UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-K/A

 (Amendment No. 1)

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

 For the Fiscal Year Ended June 30, 2025

 Or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _____ to _____

 Commission File Number: 001-41476

 Treasure
Global Inc

 (Exact name of registrant as specified in its charter)

 Delaware

 36-4965082

 ( State or other jurisdiction of

incorporation or organization)

 ( I.R.S. Employer

Identification No.)

 276 5 th Avenue, Suite 704 #739,

New York, New York 10001

 +6012 643 7688

 ( Address, including zip code, of registrant's principal executive offices and telephone number, including area code)

 Securities registered pursuant to Section 12(b)
of the Act:

 Title of Each Class

 Trading Symbol

 Name of each exchange on which registered

 Common Stock, par value $0.00001 per share

 TGL

 The Nasdaq Stock Market LLC

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes: No:

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes: No:

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes: No:

has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
 No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company, in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging Growth Company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

is a shell company (as defined in Rule12b-2 of the Act). Yes:
No:

 The aggregate market value of the Registrant's
common stock, held by non-affiliates of the Registrant as of December 31, 2024 (which is the last business day of Registrant's
most recently completed second fiscal quarter) based upon the reported closing price of $8.85 on The Nasdaq Capital Market on that date,
was approximately $ 297.6 million.

 The number of shares outstanding of the Registrant's
common stock, par value $0.00001 per share, on October 14, 2025 was 8,490,187.

 Page

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accounting Fees and Services

 Item 15.

 Exhibits, Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 i

 EXPLANATORY NOTE

 This Amendment No. 1 on Form 10-K/A (this
"Amendment") amends the Annual Report on Form 10-K (the "Original Filing") of Treasure Global Inc (the "Company")
for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission (the "SEC") on October 14,
2025.

 The Company is filing this Amendment solely
to:

 amend
and restate Part I, Item 1A of the Original Filing to correct a typographical error. The Original Report mistakenly stated in one place
that the Company's accumulated deficit as of June 30, 2024. The correct reference should be as of June 30, 2025;

 amend
and restate Part II, Item 8 of the Original Filing to remove the reference to "financial support and credit guarantee commitments
from the Company's related party";

 amend
and restate Part III, Item 11 of the Original Filing to update disclosure regarding the Company's Chief Executive Officer's
employment agreement; and

 file
a new Exhibit 97.1 as exhibit to this Amendment under Item 15 of Part IV hereof.

 Pursuant to Rule 12b-15 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), this Amendment contains new certifications pursuant to Section 302
of the Sarbanes-Oxley Act of 2002, which are filed herewith. This Amendment also includes a new certificate under Section 906 of the
Sarbanes-Oxley Act of 2002 as notes to the financial statements are being amended and filed with this Amendment.

 Except as described above, this Amendment
does not amend, update or change any other items or disclosures in the Original Filing and does not purport to reflect any information
or events subsequent to the filing of the Original Filing. As such, this Amendment only speaks as of the date the Original Filing was
filed, and we have not undertaken herein to amend, supplement or update any information contained in the Original Filing to give effect
to any subsequent events. Accordingly, this Amendment should be read in conjunction with the Company's filings made with the SEC
subsequent to the filing of the Original Filing, including any amendments to those filings.

 As used in this Amendment, the terms the "Company,"
"we," "our" and "us" refer to Treasure Global Inc, and its subsidiaries, which include the collective
operations of Treasure Global Inc and its consolidated subsidiaries. Other terms used but not defined herein are as defined in the Original
Filing.

 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 This Annual Report on Form 10-K (this "Annual
Report") contains "forward-looking statements." Forward-looking statements reflect the current view about future events.
When used in this Annual Report, the words "anticipate," "believe," "estimate," "expect,"
"future," "intend," "plan," or the negative of these terms and similar expressions, as they relate
to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in
this Annual Report relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking
statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because
forward - looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are
neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any
of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking
statements include, without limitation:

 Our ability to effectively
operate our business segments;

 Our ability to manage our research,
development, expansion, growth and operating expenses;

 Our ability to evaluate and
measure our business, prospects and performance metrics;

 Our ability to compete, directly
and indirectly, and succeed in a highly competitive and evolving industry;

 Our ability to respond and
adapt to changes in technology and customer behavior;

 Our ability to protect our
intellectual property and to develop, maintain and enhance a strong brand; and;

 Other factors (including the
risks contained in the section of this Annual Report entitled "Risk Factors") relating to our industry, our operations and
results of operations.

 Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed,
estimated, expected, intended or planned.

 Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results,
levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 PRESENTATION OF INFORMATION

 Except as otherwise indicated by the context,
references in this Annual Report to the "Company," "TGL," the "registrant," "we," "our,"
or "us" in this Annual Report mean Treasure Global Inc. and its subsidiaries, which include the collective operations of Treasure
Global Inc and its consolidated subsidiaries.

 This Annual Report includes our audited consolidated
financial statements as of and for the fiscal years ended June 30, 2025 and 2024. These financial statements have been prepared in accordance
with generally accepted accounting principles in the United States ("U.S. GAAP"). All financial information in this Annual
Report is presented in U.S. dollars, unless otherwise indicated, and should be read in conjunction with our audited consolidated financial
statements and the notes thereto included in this Annual Report.

 ii

 SUMMARY OF RISK FACTORS

 Our business is subject to a number of risks.
You should be aware of these risks before making an investment decision. These risks are discussed more fully in Item 1A: Risk Factors
 in this Annual Report. These risks include, among others, that:

 There is substantial doubt
about our ability to continue as a going concern;

 We have a limited operating
history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not
be successful;

 If we fail to raise capital
when needed it will have a material adverse effect on the Company's business, financial condition and results of operations;

 None of our material contracts
are long term and if not renewed could have a material adverse effect on our business;

 We rely on email, internet
search engines and application marketplaces to drive traffic to our ZCITY platform, certain providers of which offer products and services
that compete directly with our products. If links to our applications and website are not displayed prominently, traffic to our ZCITY
platform could decline and our business would be adversely affected;

 The ecommerce market is highly
competitive and if the Company does not have sufficient resources to maintain research and development, marketing, sales and client support
efforts on a competitive basis our business could be adversely affected;

 The market for our ZCITY platform
is new and unproven;

 If we are unable to expand
our systems or develop or acquire technologies to accommodate increased volume or an increased variety of operating systems, networks
and devices broadly used in the marketplace our ZCITY platform could be impaired;

 As we increase our reliance
on cloud-based applications and platforms to operate and deliver our products and services, any disruption or interference with these
platforms could adversely affect our financial condition and results of operations;

 The Company's failure
to successfully market its ZCITY platform could result in adverse financial consequences;

 The Company may not be able
to successfully develop and promote new products or services which could result in adverse financial consequences;

 A decline in the demand for
goods and services of the merchants included in the ZCITY platform could result in adverse financial consequences;

 The effective operation of
the Company's ZCITY platform is dependent on technical infrastructure and certain third-party service providers;

 There is no assurance that
the Company will be profitable;

 Illegal use of our ZCITY platform
could result in adverse consequences to the Company;

 Malaysia is experiencing substantial
inflationary pressures which may prompt the governments to take action to control the growth of the economy and inflation that could
lead to a significant decrease in our profitability;

 The economy of Malaysia in
general might not grow as quickly as expected, which could adversely affect our revenues and business prospects;

 Fluctuations in exchange rates
in the Malaysian Ringgit could adversely affect our business and the value of our securities;

 iii

 Regulation of gift cards or
"E-vouchers" could have adverse consequences on our business;

 Litigation is costly and time
consuming and could have a material adverse effect our business, results or operations and reputation;

 Our financial statements have
been prepared on a going-concern basis and our continued operations are in doubt;

 We face potential liability
and expense for legal claims based on the content on our Platform;

 Our intellectual property rights
may be inadequate to protect us against protect us others claiming violations of their proprietary rights and the cost of enforcement
could be significant;

 Third parties may assert that
our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets;

 Our failure to maintain effective
internal controls over financial reporting could have an adverse impact on us;

 We are an "emerging growth
company" under the JOBS Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies
will make our common stock less attractive to investors;

 The elimination of personal
liability against our directors and officers under Delaware law and the existence of indemnification rights held by our directors, officers
and employees may result in substantial expenses;

 We have not paid dividends
in the past and do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock;

 We experienced a limited cybersecurity incident in May 2025; cybersecurity
events could recur and adversely affect us;

 A limited number of customers and counterparties account for a meaningful
portion of our revenues, receivables and prepayments; if any major customer reduces or delays orders, or if prepayments are not realized
as planned, our results of operations and liquidity could be adversely affected.

 iv

 Item 1. Business

 Our Mission

 Our mission is to bring together the worlds of
online e-commerce and offline physical retailers; widening consumer choice and rewarding loyalty, while sustaining and enhancing our earning
potential.

 Our Company

 We have created an innovative online-to-offline
("O2O") e-commerce platform business model offering consumers and merchants instant rebates and affiliate cashback programs,
while providing a seamless e-payment solution with rebates in both e-commerce (i.e., online) and physical retailers/merchant (i.e., offline)
settings.

 Our proprietary product is an internet application
(or "App") branded "ZCITY App," which was developed through our wholly owned subsidiary, TADAA Technologies Sdn.
Bhd. ("TADAA Technologies") (formerly known as ZCity Sdn. Bhd and Gem Reward Sdn. Bhd, name change effected on July 31, 2025
and July 20, 2023, respectively). The ZCITY App was successfully launched in Malaysia in June 2020. TADAA TECHNOLOGIES is equipped with
the know-how and expertise to develop additional/add-on technology-based products and services to complement the ZCITY App, thereby growing
its reach and user base.

 Through simplifying a user's e-payment gateway
experience, as well as by providing great deals, rewards and promotions with every use, we aim to make the ZCITY App Malaysia's
top reward and payment gateway platform. Our longer-term goal is for the ZCITY App and its ever-developing technology to become one of
the most well-known commercialized applications more broadly in Southeast Asia and Japan.

 As of October 13, 2025, we had 2,708,641 registered users and 2,027
registered merchants.

 Corporate Structure

 Treasure Global Inc is a Delaware corporation
that was incorporated on March 20, 2020. We issued 10,000,000 shares to Kok Pin "Darren" Tan, our founder and former Chief
Executive Officer on July 1, 2020, who as a result became our sole shareholder.

 TADAA Technologies Sdn. Bhd. (formerly known as
Zcity Sdn. Bhd and Gem Reward Sdn. Bhd, name change effected on July 31, 2025 and July 20, 2023, respectively), a Malaysia private limited
company was incorporated on June 6, 2017. Prior to the incorporation of TADAA TECHNOLOGIES, Kok Pin "Darren" Tan entered into
a Beneficial Shareholding Agreement ("Beneficial Shareholding Agreement 1") with two individuals, one of which is a vice president
of the Company (the "Initial TADAA TECHNOLOGIES Shareholders"), which provided for the Initial Shareholders to hold the TADAA
TECHNOLOGIES shares issued to them in equal amounts and for the sole benefit of Kok Pin "Darren" Tan and provided Kok Pin
"Darren" Tan with control over the voting and disposition over such shares as well as control over the issuance of additional
TADAA TECHNOLOGIES shares in consideration for equity in a company that had not been determined on the date of Beneficial Shareholding
Agreement 1. On November 10, 2020, Kok Pin "Darren" Tan instructed the Initial TADAA TECHNOLOGIES Shareholders to issue one
million additional TADAA TECHNOLOGIES shares to Chong Chan "Sam" Teo, currently our Chief Executive Officer, and as a result
each Initial TADAA TECHNOLOGIES Shareholder and Chong Chan "Sam" Teo held one million shares of TADAA TECHNOLOGIES. On November
10, 2020. Chong Chan "Sam" Teo entered into a Beneficial Shareholding Agreement with Kok Pin "Darren" Tan with
terms similar to Beneficial Shareholding Agreement 1 ("Beneficial Shareholding Agreement 2" and together with the Beneficial
Shareholding Agreement 1, the "Beneficial Shareholding Agreements"). As a result of Kok Pin "Darren" Tan's
100% ownership of our common stock and the Beneficial Shareholding Agreements, TGL and TADAA TECHNOLOGIES were both under the sole control
of Kok Pin "Darren" Tan.

 TGL and TADAA TECHNOLOGIES were reorganized into
a parent subsidiary structure pursuant to a Share Swap Agreement, dated March 11, 2021, as amended on March 11, 2021 among TGL, the Initial
TADAA TECHNOLOGIES Shareholders and Chong Chan "Sam" Teo (the "Share Swap Agreement"), in which TGL exchanged
321,585 shares of its common stock (the "Swap Shares") for all equity of TADAA TECHNOLOGIES. Pursuant to the Share Swap Agreement,
the purchase and sale of the Swap Shares was completed on March 11, 2021, but the issuance of the Swap Shares did not occur until October
27, 2021 when TGL amended its certificate of incorporation to increase the number of its authorized common stock to a number that was
sufficient to issue the Swap Shares. As a result of the Share Swap Agreement, (i) TADAA TECHNOLOGIES became the 100% subsidiary of TGL
and Kok Pin "Darren" Tan no longer had any control over TADAA TECHNOLOGIES's ordinary shares; and (ii) Kok Pin "Darren"
Tan, the Initial TADAA TECHNOLOGIES Shareholders and Chong Chan "Sam" Teo owned 100% of the TGL common stock (Darren Tan owning
97%). Subsequent to the date of the Share Swap Agreement, Kok Pin "Darren" Tan transferred 9,529,002 of his 10,000,000 shares
of TGL common stock to 16 individuals and entities and currently owns less than 5% of our common stock.

 We have no substantive operations other than holding
all of the outstanding shares of TADAA Technologies Sdn. Bhd. ("TADAA Technologies"), (formerly known as ZCity Sdn. Bhd and
Gem Reward Sdn. Bhd, underwent a name change on July 31, 2025 and July 20, 2023, repectively). TADAA Technologies was originally established
under the laws of the Malaysia on June 6, 2017, through a reverse recapitalization.

 Corporate Information

 Our principal executive offices are located at 276 5 th Avenue,
Suite 704 #739, New York, New York 10001 and B03-C-13A, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia.

 Business Developments

 The following highlights recent material developments
in our business:

 On October 7, 2025, the Company entered into a subscription
agreement (the "Agreement") with two Malaysian individuals, Chuah Su Chen and the Company's director Chan Meng Chun
(together with Chuah Su Chen, the "Investors"). Subject to the terms and conditions set forth in the Agreement, the Company
desires to issue and sell to each Investor, and each Investor desires to subscribe for, an aggregate amount of USD200,000.00 in the Company
for the allotment and issuance of common stock of the Company ("the Shares") for the purchase price of $1.16 per share, which
represents the closing price of the Company's common stock on the Nasdaq Capital Market on October 6, 2025.The offering and sale
of the Shares were made in reliance upon the exemption from the registration provided by Regulation S under the Securities
Act of 1933, as amended (the "Securities Act"), as the transactions were completed outside the United States with non-U.S.
persons. The Shares are subject to transfer restrictions and may not be offered to be sold in the United States absent registration or
an applicable exemption under the Securities Act.

 On August 12, 2025, the Company entered into a Sale and Purchase
Agreement (the "Agreement") with I Synergy Group Ltd ("I Synergy"), a public listed company incorporated in Australia
and traded on the Australian Securities Exchange (ASX: IS3). Pursuant to the Agreement, the Company agreed to sell, and I Synergy agreed
to purchase, certain advanced AI-based graphics processing units, including all hardware and software components ("the Products").
I Synergy agreed to pay the Company a total consideration of Three Hundred Thousand Australian Dollars (AUD 300,000.00) (the "Purchase
Price") for the Products under the Agreement. The Purchase Price shall be fulfilled over a period of six (6) months from the date
of the Agreement, with payments of Fifty Thousand Australian Dollar (AUD 50,000.00) payable to the Company monthly. The Agreement contains
customary representations, warranties, and agreements by the Company and I Synergy, along with other obligations of the parties and termination
provisions.

 On February 11, 2025, TADAA Ventures Sdn. Bhd. (formerly known as VWXYZ
Venture Sdn. Bhd. underwent a name change on July 29, 2025) ("TADAA Ventures"), a wholly owned subsidiary of Treasure Global
Inc (the "Company"), entered into a Share Purchase Agreement (the "Agreement") with Amystic Commerce Sdn. Bhd.,
a company incorporated in Malaysia (the "Vendor"). Pursuant to the Agreement, TADAA Ventures will acquire 51% of the ordinary
shares ("the Sale Shares") in Tien Ming Distribution Sdn Bhd ("Tien Ming Distribution"), a subsidiary of the Vendor
incorporated under the laws of Malaysia. The purchase price for the Sale Shares is RM5,100.00. The acquisition is part of TADAA Ventures's
commitment to invest up to RM3,000,000.00 in the Tien Ming Distribution to support its operations and obligations to provide warehousing
and fulfilment delivery services for F&N Beverages Marketing Sdn Bhd. The Agreement includes customary representations, warranties
and covenants by TADAA Ventures and the Vendor.

 On November 27, 2024, the Company entered into a subscription
agreement (the "Subscription Agreement") with certain investors (the "Investors"). Pursuant to the Subscription
Agreement, the Investors agreed to invest an aggregate amount of $1,177,000.00 (the "Investment Amount") into the Company
for 3,566,668 shares of the Company's common stock (the "Offered Shares"), par value $0.00001 at a negotiated purchase
price of $0.33 (the "Offering").The Investment Amount shall become due and payable when Offered Shares are registered under
an effective Registration Statement filed by the Company with the Securities Exchange Commission. Investors shall make the payment within
seven (7) days from the date of the Subscription Agreement.

 All amounts payable by the Investor under
this Subscription Agreement shall be paid in full, and in the currency mutually agreed upon, and free of and without any deduction or
withholding for any current or future taxes, levies, duties, charges or other deductions or withholdings levied in any jurisdiction from
or through which payment is made. The Company intends to use the net proceeds from this Offering for working capital and general corporate
purposes. The Subscription Agreements contain representations, warranties and agreements by the Company, customary conditions to closing,
indemnification obligations of the Company, other obligations of the parties and termination provisions. The representations, warranties
and covenants contained in the Subscription Agreements were made only for the purposes of such agreements and as of the specific dates,
were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.
The Offered Shares are being sold pursuant to a prospectus supplement dated November 27, 2024 and accompanying base prospectus dated March
29, 2024. The prospectus supplement and accompanying base prospectus are related to the Company's effective registration statement
on Form S-3 (Registration Statement No. 333-278171) that was originally filed with the Securities and Exchange Commission on March 22,
2024, and which was declared effective on March 29, 2024.

 On October 29, 2024, the Company entered into a certain service agreement
(the "Agreement") with V GALLANT SDN BHD ("V Gallant"), a private company incorporated in Malaysia. Pursuant to
the Agreement, the Company engaged V Gallant for its generative AI solutions and AI digital human technology services (the "Services")
in accordance with the terms and conditions therein. The Company agreed to pay V Gallant a total consideration of USD16,000,000 to V Gallant
and/or its nominees for the Services and all associated hardware and software under the Agreement. The Services under this Agreement shall
commence on October 29, 2024, and shall be valid until December 31, 2025, unless the Agreement is mutually terminated or extended in writing
or terminated by either the Company or V Gallant due to any breach or default of this Agreement, as the case may be. The Fees shall be
payable by the Company to V Gallant and/or its nominees via the issuance of shares of common stock, par value $0.00001 per share ("TGL
Shares") at a determined issuance price of $0.67 per TGL Share in the following manner: (1) the first instalment, constituting a
down payment of fifty percent (50%) of the Fees, being $8,000,000), shall be due upon execution of this Agreement; and (2) the remainder,
constituting fifty percent (50%) of the Fees, being $8,000,000, shall be paid in twelve (12) equal monthly instalments, commencing from
January 31, 2025, with each payment due on the last day of each calendar month, until December 31, 2025, unless otherwise mutually agreed
in writing by the TGL and V Gallant. On October 29, 2024, the Company entered into a certain service agreement (the "Agreement")
with V GALLANT SDN BHD.

 On October 10, 2024, the Company entered into a service partnership
agreement (the "Partnership Agreement") with Octagram Investment Limited ("OCTA"), a Malaysian company, to establish
a strategic partnership pursuant to the terms and conditions set forth in this Partnership Agreement. Pursuant to the Partnership Agreement,
OCTA shall design, develop and deliver mini-game modules to be integrated into the ZCity App, an E-Commerce platform owned by the Company.
In addition, OCTA shall customize the mini-game modules based on the Company's detailed specification. Pursuant to the Partnership
Agreement, OCTA shall design, develop and deliver mini-game modules to be integrated into the ZCity App, an E-Commerce platform owned
by the Company. In addition, OCTA shall customize the mini-game modules based on the Company's detailed specification (the "Services").
TGL agrees to pay OCTA a total fee of $2,800,000.00 ("Service Fees") to OCTA and/or its nominees. The Service Fees shall
be due and earned upon execution of this Agreement. The Service Fees shall be utilized by TGL for the Services provided by OCTA at any
time during the Term of this Agreement. This includes an upfront payment for the development costs of the mini-game modules, as well
as the payment of a flat fee of $10,000.00 per month, starting from the delivery of the first mini-game module, for the ongoing technical
support outlined in this Agreement. The Service Fees shall include all taxes and disbursement ("Other Expenses") due and
payable to OCTA in rendering the Services under this Agreement. All such Other Expenses incurred by OCTA will be justified to TGL with
valid and relevant reasons to the satisfaction of TGL. TGL shall have the sole and absolute discretion to approve such charges or claims
provided that such approval shall not be unreasonably withheld by TGL. The Service Fees shall be payable by TGL to OCTA and/or its nominees
via the issuance of Three Million and Five Hundred Thousand (3,500,000) shares of common stock, par value $0.00001 of TGL (the "TGL
Shares") at a determined issuance price of $0.80 per TGL Share. The TGL Shares shall be issued on a restricted basis for a period
of six (6) months pursuant to the requirements of the Securities Act 1933, Rule 144. On the True-Up Date, which means the expiry
date of the sixth (6th) month from the day of the issuance of TGL Shares to Octa, in the event that the 30-Day VWAP of the TGL Shares
to be issued pursuant to the Agreement falls below the amount of $0.80, then TGL shall issue to OCTA additional TGL Shares equal to the
difference between the Service Fees and the value of the TGL Shares on the True Up Date within fourteen (14) business days from the True
Up Date.

 On October 10, 2024, the Company entered into a Share Purchase
Agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"), a Delaware limited partnership.
Pursuant to the Purchase Agreement, the Company has the right, but not the obligation to cause Alumni Capital to purchase up to $6,000,000
the Company's common stock, par value $0.00001 (the "Commitment Amount"), at the Purchase Price (defined below) during
the period beginning on the execution date of the Purchase Agreement and ending on the earlier of (i) the date on which Alumni Capital
has purchased $6,000,000 of the Company's common stock pursuant to the Purchase Agreement or (ii) December 31, 2025. Pursuant to
the Purchase Agreement, the "Purchase Price" means nighty-five percent (95%) of the lowest daily VWAP of the common stock
five business days prior to the Closing of a Purchase Notice. No Purchase Notice will be made without an effective registration statement
and no Purchase Notice will be in an amount greater than $1,000,000. The Purchase Agreement provides that the number of shares of common
stock to be sold to Alumni Capital will not exceed the number of shares that, when aggregated together with all other shares of our common
stock which Alumni Capital is deemed to beneficially own, would result in Alumni Capital owning more than 19.99% of the Company's
outstanding common stock. In consideration for Alumni Capital's execution and performance under the Purchase Agreement, the Company
issued to Alumni Capital a purchase warrant dated October 10, 2024 for a term of three (3) years (the "Purchase Warrant t"),
to purchase up to a number of common stock equal to ten percent (10%) of the Commitment Amount divided by the exercise price of the Purchase
Warrant. The exercise price per share of the Purchase Warrant will be calculated by dividing the $5,000,000 valuation by the total number
of outstanding shares of common stock as of the Exercise Date. On October 16, 2024, we filed a prospectus supplement, dated as of October
16, 2024 (the "Prospectus Supplement") under the registration statement on Form S-3 (File No. 333-278171), in respect of
the financing with Alumni Capital. The Prospectus Supplement included certain updated disclosures regarding the Company, in particular,
in the sections captioned "Prospectus Supplement Summary-Recent Developments". Neither the Purchase Warrant nor the common
stocks underlying the Purchase Warrant are covered by the Prospectus Supplement

 On September 20, 2024, the Company entered into a partnership
agreement (the "Agreement") with Credilab Sdn. Bhd. ("CLSB"). Pursuant to the Agreement, the Company and CLSB
will establish a strategic partnership aimed at leveraging their respective core competencies, resources and market expertise to drive
mutual benefit and growth upon the terms and conditions set forth in the Agreement. Subsequent to filing the Original 8-K, the Company
and CLSB have entered into a supplemental letter on October 28, 2024 (the "Supplement Letter") to amend the profit-sharing
ratio from 1/3 to 1/2. As part of the Partnership Agreement, the Company agreed to pay $2,000,000 to CLSB and/or its nominees to develop
and implement an AI-driven chatbot for the ZCity App platform, aimed at enhancing user engagement and providing real-time assistance.
Additionally, the partnership includes the development of a digital wallet integrated within the ZCity App to offer users a seamless
payment solution for platform transactions and access to CLSB's financial products and services. The Company has sole discretion
to choose whether to make the payment in cash and/or the equivalent value in the Company's common stock. In accordance with the
terms of the Agreement, the Company has elected to issue portion of the payment in the form of its common stock ("TGL Shares")
and the Company will make the remaining payment in cash/and or the equivalent value in the Company's shares of common stock.

 On October 5, 2024 we entered
into an agreement with YA II PN, Ltd, a Cayman Islands exempt limited partnership ("YA"),
effective as of October 5, 2023, in which

 -
 On October 6, 2023, we made
a payment to the Investor that consisted of the (i) initial Trigger Payment in the amount of $1,092,071 and (ii) an additional payment
in the amount of $500,000 (of which $467,289.72 was applied as an additional reduction in the principal amount of the Convertible Debentures
and $32,710.28 paid the associated 7% Redemption Premium).

 -
 YA agreed that, except as set
forth below, beginning on October 5, 2023 and ending on November 18, 2023, it shall not sell any shares of common stock of the Company
at a price per share less than $1.00. The limitation agreed by YA shall not apply (i) at any time upon the occurrence and during the
continuance of an Event of Default or (ii) upon the prior written consent of the Issuer.

 -
 YA agreed that any subsequent
monthly payments that may become due pursuant to Section 2(a) of the Convertible Debentures based on the Trigger Event shall be deferred
until November 28, 2023, and continuing on the same day of each successive calendar month thereafter until the Convertible Debentures
are paid in full, unless such payment obligation has ceased in accordance with Section 2(a) of the Convertible Debentures.

 ZCITY App offers a "Smart
F&B" system that provides a one stop solution and digitalization transformation for all registered Food and Beverage ("F&B")
outlets located in Malaysia. It also allows merchants to easily record transactions with QR Digital Payment technology, set discounts
and execute RP redemptions and rewards online on the ZCITY App. Since December 2022, we have been developing TAZTE. However, due to insufficient
participation from merchant clients, management has decided to discontinue the program as of June 2024.

 On October 12, 2023, TADAA Technologies Sdn. Bhd., our wholly owned
subsidiary and AI Lab Martech Sdn. Bhd. (the "Licensor"), a company that provides application, services and turnkey solutions
on artificial intelligence ("AI") in various aspects, including customization, video production, brand engagement, marketing
and content creation, entered into a License and Service Agreement (the "License Agreement"), in which the Licensor shall
provide a non-exclusive, non-transferable, royalty-free license to use and operate an AI software solutions (the "AI Software")
in exchange for the issuance of USD$563,000 worth of our common stock, par value $0.00001 per share, or 2,943,021 shares valued at USD$0.1913
per share. The License Agreement is for a period of 12 months (the "Term"). At the expiration of the Term, TADAA Technologies
Sdn. Bhd shall have an option to renew the term of the License Agreement for an additional 12 months. The License Agreement may be terminated
if TADAA Technologies Sdn. Bhd or the Licensor materially breaches any of its obligations or undertakings as set forth in the License
Agreement or if either TADAA Technologies Sdn. Bhd or the Licensor is subject to any form of insolvency administration, ceases to conduct
its business or has a liquidator appointed over any part of its assets.

 On October 30, 2023, we issued
a total of 1,816,735 restricted shares of common stock of the Company to its Chief Executive Officer Chong Chan "Sam" Teo,
and to Kok Pin "Darren" Tan (collectively, the "Creditors") in exchange for the cancellation of $321,562.08 in
aggregate indebtedness owed to the Creditors (the "Transaction"). The 1,816,735 shares of common stock issued included, 1,057,519
shares issued to Chong Chan "Sam" Teo and 759,216 shares issued to Kok Pin "Darren" Tan.

 On November 28, 2023, we entered
into an agreement with Yorkville Advisors Global, L.P. ("YA"), pursuant to which the Company agreed to pay $2,102,909.59
to YA, which represents payment in full of all amounts owed under the Convertible Debenture (the "Convertible Debenture")
issued by us to YA on February 28, 2023. Such amount includes all amounts due and payable under the Convertible Debenture as of November
28, 2023, plus per diem interest of $208.22 for each day after November 28, 2023, provided that such payment is made promptly upon the
closing of the Company's public offering (the "Offering"), which occurred on November 30, 2023. In return for the our
agreement to repay the Convertible Denture from the proceeds of the Offering, YA agreed not to sell any shares of the Company's
common stock until December 4, 2023.

 On February 28, 2023, we entered
into a Securities Purchase Agreement (the "Securities Purchase Agreement") with YA II PN, Ltd., pursuant to which YA II PN,
Ltd. purchased two unsecured convertible debentures (the "Convertible Debentures") in the aggregate principal amount of $5,500,000.00
in a private placement for a purchase price with respect to each Convertible Debenture of 92% of the initial principal amount of such
Convertible Debenture. On December 6, 2023, we paid a total of $2,102,909.59 (the "Payment"), which represented the outstanding
balance of one of the Convertible Debentures issued pursuant to the Securities Purchase Agreement. The other Convertible Debenture had
already been fully converted into shares of common stock, par value $0.00001 per share, of the Company, prior to December 6, 2023. As
a result of the Payment being made, the Company fully satisfied all obligations under the Convertible Debentures, which resulted in the
termination of the Securities Purchase Agreement.

 On December 19, 2023, we and
VT Smart Venture Sdn Bhd (the "Developer"), a company that is in the business of, among other things, technology services,
entered into a Software Development Agreement (the "Agreement"), in which the Developer shall provide application, services
and turnkey solutions on software development in various aspects, including customization, software design layout, creative media platform
development, artificial embedded and artificial intelligence related media platform and design in exchange for USD$1,000,000 worth of
common stock, par value $0.00001 per share, of the Company, or 10,000,000 shares valued at USD $0.10 per share (the "TGL Shares").
The Agreement is for a period of one month (the "Term"). At the expiration of the Term, we do not have an option to renew
the term of the Agreement for any additional months. The Agreement may be terminated if the Company or the Developer materially breaches
any of its obligations or undertakings as set forth in the Agreement or if either the we or the Developer is subject to any form of insolvency
administration, ceases to conduct its business or has a liquidator appointed over any part of its assets.

 On March 12, 2024, We entered
into a Software Purchase Agreement (the "Purchase Agreement") with Myviko Holding Sdn. Bhd. ("Myviko"), in which
Myviko agreed to transfer all rights, title and interest to us, including without limitation, all computer software and its source code
and software licenses in exchange for the issuance of 198,412 shares of common stock (the "Shares"). The Shares were issued
on March 13, 2024.

 On April 8, 2024, we and MYUP
Solution Sdn Bhd (the "Seller"), a company that is in the business of, among other things, technology services, entered into
a Software Purchase Agreement (the "Agreement"), in which the Seller agreed to sell to the Company a certain software application
in exchange for USD$495,500 worth of common stock, par value $0.00001 per share, of the Company, or 126,082 shares valued at USD $3.93
per share. The Agreement may be terminated if the we or the Seller materially breaches any of its obligations or undertakings as set
forth in the Agreement or if either the Company or the Seller is subject to any form of insolvency administration, ceases to conduct
its business or has a liquidator appointed over any part of its assets. The Agreement contains customary representations and warranties.

