1,320,170) \n (1,044,769)\n\nGross profit \n 265,435  \n 128,599  \n 826,964  \n 654,451 \n\n  \n    \n    \n    \n   \n\nOperating expenses \n    \n    \n    \n   \n\nDepreciation and amortization \n -  \n (185) \n (27,105) \n (21,451)\n\nSales and marketing expenses \n -  \n -  \n (4,619,523) \n (3,655,843)\n\nOperating lease expenses \n (20,987) \n (40,464) \n (76,137) \n (60,254)\n\nGeneral and administrative expenses \n (210,899) \n (514,879) \n (2,379,860) \n (1,883,397)\n\nTotal operating expenses \n (231,886) \n (555,528) \n (7,102,625) \n (5,620,945)\n\n  \n    \n    \n    \n   \n\nOperating income (loss) \n 33,549  \n (426,929) \n (6,275,661) \n (4,966,494)\n\n  \n    \n    \n    \n   \n\nOther (expenses) income, net \n    \n    \n    \n   \n\nOther income \n 267  \n 877  \n 25,734  \n 20,366 \n\nInterest income \n -  \n -  \n 151,040  \n 119,532 \n\nInterest expense \n (468) \n (26,398) \n (3,823) \n (3,026)\n\nTotal other (expenses) income, net \n (201) \n (25,521) \n 172,951  \n 136,872 \n\n  \n    \n    \n    \n   \n\nIncome (Loss) before taxes \n 33,348  \n (452,450) \n (6,102,710) \n (4,829,622)\n\n  \n    \n    \n    \n   \n\nIncome tax expense \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n   \n\nNet income (loss) \n 33,348  \n (452,450) \n (6,102,710) \n (4,829,622)\n\n  \n    \n    \n    \n   \n\nNet income (loss) per share - basic and diluted \n 0.002  \n (0.026) \n (0.280) \n (0.221)\n\nBasic and diluted weighted average shares outstanding \n 17,500,000  \n 17,500,000  \n 21,812,500  \n 21,812,500 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**FAST\nTRACK GROUP**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT) EQUITY**\n\n \n\n  \n\n****\n\n**Number of**\n\n**ordinary**\n\n**shares**\n  \n\n****\n\n**Ordinary**\n\n**shares**\n  \n\n****\n\n**Additional**\n\n**paid-in**\n\n**capital**\n  \n\nAccumulated\n\ndeficit\n  \n\n****\n\n**Total**\n \n\n  \n  \nS$  \nS$  \nS$  \nS$ \n\nBalance as of March 1, 2023 \n 17,500,000  \n 23,550  \n 76,450  \n (1,886,416) \n (1,786,416)\n\nNet income \n -  \n -  \n -  \n 33,348  \n 33,348 \n\nCapital contribution \n -  \n -  \n 1,000,000  \n -  \n 1,000,000 \n\nBalance as of February 29, 2024 \n 17,500,000  \n 23,550  \n 1,076,450  \n (1,853,068) \n (753,068)\n\nNet loss \n -  \n -  \n -  \n (452,450) \n (452,450)\n\nBalance as of February 28, 2025 \n 17,500,000  \n 23,550  \n 1,076,450  \n (2,305,518) \n (1,205,518)\n\nBalance \n 17,500,000  \n 23,550  \n 1,076,450  \n (2,305,518) \n (1,205,518)\n\nIssuance of new shares \n 4,312,500  \n 5,450  \n 18,384,838  \n -  \n 18,390,288 \n\nNet loss \n -  \n -  \n -  \n (6,102,710) \n (6,102,710)\n\nNet income (loss) \n -  \n -  \n -  \n (6,102,710) \n (6,102,710)\n\nBalance as of February 28, 2026 \n 21,812,500  \n 29,000  \n 19,461,288  \n (8,408,228) \n 11,082,060 \n\nBalance \n 21,812,500  \n 29,000  \n 19,461,288  \n (8,408,228) \n 11,082,060 \n\n  \n    \n    \n    \n    \n   \n\n  \n    \n **US$**  \n **US$**  \n **US$**  \n **US$** \n\nBalance as of February 28, 2026 \n    \n 22,950  \n 15,401,464  \n (6,654,185) \n 8,770,229 \n\nBalance \n    \n 22,950  \n 15,401,464  \n (6,654,185) \n 8,770,229 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n** **\n\nF-5\n\n \n\n \n\n**FAST\nTRACK GROUP**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nFor the Years Ended \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nCASH FLOWS FROM OPERATING ACTIVITIES \n    \n    \n    \n   \n\nNet income (loss) \n 33,348  \n (452,450) \n (6,102,710) \n (4,829,622)\n\nAdjustments to reconcile net income (loss) to net cash used in operating activities: \n    \n    \n    \n   \n\nAmortization of operating lease right-of-use assets \n -  \n -  \n 76,137  \n 60,254 \n\nDepreciation of property and equipment \n -  \n 185  \n 27,105  \n 21,451 \n\nProvision for expected credit losses accounts \n 97,167  \n 45,093  \n -  \n - \n\nChanges in assets and liabilities: \n    \n    \n    \n   \n\nAccounts receivable \n    \n    \n    \n   \n\n- Related parties \n (22,167) \n -  \n -  \n - \n\n- Third parties \n (136,793) \n (96,943) \n 113,643  \n 89,936 \n\n- Account receivables \n (136,793) \n (96,943) \n 113,643  \n 89,936 \n\nDeposits, prepayments and other current assets \n (7,396) \n (7,944) \n (6,816,877) \n (5,394,806)\n\nContract costs \n -  \n (147,135) \n (3,055,640) \n (2,418,202)\n\nAccounts payable \n -  \n -  \n (438,700) \n (347,183)\n\nAccrued liabilities and other payables \n 9,625  \n 559,684  \n 992,389  \n 785,366 \n\nContract liabilities \n 16,699  \n 527,979  \n (544,678) \n (431,053)\n\nOperating lease liabilities \n -  \n -  \n (76,137) \n (60,254)\n\nNet cash (used in) generated from operating activities \n (9,517) \n 428,469  \n (15,825,468) \n (12,524,113)\n\n  \n    \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITY \n    \n    \n    \n   \n\nPurchase of plant and equipment \n -  \n (2,216) \n (286,096) \n (226,413)\n\nNet cash used in investing activity \n -  \n (2,216) \n (286,096) \n (226,413 )\n\n  \n    \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES \n    \n    \n    \n   \n\nProceeds from borrowings \n -  \n 276,250  \n -  \n - \n\nRepayments of borrowings \n (10,181) \n (10,502) \n (279,692) \n (221,345)\n\nNet proceeds from initial public offering \n -  \n -  \n 19,178,265  \n 15,177,481 \n\nDeferred public offering costs \n -  \n (787,977) \n -  \n - \n\nRepayment of amount due to directors, net \n (29,232) \n 361,219  \n (680,152) \n (538,265)\n\nNet cash (used in) generated from financing activities \n (39,413) \n (161,010) \n 18,218,421  \n 14,417,871 \n\n  \n    \n    \n    \n   \n\nNet (decrease) increase in cash and cash equivalents \n (48,930) \n 265,243  \n 2,106,857  \n 1,667,345 \n\nCash and cash equivalents, beginning of year \n 52,123  \n 3,193  \n 268,436  \n 212,437 \n\nCash and cash equivalents, end of year \n 3,193  \n 268,436  \n 2,375,293  \n 1,879,782 \n\n  \n    \n    \n    \n   \n\nSupplementary cash flow information: \n    \n    \n    \n   \n\nInterest paid \n (468) \n (148) \n (3,823) \n (3,025)\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**FAST\nTRACK GROUP**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**NOTE\n1 – ORGANIZATION AND PRINCIPAL ACTIVITIES**\n\n \n\nFast\nTrack Group (The “Group” or the “Company”) is an investment holding company incorporated on May 31, 2024 under\nthe laws of the Cayman Islands. The Company through its subsidiaries involved in regional entertainment-focused event management and\nmarketing company that provides a full range of services including experiential marketing, artiste endorsement and management, movie\npremiere organizations, grand openings and concerts and it is headquartered in Singapore.