{"url_path":"/sec/iotr/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-07","source_url":"https://www.sec.gov/Archives/edgar/data/1997637/0001213900-26-075976-index.html","accession_number":"0001213900-26-075976","cik":"0001997637","ticker":"IOTR","issuer_name":"iOThree Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1997637/0001213900-26-075976-index.html","primary_entity_key":"0001997637","primary_entity_name":"iOThree Ltd"},"word_count":16156,"has_tables":true,"body_markdown":"**ITEM 19. EXHIBITS** \n\n** **\n\n**Exhibit No.**\n \n**Description**\n\n1.1\n \n[Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 to Form 6-K filed on October 31, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390025104411/ea026331001ex3-1_iothree.htm)\n\n2.1*\n \n[Description of Securities Registered Pursuant to Section 12 of the Exchange Act](ea029694401ex2-1.htm)\n\n4.1\n \n[Form\nof Indemnification Agreement between the Registrant and its directors and executive officers (incorporated by reference to Exhibit\n4.1 to Form 20-F filed on June 30, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390025059622/ea024719301ex4-1_iothree.htm)\n\n4.2†\n \n[Form\nof Employment Agreement between the Registrant and its executive officers (incorporated by reference to Exhibit 4.2 to Form 20-F\nfiled on June 30, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390025059622/ea024719301ex4-2_iothree.htm)\n\n4.3\n \n[Underwriting\nAgreement, dated as of April 9, 2025, by and among the Company, the Selling Shareholders, and Eddid Securities USA Inc. (as representative\nof the underwriters named therein). (incorporated by reference to Exhibit 1.1 to Form 6-K filed on April 15, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390025032065/ea023811501ex1-1_iothree.htm)\n\n4.4\n \n[Tenancy\nAgreement for the Registrant’s Warehouse in Singapore dated March 1, 2025 (incorporated by reference to Exhibit 10.2 to Registration\nStatement on Form F-1/A filed on March 21, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000101376225001072/ea020083013ex10-2_iothree.htm)\n\n4.5\n \n[Form of Securities Purchase Agreement dated January 10, 2026 (incorporated\nby reference to Exhibit 10.1 to Form 6-K filed on January 14, 2026).](http://www.sec.gov/Archives/edgar/data/1997637/000121390026004381/ea027286901ex10-1_iothree.htm)\n\n8.1*\n \n[List of subsidiaries of the Registrant](ea029694401ex8-1.htm)\n\n11.1\n \n[Code of Ethics and Business Conduct of the Registrant (incorporated by reference to Exhibit 99.1 to Registration Statement on Form F-1/A filed on March 21, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390024006092/ff12024ex99-1_iothreeltd.htm)\n\n11.2\n \n[Insider Trading Policy\nof the Registrant (incorporated by reference to Exhibit 11.2 to Form 20-F filed on June 30, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390025059622/ea024719301ex11-2_iothree.htm)\n\n12.1*\n \n[Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended](ea029694401ex12-1.htm)\n\n12.2*\n \n[Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended](ea029694401ex12-2.htm)\n\n13.1**\n \n[Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029694401ex13-1.htm)\n\n15.1*\n \n[Consent of Audit Alliance LLP, independent registered public accounting firm](ea029694401ex15-1.htm)\n\n97.1\n \n[Clawback Policy of the\nRegistrant (incorporated by reference to Exhibit 97.1 to Form 20-F filed on June 30, 2025)](http://www.sec.gov/Archives/edgar/data/1997637/000121390025059622/ea024719301ex97-1_iothree.htm)\n\n101.INS\n \nInline XBRL Instance Document.\n\n101.SCH\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n104\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*Filed herewith.\n\n**Furnished herewith.\n\n†Executive Compensation Plan or Agreement\n\n \n\n86\n\n \n\n  \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report\non its behalf.\n\n \n\n \n**IOTHREE LIMITED**\n\n \n \n \n\nDate: July 7, 2026\n\nBy:\n/s/ Eng Chye Koh\n\n \nName: \nEng Chye Koh\n\n \nTitle:\nChief Executive Officer and Chairman\n\n(Principal Executive Officer)\n\n \n\n87\n\n \n\n \n\n**INDEX TO FINANCIAL STATEMENTS**\n\n** **\n\n  **Page**\n\n[**Report of Independent Registered Public Accounting Firm PCAOB No. 3487**](#f_001) F-2\n\n[**Consolidated Balance Sheets**](#f_002) F-3\n\n[**Consolidated Statements of Operations and Comprehensive Income**](#f_003) F-4\n\n[**Consolidated Statements of Changes in Shareholders’ Equity**](#f_004) F-6\n\n[**Consolidated Statements of Cash Flows**](#f_005) F-7\n\n[**Notes to Consolidated Financial Statements**](#f_006) F-8\n\n** **\n\nF-1\n\n \n\n ** **\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n** **\n\nTo the Shareholders and Board of Directors of\n\n**IOTHREE LIMITED**\n\n \n\n*Opinion on the Financial Statements*\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of iOThree Limited and subsidiaries (collectively referred to as the “Company”) as of March 31, 2026 and 2025,\nthe related consolidated statements of operations and comprehensive income, changes in shareholders’ equity and cash flows for each of\nthe three years in the period ended March 31, 2026, and the related notes (collectively referred to as the “financial statements”).\nIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31,\n2026 and 2025, and the results of its operations and its cash flows each of the three years in the period ended March 31, 2026, in conformity\nwith accounting principles generally accepted in the United States of America.\n\n* *\n\n*Basis for Opinion*\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n*/s/ Audit Alliance LLP*\n\nSingapore\n\n* *\n\nWe have served as the Company’s auditor\nsince 2023.\n\n \n\nJuly 7, 2026\n\n \n\nF-2\n\n \n\n ** **\n\n**IOTHREE LIMITED AND SUBSIDIARIES**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(Currency expressed in United States Dollars\n(“US$”))**\n\n** **\n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nASSETS \n   \n  \n\nCurrent assets: \n   \n  \n\nCash and cash equivalents \n$2,120,809  \n$443,117 \n\nAccounts receivable \n 1,092,220  \n 1,325,186 \n\nNet investment in sales-type leases \n 154,947  \n 203,381 \n\nInventories \n 1,228,077  \n 690,521 \n\nDeposits, prepayments and other receivables \n 1,012,642  \n 1,467,600 \n\nTotal current assets \n 5,608,695  \n 4,129,805 \n\n  \n    \n   \n\nNon-current assets: \n    \n   \n\nProperty and equipment, net \n 1,754,892  \n 874,262 \n\nIntangible assets, net \n 359,850  \n 367,939 \n\nNet investment in sales-type leases \n 188,988  \n 294,499 \n\nPrepayments \n 568,705  \n \n-\n \n\nTotal non-current assets \n 2,872,435  \n 1,536,700 \n\n  \n    \n   \n\nTOTAL ASSETS \n$8,481,130  \n$5,666,505 \n\n  \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent liabilities: \n    \n   \n\nAccounts payable \n$779,520  \n$977,458 \n\nCustomer deposits \n 1,298,959  \n 1,377,535 \n\nOther payables and accrued liabilities \n 358,360  \n 841,979 \n\nBank borrowings \n 108,059  \n 46,983 \n\nLease liabilities \n 567,340  \n 424,070 \n\nTotal current liabilities \n 3,112,238  \n 3,668,025 \n\n  \n    \n   \n\nLong-term liabilities: \n    \n   \n\nBank borrowings \n 268,645  \n 36,569 \n\nLease liabilities \n 634,564  \n 216,430 \n\nTotal long-term liabilities \n 903,209  \n 252,999 \n\n  \n    \n   \n\nTOTAL LIABILITIES \n 4,015,447  \n 3,921,024 \n\n  \n    \n   \n\nCommitments and contingencies \n \n \n  \n \n \n \n\n  \n    \n   \n\nShareholders’ equity \n    \n   \n\nPreferred shares, US$0.0625 par value, 1,000,000 shares authorized; no share issued and outstanding \n \n \n  \n \n \n \n\nClass A shares and Ordinary shares, US$0.0625 par value, 9,000,000 Class A shares and 70,000,000 Ordinary shares authorized; 1,831,675 Class A shares and 2,296,566 ordinary shares issued and outstanding \n 258,014  \n 150,000 \n\nAdditional paid-in capital \n 4,426,814  \n 652,637 \n\nCurrency translation reserve \n (748) \n \n-\n \n\n(Accumulated losses)/Retained earnings \n (218,397) \n 942,844 \n\nTotal shareholders’ equity \n 4,465,683  \n 1,745,481 \n\n  \n    \n   \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY \n$8,481,130  \n$5,666,505 \n\n \n\nSee accompanying notes to consolidated financial\nstatements.** **\n\n** **\n\nF-3\n\n \n\n \n\n**IOTHREE LIMITED AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(Currency expressed in United States Dollars\n(“US$”), except for number of shares)**\n\n** **\n\n  \nYears ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nRevenues, net \n$14,709,239  \n$10,478,550  \n$8,570,070 \n\n  \n    \n    \n   \n\nCost of revenue \n (11,557,897) \n (8,614,316) \n (6,724,479)\n\n  \n    \n    \n   \n\nGross profit \n 3,151,342  \n 1,864,234  \n 1,845,591 \n\n  \n    \n    \n   \n\nOperating cost and expenses: \n    \n    \n   \n\nSales and marketing expenses \n (580,751) \n (579,042) \n (406,870)\n\nGeneral and administrative \n (3,727,801) \n (1,475,028) \n (1,453,282)\n\nOther operating income/(expenses) \n 23,607  \n (12,818) \n (18,588)\n\nTotal operating cost and expenses \n (4,284,945) \n (2,066,888) \n (1,878,740)\n\n  \n    \n    \n   \n\nLoss from operations \n (1,133,603) \n (202,654) \n (33,149)\n\n  \n    \n    \n   \n\nFinance income \n 15,679  \n 23,671  \n 20,743 \n\nFinance cost \n (64,749) \n (34,702) \n (35,830)\n\n  \n    \n    \n   \n\nLoss before income taxes \n (1,182,673) \n (213,685) \n (48,236)\n\n  \n    \n    \n   \n\nIncome tax credit/(expense) \n 21,432  \n (16,830) \n 43,790 \n\n  \n    \n    \n   \n\nNET LOSS \n$(1,161,241) \n$(230,515) \n$(4,446)\n\n  \n    \n    \n   \n\nNet loss per share attributable to Ordinary shares and Class A shares \n    \n    \n   \n\nBasic and diluted \n$(0.44) \n$(0.10) \n$\n\n-\n\n**\n\n  \n    \n    \n   \n\nWeighted average number of Ordinary shares and Class A shares outstanding \n    \n    \n   \n\nBasic and diluted \n 2,641,990  \n 2,400,000  \n 2,400,000*\n\n  \n\n*Giving retroactive effect to the 24,000,000 shares issued\nand outstanding following the share consolidation and share split on August 22, 2024, for all periods presented. Following the one-for-ten\nreverse share split effected on November 10, 2025, the 24,000,000 ordinary shares outstanding as of August 22, 2024 were retrospectively\nadjusted and presented as 2,400,000 ordinary shares.\n\n \n\n**The net loss per share for year ended March 31, 2024 is immaterial.\n\n \n\nSee accompanying notes to consolidated financial\nstatements.\n\n \n\nF-4\n\n \n\n \n\n**IOTHREE LIMITED AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**\n\n**(Currency expressed in United States Dollars\n(“US$”))**\n\n** **\n\n  \nYears ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nNet loss \n$(1,161,241) \n$(230,515) \n$(4,446)\n\n  \n    \n    \n   \n\nOther comprehensive loss: \n    \n    \n   \n\n    Changes in foreign currency translation, net of tax \n (748) \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nTotal comprehensive loss \n$(1,161,989) \n$(230,515) \n$(4,446)\n\n** **\n\nSee accompanying notes to consolidated financial\nstatements.\n\nF-5\n\n \n\n \n\n**IOTHREE LIMITED AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’\nEQUITY**\n\n**(Currency expressed in United States Dollars\n(“US$”), except for number of shares)**\n\n \n\n  \nClass A share and Ordinary share  \n   \n   \n   \n  \n\n  \nNo. of Class A\nshares  \nNo. of Ordinary\nshares  \nAmount  \nAdditional paid-in capital  \nCurrency translation reserve  \n(Accumulated losses)/Retained\nearnings  \n\nTotal\n\nshareholders’\nequity\n \n\n  \n   \n   \n   \n   \n   \n   \n  \n\nBalance as of April 1, 2023 \n \n-\n  \n *2,400,000  \n$150,000  \n$652,637  \n$\n-\n  \n$1,470,305  \n$2,272,942 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nDividends declared and paid to the former shareholders \n -  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (292,500) \n (292,500)\n\n  \n    \n    \n    \n    \n    \n    \n   \n\nNet loss for the year \n -  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (4,446) \n (4,446)\n\nBalance as of March 31, 2024 \n -  \n *2,400,000  \n 150,000  \n 652,637  \n \n-\n  \n 1,173,359  \n 1,975,996 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nNet loss for the year \n -  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (230,515) \n (230,515)\n\nBalance as of March 31, 2025 \n \n-\n  \n 2,400,000  \n 150,000  \n 652,637  \n \n-\n  \n 942,844  \n 1,745,481 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of ordinary shares through public offering, net \n -  \n 165,000  \n 10,313  \n 2,591,878  \n \n-\n  \n \n-\n  \n 2,602,191 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nShare redesignation \n 1,831,674  \n (1,831,674) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nCancellation of warrants \n -  \n -  \n \n-\n  \n (80,000) \n \n-\n  \n \n-\n  \n (80,000)\n\n  \n    \n    \n    \n    \n    \n    \n   \n\nReverse share split rounding adjustment \n 1  \n 21  \n -  \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of ordinary shares \n -  \n 1,563,219  \n 97,701  \n 1,262,299  \n \n-\n  \n \n-\n  \n 1,360,000 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nChanges in currency translation reserve \n -  \n -  \n \n-\n  \n \n-\n  \n (748) \n \n-\n  \n (748)\n\n  \n    \n    \n    \n    \n    \n    \n   \n\nNet loss for the year \n -  \n -  \n \n-\n  \n \n-\n  \n    \n (1,161,241) \n (1,161,241)\n\nBalance as of March 31, 2026 \n 1,831,675  \n 2,296,566  \n$258,014  \n$4,426,814  \n$(748) \n$(218,397) \n$4,465,683 \n\n \n\n*Giving retroactive effect to the 24,000,000 shares issued\nand outstanding following the share consolidation and share split on August 22, 2024, for all periods presented. Following the one-for-ten\nreverse share split effected on November 10, 2025, the 24,000,000 ordinary shares outstanding as of August 22, 2024 were retrospectively\nadjusted and presented as 2,400,000 ordinary shares.