 On May 5, 2024, we entered
into a digital marketing agreement ("Marketing Agreement") with TraDigital Marketing Group. Pursuant to the Marketing Agreement,
the consultant shall provide digital marketing service to us and we will compensate the consultant with a cash consideration of $120,000.
We issued 20,000 shares of the common stock on May 5, 2024 pursuant to the Marketing Agreement.

 On May 24, 2024, we, Jeffrey
Goh Sim Ik (the "Purchaser") and Koo Siew Leng (the "Guarantor") entered into a Share Sale and Purchase Agreement
(the "Agreement"), in which the Company agreed to sell all of the capital shares it owns in Foodlink Global Sdn Bhd, a company
incorporated under the laws of Malaysia ("Foodlink"), which represents all of the issued and outstanding capital shares of
Foodlink, to the Purchaser, in exchange for a total of approximately USD$148,500, of which shall be payable by the Purchaser to the Company
as follows: (i) an initial deposit payable on May 24, 2024; and (ii) the balance of the purchase price payable in eight installment payments
starting from May 24, 2024. The total sale price is equivalent to the Company's initial total capital investment in Foodlink and
as such, the Company is recovering 100% of its initial investment in Foodlink. In the event that the Purchaser fails to perform its obligations
under the Agreement, the Guarantor agreed to guarantee the installment payments payable pursuant to the terms of the Agreement. The Agreement
contains customary representations and warranties and covenants made by each of the Purchaser and the Company as of the date of the Agreement
or other specified dates.

 On May 27, 2024, we and Falcon
Gateway Sdn Bhd (the "Seller"), a company that is in the business of, among other things, technology services, entered into
a Software Purchase Agreement (the "Agreement"), in which the Seller agreed to sell to the Company a certain software application
in exchange for USD$495,500 worth of common stock, par value $0.00001 per share, of the Company, or 126,082 shares valued at USD $3.93
per share (the "TGL Shares"). The Agreement may be terminated if the Company or the Seller materially breaches any of its
obligations or undertakings as set forth in the Agreement or if either the Company or the Seller is subject to any form of insolvency
administration, ceases to conduct its business or has a liquidator appointed over any part of its assets. The Agreement contains customary
representations and warranties.

 On June 13, 2024, Chong Chan
"Sam" Teo resigned as the Chief Executive Officer and a member of the Company's Board of Directors ("Board"),
which was immediately effective. On June 13, 2024, the Board appointed Carlson Thow as Chief Executive Officer of the Company effective
as of June 13, 2024.

 On June 14, 2024, Michael Chan
Meng Chun resigned as Chief Financial Officer, which was immediately effective. On June 14, 2024, the Board of Directors of the Company
(the "Board") appointed Sook Lee Chin as Chief Financial Officer of the Company effective as of June 14, 2024.

 On June 21, 2024, Su Chen "Chanell"
Chuah resigned as Chief Operating Officer, effective as of July 21, 2024. On June 21, 2024, the Board appointed Chai Ching "Henry"
Loong as Chief Operating Officer of the Company effective as of June 21, 2024.

 On June 30, 2024, Yi Hui Ho's
resigned as executive director of the Company.

 On July 4, 2024, the Board
appointed Carlson Thow as an executive director and Kok Pin "Darren" Tan as a non-executive director of the Company, effective
as of July 5, 2024.

 On August 30, 2024, Joseph
"Bobby" Banks and Jeremy Roberts resigned as members of the Board.

 On August 29, 2024 and September
3, 2024 respectively, the Board appointed (i) Wei Ping Leong as a member of the Board of Directors of the Company ("Board"),
as Chairman of the Audit Committee of the Board ("Audit Committee"), a member of the Nominating and Corporate Governance
Committee of the Board ("Nominating and Corporate Governance Committee") and a member of the Compensation Committee of the
Board ("Compensation Committee"), effective as of August 29, 2024, and (ii) Anand Ramakrishnan as a member of the Board,
a member of the Audit Committee, a member of the Nominating and Corporate Governance Committee and Chairman of the Compensation Committee,
effective as of September 3, 2024.

 On September 5, 2024, the Board
appointed Wai Kuan Chan as a member of the Board as Chairman of the Compensation Committee of the Board, a member of the Nominating and
Corporate Governance Committee of the Board and a member of the Audit Committee of the Board, effective as of September 6, 2024. On September
6, 2024, the Company accepted the resignations of Marco Baccanello as a member of the Board effective as of September 6, 2024 and Chai
Ching "Henry" Loong as the Chief Operating Officer of the Company effective as of September 6, 2024.

 On September 20, 2024, we entered
into a partnership agreement (the "Agreement") with Credilab Sdn. Bhd. ("CLSB"). Pursuant to the Agreement, the
Company and CLSB will establish a strategic partnership aimed at leveraging their respective core competencies, resources and market
expertise to drive mutual benefit and growth upon the terms and conditions set forth in the Agreement.

 On September 20, 2024, Mr.
Anand Ramakrishnan, an independent director of the Board resigned from the Board.

 Recent Developments

 On November 28, 2023, we entered
into an underwriting agreement (the "Underwriting Agreement") with EF Hutton LLC as the underwriter (the "Underwriter"),
relating to a firm commitment underwritten public offering (the "November 2023 Offering") of (i) 26,014,000 shares of common
stock, par value $0.00001 per share (the "Common Stock"), at a public offering price of $0.10 per share of Common Stock and
(ii) 14,000,000 pre-funded warrants (the "Pre-Funded Warrants"), each with the right to purchase one share of Common Stock,
at a public offering price of $0.0999 per Pre-Funded Warrant. The Company granted the Underwriter a 45-day over-allotment option to purchase
up to 6,002,100 additional shares of common stock and/or Pre-Funded Warrants. The November 2023 Offering closed on November 30, 2023.The
net proceeds to the Company from the November 2023 Offering were approximately $3.6 million, after deducting underwriting discounts and
commissions and the payment of other offering expenses associated with the Offering that were payable by the Company. We paid the Underwriter
an underwriting discount equal to 7.0% of the gross proceeds of the November 2023 Offering and a non-accountable expense fee equal to
1.0% of the gross proceeds of the November 2023 Offering. We intend to use the net proceeds of the November 2023 Offering for repayment
of convertible debentures issued to YA II PN, Ltd. and for general corporate purposes, including working capital.

 On February 22, 2024, we filed
a Certificate of Amendment to the Certificate of Incorporation, as amended, of the Company with the Secretary of State of the State of
Delaware (the "Certificate of Amendment") that provides for a 1-for-70 reverse stock split (the "Split") of its
shares of common stock, par value $0.00001 per share, that became effective at 12:00 a.m. on February 27, 2024. No fractional shares
were issued in connection with the Split and fractional amounts were rounded up to one whole share. The new CUSIP number for the common
stock following the Reverse Stock Split will be 89458T205.

 On March 20, 2024, we received
a written notice from the staff of Nasdaq (the "Staff"), notifying the Company that (1) it was not in compliance with the
shareholder approval requirement of Nasdaq Listing Rule 5635(c) (the "Rule") because on October 11, 2023, the Company issued
restricted shares in the aggregate amount of 1,816,735 in exchange for the cancellation of $321,562.08 of debt, resulting in an effective
price per share of $0.176, 1,057,519 of such shares were issued to Chong Chan "Sam" Teo, the Company's Chief Executive
Officer at the time (the "former CEO"), and the closing bid price on the day preceding the signing of the binding agreement
was $0.192; (2) the aforementioned issuance of shares to the former CEO were issued at a discount and as such, required shareholder approval
under the Rule and (3) the Company regained compliance with the Rule on March 13, 2024, when the CEO made a cash payment to the Company
to bring the effective price per share to at least the closing bid price on the day preceding the issuance of the shares.

 On February 15, 2024, the Company received a letter from
the Staff stating that the Company has not regained compliance with the Minimum Bid Price Rule and the Company requested to appeal this
determination with the Nasdaq Hearings Panel (the "Panel"). On February 16, 2024, the Company submitted a hearing request
to the Panel to appeal Nasdaq's determination and submit a compliance plan, which in accordance with Nasdaq rules stays the delisting
of the Company's common stock from Nasdaq pending the Panel's decision. The hearing was scheduled to occur on April 16, 2024.
On February 27, 2024, the Company effected a 1:70 reverse stock split of its shares of common stock. On March 20, 2024, the Company received
a letter from the Panel informing the Company that since the common stock of the Company had traded at $1.00 per share or greater for
a 10 consecutive business day period between February 27, 2024 and March 20, 2024, the hearing request was deemed moot. Accordingly,
the Company has regained compliance with the Bid Price Rule and this matter is closed.

 On July 2, 2025, the Company received a notification letter
(the "Notification Letter") from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market
LLC ("Nasdaq") indicating the Company's failure to satisfy a continued listing standard from Nasdaq under Listing Rule
5620(a). The Notification Letter indicated that the Company failed to hold an annual meeting of stockholders within the required twelve-month
period from the end of the Company's fiscal year. On September 8, 2025, Company received a written notice from the Listing Qualifications
Department of The NASDAQ Stock Market LLC ("Nasdaq") informing the Company that it had regained compliance with Listing Rules
5620 (the "Rule"). The Company held its annual meeting of stockholders on August 29, 2025. As a result, on September 8, 2025,
Nasdaq notified the Company that the Nasdaq staff has determined that the Company complied with the Rule and this matter is now closed.

 On August 18, 2024, the Board of Director's of the
Company adopted resolutions to amend the Company's Bylaws to provide that the holders of 33 1/3% of the voting power of the stock
issued and outstanding and entitled to vote, present in person or represented by proxy, will constitute a quorum at all meetings of the
stockholders for the transaction of business; and where a separate vote by a class or series or classes or series is required, the holders
of 33 1/3% of the voting power of the issued and outstanding shares of such class or series or classes or series, present in person or
represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter. The Company's
Bylaws previously provided that the holders of a majority of the voting power of the stock issued and outstanding (and with respect to
a separate class or series vote, just such class or series) and entitled to vote, present in person or represented by proxy, would constitute
a quorum at all meetings of the stockholders for the transaction of business.

 On November 20, 2024, the Company received a written notice
(the "Notice") from Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") stating that for the
30 consecutive business day period between October 8, 2024 through November 19, 2024, the common stock of the Company had not maintained
a minimum closing bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(a)(2) (the "Bid Price Rule"). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial
period of 180 calendar days, or until May 19, 2025 (the "Compliance Period"), to regain compliance with the Bid Price Rule.
On April 2, 2025, the Company filed a Certificate of Amendment to the Certificate of Incorporation, as amended, of the Company with the
Secretary of State of the State of Delaware (the "Certificate of Amendment") that provides for a 1-for-50 reverse stock split
(the "Reverse Stock Split") of its shares of common stock, par value $0.00001 per share (the "Common Stock"),
that became effective at 12:00 a.m. on April 7, 2025 (the "Effective Time"). No fractional shares were issued in connection
with the Reverse Stock Split and fractional amounts were rounded up to one whole share. The Reverse Stock Split was previously approved
by the Board of Directors of the Company (the "Board") and stockholders, at a ratio within the range of 1-for-2 and 1-for-50
with the authority delegated to the Board to determine the exact reverse split ratio and when to file the Certificate of Amendment with
the Secretary of State of the State of Delaware. The Board approved a 1-for-50 reverse split ratio and on April 2, 2025, the Company
filed a Certificate of Amendment to its Certificate of Incorporation to effect the Reverse Stock Split. At the Effective Time, every
50 shares of Common Stock issued and outstanding immediately prior to the Effective Time were automatically combined into one share of
Common Stock, subject to the treatment of fractional shares. The Reverse Stock Split affected all stockholders uniformly and did not
alter any stockholder's percentage interest in the Company's equity. The Company's authorized shares of Common Stock,
and the par value of each share of Common Stock were unchanged by the Reverse Stock Split.

 The Common Stock began trading on the Nasdaq Capital
Market on a split-adjusted basis at the opening of trading on April 7, 2025. The ticker symbol for Common Stock remains "TGL."
The new CUSIP number for the Common Stock following the Reverse Stock Split is 89458T304.

 On July 1, 2025, Sook Lee Chin informed the "Company
of her resignation as Chief Financial Officer, effective as of July 1, 2025. On July 1, 2025, the Board of Directors of the Company appointed
See Wah "Sylvia" Chan as Chief Financial Officer of the Company effective as of July 1, 2025. Ms. Chan and the Company entered
into an Appointment Letter Agreement dated as of June 30, 2025 (the "Appointment Letter Agreement"), pursuant to which Ms.
Chan was appointed as the Chief Financial Officer of the Company, effective as of July 1, 2025. Ms. Chan is entitled to receive a monthly
remuneration of RM19,000. In addition, Ms. Chan will be entitled to a total of $80,000 worth of shares of common stock of the Company
on an annual basis, subject to applicable vesting schedules and other restrictions, in accordance with the Company's equity compensation
plan. During the term of the Appointment Letter Agreement, either party may terminate the Appointment Letter Agreement by providing three
(3) months' written notice or salary in lieu of such notice to the other party. Upon termination, Ms. Chan will be subject to a
one-year non-solicitation period concerning the hiring of the Company's employees and the solicitation of its clients, among other
restrictions.

 On August 18, 2025, the Board of Director's
 of the Company adopted resolutions to amend the Company's Bylaws to provide that the holders of 33 1/3% of the voting power of the
 stock issued and outstanding and entitled to vote, present in person or represented by proxy, will constitute a quorum at all meetings
 of the stockholders for the transaction of business; and where a separate vote by a class or series or classes or series is required,
 the holders of 33 1/3% of the voting power of the issued and outstanding shares of such class or series or classes or series, present
 in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter. The Company's
 Bylaws previously provided that the holders of a majority of the voting power of the stock issued and outstanding (and with respect to
 a separate class or series vote, just such class or series) and entitled to vote, present in person or represented by proxy, would constitute
 a quorum at all meetings of the stockholders for the transaction of business.

 On September 26, 2025, the Board of Directors of the Company
appointed Chan Meng Chunas the Company's Executive Director, effective September 26, 2025. Mr. Chan Meng Chun and the Company entered
into an executive employment agreement dated as of September 26, 2025 (the "Agreement"), pursuant to which Mr. Chan Meng
Chun was appointed as the executive director of the Company, effective as of September 26, 2025. Mr. Chan Meng Chun is entitled to receive
a total of $120,000 worth of shares of common stock of the Company on an annual basis, issued prorated on a monthly basis, calculated
based on the Volume Weighted Average Price (VWAP) of the Company's shares for the respective month of issuance. In addition, Mr.
Chan Meng Chun is entitled to receive an aggregate of 199,912 shares of common stock upon completion of three (3) months of services
with the Company, subject to applicable vesting schedules and other restrictions, in accordance with the Company's equity compensation
plan. During the term of the Agreement, either party may terminate the Agreement by providing one hundred twenty (120) days' written.
For a period of six (6) months following termination, Mr. Chan Meng Chun shall not be (unless with the approval of Board), either alone
or in association or partnership with or as an employee, principal, agent, director, manager, member, shareholder, unit-holder, beneficiary
or trustee of, as a consultant or adviser to any person or otherwise, or directly or indirectly engaged or concerned with or interested
in any other business which is in any respect in competition with or similar to any part of the business carried out by the Company.

 Market Opportunity

 We expect that continued strong economic expansion,
robust population growth, rising level of urbanization, the emergence of the middle class and the increasing rate of adoption of mobile
technology provide market opportunities for our Company in Southeast Asia ("SEA"). SEA is a large economy and, as of 2022,
its gross domestic product ("GDP") was US$3.66 trillion. 1 In comparison, the respective GDP for both the European
Union ("EU") and the United States ("US") totaled EUR$15.8 trillion and US$25.5 trillion 2 in 2022.
SEA has experienced rapid economic growth rates in recent years, far exceeding growth in major world economies such as Japan, the EU and
the US. According to the International Monetary Fund ("IMF"), Malaysia's GDP growth averaged more than 4.5% from 2016
to 2019. However, it experienced a deficit of -5.5% in 2020 due to the COVID-19 pandemic. Nevertheless, it rebounded to 3.1% and 8.7%
in 2021 and 2022 respectively, and it is expected to maintain an average annual growth rate of 4.5% for the next five years, including
2023. 3 The GDP of Malaysia amounted to US$337 billion in 2020 and is projected to reach approximately US$500 billion by 2025. 4
 Malaysia registered a strong post-pandemic recovery in 2022. Its strong macroeconomic policy frameworks, including a track record
of fiscal prudence and a credible monetary policy framework, have served the country well.

 SEA continues to enjoy robust population growth.
The United Nations Population Division estimates that the population of the SEA countries in 2000 was approximately 525 million people,
growing to 681 million in 2022. According to the World Bank, Malaysia had a population of approximately 33 million people in 2022 compared
to 23 million people in 2000. 5

 A high percentage of Malaysians have lived in
cities for the last decade and that percentage is increasing. Since 2011, Malaysia's urbanization has increased from approximately
71.61% to approximately 77.7% in 2022. 6 By comparison, in 2021 the urbanization rates for China, Vietnam and India were approximately
62.51%, 37% and 35%, respectively. 7

 Urbanization is highly correlated with the size
and growth of the middle class. Simply put, urbanization drives middle class consumption demand. According to the World Bank, Malaysia
is likely to transition from an upper-middle-income economy to a high-income economy between 2024 and 2028, a reflection of the country's
economic transformation development trajectory over the past decades. 8 In fact, Malaysia's gross national income per
capita is at US$11,200 according to latest estimates, only US$1,335 short of the current threshold level that defines a high-income economy. 9

 And despite the ongoing effects from the COVID-19
pandemic, the Internet economy continues to boom in SEA. According to a Google Temasek e-Conomy SEA 2022 Report (the "Google Report"),
internet usage in the region increased with 20 million new users added in 2022 for a total of 460 million compared to 360 million in 2019
and 440 million in 2021. An additional 100 million internet users have come online in the last three years since 2020. 10 In
year 2022, 94% of Malaysia's population is now online, compared to approximately 62% in 2013. 11 It is forecasted to continuously
increase between 2024 and 2028, totaling a growth of 0.4 percentage points. 81% and 80% of Malaysia and SEA's internet users, respectively,
have made at least one purchase online. E-commerce, online media and food delivery adoption and usage surged with the total value of goods
and services sold via the Internet, or gross merchandise value ("GMV"), in SEA, expected to reach approximately US$200 billion
by year end 2022 according to the Google Report. In fact, according to the Google Report, the SEA Internet sector GMV is forecast to grow
to over US$360 billion by 2025 up from the $300 billion forecast in the Google, Temasek, Bain SEA Report 2022. 12

 Malaysia's internet economy has grown from
$14 billion in 2020 to $21 billion in 2021 (47% growth) and is expected to grow to $35 billion in 2025. 13

 IMF Staff Report March 2021

 The World Bank Press Release dated
March 16, 2021,

 As consumers in these markets gradually shift
towards the online platform model, the total value of internet-based transactions has grown tremendously and is expected to keep doing
so. According to the Google Report, total the GMV of South Asia's Internet economy is expected to skyrocket from US$174 billion
in 2021 to US$363 billion in 2025.

 We believe that these ongoing positive economic
and demographic trends in SEA and South Asia propel demand for our e-commerce platform.

 About the ZCITY App

 SEA consumers have access to a plethora of smart
ordering, delivery and "loyalty" websites and apps, but in our experience, SEA consumers very rarely receive personalized
deals based on their purchases and behavior.

 The ZCITY App targets consumers through the provision
of personalized deals based on consumers' purchase history, location and preferences. Our technology platform allows us to identify
the spending trends of our customers (the when, where, why, and how much). We are able to offer these personalized deals through the application
of our proprietary artificial intelligence (or "AI") technology that scours the available database to identify and create
opportunities to extrapolate the greatest value from the data, analyze consumer behavior and roll out attractive rewards-based campaigns
for targeted audiences. We believe this AI technology is currently a unique market differentiator for the ZCITY App.

 We operate our ZCITY App on the hashtag: "#RewardsOnRewards."
We believe this branding demonstrates to users the ability to spend ZCITY App-based Reward Points (or "RP") and "ZCITY
Cash Vouchers" with discount benefits at checkout. Additionally, users can use RP while they earn rewards from selected e-Wallet
or other payment methods.

 ZCITY App users do not require any on-going credit
top-up or need to provide bank card number with their binding obligations. We have partnered with Malaysia's leading payment gateway,
iPay88, for secure and convenient transactions. Users can use our secure platform and enjoy cashless shopping experiences with rebates
when they shop with e-commerce and retail merchants through trusted and leading e-wallet providers such as Touch'n Go eWallet, Boost
eWallet, GrabPay eWallet and credit card/online banking like the "FPX" (the Malaysian Financial Process Exchange) as well
as more traditional providers such as Visa and Mastercard.

 Our ZCITY App also provides the following functions:

 1.
 Registration and Account
verification

 Users may register as a ZCITY App user
simply, using their mobile device. They can then verify their ZCITY App account by submitting a valid email address to receive new user
"ZCITY Newbie Rewards".

 2.
 Geo-location-based Homepage

 Based on the users' location,
nearby merchants and exclusive offers are selected and directed to them on their homepage for a smooth, user-friendly interaction.

 3.
 Affiliate Partnership

 Our ZCITY App is affiliated with more
than five local services providers such as Shopee and Lazada. The ZCITY App allows users to enjoy more rewards when they navigate from
the ZCITY App to a partner's website.

 4.
 Bill Payment & Prepaid
service

 Users can access and pay utility bills,
such as water, phone, internet and TV bills, while generating instant discounts and rewards points with each payment.

 5.
 Branded e-Vouchers

 Users can purchase their preferred e-Vouchers
with instant discounts and rewards points with each checkout.

 6.
 User Engagement through
Gamification

 Users can earn daily rewards by playing
our ZCITY App minigame "Spin & Win" where they can earn further ZCITY RP, ZCITY e-Vouchers as well as monthly grand prizes.

 7.
 ZCITY RAHMAH Package

 TADAA TECHNOLOGIES has collaborated
with the Ministry of Domestic Trade and Cost of Living (KPDN) for the launch of the 'Payung Rahmah' program (ZCITY RAHMAH
Package). This program offers a comprehensive package of living essential e-vouchers on the ZCITY app for items such as petrol, food,
and bills. TADAA TECHNOLOGIES users will be able to purchase vouchers for these items at reduced prices, thereby assisting low-income
Malaysians and helping to address this societal challenge.

 8.
 TAZTE Smart F&B system

 ZCITY App offers a "Smart F&B"
system that provides a one stop solution and digitalization transformation for all registered Food "F&B" outlets located
in Malaysia. It also allows merchants to easily record transactions with QR Digital Payment technology, set discounts and execute RP redemptions
and rewards online on the ZCITY App.

 Since December 2022, we have been developing
TAZTE. However, due to insufficient participation from merchant clients, management has decided to discontinue the program as of June
2024.

 9.
 Zstore

 Zstore is ZCITY App's e-mall service
that offers group-buys and instant rebate to users with embedded AI and big data analytics to provide an express shopping experience.
The functionality and benefit of users to use the Zstore can be summarized within the chart below:

 Set out below is an illustration of some of our
key partnerships by category:

 Retail Merchant Agreements. We
have retail merchant agreements with merchants which together own more than 100 offline food and beverage franchises in Malaysia.
Each of these retail merchants have signed our standard retail merchant agreement which allow merchants to sell their products on
the ZCITY App for which we receive a commission ranging from 1% to 10% depending on the category of goods or services being
purchased on the ZCITY App. These agreements also provide that each party may use the intellectual property marks of the other party
without charge. These agreements may be terminated by either party with 30 days' notice.

 Services Partners Agreements. We
have service provider agreements with Coup Marketing Asia Pacific Sdn. Bhd. D/B/A Pay's Gift and MOL Access Portal Sdn. Bhd. D/B/A
Razer Gold in which Pay's Gift and Razer Gold provide us with e-vouchers for use on the ZCITY App that provide users with discounts
on goods and services of many top multinational and lifestyle brands, including gas, clothing, fast food, movie theaters and others. We
pay the service partner for the cost of the e-voucher plus a service fee. These contracts provide for the use by us of the trademarks
of the service providers and may be terminated at any time with 30 days' notice. TADAA Technologies has also entered into an agreement
with Apigate Sdn Bhd, a wholly-owned subsidiary of Axiata Digital, branded as Boost Connect. This agreement was entered into on July 28,
2023, and commenced on the same date, July 28, 2023. It shall continue until March 1, 2024. Apigate Sdn Bhd is a global digital monetization
and customer growth platform ecosystem provider, which offers us the services for the reselling of digital vouchers.

 Local Strategic Partner Agreements.
We have local strategic partner agreements with iPay88. The agreements we enter into with these local strategic partners provide us with
payment gateways (i.e, online "checkout" portals) used to enter credit card information for payment of goods and services.

 The iPay88 agreement was entered into on August
6, 2021 and provides our users with payment gateways that include credit card processing, online banking services from certain banks in
Malaysia and eWallet payment processing such as Touch' N Go eWallet, Grabpay, ShopeePay, Boost eWallet etc for which iPay88 receives
a fee ranging from 1.0% to 1.6% of the processed transaction depending on the credit card used or if the transaction is online banking
or eWallet.

 TADAA Technologies Sdn. Bhd (formerly known as
ZCity Sdn Bhd and Gem Reward Sdn Bhd), has entered into a business partner agreement with CIMB Bank to establish a payment gateway. This
agreement enables users to conveniently make payments using their CIMB Bank credit and debit cards. Additionally, users have the added
benefit of enjoying rewards for their spending at TADAA Technologies through this partnership.

 Local Demands Agreements. We have
local demand agreements with Digi Telecommunication Sdn. Bhd. ("Digi") and ATX Distribution Sdn. Bhd. ("ATX")
which provide ZCITY App users bill payment services.

 The Digi agreement was entered on December 16,
2021 and provides our users with bill payment services for all of its telecommunication products and services to postpaid subscribers.
We receive a commission from Digi of 0.5% for each transaction. ZCITY App users may also use Digi's prepaid automatic internet payment
service for which we receive a commission from Digi of 2.5% for each reload. The Digi agreement may be terminated by either party with
30 days' notice. CelcomDigi kicked off full-scale integration of Digi & Celcom network in December 2022. This marks one of the
largest telecommunications network deployment projects in Malaysia.

 The ATX agreement was entered into on November
8, 2021 whereby ATX and provides our users with bill payment services for many companies in Malaysia, including but not limited to, certain
utilities, telecommunication companies, insurance companies, entertainment companies and charities. We receive a commission on each transaction
from ATX at different rates depending on the company for which the bill is being paid. The ATX agreement may be terminated by either party
with 30 days' notice.

 The Company has both direct and indirect relationships
with merchants and service providers. In terms of the Company's indirect relationships, through the service partner's agreement
the Company is able to offer e-vouchers for leading brands including, among others, Shell, Lazada FamilyMart and Watsons; while via the
iPay88 agreement, the Company gains access to other e-wallet providers, such as Boost and Grabpay. Additionally, through the Company's
agreement with ATX Distribution, it is able to gain access to bill payment services provided by Malaysia's telco service provider
such as, among others, CelcomDigi, U Mobile, Astro and Air Selangor.

 Download ZCITY App

 ZCITY App is free to download from the Google
Play Store, Apple iOS Store, and Huawei AppGallery.

 ZCITY Apps's Reward Points Program

 Operating under the hashtag #RewardsOnRewards,
we believe the ZCITY App reward points program encourages users to sign up the app, as well as increasing user engagement and spending
on purchases/repeat purchases and engenders user loyalty.

 Furthermore, we believe the simplicity of the
steps to obtaining Reward Points (or "RP") is an attractive incentive to user participation in that participants receive:

 200 RP for registration as
a new user;

 100 RP for referral of a new
user;

 Conversion of Malaysian ringgit
spent into RP;

 50% RP of every user paid amount;
and

 25% RP of every referred user
paid amount as a result of the referral.

 The key objectives of our RP are:

 Social Engagement;

 RP are offered to users for
increased social engagement.

 Spending;

 RP incentivizes users with
every MYR spent in order to increase the spending potential and to build users loyalty.

 Sign-up; and

 Drives loyalty and greater
customer engagement. Every new user onboarded will get 200 RP as welcoming gift.

 Referral Program;

 Rewards users with RP when
they refer a new user.

 Offline Merchant

 When using our ZCITY App to make payment to a
registered physical merchant, the system will automatically calculate the amount of RP to deduct. The deducted RP amount is based on the
percentage of profit sharing as with the merchant and the available RP of the user.

 Online Merchant

 When using our ZCITY App to pay utility bills
or purchase any e-vouchers, our system shows the maximum RP deduction allowed and the user determines the amount of discount deducted
subject to maximum deductions described below and the number of RP owned by such user.

 Different features have different maximum deduction
amounts. For example, for bill payments, the maximum deduction is up to 3% of the bill amount. For e-vouchers, the maximum deduction is
up to 5% of the voucher amount.

 In order to increase the spending power of the
user, our ZCITY App RP program will credit RP to the user for all MYR paid.

 Marketing Strategy - Consumer

 With the number of available apps for download
from the world's leading app stores totaling over four million, we believe that structured and innovative user marketing strategy
is the only way to stand out in today's app market. Aside from focusing on app development and building our app features properly,
we believe we need to get our app featured on the leading platforms to most successfully extend our reach and user base.

 We believe that our ZCITY App marketing strategy
covers the user from when they first learn about our ZCITY App, to when they become a regular repeat user. The marketing strategy for
the ZCITY App involves defining our target audience, learning how best to reach them, how best to communicate with them, and analyzing
their "in-app" behavior to make continuous AI driven improvements as users move through the recruitment funnel.

 Ultimately, the goal of our ZCITY App marketing
strategy is to acquire users that will not only drive repeat engagement, but will also become loyal advocates for the ZCITY App.

 At the initial launch of the ZCITY App in June
2020, we combined both online and offline strategies in branding and marketing, which we believed would effectively communicate our objectives,
reaching a prospective target audience and turning that target audience into users of our ZCITY App.

 Other than just user experience and features offered
in the app itself, we believe consumers are choosing brands whose messaging, marketing and values go beyond the product, and have a potentially
deeper meaning to the user. For example, they may consider brand trustworthiness and identity to be major influences on their market decisions.
As a result, we have focused on building brand loyalty to drive on going marketing success, increase repeat users and attain greater market
share.

 In this regard, we have chosen to adapt various
marketing strategies, such as re-targeting users and enticing current users to use our app on multiple occasions, by providing what users
look for when they choose our app in order to increase engagement and retention. The diagram below reflects the strategies we engage in
to promote marketing success and avoid missed opportunities.

 We adopt a multi-pronged approach to user outreach
through outdoor digital billboards, radio commercials, third party editorials and advertorials, social media postings on platforms such
as Facebook, Instagram, TikTok, YouTube, as well as the targeting of users through Google ads and direct email marketing to encourage
downloads and promote various campaigns.

 Since the outbreak of the COVID-19 pandemic, we
have been very focused on reaching our target audience through digital media due to movement restrictions and retail closures. Advertisements
especially on social media have become more routine.

 Social media-based advertising can be very targeted,
helping to convert new users into repeat users and building brand loyalty. We reach potential users based on criteria, including, among
others, job title, interests, marital status, and recent locations. We believe that it is much easier to measure and optimize social media
campaigns while they are active. If an advertisement isn't producing the expected results, we can suspend the campaign or reallocate
funds on demand.

 Another key media vehicle that we utilize is Universal
App Campaign (or "UAC") by Google. UAC helps promote our ZCITY App across Google's largest properties including Google
Search, Google Play Store, YouTube, and the Google Display Network. It combines information Google has on users' tendencies and
perceived intents outside of the app (such as what they have searched for, what other apps they have downloaded and what they watched
on YouTube) with advertisers' information on user actions in the app.