\n\n \n\nOn\nJuly 2, 2024, the Company completed a reorganization under common control of its then existing shareholders, who collectively owned all\nthe equity interests of Fast Track Events Pte. Ltd. prior to the reorganization. The consolidation of the Company and its subsidiaries\nhas been accounted for at historical cost and prepared on the basis as if the reorganization became effective as of the beginning of\nthe first period presented in the accompanying consolidated financial statements of the Company.\n\n \n\nAs\nof February 28, 2026, the Company’s subsidiaries are detailed in the table as follows:\n\n SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS REFLECTED THE ACTIVITIES\n\n**Name**\n** **\n**Background**\n** **\n**Ownership\n%**\n** **\n**Principal\nactivity**\n\nTCX\nHoldings Limited\n \n\n●\nA British Virgin Islands company\n\n●\nIncorporated on May 31, 2024\n\n \n100%\n \nInvestment\nholding\n\nFast\nTrack Events Pte. Ltd.\n\n \n\n \n\n●\nA Singapore company\n\n●\nIncorporated on March 8, 2012\n\n \n\n100%\n\n \n\n \nRegional\nentertainment-focused event management and marketing company\n\n \n\nThe\nregistration statement for the Company’s Initial Public Offering (the “Offering”) was declared effective by the SEC\non May 22, 2025. On May 23, 2025, the Company consummated the Offering of 3,750,000 ordinary shares at a public offering price of $4.00\nper share. On June 2, 2025, the Company issued an additional 562,500 ordinary shares at a price of $4.00 per share following the full\nexercise of the underwriters’ over-allotment option. The aggregate gross proceeds from the Offering amounted to $17,250,000, prior\nto deducting underwriting discounts and other related expenses.\n\n \n\n**Group\nreorganization**\n\n \n\nPursuant\nto a group reorganization (the “group reorganization”) to rationalize the structure of the Company and its subsidiary companies\n(herein collectively referred to as the “Group”) in preparation for the listing of our shares, the Company becomes the holding\ncompany of the Group on July 2, 2024. As the Group were under same control of the shareholders and their entire equity interests were\nalso ultimately held by the shareholders immediately prior to the group reorganization, the consolidated statements of operations and\ncomprehensive loss, consolidated statements of changes in shareholders’ equity (deficit) and consolidated statements of cash flows\nare prepared as if the current group structure had been in existence throughout the beginning of the period, or since the respective\ndates of incorporation/establishment of the relevant entity, where this is a shorter period.\n\n \n\n**Liquidity\nand going concern**\n\n \n\nIn\nassessing the Company’s liquidity, the Company monitors and evaluates its cash and cash equivalent and its operating and capital\nexpenditure commitments.\n\n \n\nThe\nCompany’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure\nobligations. Cash flow from operations and capital contributions have been utilized to finance the working capital requirements of\nthe Company. For the year ended February 28, 2026, the Company had a net loss of S$6,102,710 and recorded net cash used in operating\nactivities of S$15,825,468. As of February 28, 2026, the Company had S$2,375,293\nin cash and cash equivalents. Cash and cash equivalents comprise cash on hand and bank deposits placed with banks which are\nunrestricted as to withdrawal and use and have original maturities of three months or less.\n\n \n\nManagement has commenced a strategy to raise debt\nand equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management\nis unable to execute this plan, there would likely be a material adverse effect on the Company’s business.\n\n \n\nBased\non the above factors and in consideration of the Company’s business plans and forecasts, management has a reasonable\nexpectation that the Company has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12\nmonths.\n\n \n\nF-7\n\n \n\n \n\n**NOTE\n2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\nBasis\nof preparation\n\n \n\nThe\naccompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the\nUnited States (“US GAAP”).\n\n \n\nPrinciples\nof consolidation\n\n \n\nThe\naccompanying consolidated financial statements include the accounts of the Company and its subsidiaries (collectively the “Company”).\nAll intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.\n\n \n\nUse\nof estimates\n\n \n\nThe\npreparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that\naffect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated\nfinancial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment\ninclude, but are not limited to, revenue recognition, estimating the useful lives and impairment assessment of long-lived assets and\ngoodwill, accounting for and impairment assessment of investments, impairment assessment of loans receivable, accounting for deferred\nincome taxes and accounting for share-based compensation arrangements. Changes in facts and circumstances may result in revised estimates.\n\n \n\nForeign\ncurrency translation\n\n \n\nThe\naccompanying consolidated financial statements are presented in the Singapore Dollars (“SGD” or “S$”), which\nis the reporting currency of the Company. The functional currency of the Company’s subsidiary in Singapore is Singapore Dollars\n(“SGD” or “S$”), its other subsidiary which are incorporated in British Virgin Islands is United States Dollars,\nrespectively, which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”.