\n\n \n\nSee accompanying notes to consolidated\nfinancial statements.\n\nF-6\n\n \n\n \n\n**IOTHREE LIMITED AND SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(Currency expressed in United States Dollars\n(“US$”))**\n\n** **\n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nCash flows from operating activities: \n   \n   \n  \n\nLoss before income taxes \n$(1,161,241) \n$(230,515) \n$(4,446)\n\nAdjustments to reconcile net income to net cash provided by operating activities \n    \n    \n   \n\nDepreciation of property and equipment \n 722,851  \n 475,460  \n 310,384 \n\nBad debt expenses \n \n-\n  \n \n-\n  \n 1,435 \n\nUnrealised foreign exchange losses/(gains), net \n 9,522  \n (2,861) \n 6,088 \n\nAmortization of intangible assets \n 75,701  \n 74,147  \n 60,003 \n\n    Fixed assets written off \n 2,513  \n \n-\n  \n \n-\n \n\n    Intangible assets written off \n 75,315  \n \n-\n  \n \n-\n \n\nChange in operating assets and liabilities: \n    \n    \n   \n\n    Accounts receivable \n 226,773  \n (371,259) \n 81,952 \n\nNet investment in sales-type leases \n 153,945  \n 96,983  \n (171,705)\n\nInventories \n (448,349) \n 221,911  \n 263,735 \n\nDeposits, prepayments, and other receivables \n (1,135,152) \n 59,475  \n (127,282)\n\nAccounts payable \n (197,464) \n (77,174) \n 213,346 \n\nCustomer deposits \n (78,576) \n (189,735) \n 1,195,661 \n\nOther payables and accrued liabilities \n (483,620) \n 431,665  \n (197,751)\n\n  \n    \n    \n   \n\nNet cash (used in)/provided by operating activities \n (2,237,782) \n 488,097  \n 1,631,420 \n\n  \n    \n    \n   \n\nCash flows from investing activities: \n    \n    \n   \n\nPurchase of property and equipment \n (578,063) \n (548,739) \n (468,355)\n\nPurchase of intangible assets \n (83,429) \n (32,311) \n (23,010)\n\nNet cash used in investing activities \n (661,492) \n (581,050) \n (491,365)\n\n  \n    \n    \n   \n\nCash flows from financing activities: \n    \n    \n   \n\n    Net Proceeds from initial public offering \n 3,623,597  \n \n-\n  \n \n-\n \n\n    Proceeds from issuance of ordinary shares \n 1,360,000  \n \n-\n  \n \n-\n \n\n    Proceeds from bank borrowings \n 388,636  \n \n-\n  \n \n-\n \n\n    Funds injected by a shareholder \n \n-\n  \n \n-\n  \n 700,000 \n\nConsideration paid for cancellation of warrants \n (80,000) \n \n-\n  \n \n-\n \n\nProceeds from lease financing \n \n-\n  \n 335,003  \n 382,316 \n\nRepayment of bank borrowings \n (98,062) \n (45,139) \n (43,120)\n\nDividends paid \n \n-\n  \n \n-\n  \n (277,891)\n\nRepayment of lease liabilities \n (619,271) \n (570,279) \n (464,211)\n\nPayment of deferred offering costs \n \n-\n  \n (185,117) \n (836,288)\n\nNet cash provided by/(used in) financing activities \n 4,574,900  \n (465,532) \n (539,194)\n\n  \n    \n    \n   \n\nEffect on exchange rate change on cash and cash equivalents \n 2,066  \n 6,510  \n (7,317)\n\n  \n    \n    \n   \n\nNet change in cash and cash equivalent \n 1,677,692  \n (551,975) \n 593,544 \n\n  \n    \n    \n   \n\nBEGINNING OF YEAR \n 443,117  \n 995,092  \n 401,548 \n\n  \n    \n    \n   \n\nEND OF YEAR \n$2,120,809  \n$443,117  \n$995,092 \n\n  \n    \n    \n   \n\nSUPPLEMENTAL CASH FLOW INFORMATION: \n    \n    \n   \n\nCash (received)/paid for income taxes by Singapore subsidiary \n$(21,432) \n$17,220  \n$48,623 \n\nCash paid for interest \n$64,749  \n$34,702  \n$35,830 \n\nSUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: \n    \n    \n   \n\nRight-of-use assets obtained in exchange for lease liabilities \n 1,369,022  \n \n-\n  \n \n-\n \n\nDeferred offering costs offset against proceeds from initial public offering \n 2,976,403  \n \n-\n  \n \n-\n \n\n \n\nSee accompanying notes to consolidated financial\nstatements.\n\n \n\nF-7\n\n \n\n \n\n**NOTE – 1 BUSINESS OVERVIEW AND BASIS OF PRESENTATION**\n\n \n\nPrincipal Activities\n\n \n\niOThree Limited (“iO3 Cayman”) was\nincorporated in the Cayman Islands on August 21, 2023 under the Companies Act as an exempted company with limited liability. The authorized\nshare capital is $50,000 divided into 5,000,000 Ordinary Shares, at par value of US$0.01 each. On January 19, 2024, the authorized share\ncapital increased to US$500,000 divided into 50,000,000 Ordinary Shares, at par value of US$0.01 each.\n\n \n\niO3 Cayman, through its subsidiaries (collectively\nwith iO3 Cayman, the “Company”) are mainly engaged in the business of satellite communications and software.\n\n \n\nDescription of subsidiaries incorporated and\ncontrolled by the Company as at balance sheet date:\n\n \n\nName   Background   Effective ownership\n\n         \n\niOThree Maritime Technologies Limited (“iO3 BVI”)  \n● British Virgin Islands company\n\n● Incorporated on August 21, 2023\n\n● Issued and outstanding 1,000 ordinary shares for US$1,000\n\n● Investment holding\n\n● Provision of investment holding\n  100% owned by iOThree Cayman\n\n         \n\niO3 Pte. Ltd. (“iO3 Singapore”)  \n● Singaporean company\n\n● Incorporated on February 19, 2019\n\n● Issued and outstanding 147,360 ordinary shares for US$802,137\n\n● Satellite communications and software\n  100% owned by iO3 BVI\n\n         \n\niO3 Sdn. Bhd.  \n● Malaysian company\n\n● Incorporated on April 23, 2025\n\n● Issued and outstanding\n100 ordinary shares for RM100\n\n● Satellite communications and software\n  100% owned by iO3 Singapore\n\n \n\nReorganization\n\n \n\nOn August 21, 2023, our founder and Chief\nExecutive Officer, Eng Chye Koh, incorporated iOThree Maritime Technologies Limited (“iO3 BVI”), a holding company incorporated\nunder the laws of the British Virgin Islands, which has no substantial operations in the British Virgin Islands. On September 4, 2023,\niO3 Cayman acquired 100% of the equity interests of iO3 BVI from Mr. Koh.\n\n \n\nOn October 6, 2023, as part of a reorganization\nfor the purpose of this offering and listing on Nasdaq, iO3 BVI (at the direction of iO3 Cayman), acquired the entire equity interest\nin iO3 Singapore from its shareholders, namely Eng Chye Koh, Joanna Hui Cheng Soh, Zhenhua Yin, Wei Meng See, Loo Koon Goh and Tsang Nga\nKwok, and as consideration, iO3 Cayman allotted and issued its shares to Tsang Nga Kwok and iO3 Strategic Investments Limited, which is\nowned by Eng Chye Koh, Joanna Hui Cheng Soh, Zhenhua Yin, Wei Meng See and Loo Koon Goh (i.e., iO3 Cayman allotted and issued an\naggregate of 50,000 Ordinary Shares of par value of US$0.01 each of iO3 Cayman credited as fully paid to Tsang Nga Kwok and iO3 Strategic\nInvestments Limited for a consideration of US$1,630,695 determined based on the net assets of iO3 Singapore as at March 31, 2023, which\nis settled by the transfer of an aggregate of 147,360 ordinary shares of iO3 Singapore to iO3 BVI). After the reorganization, iO3 Singapore\nbecame a wholly-owned subsidiary of iO3 BVI, which in turn, is our wholly-owned subsidiary.\n\n \n\nOn February 8, 2024, as of the final step in\nthe series of reorganization transactions for the purpose of this offering and listing on Nasdaq, each shareholder of iO3 Cayman\n(i.e., iO3 Strategic Investments Limited, All Wealthy International Limited, Tsang Nga Kwok, One Investment and Consultancy Limited,\nSakal Capital Pte. Ltd. and Shao Qi Limited) was allotted and issued shares in iO3 Cayman that were in proportion to their existing\nshareholdings, credited as fully paid up at par value out of the share premium account of iO3 Cayman. After such allotment and\nissuance, the total number of issued and outstanding shares of iO3 Cayman increased from 100,000 Ordinary Shares to 15,000,000\nOrdinary Shares.\n\n \n\nF-8\n\n \n\n \n\nThe financial statements of the Company were prepared\non the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated\nfinancial statements of the Company. Accordingly, the results of the Company include the results of the subsidiaries for year ended March\n31, 2026, 2025 and 2024. Such manner of presentation reflects the economic substance of the companies, which were under common control\nthroughout the relevant period, as a single economic enterprise, although the legal parent-subsidiary relationships were not established.\n\n \n\n**Forward Share Consolidation and Share\nSplit**\n\n \n\nOn August 22, 2024, the Company conducted share\nconsolidation and share split as follow:\n\n \n\n(a) Share consolidated at the ratio of 1:5, i.e.\nevery 5 ordinary shares were consolidated to 1 ordinary share; and\n\n \n\n(b) Share split at the ratio of 8:1, i.e. every\n1 ordinary share was subdivided into 8 ordinary shares.\n\n \n\nSubsequent to the above exercise, the Company\nhas an authorised share of 80,000,000 ordinary shares of par value US$0.00625 each and 24,000,000 ordinary shares outstanding, before\ngiving effect to the one-for-ten reverse share split on November, 10,2025 (see below for further information). All share and per share\ndata prior to August 22, 2024 have been retroactively adjusted to reflect the forward share consolidation and share split throughout these\nconsolidated financial statements.\n\n** **\n\n**Reverse Share Split**\n\n \n\nOn October 10, 2025, at the Extraordinary General\nMeeting of Members of iOThree Limited (the “Company”), the Company’s shareholders approved:\n\n \n\n(a) the Second Amended and Restated Memorandum\nand Articles of Association, increased the authorized share capital of the Company from US$500,000.00 divided into 80,000,000 ordinary\nshares of a par value of US$0.00625 each to US$5,000,000.00 divided into 800,000,000 shares of a par value of US$0.00625 each, comprising\n(i) 700,000,000 ordinary shares of a par value of US$0.00625 each, (ii) 90,000,000 class A shares of a par value of US$0.00625 each (the\n“Class A Shares”), and (iii) 10,000,000 preferred shares of a par value of US$0.00625 each ; and\n\n \n\n(b) the redesignation of certain issued ordinary\nshares, par value $0.00625 per share, as issued class A shares, par value $0.00625 per share (the “Class A Shares”), on a\none-for-one basis.\n\n \n\n(c) a share consolidation of the Company’s\nissued and unissued shares, par value US$0.00625 each, at a ratio of not less than one (1)-for-two (2) and not more than one (1)-for-twenty\n(20), with the exact ratio determined by the Company’s Board of Directors.\n\n \n\nOn November 10, 2025, the Company conducted a\none-for-ten reverse share split (Reverse Split) of the Company’s issued and unissued ordinary shares, Class A shares, and preferred\nshares, at a new par value of $0.0625 per share.  No fractional shares will be issued as a result of the reverse share split, and\ninstead, all such fractional shares resulting from the reverse share split will be rounded up to the nearest whole share. Prior to\nthe reverse share split, the Company has 7,333,257 Ordinary Shares and 18,316,743 class A shares issued and outstanding, and no preferred\nshares outstanding. Following the reverse share split, the Company has 733,347 Ordinary Shares and 1,831,675 class A shares issued and\noutstanding, exclusive of shares issuable under outstanding warrants, and the Company has 70,000,000 authorized Ordinary Shares, 9,000,000\nauthorized class A shares and 1,000,000 authorized preferred shares. The rounding up of fractional shares resulted in the issuance of\n21 additional Ordinary Shares and 1 additional Class A Shares. The effect of the rounded-up shares was recorded within shareholders’\nequity and did not have a material impact on total shareholders’ equity. All the shares number and the per-share data included in\nthese consolidated financial statements have been retroactively adjusted as though the Reverse Share Split has been effected prior to\nall periods presented.