 UAC then uses machine learning technology to make
decisions for each ad by analyzing potential data signal combinations in real-time, including the platform where users are most likely
to engage with our ad (such as YouTube or Gmail), the right ad format (whether video, text, or combination of the two) and keywords that
will perform best for our marketing goals.

 In addition, in order to obtain more accurate
data for analysis, AppsFlyer SDK is installed in our ZCITY App, where it provides conversion data of user acquisition and retention campaigns.
Through AppsFlyer SDK, we can monitor digital media activities to optimize our marketing budget. The data can be utilized and turned into
actionable insights (to run campaigns and promotions which users are more favorable to) that will share our strategic and tactical business
decisions, while boosting the ZCITY App brand presence.

 Marketing Strategy - Merchants "6Cs"
Strategy

 In order to roll out our system, we plan to implement
our 6Cs marketing strategy: clients, convenience, competition, consistency with creative content, corporate social responsibilities and
credibility.

 Clients (Soon-to-be F&B Owners). We
have forecast potential merchants by category, which will enable us to create a marketing plan that will attract them by aligning our
promotional content with their business interests and ideals. We will initiate advertisements that connect with their preferences and
generate brand loyalty.

 Convenience. We plan to demonstrate the
convenience provided by our ZCITY App by launching a digitalization initiative which can get a merchant up and running on our platform
within 24 hours. We believe this strategy emphasizes the ease of onboarding potential merchants and the potential positive transformation
of their business in the shortest amount of time.

 Competition. To further differentiate our
system from our competitors, we expect to identify, compare and discover issues within their business model of operations against our
own business model.

 Consistency with Creative Content. We plan
to maintain a consistent brand image across all our current marketing approaches with creative and innovative content. We strive to make
our brand recognizable to stand out among competitors to increase brand awareness and recognition.

 Corporate Social Responsibilities. We expect
to integrate social and environmental concerns in our business operations to gain positive publicity and recognition and greater market
exposure. For example, our "Green Oil" program will allow our merchants to contribute to zero pollution by recycling used
cooking oil with one of our strategic partners.

 Credibility. We expect to prove our credibility
by presenting our expertise to potential merchants who are seeking alternative business strategies in the ever-expanding technological
age. We believe that promoting a credible and reliable system for merchants will increase referrals and positive reviews.

 Revenue Model

 TADAA Technologies's revenues are generated
from a diversified mix of:

 e-commerce activities for users;

 services to merchants to help
them grow their businesses; and

 membership subscription fees.

 The revenue streams consist of "Consumer
Facing" revenues and "Merchant Facing" revenues.

 The revenue streams can be further categorized
as following: (1) product and loyalty program revenue, (2) transaction revenue, and (3) agent subscription revenue. Please see "Management's
Discussion and Analysis - Revenue Recognition."

 Our Competitive Strengths

 Powerful, Unique and Integrated App. We
have designed an application - the ZCITY App - which serves both consumers and merchants in ways that concurrently maximize value creation
and enhance the shopping experience. Furthermore, through the application of our proprietary developed AI technology, we can offer consumers
a more personalized and targeted rewards offering/experience.

 Unique Loyalty Program. Operating under
our hashtag #RewardsOnRewards, we believe our RP program increases user engagement and loyalty. Through consumer redemption and platform
issuance of RP, we believe our system is advantageous to both consumers and merchants.

 Attractive Markets. We currently operate
in Malaysia, which according to the IMF is expected to average annual growth rate of 4.5% GDP growth over the next five years. 14
See Part I, Item 1. "Business - Market Opportunity. "

 As we scale our operations, we intend to expand
to other countries in Southeast Asia, which possesses solid economic fundamentals, fast growing middle classes, favorable demographic
trends and accelerating adoption of mobile technology.

 IMF:

 Experienced Management Team. Our executives
and directors combine decades of on-the-ground local e-commerce operations and social media marketing experience, as well as professional
expertise in the global finance field.

 Our Growth Strategy

 Our main goal is focused on the recruitment of
new consumers and the registration of as many merchants as possible in the most efficient way in the shortest amount of time. We believe
that this approach establishes a cycle where more consumers lead to more merchants and more merchants lead to more consumers. External
partnerships play an important part in our business, as we will continue sourcing more delivery partners to offer our merchants greater
flexibility.

 Consumer Growth. We strive to provide consumers
with a smarter shopping experience from ordering to receiving goods and services as one seamless process. Our marketing efforts will focus
on attracting consumers by awarding RP upon the execution of successful transactions (where they can redeem instant rebates).

 Merchant Growth. We feel our ZCITY App
has the potential to pioneer a generation of technologically astute "Smart Merchants," effectively encouraging more merchants
to join the technological trend. Apart from the technological advantages, merchants would be able to gain access to a significant consumer
database of nearly 2.7 million registered users currently for their own brand marketing.

 Partner Growth. We are continuously enhancing
the ZCITY App through adding further strategic partnerships. We believe that collaborations will enable merchants and consumers to have
more options to choose from and the delivery speed and rates related to transparency will benefit all parties.

 Expansion Growth. With our proven systems
and by leveraging our large network, leading technology, operational excellence, and product expertise, we expect the ZCITY App to launch
and scale our expansion plans to neighboring countries such as Indonesia, Thailand, and Japan, by partnering with or acquiring local establishments.

 Acquisition Growth. In order to complement
our organic growth strategy, we will continue to evaluate investment and acquisition opportunities that will enable us to become market
leaders. Our anticipated investments and acquisitions of other e-commerce platforms in different verticals are expected to expand our
service offerings and attract new consumers and merchants. We expect negotiations with acquisition targets in the e-Commerce industries.
Furthermore, we would expect to finance such acquisitions through internal and potential financings from the stock market.

 Strategic Partnerships

 We have entered into agreements with various Malaysian
companies i.e.: Touch'nGo e-wallet marketing, iPay88, Boost eWallet, Digi and Grabpay eWallet to provide essential services to our
ZCITY App platform.

 Strategic partnerships are vital to our strategy
and operations, as they enable the ZCITY App to offer more value-added services to both our consumers and merchants. Through our partnerships,
we intend to gain low-cost access to our partners' users, where possible, to drive user conversion. Our marketing approach to acquire
strategic partners focuses on the benefits of brand awareness, stressing the ability to access a larger pool of consumers and clients
while reducing marketing expenses via joint marketing efforts like crossover marketing campaigns, digital marketing and affiliate programs.

 Competitive Outlook

 We compete with other online platforms and apps
for merchants, who can sell their products/services on other online shopping marketplaces and other food ordering platforms. We also compete
with other e-commerce platforms and apps, fashion and lifestyle retailers and restaurants for the attention of consumers. Consumers have
the choice of shopping with any online or offline retailer, large marketplaces or restaurant chain. We compete for consumers and merchants
based on our ability to deliver a personalized e-commerce experience with an easy-to-use mobile app, unique cross-business reward system,
instant rebate & cashback, and a trusted payment gateway which is both secure and convenient.

 Within the Malaysian market, we believe the principal
competitors to the ZCITY App to include, but not limited to Fave and Shopback. We have set out below how we perceive the ZCITY App differentiates
our offering from these competitors in the Malaysian market both downstream (services provided to consumers) and upstream (services provided
to merchants).

 The information with respect to Fave was obtained
from Fave's website at

 The information with respect to Shop Back was
obtained from Shop Back's website at

 We expect to be able to successfully compete for
merchants based on our unique cross-business reward system, reward points module, instant rebate and cashback program, upcoming new features,
which we expect will build lasting customer loyalty for our merchants, as well as our personalized, data-driven approach to customer engagement,
both of which ensure that our success is aligned with that of our merchants.

 Intellectual Property Matters

 Our technology and ZCITY App are comprised of
copyrightable and/or patentable subject matter licensed by our Malaysian subsidiaries, TADAA Technologies. Our intellectual property assets
include trade secrets associated with our software platform. We have successfully carried out development of our multilayer cloud-based
software platform based upon our reliance on third parties for payment and reward points deployment. As a result, we can monetize our
software by making it available in locations such as the Apple iOS Store, Google Play Store, Huawei AppGallery and compatible with existing
payment systems depending on the country's regulatory requirements. We are currently focusing on using our intellectual property
in Malaysia and plan to expand further into Southeast Asia as part of our strategy. The loss of all of these third-party payment facilitators
could not be easily replaced and therefore could materially affect our business and results of operations.

 Trademarks. TADAA Technologies has filed
one trademark application stylized as "" with the trademark offices of Malaysia. The name and mark, ZCITY App and other trade
names and service marks of TADAA Technologies in this prospectus are our property.

 Patents. TADAA Technologies has filed one
patent application entitled "A Revenue Allocation System" with the Patents Registration Office of Malaysia.

 We manage all our intellectual property matters
in Malaysia including the registration of patents, trademarks, trade names, and service marks in the name of TADAA Technologies, our subsidiary
in Malaysia. While we have not delineated each of our trademarks, the foregoing constitutes our material trademarks. Without prejudice
to the generality of foregoing, TADAA Technologies is, inter alia, the direct owner of the registered trademark "ZCITY" in
connection with artificial intelligence software, electronic payment services, loyalty programs, SaaS platforms, and other subsets of
our business.

 Information Technology Protection. All
of our software development professionals are required to sign and are bound by the IT Infrastructure, Security, Email, Intranet Usage
Policy Manual (the "IT Policy Manual"), which governs use of our hardware, software, code, source code, data, computational
data, screen data, analytics dashboards, data displayed on screens, emails, intranet and internet. This IT Policy Manual establishes standard
practices and rules for responsible, safe, and productive use of our intellectual property, information and assets and is expected to
ensure the protection of information and prevention of any misuse.

 We have internally implemented the "Active
Directory and VPN" to manage access to our assets in order to prevent any intentional or unintentional leaks of sensitive data,
documentation or information, as well as to prevent users from installing irrelevant software or malware viruses.

 Our ZCITY App's server is hosted on the
AWScloud and is compliant with SOC2, which we believe securely manages our data across six aspects:

 Security - protects the system
resources against unauthorized access. Apply security group rules as security control. Enabled AWS WAF rule for more protection. AWS
WAF (Web Application Firewall) is a managed security service provided by Amazon Web Services (AWS) that helps protect web applications
from various web-based attacks. It acts as a protective layer between your web applications and the internet, allowing you to control
and monitor incoming traffic to your web applications.

 Availability - makes sure the
server accessibility meets the SLA. Regularly review and report on server availability metrics to track performance against SLA targets.
Provide transparent reporting to stakeholders, including customers, about server uptime and downtime. Moreover, continuously monitor
and analyze server performance data (AWS) to identify areas for improvement. Implement optimizations to enhance server availability and
performance over time.

 Processing integrity - data
process monitoring couple with quality assurance procedures can help ensure processing integrity.

 Confidentiality - data is encrypted
during network transmission. Subscripted to the cloud flare service, which offers a range of services to protect websites, applications,
and company data.

 Privacy - data collection,
use, retention, disclosure and disposal of personal information in conformity.

 Backup - Enabled AWS Backup
service. It helps you centralize and automate the backup of data across various AWS services and on-premises resources. AWS Backup is
designed to be efficient, scalable, and reliable.

 We practice Disaster Recovery SOP to easily overcome
disaster events efficiently. We have in place a "Disaster Recovery" ("DR") initiative, which we rely on the "AWS"
cloud facilities to ensure as described below:

 The architecture diagram shows how "AWS"
cloud architect is powered by distributed servers and database services across multiple zones to ensure disaster recovery on deployment
across multiple data centers, once the Application Load Balancer (ALB) detects the primary unavailable then it will direct all traffic
to other in-service data centers. 29

 The controls for restricting user access to our
system and data, include:

 1)
 User authorization

 2)
 Maintaining the user access
log

 3)
 Periodic review user access

 4)
 Revoking user access

 5)
 Managing Privileged User access

 6)
 Separation of Duties to reduce
the risk of misuse of client code and assets

 7)
 Change management, risk management
and issue management are exercised as part of Management Reviews

 Disaster Recovery - First-in-class
automated disaster recovery mechanism with multi-AZ support

 Litigation

 From time to time, we may become involved in legal
proceedings arising in the ordinary course of our business. We believe that we do not have any pending or threatened litigation which,
individually or in the aggregate, would have a material adverse effect on our business, results of operations, financial condition, and/or
cash flows.

 Properties

 We lease and maintain our offices at located at 276 5 th
Avenue, Suite 704 #739, New York, New York 10001 andB03-C-13A, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia.

 Human Capital Resources

 As of June 30, 2025, we had a total of 12
full-time employees. We engage consultants on an as-needed basis to
supplement existing staff. Since the onset of the COVID-19 pandemic, we have taken an integrated approach to helping our employees
manage their work and personal responsibilities, with a strong focus on employee well-being, health, and safety.

 Our human capital resources objectives include,
as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and new employees, advisors and consultants.
The principal purposes of our equity and cash incentive plans are to attract, retain and reward personnel through the granting of stock-based
and cash-based compensation awards, in order to increase stockholder value and the success of our Company by motivating such individuals
to perform to the best of their abilities and achieve our objectives.

 Available Information

 Our corporate website address is
Our ZCITY website address is  Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K, any amendments to those reports, and registration statements filed or furnished with the SEC, are available free of charge
through our website. We make these materials available through our website as soon as reasonably practicable after we electronically
file such materials with, or furnish such materials to, the SEC. The reports filed with the SEC by our executive officers and directors
pursuant to Section 16 under the Exchange Act are also made available, free of charge on our website, as soon as reasonably practicable
after copies of those filings are provided to us by those persons. These materials can be accessed through the "Investors"
section of our website. The information contained in, or that can be accessed through, our website is not part of this Annual Report
on Form 10-K.

 I tem
 1a. R isk Factors.

 Investing in our common stock is highly speculative
and involves a significant degree of risk. Before you invest in our securities, you should give careful consideration to the following
risk factors, in addition to the other information included in this Annual Report on Form 10-K, including our financial statements and
related notes, before deciding whether to invest in our securities. The occurrence of any of the adverse developments described in the
following risk factors could materially and adversely harm our business, financial condition, results of operations or prospects. In that
case, the trading price of our common stock could decline, and you may lose all or part of your investment.

 Risks Related to Our Business

 There is substantial doubt about our ability
to continue as a going concern.

 We have incurred substantial operating losses
since our inception. For the year ended June 30, 2025, we had approximately $0.2 million cash on hand, an accumulated deficit of approximately
$61.4 million at June 30, 2025, a net loss of approximately $23.4 million for the year ended June 30, 2025, and approximately $9.5million
net cash used by operating activities for the year ended June 30, 2025. The accompanying consolidated financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course
of business. We anticipate incurring additional losses until such time, if ever, that we will be able to effectively market our products.

 Also, we will seek to obtain additional capital
through the sale of debt or equity financing or other arrangements to fund operations; however, there can be no assurance that we will
be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing stockholders and
newly issued shares may contain senior rights and preferences compared to currently outstanding shares of common stock. Issued debt securities
may contain covenants and limit our ability to pay dividends or make other distributions to stockholders. If we are unable to obtain such
additional financing, future operations would need to be scaled back or discontinued. Due to these factors, management believes that there
is substantial doubt in our ability to continue as a going concern for twelve months from the issuance of these consolidated financial
statements.

 If we have insufficient capital to operate our
business under our current business plan, we have contingency plans for our business that include, among other things, the delay of the
introduction of new products and a reduction in headcount which is expected to substantially reduce revenue growth and delay our profitability.
There can be no assurance that our implementation of these contingency plans will not have a material adverse effect on our business.

 We have a limited operating history in an
evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

 We have a limited operating history on which to
base an evaluation of our business and prospects. We are subject to all the risks inherent in a small company seeking to develop, market
and distribute new services, particularly companies in evolving markets such as the internet, technology and payment systems. The likelihood
of our success must be considered, in light of the problems, expenses, difficulties, complications and delays frequently encountered in
connection with the development, introduction, marketing and distribution of new products and services in a competitive environment.

 Such risks for us include, but are not limited
to, dependence on the success and acceptance of our services, the ability to attract and retain a suitable client base and the management
of growth. To address these risks, we must, among other things, generate increased demand, attract a sufficient clientele base, respond
to competitive developments, increase the "ZCITY" brand names' visibility, successfully introduce new services, attract,
retain and motivate qualified personnel and upgrade and enhance our technologies to accommodate expanded service offerings. In view of
the rapidly evolving nature of our business and our limited operating history, we believe that period-to-period comparisons of our operating
results are not necessarily meaningful and should not be relied upon as an indication of future performance.

 We are therefore subject to many of the risks
common to early-stage enterprises, including under-capitalization, cash shortages, limitations with respect to personnel, financial and
other resources and lack of revenues.

 If we fail to raise capital when needed
it will have a material adverse effect on our business, financial condition and results of operations.

 We have limited revenue-producing operations and
will require the proceeds from our recently concluded offering to execute our full business plan. We believe the proceeds from our previous
offering will be sufficient to cover our funding needs until part way through the first calendar quarter of 2025. Further, no assurance
can be given if additional capital is needed as to how much additional capital will be required or that additional financing can be obtained,
or if obtainable, that the terms will be satisfactory to us, or that such financing would not result in a substantial dilution of shareholder
interest. A failure to raise capital when needed would have a material adverse effect on our business, financial condition and results
of operations. In addition, debt and other equity financing may involve a pledge of assets and may be senior to interests of equity holders.
Any debt financing secured in the future could involve restrictive covenants relating to capital raising activities and other financial
and operational matters, which may make it more difficult for us to obtain additional capital or to pursue business opportunities, including
potential acquisitions. If adequate funds are not obtained, we may be required to reduce, curtail or discontinue operations.

 None of our material contracts are long
term and if not renewed could have a material adverse effect on our business.

 We have entered into material contracts with a
number of companies that directly or indirectly provide the goods and services that appear on our ZCITY App. The majority of these contracts
can be terminated by any party with 30 days' notice. The contract with iPay88 (the "iPay88 Agreement"), which provides
the payment gateway for many of the brands that can be accessed through the ZCITY App, has no termination clause which means that iPay88
could terminate the iPay88 Agreement without any notice. If one or more of these contracts were not renewed or were terminated and we
were not able to enter into agreements with others that could replace these services, the ZCITY App could lose material features and in
turn we could find it harder to maintain and grow our user base, which would have a material adverse effect on our business. For a description
of these material contracts See " Business - About ZCITY App."

 We rely on email, internet search engines
and application marketplaces to drive traffic to our ZCITY App, certain providers of which offer products and services that compete directly
with our products. If links to our applications and website are not displayed prominently, traffic to our ZCITY App could decline and
our business would be adversely affected.

 Email continues to be a verification source of
organic traffic for us. If email providers or internet service providers implement new or more restrictive email or content delivery or
accessibility policies, including with respect to net neutrality, it may become more difficult to deliver emails to our users or for user
verification process. For example, certain email providers, including Google, categorize our emails as "promotional," and
these emails are directed to an alternate, and less readily accessible, section of a users' inbox. If email providers materially
limit or halt the delivery of our emails, or if we fail to deliver emails to users in a manner compatible with email providers'
email handling or authentication technologies, our ability to contact users through email could be significantly restricted. In addition,
if we are placed on "spam" lists or lists of entities that have been involved in sending unwanted, unsolicited emails, marketing
campaigns and business updates could be substantially harmed.

 We rely heavily on Internet search engines, such
as Google, to drive traffic to our ZCITY App through their unpaid search results and on application marketplaces to drive downloads of
our applications. Although search results and application marketplaces have allowed us to attract a large audience with low organic traffic
acquisition costs to date, if they fail to drive sufficient traffic to our ZCITY App, we may need to increase our marketing spend to acquire
additional traffic. We cannot assure you that the value we ultimately derive from any such additional traffic would exceed the cost of
acquisition, and any increase in marketing expense may in turn harm our operating results.

 The amount of traffic we attract from search engines
is due in large part to how and where information from and links to our website are displayed on search engine result pages. The display,
including rankings, of unpaid search results can be affected by a number of factors, many of which are not in our direct control, and
may change frequently. Search engines have made changes in the past to their ranking algorithms, methodologies and design layouts that
may have reduced the prominence of links to our ZCITY App and negatively impacted our traffic, and we expect they will continue to make
such changes from time to time in the future. Similarly, marketplace operators may make changes to their marketplaces that make access
to our products more difficult. For example, our applications may receive unfavorable treatment compared to the promotion and placement
of competing applications, such as the order in which they appear within marketplaces.

 We may not know how or otherwise be in a position
to influence search results or our treatment in application marketplaces. With respect to search results in particular, even when search
engines announce the details of their methodologies, their parameters may change from time to time, be poorly defined or be inconsistently
interpreted. For example, Google previously announced that the rankings of sites showing certain types of app install interstitials could
be penalized on its mobile search results pages. While we believe the type of interstitial we currently use is not being penalized, we
cannot guarantee that Google will not unexpectedly penalize our app install interstitials, causing links to our mobile website to be featured
less prominently in Google's mobile search results and harming traffic to our ZCITY App as a result.

 In some instances, search engine companies and
application marketplaces may change their displays or rankings in order to promote their own competing products or services or the products
or services of one or more of our competitors. For example, Google has integrated its local product offering with certain of its products,
including search and maps. The resulting promotion of Google's own competing products in its web search results has negatively impacted
the search ranking of our website. Because Google in particular is the most significant source of traffic to our website, accounting for
a substantial portion of the visits to our website, our success depends on our ability to maintain a prominent presence in search results
for queries regarding local businesses on Google. As a result, Google's promotion of its own competing products, or similar actions
by Google in the future that have the effect of reducing our prominence or ranking on its search results, could have a substantial negative
effect on our business and results of operations.

 The ecommerce market is highly competitive
and if we do not have sufficient resources to maintain research and development, marketing, sales and client support efforts on a competitive
basis our business could be adversely affected.

 The internet-based ecommerce business is highly
competitive and we compete with several different types of companies that offer some form of user-vendor connection experience, as well
as marketing data companies. Certain of these competitors may have greater industry experience or financial and other resources than us.

 To become and remain competitive, we will require
research and development, marketing, sales and client support. We may not have sufficient resources to maintain research and development,
marketing, sales and client support efforts on a competitive basis which could materially and adversely affect our business, financial
condition and results of operations. We intend to differentiate ourselves from competitors by developing a payments platform that allows
consumers and merchants to accept and use bonus points.

 The market for consumer's lifestyle is rapidly
evolving and intensely competitive, and we expect competition to intensify further in the future. There is no guarantee that any factors
that differentiate us from our competitors will give us a market advantage or continue to be a differentiating factor for us in the foreseeable
future. Competitive pressures created by our direct or indirect competitors could have a material adverse effect on our business, results
of operations and financial condition.

 The market for our ZCITY App is new and
unproven.

 We were founded in 2020 and TADAA Technologies
was founded in 2017 and since our inception have been creating products for the developing and rapidly evolving market for API-based software
platforms, a market that is largely unproven and is subject to a number of inherent risks and uncertainties. We believe that our future
success will depend in large part on the growth, if any, in the market for software platforms that provide features and functionality
to create the entire lifestyle ecosystem. It is difficult to predict customer adoption and renewal rates, customer demand for our solutions,
the size and growth rate of the overall market that our ZCITY App addresses, the entry of competitive products or the success of existing
competitive products. Any expansion of the market our ZCITY App addresses depends upon a number of factors, including the cost, performance
and perceived value associated with such solutions. If the market our ZCITY App addresses does not achieve significant additional growth
or there is a reduction in demand for such solutions caused by a lack of customer acceptance, technological challenges, competing technologies
and products or decreases in corporate spending, it could have a material adverse effect on our business, results of operations and financial
condition.

 If we are unable to expand our systems or
develop or acquire technologies to accommodate increased volume or an increased variety of operating systems, networks and devices broadly
used in the marketplace our ZCITY App could be impaired.

 We seek to generate a high volume of traffic and
transactions through our technologies. Accordingly, the satisfactory performance, reliability and availability of our website and platform,
processing systems and network infrastructure are critical to our reputation and our ability to attract and retain large numbers of users
who transact sales on our platform through a variety of operating systems, networks and devices while maintaining adequate customer service
levels. Our revenues depend, in substantial way, on the volume of user transactions that are successfully completed. Any system interruptions
that result in the unavailability of our service or reduced customer activity would ultimately reduce the volume of transactions completed.
Interruptions of service may also diminish the attractiveness of our company and our services. Any substantial increase in the volume
of traffic on our ZCITY App, the number of transactions being conducted by customers or substantial increase in the variety of operating
systems, networks or devices that are broadly used in the market will require us to expand and upgrade our technology, transaction processing
systems and network infrastructure. There can be no assurance that we will be able to accurately project the rate or timing of increases,
if any, in the use of the ZCITY App or timely expand and upgrade our systems and infrastructure to accommodate such increases or increases
in the variety of operating systems, networks or devices in a timely manner. Any failure to expand or upgrade our systems could have a
material adverse effect on our business, results of operations and financial condition.

 We use internally developed systems to operate
our service and for transaction processing. We must continually enhance and improve these systems in order to accommodate the level of
use of our products and services and increase our security. Furthermore, in the future, we may add new features and functionality to our
services that would result in the need to develop or license additional technologies. Our inability to add new software and hardware to
develop and further upgrade our existing technology, transaction processing systems or network infrastructure to accommodate increased
traffic on our platforms or increased transaction volume through our processing systems or to accommodate new operating systems, networks
or devices broadly used in the marketplace or to provide new features or functionality may cause unanticipated system disruptions, slower
response times, degradation in levels of customer service, impaired quality of the user's experience on our service, and delays
in reporting accurate financial information. There can be no assurance that we will be able in a timely manner to effectively upgrade
and expand our systems or to integrate smoothly any newly developed or purchased technologies with our existing systems. Any inability
to do so would have a material adverse effect on our business, results of operations and financial condition.

 As we increase our reliance on cloud-based
applications and platforms to operate and deliver our products and services, any disruption or interference with these platforms could
adversely affect our financial condition and results of operations.

 We rely on cloud-based applications and platforms
for critical business functions. We also are migrating a significant portion of our computing infrastructure to third party hosted cloud-based
computing platforms. If we are not able to complete this migration on our expected timeline, we could incur additional costs. Further,
these migrations can be risky and may cause disruptions to the availability of our products due to service outages, downtime or other
unforeseen issues that could increase our costs. We also may be subject to additional risk of cybersecurity breaches or other improper
access to our data or confidential information during or following migrations to cloud-based computing platforms. In addition, cloud computing
services may operate differently than anticipated when introduced or when new versions or enhancements are released. As we increase our
reliance on cloud-based computing services, our exposure to damage from service interruptions may increase. In the event any such issues
arise; it may be difficult for us to switch our operations from our primary cloud-based providers to alternative providers. Further, any
such transition could involve significant time and expense and could negatively impact our ability to deliver our products and services,
which could harm our financial condition and results of operations.

 Our failure to successfully market our ZCITY
App could result in adverse financial consequences.

 We believe that continuing to strengthen our ZCITY
App is critical to achieving our widespread acceptance, particularly in light of the competitive nature of our market. Promoting and positioning
our ZCITY App will depend largely on the success of our marketing efforts and our ability to provide high quality services. In order to
promote our ZCITY App, we will need to increase our marketing budget and otherwise increase our financial commitment to creating and maintaining
brand loyalty among users. There can be no assurance that ZCITY App promotion activities will yield increased revenues or that any such
revenues would offset the expenses incurred by us in building our ZCITY App. Further, there can be no assurance that any new users attracted
to us will conduct transactions over the ZCITY App on a regular basis. If we fail to promote and maintain our brand or incur substantial
expenses in an attempt to promote and maintain our brand or if our existing or future strategic relationships fail to promote the ZCITY
App or increase awareness, our business, results of operations and financial condition would be materially adversely affected.

 We may not be able to successfully develop
and promote new products or services which could result in adverse financial consequences.

 We plan to expand our operations by developing
and promoting new or complementary services, products or transaction formats or expanding the breadth and depth of services. There can
be no assurance that we will be able to expand our operations in a cost-effective or timely manner or that any such efforts will maintain
or increase overall market acceptance. Furthermore, any new business or service launched by us that is not favorably received by consumers
could damage our reputation and diminish the value of our brand. Expansion of our operations in this manner would also require significant
additional expenses and development, operations and other resources and would strain our management, financial and operational resources.
The lack of market acceptance of such services or our inability to generate satisfactory revenues from such expanded services to offset
their cost could have a material adverse effect on our business, results of operations and financial condition.

 In addition, if we are unable to keep up with
changes in technology and new hardware, software and services offerings, for example, by providing the appropriate training to out account
managers, sales technology specialists, engineers and consultants to enable them to effectively sell and deliver such new offerings to
customers, our business, results of operations or financial condition could be adversely affected.

 A decline in the demand for goods and services
of the merchants included in the ZCITY App could result in adverse financial consequences.

 We expect to derive most of our revenues from
fees from successfully completed transactions on our consumer facing platforms. Our future revenues will depend upon continued demand
for the types of goods and services that are offered by the merchants that are included on such platforms. Any decline in demand for the
goods offered through our services as a result of changes in consumer trends could have a material adverse effect on our business, results
of operations and financial condition.

 The effective operation of our platform
is dependent on technical infrastructure and certain third-party service providers.

 Our ability to attract, retain and serve customers
is dependent upon the reliable performance of our ZCITY App and the underlying technical infrastructure. We may fail to effectively scale
and grow our technical infrastructure to accommodate these increased demands. In addition, our business will be reliant upon third party
partners such as financial service providers and cash-out providers, payment terminals and equipment providers. Any disruption or failure
in the services from third party partners used to facilitate our business could harm our business. Any financial or other difficulties
these partners face may adversely affect our business, and we exercise little control over these partners, which increases vulnerability
to problems with the services they provide.

 There is no assurance that we will be profitable.

 There is no assurance that we will earn profits
in the future or that profitability will be sustained. There is no assurance that future revenues will be sufficient to generate the funds
required to continue our business development and marketing activities. If we do not have sufficient capital to fund our operations, we
may be required to reduce our sales and marketing efforts or forego certain business opportunities.

 We could lose the right to the use of our
domain names.

 We have registered domain names for our website
that we use in our business. If we lose the ability to use a domain name, whether due to trademark claims, failure to renew the applicable
registration, or any other cause, we may be forced to market our products under a new domain name, which could cause us substantial harm,
or to incur significant expense in order to purchase rights to the domain name in question. In addition, our competitors and others could
attempt to capitalize on our brand recognition by using domain names similar to ours, especially in light of our expected expansion in
SEA countries and East Asia. Domain names similar to ours may be registered in the United States and elsewhere. We may be unable to prevent
third parties from acquiring and using domain names that infringe on, are similar to, or otherwise decrease the value of our brand or
our trademarks or service marks. Protecting and enforcing our rights in our domain names may require litigation, which could result in
substantial costs and diversion of management's attention.

 We may be required to expend resources to
protect ZCITY App information or we may be unable to launch our services.

 From time to time, other companies may copy information
from our ZCITY App, through website scraping, robots or other means, and publish or aggregate it with other information for their own
benefit. We have no assurance other companies will not copy, publish or aggregate content from our ZCITY App in the future. When third
parties copy, publish or aggregate content from our ZCITY App, it makes them more competitive, and decreases the likelihood that consumers
will visit our website or use our mobile app to find the information they seek, which could negatively affect our business, results of
operations and financial condition. We may not be able to detect such third-party conduct in a timely manner and, even if we could, we
may not be able to prevent it. In some cases, particularly in the case of websites operating outside of the United States, our available
remedies may be inadequate to protect us against such practices. In addition, we may be required to expend significant financial or other
resources to successfully enforce our rights.

 Breaches of our online commerce security
could occur and could have an adverse effect on our reputation.