\n\n \n\nAssets\nand liabilities of the Company’s subsidiaries that have functional currencies other than SGD are translated into SGD at fiscal\nyear-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. The resulting\ntranslation adjustments are recorded in accumulated other comprehensive loss, a component of shareholders’ equity.\n\n \n\nConvenience\ntranslation\n\n \n\nTranslations\nof balances in the consolidated balance sheets, consolidated statements of operations and comprehensive loss, consolidated statements\nof changes in shareholders’ equity and consolidated statements of cash flows from SGD into USD as of February 28, 2026 are solely\nfor the convenience of the readers and are calculated at the rate of SGD1.00 = USD0.7914, representing the exchange rate set forth in\nthe Monetary Authority of Singapore on February 28, 2026. No representation is made that the SGD amounts could have been, or could be,\nconverted, realized or settled into USD at such rate, or at any other rate.\n\n \n\nCash\nand cash equivalents\n\n \n\nCash\nand cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to\nwithdrawal and use. The Company maintains most of its bank accounts in Singapore.\n\n \n\nDeposits,\nprepayments and other current assets\n\n \n\nDeposits\nare mainly for rent, utilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term\ndeposits usually have a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers\nwhen terms and conditions set forth in the agreements have been satisfied.\n\n \n\nPrepayments\nare mainly comprised of payments made to vendors or service providers for future services that have not been provided. These amounts\nare non-refundable and bear no interest.\n\n \n\nOther\ncurrent assets, primarily consist of other receivables from third parties and goods and services tax receivable. These amounts are non-refundable,\nunsecured and bear no interest. Management reviews periodically to determine if the allowance is adequate and adjusts the allowance when\nnecessary.\n\n \n\nAs\nof February 28, 2025 and 2026, management believes that the Company’s other current assets are not impaired.\n\n \n\nF-8\n\n \n\n \n\nDeferred\npublic offering costs\n\n \n\nPursuant\nto ASC 340-10-S99-1, deferred public offering costs directly attributable to an offering of equity securities are deferred and would\nbe charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include underwriting\nfees related to the registration preparation, SEC filing fees and other expenses.\n\n \n\nProperty\nand equipment, net\n\n \n\nProperty\nand equipment are carried at cost less accumulated depreciation and any impairment losses if applicable. Depreciation is provided over\ntheir estimated useful lives, using the straight-line method. The estimated useful lives of the plant and equipment are as follows:\n\n SCHEDULE OF ESTIMATED USEFUL LIVES OF THE ASSETS\n\n \n \nExpected\nuseful lives\n\nFurniture\nand fittings\n \n3\nyears\n\nOffice\nequipment\n \n3\nyears\n\nComputer\nand software\n \n3\nyears\n\nLeasehold\nimprovements\n \nOver\nthe shorter of lease term or the estimated useful lives\n\n \n\nThe\ncost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss\nare included in the Company’s consolidated statements of operations and comprehensive income. Expenditures for maintenance and\nrepairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of\nassets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances\nwarrant revised estimates of useful lives.\n\n \n\nImpairment\nof long-lived assets\n\n \n\nLong-lived\nassets, representing property and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances\n(such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying\nvalue of an asset may not be recoverable. The Company assess the recoverability of the assets based on the undiscounted future cash flows\nthe assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result\nfrom 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.\nIf an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted\ncash flows approach or, when available and appropriate, to comparable market values. As of February 28, 2025 and 2026, no impairment\nof long-lived assets was recognized.\n\n \n\nLeases\n\n \n\nEffective\nMarch 1, 2021, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that do not require\nus to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing\nleases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted\nto make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient\nthat allows lessees to treat the lease and non-lease components of a lease as a single lease component.\n\n \n\nLease\nterms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease,\nas the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers\nthe economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected\nthe short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve\nmonths or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives.\nLease expense is recognized on a straight-line basis over the lease term.\n\n \n\nF-9\n\n \n\n \n\nRelated\nparties\n\n \n\nThe\nCompany adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.\n\n \n\nRelated\nparties include:\n\n \n\na.\nAffiliates\nof the entity\n\nb.\nEntities\nfor which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value\nOption Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity\n\nc.\nTrusts\nfor the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management\n\nd.\nPrincipal\nowners of the entity and members of their immediate families\n\ne.\nManagement\nof the entity and members of their immediate families\n\nf.\nOther\nparties with which the entity may deal if one party controls or can significantly influence the management or operating policies\nof the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests\n\ng.