\n\n \n\nF-9\n\n \n\n \n\n**NOTE – 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\nThese accompanying consolidated financial statements\nreflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated\nfinancial statements and notes.\n\n \n\n●Basis of Presentation\n\n \n\nThe accompanying consolidated financial statements\nhave been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)\nand pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). \n\n \n\n●Use of Estimates and Assumptions\n\n \n\nThe preparation\nof consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the\nreported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial\nstatements and the reported amounts of revenues and expenses during the years presented. Significant accounting estimates in the\nperiod include the allowance for credit losses on accounts and other receivables, impairment loss on inventories, assumptions used in\nassessing right of use assets and impairment of long-lived assets, and deferred tax valuation allowance.\n\n \n\n●Basis of Consolidation\n\n \n\nThe consolidated financial statements include\nthe consolidated financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within\nthe Company have been eliminated upon consolidation.\n\n \n\n●Foreign Currency Translation\nand Transaction\n\n \n\nThe consolidated financial statements of the Company\nand the Group are presented in United States Dollar, which is the functional and presentation currency of the Company and the presentation\ncurrency of the Group.\n\n \n\nItems included in the financial statements of\neach entity in the Group are measured using the currency of the primary economic environment in which the entity operates (the “functional\ncurrency”). Assets and liabilities of subsidiaries whose functional currency is not the US$ are translated into US$ at exchange rates\nin effect at the balance sheet date. Revenues and expenses are translated at average exchange rates for the reporting period. Translation\nadjustments are recorded in other comprehensive income and accumulated in shareholders’ equity as foreign currency translation reserve.\n\n \n\nTransactions denominated in currencies other than\nthe functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.\nMonetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency\nusing the applicable exchange rates at the date of the balance sheet dates. The resulting exchange differences arising on the settlement\nof monetary items or on translating monetary items at the date of the balance sheet dates are recorded in the statement of operations.\n\n  \n\n●Cash and Cash Equivalents\n\n \n\nCash and cash equivalents consist primarily of\ncash in readily available checking and saving accounts which are subject to an insignificant risk of change in value. The Company maintains\nits bank accounts in Singapore.\n\n \n\n●Accounts Receivable, net\n\n \n\nAccounts\nreceivable include trade accounts due from customers in the sale of products or delivery of services.\n\n \n\nAccounts\nreceivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms. The normal\nsettlement terms of accounts receivable are within 90 days upon the delivery of goods or services. Management reviews its\nreceivables on a regular basis to determine if the bad debt allowance is adequate and provides allowance when necessary. The\nCompany estimates expected credit losses for accounts receivable in accordance with ASC 326, Financial Instruments—Credit\nLosses. The allowance for credit losses is estimated based on historical collection experience, aging of receivables, specific\ncustomer credit risk, current economic conditions, and reasonable and supportable forecasts that affect collectability. Accounts\nreceivable are written off against the allowance when management determines that the receivable is uncollectible. The Company’s\nmanagement continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary.\n\n \n\nThe Company does not hold any collateral or other\ncredit enhancements overs its accounts receivable balances.\n\n \n\nF-10\n\n \n\n \n\n●Net investment in sales-type\nlease\n\n \n\nA net investment\nin finance lease is recognized if a lease meets specific criteria under Accounting Standards Codification (“ASC”) 842 at its\ninception. Upon commencement of the lease, the book value of the equipment is de-recognized and a net investment in finance lease is recognized\nin our Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying\nasset, discounted at the rate implicit in the lease. The Company recognize the difference between the book value of the equipment and\nthe net investment in the lease in equipment sales in our Consolidated Statement of Operations. Interest income on our net investment\nin finance leases is recognized over the lease term in a manner that produces a constant rate of return on the net investment in the lease.\n(Refer to Lease for more information).\n\n \n\n●Inventories\n\n \n\nInventories are valued at the lower of cost or\nnet realizable value. Cost is determined by the weighted average cost method. The Company records adjustments to its inventory for estimated\nobsolescence or diminution in net realizable value equal to the difference between the cost of the inventory and the estimated net realizable\nvalue. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances\ndo not result in the restoration or increase in that newly established cost basis.\n\n \n\n●Deferred Offering Costs\n\n \n\nDeferred offering costs, which consist of direct\nincremental legal, accounting, and consulting fees relating to the Company’s proposed initial public offering (“IPO”),\nare capitalized in “Deposits, prepayments and other receivables” on the consolidated balance sheets. The deferred offering\ncosts will be offset against IPO proceeds upon the consummation of an IPO. In the event the planned IPO is terminated, the deferred offering\ncosts will be expensed.\n\n \n\n●Property and Equipment, net\n\n \n\nProperty and equipment are stated at cost less\naccumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following\nexpected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:\n\n \n\n  \nExpected\n\nuseful life\n\n  \n \n\nComputer equipment \n3 years\n\nFurniture, fixtures and fittings \n3 years\n\nEquipment \n3 to 7 years\n\nMotor vehicles \n5 years\n\nRenovation \n3 years\n\n \n\nExpenditure for repairs and maintenance is expensed\nas incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting\ngain or loss is recognized in the results of operations.\n\n \n\n●Intangible assets\n\n \n\nThe software license\nis acquired by the Company. It is initially recognized at cost and subsequently carried at cost less accumulated amortization and accumulated\nimpairment losses, if any. Amortization is calculated on the straight-line basis over its expected useful lives of 7 years.\n\n \n\nSoftware\ndevelopment costs consists of costs incurred to develop cloud-based applications used to deliver our services. Costs incurred in the\npreliminary stages of development are expensed as incurred. Once an application has reached the technological feasibility stage,\ninternal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for\nits intended use. Capitalization ceases upon completion of all substantial testing. The Company also capitalizes costs related to\nspecific upgrades and enhancements when it is probable the expenditures will result in additional features and functionality.\nMaintenance costs are expensed as incurred. As of balance sheet date, the software is in progress of development and not amortized\nuntil it is ready for intended use.\n\n \n\nF-11\n\n \n\n \n\nAn intangible asset is\nderecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition\nof an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the intangible asset,\nare recognized in profit or loss when the intangible asset is derecognized.\n\n \n\nThe intangible assets\nare tested annually for impairment.\n\n \n\n●Impairment of Long-lived Assets\n\n \n\nLong-lived assets are\nevaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will\nimpact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter\nthan the Company had originally estimated. When these events occur, the Company evaluates the impairment by comparing carrying value of\nthe assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition.\nIf the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment\nloss based on the excess of the carrying value of the assets over the fair value of the assets.\n\n  \n\n●Revenue Recognition\n\n \n\nThe Company recognizes revenue in accordance with\nAccounting Standards Codification (“ASC 606”) *Revenue from Contracts with Customers*, revenue is recognized when a customer\nobtains control of promised products and services. The amount of revenue recognized reflects the consideration which the Company expects\nto be entitled to receive in exchange for these products and services. To achieve this core principle, the Company applies the following\nfive steps as per Accounting Standards Update (“ASU”) No. 2014-09:\n\n \n\n1.Identification of the contract(s) with a customer\n\n \n\nA contract with a customer exists when\n\n \n\n(i)the Company enters into an enforceable contract with a customer\nthat defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to\nthese goods or services,\n\n \n\n(ii)the contract has commercial substance, and\n\n \n\n(iii)the Company determines that collection of substantially all\nconsideration for goods or services that are transferred is probable based on historical results and the customer’s ability to\npay the promised consideration. The Company’s contracts are typically evidenced through a signed Company quote or a customer purchase\norder and Company quote.\n\n \n\n2.Identification of the performance obligations in the contract\n\n \n\nAt contract inception, the Company evaluates whether a single contract includes more than one performance obligation. Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods or services, the Company applies judgment to determine whether promised goods or services are capable of being distinct in the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation.  \n\n \n\n3.Determination of the transaction price\n\n \n\nThe transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. Such amounts are stated within the customer contracts.\n\n \n\n4.Allocation of the transaction price to the performance obligations\nin the contract\n\n \n\nIf\nthe contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation.\nContracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation\nbased on a relative standalone selling price (SSP) basis. The Company determines SSP based on the price at which the performance obligation\nis sold separately. If the SSP is not observable through past transactions, the Company estimates the SSP taking into consideration available\ninformation, such as market conditions and internally approved pricing guidelines related to the performance obligations.\n\n \n\nF-12\n\n \n\n \n\n5.Recognition of revenue when or as the Company satisfies a\nperformance obligation\n\n \n\n**Satellite connectivity solution**\n\n** **\n\nThe Company provide various type of satellite connectivity solution\nto our customers:\n\n \n\n(a)Subscription\n\n \n\nMonthly subscription fee is charged to customers for the satellite\nconnection service in relating to the airtime, bandwidth subscription plan and value-added service subscribed. The revenue is recognized\nratably over the period of the contract.\n\n \n\n(b)Sales of satellite network equipment and devices\n\n \n\nThe sales of satellite network equipment and devices including antenna,\nsatellite phone, battery, wall charger, modem etc. The equipment is shipped and installed at the destination specified by the customer.\nAs such, shipping and handling services are part of the performance obligation to deliver the equipment to customers. The revenue, including\nthe shipping and handling fee charged to customers, is recognized at the point in time when control and ownership of the goods is transferred\nto the customer.\n\n \n\n(c)Integrated satellite connectivity solution\n\n \n\nThe Company offers integrated satellite connectivity solution to our\ncustomer, which includes both airtime and the satellite network equipment for network connection. Contract with customer comprise multiple\nperformance obligations and may have lease components. The total contract consideration is allocated to the airtime service and the\nsales of satellite network equipment and devices, which represents distinct performance obligations. The revenue in relating to the airtime\nsubscription fee is recognized according to (a) above. For satellite network equipment and devices, the Company assesses at contract inception\nwhether it meet the criteria of lease. If the criteria are met, the revenue is recognized according to ASC 842, Leases (refer to the note\nin relating to lease). If the criteria are not met, the revenue from the sales of satellite network equipment and devices are recognized\nupon the completion of installation and the transfer of control to the customer.