 A significant barrier to online commerce and communications
is the secure transmission of confidential information over public networks. There can be no assurance that advances in computer capabilities,
new discoveries in the field of cryptography and cybersecurity or other events or developments will not result in a compromise or breach
of the technology used by us to protect customer transaction data. If any such compromise of our security were to occur, it could have
a material adverse effect on our reputation and, therefore, on our business, results of operations and financial condition. Furthermore,
a party who is able to circumvent our security measures could misappropriate proprietary information or cause interruptions in our operations.
We may be required to expend significant capital and other resources to protect against such security breaches or to alleviate problems
caused by such breaches. Concerns over the security of transactions conducted on the Internet and other online services and the privacy
of users may also inhibit the growth of the Internet and other online services generally, and the Web in particular, especially as a means
of conducting commercial transactions. To the extent that our activities involve the storage and transmission of proprietary information,
security breaches could damage our reputation and expose us to a risk of loss or litigation and possible liability. There can be no assurance
that our security measures will prevent security breaches or that failure to prevent such security breaches will not have a material adverse
effect on our business, results of operations and financial condition.

 We may not have the ability to manage our
growth.

 We anticipate that significant expansion will
be required to address potential growth in our customer base and market opportunities. Our anticipated expansion is expected to place
a significant strain on our management, operational and financial resources. To manage any material growth of our operations and personnel,
we may be required to improve existing operational and financial systems, procedures and controls and to expand, train and manage our
employee base. There can be no assurance that our planned personnel, systems, procedures and controls will be adequate to support our
future operations, that management will be able to hire, train, retain, motivate and manage required personnel or that our management
will be able to successfully identify, manage and exploit existing and potential market opportunities. If we are unable to manage growth
effectively, our business, prospects, financial condition and results of operations may be materially adversely affected.

 We rely on the performance of highly skilled
personnel, and if we are unable to attract, retain and motivate well-qualified employees, our business could be harmed.

 We are, and will be, heavily dependent on the
skill, acumen and services of our management and other employees. Our future success depends on our continuing ability to attract, develop,
motivate and retain highly qualified and skilled employees. Qualified individuals are in high demand, and we may incur significant costs
to attract them. In addition, the loss of any of our senior management or key employees could materially adversely affect our ability
to execute our business plan, and we may not be able to find adequate replacements. All of our officers and employees are at-will employees,
which means they may terminate their employment relationship with us at any time, and their knowledge of our business and industry would
be extremely difficult to replace. We cannot ensure that we will be able to retain the services of any members of our senior management
or other key employees. If we do not succeed in attracting well-qualified employees or retaining and motivating existing employees, our
business could be harmed.

 Illegal use of our ZCITY App could result
in adverse consequences to us.

 Despite measures we will implement to detect and
prevent identify theft or other fraud, our ZCITY App remains susceptible to potentially illegal or improper uses. Despite measures we
will take to detect and lessen the risk of this kind of conduct, we cannot assure that these measures will succeed. Our business could
suffer if customers use the ZCITY App for illegal or improper purposes.

 If merchants on our ZCITY App are operating illegally,
we could be subject to civil and criminal lawsuits, administrative action and prosecution for, among other things, money laundering or
for aiding and abetting violations of law. We would lose the revenues associated with these accounts and could be subject to material
penalties and fines, both of which would seriously harm our business.

 We are subject to certain risks by virtue
of our international operations.

 We operate and expand internationally. We expect
to expand our international operations significantly by accessing new markets abroad and expanding our offerings in new languages: not
less than all languages in SEA countries and Japan. Our platform is now available in English and several other languages. However, we
may have difficulty modifying our technology and content for use in non-English-speaking markets or fostering new communities in non-English-speaking
markets. Our ability to manage our business and conduct our operations internationally requires considerable management attention and
resources, and is subject to the particular challenges of supporting a rapidly growing business in an environment of multiple languages,
cultures, customs, legal systems, alternative dispute systems, regulatory systems and commercial infrastructures. Furthermore, in most
international markets, we would not be the first entrant, and our competitors may be better positioned than we are to succeed. Expanding
internationally may subject us to risks that we have either not faced before or increase our exposure to risks that we currently face,
including risks associated with:

 recruiting and retaining qualified,
multi-lingual employees, including customer support personnel;

 increased competition from
local websites and guides and potential preferences by local populations for local providers;

 compliance with applicable
foreign laws and regulations, including different privacy, censorship and liability standards and regulations and different intellectual
property laws;

 providing solutions in different
languages for different cultures, which may require that we modify our solutions and features to ensure that they are culturally relevant
in different countries;

 the enforceability of our intellectual
property rights;

 credit risk and higher levels
of payment fraud;

 compliance with anti-bribery
laws;

 currency exchange rate fluctuations;

 foreign exchange controls that
might prevent us from repatriating cash earned outside the United States;

 political and economic instability
in some countries;

 double taxation of our international
earnings and potentially adverse tax consequences due to changes in the tax laws of the United States or the foreign jurisdictions in
which we operate; and

 higher costs of doing business
internationally.

 We do not have liability business interruption,
litigation or natural disaster insurance.

 We do not have any business liability, disruption
insurance or any other forms of insurance coverage for our operations in Malaysia because our business is still in planning and early
stage. Any potential liability, business interruption, litigation or natural disaster may result in our business incurring substantial
costs and the diversion of resources.

 The economy of Malaysia in general might
not grow as quickly as expected, which could adversely affect our revenues and business prospects.

 Our business and prospects depend on the continuing
development of the economy in Malaysia. We cannot assure you that the Malaysian economy will continue to grow at the same pace as in the
past. Economic growth is determined by countless factors, and it is extremely difficult to predict with any level of absolute certainty.
In the event that the Malaysian economy suffers, demand for the services and/or products of our wholly owned subsidiaries may diminish,
which would in turn result in decreased likelihood of profitability. This could in turn result in a substantial need for restructuring
of our business objectives and could result in a partial or entire loss of an investment in our Company.

 We face the risk that changes in the policies
of the Malaysian government could have a significant impact upon the business we may be able to conduct in Malaysia and the profitability
of such business.

 Policies of the Malaysian government can have
significant effects on the economic conditions of Malaysia. A change in policies by the Malaysian government could adversely affect our
interests by, among other factors: changes in laws, regulations or the interpretation thereof, confiscatory taxation, restrictions on
currency conversion, imports or sources of supplies or the expropriation or nationalization of private enterprises. We cannot assure you
that the government will continue to pursue current policies or that such policies may not be significantly altered, especially in the
event of a change in leadership, social or political disruption, or other circumstances affecting Malaysia's political, economic
and social environment.

 We are subject to foreign exchange control
policies in Malaysia.

 The ability of our subsidiaries to pay dividends
or make other payments to us may be restricted by the foreign exchange control policies in the countries where we operate. For example,
there are foreign exchange policies in Malaysia which support the monitoring of capital flows into and out of the country in order to
preserve its financial and economic stability. The foreign exchange policies are administered by the Foreign Exchange Administration,
an arm of Bank Negara Malaysia ("BNM"), the central bank of Malaysia. The foreign exchange policies monitor and regulate both
residents and non-residents. Under the current Foreign Exchange Administration rules issued by BNM, non-residents are free to repatriate
any amount of funds from Malaysia in foreign currency other than the currency of Israel at any time (subject to limited exceptions), including
capital, divestment proceeds, profits, dividends, rental, fees and interest arising from investment in Malaysia, subject to any withholding
tax. In the event BNM or any other country where we operate introduces any restrictions in the future, we may be affected in our ability
to repatriate dividends or other payments from our subsidiaries in Malaysia or in such other countries. Since we are a holding company
and rely principally on dividends and other payments from our subsidiaries for our cash requirements, any restrictions on such dividends
or other payments could materially and adversely affect our liquidity, financial condition and results of operations.

 Malaysia is experiencing substantial inflationary
pressures which may prompt the governments to take action to control the growth of the economy and inflation that could lead to a significant
decrease in our profitability.

 While the Malaysian economy has experienced rapid
growth over the last two decades, they have also experienced inflationary pressures. As governments take steps to address inflationary
pressures, there may be significant changes in the availability of bank credits, interest rates, limitations on loans, restrictions on
currency conversions and foreign investment. There also may be imposition of price controls. If our revenues rise at a rate that is insufficient
to compensate for the rise in our costs, it may have an adverse effect on our profitability. If these or other similar restrictions are
imposed by a government to influence the economy, it may lead to a slowing of economic growth, which may harm our business, financial
condition and results of operations.

 If inflation increases significantly in
SEA countries, our business, results of operations, financial condition and prospects could be materially and adversely affected.

 Should inflation in SEA countries, including Malaysia,
increase significantly, our costs, including our staff costs are expected to increase. Furthermore, high inflation rates could have an
adverse effect on the countries' economic growth, business climate and dampen consumer purchasing power. As a result, a high inflation
rate in SEA countries, including Malaysia, could materially and adversely affect our business, results of operations, financial condition
and prospects.

 Any potential disruption in and other risks
relating to our merchants' supply chain could increase the costs of their products or services to consumers, potentially causing
consumers to limit their spending or seek products or services from alternative businesses that may not be registered as a merchant with
us, which may ultimately affect the total number of users using our platform and harm our business, financial condition and results of
operations.

 Our offline and online merchants obtain their
products, or the raw materials comprised of their products or used in their services, from manufacturers and distributors located around
the world, and may have entered into long-term contracts or exclusive agreements that would ensure their ability to acquire the types
and quantities of products or raw materials they desire at acceptable prices and in a timely manner. Any potential disruption in and other
risks relating to the offline or online merchants' supply chain as a result of the COVID-19 pandemic or Russia's invasion
of Ukraine, could increase the costs of their products or services to consumers, potentially causing consumers to limit their spending
or seek products or services from alternative businesses that may not be registered as a merchant with us, which may ultimately affect
the total number of users using our platform and harm our business, financial condition and results of operations.

 Our business will be exposed to foreign
exchange risk.

 We derive most of our revenue from the operations
of our ZCITY App in Malaysia and expect to derive our revenue from Malaysia, other SEA countries and Japan in the future. Our functional
currencies will by necessity be the currencies of the countries of SEA and Japan. Our reporting currency is the U.S. dollar. We translate
our results of operations using the average exchange rate for the period, unless the average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the
dates of the transactions, and we translate our financial position at the period-end exchange rate. Accordingly, any significant fluctuation
between the currencies of countries of SEA and Japan on the one hand and the U.S. dollar on the other could expose us to foreign exchange
risk.

 Some of the currencies of the countries of SEA
are not freely convertible. The foreign exchange management regime of many SEA countries has transitioned from a system of fixed multiple
exchange rates controlled by the state banks to a system of flexible exchange rates regulated largely by market forces, though transfers
of currency is regulated and controlled in some countries. A significant depreciation in many of the currencies of countries of SEA against
major foreign currencies may have a material adverse impact on our results of operations and financial condition because our reporting
currency is the U.S. dollar. There can be no assurance, that the governments will continue to relax their foreign exchange regulations,
that they will maintain the same foreign exchange policy or that there will be sufficient foreign currency available in the market for
currency conversions. If, in the future, the regulations restrict our ability to convert local currencies or there is insufficient foreign
currency available in the market, we may be unable to meet any foreign currency payment obligations.

 Fluctuations in exchange rates in the Malaysian
Ringgit ("RM") could adversely affect our business and the value of our securities.

 The value of the RM against the U.S. dollar and
other currencies may fluctuate and is affected by, among other things, changes in Malaysia's political and economic conditions.
The value of our common stock will be indirectly affected by the foreign exchange rate between U.S. dollars and RM and between those currencies
and other currencies in which our revenue may be denominated. Appreciation or depreciation in the value of the RM relative to the U.S.
dollar would affect our financial results reported in U.S. dollar terms without giving effect to any underlying change in our business
or results of operations. As we rely entirely on revenues earned in Malaysia, any significant revaluation of RM may materially and adversely
affect our cash flows, revenues and financial condition. For example, to the extent that we need to convert U.S. dollars we receive from
an offering of our securities into RM for our operations, appreciation of the RM against the U.S. dollar could cause the RM equivalent
of U.S. dollars to be reduced and therefore could have a material adverse effect on our business, financial condition and results of operations.
Conversely, if we decide to convert our RM into U.S. dollars for the purpose of making dividend payments on our common stock or for other
business purposes and the U.S. dollar appreciates against the RM, the U.S. dollar equivalent of the RM we convert would be reduced. In
addition, the depreciation of significant U.S. dollar denominated assets could result in a change to our operations and a reduction in
the value of these assets.

 We may not be able to maintain the listing
of our common stock on Nasdaq, which could adversely affect our liquidity and the trading volume and market price of our common stock
and decrease or eliminate your investment.

 On August 17, 2023, we received a letter from
Nasdaq notifying us that we were no longer in compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq
under Nasdaq Listing Rule 5550(a)(2). Although Nasdaq has granted us 180 calendar days, or until February 13, 2024, to regain compliance
with the Bid Price Rule. On February 27, 2024, the Company effected a 1:70 reverse stock split of its shares of common stock. On March
20, 2024, the Company received a letter from the Panel informing the Company that since the common stock of the Company had traded at
$1.00 per share or greater for a 10 consecutive business day period between February 27, 2024 and March 20, 2024. Accordingly, the Company
has regained compliance with the Bid Price Rule and this matter is closed. However, there can be no assurance that we will continue to
be in compliance and Nasdaq could make a determination to issue another notice regarding such incompliance.

 Any delisting determination by Nasdaq could seriously
decrease or eliminate the value of an investment in our common stock and other securities linked to our common stock. While a listing
on an over-the-counter exchange could maintain some degree of a market in our common stock, we could face substantial material adverse
consequences, including, but not limited to, the following: limited availability for market quotations for our common stock; reduced liquidity
with respect to and decreased trading prices of our common stock; a determination that shares of our common stock are "penny stock"
under the SEC rules, subjecting brokers trading our common stock to more stringent rules on disclosure and the class of investors to which
the broker may sell the common stock; limited news and analyst coverage for our Company, in part due to the "penny stock"
rules; decreased ability to issue additional securities or obtain additional financing in the future; and potential breaches under or
terminations of our agreements with current or prospective large stockholders, strategic investors and banks. The perception among investors
that we are at heightened risk of delisting could also negatively affect the market price of our securities and trading volume of our
common stock.

 Geopolitical conditions, including acts
of war or terrorism or unrest in the regions in which we operate could adversely affect our business.

 Most of our operations and business activities
are conducted in Malaysia, whose economy and legal system remain susceptible to risks associated with an emerging economy and which is
subject to higher geopolitical risks than developed countries. Social and political unrest could give rise to various risks, such as loss
of employment and safety and security risks to persons and property. Additionally, our operations could be disrupted by acts of war, terrorist
activity or other similar events, including the current or anticipated impact of military conflict and related sanctions imposed on Russia,
Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations by the
United States and other countries due to Russia's invasion of Ukraine in February 2022. It is not possible to predict the broader
consequences of the conflict, including related geopolitical tensions, and the measures and retaliatory actions taken by the U.S. and
other countries in respect thereof as well as any counter measures or retaliatory actions by Russia or Belarus in response, including,
for example, potential cyberattacks or the disruption of energy exports, is likely to cause regional instability, geopolitical shifts,
and could materially adversely affect global trade, currency exchange rates, regional economies and the global economy. Any such event
may in turn have a material and adverse effect on our business, results of operations and financial position.

 Because our principal assets are located
outside of the United States and all of our directors and all our officers reside outside of the United States, it may be difficult for
you to enforce your rights based on U.S. Federal Securities Laws against us and our officers and directors or to enforce a judgment of
a United States court against us or our officers and directors.

 All of our directors and officers reside outside
of the United States. In addition, substantially all of our assets are located outside of the United States. It may therefore be difficult
for investors in the United States to enforce their legal rights based on the civil liability provisions of the U.S. federal securities
laws against us in the courts of either the U.S. or Malaysia and, even if civil judgments are obtained in U.S. courts, to enforce such
judgments in Malaysian courts.

 Our failure to maintain effective internal
controls over financial reporting could have an adverse impact on us.

 We are required to establish and maintain appropriate
internal controls over financial reporting. Failure to establish those controls, or any failure of those controls once established, could
adversely impact our public disclosures regarding our business, financial condition or results of operations. In addition, management's
assessment of internal controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal
controls over financial reporting or other matters that may raise concerns for investors. Any actual or perceived weaknesses and conditions
that need to be addressed in our internal control over financial reporting, disclosure of management's assessment of our internal
controls over financial reporting or disclosure of our public accounting firm's attestation to or report on management's assessment
of our internal controls over financial reporting may have an adverse impact on the price of our common stock.

 In preparing our consolidated financial statements
as of and for the year ended June 30, 2024, we and our independent registered public accounting firms identified 2 material weaknesses
and other control deficiencies including significant deficiencies in our internal control over financial reporting, as defined in the
standards established by the Public Company Accounting Oversight Board. A "material weakness" is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

 The material weaknesses identified included the
following: (1) Inadequate U.S. GAAP expertise. The current accounting staff is inexperienced in applying U.S. GAAP standard as they are
primarily engaged in ensuring compliance with International Financial Reporting Standards ("IFRS") accounting and reporting
requirement for our consolidated operating entities, and thus require substantial training. The current staff's accounting skills
and understanding as to how to fulfill the requirements of U.S. GAAP-based reporting, including subsidiary financial statements consolidation,
are inadequate; and (2) Inadequate internal audit function. We lack of a functional internal audit department or personnel that monitors
the consistencies of the preventive internal control procedures and lack of adequate policies and procedures in internal audit function
to ensure that our policies and procedures have been carried out as planned.

 Following the identification of the material weaknesses
and control deficiencies, we plan to take remedial measures including (i) hiring more qualified accounting personnel with relevant U.S.
GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system
control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting
and financial reporting personnel; (iii) establishing internal audit function by engaging an external consulting firm to assist us with
assessment of Sarbanes-Oxley Act compliance requirements and improvement of overall internal control; and (iv) strengthening corporate
governance. However, the implementation of these measures may not fully address the material weaknesses in our internal control over financial
reporting. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control
deficiencies could result in inaccuracies in our consolidated financial statements and could also impair our ability to comply with applicable
financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results
of operations and prospects, as well as the trading price of our common stocks, may be materially and adversely affected. Moreover, ineffective
internal control over financial reporting significantly hinders our ability to prevent fraud.

 A control system, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. In addition, the
design of a control system must reflect the fact that there are resource constraints, and the benefit of controls must be relative to
their costs. Because of the inherent limitations in all control systems, no system of controls can provide absolute assurance that all
control issues and instances of fraud, if any, within our Company have been detected. These inherent limitations include the realities
that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Further, controls can
be circumvented by individual acts of some persons, by collusion of two or more persons, or by management override of the controls. The
design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be
no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, a control may
become inadequate because of changes in conditions or the degree of compliance with policies or procedures may deteriorate. Because of
inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.

 If we fail to have effective controls and procedures
for financial reporting in place, we could be unable to provide timely and accurate financial information which could result in an investigation
by the SEC and civil or criminal sanctions; investors losing confidence in the accuracy of our periodic reports filed under the Exchange
Act; and a decline in our stock price.

 We are an "emerging growth company"
under the JOBS Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our
common stock less attractive to investors.

 We are an "emerging growth company,"
as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are not applicable
to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote
on executive compensation and shareholder approval of any golden parachute payments not previously approved. We cannot predict if investors
will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive
as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

 In addition, Section 107 of the JOBS Act also
provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B)
of the Securities Act of 1933 (the "Securities Act") for complying with new or revised accounting standards. In other words,
an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. We have chosen to take advantage of the extended transition period for complying with new or revised accounting
standards.

 We will remain an "emerging growth company"
until the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common stock pursuant to an
effective registration statement under the Securities Act, although we will lose that status sooner if our revenues exceed $1.235 billion,
if we issue more than $1 billion in non-convertible debt in a three year period, or if the market value of our common stock that is held
by non-affiliates exceeds $700 million as of the last day of our most recently completed second fiscal quarter.

 The elimination of personal liability against
our directors and officers under Delaware law and the existence of indemnification rights held by our directors, officers and employees
may result in substantial expenses.

 Our certificate of incorporation, as amended ("Certificate
of Incorporation") eliminates the personal liability of our directors and officers to us and our stockholders for damages for breach
of fiduciary duty as a director or officer to the extent permissible under Delaware law. Further, our bylaws ("Bylaws") provide
that we are obligated to indemnify each of our directors or officers to the fullest extent authorized by the Delaware law and, subject
to certain conditions, advance the expenses incurred by any director or officer in defending any action, suit or proceeding prior to its
final disposition. Those indemnification obligations could expose us to substantial expenditures to cover the cost of settlement or damage
awards against our directors or officers, which we may be unable to afford. Further, those provisions and resulting costs may discourage
us or our stockholders from bringing a lawsuit against any of our current or former directors or officers for breaches of their fiduciary
duties, even if such actions might otherwise benefit our stockholders.

 We have not paid dividends in the past and
do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock.

 We have never paid cash dividends on our common
stock and do not anticipate paying cash dividends on our common stock in the foreseeable future. We currently intend to retain any future
earnings to support the development of our business and do not anticipate paying cash dividends in the foreseeable future. Our payment
of any future dividends will be at the discretion of our Board after taking into account various factors, including, but not limited to,
our financial condition, operating results, cash needs, growth plans and the terms of any credit agreements that we may be a party to
at the time. In addition, our ability to pay dividends on our common stock may be limited by Delaware state law. Accordingly, investors
must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize a return on their
investment. Investors seeking cash dividends should not purchase our common stock.

 Cybersecurity incident and ongoing cyber
risk

 We operate cloud-based systems and third-party integrations to support
our platform and software services. In May 2025 we detected unauthorized changes to our domain, DNS, and email configurations, which caused
us to suspend operations on our ZCITY App for 44 days, however no evidence of data exfiltration or compromise involving customer data,
financial information, or internal systems was found and the incident did not have any material adverse effect on our business or financial
prospects. We have increased our security protocols and migrated to a new domain for our ZCity App. However, cybersecurity events may
recur and could result in operational disruption, loss of data, regulatory inquiries, litigation, reputational harm, and additional costs
for response and remediation. If any of these events were to occur it could have a material adverse effect on our business and financial
condition.

 Customer and prepayment concentration

 A limited number of customers and counterparties accounted for a meaningful
portion of our revenues, receivables and prepayments. If a major customer reduces or delays orders, or if prepayments to project counterparties
are not realized as planned, our results of operations and liquidity could be adversely affected, including potential impairments or allowances.

 Regulatory Risks

 Failure to comply with laws and regulations
applicable to our business could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business.

 Our business is subject to regulation by various
governmental agencies in Malaysia, including agencies responsible for monitoring and enforcing compliance with various legal obligations,
such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety,
governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. These laws and
regulations impose added costs on our business. Noncompliance with applicable regulations or requirements could subject us to:

 investigations, enforcement
actions, and sanctions;

 mandatory changes to our network
and products;

 disgorgement of profits, fines,
and damages;

 civil and criminal penalties
or injunctions;

 claims for damages by our customers
or channel partners;

 termination of contracts;

 failure to obtain, maintain
or renew certain licenses, approvals, permits, registrations or filings necessary to conduct our operations; and

 temporary or permanent debarment
from sales to public service organizations.

 If any governmental sanctions are imposed, or
if we do not prevail in any possible civil or criminal litigation, our business, results of operations and financial condition could be
adversely affected. In addition, responding to any action will likely result in a significant diversion of our management's attention
and resources and an increase in professional fees. Enforcement actions and sanctions could materially harm our business, results of operations
and financial condition.

 Any reviews by regulatory agencies or legislatures
may result in substantial regulatory fines, changes to our business practices and other penalties, which could negatively affect our business
and results of operations. Changes in social, political and regulatory conditions or in laws and policies governing a wide range of topics
may cause us to change our business practices. Further, our expansion into a variety of new fields also could raise a number of new regulatory
issues. These factors could negatively affect our business and results of operations in material ways.

 Moreover, we are exposed to the risk of misconduct,
errors and failure to functions by our management, employees and parties that we collaborate with, who may from time to time be subject
to litigation and regulatory investigations and proceedings or otherwise face potential liability and penalties in relation to noncompliance
with applicable laws and regulations, which could harm our reputation and business.

 Regulation of the internet generally could
have adverse consequences on our business.

 We are also subject to regulations and laws in
Malaysia specifically governing the internet and e-commerce. Existing and future laws and regulations may impede the growth of the Internet,
e-commerce or other online services, and increase the cost of providing online services. These regulations and laws may cover sweepstakes,
taxation, tariffs, user privacy, data protection, pricing, content, copyrights, distribution, electronic contracts and other communications,
consumer protection, broadband residential Internet access and the characteristics and quality of services. It is not clear how existing
laws governing issues such as property ownership, sales, use and other taxes, libel and personal privacy apply to the internet and e-commerce.
Unfavorable resolution of these issues may harm our business and results of operations.

 Privacy regulations could have adverse consequences
on our business.

 We receive, collect, store, process, transfer
and use personal information and other user data. There are numerous international laws and regulations regarding privacy, data protection,
information security and the collection, storing, sharing, use, processing, transfer, disclosure and protection of personal information
and other content, the scope of which are changing, subject to differing interpretations, and may be inconsistent among countries, or
conflict with other laws and regulations. We are also subject to the terms of our privacy policies and obligations to third parties related
to privacy, data protection and information security. We strive to comply with applicable laws, regulations, policies and other legal
obligations relating to privacy, data protection and information security to the extent possible. However, the regulatory framework for
privacy and data protection worldwide is, and is likely to remain for the foreseeable future, uncertain and complex, and it is possible
that these or other actual or alleged obligations may be interpreted and applied in a manner that we do not anticipate or that is inconsistent
from one jurisdiction to another and may conflict with other rules or our practices. Further, any significant change to applicable laws,
regulations, or industry practices regarding the collection, use, retention, security or disclosure of our users' data, or their
interpretation, or any changes regarding the manner in which the express or implied consent of users for the collection, use, retention
or disclosure of such data must be obtained, could increase our costs and require us to modify our services and features, possibly in
a material manner, which we may be unable to complete, and may limit our ability to store and process user data or develop new services
and features.

 We also expect that there will continue to be
new laws, regulations and industry standards concerning privacy, data protection and information security proposed and enacted in various
jurisdictions.

 Any failure or perceived failure by us to comply
with our posted privacy policies, our privacy-related obligations to users or other third parties or any other legal obligations or regulatory
requirements relating to privacy, data protection or information security may result in governmental investigations or enforcement actions,
litigation, claims or public statements against us by consumer advocacy groups or others and could result in significant liability, cause
our users to lose trust in us, and otherwise have an adverse effect on our reputation and business. Furthermore, the costs of compliance
with, and other burdens imposed by, the laws, regulations and policies that are applicable to the businesses of our users may limit the
adoption and use of, and reduce the overall demand for, our ZCITY App.

 Additionally, if third parties we work with violate
applicable laws, regulations or agreements, such violations may put our users' data at risk, could result in governmental investigations
or enforcement actions, fines, litigation, claims or public statements against us by consumer advocacy groups or others and could result
in significant liability, cause our users to lose trust in us and otherwise have an adverse effect on our reputation and business. Further,
public scrutiny of or complaints about technology companies or their data handling or data protection practices, even if unrelated to
our business, industry or operations, may lead to increased scrutiny of technology companies, including us, and may cause government agencies
to enact additional regulatory requirements, or to modify their enforcement or investigation activities, which may increase our costs
and risks.

 Regulation of gift cards or "E-vouchers"
could have adverse consequences on our business.

 Our platform's payment system inevitably
provides our customers with reward points that may or may not be deemed gift certificates, store gift cards, general-use prepaid cards
or other vouchers or "gift cards," subject to, various laws of multiple jurisdictions. Many of these laws include specific
disclosure requirements and prohibitions or limitations on the use of expiration dates and the imposition of certain fees. Various companies
that provided deal products similar to ours around the world are currently or were defendants in purported class action lawsuits.

 The application of various other laws and regulations
to our products is uncertain. These include laws and regulations pertaining to unclaimed and abandoned property, partial redemption, revenue-sharing
restrictions on certain trade groups and professions, sales and other local taxes and the sale of alcoholic beverages. In addition, we
may become, or be determined to be, subject to United States federal or state laws or laws in Malaysia or other countries where we operate
regulating money transmitters or aimed at preventing money laundering or terrorist financing, including the Bank Secrecy Act, the USA
Patriot Act and other similar future laws or regulations in the United States and in the applicable SEA or East Asia countries.

 If we become subject to claims or are required
to alter our business practices as a result of current or future laws and regulations, our revenue could decrease, our costs could increase
and our business could otherwise be harmed. In addition, the costs and expenses associated with defending any actions related to such
additional laws and regulations and any payments of related penalties, fines, judgments or settlements could harm our business.

 The requirements of being a public company
are complex and have increased costs.

 As a public company, we are subject to the reporting
requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), the Dodd-Frank Wall Street Reform
and Consumer Protection Act, and other applicable securities rules and regulations. Compliance with these rules and regulations increases
our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems
and resources. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business
and operating results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures
and internal control over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures and
internal control over financial reporting to meet this standard, significant resources and management oversight may be required. As a
result, management's attention may be diverted from other business concerns, which could harm our business and operating results.
We may need to hire more employees in the future to maintain compliance with these requirements, which will increase our costs and expenses.

 In addition, changing laws, regulations and standards
relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance
costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in
many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided
by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated
by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and
standards, and this investment may result in increased general and administrative expenses and a diversion of management's time
and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards
differ from the activities intended by regulatory or governing bodies due to ambiguities related to practice, regulatory authorities may
initiate legal proceedings against us and our business may be harmed.

 We also expect that being a public company and
these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required
to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for
us to attract and retain qualified members of our Board, particularly to serve on our audit committee and renumeration committee, and
qualified executive officers.

 As a result of disclosure of information in this
Annual Report on Form 10-K and in our prior SEC filings, our business and financial condition has become more visible, which we believe
may result in increased threatened or actual litigation, including by competitors and other third parties. If such claims are successful,
our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these
claims, and the time and resources necessary to resolve them, could divert the resources of our management and harm our business and operating
results.

 Failure to comply with the U.S. Foreign
Corrupt Practices Act and Malaysia anti-corruption laws could subject us to penalties and other adverse consequences.

 We are required to comply the Malaysia's
anti-corruption laws and the United States Foreign Corrupt Practices Act, which generally prohibits U.S. companies from engaging in bribery
or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. In addition, we are required to
maintain records that accurately and fairly represent our transactions and have an adequate system of internal accounting controls. Foreign
companies, including some of our competitors, are not subject to these prohibitions. Corruption, extortion, bribery, pay-offs, theft and
other fraudulent practices occur from time-to-time in Malaysia. If our competitors engage in these practices, they may receive preferential
treatment from personnel of some companies, giving our competitors an advantage in securing business or from government officials who
might give them priority in obtaining new licenses, which would put us at a disadvantage. Although we inform our personnel that such practices
are illegal, we cannot assure you that our employees or other agents will not engage in such conduct for which we might be held responsible.
If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences
that may have a material adverse effect on our business, financial condition and results of operations. In addition, our brand and reputation,
our sales activities or the price of our ordinary shares could be adversely affected if we become the target of any negative publicity
as a result of actions taken by our employees or other agents.

 Litigation is costly and time consuming
and could have a material adverse effect our business, results or operations and reputation.

 We and/or our directors and officers may be subject
to a variety of civil or other legal proceedings, with or without merit. From time to time in the ordinary course of our business, we
may become involved in various legal proceedings, including commercial, employment and other litigation and claims, as well as governmental
and other regulatory investigations and proceedings. Such matters can be time-consuming, divert management's attention and resources
and cause us to incur significant expenses. Furthermore, because litigation is inherently unpredictable, the results of any such actions
may have a material adverse effect on our business, operating results or financial condition.

 Even if the claims are without merit, the costs
associated with defending these types of claims may be substantial, both in terms of time, money, and management distraction. In particular,
patent and other intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may require
us to stop offering certain features, purchase licenses or modify our products and features while we develop non-infringing substitutes
or may result in significant settlement costs.

 The results of litigation and claims to which
we may be subject cannot be predicted with certainty. Even if these matters do not result in litigation or are resolved in our favor or
without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could harm our
business, results or operations and reputation.

 We face potential liability and expense
for legal claims based on the content on our ZCITY App.