\nOther\nparties that can significantly influence the management or operating policies of the transacting parties or that have an ownership\ninterest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting\nparties might be prevented from fully pursuing its own separate interests.\n\n \n\nRecent\naccounting pronouncements\n\n \n\nIn\nNovember 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation\nDisclosures (“ASU 2024-03”). This update requires, among other things, more detailed disclosure about types of expenses in\ncommonly presented expense captions such as cost of sales and selling, general, and administrative expenses, and is intended to improve\nthe disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and amortization.\nASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after\nDecember 15, 2027. Management is currently evaluating the standard to determine the impact of adoption on its consolidated financial\nstatements and disclosures.\n\n \n\nIn\nJanuary 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures\n(Subtopic 220-40) (“2025-01”). The amendment in this Update amends the effective date of Update 2024-03 to clarify that all\npublic business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim\nperiods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. Management\nis currently evaluating the standard to determine the impact of adoption on its consolidated financial statements and disclosures.\n\n \n\nIn\nMarch 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810)” (“ASU 2025-03”).\nThe amendments in this Update require an entity involved in an acquisition transaction effected primarily by exchanging equity interests\nwhen the legal acquiree is a variable interest entity (VIE) that meets the definition of a business to consider the factors in paragraphs\n805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. The amendments in this Update differ from current GAAP\nbecause, for certain transactions, they replace the requirement that the primary beneficiary always is the acquirer with an assessment\nthat requires an entity to consider the factors to determine which entity is the accounting acquirer. The amendments in this Update enhance\nthe comparability of financial statements across entities engaging in acquisition transactions effected primarily by exchanging equity\ninterests when the legal acquiree meets the definition of a business. Specifically, under the amendments, acquisition transactions in\nwhich the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions\nin which the legal acquiree is a voting interest entity. The amendments in this Update do not change the accounting for a transaction\ndetermined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting\nacquiree. Management is currently evaluating the standard to determine the impact of adoption on its consolidated financial statements\nand disclosures.\n\n \n\nThe\nCompany does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material\neffect on the Company’s consolidated balance sheets, consolidated statement of operations and comprehensive (loss) income and consolidated\nstatement of cash flows.\n\n \n\nF-10\n\n \n\n \n\nRevenue\nrecognition\n\n \n\nThe\nfive-step model defined by ASC Topic 606 requires the Company to:\n\n \n\n \n1.\nidentify\nits contracts with customers;\n\n \n2.\nidentify\nits performance obligations under those contracts;\n\n \n3.\ndetermine\nthe transaction prices of those contracts;\n\n \n4.\nallocate\nthe transaction prices to its performance obligations in those contracts; and\n\n \n5.\nrecognize\nrevenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred\nto the client in an amount that reflects the consideration expected in exchange for those services.\n\n \n\nRevenues\nare recognized when persuasive evidence of an arrangement exists, service has occurred, and all performance obligations have been performed\npursuant to the terms of the agreement, the sales price is fixed or determinable and collectability is reasonably assured. Our revenue\nagreements generally do not include a right of return in relation to the delivered products or services. Depending on the terms of the\nagreement and the laws that apply to the agreement, control of the services may be transferred over time or at a point in time. Control\nof the services is transferred over time if our performance:\n\n \n\n \n-\nprovides\nall of the benefits received and consumed simultaneously by the client;\n\n \n-\ncreates\nand enhances an asset that the client controls as the Company performs; or\n\n \n-\ndoes\nnot create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance complete\nto date. If a service obligation is delivered over time, revenue is recognized over the period of the agreement by reference to progress\ntoward complete satisfaction of that service obligation. Otherwise, revenue is recognized at a point in time when service obligation\nis delivered to the client.\n\n \n\nLive\nentertainment\n\n \n\nLive\nentertainment/concert revenue is generated through one-time or non-recurring projects with existing or new customers. Revenue from artist\nperformance and sponsorship revenue where the Company undertook the role of concert organizer, and which the Company is acting as an\nagent.\n\n \n\nRevenue\nfrom live entertainment/concert performances and other special events is recognized when the events take place. Revenue from an one-time\nevent is recognized if (i) persuasive evidence of an arrangement exists; (ii) the event has occurred; (iii) the price is fixed or determinable;\nand (iv) collectability is reasonably assured.\n\n \n\nRevenue\nfrom sponsorships associated with event management. Sponsorship advances are deferred until earned pursuant to the sponsorship agreement\nand are presented as contract liabilities on the statement of financial position. Revenue is recognized at point in time when the Company\nhas fulfilled the performance obligation of the revenue contracts or recognized when services are rendered upon completion of events\nor services and when the Company has no remaining obligation to perform.