\n\n \n\n**Digitalization and other solution**\n\n \n\n(a)Digital platform service – The Company provides customers\naccess to the digital platform (“Jarviss”) to obtain real time information for their daily operation management.  Monthly\nsubscription fee is charged to the customers based on the number of user access and number of service elements subscribed. Revenue recognition\ncommences rateably when control of the services is transferred to the customers, in an amount that reflects the consideration that the\nCompany expects to receive in exchange for those services over the contractual term.\n\n \n\n(b)Provision of information technology (IT) support - Customer\nspecifies their IT support requirement in a contract, which may include IT help desk service, technical support, installation of software\nin the devices as specified etc. Performance obligations promised in the contract are identified based on the goods or services that\nto be delivered to the customer. Revenue recognition commences when or as the Company satisfies a performance obligation and the control\nof the goods or services transferred to the customer.\n\n \n\n(c)Provision of shipboard support services – The Company\nsupplies shipboard equipment and/or engineering service as per customer’s specification. Equipment is installed at the destination\nspecified by the customers. As such, shipping and handling services are part of the performance obligation to deliver the equipment to\ncustomers. Revenue, including the shipping and handling fee charged to customers, is recognized when or as the Company satisfies a performance\nobligation and the control of the goods or services transferred to the customer.\n\n \n\nThe Company\nis subject to GST which is levied on the products at the rate of 0% - 9% (2025: 0% - 9% and 2024: 0% - 8%) on the invoiced value of sales\nin Singapore. The Company records its revenues on product sales, net of good and service taxes (“GST”).\n\n \n\nF-13\n\n \n\n \n\nAdvance\npayment from customer on future products are recorded as customer deposit and recognized as income when the control and ownership of the\ngood is transferred to the customer.  The deposits received in advance from customers\nwere $1,298,959 and $1,377,535 as at March 31, 2026 and March 31, 2025, respectively.\n\n \n\n● Lease\n\n \n\nThe Company\nassesses at contract inception whether a contract is or contains a lease if the contract conveys the right to control the use of an identified\nasset for a period of time in exchange for consideration. The lease term corresponds to the non-cancellable period of each contract.\n\n \n\nLeases with\nan initial term of 12 months or less are not recorded on the consolidated balance sheet; the Company recognizes lease expense or income\nfor these leases on a straight-line basis over the lease term.\n\n \n\n**The Company\nas a lessor**\n\n \n\nAt the commencement\ndate, the lease payments are fixed payments. Lease payments do not include variable lease payments\nthat do not depend on an index or a rate.\n\n \n\nLeases are classified\nat the lease commencement date as either a sales-type lease or an operating lease. The lessor shall classify a lease as a sales-type lease\nwhen the lease meets any of the following criteria:\n\n \n\na)the lease transfers ownership of the underlying asset to\nthe lessee by the end of the lease term;\n\n \n\nb)the lease grants the lessee an option to purchase the underlying\nasset that the lessee is reasonably certain to exercise;\n\n \n\nc)the lease term is for the major part of the remaining economic\nlife of the underlying asset;\n\n \n\nd)the present value of the sum of the lease payments equals\nor exceeds substantially all of the fair value of the underlying asset; or\n\n \n\ne)the underlying asset is of such a specialized nature that\nit is expected to have no alternative use to the lessor at the end of the lease term.\n\n \n\nNotwithstanding\nthe above criteria, leases are classified as operating leases if they have variable lease payments that do not depend on an index or rate\nand if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a selling loss.\n\n \n\nFor a sales-type\nlease, at the lease commencement, net investment in the lease is recognized by the sum of the lease receivable and the unguaranteed residual\nasset. Lease receivable is the present values of the sum of lease payments and the guaranteed residual asset. The Company recognizes all\nrevenue and costs associated with the sales-type lease as revenue from leasing activities and cost of leasing activities** **upon\ndelivery of the underlying asset to the customer. Interest income based on the implicit rate in the lease is recorded to finance income\nover time as customers are invoiced on a monthly basis.\n\n \n\nF-14\n\n \n\n \n\nAll other leases\nare accounted for as operating leases wherein the Company recognizes, at the commencement date, the lease payments as income in profit\nor loss over the lease term on a straight-line basis and the Company recognizes variable lease payments as income in profit or loss in\nthe period in which the changes in facts and circumstances on which the variable lease payment are based occur.\n\n \n\nThe Company\nsuspend recognition of sales-type lease revenue and operating lease revenue and place the account on non-accrual status when management\ndetermines that collection of future income is not probable (generally after 60 days past due). The Company resume recognition of revenue,\nand recognize previously suspended income, when the Company consider collection of remaining amounts to be probable. The Company write\noff interest earned but uncollected prior to the receivables being placed on non-accrual status through allowance for credit losses when,\nin the judgment of management, the Company consider it to be uncollectible.\n\n** **\n\n**The Company\nas a lessee**\n\n \n\nLeases are classified\nat the inception date as either a finance lease or an operating lease. As the lessee, a lease is a finance lease if any of the following\nconditions exist:\n\n \n\na)ownership is transferred to the lessee by the end of the\nlease term,\n\n \n\nb)there is a bargain purchase option,\n\n \n\nc)the lease term is at least 75% of the asset’s estimated\nremaining economic life,\n\n \n\nd)the present value of the minimum lease payments at the beginning\nof the lease term is 90% or more of the fair value of the leased asset to the lessor at the inception date or\n\n \n\ne)the leased asset is of such a specialized nature that it\nis expected to have no alternative use.\n\n \n\nFinance lease\nassets are presented separately on the consolidated balance sheet as finance lease right-of-use assets, and current and non-current\nportion of finance lease liabilities.\n\n \n\nAll other leases\nare accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective\nleases. Operating leases (with an initial term of more than 12 months) are included in operating lease right-of-use (“ROU”)\nassets, operating lease liabilities (current), and operating lease liabilities (non-current) in the consolidated balance sheet.\nROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s\nobligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date\nbased on the present value of lease payments over the lease term. The Company utilizes a market-based approach to estimate the incremental\nborrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating\nlease ROU asset also includes any lease prepayments, reduced by lease incentives and accrued rent. The lease terms may include options\nto extend or terminate the lease when it is reasonably certain that the Company will exercise that option.\n\n \n\nThe accounting\nupdate also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization\nof the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense.\nIn addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements.\n\n \n\n● Shipping and Handling costs\n\n \n\nShipping\nand handling costs are included in cost of revenue as it is part of the Company’s fulfilment activity to satisfy the performance\nobligation as specified in the sales contract.\n\n \n\n● Sales and Marketing\n\n \n\nSales and\nmarketing expenses include payroll, employee benefits and other headcount-related expenses associated with sales and marketing personnel,\nand the costs of advertising, promotions, seminars, and other programs. Advertising costs are expensed as incurred. Advertising expense\nwas $56,562, $65,841 and $67,994 for the year ended March 31, 2026, 2025 and 2024, respectively.\n\n \n\nF-15\n\n \n\n \n\n● Government Grant\n\n \n\nA government\ngrant or subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached\nto the grant; and (b) the grant will be received. When the Company receives government grant or subsidies but the conditions attached\nto the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses,\nand other long-term liability. The classification of short-term or long-term liabilities is dependent on the management’s expectation\nof when the conditions attached to the grant can be fulfilled.\n\n \n\nThe government evaluates the Company’s eligibility\nfor the grants on a consistent basis, and then makes the payment. Government grants are recognized when received and all the conditions\nfor their receipt have been met and are recorded as part of Other Income. The grants received were $14,826, $17,079 and $19,436 for the\nyears ended March 31, 2026, 2025 and 2024, respectively from the Singapore Government.\n\n  \n\n● Comprehensive Income (Loss)\n\n \n\nASC Topic 220, *Comprehensive Income*, establishes\nstandards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined\nincludes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying\nstatement of shareholder’s equity, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive\nincome is not included in the computation of income tax expense or benefit.\n\n \n\n● Income Taxes\n\n \n\nIncome taxes are determined in accordance with\nthe provisions of ASC Topic 740, *Income Taxes* (“ASC 740”). Under this method, deferred tax assets and liabilities are\nrecognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets\nand liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected\nto apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred\ntax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.\n\n \n\nASC 740 prescribes a comprehensive model for how\ncompanies should recognize, measure, present, and disclose in their consolidated financial statements uncertain tax positions taken or\nexpected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the consolidated financial statements\nwhen it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially\nand subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate\nsettlement with the tax authority assuming full knowledge of the position and relevant facts.\n\n \n\nThe Company is subject to tax in its local jurisdiction.\nAs a result of its business activities, the Company files tax returns that are subject to examination by the local tax authorities. As\nsuch, the current and deferred tax were assessed based on each subsidiary’s local tax jurisdiction.\n\n \n\nAs of March 31, 2026 and March 31, 2025, the Company\nhas no significant unrecognized deferred tax assets and liabilities.\n\n** **\n\n**Goods and services tax (“GST”)**\n\n \n\nRevenues, expenses and assets are recognized net\nof the amount of GST except:\n\n \n\n-Where the GST incurred on a purchase of assets or services\nis not recoverable from the taxation authority, in which case the GST is recognized as part of the cost of acquisition of the asset or\nas part of the expense item as applicable; and\n\n \n\n-Receivables and payables that are stated with the amount\nof GST included.\n\n \n\nThe net amount of GST recoverable from, or payable\nto, the taxation authority is included as part of receivables or payables in the consolidated balance sheets. \n\n \n\nF-16\n\n \n\n \n\nFor the year ended March 31, 2026, 2025 and 2024,\nthe Company did not have any interest and penalties associated with tax positions. As of March 31, 2026 and March 31, 2025, the Company\ndid not have any significant unrecognized uncertain tax positions.\n\n \n\n● Retirement Plan Costs\n\n \n\nContributions to retirement plans (which are defined\ncontribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee\nservice are provided. The Company is required to make contribution to their employees under a government-mandated multi-employer defined\ncontribution pension scheme for its eligible full-times employees in Singapore. The Company is required to contribute a specified percentage\nof the participants’ relevant income based on their ages and wages level. The contributions made for the year ended March 31, 2026,\n2025 and 2024 were $325,484, $248,842 and $181,512 respectively.