 We face potential liability and expense for legal
claims relating to the information that we publish on our website and our ZCITY App, including claims for copyright or trademark infringement,
among others. These claims could divert management time and attention away from our business and result in significant costs to investigate
and defend, regardless of the merits of the claims. In some instances, we may elect or be compelled to remove content or may be forced
to pay substantial damages if we are unsuccessful in our efforts to defend against these claims. If we elect or are compelled to remove
valuable content from our website or mobile app, our ZCITY App may become less useful to consumers and our traffic may decline, which
could have a negative impact on our business and financial performance.

 Our intellectual property rights may be
inadequate to protect us against others claiming violations of their proprietary rights and the cost of enforcement could be significant.

 The future success of our business is dependent
upon the intellectual property rights surrounding our technology, including trade secrets, know-how and continuing technological innovation.
Although we will seek to protect our proprietary rights, our actions may be inadequate to protect any proprietary rights or to prevent
others from claiming violations of their proprietary rights. There can be no assurance that other companies are not investigating or developing
other technologies that are similar to our technology. In addition, effective intellectual property protection may be unenforceable or
limited in certain countries, and the global nature of the Internet makes it impossible to control the ultimate designation of our technology.
Any of these claims, with or without merit, could subject us to costly litigation. If the protection of proprietary rights is inadequate
to prevent unauthorized use or appropriation by third parties, the value of our brand and other intangible assets may be diminished. Any
of these events could have an adverse effect on our business and financial results.

 Effective trade secret, copyright, trademark and
domain name protection is expensive to develop and maintain, both in terms of initial and ongoing registration requirements and expenses
and the costs of defending our rights. We are seeking to protect our trademarks and domain names in an increasing number of jurisdictions,
a process that is expensive and may not be successful or which we may not pursue in every location. Litigation may be necessary to enforce
our intellectual property rights, protect our respective trade secrets or determine the validity and scope of proprietary rights claimed
by others. Any litigation of this nature, regardless of outcome or merit, could result in substantial costs and diversion of management
and technical resources, any of which could adversely affect our business and operating results. We may incur significant costs in enforcing
our trademarks against those who attempt to imitate our brand. If we fail to maintain, protect and enhance our intellectual property rights,
our business and operating results may be harmed.

 If we are unable to protect the confidentiality
of our trade secrets, our business and competitive position could be harmed.

 In addition to patent protection, we also rely
upon copyright and trade secret protection, as well as non-disclosure agreements and invention assignment agreements with our employees,
consultants and third parties, to protect our confidential and proprietary information. In addition to contractual measures, we try to
protect the confidential nature of our proprietary information using commonly accepted physical and technological security measures. Such
measures may not, for example, in the case of misappropriation of a trade secret by an employee or third party with authorized access,
provide adequate protection for our proprietary information. Our security measures may not prevent an employee or consultant from misappropriating
our trade secrets and providing them to a competitor, and recourse we take against such misconduct may not provide an adequate remedy
to protect our interests fully. Unauthorized parties may also attempt to copy or reverse engineer certain aspects of our product that
we consider proprietary. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret can be difficult, expensive
and time-consuming, and the outcome is unpredictable. Even though we use commonly accepted security measures, trade secret violations
are often a matter of state law, and the criteria for protection of trade secrets can vary among different jurisdictions. In addition,
trade secrets may be independently developed by others in a manner that could prevent legal recourse by us. If any of our confidential
or proprietary information, such as our trade secrets, were to be disclosed or misappropriated, or if any such information was independently
developed by a competitor, our business and competitive position could be harmed.

 Third parties may assert that our employees
or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.

 We employ individuals who previously worked with
other companies, including our competitors or potential competitors. Although we try to ensure that our employees and consultants do not
use the proprietary information or know-how of others in their work for us, we may be subject to claims that we or our employees, consultants
or independent contractors have inadvertently or otherwise used or disclosed intellectual property, including trade secrets or other proprietary
information, of a former employer or other third party. Litigation may be necessary to defend against these claims. If we fail in defending
any such claims or settling those claims, in addition to paying monetary damages or a settlement payment, we may lose valuable intellectual
property rights or personnel. Even if we are successful in defending against such claims, litigation could result in substantial costs
and be a distraction to management and other employees.

 Item 1B. Unresolved
Staff Comments

 None.

 Item 1C. Cybersecurity

 We maintain a comprehensive cybersecurity program
designed to protect our information systems and digital assets, including identity and access management controls, network security monitoring,
employee awareness training, and periodic third-party assessments. Our cybersecurity policies are reviewed by management and overseen
by the board's audit committee at least annually. We regularly evaluate emerging threats and update our security controls and incident-response
procedures accordingly.

 Incident and Remediation Summary

 In May 2025, we detected unauthorized changes
to our domain, DNS, and email configurations originating from administrative credentials retained by a former employee. The impact was
limited to a brief email-routing disruption; all production systems remained fully operational. Based on internal reviews and independent
external assessment, we found no evidence of data exfiltration or compromise involving customer data, financial information, or internal
systems, and the issue was contained on the same day it was discovered.

 Upon detection, we immediately purged and rotated
credentials across all critical systems, enforced company-wide multi-factor authentication, closed orphaned accounts, and moved registrar
and DNS administration under centralized secure access controls. We also hardened email authentication (SPF, DKIM, DMARC), implemented
registry-level domain locks and DNSSEC, and completed a secure migration of domain and DNS records to a new registrar environment.

 We have since completed a forensic investigation,
automated off-boarding and access-revocation processes, established 24/7 SIEM/SOC monitoring for identity and domain anomalies, and conducted
targeted cybersecurity training. Our domain, DNS, and email operations are now fully stabilized and secured, with quarterly access reviews
and ongoing monitoring to ensure continued resilience.

 The incident did not have a material impact on our operations or financial
condition.

 Item 2. Properties.

 Our principal executive offices are located at 276 5 th Avenue,
Suite 704 #739, New York, New York 10001 and B03-C-13A, Menara 3A, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia. We
lease and maintain our offices, and we currently do not own any real estate.

 Item 3. Legal
Proceedings

 We may be subject to legal disputes and subject
to claims that arise in the ordinary course of business. We are not a party or subject to any pending legal proceedings the resolution
of which is expected to have a material adverse effect on our business, operating results, cash flows or financial condition.

 Item 4. Mine Safety
Disclosures

 Not applicable.

 Item 5. Market
for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Market Information

 Our common stock is trading on the Nasdaq Capital
Market under the symbol "TGL."

 Holders

 As of June 30, 2025, there were 18 stockholders
of record of our common stock. Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders,
this number is not representative of the total number of beneficial owners of our stock.

 Dividends

 We have never declared or paid any cash dividend
on our common stock. We intend to retain any future earnings to finance the operation and expansion of our business and fund our share
repurchase program, and we do not expect to pay cash dividends in the foreseeable future.

 Securities Authorized for Issuance under Equity
Compensation Plans

 We have not adopted an equity compensation plans
as of June 30, 2025. The Board and the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee")
approved the Treasure Global Inc 2025 Equity Incentive Plan (the "2025 Plan"), and the Company intends to submit the approval
of the 2025 Plan to the stockholders of the Company on August 29, 2025. Notwithstanding the foregoing, because the Company has limited
cash resources at this time, it may issue shares or options to or enter into obligations that are convertible into shares of common stock
with its employees and consultants as payment for services or as discretionary bonuses.

 Recent Sales of Unregistered Securities

 During the fiscal year ended June 30, 2025, the
registrant has granted or issued the following securities of the registrant that were not registered under the Securities Act, as amended.

 (a) Issuance of Capital Stock.

 On October 7, 2025, Treasure Global Inc (the "Company")
entered into a subscription agreement (the "Agreement") with two Malaysian individuals, Chuah Su Chen and the Company's
director Chan Meng Chun (together with Chuah Su Chen, the "Investors"). Subject to the terms and conditions set forth in the
Agreement, the Company desires to issue and sell to each Investor, and each Investor desires to subscribe for, an aggregate amount of
USD200,000.00 in the Company for the allotment and issuance of common stock of the Company ("the Shares") for the purchase
price of $1.16 per share, which represents the closing price of the Company's common stock on the Nasdaq Capital Market on October
6, 2025. The offering and sale of the Shares were made in reliance upon the exemption from the registration provided by Regulation S under
the Securities Act of 1933, as amended (the "Securities Act"), as the transactions were completed outside the United States
with non-U.S. persons. The Shares are subject to transfer restrictions and may not be offered to be sold in the United States absent registration
or an applicable exemption under the Securities Act.

 On October 10, 2024, the Company entered into
a service partnership agreement (the "Partnership Agreement") with Octagram Investment Limited ("OCTA"), a Malaysian
company, to establish a strategic partnership pursuant to the terms and conditions set forth in this Partnership Agreement. Pursuant to
the Partnership Agreement, OCTA shall design, develop and deliver mini-game modules to be integrated into the ZCity App, an E-Commerce
platform owned by the Company. In addition, OCTA shall customize the mini-game modules based on the Company's detailed specification
(the "Services") TGL agrees to pay OCTA a total fee of $2,800,000.00 ("Service Fees") to OCTA and/or its nominees.
The Service Fees shall be due and earned upon execution of this Agreement. The Service Fees shall be utilized by TGL for the Services
provided by OCTA at any time during the Term of this Agreement. This includes an upfront payment for the development costs of the mini-game
modules, as well as the payment of a flat fee of $10,000.00 per month, starting from the delivery of the first mini-game module, for the
ongoing technical support outlined in this Agreement. The Service Fees shall include all taxes and disbursement ("Other Expenses")
due and payable to OCTA in rendering the Services under this Agreement. All such Other Expenses incurred by OCTA will be justified to
TGL with valid and relevant reasons to the satisfaction of TGL. TGL shall have the sole and absolute discretion to approve such charges
or claims provided that such approval shall not be unreasonably withheld by TGL. The Service Fees shall be payable by TGL to OCTA and/or
its nominees via the issuance of Three Million and Five Hundred Thousand (3,500,000) shares of common stock, par value $0.00001 of TGL
(the "TGL Shares") at a determined issuance price of $0.80 per TGL Share. The TGL Shares shall be issued on a restricted basis
for a period of six (6) months pursuant to the requirements of the Securities Act 1933, Rule 144. On the True-Up Date, which means the
expiry date of the sixth (6th) month from the day of the issuance of TGL Shares to Octa, in the event that the 30-Day VWAP of the TGL
Shares to be issued pursuant to the Agreement falls below the amount of $0.80, then TGL shall issue to OCTA additional TGL Shares equal
to the difference between the Service Fees and the value of the TGL Shares on the True Up Date within fourteen (14) business days from
the True Up Date.

 On October 29, 2024, the Company entered into
a certain service agreement (the "Agreement") with V GALLANT SDN BHD ("V Gallant"), a private company incorporated
in Malaysia. Pursuant to the Agreement, the Company engaged V Gallant for its generative AI solutions and AI digital human technology
services (the "Services") in accordance with the terms and conditions therein. The Company agreed to pay V Gallant a total
consideration of USD16,000,000 (the "Fees") to V Gallant and/or its nominees for the Services and all associated hardware
and software under the Agreement. The Fees shall be payable by the Company to V Gallant and/or its nominees via the issuance of shares
of common stock, par value $0.00001 per share ("TGL Shares") at a determined issuance price of $0.67 per TGL Share in the
following manner: (1) the first instalment, constituting a down payment of fifty percent (50%) of the Fees, being $8,000,000), shall be
due upon execution of this Agreement; and (2) the remainder, constituting fifty percent (50%) of the Fees, being $8,000,000, shall be
paid in twelve (12) equal monthly instalments, commencing from January 31, 2025, with each payment due on the last day of each calendar
month, until December 31, 2025, unless otherwise mutually agreed in writing by the TGL and V Gallant. The TGL Shares will be issued pursuant
to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended.

 (b) Warrants.

 None.

 (c) Option Grants.

 None.

 (d) Issuance of Notes.

 None.

 Transfer Agent

 The transfer agent for the common stock is Vstock
Transfer, LLC, 18 Lafayette Place, Woodmere, New York, telephone (212) 828-8436.

 Item 6. [Reserved]

 Not applicable.

 Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations.

 The following discussion
and analysis of our results of operations and financial condition should be read together with our consolidated financial statements and
the notes thereto and other financial information, which are included elsewhere in this Report. This discussion contains forward-looking
statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below
and those discussed in other sections of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the
results that may be expected for any period in the future. Our financial statements have been prepared in accordance with U.S. GAAP. In
addition, our financial statements and the financial information included in this Report reflect our organizational transactions and have
been prepared as if our current corporate structure had been in place throughout the relevant periods.

 Overview

 Treasure Global Inc is a holding company incorporated
on March 20, 2020, under the laws of the State of Delaware. TGL has no substantive operations other than holding all of the outstanding
shares of TADAA Technologies Sdn. Bhd. ("TADAA Technologies"), (formerly known as ZCity Sdn Bhd and Gem Reward Sdn. Bhd,
underwent a name change on July 31, 2025 and July 20, 2023, respectively) and TADAA Ventures Sdn. Bhd. (formerly known as VWXYZ Venture
Sdn Bhd, underwent a name change on July 29, 2025). It was originally established under the laws of the Malaysia on June 6, 2017, through
a reverse recapitalization.

 Prior to March 11, 2021, TGL and TADAA Technologies
were separate companies under the common control of Kok Pin "Darren," Tan which resulted from Mr. Tan's prior 100% ownership
of TGL and his prior 100% voting and investment control over TADAA Technologies pursuant to the Beneficial Shareholding Agreements. For
a more detailed description of the Beneficial Shareholding Agreements and Mr. Tan's common control over TGL and TADAA Technologies
see Part I, Item 1. "Business – Corporate Structure."

 On March 11, 2021, TGL and TADAA Technologies
were reorganized into a parent subsidiary structure pursuant to the Share Swap Agreement in which TGL exchanged the swap shares for all
of the issued and outstanding equity of TADAA Technologies. Pursuant to the Share Swap Agreement, the purchase and sale of the swap shares
was completed on March 11, 2021, but the issuance of the swap shares did not occur until October 27, 2021 when TGL amended its certificate
of incorporation to increase the number of its authorized common stock to a number that was sufficient to issue the swap shares. As a
result of the Share Swap Agreement, (i) TADAA Technologies became the 100% subsidiary of TGL and Kok Pin "Darren" Tan no longer
had any control over the TADAA Technologies ordinary shares and (ii) Kok Pin "Darren" Tan the Initial TADAA Technologies Stockholders
and Chong Chan "Sam" Teo owned 100% of the shares of TGL common stock (Kok Pin "Darren" Tan owning approximately
97%). Subsequent to the date of the Share Swap Agreement, Kok Pin "Darren" Tan transferred 9,529,002 of his 10,000,000 shares
of TGL common stock to 16 individuals and entities and currently owns less than 5% of our common stock.

 -TADAA Technologies Operation

 We have created an innovative online-to-offline
e-commerce platform business model offering consumers and merchants instant rebates and affiliate cashback programs, while providing a
seamless e-payment solution with rebates in both e-commerce (i.e., online) and physical retailers/merchant (i.e., offline) settings.

 Our proprietary product is an application branded "ZCITY
App," which was developed through TADAA Technologies. The ZCITY App was successfully launched in Malaysia on June 2020. TADAA Technologies
is equipped with the know-how and expertise to develop additional/add-on technology-based products and services to complement the ZCITY
App, thereby growing its reach and user base.

 Through simplifying a user's e-payment gateway
experience, as well as by providing great deals, rewards and promotions with every use, we aim to make the ZCITY App Malaysia's
top reward and loyalty platform. Our longer-term goal is for the ZCITY App and its ever-developing technology to become one of the most
well-known commercialized applications more broadly in Southeast Asia and Japan. As of February 10, 2025, we had 2,707,610 registered
users and 2,027 registered merchants.

 Southeast Asia ("SEA") consumers
have access to a plethora of smart ordering, delivery and "loyalty" websites and apps, but in our experience, SEA consumers
very rarely receive personalized deals based on their purchases and behavior.

 The ZCITY App targets consumer through the provision
of personalized deals based on consumers' purchase history, location and preferences. Our technology platform allows us to identify
the spending trends of our customers (the when, where, why, and how much). We are able to offer these personalized deals through the application
of our proprietary artificial intelligence (or "AI") technology that scours the available database to identify and create
opportunities to extrapolate the greatest value from the data, analyze consumer behavior and roll out attractive rewards-based campaigns
for targeted audiences. We believe this AI technology is currently a unique market differentiator for the ZCITY App.

 We operate our ZCITY App on the hashtag: "#RewardsOnRewards." We
believe this branding demonstrates to users the ability to spend ZCITY App-based Reward Points (or "RP") and "ZCITY
Cash Vouchers" with discount benefits at checkout. Additionally, users can earn rewards from selected e-Wallet or other payment
methods.

 ZCITY App users do not require any on-going credit
top-up or need to provide bank card number with their binding obligations. We have partnered with Malaysia's leading payment gateway,
iPay88, for secure and convenient transactions. Users can use our secure platform and enjoy cashless shopping experiences with rebates
when they shop with e-commerce and retail merchants through trusted and leading e-wallet providers such as Touch'n Go eWallet, Boost
eWallet, GrabPay eWallet and credit card/online banking like the "FPX" (the Malaysian Financial Process Exchange) as well
as more traditional providers such as Visa and Mastercard.

 -Food Distribution Operation

 On April 12, 2023, we have acquired 100% equity
interest in Foodlink Global Sdn. Bhd. ("Foodlink"), along with its two wholly-owned subsidiaries, Morgan Global Sdn. Bhd ("Morgan")
and AY Food Ventures Sdn. Bhd. ("AY Food"), for a consideration of approximately $3,000 from DBH. Through Foodlink, Morgan,
and AY Food, we have been engaged in the operation of sub-licensing restaurant branding and the selling and trading of food and beverage
products.

 On May 24, 2024, we had disposed Foodlink and
its subsidiaries along with the food distribution operation to a third party for a consideration of $148,500. The disposal of Foodlink
and its subsidiaries did not have material impact to our operation.

 -Customized Software development service

 During the fiscal year, the Company initiated
a new revenue stream in the ordinary course of business by offering customized software development services, primarily targeting enterprise
clients. As of January 2025, we have entered into a new service partnership with Reveillon Group Limited to design, develop, and implement
a comprehensive digital system. This initiative involves the creation of integrated modules focused on improving administrative processes,
data analysis, and user engagement. The system is being built with scalability, customization, and long-term performance in mind, ensuring
it meets evolving business needs. This collaboration underscores our ongoing commitment to delivering robust and adaptable digital solutions
across various industries. The project is scheduled for completion within 12 months of the agreement's start date.

 Recent Development

 - Corporate Development

 On February 11, 2025, we signed a share purchase agreement to acquire
a 51% stake in Tien Ming Distribution Sdn Bhd to expand FMCG fulfilment and logistics capabilities. The transaction was subsequently terminated
and no business combination was recognized for the year ended June 30, 2025.

 - Reverse Stock Splits

 On February 27, 2024, we effected a 1:70 reverse
stock split of its shares of common stock. Upon execution of the 1-for-70 reverse stock split ("February 2024 split"). On
April 7, 2025, the Company effected a 1:50 reverse stock split of its shares of common stock ("April 2025 split").

 We believed it is appropriate to reflect the above
transactions on a retroactive basis similar to those after a stock split or dividend pursuant to ASC 260. All shares and per share amounts
used herein Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations have been retroactively
stated to reflect the effect of the February 2024 Split and April 2025 Split.

 - Financing Development

 On November 30, 2023, we closed our underwritten
public offering (the "November 2023 Offering") of (i) 7,433 shares of common stock, at a public offering price of $350 per
share of Common Stock and (ii) 4000 pre-funded warrants (the "Pre-Funded Warrants"), each with the right to purchase one of
Common Stock, at a public offering price of $350 per Pre-Funded Warrant. Upon closing of the November 2023 Offering, we received aggregate
net proceed of approximately $3.5 million, after deducting underwriting discounts and commission, and non-accountable expense.

 On March 22, 2024, we entered into a marketing
offering agreement ("Marketing Offering Agreement") with H.C. Wainwright & Co., LLC, (the "Manager"). Pursuant
to the Marketing Offering Agreement, the Company intends to issue and sell through or to the Manager, as sales agent and / or principal
from time to time of the Company's common stock at the Market Offering. As of June 30, 2025, we have received an aggregated net
proceed of approximately $2.9 million, net of broker fee from issuance of 33,566 shares of common stock which sell through or to the Manager.

 On October 10, 2024, we entered into a Share Purchase
Agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"), a Delaware limited partnership
which was subsequently amended by the Modification Agreement on January 21, 2025. Pursuant to the Purchase Agreement, we have the right,
but not the obligation to cause Alumni Capital to purchase up to $50,000,000 common stock, par value $0.00001 (the "Commitment Amount"),
at certain purchase Price during the period beginning on the execution date of the Purchase Agreement and ending on the earlier of (i)
the date on which Alumni Capital has purchased $50,000,000 of the Company's common stock pursuant to the Purchase Agreement or (ii)
December 31, 2025. As of June 30, 2025, Alumni Capital has purchased approximately $11.7 million worth of the Company's common stock,
totaling 3,163,680 shares. The Company has received approximately $11.7 million in net proceeds as of June 30, 2025.

 On November 27, 2024, we entered into a subscription
agreement (the "Subscription Agreement") with certain investors (the "Investors"). Pursuant to the Subscription
Agreement, the Investors agreed to invest an aggregate amount of $1,177,000 (the "Investment Amount") into us for 71,333 shares
of the Company's common stock (the "Offered Shares"), par value $0.00001 at a negotiated purchase price of $16.5 (the
"Offering"). As of June 30, 2025, the Company has issued 71,333 shares of Offered Shares to the Investors and received aggregate
net proceed of $1,177,000.

 -Business Development

 Since December 2022, we have been developing the
TAZTE Smart F&B system ("TAZTE"), a comprehensive solution designed to facilitate digital transformation for registered
food and beverage ("F&B") outlets across Malaysia. TAZTE was conceived as a merchant-centric program, intended to leverage
user data to drive substantial business growth for our merchant clientele. We initially offered a complimentary trial period to merchants,
which was scheduled to conclude on December 31, 2023. This trial period was later extended until June 2024. However, due to insufficient
participation from merchant clients, management has decided to discontinue the program as of June 2024.

 Since July 2024, we formalized agreements to develop and implement
a Smart Campus System at ELMU University in Nilai, Malaysia. Leveraging our expertise in infrastructure management, we worked with ELMU
University to deploy an automated smart campus system that will enhance resource management across the campus, with a strong focus on
optimizing electricity usage through integrated software and hardware solutions. During fiscal 2025, following further discussions on
program priorities and timing, the parties concluded the engagement. We have ceased work and demobilized. No further performance obligation
remains under this engagement.

 Since September 2024, we have been driving the
development of credit services within the ZCity App through a strategic partnership with Credilab Sdn Bhd ("CLSB"). We are
in the midst of facilitating the integration of CLSB's credit services platform into the ZCity App and developing the customer base
for these services. Through the partnership, we intend to collaborate on the creation of a digital wallet, AI-driven chatbot, and customer
support systems. The collaboration is designed to drive user engagement and enhance the overall credit services offering within the ZCity
App ecosystem. The partnership is scheduled to conclude on September 19, 2029, during which CLSB has also granted TGL a non-exclusive
right to use its brand in marketing materials for five years.

 Since October 2024, we have been advancing our
user engagement strategy by partnering with Octagram Investment Limited ("OCTA") to develop and integrate mini-game modules
into the ZCity App. We have worked closely with OCTA to design and customize these interactive modules, ensuring they align with our specifications
for game mechanics, branding, and user experience. The integration is optimized for cross-platform compatibility and smooth performance
across devices, as well as ensuring ongoing support and timely updates, maintaining the seamless functionality of the mini-games with
future ZCity App updates. We believe that this initiative is key to enhancing the app's interactive features and driving user engagement.

 In October 2024, we have also been developing
a cutting-edge Live Streaming Platform enhanced by AI Digital Human Solutions by partnering with V Gallant Sdn Bhd. We will be overseeing
the customization of the platform to meet specific requirements, ensuring seamless integration with third-party platforms and optimizing
performance across devices. Ongoing support and updates will also be prioritized to maintain consistent functionality. This initiative
is central to our efforts to expand our interactive streaming capabilities and elevate user experiences. The development is scheduled
to be completed on December 31, 2025.

 On October 29, 2024, we entered into a service
agreement with V Gallant Sdn Bhd to provide generative AI solutions and AI digital human technology services. On March 24, 2025, we executed
a supplemental letter expanding the scope of that agreement to require V Gallant to provide and manage GPU servers, network infrastructure,
cloud integration, security measures, AI tools, and user environments to support AI cloud infrastructure.

 On March 24, 2025, we executed a supplemental letter expanding the
scope of that agreement to require V Gallant to provide and manage GPU servers, network infrastructure, cloud integration, security measures,
AI tools, and user environments to support AI cloud infrastructure. During fiscal 2025 we advanced software and AI infrastructure development.

 Key Factors that Affect Operating Results

 We believe the key factors affecting our financial
condition and results of operations include the following:

 Our Ability to Create Value for Our Users
and Generate Revenue

 Our ability to create value for our users and
generate our revenues from merchants is driven by the factors described below:

 Number and volume of transactions completed
by our consumers.

 Consumers are attracted to TADAA Technologies by the breadth of personalized
deals/rewards and the interactive user experience our platform offers. The number and volume of transaction completed by our member consumers
is affected by our ability to continue to enhance and expand our product and service offerings and improve the user experience.

 Empowering data and technology.

 Our ability to engage our member consumers and
empower our merchants and their brands is affected by the breadth and depth of our data insights, such as the accuracy of our members'
shopping preferences, and our technology capabilities and infrastructure, and our continued ability to develop scalable services and upgrade
our platform user experience to adapt to the quickly evolving industry trends and consumer preferences.

 Our Investment in User Base, Technology,
People and Infrastructure

 We have made, and will continue to make, significant
investments in our platform to attract consumers and merchants, enhance user experience and expand the capabilities and scope of our platform.
We expect to continue to invest in our research and development team as well as in our technology capabilities and infrastructure, which
will lower our margins but deliver overall long-term growth.

 Inflation

 Although Malaysia is experiencing a high inflation
rate, we do not believe that inflation has had a material adverse effect on our business as June 30, 2025, but we will continue to monitor
the effects of inflation on our business in future periods.

 Supply Chain Disruptions

 Although there have been Russia's February
2022 invasion of Ukraine and the 2023 Middle East conflicts that may have affected the operations of some of our online and offline merchants,
these disruptions have not had a material adverse effect on our business as of June 30, 2025, but we will continue to monitor the effects
of above mentioned disruptions on our business in future periods.

 Key Operating Metrics

 Our management regularly reviews a number of metrics
to evaluate our business, measures our performance, identifies trends, formulates financial projections and makes strategic decisions.
The main metrics we consider, and our results for last five quarters, are set forth in the table below:

 For the Quarters Ended

 September 30,

 December 31,

 March 31,

 2024

 2024

 2024

 2025

 2025

 Number of new registered user (1)

 12,405

 2,016

 1,467

 Number of active users (2)

 41,458

 25,216

 21,734

 10,647

 4,887

 Number of new participating merchants

 -

 -

 -

 -

 -

 (1)
 Registered are persons who have
registered on the ZCITY App.

 (2)
 Active users are users who have
logged into the ZCITY App at least once.

 As of

 As of

 As of

 As of

 As of

 September 30,

 December 31,

 March 31,

 2024

 2024

 2024

 2024

 2025

 Accumulated registered users

 2,701,189

 2,704,482

 2,706,498

 2,707,965

 2,708,053

 Accumulated Participating merchants

 2,027

 2,027

 2,027

 2,027

 2,027

 We have experienced a decrease in growth rate
in registered users, and a decline of active users over our last five quarters as of June 30, 2025. As of June 30, 2025, we recorded 2,708,053
registered users and 4,887 active users on the ZCITY platform. On average, our registered user base has grown by approximately 0.1% over
the past five quarters, while our active user numbers have experienced an average decrease of 32.0%.

 The decline in growth of registered users and
active users over the past five quarters, as of June 30, 2025, is primarily attributed to reduced E-voucher purchases from our vendor,
resulting in fewer E-vouchers available for sale. Additionally, we've implemented reductions in marketing spending and customer
rewards to enhance cost-effectiveness and operational profitability. Consequently, this has led to a decrease in new user registrations
and lower retention rates among active users on our ZCITY platform.

 We continuously monitor the development and participation
of active users as a proportion of its total registered user base to ensure the effectiveness of our marketing and feature implantation
strategies. Accordingly, the proportion of total registered users that we consider active users at the end last five quarters as of June
30, 2025 is as follows:

 Starting

 Ending

 Total
 registered users

 Total
 active users

 Total active users
 to total registered
 users

 April 1, 2024

 June 30, 2024

 2,701,189

 26,819

 1.0
 %

 July 1, 2024

 September 30, 2024

 2,704,482

 25,216

 0.9
 %

 October 1, 2024

 December 31, 2024

 2,706,498

 21,734

 0.1
 %

 January 1, 2025

 March 31, 2025

 2,707,965

 10,647

 0.4
 %

 April 1, 2025

 June 30, 2025

 2,708,053

 4,887

 0.2
 %

 We continuously monitor the development of the
churn and retention rates of the active user base. Active users churn rate is the percentage of customers who had stop subscribing in
our platform while retention rate is the percentage of customers who is retained in our platform. Accordingly, our churn and retention
rates of the active user base at the end of last five quarters as of June 30, 2025 is as follows:

 Starting

 Ending

 Total
 active
 users

 New
active
 users

(registered
 within the
 quarter)

 Existing
 active
 users

 Active
 users
 churn
 rate

 Active
 users
 retention
 rate

 April 1, 2024

 June 30, 2024

 26,819

 4,634

 22,185

 46.5
 %

 53.5
 %

 July 1, 2024

 September 30, 2024

 25,216

 3,293

 21,923

 18.3
 %

 81.7
 %

 October 1, 2024

 December 30,2024

 21,734

 2,016

 19,718

 21.8
 %

 78.2
 %

 January 1, 2025

 March 31, 2025

 10,647

 1,467

 9,180

 57.8
 %

 42.2
 %

 April 1, 2025

 June 30, 2025

 4,887

 4,799

 54.9
 %

 45.1
 %

 The retention rate and churn rate for our active users are calculated
as follows:

 Retention rate of active users for any quarter

 =

 Existing active users

 Total active users in the past quarter

 Churn rate of active users for any quarter

 =

 Total active users from past quarter minus current quarter existing active users

 Total active users in the past quarter

 We have used different strategies to build and
maintain our users and increase their engagement. Initially, we focused on mass marketing strategies to attract registered users. Subsequently,
we have shifted to a more targeted approach focused on increasing user engagement and user spending.

 Results of Operation

 For the years ended June 30, 2025 and 2024

 Revenue

 Our breakdown of revenues by categories for the
years ended June 30, 2025 and 2024, respectively, is summarized below:

 For the Years Ended June 30,

 Change

 2025

 %

 2024

 %

 %

 Product and loyalty program revenue

 $
 619,897

 26.6
 %

 $
 21,455,862

 97.2
 %

 (97.1
)%

 Transaction revenue

 127,127

 5.5
 %

 61,241

 0.3
 %

 107.6
 %

 Member subscription revenue

 103,533

 4.4
 %

 375,949

 1.7
 %

 (72.5
)%

 Sublicence revenue

 -

 -
 %

 173,777

 0.8
 %

 (100.0
)%

 Customized software development service

 63.5
 %

 -

 -
 %

 100.0
 %

 Total revenues

 $

 100.0
 %

 $

 %

 (89.4
)%

 Total revenues decreased by approximately $19.7
million or 89.4% to approximately $2.3 million for the years ended June 30, 2025 from approximately $22.1 million for the years ended
June 30, 2024. The decrease was mainly attributable to the decrease in product and loyalty program revenue offset by increase in
revenue from customized software development service.