\n\n \n\nAgency\n\n \n\nThe\nCompany brokers and supplies artistes to clients, generating revenue from their participation in events, advertisements, and various\nentertainment content projects. Additionally, the Company offers consultancy services to clients, assisting with event management and\nproviding infrastructure and logistical support. Revenue is recognized when the services are rendered upon completion of the events and\nwhen the Company has no remaining obligation to perform.\n\n \n\nThe\nadvances received from customers related to advance billing to customers based on contract, for which service has yet been completed.\n\n \n\nSignificant\naccounts related to the revenue cycle are as follows:\n\n \n\nF-11\n\n \n\n \n\n**Cost\nof revenue**\n\n \n\nCost\nof revenue is predominately pertained to artiste fees, expenses incurred to set up for events and agency consultancy services.\n\n \n\n**Accounts\nreceivable, net**\n\n \n\nAccounts\nreceivable represents trade accounts due from customers. The trade receivables are all without customer collateral and interest is not\naccrued on past due accounts. Management reviews its receivables on a regular basis to determine if the expected credit losses are adequate\nand provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual customer\nexposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of\ncollection have been exhausted and the likelihood of collection is not probable.\n\n \n\n**Contract\ncosts**\n\n \n\nContract\ncosts incurred during the production phases of the Company’s service contracts, are capitalized when the costs relate directly\nto the contract, are expected to be recovered, and generate or enhance resources to be used in satisfying the performance obligation\nand such deferred costs will be recognized upon the recognition of the related revenue. These costs primarily consist of procurement\nand material costs directly related to the contract. Contract costs are recognized as cost of revenue when performance obligation(s)\nis fulfilled and revenue is recognized concurrently.\n\n \n\nThe\nCompany performs periodic reviews to assess the recoverability of the contract costs. The carrying amount of the asset is compared to\nthe remaining amount of consideration. The Company expects to receive for the services to which the asset relates, less the costs that\nrelate directly to providing those services that have not yet been recognized. If the carrying amount is not recoverable, an impairment\nloss is recognized. For the year ended February 28, 2025 and 2026, no impairment loss was recognized.\n\n \n\n**Contract\nliabilities**\n\n \n\nContract\nliabilities represent payment advanced from customers. It is recognized when a payment is received from a customer before the Company\ntransfers the related services.\n\n \n\nContract\nliabilities are recognized as revenue when the Company performed its performance obligation(s) under the contract (i.e., transfers control\nof the related services to the customer).\n\n \n\n**Expected\ncredit loss**\n\n \n\nASU\nNo. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities\nto use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology\nwill result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss\nuntil it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial\nassets may be recorded and presented, and that expand disclosures. The adoption of this\nguidance did not materially impact the net earning and financial position and has no impact on the cash flows.\n\n \n\nF-12\n\n \n\n \n\nThe\ndetails of revenue and cost of revenue of the Company are as follows:\n\n SCHEDULE OF REVENUE AND COST OF REVENUE\n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nFor the Years Ended \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nRevenue \n 1,290,951  \n 1,013,482  \n 2,147,134  \n 1,699,220 \n\nCost of revenue \n (1,025,516) \n (884,883) \n (1,320,170) \n (1,044,769)\n\nGross profit \n 265,435  \n 128,599  \n 826,964  \n 654,451 \n\nGross profit margin \n 20.6% \n 12.7% \n 38.5% \n 38.5%\n\n \n\nEmployee\nbenefits\n\n \n\n(1)\nDefined\ncontribution plan\n\n \n\nThe\nCompany participates in the national pension schemes as defined by the laws of Singapore’s jurisdictions in which it has operations.\nContributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.\n\n \n\n(2)\nEmployee\nleave entitlement\n\n \n\nEmployee\nentitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave\nexpected to be settled wholly within the reporting period.\n\n \n\nIncome\ntaxes\n\n \n\nThe\nCompany accounts for income taxes pursuant to ASC Topic 740, Income Taxes. The charge for taxation is based on the results for the fiscal\nyear as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively\nenacted by the balance sheet date.\n\n \n\nDeferred\ntaxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the\ncarrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation\nof assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets\nare recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences\ncan be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the\nliability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged\ndirectly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance\nwhen, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.\nCurrent income taxes are provided for in accordance with the laws of the relevant taxing authorities.\n\n \n\nAn\nuncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained\nin a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that\nis greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,\nno tax benefit is recorded. The Company does not\nexpect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.\n\n \n\nLoss\nper share\n\n \n\nThe\nCompany computes loss per share (“EPS”) following ASC Topic 260, “Earnings per share.” Basic EPS is measured\nas net loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents\nthe dilutive effect on a per share basis from the potential conversion of convertible securities or the exercise of options and or warrants;\nthe dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of\noptions or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income\nper share or decrease loss per share) are excluded from diluted EPS calculation. There were no potentially dilutive securities that were\nin-the-money that were outstanding for the years ended February 28, 2025 and February 28, 2026.