\n\n \n\n● Segment Reporting\n\n \n\nFASB ASC 280, “*Segment Reporting”*,\nestablishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational\nstructure as well as information about geographical areas, business segments and major customers in financial statements for details on\nthe Company’s business segments.\n\n \n\nOperating segments are defined as components of\nan enterprise which engage in business activities from which they may earn revenues and incur expenses, and about which separate financial\ninformation is available that is evaluated regularly by the chief operating decision-maker, who is the Company’s Chief Executive\nOfficer, in deciding how to allocate resources and in assessing performance. Reportable segments are defined as an operating segment\nthat either (a) exceeds 10% of revenue, or (b) reported profit or loss in absolute amount exceeds 10% of profit of all operating\nsegments that did not report a loss or (c) exceeds 10% of the combined assets of all operating segments.\n\n \n\nThe Group has two operating segments, namely Satellite\nconnectivity solution and Digitalization and other solution (refer to Note 2 of Revenue recognition for further details). The internal\nreports have been prepared based on these operating segments for decision making and performance assessment. It is, therefore, used as\nthe source for reportable segments of the Company.\n\n \n\n● Related Parties\n\n \n\nThe Company follows the ASC 850-10, *Related\nParty* for the identification of related parties and disclosure of related party transactions.\n\n \n\nPursuant to section 850-10-20 the related parties\ninclude: (a) affiliates of the Company; (b) entities for which investments in their equity securities would be required, absent the election\nof the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method\nby the investing entity; (c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under\nthe trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company\nmay deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one\nof the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly\ninfluence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting\nparties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully\npursuing its own separate interests.\n\n \n\nThe financial statements shall include\ndisclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar\nitems in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated\nor combined financial statements is not required in those statements. The disclosures shall include: (a) the nature of the\nrelationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were\nascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an\nunderstanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the\nperiods for which income statements are presented and the effects of any change in the method of establishing the terms from that\nused in the preceding period; and (d) amount due from or to related parties as of the date of each balance sheet presented and, if\nnot otherwise apparent, the terms and manner of settlement.\n\n \n\nF-17\n\n \n\n \n\n●Commitments and Contingencies\n\n \n\nThe Company follows the ASC 450-20, *Commitments\nto report accounting for contingencies*. Certain conditions may exist as of the date the financial statements are issued, which may\nresult in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses\nsuch contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related\nto legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates\nthe perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or\nexpected to be sought therein.\n\n \n\nIf the assessment of a contingency indicates that\nit is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would\nbe accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not\nprobable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate\nof the range of possible losses, if determinable and material, would be disclosed.\n\n \n\nLoss contingencies considered remote are generally\nnot disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon\ninformation available at this time that these matters will have a material adverse effect on the Company’s financial position, results\nof operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s\nbusiness, financial position, and results of operations or cash flows.\n\n \n\n●Concentration of Credit Risk\n\n \n\nFinancial instruments that potentially subject\nthe Company to credit risk consist of cash equivalents, restricted cash, accounts receivable. Cash equivalents are maintained with high\ncredit quality institutions, the composition and maturities of which are regularly monitored by management. The Singapore Deposit Protection\nBoard pays compensation up to a limit of S$100,000 (approximately $77,515) if the bank with which an individual/a company hold its eligible\ndeposit fails. As of March 31, 2026, cash balances of $2.1 million, held at financial institutions in Singapore, were subject to credit\nrisk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit\nworthiness.\n\n \n\nFor accounts receivable, the Company records an\nallowance for credit losses in accordance with ASC 326, Financial Instruments—Credit Losses. The allowance for credit losses represents\nmanagement’s estimate of expected credit losses over the contractual life of the receivables and is measured based on historical\ncollection experience, aging of receivables, customer-specific credit risk, current economic conditions, and reasonable and supportable\nforecasts that affect collectability.\n\n \n\nThe Company evaluates accounts receivable on a\ncollective basis when receivables share similar risk characteristics and on an individual basis when specific receivables no longer share\nsimilar risk characteristics or when specific collection concerns are identified.\n\n \n\nThe Company monitors credit risk on an ongoing\nbasis, including concentrations of credit risk. Concentration of credit risk may arise when customers have similar characteristics such\nthat their ability to meet their obligations is expected to be affected similarly by changes in economic conditions. \n\n \n\n●Exchange Rate Risk\n\n \n\nThe reporting currency of the Company is US$,\nto date the majority of the Company’s revenues and costs are denominated in US$ and S$, a majority of the Company’s assets\nare denominated in US$ and S$ and a significant portion of the Company’s liabilities are denominated in S$. As a result, the Company\nis exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between\nUS$ and S$. If S$ depreciates against US$, the value of S$ revenues, costs and assets as expressed in US$ financial statements will decline.\nThe Company does not hold any derivative or other financial instruments that expose to substantial market risk.\n\n  \n\nF-18\n\n \n\n \n\n● Liquidity Risk\n\n \n\nLiquidity risk is the risk that the Company will\nnot be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash\nto meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking\ndamage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.\nIf future cash flows are fairly uncertain, the liquidity risk increases.\n\n \n\n● Fair Value Measurement\n\n \n\nThe Company follows the guidance of the ASC Topic\n820-10, *Fair Value Measurements and Disclosure* (“ASC 820-10”), with respect to financial assets and liabilities that\nare measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair\nvalue as follows:\n\n \n\n \n●\n*Level 1* : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;\n\n \n \n \n\n \n●\n*Level 2 :* Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and\n\n \n \n \n\n \n●\n*Level 3* : Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.\n\n \n\nThe carrying value of the Company’s financial\ninstruments: cash and cash equivalents, restricted cash, accounts receivable, loans receivable, accounts payable, income tax payable,\namount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature\nof these financial instruments.\n\n \n\nManagement believes, based on the current market\nprices or interest rates for similar debt instruments, the fair value of note payable approximate the carrying amount. The\nCompany accounts for loans receivable at cost, subject to impairment testing. The Company obtains a third-party valuation based upon loan\nlevel data including note rate, type and term of the underlying loans.\n\n \n\nThe Company’s non-marketable equity securities\nare investments in privately held companies, which are without readily determinable market values and are classified as Level 3, due to\nthe absence of quoted market prices, the inherent lack of liquidity and the fact that inputs used to measure fair value are unobservable\nand require management’s judgment.\n\n \n\nFair value estimates are made at a specific point\nin time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties\nand matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect\nthe estimates.\n\n \n\n● Recently Issued Accounting Pronouncements\n\n \n\n**Recently Adopted Accounting Pronouncements**\n\n \n\nIn November 2023, the FASB issued ASU 2023-07,\nSegment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The Company adopted ASU 2023-07 in these consolidated financial\nstatements. The adoption did not have a material impact on the Company’s consolidated financial statements other than enhanced segment\ndisclosures.\n\n \n\nIn December 2023, the FASB issued ASU\n2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The Company adopted ASU 2023-09 for the annual period\nended March 31, 2026. The adoption did not have a material impact on the Company’s financial position, results of operations\nor cash flows, but resulted in enhanced income tax disclosures.\n\n \n\nF-19\n\n \n\n \n\n**Recently Issued Accounting Pronouncements\nNot Yet Adopted**\n\n \n\nIn November 2024, the FASB issued ASU 2024-03,\nIncome Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income\nStatement Expenses. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03 for public business entities,\nincluding non-calendar-year entities. The amendments are effective for annual reporting periods beginning after December 15, 2026 and\ninterim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact\nof this guidance on its consolidated financial statement disclosures.\n\n \n\nIn July 2025, the FASB issued ASU 2025-05, Financial\nInstruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides\ntargeted amendments related to the measurement of expected credit losses for current accounts receivable and current contract assets arising\nfrom transactions accounted for under ASC 606, Revenue from Contracts with Customers. The Company is currently evaluating the impact of\nthe guidance on its consolidated financial statements and related disclosures.\n\n \n\nIn September 2025, the FASB issued ASU 2025-06,\nIntangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use\nSoftware. ASU 2025-06 modernizes the accounting guidance for internal-use software costs. The Company is currently evaluating the impact\nof the guidance on its accounting policies for software development costs and related disclosures.\n\n \n\nIn December 2025, the FASB issued ASU 2025-10,\nGovernment Grants (Topic 832): Accounting for Government Grants Received by Business Entities. ASU 2025-10 establishes accounting guidance\nfor the recognition, measurement, presentation and disclosure of government grants received by business entities. The Company is currently\nevaluating the impact of the guidance on its consolidated financial statements and related disclosures.\n\n \n\nExcept for the above-mentioned pronouncements,\nthere are no new recently issued accounting standards that will have a material impact on the consolidated financial statements.