 Product and loyalty program revenue

 Product revenue was generated through sales of
our e-voucher, health care products and other products through our ZCITY platform while loyalty program revenue was recognized when our
customers redeem their previously earned reward points from our loyalty program or upon expiration of the reward point. In addition, we
also engage in sales of food and beverage products through our subsidiaries, Morgan and AY Food, despite they were disposed in May 2024.
The product and loyalty program revenue decrease by approximately $20.8 million or 97.1% to approximately $0.6 million for the years ended
June 30, 2025 from approximately $21.5 million for the same period in 2024. The decline in revenue was primarily driven by the company's
strategic decision to streamline its product line, with a particular focus on eliminating lower-margin products, mainly e-vouchers. In
addition, the decrease was attributable our strategic decision to reduce spending on customer rewards and marketing campaigns in order
to enhance cost-effectiveness and profitability in our operations. This reduction in customer incentives and marketing expenditures resulted
in a decrease in the platform's appeal to both existing and potential customers, ultimately leading to a decline in revenue for
the current period.

 Transaction revenue

 Transaction revenue primarily consists of fees charged to merchants
for participating in our ZCITY platform upon successful sales and service transactions, as well as for payment services facilitated between
merchants and their customers online. Our transaction revenue increased by 107.6%, reaching approximately $127,000 for the years ended
June 30, 2025, compared to approximately $61,000 for the same period in 2024. This growth was driven by our recent partnership with Credilab
Sdn. Bhd. ("CLSB"), a third-party credit services provider. Through this partnership, we introduced our portfolio clients
from TADAA Technologies to CLSB's credit service platform. In return, CLSB agreed to pay us a transaction fee upon successful transactions
and share 50% of the revenue derived from these Portfolio Clients.

 Member subscription revenue

 Member subscription revenue primarily consists
of fees charged to customers who sign up for Zmember, our membership program that offers exclusive savings, bonuses, and referral rewards.
For the years ended June 30, 2025, member subscription revenue decreased by 72.5% to approximately $0.1 million, from approximately $0.4
million for the same period in 2024. The decrease was primarily due to we experienced slowdown in acquiring new customers to participate
in our Zmember program. As of June 30, 2025 and 2024, we had 27,620 and 28,927 customers who subscribed to our Zmember program, respectively.

 Sublicense revenue

 As we acquired exclusive worldwide license for
right of use in Morganfield's Trademark, and Abe Yus's Trademark on May 1, 2023, and June 6, 2023, respectively, for a period
of five years, we have generated sublicense revenue consisting of fee charged to the customers who sublicensed the right of use of the
Trademark from us. As we had disposed Foodlink and its subsidiaries along with the food distribution and sublicensing operation in May
2024, we would no longer generate revenue from sublicense going forward.

 Customized software development services

 During the fiscal year, the Company initiated
a new revenue stream in the ordinary course of business by offering customized software development services, primarily targeting enterprise
clients. As of January 2025, we have entered into a new service partnership with Reveillon Group Limited to design, develop, and implement
a comprehensive digital system. This initiative involves the creation of integrated modules focused on improving administrative processes,
data analysis, and user engagement. The system is being built with scalability, customization, and long-term performance in mind, ensuring
it meets evolving business needs. This collaboration underscores our ongoing commitment to delivering robust and adaptable digital solutions
across various industries. The project is scheduled for completion within 12 months of the agreement's start date

 Cost of revenue

 Our breakdown of cost of revenue by categories
for the years ended June 30, 2025, and 2024, respectively, is summarized below:

 Change

 2025

 2024

 %

 Product and loyalty program revenue

 $
 206,106

 $
 21,057,386

 (99.0
)%

 Sublicense revenue

 -

 193,381

 (100.0
)%

 Customized software development service

 454,626

 -

 (100.0
)%

 Total cost of revenue

 $
 660,732

 $
 21,250,767

 (96.9
)%

 Cost of revenue primarily consists of purchases
of gift cards or "E-voucher" PIN codes, healthcare products, and food and beverage products, which are directly attributable
to our product revenue. It also includes monthly license payments made to our licensor to maintain our right to use the Trademark, which
supports our sublicense revenue. In addition, cost of revenue includes both in-house labor and outsourced labor costs related to customized
software development services. Total cost of revenue decreased by approximately $21.0 million, or 96.9%, for the years ended June 30,
2025, compared to the same period in 2024. The decrease was consistent with the decline in our revenue.

 Our gross profit from our major revenue categories
is summarized as follows:

 For the
 2025

 For the
 2024

 Change

 Percentage
 Change

 Product and loyalty program revenue

 $
 413,791

 $
 398,476

 $
 15,315

 3.8
 %

 66.8
 %

 1.9
 %

 64.9
 %

 Transaction revenue

 $
 127,127

 $
 61,241

 $
 65,886

 107.6
 %

 100.0
 %

 %

 -
 %

 Member subscription revenue

 $
 103,533

 $
 375,949

 $
 (272,416
)

 (72.5
)%

 100.0
 %

 %

 -
 %

 Sublicense revenue

 Gross (loss) profit

 $
 -

 $
 (19,604
)

 $
 19,604

 100.0
 %

 -
 %

 (11.5
)%

 11.5
 %

 Customized software development service revenue

 Gross (loss) profit

 $
 1,025,374

 $
 -

 $
 1,025,374

 100.0
 %

 69.3
 %

 -
 %

 69.3
 %

 Total

 $
 1,669,825

 $
 816,062

 $
 853,763

 104.6
 %

 71.6
 %

 3.7
 %

 67.9
 %

 Our gross profit for the year ended June 30, 2025,
amounted to approximately $1.7 million as compared to approximately $0.8 million for the same period in 2024, reflecting an increase of
approximately $0.8 million or 104.6%. Our gross margin improved to 71.6% for the year ended June 30, 2025 from 3.7% for the same period
in 2024, representing an enhancement of 67.9% in our gross margin percentage.

 The increase in gross profit and gross profit
margin for the years ended June 30, 2025, was primarily attributable to our engagement in a customized software development project during
the period, which generated approximately $1.0 million in gross profit. This project carried a relatively high gross profit margin of
approximately 77.8%, which boosted our overall gross profit margin for the year ended June 30, 2025.

 Operating expenses

 Our operating expenses consist of selling expenses,
general and administrative expenses, research and development expenses and stock-based compensation expenses.

 Selling expenses

 Selling expenses amounted to approximately $0.1
million and $1.8 million for the years ended June 30, 2025 and 2024, respectively, representing a decrease of approximately $1.6 million
or 92.6%. The decrease was mainly attributable to a decrease in marketing and promotion expense of approximately $1.2 million related
to promoting our ZCITY platform. Marketing and promotion expense consists of redemptions of reward points which is generated from non-spending
related activities (registration as a new user, referral of a new user and Spin & Win eligibility to receive reward points) in exchange
for discounted credit of purchasing our products upon conversion of using the reward points. For the years ended June 30, 2025 and 2024,
we incurred approximately $34,000 and $0.4 million, respectively, in marketing and promotion expense, and recognized the same amount of
product revenue at the time of redemption of the non-spending related activities reward points by our customers. The decrease in marketing
and promotion expenses was primarily driven by our strategic goal to optimize the promotional activities, enhance our cost effectiveness,
and increase profitability in our operations.

 General and administrative expenses

 General and administrative expenses amounted to approximately $3.6
and $4.5 million for the years ended June 30, 2025 and 2024, respectively, representing a decrease of approximately $0.9 million or 19.5%.
The decrease was primarily attributed to decrease salary expenses of approximately $0.8 million, decrease of professional fee of approximately
$0.4 million, decrease of D&O insurance of approximately $0.6 million, and decrease of depreciation and amortization expense of approximately
$0.2 million to promote our operation effectiveness.

 Research and development expenses

 Research and development expense amounted to approximately $0.2 million
and $0.5 million for the years ended June 30, 2025 and 2024, respectively, representing 58.0% increase as we incurred more spending in
A.I related infrastructure development. The increase primarily reflects costs for software engineering, cloud infrastructure and GPU-related
development supporting the live-streaming/AI program described in "Business Development."

 Long-live assets impairment

 Long-live assets impairment amounted to approximately
$19.5 million and $0 for the years ended June 30, 2025 and 2024, respectively, representing 100.0% increase as we incurred $19.5 million
impairment in our intangible assets.

 Stock-based compensation expenses

 Stock-based compensation
expenses amounted to approximately $0.3 million and $0.1 million for the years ended June 30, 2025, and 2024, respectively. The stock-based
compensation incurred for the years ended June 30, 2025 and 2024, was related to compensation paid to our executive officer as part of
their compensation plan and third party for professional service. The increase in stock-based compensation during the year ended June
30, 2025, was primarily attributable to the our decision to grant additional equity incentives to our executive officer in order to align
their interests with those of our shareholders and to encourage their continued commitment toward supporting the our long-term growth.

 Other income (expense), net

 Other expense, net, amounted to approximately
$1.0 million and $0.5 million for the year ended June 30, 2025 and 2024, respectively. This change was primarily attributable to (i) an
increase in the gain from the change in fair value of derivative liabilities of approximately $1.8 million, (ii) a decrease in unrealized
loss of approximately $0.7 million on marketable securities received as service consideration in connection with the development of an
artificial intelligence–powered travel platform, (iii) a decrease in amortization of debt discount of approximately $0.4 million
as the convertible notes were fully converted during the year ended June 30, 2024. These increases were partially offset by a decrease
in other income of approximately $0.7 million, as we recognized other income from software development services, net of cost, during the
year ended June 30, 2024, but did not recognize similar income in the same period of 2025, and (v) and increase in share-based compensation
adjustment of approximately $2.7 million which was attributable to our agreement to settle additional share compensation requested by
V Gallant Sdn. Bhd. pursuant to the Service Agreement dated October 29, 2024, as supplemented on March 28, 2025, to reflect the decline
in our share price.

 Provision for income taxes

 Provision for income taxes amounted to approximately $349,000
and $40,000 for the years ended June 30, 2024 and 2023. The amount was mainly attributable to tax imposed on us from the State of Delaware,
as we are required to remit franchise tax to the State of Delaware on an annual basis. We also were subject to controlled foreign corporations
Subpart F income ("Subpart F") tax, which is a tax primarily on passive income from controlled foreign corporations with a
tax rate of 35%. In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income ("GILTI") tax, which
is a tax on certain off-shore earnings at an effective rate of 10.5% for tax years (50% deduction of the current enacted tax rate of 21%)
with a partial offset for 80% foreign tax credits. If the foreign tax rate is 13.125% or higher, there will be no U.S. corporate tax after
the 80% foreign tax credits are applied. For the years ended June 30, 2025 and 2024, our foreign subsidiaries did not generate any
income that are subject to Subpart F tax and GILTI tax.

 Net loss

 We generated net loss of approximately $23.4 million
and $6.6 million for the years ended June 30, 2025 and 2024, respectively, representing a change of approximately $6.4 million. The change
was primarily attributable to the factors discussed above.

 Liquidity and Capital Resources

 In assessing liquidity, we monitor and analyze
cash on-hand and operating expenditure commitments. Our liquidity needs are to meet working capital requirements and operating expense
obligations. To date, we financed our operations primarily through cash flows from contribution from stockholders, issuance of convertible
notes, related party loans and our completion of initial underwritten public offering.

 As of June 30, 2025 and 2024, we had approximately
$0.2 million, in cash and cash equivalent which primarily consists of bank deposits, which are unrestricted as to withdrawal and use.

 On November 30, 2023, we closed our November 2023
Offering of (i) 7,433 shares of common stock, at a public offering price of $350 per share of Common Stock and (ii) 4000 pre-funded warrants
(the "Pre-Funded Warrants"), each with the right to purchase one of Common Stock, at a public offering price of $350 per Pre-Funded
Warrant. Upon closing of the November 2023 Offering, we received aggregate net proceed of approximately $3.5 million, after deducting
underwriting discounts and commission, and non-accountable expense.

 On March 22, 2024, we entered into a marketing
offering agreement ("Marketing Offering Agreement") with H.C. Wainwright & Co., LLC, (the "Manager"). Pursuant
to the Marketing Offering Agreement, the Company intends to issue and sell through or to the Manager, as sales agent and / or principal
from time to time of the Company's common stock at the Market Offering. As of June 30, 2025, we have received an aggregated net
proceed of approximately $2.9 million, net of broker fee from issuance of 33,566 shares of common stock which sell through or to the Manager.

 On October 10, 2024, we entered into a Share Purchase
Agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"), a Delaware limited partnership
which was subsequently amended by the Modification Agreement on January 21, 2025. Pursuant to the Purchase Agreement, we have the right,
but not the obligation to cause Alumni Capital to purchase up to $50,000,000 common stock, par value $0.00001 (the "Commitment Amount"),
at certain purchase Price during the period beginning on the execution date of the Purchase Agreement and ending on the earlier of (i)
the date on which Alumni Capital has purchased $50,000,000 of the Company's common stock pursuant to the Purchase Agreement or (ii)
December 31, 2025. As of June 30, 2025, Alumni Capital has purchased approximately $11.7 million worth of the Company's common stock,
totaling 3,163,680 shares. The Company has received approximately $11.7 million in net proceeds as of June 30, 2025.

 On November 27, 2024, we entered into a subscription
agreement (the "Subscription Agreement") with certain investors (the "Investors"). Pursuant to the Subscription
Agreement, the Investors agreed to invest an aggregate amount of $1,177,000 (the "Investment Amount") into us for 71,333 shares
of the Company's common stock (the "Offered Shares"), par value $0.00001 at a negotiated purchase price of $16.5 (the
"Offering"). As of June 30, 2025, the Company has issued 71,333 shares of Offered Shares to the Investors and received aggregate
net proceed of $1,177,000.

 Despite receiving the proceeds from various offerings,
management is of the opinion that we will not have sufficient funds to meet the working capital requirements and debt obligations as they
become due starting from one year from the date of this report due to our recurring loss. Therefore, management has determined there is
substantial doubt about our ability to continue as a going concern. If we are unable to generate significant revenue, we may be required
to curtail or cease our operations. Management is trying to alleviate the going concern risk through the following sources:

 Equity financing to support our working capital;

 However, there is no guarantee that the substantial
doubt about our ability to continue as a going concern will be alleviated.

 The following summarizes the key components of
our cash flows for the years ended June 30, 2025 and 2024:

 2025

 2024

 Net cash used in operating activities

 $
 (9,481,499
)

 $
 (4,712,806
)

 Net cash used in investing activities

 (5,771,193
)

 (252,614
)

 Net cash provided by financing activities

 15,433,587

 350,473

 Effect of exchange rate on cash and cash equivalents

 (144,013
)

 221,326

 Net change in cash and cash equivalents

 $
 36,882

 $
 (4,393,621
)

 Operating Activities

 Net cash used in operating activities for the years ended June 30,
2025 was approximately $9.3 million and was mainly comprised of the net loss of approximately $23.4 million, non-cash item of gain
in change in fair value of derivative liabilities of approximately $1.8 million, increase in accounts receivable of approximately $1.6
million due to additional sales to new service partnership with Reveillon Group Limited but not yet collected, increase of other receivable
and other assets of approximately $7.0 million which mainly includes approximately $3.6 million prepayment to certain vendors for technical
and maintenance service and approximately $5.7 million of collaboration deposit made to Credilab Sdn. Bhd. ("CLSB"), decrease
in customer deposits of approximately $75,000, as we recognized member service revenue in the current period from certain merchant prepayments
made in the prior period, and decrease in contract liabilities of approximately $0.2 million, primarily as a result of increased revenue
recognized from the ZCITY reward program due to a higher volume of customer reward redemptions, offset by non-cash items of depreciation,
amortization, allowance for credit losses, stock-based compensation, long-live assets impairment and unrealized loss on marketable securities
amounted to approximately $21.6 million, decrease of prepayment of approximately $0.1 million due to the utilization of prior-period prepayments
for inventory purchases, and (iii) increase of approximately $2.9 million in other payables and accrued liabilities as we made approximately
$2.7 million provision related to settlement of cash compensation requested by V Gallant Sdn. Bhd. pursuant to the Service Agreement dated
October 29, 2024, as supplemented on March 28, 2025, to reflect the decline in our share price.

 Net cash used in operating activities for the
year ended June 30, 2024 was approximately $4.7 million and was mainly comprised of the net loss of approximately $6.6 million, non-cash
other incomes of approximately $1.0 million from software developing service related to VCI's project, and approximately $0.2 million
from disposal of Foodlink and its subsidiaries as mentioned above in other expense, net, increase of prepayments of approximately
$0.1 million as our vendors required us to make deposit to secure the purchase, decrease of customer deposit of approximately $0.1 million
as we realized more membership subscription revenue from the customer deposit collected from prior period, and decrease of other payables
and accrued liabilities of approximately $0.1 million as made timely payment to our service providers, offset by non-cash items of depreciation,
amortization, allowance for credit losses, stock-based compensation and unrealized loss on marketable securities amounted to approximately
$2.4 million, decrease of inventories of approximately $0.3 million as we reduced our purchase and intended to maintain a more effective
inventory level, decrease of approximately $0.4 million in other receivables and other current assets is attributed to the utilization
of prepaid information technology and insurance expenses from previous periods in the current period, and increase of approximately
$0.3 million in accounts payable as we made more purchases on account.

 Investing Activities

 Net cash used in investing activities for the year ended June 30, 2025
was approximately $5.9 million which mainly due to remittance of approximately $5.7 million to CLSB as a collaboration deposit to support
CLSB's credit service activities for the Portfolio Clients, and approximately $0.2 million prepayment of purchase consideration
for acquisition of Tien Ming Distribution Sdn Bhd.

 Net cash used in investing activities for the
year ended June 30, 2024 was approximately $0.3 million, which was mainly due to purchase of equipment and intangible assets of approximately
$17,000, and $0.2 million, respectively, for our operations used, and approximately $45,000 of cash released, net of cash received from
disposal of Foodlink and its subsidiaries.

 Financing Activities

 Net cash provided financing activities the years
ended June 30, 2025 was approximately $15.4 million, which mainly comprised of approximately $15.4 million net proceeds received from
issuance of common stock through market offering, subscription agreement and share purchase agreement, approximately $64,000 proceed received
from exercised of warrants, and loan proceed of approximately $51,000, offset by payments of insurance loan and related party loan of
approximately $54,000.

 Net cash provided financing activities for the
year ended June 30, 2024 was approximately $0.4 million, which mainly comprised of repayment to convertible notes, insurance loan and
related party loan of approximately $3.6 million, offset by approximately $3.5 million net proceeds received from issuance of common stock
and Pre-Funded Warrants related to the November 2023 Offering, approximately $0.4 million net proceeds received from issuance of common
stock related to the Marketing Offering, and approximately $16,000 capital contribution.

 Off-Balance Sheet Arrangements

 We have no off-balance sheet arrangements including
arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits.

 Critical Accounting Estimate

 Our consolidated financial statements and accompanying
notes have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements and accompanying
notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and
related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting estimates that
are significant to the preparation of our financial statements. These estimates are important for an understanding of our financial condition
and results of operation. Certain accounting estimates are particularly sensitive because of their significance to financial statements
and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments.
We believe the following critical accounting estimates involve the most significant estimates and judgments used in the preparation of
our financial statements.

 The preparation of these consolidated financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and
the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in our consolidated
financial statements include the estimated retail price per point and estimated breakage to calculate the revenue recognized in our loyalty
program revenue, the useful lives of property and equipment, impairment of long-lived assets, provision for estimated credit losses, write-down
for estimated obsolescence or unmarketable inventories, realization of deferred tax assets and uncertain tax position, fair value of our
stock price to determine the beneficial conversion feature ("BCF") within the convertible note, fair value of the stock-based
compensation, fair value of the marketable securities and fair value of the warrants issued. Actual results could differ from these estimates.

 Accounts receivable, net

 Accounts receivable are recorded at the invoiced
amount, net of an allowance for uncollectible accounts and do not accrue interest. We offer various payments terms to customers from cash
due on delivery to 90 days based on their credit history. Accounts receivable encompass amounts due from sales of healthcare products
on our ZCITY platform. Management also periodically evaluates individual customer's financial condition, credit history and the
current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against
the allowance when all collection efforts have been exhausted, and recovery potential is deemed remote. Our management reviews historical
accounts receivable collection rates across all aging brackets and has made 100% provision of credit loss for customer balances aged above
120 days for sales of healthcare products on our ZCITY platform. Our management continuously assesses the reasonableness of the credit
loss allowance policy and updates it as needed. As of June 30, 2025 and 2024, we recorded $9,924 and $1,100 of provision for estimated
credit losses, respectively.

 Inventories

 Our inventories are recorded at the lower of cost
or net realizable value, with cost determined using the first-in-first-out (FIFO) method. These costs encompass gift cards or 'E-voucher'
pin codes, which are acquired from our suppliers as merchandise goods or store credit, as well as healthcare products. Management conducts
regular comparisons between the cost of inventories and their net realizable value. If the net realizable value is lower than the cost,
an allowance is made for inventory write-down. Ongoing assessments of inventories are carried out to identify potential write-downs due
to estimated obsolescence or unmarketability. This determination is based on the difference between the inventory costs and the estimated
net realizable value, considering forecasts for future demand and market conditions. Once inventories are written down to the lower of
cost or net realizable value, they are not subsequently marked up based on changes in underlying facts and circumstances. Our management
has reviewed the aforementioned factors and has applied a 100% write-down for inventories aged above 180 days related to our E-voucher
and health care products. For the years ended June 30, 2025 and 2024, $0 and $483 write-downs for estimated obsolescence or unmarketable
inventories were recorded.

 Other receivables and other current assets,
net

 Other receivables and other current assets consist
of prepayment to third parties for cyber security service, director & officer liability insurance ("D&O Insurance"),
and other professional fee. Other receivables and other current assets also include refundable advance to third party service provider,
and other deposits. Starting from July 1, 2023, we had adopted ASC Topic 326 on our other receivables using the modified retrospective
approach. The new credit loss guidance replaces the old model for measuring the allowance for credit losses with a model that is based
on the expected losses rather than incurred losses. Under the new accounting guidance, we measure credit losses on its other receivables
using the current expected credit loss model under ASC 326. As of June 30, 2025 and 2024, we have provided allowance for credit loss of
$1,078,353 and $212,758, respectively.

 Impairment for long-lived assets

 Long-lived assets, including property and equipment
with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market
conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assessed
the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment
loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition
of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount
of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market
values. $19,517,303 and $0 impairment for long-lived assets were recorded as of June 30, 2025 and 2024, respectively.

 Investment in marketable
securities

 Investments in marketable
securities, net, consist of investments in listed shares, which are listed on Nasdaq. Marketable securities are accounted for under ASC 321
and reported at their readily determinable fair values as quoted by market exchanges with changes in fair value recorded in other (expense)
income in the consolidated statements of operations and comprehensive loss. All changes in a marketable security's fair value are
reported in earnings as they occur, as such, the sale of a marketable security does not necessarily give rise to a significant gain or
loss. Unrealized gains/(losses) due to fluctuations in fair value are recorded in the consolidated statements of operations and comprehensive
loss. Declines in fair value below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements
of comprehensive income. For the years ended June 30, 2025 and 2024, we recorded an unrealized holding loss on marketable securities of
approximately $0.2 million and 0.8 million, respectively.

 Revenue recognition

 Loyalty program

 -
 Performance obligations satisfied
over time

 Our TADAA Technologies reward loyalty program allows members to earn
points on purchases that can be redeemed for rewards that include discounts on future purchases. When members purchase our product or
make purchase with our participated vendor through TADAA Technologies, we allocate the transaction price between the product or service,
and the reward points earned based on the relative stand-alone selling prices and expected point redemption. The portion allocated to
the reward points is initially recorded as contract liability and subsequently recognized as revenue upon redemption or expiration.

 The two primary estimates utilized to record the
contract liability for reward points earned by members are the estimated retail price per point and estimated breakage. The estimated
retail price per point is based on the actual historical retail prices of product purchased or service obtained through the redemption
of reward points. We estimate breakage of reward points based on historical redemption rates. We continually evaluate our methodology
and assumptions based on developments in retail price per point redeemed, redemption patterns and other factors. Changes in the retail
price per point and redemption rates have the effect of either increasing or decreasing the contract liability through current period
revenue by an amount estimated to represent the retail value of all points previously earned but not yet redeemed by loyalty program members
as of the end of the reporting period.

 Customized Software development Service revenue

 -
 Performance obligations satisfied
over time

 We recognize revenue from customized software
development services over time using the cost-to-cost input method to measure progress toward satisfaction of our performance obligations.
This approach requires us to make critical estimates and judgments, including determining total estimated costs to complete each contract
and assessing progress toward completion. Changes in project scope, complexity, or estimated costs may significantly impact the timing
and amount of revenue we recognize. We also evaluate whether we have an enforceable right to payment for performance completed to date
and whether control is transferred continuously to the customer. Any revisions to total estimated contract costs or anticipated losses
are recorded in the period in which the changes are identified.

 Income taxes

 Deferred taxes are accounted for using the asset
and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities
in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle,
deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it
is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated
using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged
or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred
tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance
with the laws of the relevant taxing authorities.

 An uncertain tax position is recognized as a benefit
only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination
being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be realized on
examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.

 Stock-based compensation

 We account for stock-based compensation awards to officers in accordance
with FASB ASC Topic 718, "Compensation – Stock Compensation", which requires that stock-based payment transactions with
employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the
requisite service period. In June 2024, we executed executive employment agreements ("Employment Agreements") with three individuals,
appointing them as the Company's executive officers. Under the terms of the Employment Agreements, each executive officer is entitled
to receive a predetermined monetary value of the Company's common stock as annual compensation for the first year, with stock compensation
for subsequent years contingent upon performance. The stock compensation is prorated on a monthly basis and is subject to the restrictions
of Securities Act Rule 144. The fair value of the stock-based compensation which included common stock issued were equivalent to the predetermined
monetary value. For the years ended June 30, 2025 and 2024, we have incurred stock-based compensation from our officer amounted to approximately
$0.3 million and $0.1 million, respectively based on the vesting schedule from the Employment Agreements.

 Convertible notes

 We evaluate our convertible notes to determine
if those contracts or embedded components of those contracts qualify as derivatives. The result of this accounting treatment is that the
fair value of the embedded derivative is recorded at fair value each reporting period and recorded as a liability. In the event that the
fair value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income or expense.

 In circumstances where the embedded conversion
option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible
instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative
instrument.

 If the conversion features of conventional convertible
debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion
feature. A BCF is recorded by us as a debt discount pursuant to ASC Topic 470-20 "Debt with Conversion and Other Options."
In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and we amortize the discount to interest
expense, over the life of the debt.

 Warrants

 -
 Fair value of Pre-Funded
Warrants

 For the year ended June 30, 2024, 14,000,000 Pre-Funded
Warrants were issued in connection with the November 2023 Offering. The Pre-Funded Warrants are classified as a component of permanent
stockholders' equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation
method. We valued the Pre-Funded Warrants at issuance concluding the purchase price approximated the fair value and allocated net proceeds
from the purchase proportionately to the common stock and Pre-Funded Warrants, of which $1,398,600 was allocated to the Pre-Funded Warrants
and recorded as a component of additional paid in capital.

 -
 Fair value of Alumni Capital
warrants

 We account for the purchase warrants issued to
Alumni Capital LP ("Alumni Capital") as liabilities, which are remeasured at fair value at each reporting period, with changes
in fair value recognized in our consolidated statements of operations. The fair value of these warrants is estimated using the Black-Scholes
option pricing model, which requires the use of significant judgment and assumptions, including expected stock price volatility, risk-free
interest rate, expected life of the warrant, and the market price and exercise price of our common stock. These assumptions are highly
subjective and inherently uncertain, and changes in any of these inputs can materially affect the estimated fair value of the warrant
liability.

 The fair value of the warrants issued to Alumni
Capital which was determined on grant dates by using the Black Scholes model using the following assumptions: (1) expected volatility
of 160.20% to 171.88%, (2) risk-free interest rate of 3.72% to 4.37%, (3) expected life of 2.4 years to 2.8 years,
(4) exercise price of $2.22 to $5.15 and (5) stock price of $1.62 to $19.50 on grant date, the date of which the warrants
were issued. Based on above assumption, the fair value of the warrants was estimated to be $2,450,227.

 The fair value of the warrants issued to Alumni
Capital which was determined on June 30, 2025 by using the Black Scholes model using the following assumptions: (1) expected volatility
of 162.92% to 167.27%, (2) risk-free interest rate of 3.71%, (3) expected life of 2.3 years, (4) exercise
price of $1.20 to $2.05 and (5) stock price of $1.10 on June 30, 2025. Based on above assumption, the fair value of the
warrants were estimated to be $383,885.

 Item 7A. Quantitative and Qualitative
Disclosures About Market Risk.

 The Company is a smaller reporting company as
defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 Item 8. Financial
Statements and Supplementary Data.

 TREASURE
GLOBAL INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 Page

 Report of Independent Registered Public Accounting Firm

 Consolidated Balance Sheets as of June 30, 2025 and 2024

 Consolidated Statements of Operations and Comprehensive Loss for the years ended June 30, 2025 and 2024

 Consolidated Statements of Changes in Stockholders' Equity for the years ended June 30, 2025 and 2024

 Consolidated Statements of Cash Flows for the years ended June 30, 2025 and 2024

 Notes to Consolidated Financial Statements

 F-7 – F-43

 F- 1

 To:

 The Board of Directors and Stockholders of

 Treasure Global Inc

 Report
of Independent Registered Public Accounting Firm

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of Treasure Global Inc and its subsidiaries (the "Company") as of June 30, 2024 and 2025, and the related consolidated
statements of operations and comprehensive loss, change in stockholders' equity, and cash flows for each of the years in the two-year
period ended June 30, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2025, and the results
of its operations and its cash flows for each of the years in the two-year period ended June 30, 2025, in conformity with accounting principles
generally accepted in the United States of America.

 Substantial Doubt about the Company's
Ability to Continue as a Going Concern

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

 Basis for Opinion

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

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

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

 /s/ WWC, P.C.

 Certified Public Accountants

 PCAOB ID No: 1171

 We have served as the Company's auditor
since 2023.