\n\n \n\nF-13\n\n \n\n \n\nSegment\nreporting\n\n \n\nASC\n280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent\nwith the Company’s internal organizational structure as well as information about geographical areas, business segments and major\ncustomers in financial statements for detailing the Company’s business segments.\n\n \n\nBased\non the criteria established by ASC 280, the Company’s chief operating decision maker (“CODM”) has been identified as\nthe Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance\nof the Company. As a result of the assessment made by the CODM, the Company has only one reportable segment. The Company does not distinguish\nbetween markets or segments for the purpose of internal reporting.\n\n \n\nFair\nvalue measurements\n\n \n\nFair\nvalue is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between\nmarket participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes\nthe inputs to valuation methodologies used to measure fair value:\n\n \n\n●\nLevel\n1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.\n\n \n \n\n●\nLevel\n2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information\nthat are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument’s\nfull term.\n\n \n \n\n●\nLevel\n3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.\n\n \n\nFinancial\ninstruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost,\nwhich approximate fair value because of the short period of time between the origination of such instruments and their expected realization\nand their current market rates of interest.\n\n \n\n**NOTE\n3 – ACCOUNTS RECEIVABLE, NET**\n\n \n\nAccounts\nreceivable, net consists of the following:\n\n SCHEDULE OF ACCOUNTS RECEIVABLE\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nAccounts receivable \n    \n    \n   \n\n- Related party \n 22,260  \n -  \n - \n\n- Third parties \n 233,643  \n 142,260  \n 112,583 \n\nAccounts\nreceivable \n 255,903  \n 142,260  \n 112,583 \n\n  \n    \n    \n   \n\nLess: allowance for credit losses \n    \n    \n   \n\n- Related party \n 22,260  \n -  \n - \n\n- Third parties \n 120,000  \n 142,260  \n 112,583 \n\n Less: allowance for credit losses  \n 142,260  \n 142,260  \n 112,583 \n\n  \n    \n    \n   \n\nAccounts receivable, net \n 113,643  \n -  \n - \n\n \n\nF-14\n\n \n\n \n\nThe\nmovement of allowances for expected credit loss is as follow:\n\n SCHEDULE OF MOVEMENT OF ALLOWANCES FOR EXPECTED CREDIT LOSS\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nBalance at beginning of the year \n    \n    \n   \n\n- Related party \n 22,167  \n 22,260  \n 17,616 \n\n- Third parties \n 75,000  \n 120,000  \n 94,967 \n\nBalance at beginning of the period \n 97,167  \n 142,260  \n 112,583 \n\n  \n    \n    \n   \n\nAddition (Reversal of) during the year \n    \n    \n   \n\n- Related party \n 93  \n (22,260) \n (17,616)\n\n- Third parties \n 45,000  \n 22,260  \n 17,616 \n\nAddition (Reversal of) during the period \n 45,093  \n - \n -\n\n  \n    \n    \n   \n\nBalance at end of the year \n    \n    \n   \n\n- Related party \n 22,260  \n -  \n - \n\n- Third parties \n 120,000  \n 142,260  \n 112,583 \n\nBalance at end of the period \n 142,260  \n 142,260  \n 112,583 \n\n \n\n**NOTE\n4 – CONTRACT COSTS**\n\n \n\nContract\ncosts consist of the following:\n\n SCHEDULE OF CONTRACT COSTS\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nBalance at beginning of the year \n -  \n 147,135  \n 116,441 \n\nAdditions \n 147,135  \n 4,239,609  \n 3,355,183 \n\nRecognized to cost of revenue during the year \n -  \n (1,183,969) \n (936,981)\n\nBalance at end of the year \n 147,135  \n 3,202,775  \n 2,534,643 \n\n \n\nContract\ncosts represent the payment advanced to suppliers.\n\n \n\n**NOTE\n5 – DEPOSITS, PREPAYMENTS AND OTHER CURRENT ASSETS**\n\n SCHEDULE\nOF DEPOSITS, PREPAYMENTS AND OTHER CURRENT ASSETS\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nC**urrent** \n    \n    \n   \n\nDeposits \n 6,548  \n 694,228  \n 549,405 \n\nPrepaid expenses* \n -  \n 5,669,405  \n 4,486,709 \n\nAccrued income \n -  \n 1,173  \n 928 \n\nTaxes receivable \n \n8,792\n  \n \n5,922\n  \n \n4,687\n \n\nBalance at end of the year \n 15,340  \n 6,370,728  \n 5,041,729 \n\n  \n    \n    \n   \n\n**Non-current** \n    \n    \n   \n\nPrepaid expenses* \n \n-\n  \n \n461,489\n  \n \n365,218\n \n\n \n\n*\n \nPrepaid\nmarketing expenses were mainly made to vendors for 23 months of marketing services including investor relations, advising on business\nplans and corporate development to drive business growth.\n\n \n\nF-15\n\n \n\n \n\n**NOTE\n6 – PROPERTY AND EQUIPMENT, NET**\n\n \n\nProperty\nand equipment, net consist of the following:\n\n SCHEDULE OF PROPERTY AND EQUIPMENT\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nFurniture and fittings \n 1,200  \n 3,578  \n 2,832 \n\nOffice equipment \n -  \n 8,913  \n 7,054 \n\nComputer and software \n 56,383  \n 16,468  \n 13,033 \n\nLeasehold improvements \n -  \n 259,352  \n 205,248 \n\nProperty and equipment, gross \n 57,583  \n 288,311  \n 228,167 \n\nLess: accumulated depreciation \n (55,553) \n (27,290) \n (21,598)\n\nProperty and equipment,\nnet \n 2,030  \n 261,021  \n 206,569 \n\n \n\n**NOTE\n7 – ACCRUED LIABILITIES AND OTHER PAYABLES**\n\n \n\nAccrued\nliabilities and other payables consist of the following:\n\n SCHEDULE OF ACCRUALS AND OTHER PAYABLES\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nAccruals \n 17,550  \n 234,101  \n 185,265 \n\nAccrued payroll and welfare services \n 43,165  \n 175,804  \n 139,129 \n\nOther payables \n 524,313  \n 1,167,512  \n 923,957 \n\nTotal \n 585,028  \n 1,577,417  \n 1,248,351 \n\n \n\nOther\npayables of S$1,167,512\n(US$923,957)\nas of February 2026, primarily came from a S$1,000,000 advances collected from a client for an event that was subsequently\npostponed. This amount was repaid in full by May 2026 as the event did not proceed.