\n\n \n\nF-20\n\n \n\n \n\n**NOTE – 3 BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE**\n\n \n\nThe Company has disaggregated its revenue from\ncontracts with customers into categories based on the business segment and nature of the revenue in the following table:\n\n \n\n  \nYears\nended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \nSatellite\n\nconnectivity\nsolution  \nDigitalization\n\nand other\nsolution  \n\n \n\n \n\nUnallocated\n  \nTotal  \nSatellite\n\nconnectivity\nsolution  \nDigitalization\n\nand other\nsolution  \n\n \n\n \n\nUnallocated\n  \nTotal  \nSatellite\n\nconnectivity\nsolution  \nDigitalization\n\nand other\nsolution  \nUnallocated  \nTotal \n\nRevenue \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n  \n\nSubscription \n$5,090,759  \n 1,411,220  \n \n—\n  \n 6,501,979  \n$4,408,157  \n 503,586  \n \n—\n  \n 4,911,743  \n$3,678,354  \n 369,179  \n \n—\n  \n 4,047,533 \n\nEquipment, device and services \n 1,548,864  \n 6,658,396  \n \n—\n  \n 8,207,260  \n 2,250,024  \n 3,316,783  \n \n—\n  \n 5,566,807  \n 1,933,744  \n 2,588,793  \n \n—\n  \n 4,522,537 \n\n  \n 6,639,623  \n 8,069,616  \n \n—\n  \n 14,709,239  \n 6,658,181  \n 3,820,369  \n \n—\n  \n 10,478,550  \n 5,612,098  \n 2,957,972  \n \n—\n  \n 8,570,070 \n\nCost of revenue \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nSubscription \n$(3,472,419) \n (866,256) \n \n—\n  \n (4,338,675) \n$(2,920,327) \n (532,030) \n \n—\n  \n (3,452,357) \n$(2,018,989) \n (363,207) \n \n—\n  \n (2,382,196)\n\nEquipment, device and services \n (1,418,651) \n (5,800,571) \n \n—\n  \n (7,219,222) \n (2,036,887) \n (3,125,072) \n \n—\n  \n (5,161,959) \n (1,931,319) \n (2,410,964) \n \n—\n  \n (4,342,283)\n\n  \n (4,891,070) \n (6,666,827) \n \n—\n  \n (11,557,897) \n (4,957,214) \n (3,657,102) \n \n—\n  \n (8,614,316) \n (3,950,308) \n (2,774,171) \n \n—\n  \n (6,724,479)\n\nGross profit / (loss) \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nSubscription \n$1,618,340  \n 544,964  \n \n—\n  \n 2,163,304  \n$1,487,830  \n (28,444) \n \n—\n  \n 1,459,386  \n$1,659,365  \n 5,972  \n \n—\n  \n 1,665,337 \n\nEquipment, device and services \n 130,213  \n 857,825  \n \n—\n  \n 988,038  \n 213,137  \n 191,711  \n \n \n  \n 404,848  \n 2,425  \n 177,829  \n \n—\n  \n 180,254 \n\n  \n 1,748,553  \n 1,402,789  \n \n—\n  \n 3,151,342  \n 1,700,967  \n 163,267  \n \n—\n  \n 1,864,234  \n 1,661,790  \n 183,801  \n \n—\n  \n 1,845,591 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nOperating expenses \n$(85,122) \n \n—\n  \n (4,199,823) \n (4,284,945) \n$(124,265) \n \n—\n  \n (1,942,623) \n (2,066,888) \n$(74,844) \n \n—\n  \n (1,803,896) \n (1,878,740)\n\nIncome/(loss) from operations \n 1,663,431  \n 1,402,789  \n (4,199,823) \n (1,133,603) \n 1,576,702  \n 163,267  \n (1,942,623) \n (202,654) \n 1,586,946  \n 183,801  \n (1,803,896) \n (33,149)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nFinance income \n 15,679  \n \n—\n  \n \n—\n  \n 15,679  \n 23,671  \n \n—\n  \n \n—\n  \n 23,671  \n 20,743  \n \n—\n  \n \n—\n  \n 20,743 \n\nFinance cost \n (39,593) \n \n—\n  \n (25,156) \n (64,749) \n (29,015) \n \n—\n  \n (5,687) \n (34,702) \n (29,370) \n \n—\n  \n (6,460) \n (35,830)\n\nIncome/ (loss) before income taxes \n 1,639,517  \n 1,402,789  \n (4,224,979) \n (1,182,673) \n 1,571,358  \n 163,267  \n (1,948,310) \n (213,685) \n 1,578,319  \n 183,801  \n (1,810,356) \n (48,236)\n\n  \n\nF-21\n\n \n\n \n\n  \nMarch\n31, 2026  \nMarch\n31, 2025 \n\n  \nSatellite\n\nconnectivity\nsolution  \nDigitalization\n\nand other\nsolution  \n\n \n\n \n\nUnallocated\n  \nTotal  \nSatellite\n\nconnectivity\nsolution  \nDigitalization\n\nand other\nsolution  \n\n \n\n \n\nUnallocated\n  \nTotal \n\n  \n   \n   \n   \n   \n   \n   \n   \n  \n\nSegment assets \n$2,004,208  \n 1,706,398  \n 4,770,524  \n 8,481,130  \n$2,496,724  \n 1,119,209  \n 2,050,572  \n 5,666,505 \n\nSegment liabilities \n 1,808,308  \n 637,461  \n 1,569,678  \n 4,015,447  \n 2,225,732  \n 802,457  \n 892,835  \n 3,921,024 \n\n \n\nThe following\ntable presents revenues earned from external customers:\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nSubscription income from satellite connection service \n$5,090,759  \n$4,408,157  \n$3,678,354 \n\nSales and lease of satellite network equipment and device \n 1,548,864  \n 2,250,024  \n 1,933,744 \n\nSubscription income from Jarviss \n 1,411,220  \n 503,586  \n 369,179 \n\nRevenue from IT support services \n 6,622,145  \n 3,194,055  \n 2,418,470 \n\nRevenue from shipboard support services \n 36,251  \n 122,728  \n 170,323 \n\n  \n$14,709,239  \n$10,478,550  \n$8,570,070 \n\n \n\nThe major customers (refer to Note 16(a) for\nfurther details) contributed for $5,048,549 (2025: $2,424,451 and 2024: $869,824) of the Company’s total revenue.\n\n \n\nIncluded in the revenue from sales and lease of\nequipment, device and services of satellite connectivity solution of $1,548,864 (2025: $2,250,024 and 2024: $1,933,744), the lease income\nfrom sales-type lease and operating lease are as below:\n\n \n\n   Year ended March 31, \n\n   2026   2025   2024 \n\n             \n\nSales-type lease income  $69,511   $147,707   $409,931 \n\nOperating lease income   337,826    226,500    116,150 \n\n   $407,337   $374,207   $526,081 \n\n \n\nThe following\ntable presents revenues by geographic area based on the countries in which the customer is located:\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nSingapore \n$10,107,584  \n$5,228,044  \n$3,407,171 \n\nIsrael \n 1,179,716  \n 1,316,832  \n 869,824 \n\nMalaysia \n 1,338,876  \n 1,126,294  \n 1,130,439 \n\nVietnam \n 509,391  \n 675,186  \n 534,472 \n\nRepublic of Marshall Islands \n 320,038  \n 428,251  \n 376,457 \n\nThailand \n 112,354  \n 295,814  \n 625,178 \n\nIndonesia \n 307,191  \n 398,979  \n 816,023 \n\nUnited Kingdom \n 302,898  \n \n-\n  \n \n-\n \n\nRepublic of China \n 61,715  \n 239,124  \n 56,500 \n\nOthers \n 469,476  \n 770,026  \n 754,006 \n\n  \n$14,709,239  \n$10,478,550  \n$8,570,070 \n\n \n\n**NOTE – 4 FINANCE INCOME**\n\n \n\nFinance income consisted of interest income from\nsales-type lease as a lessor. \n\n** **\n\nF-22\n\n \n\n \n\n**NOTE – 5 FINANCE COSTS**\n\n** **\n\nFinance costs consisted of the following:\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nInterest expense in relating to leases \n$40,664  \n$29,015  \n$29,370 \n\nInterest expense in relating to bank borrowing \n 24,085  \n 5,687  \n 6,460 \n\n  \n$64,749  \n$34,702  \n$35,830 \n\n \n\n**NOTE – 6 ACCOUNTS RECEIVABLE, NET**\n\n \n\nAccounts receivable, net consisted of the following:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\n Accounts receivable, net \n$1,092,220  \n$1,325,186 \n\n \n\nThe Company generally conducts its business with\ncreditworthy third parties. For the year ended March 31, 2026, 2025 and 2024, the Company evaluated the collectability of accounts receivable\nand determined that no allowance for credit losses was required.\n\n \n\nAccounts receivable are written off after exhaustive\ncollection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis\nand its exposure to bad debts is not significant. There was no bad debt write-offs for the year ended March 31, 2026 (2025: Nil and 2024:\n$1,435).\n\n \n\nAt March 31, 2026 and March 31, 2025, the analysis\nof the accounts receivable aging at the reporting date was as follows.\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nLess than 30 days \n$353,262  \n$1,103,381 \n\n31-60 days \n 480,980  \n 83,925 \n\n61-90 days \n 47,402  \n 35,735 \n\nMore than 90 days \n 210,576  \n 102,145 \n\n  \n    \n   \n\n  \n$1,092,220  \n$1,325,186 \n\n \n\nThe unsatisfied performance obligation resulting\nfrom long term satellite connectivity and digitalization contracts were expected to be recognized as revenue over the periods as specified\nbelow:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nLess than 1 year \n$3,244,136  \n$2,270,362 \n\nFrom 1 to 2 years \n 2,045,793  \n 1,061,866 \n\nFrom 2 to 3 years \n 725,765  \n 585,489 \n\nFrom 3 to 4 years \n 10,715  \n 129,652 \n\nFrom 4 to 5 years \n \n-\n  \n 10,715 \n\n  \n    \n   \n\nTotal \n$6,026,409  \n$4,058,084 \n\n \n\nF-23\n\n \n\n \n\n**NOTE – 7 INVENTORIES**\n\n \n\nThe Company’s inventories consisted of the\nfollowing:-\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nSatellite network and information technology equipment, at cost \n$1,228,077  \n$690,521 \n\n \n\nNo reserve for obsolete inventories as of March 31, 2026 and March 31, 2025. \n\n \n\n**NOTE – 8 DEFERRED OFFERING COSTS**\n\n \n\nIncluded\nin the deposits, prepayments and other receivables, the deferred offering costs as\nof March 31, 2026 and March 31, 2025 were as follows:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nDeferred offering costs \n$\n-\n  \n$1,021,405 \n\n \n\n**NOTE – 9 PROPERTY AND EQUIPMENT, NET**\n\n \n\nProperty and equipment consisted of the following:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\nAt cost: \n   \n  \n\nRight-of-use assets \n$1,117,118  \n$580,401 \n\nEquipment \n 1,415,816  \n 1,221,925 \n\nRenovation \n 336,031  \n \n-\n \n\nComputer equipment \n 125,737  \n 157,754 \n\nFurniture, fixtures and fittings \n 25,693  \n 9,199 \n\nMotor vehicles \n -  \n 7,179 \n\n  \n 3,020,395  \n 1,976,458 \n\n Less: accumulated depreciation \n (1,265,503) \n (1,102,196)\n\n  \n    \n   \n\nProperty and equipment, net \n$1,754,892  \n$874,262 \n\n \n\nProperty and equipment under finance leasing arrangements\nclassified under equipment as of March 31, 2026 and March 31, 2025 amounted to $489,951 and $622,075, respectively. Details of such leased\nassets are disclosed in Note 10.\n\n \n\nRight-of-use assets under operating leasing arrangements\nas of March 31, 2026 and March 31, 2025 amounted to $912,855 and $126,372 respectively. Details of such leased assets are disclosed in\nNote 10.\n\n \n\nDepreciation expense for the year ended March\n31, 2026, 2025 and 2024 were included in cost of revenue and general and administrative expenses as below:-\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nCost of revenue: \n   \n   \n  \n\nDepreciation on equipment under finance lease \n$284,364  \n$255,189  \n$139,020 \n\nGeneral and administrative expenses \n \n \n  \n \n \n  \n \n \n \n\nDepreciation on rights of use assets under operating lease \n 305,111  \n 156,432  \n 140,239 \n\nDepreciation on other assets \n 133,376  \n 63,839  \n 31,125 \n\n  \n$722,851  \n$475,460  \n$310,384 \n\n \n\nF-24\n\n \n\n \n\n**NOTE – 10 LEASES**\n\n \n\n**Company as a lessee**\n\n** **\n\nThe Company\nhas entered into finance lease agreements to purchase the equipment used in its operations. The lease terms are 3 years. The right-of-use\nof the equipment are included under property and equipment.\n\n \n\nThe Company\nhas also entered into operating lease agreements for office and warehouse. The remaining lives of the leases were more than 2 years.\nThe Company adopts 4.33% as weighted average incremental borrowing rate to determine the present value of the lease payments.\n\n \n\nThe table below presents the lease-related assets\nand liabilities recorded on the consolidated balance sheet.\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nAssets \n   \n  \n\nFinance lease, right-of-use assets, net \n$489,951  \n$622,075 \n\nOperating lease, right-of-use assets, net \n 912,855  \n 126,372 \n\n  \n    \n   \n\nTotal right-of-use asset \n$1,402,806  \n$748,447 \n\n  \n    \n   \n\nLiabilities \n    \n   \n\nCurrent: \n    \n   \n\nFinance lease liabilities \n$193,092  \n$308,125 \n\nOperating lease liabilities \n 374,248  \n 115,945 \n\n  \n 567,340  \n 424,070 \n\n  \n    \n   \n\nNon-current: \n    \n   \n\nFinance lease liabilities \n 89,420  \n 216,430 \n\nOperating lease liabilities \n 545,144  \n \n-\n \n\n  \n 634,564  \n 216,430 \n\n  \n    \n   \n\nTotal lease liabilities \n$1,201,904  \n$640,500 \n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nFinance lease cost: \n   \n   \n  \n\nInterest on lease liabilities (per ASC 842) \n$15,394  \n$25,559  \n$21,868 \n\n  \n    \n    \n   \n\nOperating lease cost: \n    \n    \n   \n\nOperating lease expense (per ASC 842) \n 330,381  \n 159,889  \n 147,741 \n\nTotal lease expense \n$345,776  \n$185,448  \n$169,609 \n\n \n\nThe Company excludes short-term leases (those\nwith lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. There were no short-term leases\nfor years ended March 31, 2026, March 31, 2025 and March 31, 2024.\n\n \n\nComponents of Lease Expense\n\n \n\nThe Company recognize lease expense on a straight-line\nbasis over the term of the operating leases, as reported within “general and administrative” expense on the accompanying consolidated\nstatement of operations.