 San Mateo, California

 October 14, 2025

 F- 2

 TREASURE GLOBAL INC. AND SUBSIDIARIES

 CONSOLIDATED BALANCE SHEETS

 (Stated
in U.S dollar, except for the number of shares)

 As of

 As of

 2025

 2024

 ASSETS

 CURRENT ASSETS

 Cash and cash equivalents

 $
 236,895

 $
 200,013

 Investment in marketable securities

 -

 Accounts receivable, net

 1,592,901

 -

 Inventories, net

 13,184

 27,467

 Other receivables and other current assets, net

 3,361,862

 186,829

 Other receivable, related party

 13,723

 12,246

 Prepayments

 304,771

 358,526

 Total current assets

 5,523,336

 956,714

 OTHER ASSETS

 Property and equipment, net

 109,539

 173,678

 Intangible assets, net

 3,044,877

 3,130,936

 Operating lease right-of-use assets

 114,375

 17,257

 Other receivables and other assets, non-current, net

 6,081,021

 -

 Total other assets

 9,349,812

 3,321,871

 TOTAL ASSETS

 $
 14,873,148

 $
 4,278,585

 LIABILITIES AND STOCKHOLDERS' EQUITY

 CURRENT LIABILITIES

 Related party loan, current portion

 $
 5,134

 $
 6,338

 Insurance loan

 40,490

 38,371

 Accounts payable

 19,997

 22,441

 Customer deposits

 -

 70,080

 Contract liability

 188,748

 Other payables and accrued liabilities

 3,444,929

 508,657

 Other payables, related parties

 Operating lease liabilities

 36,606

 17,257

 Income tax payables

 120,000

 42,456

 Total current liabilities

 3,668,522

 895,109

 NON-CURRENT LIABILITIES

 Derivative liabilities

 383,886

 -

 Related party loan, non-current portion

 -

 2,743

 Operating lease liabilities -non current

 77,007

 -

 Total non-current liabilities

 460,893

 2,743

 TOTAL LIABILITIES

 4,129,415

 897,852

 COMMITMENTS AND CONTINGENCIES

 -

 -

 STOCKHOLDERS' EQUITY

 Common stock, par value $ 0.00001; 600,000,000 shares authorized, 4,149,405 and 33,432 shares issued and outstanding as of June 30, 2025 and 2024, respectively*

 -

 Additional paid-in capital

 72,023,252

 41,171,844

 Accumulated deficit

 ( 61,407,562
)

 ( 38,030,074
)

 Accumulated other comprehensive income

 128,002

 238,963

 TOTAL STOCKHOLDERS' EQUITY

 10,743,733

 3,380,733

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 $
 14,873,148

 $
 4,278,585

 *
 Giving retroactive effect to the 1-for-50 reverse stock split effected on April 7, 2025

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

 F- 3

 TREASURE GLOBAL INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS

 (Stated
in U.S dollar, except for the number of shares)

 For the Years Ended June 30,

 2025

 2024

 REVENUES

 $

 $

 COST OF REVENUES

 ( 660,732
)

 ( 21,250,767
)

 GROSS PROFIT

 1,669,825

 816,062

 SELLING

 ( 129,467
)

 ( 1,760,921
)

 GENERAL AND ADMINISTRATIVE

 ( 3,630,621
)

 ( 4,511,488
)

 LONG-LIVE ASSETS IMPAIRMENT

 ( 19,517,303
)

 -

 RESEARCH AND DEVELOPMENT

 ( 215,900
)

 ( 513,524
)

 STOCK-BASED COMPENSATION

 ( 208,445
)

 ( 93,111
)

 TOTAL OPERATING EXPENSES

 ( 23,701,736
)

 ( 6,879,044
)

 LOSS FROM OPERATIONS

 ( 22,031,911
)

 ( 6,062,982
)

 OTHER (EXPENSE) INCOME

 Other income, net

 89,354

 102,514

 Interest expense

 ( 4,999
)

 ( 74,920
)

 Net loss on marketable securities

 ( 170,817
)

 ( 828,367
)

 1,816,917

 -

 Share-based compensation adjustment

 ( 2,726,545
)

 -

 Other income from software developing service, net of cost

 -

 675,131

 Amortization of debt discount

 -

 ( 358,284
)

 TOTAL OTHER EXPENSE, NET

 ( 996,090
)

 ( 483,926
)

 LOSS BEFORE INCOME TAXES

 ( 23,028,001
)

 ( 6,546,908
)

 PROVISION FOR INCOME TAXES

 ( 349,487
)

 ( 39,715
)

 NET LOSS

 ( 23,377,488
)

 ( 6,586,623
)

 OTHER COMPREHENSIVE (LOSS) INCOME

 Foreign currency translation adjustments

 ( 110,961
)

 411,580

 COMPREHENSIVE LOSS

 $
 ( 23,488,449
)

 $
 ( 6,175,043
)

 LOSS PER SHARE

 Basic and diluted*

 $
 ( 19.87
)

 $
 ( 383.54
)

 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 Basic and diluted*

 1,176,722

 17,173

 *
 Giving retroactive effect to the 1-for-50 reverse stock split effected on April 7, 2025

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

 F- 4

 TREASURE GLOBAL INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS'
EQUITY

 (Stated
in U.S dollar, except for the number of shares)

 COMMON
 STOCK*

 ADDITIONAL

 ACCUMULATED

 OTHER

 TOTAL

 Number of

 shares

 Par

 value

 PAID
 IN

 CAPITAL

 ACCUMULATED

 DEFICIT

 COMPREHENSIVE

 INCOME (LOSS)

 STOCKHOLDERS'

 EQUITY

 Balance as of June 30, 2023

 5,115

 $
 -

 $
 31,485,736

 $
 ( 31,443,451
)

 $
 ( 172,617
)

 $
 ( 130,332
)

 Net loss

 -

 -

 -

 ( 6,586,623
)

 -

 ( 6,586,623
)

 Conversion of convertible note payable

 1,360

 -

 1,811,070

 -

 -

 1,811,070

 Issuance of common stock to related parties for debts
 cancellation

 -

 321,562

 -

 -

 321,562

 Issuance of common stock for acquiring intangible assets

 12,707

 -

 3,553,500

 -

 -

 3,553,500

 Issuance of common stock and prefunded warrants in public
 offering, net of issuance costs

 7,433

 -

 3,457,306

 -

 -

 3,457,306

 Issuance of common stock at the market offering, net of
 issuance costs

 1,898

 -

 431,811

 -

 -

 431,811

 Exercise of prefunded warrants into common stock

 4,000

 -

 1,400

 -

 -

 1,400

 Issuance of common stock - non-employee stock compensation

 -

 82,000

 -

 -

 82,000

 Employee stock compensation

 -

 -

 11,111

 -

 -

 11,111

 Capital contribution

 -

 -

 16,348

 -

 -

 16,348

 Foreign currency translation adjustments

 -

 -

 -

 -

 411,580

 411,580

 Balance as of June 30, 2024

 33,432

 -

 41,171,844

 ( 38,030,074
)

 238,963

 3,380,733

 Net loss

 -

 -

 -

 ( 23,377,488
)

 -

 ( 23,377,488
)

 Issuance of common stock at the market offering, net of
 issuance costs

 31,668

 -

 2,457,390

 -

 -

 2,457,390

 Issuance of common stock for software development

 619,686

 17,408,573

 -

 -

 17,408,579

 Employee stock base compensation

 33,816

 -

 -

 -

 Issuance of common stock under subscription agreement

 71,333

 1,176,999

 -

 -

 1,177,000

 Issuance of common stock and warrant under share purchase
 agreement

 3,163,680

 11,737,239

 -

 -

 11,737,271

 Fair value of warrants allocated to derivative liabilities

 -

 -

 ( 2,450,227
)

 -

 -

 ( 2,450,227
)

 Exercise of warrants into common stock

 50,000

 63,566

 -

 -

 63,567

 Cashless exercise of warrants into common stock

 145,757

 ( 1
)

 -

 -

 -

 Fair value of derivative liabilities upon exercise of warrants

 -

 -

 249,424

 -

 -

 249,424

 Rounding upon reverse stock split

 -

 -

 -

 -

 -

 Foreign currency translation adjustments

 -

 -

 -

 -

 ( 110,961
)

 ( 110,961
)

 Balance as of June 30, 2025

 4,149,417

 $

 $
 72,023,252

 $
 ( 61,407,562
)

 $
 128,002

 $
 10,743,733

 *
 Giving retroactive effect to the 1-for-50 reverse stock split effected on April 7, 2025

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

 F- 5

 TREASURE GLOBAL INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 (Stated
in U.S dollar, except for the number of shares)

 For the Years Ended June 30,

 2025

 2024

 CASH FLOWS FROM OPERATING ACTIVITIES:

 Net loss

 $
 ( 23,377,488
)

 $
 ( 6,586,623
)

 Adjustments to reconcile net loss to net cash used in operating activities:

 Depreciation

 76,970

 117,907

 Amortization of intangible assets

 796,684

 612,909

 Amortization of debt discounts

 -

 Amortization of operating right-of-use assets

 22,344

 34,561

 Allowance for credit losses

 854,849

 395,302

 Inventories impairment

 -

 Stock-based compensation

 93,111

 Other income from software developing service

 -

 ( 1,000,000
)

 Gain from disposal of subsidiaries

 -

 ( 203,333
)

 Gain from disposal of motor vehicle

 ( 19,646
)

 -

 ( 1,816,917
)

 -

 Net loss on marketable securities

 170,817

 828,367

 Long-live assets impairment

 19,517,303

 -

 Change in operating assets and liabilities

 -

 Accounts receivable

 ( 1,596,297
)

 ( 39,559
)

 Inventories

 16,829

 340,605

 Other receivables and other assets

 ( 7,110,970
)

 390,355

 Prepayments

 92,751

 ( 113,183
)

 Accounts payable

 ( 5,740
)

 264,745

 Customer deposits

 ( 75,108
)

 ( 90,086
)

 Contract liability

 ( 201,457
)

 33,515

 Other payables and accrued liabilities

 2,901,795

 ( 96,398
)

 Operating lease liabilities

 ( 23,073
)

 ( 27,163
)

 Income tax payables

 86,410

 ( 26,605
)

 Net cash used in operating activities

 ( 9,481,499
)

 ( 4,712,806
)

 CASH FLOWS FROM INVESTING ACTIVITIES:

 Purchases of equipment

 ( 14,818
)

 ( 16,740
)

 Proceeds from sales of motor vehicle

 38,864

 -

 Purchases of intangible asset

 -

 ( 191,119
)

 Prepayment of purchase consideration for business combination

 ( 223,768
)

 -

 Cash released from disposal of subsidiaries, net of cash received

 -

 ( 44,755
)

 Collaboration deposit

 ( 5,572,287
)

 -

 Proceeds from sale of investment in marketable securities

 -

 Net cash used in investing activities

 ( 5,771,193
)

 ( 252,614
)

 CASH FLOWS FROM FINANCING ACTIVITIES:

 Proceeds from issuance of common stock in market offering

 2,458,453

 431,811

 Proceeds from Issuance of common stock and warrant under share purchase agreement

 11,737,271

 -

 Proceeds from Issuance of common stock under subscription agreement

 1,177,000

 -

 Proceeds from issuance of common stock and prefunded warrants in Public Offering

 -

 3,457,306

 Proceeds from exercise of warrants into common stock

 63,567

 -

 Proceeds received from exercising prefunded warrants

 -

 1,400

 Capital contribution

 -

 16,348

 Proceed from insurance loan

 51,211

 -

 Principal payments of insurance loan

 ( 49,092
)

 ( 184,886
)

 Payments of related party loan

 ( 4,823
)

 ( 4,215
)

 Other payable, related party

 -

 -

 Repayments of convertible notes

 -

 ( 3,367,291
)

 Net cash provided by financing activities

 15,433,587

 350,473

 EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS

 ( 144,013
)

 221,326

 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 36,882

 ( 4,393,621
)

 CASH AND CASH EQUIVALENTS, beginning of year

 200,013

 4,593,634

 CASH AND CASH EQUIVALENTS, end of year

 $
 236,895

 $
 200,013

 SUPPLEMENTAL CASH FLOWS INFORMATION

 Income taxes paid

 $
 183,222

 $
 29,957

 Interest paid

 $
 2,062

 $
 51,333

 SUPPLEMENTAL NON-CASH FLOWS INFORMATION

 Fair value of common stock issued to consultant

 $
 -

 $
 82,000

 Vesting of employee stock compensation

 $

 $
 11,111

 Conversion of convertible note payable, net of unamortized discounts

 $
 -

 $
 1,811,070

 Right-of-use assets in exchange for operating lease liabilities

 $
 113,243

 $
 -

 Financing insurance premium paid by insurance loan

 $
 56,669

 $
 62,965

 Issuance of common stock for software development

 $
 17,408,579

 $
 -

 Acquisition of intangible assets through settlement of other receivables

 $
 620,000

 $
 -

 Marketable securities received as in exchange of software developing service

 $
 -

 $
 1,000,000

 Issuance of common stock to related parties for debts cancellation

 $
 -

 $
 321,562

 Issuance of common stock for acquiring intangible assets

 $
 -

 $
 3,553,500

 Allocation of fair value of derivative liabilities for issuance of common stock

 $
 2,450,227

 $
 -

 Fair value of derivative liabilities upon exercise of warrants

 $
 249,424

 $
 -

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

 F- 6

 Note 1 – Nature of business and organization

 Treasure Global Inc. ("TGL" or the
"Company") is a holding company incorporated on March 20, 2020, under the laws of the State of Delaware. The Company
has no substantive operations other than holding all of the outstanding shares of TADAA Technologies Sdn. Bhd ("TADAA Technologies"),
(formerly known as ZCity Sdn. Bhd, and Gem Reward Sdn. Bhd, underwent a name change on July 31, 2024 and July 20, 2023, respectively).
TADAA Technologies was originally established under the laws of the Malaysia on June 6, 2017, through a reverse recapitalization.

 On March 11, 2021, TGL completed a reverse recapitalization
("Reorganization") under common control of its then existing stockholders, who collectively owned all of the equity interests
of TADAA TECHNOLOGIES prior to the Reorganization through a Share Swap Agreement. TADAA TECHNOLOGIES is under common control of the same
stockholders of TGL through a beneficial ownership agreement, which results in the consolidation of TADAA TECHNOLOGIES and has been accounted
for as a Reorganization of entities under common control at carrying value. Before and after the Reorganization, the Company, together
with its subsidiaries is effectively controlled by the same stockholders, and therefore the Reorganization is considered as a recapitalization
of entities under common control in accordance with Accounting Standards Codification ("ASC") 805-50-25. The consolidation
of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions
had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements in accordance
with ASC 805-50-45-5.

 The Company, through its wholly owned subsidiary,
TADAA TECHNOLOGIES, engages in the payment processing industry and operate an online-to-offline ("O2O") e-commerce platform
known as "ZCITY". The Company has extensive business interests in creating an innovative O2O e-commerce platform with an instant
rebate and affiliate cashback program business model, focusing on providing a seamless payment solution and capitalizing on big data using
artificial intelligence technology. The Company's proprietary product is an internet application (or "app") called "ZCITY
App". ZCITY App drives user app download and transactions by providing instant rebate and cashback. The Company aims to transform
and simplify a user's e-payment gateway experience by providing great deals, rewards and promotions with every use in an effort
to make it Malaysia's top reward and payment gateway platform.

 On April 12, 2023, the Company entered into a
share sale agreement (the "Agreement") with Damanhuri Bin Hussien ("DBH"), an unrelated party. Pursuant to the
Agreement, the Company agreed to purchase 10,000 units of ordinary shares, representing a 100 % equity interest in Foodlink Global Sdn.
Bhd. ("Foodlink"), along with its two wholly-owned subsidiaries, Morgan Global Sdn. Bhd ("Morgan") and AY Food
Ventures Sdn. Bhd. ("AY Food"), for a consideration of approximately $ 3,000 from DBH.

 Foodlink, Morgan, and AY Food are engaged in
the operation of sub-licensing restaurant branding and the selling and trading of food and beverage products. Since Foodlink, Morgan,
and AY Food are blank check companies that were incorporated in January 2023 without any operating history prior to the acquisition,
the acquisition of these entities is immaterial to the Company's consolidated financial statements. In May 2024, the Company disposed
of Foodlink and its subsidiaries, Morgan and AY Food, due to continued operating losses.

 During the years ended June 30, 2025, the Company
launched a new revenue stream by providing customized software development services. This business line is part of the Company's
broader efforts to explore new growth opportunities and strengthen its capabilities in the technology and digital services sector.

 F- 7

 The accompanying consolidated financial
statements reflect the activities of TGL and each of the following entities.

 Name

 Background

 Ownership

 TADAA Technologies Sdn. Bhd (formerly known as ZCity Sdn Bhd and Gem Reward Sdn. Bhd.) ("TADAA Technologies")

 Incorporated in June 2017
 Operated O2O e-commerce platform known as ZCITY

 100 % owned by TGL

 TADAA Ventures Sdn. Bhd (formerly known as VWXYZ Venture Sdn. Bhd underwent a name change on July 29, 2025.) ("TADAA Ventures") (2)

 Incorporated in July 2024
 Holding company

 100 % owned by TGL

 Foodlink Global Sdn. Bhd. ("Foodlink") (1)

 Incorporated in January 2023
 Sub-licensing restaurant branding and selling and trading of foods and beverage products.

 100 % owned by TGL

 Morgan Global Sdn. Bhd. ("Morgan") (1)

 Incorporated in January 2023
 Sub-licensing restaurant branding and selling and trading of foods and beverage products.

 100 % owned by Foodlink

 AY Food Ventures Sdn. Bhd. ("AY Food") (1)

 Incorporated in January 2023
 Sub-licensing restaurant branding and selling and trading of foods and beverage products.

 100 % owned by Foodlink

 (1)
 Due to recurring loss from the operation of sub-licensing restaurant branding and the selling and trading of food and beverage products. The Company decided to dispose Foodlink and its subsidiaries. On May 24, 2024, the Company, Jeffrey Goh Sim Ik (the "Purchaser") and Koo Siew Leng (the "Guarantor") entered into a Share Sale and Purchase Agreement (the "Agreement"), in which the Company agreed to sell all of its equity interest in Foodlink and its subsidiaries Morgan and AY Food to the Purchaser, in exchange for a total of $ 148,500, of which shall be payable by the Purchaser to the Company as follows: (i) an initial deposit payable on May 24, 2024; and (ii) the balance of the purchase price payable in eight installment payments starting from May 24, 2024. The Company recognized a gain amounted to $ 203,333 for the year end June 30, 2024 from disposal of Foodlink and its subsidiaries. However, the disposal did not have material impact to the Company's operations.

 (2)
 TADAA Ventures is a holding company incorporated in July 2024, under the laws of Malaysia. As of June 30, 2025, TADAA Ventures has no substantive operations.

 Note 2 – Summary of significant
accounting policies

 Going concern

 In assessing the Company's liquidity and
the significant doubt about its ability to continue as a going concern, the Company monitors and analyzes cash on hand and operating
expenditure commitments. The Company's liquidity needs are to meet working capital requirements and operating expense obligations.
To date, the Company has financed its operations primarily through cash flows from contributions from stockholders, issuance of convertible
notes from third parties and related parties, related party loans, and various of public offerings.

 The Company's management has considered
whether there is substantial doubt about its ability to continue as a going concern due to: (1) recurring loss from operations of approximately
$ 22.0 million for the year ended June 30, 2025; (2) accumulated deficit of approximately $ 61.4 million as of June 30, 2025; and (3) net
operating cash outflow of approximately $ 9.3 million for the year ended June 30, 2025.

 On November 30, 2023, the Company closed its November
2023 Offering of (i) 7,433 shares of common stock and (ii) 4,000 pre-funded warrants (the "Pre-Funded Warrants"), each with
the right to purchase one Common Stock, at a public offering price of $ 350 per Pre-Funded Warrants. Upon closing of the November 2023
Offering, the Company received an aggregated net proceed of approximately $ 3.5 million, after deducting underwriting discounts, and non-accountable
expense.

 F- 8

 On March 22, 2024, the Company and H.C. Wainwright
& Co., LLC, (the "Manager") entered into a marketing offering agreement ("Marketing Offering Agreement").
Pursuant to the Marketing Offering Agreement, the Company intends to issue and sell through or to the Manager, as sales agent and / or
principal from time to time of the Company's common stock at the Market Offering. As of June 30, 2025, the Company received an
aggregated net proceed of approximately $ 2.9 million, net of broker fee from issuance of common stock which sell through or to the Manager.

 On October 10, 2024, the Company entered into
a Share Purchase Agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"), a Delaware limited
partnership which was subsequently amended by the modification agreement ("Modification Agreement") on January 21, 2025.
Pursuant to the Purchase Agreement, the Company has the right, but not the obligation to cause Alumni Capital to purchase up to $ 50,000,000
of the Company's common stock, par value $ 0.00001 (the "Commitment Amount"), at certain purchase price during the period
beginning on the execution date of the Purchase Agreement and ending on the earlier of (i) the date on which Alumni Capital has purchased
$ 50,000,000 of the Company's common stock pursuant to the Purchase Agreement or (ii) December 31, 2025. As of June 30, 2025, Alumni
Capital has purchased approximately $ 11.7 million worth of the Company's common stock, totaling 864,180 shares. The Company has
received approximately $ 11.7 million in net proceeds as of the date of the issuance of these consolidated financial statements.

 On November 27, 2024, the Company entered into
a subscription agreement (the "Subscription Agreement") with certain investors (the "Investors"). Pursuant to
the Subscription Agreement, the Investors agreed to invest an aggregate amount of $ 1,177,000 (the "Investment Amount") into
the Company for 71,333 shares of the Company's common stock (the "Offered Shares"), par value $ 0.00001 at a negotiated
purchase price of $ 16.5 (the "Offering"). As of the date of the issuance of these consolidated financial statements, the
Company has received aggregate net proceed of $ 1,177,000.

 Despite receiving the net proceeds from the various
offerings, and issuance of convertible notes, the Company's management is of the opinion that it will not have sufficient funds
to meet the Company's working capital requirements and debt obligations as they become due starting from one year from the date
of this report due to the recurring loss. Therefore, management has determined that there is a significant doubt about its ability to
continue as a going concern. If the Company is unable to generate significant revenue, it may be required to curtail or cease its operations.
Management is trying to alleviate the going concern risk through the following sources:

 Equity
 financing to support its working capital;

 There, however, is no guarantee that the substantial
doubt about the Company's ability to continue as a going concern will be alleviated.

 Basis of presentation

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

 Principles of consolidation

 The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have
been eliminated upon consolidation.

 A subsidiary is an entity in which the Company,
directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies,
to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

 Enterprise-wide disclosure

 The Company's Chief Operating Decision
Makers (CODM), which include the Chief Executive Officer and their direct reports, review financial information presented on consolidated
basis. This information is accompanied by a breakdown of revenues from different revenue streams, facilitating resource allocation and
financial performance evaluation. The reporting of operating segments aligns with the internal reports provided to the CODM, a group
composed of specific members of the Company's management team.

 F- 9

 Following the disposal of Foodlink and its subsidiaries
on May 24, 2024, the Company ceased its involvement in the food and beverage product distribution and sublicensing operations. During
the year ended June 30, 2025, the Company introduced a new revenue stream through customized software development services. As a result,
the Company now operates through two reportable segments: (i) payment processing and e-commerce operation in its ZCITY platform, and
(ii) customized software development as of June 30, 2025.

 Use of estimates

 The preparation of these consolidated financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and
the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in our consolidated
financial statements include the estimated retail price per point and estimated breakage to calculate the revenue recognized in our loyalty
program revenue and customized software development revenue, useful lives of property and equipment, impairment of long-lived assets,
allowance for credit loss, write-down for estimated obsolescence or unmarketable inventories, realization of deferred tax assets and
uncertain tax position, fair value of the stock-based compensation, fair value of the marketable securities, and fair value of the warrants
issued. Actual results could differ from these estimates.

 Foreign currency translation and transaction

 Transactions denominated in currencies other
than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statements
of operations and comprehensive loss. The reporting currency of the Company is United States Dollars ("US$") and the
accompanying consolidated financial statements have been expressed in US$. The Company's subsidiaries in Malaysia conducts their
businesses and maintains their books and record in the local currency, Malaysian Ringgit ("MYR" or "RM"), as
its functional currency. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency
is not US$ are translated into US$, in accordance with ASC Topic 830-30, "Translation of Financial Statement", using the
exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains
and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated
other comprehensive gain or loss within the consolidated statements of changes in stockholders' deficiency. Cash flows are also
translated at average translation rates for the periods, therefore, amounts reported on the consolidated statements of cash flows will
not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

 Translation of foreign currencies into US$ 1 have
been made at the following exchange rates for the respective periods:

 As of

 2025

 2024

 Period-average MYR: US$1 exchange rate

 4.21

 4.72

 2025

 2024

 Period-average MYR: US$1 exchange rate

 4.40

 4.69

 F- 10

 Cash and cash equivalents

 Cash is carried at cost and represent cash on
hand, time deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of
three months or less. Cash equivalents consist of funds received from customer, which funds were held at the third-party platform's
fund account, and which are unrestricted and immediately available for withdrawal and use.

 Accounts receivable, net

 Accounts receivable are recorded at the
invoiced amount less an allowance for any uncollectible accounts and do not bear interest. The Company provides various payment
terms from cash due on delivery to 90 days based on customer's credibility. Accounts receivable include money due from sales
of software development, and sales of health care product on its ZCITY platform. The carrying value of accounts receivable is
reduced by an allowance for credit losses that reflects the Company's best estimate of the amounts that will not be collected.
An allowance for credit losses is recorded in the period when a loss is probable based on an assessment of specific evidence
indicating collection is unlikely, historical bad debt rates, accounts aging, financial conditions of the customer and industry
trends. Management also periodically evaluates individual customer's financial condition, credit history, and the current
economic conditions to make adjustments in the allowance for credit losses when it is considered necessary. Account balances are
charged off against the allowance for credit losses after all means of collection have been exhausted and the potential for recovery
is considered remote. The Company's management continues to evaluate the reasonableness of the valuation allowance policy and
update it if necessary. As of June 30, 2025 and 2024, the Company recorded $ 9,924, and $ 1,100 of allowance for credit loss,
respectively.

 Inventories

 Inventories are stated at the lower of cost or
net realizable value, cost being determined on a first in first out method. Costs include gift card or "E-voucher" pin code
which are purchased from the Company's suppliers as merchandized goods or store credit. Costs also included health care products,
foods and beverage products which are purchased from the Company's suppliers as merchandized goods. Management compares the cost
of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable
value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable
inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts
for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked
up subsequently based on changes in underlying facts and circumstances. For the years ended June 30, 2025 and 2024, no write-downs for
estimated obsolescence or unmarketable inventories were recorded.

 Other receivables and other current assets,
net

 Other receivables and other current assets consist
of refundable collaboration deposit related to the partnership agreement with Credilab Sdn. Bhd. In addition, other receivables and other
current assets also include prepayment made by the Company to third parties for software development, cyber security service, director
& officer liability insurance ("D&O Insurance), refundable advance to third party service provider, deposit for investment
and other deposits.

 Starting from July 1, 2023, the Company adopted
ASC Topic 326 on its other receivables using the modified retrospective approach. The new credit loss guidance replaces the old model
for measuring the allowance for credit losses with a model that is based on the expected losses rather than incurred losses. Under the
new accounting guidance, the Company measures credit losses on its other receivables using the current expected credit loss model under
ASC 326. As of June 30, 2025 and 2024, the Company provided allowance for credit loss of $ 1,078,353 and $ 212,053, respectively.

 Prepayment

 Prepayments and deposits are mainly cash deposited
or advanced to suppliers for future inventory purchases. This amount is refundable and bears no interest. For any prepayments determined
by management that such advances will not be in receipts of inventories, services, or refundable, the Company will recognize an allowance
account to reserve such balances. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and
adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management
has determined that the likelihood of collection is not probable. The Company's management continues to evaluate the reasonableness
of the valuation allowance policy and update it if necessary. As of June 30, 2025 and 2024, the Company did not record allowance
for doubtful account against prepayment.

 F- 11

 Property and equipment, net

 Property and equipment are stated at cost less
accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with
no residual value. The estimated useful lives are as follows:

 Expected

 useful lives

 Computer and office
 equipment

 5 years

 Furniture and fixtures

 3 - 5 years

 Motor vehicles

 5 years

 Leasehold improvement

 3 years

 The cost and related accumulated depreciation
of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements
of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions,
renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the
periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

 Intangible assets, net

 The Company's acquired intangible assets
with definite useful lives only consist of internal used software. The Company amortizes its intangible assets with definite useful lives
over their estimated useful lives and reviews these assets for impairment. The Company typically amortizes its internal use software
with definite useful lives on a straight-line basis over the shorter of the contractual terms or the estimated economic lives, which
is determined to be approximately one to five years. As of June 30, 2025 and 2024, the Company recorded $ 19,517,303 and $0 impairment
of intangible assets, respectively.

 Impairment for long-lived assets

 Long-lived assets, including property and equipment,
and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant
adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not
be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected
to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset
plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is
identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach
or, when available and appropriate, to comparable market values. As of June 30, 2025 and 2024, $ 19,517,303 and $0 impairment of long-lived
assets was recognized.

 Investment in marketable
securities

 Investments in marketable
securities, net, consist of investments in listed shares, which are listed on Nasdaq. Marketable securities are accounted for under ASC 321
and reported at their readily determinable fair values as quoted by market exchanges with changes in fair value recorded in other (expense)
income in the consolidated statements of operations and comprehensive loss. All changes in a marketable security's fair value are
reported in earnings as they occur, as such, the sale of a marketable security does not necessarily give rise to a significant gain or
loss. Unrealized gains/(losses) due to fluctuations in fair value are recorded in the consolidated statements of operations and comprehensive
loss. Declines in fair value below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements
of comprehensive loss.

 F- 12

 Customer deposits

 Customer deposits represent amounts advanced
by customers on service order. Customer deposits are reduced when the related sale is recognized in accordance with the Company's
revenue recognition policy. Additionally, customer deposits also include unamortized member subscription revenue.

 Derivative liabilities

 A contract is designated as an asset or a liability
and is carried at fair value on the Company's balance sheet, with any changes in fair value recorded in the Company's results
of operations. The Company then determines which options, warrants and embedded features require liability accounting and records the
fair value as a derivative liability. The changes in the values of these instruments are shown in the consolidated statements of operations
and comprehensive loss as "change in fair value of derivative liabilities".

 Convertible notes

 The Company evaluates its convertible notes to
determine if those contracts or embedded components of those contracts qualify as derivatives. The result of this accounting treatment
is that the fair value of the embedded derivative is recorded at fair value each reporting period and recorded as a liability. In the
event that the fair value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income
or expense.

 In circumstances where the embedded conversion
option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible
instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative
instrument.

 If the conversion features of conventional convertible
debt provide for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion
feature ("BCF"). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 "Debt with Conversion
and Other Options." In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company
amortizes the discount to interest expense, over the life of the debt.

 Upon conversion, the carrying amount of the convertible
note, net of the unamortized discount shall be reduced by, if any, the cash (or other assets) transferred and then shall be recognized
in the capital accounts to reflect the shares issued and no gain or loss is recognized pursuant to ASC Topic 470-20-40-4.

 Warrants

 The Company accounts for warrants as either equity
or liability instruments in accordance with ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging, based
on the specific terms and conditions of each warrant. Warrants that meet all criteria for equity classification are recorded in equity
at issuance with no subsequent remeasurement. Warrants that do not meet the equity classification requirements are classified as liabilities
and measured at fair value, with changes in fair value recognized in earnings. The classification is reassessed at each reporting period.

 Revenue recognition

 The Company adopted Accounting Standards Update
("ASU") 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The core principle underlying
the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers
in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company
to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based
on when control of goods and services transfers to a customer.

 F- 13

 To achieve that core principle, the Company applies
five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract
with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable
consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price
to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance
obligation.

 The Company accounts for a contract with a customer
when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial
substance and consideration is probable of substantially collection.

 Revenue recognition policies for each type of
revenue stream are as follows:

 Product revenue

 -

 obligations satisfied at a point in time

 The Company primarily sells discounted gift cards
(or E-vouchers) from retailers, health care products and computer products through individual order directly through the Company's
online marketplace platform and its mobile application ("ZCITY"). In addition, the Company through its subsidiaries, Morgan
and AY Food, engages in sales of food and beverage products. Following the disposal of Foodlink and its subsidiaries on May 24, 2024,
the Company ceased the operation in sales of food and beverage products. When the Company is acting as a principal in the transaction,
the Company accounts for the revenue generated from its sales of E-vouchers, health care products, computer products, and food and beverage
product on a gross basis as the Company is responsible for fulfilling the promise to provide the specified goods, which the Company has
control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. In making this determination,
the Company assesses whether it is primarily obligated in these transactions, is subject to inventory risk, has latitude in establishing
prices, or has met several but not all of these indicators in accordance with ASC 606-10-55-36 through 40. The Company determined that
it is primarily responsible for fulfilling the promise to provide the specified good as the Company directly purchases and pays for in
full the applicable E-voucher, health care products and computer products from the vendors prior to posting of such products for sale
on its online marketplace platform and prior to taking any orders for sales of such products. Meanwhile, the Company maintained an average
daily inventory of approximately $ 0.1 million to support an average 53 days of sales during the year ended June 30, 2025, which demonstrate
the Company had control over the products prior to selling it to the customers as the ownership of the products did not transfer
momentarily to the customer after the Company purchased the products from vendors. In addition, the Company cannot return the products
to the vendors due to lack of sales which demonstrated that the Company is subject to inventory risk, and it has discretion in establishing
the price of the products which has demonstrated that the Company has the ability to direct the use of that good or service and obtain
substantially all of the remaining benefits.

 In certain instances, the Company is acting as
an agent in the transaction and is engaging in drop shipping arrangements for health care, food, and beverage products, where the products
were shipped directly from the vendors to the customers. In these drop shipping transactions, the Company was not primarily responsible
for fulfilling the promise to deliver the products to the customers, and as a result, did not exercise control over the goods or assume
any inventory risks. Therefore, the Company determined that revenue from sales of products under the drop shipping arrangements were
recognized on a net basis.