\n\n** **\n\n**NOTE\n8 – CONTRACT LIABILITIES**\n\n \n\nContract\nliabilities consist of the following:\n\n SCHEDULE OF CONTRACT LIABILITIES\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nBalance at beginning of the year \n 16,699  \n 544,678  \n 431,053 \n\nAdditions \n 914,678  \n 1,602,456  \n 1,268,167 \n\nRecognized to revenue during the year \n (386,699) \n (2,147,134) \n (1,699,220)\n\nBalance at end of the year \n 544,678  \n -  \n - \n\n \n\nContract\nliabilities represent the payment advanced from customers.\n\n \n\nF-16\n\n \n\n \n\n**NOTE\n9 – LEASES**\n\n \n\nThe\nCompany has entered into operating leases for office and office equipment as lessee with lease terms not exceeding 5 years. The Company’s\nlease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02,\nno right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term of one year.\n\n \n\nInformation\npertaining to lease amounts recognized in the Company’s consolidated financial statements is summarized as follows:\n\n SCHEDULE\nOF CONSOLIDATED FINANCIAL STATEMENTS\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nRight-of-use assets \n 23,252  \n 408,807  \n 323,526 \n\n  \n    \n    \n   \n\nLease liabilities \n    \n    \n   \n\nCurrent \n 20,463  \n 153,476  \n 121,459 \n\nNon-current \n 2,789  \n 255,331  \n 202,067 \n\nTotal \n 23,252  \n 408,807  \n 323,526 \n\n \n\nA\nsummary of lease expenses recognized in the Company’s consolidated statements of operations are as follows:\n\n SUMMARY\nOF LEASE COST\n\n  \nS$  \nS$  \nUS$ \n\n  \nAs of \n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nUS$ \n\nOperating lease expenses \n 40,464  \n 76,137  \n 60,254 \n\n \n\n SCHEDULE\nOF OTHER SUPPLEMENTAL INFORMATION LEASES\n\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \n   \n  \n\nWeighted-average remaining lease term – operating leases \n 3.58 years  \n 2.58 years \n\nWeighted-average discount rate – operating leases \n 5.25% \n 5.00%\n\n \n\nMaturities\nof operating lease liabilities as of February 28, 2026 were as follows:\n\n SCHEDULE\nOF MATURITIES OF LEASE LIABILITIES\n\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nUS$ \n\n2027 \n 170,436  \n 134,881 \n\n2028 \n 170,436  \n 134,881 \n\n2029 \n 95,532  \n 75,604 \n\nTotal undiscounted lease obligations \n 436,404  \n 345,366 \n\nLess: imputed interest \n (27,597) \n (21,840)\n\nPresent value of lease liabilities \n 408,807  \n 323,526 \n\n \n\n**NOTE\n10 – BANK LOAN**\n\n \n\nThe\nCompany has a 5 five-year S$50,000 unsecured fixed rate bank loan which matures in June 2025. The bank loan carries interest of 2.5% per\nannum and was guaranteed by director. As at February 28, 2025 and February 28, 2026, the carrying amount of the bank loan was S$3,442\nand nil, respectively following full repayment of the bank loan.\n\n \n\nF-17\n\n \n\n \n\n**NOTE\n11 – WARRANT LIABILITIES**\n\n \n\nOn\nApril 14, 2024, the Company received working capital credit facilities of S$50,000\nand S$200,000\nfrom investors, Tan Keng Kuat & Sons Pte Ltd and Ng Jian Da, respectively. The working capital loans carry a fixed interest rate\nof 12%\nper annum and mature in 24\nmonths. Investors will be granted warrants to purchase shares equivalent to the total utilized amount of the credit facilities at a\nnominal consideration of SGD1.\nThe number of shares to be issued to the Investor shall be computed based on the Qualified Initial Public Offering\n(“QIPO”)’s IPO price. The warrants are exercisable within 1 month from a QIPO. The warrants had since expired\nfollowing one month after QIPO. During the financial year ended February 28, 2026, the Company has fully repaid the outstanding\nprincipal and accrued interest for the working capital loans.\n\n \n\n**NOTE\n12 – EQUITY**\n\n \n\n*Ordinary\nshares*\n\n \n\nThe\nCompany was incorporated in the Cayman Islands as an exempted company with limited liability on May 31, 2024, with an authorized share\ncapital of US$50,000 divided into 50,000,000 ordinary shares with a par value of US$0.001 per share.\n\n \n\nOn\nJuly 2, 2024, the Company issued 17,499,999 additional ordinary shares at a par value of US$0.001 per share, resulting in a total of\n17,500,000 ordinary shares were issued and outstanding.\n\n \n\nOn\nMay 23, 2025, the Company consummated its initial public offering (the “Offering”) of 3,750,000 ordinary shares at a public\noffering price of $4.00 per share. On June 2, 2025, the Company issued an additional 562,500 ordinary shares at a price of $4.00 per\nshare following the full exercise of the underwriters’ over-allotment option. The aggregate gross proceeds from the Offering amounted\nto $17,250,000, prior to deducting underwriting discounts and other related expenses. Upon completion of the Offering, 21,812,500 ordinary\nshares were issued and outstanding.\n\n \n\nThe\nCompany only has one single class of ordinary shares that are accounted for as permanent equity.\n\n** **\n\n**NOTE 13 – EARNINGS (LOSS) PER SHARE**\n\n****\n\n****\n\n** SCHEDULE\nOF EARNINGS (LOSS) PER SHARE**\n\n  \nFebruary 29, 2024  \nFebruary 28, 2025  \nFebruary 28, 2026  \nFebruary 28, 2026 \n\n  \nFor the Years Ended \n\n  \nFebruary 29, 2024  \nFebruary 28, 2025  \nFebruary 28, 2026  \nFebruary 28, 2026 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nNumerator: \n    \n    \n    \n   \n\nNet income (loss) attributable to ordinary shareholders \n 33,348  \n (452,450) \n (6,102,710) \n (4,829,622)\n\n  \n    \n    \n    \n   \n\nDenominator: \n    \n    \n    \n   \n\nWeighted-average number of shares outstanding – basic and diluted \n 17,500,000  \n 17,500,000  \n 21,812,500  \n 21,812,500 \n\n  \n    \n    \n    \n   \n\nBasic and diluted earnings (loss) per share \n 0.002  \n (0.026) \n (0.280) \n (0.221)\n\n****\n\n****\n\n****\n\n** **\n\n****\n\n****\n\n**NOTE\n14 – INCOME TAXES**\n\n \n\n*Cayman\nIslands and British Virgin Islands*\n\n \n\nThe\nCompany and its subsidiary, TCX Holdings Limited, are domiciled in the Cayman Island and British Virgin Islands respectively. Both localities\ncurrently enjoy permanent income tax holidays; accordingly, the Company and its subsidiary do not accrue for income taxes.