\n\n \n\nF-25\n\n \n\n \n\nFuture Contractual Lease Payments\n\n \n\n**Finance\nlease**\n\n \n\nAs of March\n31, 2026 and March 31, 2025, the maturities of finance lease liabilities (excluding short-term leases) were as follows:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nLess than 1 year \n$199,722  \n$322,296 \n\nMore than 1 year \n 91,500  \n 221,097 \n\nTotal undiscounted lease payments \n 291,222  \n 543,393 \n\nLess: Interest \n (8,710) \n (18,838)\n\n  \n    \n   \n\n  \n$282,512  \n$524,555 \n\n  \n    \n   \n\nRepresenting:- \n    \n   \n\nCurrent liabilities \n$193,092  \n$308,125 \n\nNon-current liabilities \n 89,420  \n 216,430 \n\n  \n    \n   \n\n  \n 282,512  \n 524,555 \n\n** **\n\n**Operating\nlease**\n\n \n\nAs of March\n31, 2026 and March 31, 2025, the maturities of operating lease liabilities (excluding short-term leases) were as follows:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nLess than 1 year (current liabilities) \n$374,248  \n$115,945 \n\nFrom 1 to 2 years (non-current liabilities) \n 545,144  \n \n-\n \n\n  \n    \n   \n\n  \n$919,392  \n$115,945 \n\n** **\n\n**Company as a lessor**\n\n \n\n**Sales-type lease receivables**\n\n \n\nThe Company\nhas entered into sales-type lease agreements with customers for sales of equipment. The lease terms are 3-5 years. Net investment in sales-type\nleases, which is the sum of the present value of the future contractual lease payments from customers. Lease receivables relating to sales-type\nleases are presented on the consolidated balance sheet as follows:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nGross lease receivables \n$587,671  \n$794,126 \n\nReceived cash \n (227,711) \n (267,877)\n\nUnearned interest income \n (16,025) \n (28,369)\n\n  \n    \n   \n\n  \n$343,935  \n$497,880 \n\n  \n    \n   \n\nReported as: \n    \n   \n\nCurrent net investment in sales-type lease \n 154,947  \n 203,381 \n\nNon-current net investment in sales-type lease \n 188,988  \n 294,499 \n\n  \n    \n   \n\n  \n$343,935  \n$497,880 \n\n \n\nF-26\n\n \n\n \n\nAs of March\n31, 2026 and March 31, 2025, undiscounted future lease payments under sales-type lease receivables from customers for the next five years\nand thereafter were as follows:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nLess than 1 year \n$154,947  \n$203,381 \n\nFrom 1 to 2 years \n 115,283  \n 145,450 \n\nFrom 2 to 3 years \n 67,410  \n 91,868 \n\nFrom 3 to 4 years \n 6,295  \n 50,887 \n\nFrom 4 to 5 years \n \n-\n  \n 6,294 \n\n  \n    \n   \n\nTotal \n$343,935  \n$497,880 \n\n \n\n**Lease income in operating lease**\n\n \n\nThe Company\nhas entered into lease agreements with customers for rental of equipment. The leases are fixed payment and the lease terms are 3 years.\nThe Company recognized the lease payments as revenue in profit or loss over the lease term on a straight-line basis as below:\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nLease income relating to operating lease \n$337,826  \n$226,500  \n$116,150 \n\n \n\nThe operating\nlease term is 3 years. As of March 31, 2026 and March 31, 2025, undiscounted cash flows of our operating lease receivables from customers\nfor the next three years and thereafter were as follows:\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nLess than 1 year \n$255,024  \n$235,200 \n\nFrom 1 to 2 years \n 130,652  \n 143,050 \n\nFrom 2 to 3 years \n 35,847  \n 34,200 \n\n  \n    \n   \n\n  \n$421,523  \n$412,450 \n\n \n\n**NOTE – 11 INTANGIBLE ASSETS**\n\n \n\n  \nMarch 31,\n2026  \nMarch 31,\n2025 \n\n  \n   \n  \n\nIntangible assets: \n   \n  \n\nSoftware license \n$538,031  \n$528,031 \n\nSoftware under development \n 89,923  \n 32,311 \n\n  \n 627,954  \n 560,342 \n\nLess: accumulated amortization \n (268,104) \n (192,403)\n\n  \n    \n   \n\nIntangible assets, net \n$359,850  \n$367,939 \n\n \n\nThe amortization expense, included in the cost\nof revenue, for year ended March 31, 2026, 2025 and 2024 was $75,701, $74,147 and $60,003 respectively.\n\n \n\nDuring the year ended March 31, 2026, the Company\nwrote off software development costs of US$75,315 relating to project that was no longer expected to be completed for their intended use.\nThe write-off was recorded in general and administrative expenses in the consolidated statements of operations. There was no intangible\nasset written off for year ended March 31, 2025 and 2024.\n\n \n\nF-27\n\n \n\n \n\nAs of March 31, 2026, the estimated future amortization of finite-lived intangible\nassets for the next five years and thereafter was as follows:\n\n \n\nYear ended March 31, 2027 \n$78,647 \n\nYear ended March 31, 2028 \n 78,647 \n\nYear ended March 31, 2029 \n 78,647 \n\nYear ended March 31, 2030 \n 20,394 \n\nThereafter \n 13,592 \n\n  \n   \n\nTotal \n$269,927 \n\n \n\n**NOTE – 12 BANK BORROWING**\n\n \n\nBank borrowing consisted of the following:\n\n \n\n   Term of\n\nrepayments  Annual interest rate   March 31,\n\n2026   March 31,\n\n2025 \n\n                \n\nTerm loan  5 years   4.25%  $38,103   $83,552 \n\nTerm loan  5 years   7.75%   338,601    \n-\n \n\n           $376,704   $83,552 \n\nRepresenting :-                  \n\nWithin 12 months          $108,059   $46,983 \n\nOver 1 year           268,645    36,569 \n\n                   \n\n           $376,704   $83,552 \n\n \n\nAs of March 31, 2026 and March 31, 2025, bank\nborrowing was obtained from a financial institution in Singapore, which bear annual interest at fixed rate ranging from 4.25% to 7.75%\nand are repayable in 5 years.\n\n \n\nThe Company’s\nbank borrowing is guaranteed under personal guarantees from the directors, Eng Chye Koh and Joanna Hui Cheng Soh (resigned as\na director on January 20, 2026), and a third party. \n\n \n\n**NOTE – 13 SHAREHOLDERS’ EQUITY**\n\n \n\n*Ordinary Shares*\n\n \n\niO3 Cayman was established under the laws of Cayman\nIslands on August 21, 2023. After the reorganization exercise (see Note 1), iO3 Cayman has an authorized share of 50,000,000 Ordinary\nShares of par value US$0.01 each and 15,000,000 Ordinary Shares outstanding.\n\n \n\nOn August 22, 2024, the Company conducted forward\nshare consolidation and share split as follow:\n\n \n\n(a) Share consolidated at the ratio of 1:5, i.e.\nevery 5 ordinary shares were consolidated to 1 ordinary share; and\n\n \n\n(b) Share split at the ratio of 8:1, i.e. every\n1 ordinary share was subdivided into 8 ordinary shares.\n\n \n\nSubsequent to the above exercise, the Company\nhas an authorised share of 80,000,000 ordinary shares of par value US$0.00625 each and 24,000,000 ordinary shares outstanding, before\ngiving effect to the one-for-ten reverse share split on November, 10,2025 (see below for further information). All share and per share\ndata prior to August 22, 2024 have been retroactively adjusted to reflect the forward share consolidation and share split throughout these\nconsolidated financial statements.\n\n \n\nOn April 10, 2025, in connection with the\nCompany’s initial public offering, the Company issued an aggregate of 1,650,000 ordinary shares, par value $0.00625 per share, at\na public offering price of $4.00 per share, before giving effect to the one-for-ten reverse share split.\n\n \n\nOn October 10, 2025, at the Extraordinary General\nMeeting of Members of iOThree Limited (the “Company”), the Company’s shareholders approved:\n\n \n\n(a) the Second Amended and Restated Memorandum\nand Articles of Association, increased the authorized share capital of the Company from US$500,000.00 divided into 80,000,000 ordinary\nshares of a par value of US$0.00625 each to US$5,000,000.00 divided into 800,000,000 shares of a par value of US$0.00625 each, comprising\n(i) 700,000,000 ordinary shares of a par value of US$0.00625 each, (ii) 90,000,000 class A shares of a par value of US$0.00625 each (the\n“Class A Shares”), and (iii) 10,000,000 preferred shares of a par value of US$0.00625 each ; and\n\n \n\nF-28\n\n \n\n \n\n(b) the redesignation of certain issued\nordinary shares, par value $0.00625 per share, as issued class A shares, par value $0.00625 per share (the “Class A\nShares”), on a one-for-one basis.\n\n \n\n(c) a share consolidation of the Company’s\nissued and unissued shares, par value US$0.00625 each, at a ratio of not less than one (1)-for-two (2) and not more than one (1)-for-twenty\n(20), with the exact ratio determined by the Company’s Board of Directors.\n\n \n\nOn November 10, 2025, the Company conducted a\none-for-ten reverse share split (Reverse Split) of the Company’s issued and unissued ordinary shares, Class A shares, and preferred\nshares, at a new par value of $0.0625 per share.  No fractional shares will be issued as a result of the reverse share split, and\ninstead, all such fractional shares resulting from the reverse share split will be rounded up to the nearest whole share. Prior to\nthe reverse share split, the Company has 7,333,257 Ordinary Shares and 18,316,743 class A shares issued and outstanding, and no preferred\nshares outstanding. Following the reverse share split, the Company has 733,347 Ordinary Shares and 1,831,675 class A shares issued and\noutstanding, exclusive of shares issuable under outstanding warrants, and the Company has 70,000,000 authorized Ordinary Shares, 9,000,000\nauthorized class A shares and 1,000,000 authorized preferred shares. All shares and the per-share data included in these consolidated\nfinancial statements have been retroactively adjusted as though the Reverse Share Split has been effected prior to all periods presented.\n\n \n\nOn January 10, 2026, the Company entered into\nSecurities Purchase Agreements (the “Securities Purchase Agreements”) with certain investors. Pursuant to the Securities Purchase\nAgreements, the Company agreed to issue an aggregate of 2,298,852 ordinary shares, par value US$0.0625 per share (the “Shares”),\nat a purchase price of US$0.87 per share to the Investors, for a total purchase price of approximately US$2.0 million. As of March 31,\n2026, the Company had issued 1,563,219 Shares. As of March 31, 2026, the Company has 2,296,566 Ordinary Shares and 1,831,675 Class A Shares\nissued and outstanding, and no preferred shares outstanding.\n\n \n\nThe subscription proceeds for the remaining 735,633\nOrdinary Shares were received after balance sheet date, and the corresponding Ordinary Shares were issued on April 2, 2026. As of the\ndate of this report, the Company has 3,032,199 Ordinary Shares and 1,831,675 Class A Shares issued and outstanding, and no preferred shares\noutstanding.\n\n \n\nOur Board of Directors has authorized three classes\nof stock, Ordinary Share, Class A Share and preferred share. \n\n \n\nThe holders of iO3 Cayman’s Ordinary Share\nare entitled to the following rights:\n\n \n\n**Voting Rights**: The rights of the holders\nof Ordinary Shares and Class A Shares are identical, except with respect to voting. Each Ordinary Share is entitled to one vote per share,\nand each Class A Share is entitled to 50 votes per share. Shares of Class A may be converted at any time at the option of the stockholder\nand automatically convert back to Ordinary Share upon sale or transfer to a person who is not a Permitted Transferee.\n\n** **\n\n**Dividend Right**: Subject to limitations\nunder Cayman law and preferences that may apply to any shares of preferred share that iO3 Cayman may decide to issue in the future, holders\nof iO3 Cayman’s Ordinary Share are entitled to receive ratably such dividends or other distributions, if any, as may be declared\nby the Board of iO3 Cayman out of funds legally available therefor.\n\n \n\n**Liquidation Right**: In the event of the\nliquidation, dissolution or winding up of our business, the holders of iO3 Cayman’s Ordinary Share are entitled to share ratably\nin the assets available for distribution after the payment of all of the debts and other liabilities of iO3 Cayman, subject to the prior\nrights of the holders of iO3 Cayman’s preferred share.\n\n \n\n**Other Matters**: The holders of iO3\nCayman’s Ordinary Share have no subscription, redemption or conversion privileges. iO3 Cayman’s Ordinary Share does not\nentitle its holders to preemptive rights. All of the outstanding shares of iO3 Cayman’s Ordinary Share are fully paid and\nnon-assessable. The rights, preferences and privileges of the holders of iO3 Cayman’s Ordinary Share are subject to the rights\nof the holders of shares of any series of preferred share which iO3 Cayman may issue in the future. \n\n \n\n*Representative’s Warrants*\n\n \n\nUpon closing of the Company’s initial public\noffering, the Company issued to the underwriter, or its designees, warrants to purchase an aggregate of 147,000 Ordinary Shares. The Representative’s\nWarrants were exercisable, in whole or in part, from April 11, 2025 to April 11, 2030 at an exercise price of US$5.00 per share, representing\n125% of the initial public offering price.\n\n \n\nThe Company evaluated the Representative’s\nWarrants in accordance with ASC 480, Distinguishing Liabilities from Equity, and ASC 815-40, Contracts in Entity’s Own Equity, and\ndetermined that the Representative’s Warrants qualified for classification within shareholders’ equity. Accordingly, the Representative’s\nWarrants were not subsequently remeasured after issuance.\n\n \n\nF-29\n\n \n\n \n\nFollowing the Company’s reverse share split,\nthe number of Ordinary Shares issuable upon exercise of the Representative’s Warrants was adjusted to 14,700 shares. On October\n15, 2025, the Company entered into a supplemental agreement with the underwriter for the surrender and cancellation of all of the Representative’s\nWarrants for consideration of US$80,000. The payment was accounted for as a reduction of additional paid-in capital. No Representative’s\nWarrants were exercised, and no Representative’s Warrants were outstanding as of March 31, 2026.