\n\n \n\n*Singapore*\n\n \n\nThe\nsubsidiary, Fast Track Events Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income\nas reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The subsidiary files tax returns as prescribed by the tax laws of Singapore and is subject to examination by the\nrelevant tax authorities in the normal course of business. Tax returns are generally subject to a four-year statute of limitations from\nthe relevant Year of Assessment. The applicable tax rate is\n17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.\n\n \n\nSignificant\ncomponents of the income taxes are as follows:\n\n SCHEDULE\nOF PROVISION FOR INCOME TAXES\n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nFor the Years Ended \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nCurrent income tax \n -   \n -  \n -  \n - \n\n \n\nF-18\n\n \n\n \n\nThe\nreconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s\nsubsidiary for the years ended February 29, 2024, February 28, 2025 and 2026 is as follows:\n\n SCHEDULE\nOF RECONCILIATION BETWEEN STATUTORY TAX RATE TO THE EFFECTIVE TAX RATE\n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nFor the Years Ended \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nIncome (Loss) before tax \n 33,348  \n (452,450) \n (6,102,710) \n (4,829,622)\n\n  \n    \n    \n    \n   \n\nTax expense computed at tax rate of 17% \n 5,669  \n (76,917) \n (1,037,461) \n (821,036)\n\nReconciling items: \n    \n    \n    \n   \n\nNon-taxable and non-deductible items \n -  \n -  \n 1,003,546  \n 794,196 \n\nChanges in valuation allowance \n (5,669) \n 76,917  \n 33,915  \n 26,840 \n\nTotal \n -  \n -  \n -  \n - \n\n \n\nSignificant\ncomponents of deferred taxes are as follows:\n\n SCHEDULE\nOF COMPONENTS OF DEFERRED TAX\n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nAs of \n\n  \n\n**February 29,**\n\n**2024**\n  \n\n**February 28,**\n\n**2025**\n  \n\n**February 28,**\n\n**2026**\n  \n\n**February 28,**\n\n**2026**\n \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nNet operating loss carried forward \n 1,334,117  \n 1,786,567  \n 2,368,360  \n 1,874,296 \n\nDeferred tax assets, gross \n 226,800  \n 303,716  \n 402,621  \n 318,630 \n\nValuation allowance \n (226,800) \n (303,716) \n (402,621) \n (318,630)\n\nDeferred tax assets, net of valuation allowance \n -  \n -  \n -  \n - \n\n \n\nIn\nassessing the realizability of deferred tax assets, management consider whether it is more likely than not that some portion or all of\nthe deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future\ntaxable income during the periods in which those temporary differences become deductible. Management considers the cumulative earnings\nand projected future taxable income in making the assessment. Recovery of substantially all of the Company’s deferred tax assets\nis dependent upon the generation of future income, exclusive of reversing taxable temporary differences. The Company concludes that it\ncannot reliably predict future profitability, and accordingly, unable to determine if it can derive future benefits from the deferred\ntax assets arising from the net operating loss carry forward.\n\n \n\n**NOTE\n15 – COMMITMENT AND CONTINGENCIES**\n\n \n\nLease\ncommitments\n\n \n\nThe\nCompany determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified\nas operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the\nlease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset,\ntogether with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option\nwhich results in an economic penalty.\n\n \n\nFor\nthe details on future minimum lease payment under the non-cancellable operating leases as of February 28, 2026 please refer to section\nheaded “Leases” set forth in the Notes to the Consolidated Financial Statements.\n\n \n\nContingencies\n\n \n\nFrom time to time, the Company is involved in legal proceedings and claims\narising in the ordinary course of business. The Company accrues a liability for loss contingencies when it is probable that a liability\nhas been incurred and the amount of the loss can be reasonably estimated. Legal costs associated with such matters are expensed as incurred.\n\n \n\nOn June 26,\n2026, the Company was named as a respondent in a Notice of Arbitration (“Notice”) filed with the Singapore International\nArbitration Centre (SIAC) relating to a dispute arising from a loan agreement entered between the claimant and Company’s CEO,\nof which the Company acts as a guarantor to the loan. The Company has assessed the claims of approximately USD 3.65 million to be\nwithout merit and intends to vigorously defend the action and is in the process of engaging legal counsel. At this stage, the\nCompany is unable to reasonably estimate the possible loss, if any. Accordingly, no provision has been recognized in the\nconsolidated financial statements.\n\n \n\n**NOTE\n16 – SUBSEQUENT EVENTS**\n\n \n\nThe\nCompany has assessed all subsequent events through June 30, 2026, which is the date that these consolidated financial statements are\nissued and other than the following, there are no further material subsequent events that require disclosure in these consolidated financial\nstatements.\n\n \n\nOn\nJune 26, 2026, the Company was named as a respondent in a Notice of Arbitration (“Notice”) filed with the Singapore\nInternational Arbitration Centre (SIAC) relating to a dispute arising from a loan agreement entered between the claimant and\nCompany’s CEO, of which the Company acts as a guarantor to the loan. The Company has assessed the claims of approximately USD\n3.65 million to be without merit and intends to vigorously defend the action and is in the process of engaging legal counsel. At\nthis stage, the Company is unable to reasonably estimate the possible loss, if any. Accordingly, no adjustment has been made to the\nconsolidated financial statements.\n\n \n\n \n\n \n\nF-19"}