\n\n \n\n*Dividend Distribution*\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nDeclared and paid during the financial year ended \n               \n               \n              \n\n  \n    \n    \n   \n\nDividends on ordinary shares:\n\nInterim exempt (one-tier) dividends of Nil (March 31, 2025: Nil and March 31, 2024: $1.98 cents) per share \n$-  \n$-  \n$(292,500)\n\n \n\n**NOTE – 14 INCOME TAXES**\n\n \n\nThe Company adopted ASU 2023-09, Income Taxes\n(Topic 740): Improvements to Income Tax Disclosures, for the year ended March 31, 2026. The adoption did not have a material impact on\nthe Company’s consolidated financial position, results of operations or cash flows, but resulted in enhanced income tax disclosures.\n\n \n\nThe effective tax rate in the years presented\nis the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company’s\nsubsidiaries are subject to taxes in the jurisdiction in which they operate, as follows:\n\n \n\n*BVI*\n\n \n\niOThree Maritime Technologies Limited is considered\nto be an exempted British Virgin Islands Company and is presently not subject to income taxes or income tax filing requirements in the\nBritish Virgin Islands or the United States.\n\n \n\n*Singapore*\n\n \n\niO3 Pte. Ltd’s operations are primarily\nconducted in Singapore and are therefore subject to Singaporean tax law at the corporate tax rate at 17% on the Company’s assessable\nincome arising in Singapore during its tax year. Singapore is the largest region where the Group’s business was located for the years\nended March 31, 2026, 2025 and 2024. Accordingly, the Singapore tax rate has been used for the reconciliation to the effective income\ntax rate in the table below.\n\n \n\n*Malaysia*\n\n \n\niO3 Sdn. Bhd’s operations are primarily\nconducted in Malaysia and are therefore subject to Malaysian tax law at the corporate tax rate at 24% on the Company’s assessable\nincome arising in Malaysia during its tax year.\n\n \n\nThe provision for income taxes consisted of the\nfollowing:\n\n \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nCurrent income tax expense \n$\n-\n  \n$\n-\n  \n$\n-\n \n\n(Over)/under provision for income taxes in prior financial years for the Singapore subsidiary \n (21,432) \n 16,830  \n (43,790)\n\n  \n$(21,432) \n$16,830  \n$(43,790)\n\n \n\nF-30\n\n \n\n \n\nThe reconciliation of income tax rate to the effective\nincome tax rate based on income before income taxes for the year ended March 31, 2026, 2025 and 2024 are as follows:\n\n \n\n  \n2026  \n2025  \n2024 \n\n  \n   \n   \n  \n\nLoss before income taxes \n$(1,182,673) \n    \n$(213,685) \n    \n$(48,236) \n   \n\n  \n    \n    \n    \n    \n    \n   \n\nIncome tax expense at statutory rate @17% \n (201,054) \n 17.0% \n (36,326) \n 17.0% \n (8,200) \n 17.0%\n\nTax incentives \n \n-\n  \n -%  \n \n-\n  \n -%  \n (28,995) \n (60.1)%\n\nTax effect of deductible contractual lease payment \n (112,892) \n (9.5)% \n (26,863) \n (12.6)% \n (25,738) \n (53.4)%\n\nTax effect of non-deductible items \n 149,707  \n 12.7% \n 102,609  \n 48.0% \n 72,042  \n 149.4%\n\nSingapore statutory stepped income exemption \n (6,919) \n (0.6)% \n \n-\n  \n -%  \n (13,072) \n (27.1)%\n\nUtilization of capital allowance \n (94,438) \n (8.0)% \n (39,478) \n (18.5)% \n (37,962) \n (78.7)%\n\n(Over)/Under provision of income taxes in prior financial years, net \n (21,432) \n (1.8)% \n 16,830  \n 7.9% \n (43,790) \n (90.8)%\n\nLosses not subject to income tax \n 271,251  \n 22.9% \n 58  \n -%  \n \n-\n  \n -% \n\nForeign tax rate differential \n (1,833) \n (0.2)% \n \n-\n  \n -%  \n \n-\n  \n -% \n\nOthers \n (3,822) \n (0.3)% \n \n-\n  \n -%  \n 41,925  \n 86.9%\n\n  \n$(21,432) \n (1.8)% \n$16,830  \n 7.9% \n$(43,790) \n (90.8)%\n\n \n\nUncertain tax positions\n\n \n\nThe Company evaluates the uncertain tax position\n(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated\nwith the tax positions. As of March 31, 2026 and March 31, 2025, the Company did not have any significant unrecognized uncertain tax positions.\nThe Company did not incur any interest and penalties related to potential underpaid income tax expenses for the year ended March 31, 2026,\n2025 and 2024 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from\nMarch 31, 2026.\n\n \n\n**NOTE –\n15 RELATED PARTY TRANSACTIONS**\n\n \n\nAs disclosed in Note 12, certain bank borrowings\nof the Company were guaranteed by personal guarantees provided by certain directors of the Company. No guarantee fee was paid or payable\nby the Company.\n\n \n\nAs of March 31, 2025, amounts due to directors\nwere US$329,427, which were included in other payables and accrued liabilities in the consolidated balance sheet. The amounts due to directors\nwere unsecured, non-interest bearing and repayable on demand. During the year ended March 31, 2026, the Company fully repaid the amounts\ndue to directors. As of March 31, 2026, there were no amounts due to directors.\n\n \n\nApart from above transactions, the Company has\nno other significant or material related party transactions during the years presented.\n\n \n\nF-31\n\n \n\n \n\n**NOTE – 16\nCONCENTRATIONS OF RISK**\n\n \n\nThe Company is exposed to the following concentrations\nof risk:\n\n \n\n(a)Major customers\n\n \n\nFor the year ended March 31, 2026, 2025 and 2024,\nthe customers who accounted for 10% or more of the Company’s revenue are as below:\n\n \n\n  \n2026  \n2025  \n2024 \n\n  \nPercentage of revenue  \nAccounts receivable  \nPercentage of revenue  \nAccounts receivable  \nPercentage of revenue  \nAccounts receivable \n\n  \n   \n   \n   \n   \n   \n  \n\nCustomer A (Digitalization and other solution segment) \n 8.0% \n$10,704  \n 12.6% \n$2,212  \n 10.2% \n$\n-\n \n\nCustomer B (Connectivity segment) \n 19.9% \n$335,767  \n 10.6% \n$142,058  \n    \n   \n\nCustomer C (Digitalization and other solution segment) \n 14.4% \n$106,528  \n    \n    \n    \n   \n\n \n\n(b)\nMajor vendors\n\n \n\nFor the year ended March 31, 2026, 2025 and 2024,\nthe vendor who accounted for 10% or more of the Company’s purchases and its outstanding payable balances as at year end date, is\npresented as follows:\n\n \n\n  \n2026  \n2025  \n2024 \n\n  \nPercentage of purchases  \nAccounts payable  \nPercentage of purchases  \nAccounts payable  \nPercentage of purchases  \nAccounts payable \n\n  \n   \n   \n   \n   \n   \n  \n\nVendor A \n 7.9% \n$124,882  \n 14.1% \n$214,605  \n 18.50% \n$352,444 \n\nVendor B \n 11.4% \n$158,956  \n 13.3% \n$111,668  \n    \n   \n\nVendor C \n 10.9% \n$14,329  \n    \n    \n    \n   \n\nVendor D \n 10.4% \n$73,223  \n    \n    \n    \n   \n\n \n\n(c)Credit risk\n\n \n\nFinancial instruments that potentially subject\nthe Company to credit risk consist of cash equivalents, restricted cash, accounts and financing receivable. Cash equivalents are maintained\nwith high credit quality institutions, the composition and maturities of which are regularly monitored by management. The Singapore Deposit\nProtection Board pays compensation up to a limit of S$100,000 (approximately $77,515) if the bank with which an individual/a company hold\nits eligible deposit fails. As of March 31, 2026, cash balances of $2.1 million, held at financial institutions in Singapore, were subject\nto credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their\ncredit worthiness.\n\n \n\nThe Company is exposed to credit risk\nprimarily from accounts receivable arising from contracts with customers. The Company manages credit risk by performing credit\nevaluations of customers, monitoring outstanding balances and aging of receivables, and assessing customer-specific collection risks\non an ongoing basis. The Company generally does not require collateral from its customers.\n\n \n\nF-32\n\n \n\n \n\nThe Company records an allowance for credit losses\nin accordance with ASC 326, Financial Instruments—Credit Losses. The allowance for credit losses represents management’s\nestimate of expected credit losses over the contractual life of the receivables. In estimating expected credit losses, the Company considers\nhistorical collection experience, aging of receivables, past due status, customer-specific credit risk, current economic conditions,\nand reasonable and supportable forecasts that may affect collectability.\n\n \n\nAccounts receivable are evaluated on a collective\nbasis when they share similar risk characteristics. Receivables that do not share similar risk characteristics, or for which specific\ncollection concerns have been identified, are evaluated on an individual basis. The Company considers receivables past due based on contractual\npayment terms. Receivables that are more than 60 days past due, or for which other information indicates that collection may be doubtful,\nare subject to additional review.\n\n \n\n \n\nAs of March 31, 2026, 23.4% (2025: 23.5%) of accounts\nreceivable and sale-type lease investments were owed by a customer (2025: two customers). The ageing for aforementioned receivables were\nless than 90 days except for $80,416 (2025: $14,574) which was more than 60 days overdue.\n\n \n\n(d)\nInterest rate risk\n\n \n\nAs the Company has no significant interest-bearing\nassets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates.\n\n \n\nThe Company’s interest-rate risk arises\nfrom bank borrowings. The Company manages interest rate risk by managing the mixture of fixed and variable rate debt, the issuance and\nmaturity dates of debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest\nrates. As of March 31, 2026 and March 31, 2025, the borrowings were at fixed interest rates.\n\n \n\n(e)\nEconomic and political risk\n\n \n\nThe Company’s major operations are conducted\nin Asia. Accordingly, the political, economic, and legal environments in Asia, as well as the general state of Asia’s economy may\ninfluence the Company’s business, financial condition, and results of operations.\n\n  \n\n(f)\nExchange rate risk\n\n \n\nThe foreign exchange risk of the Group arises\nfrom subsidiaries operating countries, mainly Singapore and Malaysia. Translation risks of overseas net investments are not hedged.\n\n \n\nThe Company cannot guarantee that the current\nexchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable\nperiods and because of the fluctuating exchange rate actually post higher or lower profit depending on the exchange rates of Singapore\ndollar and Malaysia Ringgit converted to US$ on that date. The exchange rates could fluctuate depending on changes in political and economic\nenvironments without notice.\n\n \n\n(g)\nLiquidity risk\n\n \n\nLiquidity risk is the risk that the Company will\nnot be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash\nto meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking\ndamage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.\nIf future cash flows are fairly uncertain, the liquidity risk increases. \n\n \n\nF-33\n\n \n\n \n\n**NOTE – 17\nCOMMITMENTS AND CONTINGENCIES**\n\n \n\n**Litigation**— From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business.\nThe Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a\nmaterial adverse effect on its business, financial condition, operating results, or cash flows.\n\n \n\nAs of March 31, 2026 and March 31, 2025, the Company\nhas no material commitments or contingencies.\n\n \n\n**NOTE – 18 OFF-BALANCE SHEET TRANSACTIONS**\n\n \n\nThe Company has not entered into any financial\nguarantees or other commitments to guarantee the payment obligations of any third parties. In addition, except for the Representative’s\nWarrants disclosed in Note 13, which were surrendered and cancelled during the year ended March 31, 2026, the Company has not entered\ninto any derivative contracts that are indexed to our own shares and classified as shareholders’ equity, or that are not reflected\nin our consolidated financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred\nto an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. Moreover, the Company does not have\nany variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in\nleasing, hedging or research and development services with us.\n\n \n\n**NOTE – 19\nSUBSEQUENT EVENTS**\n\n \n\nIn accordance with ASC Topic 855, “*Subsequent\nEvents*”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date\nbut before condensed consolidated financial statements are issued, the Company has evaluated the impact of all events or transactions\nthat occurred after March 31, 2026, up through the date the Company issued the audited consolidated financial statements. 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