 The Company recognizes the sales of E-vouchers,
health care products, computer products, and food and beverage products revenue when the control of the specified goods is transferred
to its customer. No refund or return policy is provided to the customer. Payment is received before the goods are delivered to customers,
as such no financing component has been recognized as the payment terms are for reasons other than financing. The products are sold without
any warranty provided. For the years ended June 30, 2025 and 2024, approximately $ 34,000 and $ 0.4 million of product revenues are related
to non-spending related activities with the same amount recorded as selling expenses, respectively.

 F- 14

 Loyalty program

 -

 obligations satisfied at a point in time

 The Company's ZCITY reward loyalty
program allows members to earn points on purchases that can be redeemed for rewards that include discounts on future purchases. When
members purchase the Company's product or make purchase with the Company's participated vendor through ZCITY, the Company
allocate the transaction price between the product and service, and the reward points earned based on the relative stand-alone selling
prices and expected point redemption. The portion allocated to the reward points is initially recorded as contract liability and subsequently
recognized as revenue upon redemption or expiration.

 The two primary estimates utilized to record
the contract liabilities for reward points earned by members are the estimated retail price per point and estimated breakage. The estimated
retail price per point is based on the actual historical retail prices of product purchased or service obtained through the redemption
of reward points. The Company estimate breakage of reward points based on historical redemption rates. The Company continually evaluates
its methodology and assumptions based on developments in retail price per point redeemed, redemption patterns and other factors. Changes
in the retail price per point and redemption rates have the effect of either increasing or decreasing the contract liabilities through
current period revenue by an amount estimated to represent the retail value of all points previously earned but not yet redeemed by loyalty
program members as of the end of the reporting period.

 Transactions revenue

 -

 obligations satisfied at a point in time

 The transactions revenues primarily consist of
fees charged to merchants for participating in ZCITY upon successful sales transaction and payment service taken place between
the merchants and their customers online.

 The Company earns transaction revenue from merchants
when transactions are completed on certain retail marketplaces. Such revenue is generally determined as a percentage based on the value
of merchandise or services being sold by the merchants. In connection with the transaction revenue, the Company offers to share the profit
of the transaction ("agent commission") to the agents who has referred merchants to participating in Company's online
marketplace platform and in ZCITY. Transaction revenue is recognized, net of agent commission, in the consolidated statements of
operations at the time when the underlying transaction is completed.

 Member subscription revenue

 -

 obligations satisfied over time

 In order to attract more customer to engage with
the Company's online marketplace and in ZCITY, the Company provides membership subscription to the customers to join the Zmember
program, a membership program that provides member with benefits which included exclusive saving, bonus, and referral rewards. Member
subscription revenue primarily consists of fees charge to customers who sign up for Zmember. As the Company provides customers with 6
months member subscription service in general, member subscription revenue is recognized in the consolidated statement of operation over
time across the subscription period.

 Sublicense revenue

 -

 obligations satisfied over time

 The Company, through its wholly-owned subsidiaries,
Morgan and AY Food, generates revenue by sublicensing the right to use the Licensor's Trademark to its customers for the period
from July 1, 2023 to May 24, 2024. Since the sublicense fee is charged to customers on a monthly basis throughout the contractual period,
the Company recognizes sublicense revenue in the consolidated statements of operations over the duration of the contract. Furthermore,
the Company establishes itself as the principal in these arrangements, as it possesses the latitude to establish pricing and assumes
the inventory risk associated with fulfilling the minimum payment obligations to the Trademark's licensor regardless of the number
of sublicensees engaged by the Company during the license period. The Company ceased generating revenue from this revenue stream following
the disposal of Foodlink and its subsidiaries on May 24, 2024.

 F- 15

 Customized software development service revenue

 -

 obligations satisfied over time

 The Company generates revenue from customized
software development services typically include the design, development, and implementation of tailored digital systems and integrated
software solutions. The customized software development service is generally recognized over time as the Company satisfies its performance
obligations, based on its efforts or inputs, due to the continuous transfer of control to the customer and the enforceable right to payment
for performance completed to date.

 Customized software development service revenue
is recognized using an input measure (i.e., costs incurred to date relative to total estimated costs at completion) to measure progress.
The Company generally uses the cost-to-cost measure of progress method because it best depicts the transfer of control to the customer
as the Company incurs costs on its contracts. Under this method, the extent of progress toward completion is measured based on the ratio
of total costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated
fees or profits, are recognized proportionally as costs are incurred.

 Any expected losses on customized software development
service contracts in progress are recognized in full in the period the losses are identified. Contract costs include all direct labor
costs, subcontracted developments resources cost, and those indirect costs related to contract performance. Contract modifications that
extend or revise contract terms generally result in recognizing the impact of the revised terms prospectively over the remaining life
of the modified contract (i.e., effectively like a new contract).

 Disaggregated information of revenues by products/services
are as follows:

 2025

 2024

 Gift
 card or "E-voucher" revenue (1)

 $
 118,431

 $
 20,042,191

 Health
 care products, computer products, and food and beverage products revenue (1)

 298,722

 1,289,846

 Loyalty
 program revenue (1)

 202,744

 123,825

 Transaction
 revenue (1)

 127,127

 61,241

 Member
 subscription revenue (2)

 103,533

 375,949

 Sublicense
 revenue (2)

 -

 173,777

 Total revenues from ZCITY platform

 Revenue
 from Customized software development (2)

 -

 Total revenue

 $

 $

 (1)
 Revenue recognized at a point in time.

 (2)
 Revenue recognized over time.

 Cost of revenue

 Cost of revenue sold mainly consists of the purchases
of gift cards or "E-voucher" pin codes, and health care products, which are directly attributable to the sales of products
on the Company's online marketplace platform. In addition, cost of revenue sold also includes the purchase of food and beverage
products for resale, license payments to the Trademark's licensor for sublicense revenue, and labor and subcontracted development
resource costs related to customized software development services.

 F- 16

 Advertising costs

 Advertising costs amounted to $ 99,656 and $ 1,280,393 for
the years ended June 30, 2025 and 2024 respectively.

expenses include salaries and other compensation-related expenses to the Company's research and product development personnel,
and related expenses for the Company's research and product development team.

expenses include salaries and other compensation-related expenses to the Company's research and product development personnel,
and related expenses for the Company's research and product development team. Research and development expenses amounted to $ 215,900 and $ 513,524 for
the years ended June 30, 2025 and 2024, respectively.

 Defined contribution plan

 The full-time employees of the Company are entitled
to the government mandated defined contribution plan. The Company is required to accrue and pay for these benefits based on certain percentages
of the employees' respective salaries, subject to certain ceilings, in accordance with the relevant government regulations, and
make cash contributions to the government mandated defined contribution plan.

 Total expenses for the plans were $ 83,771 and
$ 218,945 for the years ended June 30, 2025 and 2024, respectively.

 The related contribution plans include:

 Social Security Organization ("SOSCO") – 1.75 % based on employee's monthly salary capped of RM 4,000;

 Employees Provident Fund ("EPF") – 12 % based on employee's monthly salary;

 Employment Insurance System ("EIS") – 0.2 % based on employee's monthly salary capped of RM 4,000;

 Income taxes

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

 Deferred taxes are accounted for using the asset
and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities
in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle,
deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that
it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is
calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred
tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which
case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes
are provided for in accordance with the laws of the relevant taxing authorities.

 F- 17

 An uncertain tax position is recognized as a
benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination
being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 % likely to be realized on
examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and
interest incurred related to underpayment of income tax for the years ended June 30, 2025 and 2024.

 The Company is incorporated in the State of Delaware
and is required to pay franchise taxes to the State of Delaware on an annual basis.

 The Company conducts much of its business activities
in Malaysia and is subject to tax in its jurisdiction. As a result of its business activities, the Company will file separate tax returns
that are subject to examination by the foreign tax authorities.

 Stock-based compensation

 The Company accounts for stock-based compensation
awards to executive officers in accordance with FASB ASC Topic 718, "Compensation – Stock Compensation", which requires
that stock-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and
recognized as compensation expense over the requisite service period.

 The Company accounts for stock-based compensation
awards to non-employees in accordance with FASB ASC Topic 718 amended by ASU 2018-07. Under FASB ASC Topic 718, stock compensation granted
to non-employees has been determined as the fair value of the consideration received or the fair value of equity instrument issued, whichever
is more reliably measured and is recognized as an expense as the goods or services are received.

 Comprehensive loss

 Comprehensive loss consists of two components,
net loss and other comprehensive loss. Net loss refers to revenue, expenses, gains and losses that under GAAP are recorded as an element
of stockholders' deficiency. Other comprehensive loss is excluded from net loss. Other comprehensive loss consists of a foreign
currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

 Earnings (loss) per share

 The Company computes earnings (loss) per share ("EPS")
in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is
measured as net loss divided by the weighted average common stock outstanding for the period. Diluted EPS presents the dilutive effect
on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted
at the beginning of the periods presented, or issuance date, if later. Potential common stock that have an anti-dilutive effect (i.e.,
those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended
June 30, 2025 and 2024, 463,666 and 28 contingent shares to be issued to the investor, underwriters and convertible note holders
are excluded in the diluted EPS calculation due to its anti-diluted effect, respectively.

 Fair value measurements

 Fair value is defined as the price that would
be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. When determining the fair value
measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and
considers assumptions that market participants would use when pricing the asset or liability. The following summarizes the three levels
of inputs required to measure fair value, of which the first two are considered observable and the third is considered unobservable:

 Level 1 - Unadjusted quoted prices
in active markets for identical assets or liabilities.

 F- 18

 Level 2 - Observable inputs other
than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 Level 3 - Unobservable inputs that
are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 The fair value for certain assets and liabilities
such as cash and cash equivalents, accounts receivable, inventories, other receivables and other current assets, prepayments, accounts
payable, customers deposits, contract liabilities, other payables and accrued liabilities have been determined to approximate carrying
amounts due to the short maturities of these instruments. The Company believes that its related party loan, insurance loan, and convertible
notes approximates fair value based on current yields for debt instruments with similar terms. The fair value of investment in marketable
securities is based on market price in an active market (Level 1) at the end of each reporting period. The Company's warrants issued
to Alumni Capital under Share Purchase Agreement (see Note 13) is not traded in an active securities market (level 3); therefore, the
Company estimates the fair value to those warrants using the Black-Scholes valuation model on grant date and at the end of each reporting
period.

 The following table presents information about
the Company's financial asset and liabilities that were measured at fair value on a recurring basis as of June 30, 2025 and 2024:

 June
 30,
 2025

 Quoted

 Prices in
 Active
 Market
 (Level 1)

 Significant

 Other
 Observable
 Input
 (Level 2)

 Significant

 Other
 Unobservable
 Input
 (Level 3)

 Liabilities:

 Derivative liabilities

 $
 383,886

 $
 -

 $
 -

 $
 383,886

 2024

 Quoted
 Prices in
 Active

 Market
 (Level 1)

 Significant
 Other
 Observable

 Input
 (Level 2)

 Significant
 Other
 Unobservable

 Input
 (Level 3)

 $

 Assets:

 Investment in marketable securities

 $

 $

 $
 -

 $
 -

 The following is a reconciliation of the beginning
and ending balance of the assets and liabilities measured at fair value on a recurring basis for the years ended June 30, 2025 and 2024:

 Warrant issued under Share Purchase
 Agreement

 Balance as of June 30, 2023

 $
 -

 -

 Balance as of June 30, 2024

 -

 Derivative liabilities recognized at grant date

 2,450,227

 ( 1,816,917
)

 Exercised of warrants

 ( 249,424
)

 Balance as of June 30, 2025

 $
 383,886

 F- 19

 Related parties

 Parties, which can be a corporation or individual,
are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject
to common control or common significant influence.

 Lease

 Effective July 1, 2022, the Company adopted ASU
2016-02, "Leases" (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any
expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct
costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy
election not to recognize lease assets and liabilities.

 If any of the following criteria are met, the Company classifies the
lease as a finance lease:

 The lease transfers ownership
 of the underlying asset to the lessee by the end of the lease term;

 The lease grants the lessee
 an option to purchase the underlying asset that the Company is reasonably certain to exercise;

 The lease term is for 75 % or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25 % of the economic life of the underlying asset;

 The present value of the sum of the lease payments equals or exceeds 90 % of the fair value of the underlying asset; or

 The underlying asset is
 of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

 Leases that do not meet any of the above criteria
are accounted for as operating leases.

 The Company combines lease and non-lease components
in its contracts under Topic 842, when permissible.

 Operating lease right-of-use ("ROU")
asset and lease liability are recognized at the adoption date of July 1, 2022 or the commencement date, whichever is earlier, based on
the present value of lease payments over the lease term. Since the implicit rate for the Company's leases is not readily determinable,
the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized
basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.

 Lease terms used to calculate the present value
of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable
certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating
lease ROU asset to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception,
therefore operating lease ROU asset and liability do not include leases with a lease term of twelve months or less. Its leases generally
do not provide a residual guarantee.

 The operating lease ROU asset also excludes lease
incentives. Lease expense is recognized on a straight-line basis over the lease term for operating lease.

 F- 20

 The Company reviews the impairment of its ROU
asset consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived
assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment
of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax
cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liability in any tested
asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. For the years ended June
30, 2025 and 2024, the Company did not recognize impairment loss on its operating lease ROU asset.

 Recent accounting pronouncements

 The Company considers the applicability and impact
of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under
the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Company meets the definition of an emerging
growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the
adoption of these accounting standards until they would apply to private companies.

 -Recent accounting pronouncements adopted

 In November 2023, the FASB issued ASU 2023-07,
which is an update to Topic 280, Segment Reporting: Improvements to reportable Segment Disclosures ("ASU 2023-07"), which
enhances the disclosure required for reportable segments in annual and interim consolidated financial statements, including additional,
more detailed information about a reportable segment's expenses. ASU 2023-07 will be effective for fiscal years beginning after
December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company
adopted ASU 2023-07 on January 1, 2025, and applied the amendments retrospectively to all prior periods presented in these consolidated
financial statements. Refer to Note 17 segment information.

 -Recent accounting pronouncements not yet
adopted

 In August 2020, the FASB issued ASU 2020-06,
Debt- Debt with Conversion and Other Options (Subtopic 47020) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic
81540): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which is intended to simplify the accounting
for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on
an entity's own equity. The guidance allows for either full retrospective adoption or modified retrospective adoption. The guidance
is effective for the Company in the first quarter of fiscal year 2025 and early adoption is permitted. The Company is evaluating the
impact the adoption of this guidance will have on its consolidated financial statements and related disclosures.

 In December 2023, the FASB issued ASU 2023-09,
which is an update to Topic 740, Income Taxes. The amendments in this update enhances the transparency and decision usefulness
of income tax disclosures. ASU 2023-09 will be effective for fiscal years beginning after December 15, 2024. Early adoption is permitted
for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be
applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the adoption of
ASU 2023-07 will have on its consolidated financial statements.

 On November 4, 2024, the FASB issued ASU No. 2024-03,
Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 amends ASC 220, Comprehensive Income
to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information
about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15,
2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the Company's consolidated
financial statements.

 F- 21

 In January 2025, the FASB issued ASU 2025-01
Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued
ASU 2024-03 on November 4, 2024. ASU 2024-03 states that the amendments are effective for public business entities for annual reporting
periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of
ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends
on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar
year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim
reporting period, rather than in an annual reporting period. The FASB's intent in the basis for conclusions of ASU 2024-03 is clear
that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after
December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Management is currently
evaluating this ASU to determine its impact on the Company's disclosures.

 Except as mentioned above, the Company does not
believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's
consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

 Note 3 – Accounts receivable, net

 As of
 2025

 As
 of

 2024

 Accounts receivable

 $
 1,602,825

 $
 1,100

 Provision for estimated credit losses

 ( 9,924
)

 ( 1,100
)

 Total accounts receivable, net

 $
 1,592,901

 $
 -

 Movements of provision for accounts receivable's estimated credit
losses are as follows:

 As of
 2025

 As of
 2024

 Beginning balance

 $
 1,100

 $

 Addition

 8,512

 182,544

 Disposal of subsidiaries

 -

 ( 180,792
)

 Exchange rate effect

 ( 866
)

 Ending balance

 $
 9,924

 $
 1,100

 Note 4 – Inventories, net

 Inventories consist of the following:

 As of
 2025

 As of
 2024

 Gift card (or E-voucher)

 $
 13,184

 $
 27,467

 F- 22

 Note 5 – Other receivables and other current assets,
net

 As of
 2025

 As of
 2024

 Collaboration deposits (i)

 $
 5,572,287

 $
 -

 Deposits (ii)

 210,172

 120,880

 Prepaid tax

 1,768

 20,752

 Prepaid expense (iii)

 62,341

 45,201

 Prepaid technical support and maintenance fee (v)

 3,600,000

 -

 Software development deposit (iv)

 725,994

 84,823

 Prepaid investment (vii)

 228,942

 -

 Other receivable (vi)

 119,732

 127,226

 Total other receivables and other current assets

 10,521,236

 398,882

 Provision for estimated credit loss

 ( 1,078,353
)

 ( 212,053
)

 Total other receivables and other current assets

 $
 9,442,883

 $
 186,829

 Current

 $
 3,361,862

 $
 186,829

 Non-current

 $
 6,081,021

 $
 -

 (i)
 On September 20, 2024, the Company entered into a partnership agreement
(the "Partnership Agreement") with Credilab Sdn. Bhd. ("CLSB") for five years. Pursuant to the Partnership Agreement,
the Company and CLSB will establish a strategic partnership aimed at leveraging their respective core competencies, resources, and market
expertise to drive mutual benefit and growth, while the Company will periodically provide collaboration deposit fund to CLSB, which CLSB
will be utilized to support CLSB's credit service activities for the portfolio clients introduced by the Company's ZCity App
("Portfolio Clients"). In return, the Company will share half of the revenue and processing fee from CLSB's profit derived
from Portfolio Client. As of June 30, 2025 the Company has disbursed $ 5,572,287 collaboration deposits to CLSB, of which $ 5,581,021 is
classified as non-current. As of June 30, 2025, $ 115,616 credit loss was recorded against collaboration deposit.

 (ii)
 The balance of deposits mainly represented deposit made by the Company to a third-party service provider to secure the service, security deposit consists of rent and utilities, and others. As of June 30, 2025 and 2024, $ 118,810 and $ 106,028 estimated credit loss was recorded against doubtful receivables, respectively.

 (iii)
 The balance of prepaid expense mainly represented prepayment made by the Company to third parties for cyber security service, director & officer liability insurance ("D&O Insurance") or other professional service.

 (iv)
 The balance of software development deposit consists as following:

 On July 20, 2023, the Company entered into a software development agreement (the "Agreement") with Nexgen Advisory Sdn Bhd ("Nexgen"), an unrelated third party. Pursuant to the Agreement, the Company engaged with Nexgen in software development related to the creation of an artificial intelligence-powered travel platform. As of September 30, 2023, the Company had made a $ 209,768 service deposit to Nexgen; however, the service had not yet commenced. On September 25, 2023, the Company terminated the Agreement with Nexgen. As of June 30, 2025, $ 114,720 of the service deposit were refunded by Nexgen. As of June 30, 2025, and 2024, $ 95,049 and $ 45,081 estimated credit loss was recorded against the software development deposits.

 On July 18, 2024, the Company entered into an agreement with Musli
Development Sdn Bhd ("Musli") and V Galactech Sdn. Bhd ("V Galactech") for the provision of subcontractor
services related to developing smart campus management system at the Enforcement Leadership & Management University, Malaysia. Under
the terms of these agreements, both Musli and V Galactech were engaged to provide services including infrastructure cabling, wiring, and
network design consultancy for a total amount of $ 727,626 and $ 242,542 respectively. As of June 30, 2025, the Company had remitted a service
deposit of $ 412,380 and 218,565 to V Gallant and Musli, respectively. As of June 30, 2025, and 2024, $ 630,946 and $ 0 estimated credit
loss was recorded against the software development deposits to V Galactech and Musli.

 F- 23

 (v)
 The balance of prepaid technical support and maintenance fee consists as following:

 On October 10, 2024, the Company entered into a service partnership agreement (the "Partnership Agreement") with Octagram Investment Limited ("OCTA"), a Malaysian company, to establish a strategic partnership pursuant to the terms and conditions set forth in this Partnership Agreement. Pursuant to the Partnership Agreement, OCTA shall design, develop and deliver mini-game modules to be integrated into the ZCity App, an E-Commerce platform owned by the Company. In addition, OCTA shall customize the mini-game modules based on the Company's detailed specification. The Company agreed to pay a total consideration of (USD 2,800,000) ("Service Fees") to OCTA and/or its nominees by using the Company shares. The Service Fee includes an upfront payment for the development costs of the mini-game modules, as well as the payment of a flat fee of $ 10,000 per month, starting from the delivery of the first mini-game module, for the ongoing technical support for a period of five years. As of June 30, 2025, the first mini-game module has been delivered to the Company. Consequently, a total of $ 600,000 in prepaid technical support fees paid to OCTA through the issuance of the Company's common stock has been recorded as a prepaid expense, of which $ 500,000 is classified as non-current.

 On October 29, 2024, the Company entered into a service agreement with
V Gallant Sdn Bhd ("V Gallant"), a Malaysian company, to provide generative AI solutions and AI digital human technology services. On March 24, 2025, the Company entered into a supplemental agreement with V Gallant to amend the above-mentioned service
agreement to require V Gallant to provide and manage GPU servers, network infrastructure, cloud integration, security measures, AI tools,
and user environments to support AI cloud infrastructure. As of June 30, 2025, the Company recorded $ 3,000,000 as a prepaid expense for
services not yet commenced.

 (vi)
 The balance of other receivable mainly consists as following:

 On May 24, 2024, the Company has disposed all of its equity interest in Foodlink and its subsidiaries Morgan and for a consideration of $ 148,500. As of June 30, 2025 the Company has collected $ 30,568 from the Purchaser, and the remaining is expected to be fully repaid by December 2025. As of June 30, 2025 and 2024, $ 117,932 and $ 0 estimated credit loss was recorded against other receivable.

 (vii)
 The balance of prepaid investment consists as following:

 On February 11, 2025, TADAA Ventures, entered into a Share Purchase Agreement ("SPA") with Amystic Commerce Sdn Bhd ("Amystic"), a private company incorporated in Malaysia. Pursuant to the SPA, TADAA Ventures will acquire 51 % of the ordinary shares ("the Sale Shares") in Tien Ming Distribution Sdn Bhd ("Tien Ming"), a private company incorporated in Malaysia principally involved in distribution of all kinds of consumer products, providing logistics and acting as traders. The purchase price for the Sale Shares is RM 5,100.00. The acquisition is part of TADAA Ventures's commitment to invest up to RM 3,000,000.00 in the Tien Ming Distribution to support its operations and obligations to provide warehousing and fulfilment delivery services for F&N Beverages Marketing Sdn Bhd. As of June 30, 2025, the acquisition of Tien Ming has not been completed, and the Company has prepaid $ 228,942 purchase consideration toward to the acquisition.

 F- 24

 Movements of provision for other receivables' estimated credit
loss are as follows:

 As of
 2025

 As of
 2024

 Beginning balance

 $
 212,053

 $
 -

 Addition

 846,337

 212,758

 Exchange rate effect

 19,963

 ( 705
)

 Ending balance

 $
 1,078,353

 $
 212,053

 Note 6 – Prepayments

 As of
 2025

 As of
 2024

 Deposits to suppliers

 $
 304,771

 $
 358,526

 Note 7 – Property and equipment, net

 Property and equipment, net consist of the following:

 As of
 2025

 As of
 2024

 Computer and office equipment

 $
 184,545

 $
 154,772

 Furniture and fixtures

 81,551

 72,778

 Motor vehicle

 -

 82,290

 Leasehold improvement

 151,581

 131,369

 Subtotal

 417,677

 441,209

 Less: accumulated depreciation

 ( 308,138
)

 ( 267,531
)

 Total

 $
 109,539

 $
 173,678

 Depreciation expense for the years ended June
30, 2025 and 2024 were amounted to $ 76,970 and $ 117,907, respectively.

 Note 8 – Intangible assets, net

 Intangible assets, net
consisted of the following:

 As of

 As of

 2025

 2024

 Internal use software development

 $
 23,980,607

 $
 3,743,716

 Less: accumulated amortization

 ( 1,418,427
)

 ( 612,780
)

 Less: Impairment

 ( 19,517,303
)

 -

 Total intangible assets, net

 $
 3,044,877

 $
 3,130,936

 Amortization expense for the years ended of June 30, 2025 and 2024
was amounted to $ 796,684 and $ 612,909, respectively. During the year ended June 30, 2025, the Company recognized an impairment
loss of $ 19,517,303 related to internal use software development. The impairment was primarily due to changes in the Company's business
strategy, which significantly reduced the expected future economic benefits associated with the affected assets. In accordance with ASC
360, the Company determined that the carrying amount of the intangible assets exceeds the estimated undiscounted future cash flows expected
to result from its use, therefore, the Company recognized an impairment loss equal to the amount by which the carrying value exceeds its
estimated fair value based on a discounted cash flows approach.

 F- 25

 The following table
sets forth the Company's amortization expense for the next five years ending:

 Amortization

 expenses

 Twelve months ending June 30, 2026

 $
 608,976

 Twelve months ending June 30, 2027

 608,976

 Twelve months ending June 30, 2028

 608,976

 Twelve months ending June 30, 2029

 608,976

 Twelve months ending June 30, 2030

 608,973

 Total

 $
 3,044,877

 Note 9 – Investment in marketable securities

 On July 19, 2023 ("Commencement Date"),
the Company entered into a software developing agreement ("Developing Agreement") with VCI Global Limited ("VCI"),
an unrelated third party for collaboration and co-operating in the development of an artificial intelligence powered travel platform,
the ("Platform"). Pursuant to the Software Development Agreement, VCI shall remit payment of cash in $ 1,000,000 or issuance
and the allotment of ordinary shares in VCI with an equivalent value of $ 1,000,000 ("VCIG Shares") within ten business
days from the Commencement Date to the Company as service consideration. Both the Company and VCI had agreed that VCI to issued 286,533 shares
of VCIG Shares at $ 3.49 per share based on 5-day volume weighted average price to the Company as a service consideration in developing
above mentioned Platform. The VCIG Shares shall be issued on a restricted stock basis for a period of six (6) months from the commencement
date of the Software Developing Agreement.

 Movements in investment in marketable securities
are as follows:

 At fair value

 As of
 2025

 As of
 2024

 Beginning balance

 $

 $
 -

 Addition

 -

 1,000,000

 Net loss recognized for the year

 ( 170,817
)

 ( 828,367
)

 Disposal

 ( 816
)

 -

 Closing balance

 $
 -

 $

 For the years ended June 30, 2025, upon disposal of the marketable
securities for a cash consideration of $ 816, the Company recognized net loss of marketable securities of $ 170,817. For the years ended
June 30, 2024, unrealized loss on marketable equity securities were $ 828,367.

 Note 10 – Loans and notes

 Insurance loan

 On February 28, 2023, the Company entered into
a loan agreement with First Insurance Funding, a third party (the "Premium Finance Agreement"), pursuant to which First Insurance
Funding provided the Company with a short-term loan ("Insurance loan 1") amounted to $ 264,563 with interest rate of 5.9 %
per annum to be due in ten equal monthly instalments of $ 27,177. The Insurance loan 1 has been paid in full during the year ended June
30, 2024. In February 2024, the Company entered into another loan agreement with First Insurance Funding, to obtain a short-term loan
("Insurance loan 2") of $ 74,078 with interest rate of 9.5 % to be due in ten equal monthly instalments of $ 6,573. In December
2024, the remaining balance of Insurance loan 2 had been paid in full. In February 2025, the Company entered into another loan agreement
with First Insurance Funding, to obtain a short-term loan ("Insurance loan 3") of $ 56,669 with interest rate of 10.0 % to
be due in ten equal monthly instalments of $ 5,929. As of June 30, 2025, the outstanding balance Insurance loan 3 were $ 40,490. The funds
from Insurance Loan 1,2 and 3 were exclusively allocated towards the payment of the Directors and Officers (D&O) insurance as indicated
on Note 5.

 For the years ended June 30, 2025 and 2024, interest
expenses pertained to the insurance loans amounted to $ 2,671 and $ 4,465, respectively.

 F- 26

 Convertible notes

 The Company evaluated the convertible notes agreement
under ASC 815 Derivatives and Hedging ("ASC 815"). ASC 815 generally requires the analysis embedded terms and features that
have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and
characteristics are not clearly and closely related to the risks of the host contract. None of the embedded terms required bifurcation
and liability classification.

 On February 28, 2023, the Company entered into
a Securities Purchase Agreement (the "Securities Purchase Agreement") with YA II PN, Ltd., ("YA II PN"), a third
party. Pursuant to the Securities Purchase agreement, YA II PN agreed to purchase two unsecured convertible notes, in the aggregate principal
amount of up to $ 5,500,000 in a private placement (the "Private Placement") for a purchase price with respect to each convertible
note of 92 % of the initial principal amount of such convertible notes. The convertible notes accrue or will accrue interest at 4.0 % per
annum and has a 12 -month term after disbursement. The conversion price, as of any conversion date or other date of determination, is
the lower of (i) $ 1.6204 per share of Common Stock (the "Fixed Conversion Price") or (ii) 93 % of the lowest volume-weighted
average price ("VWAP") of the common shares on the primary market during the 10 consecutive trading days immediately preceding
the date on which YA II PN exercises its conversion right in accordance with the requirements of the applicable convertible debenture
or other date of determination, but not lower than $ 0.25 per share (the "Floor Price"). The conversion price will be subject
to adjustment to give effect to any stock dividend, stock split or recapitalization.

 YA II PN may not during any calendar month convert
more than an aggregate of the greater of (a) 25 % of the aggregate dollar value traded on the Primary Market during such calendar month
or (b) $ 1,100,000 of principal amount of the Convertible Debentures (plus accrued and unpaid Interest) utilizing the variable conversion
price. This limitation shall not apply (i) at any time upon the occurrence and during the continuance of an Event of Default, and (ii)
with respect to any conversions utilizing the Fixed Conversion Price. This limitation may be waived with the consent of the Company.
Notwithstanding anything to the contrary contained above, the Company shall not issue more than 987 shares of Common Stock (the "Exchange
Cap") pursuant to the terms of the Convertible, except that such limitation shall not apply in the event that the Company (A) obtains
the approval of its stockholders as required by the applicable rules of the Nasdaq Stock Market for issuances of shares of Common Stock
in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required, which
opinion shall be reasonably satisfactory to the holder of the Convertible Debentures. It is a closing condition to the purchase by the
Buyer of the $ 3,500,000 Convertible Debenture that such shareholder approval be obtained.

 During the year ended June 30, 2023, YA II PN
purchased two unsecured convertible notes consist of $ 2,000,000 ("Tranche 1") and $ 3,500,000 ("Tranche 2") in
principal amount. The Company evaluated the Securities Purchase Agreement under ASC 815, which generally requires the analysis embedded
terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where
their economic risks and characteristics are not clearly and closely related to the risks of the host contract. None of the embedded
terms in the convertible notes required bifurcation and liability classification. However, the Company was required to determine if the
debt contained a beneficial conversion feature ("BCF"), which is based on the intrinsic value on the date of issuance. The
Company evaluated the convertible notes for a beneficial conversion feature in accordance with ASC 470-20 "Debt with Conversion
and Other Options". The Company determined that the conversion price of Tranche 1 ($ 1.55) and Tranche 2 ($ 1.30), was below the
market price of Tranche 1 ($ 1.56) and Tranche 2 ($ 1.38) as per stock price listed in the stock market on February 28, 2023, and June
14, 2023, respectively, therefore, the convertible notes contained a beneficial conversion feature. For the year ended June 30, 2024,
$ 1,782,710 of these convertible notes along with $ 28,360 accrued interest was converted into 806 shares of common stock.

 On September 28, 2023, a Floor Price trigger
event occurred as the Company's daily VWAP is less than the Floor Price. According to the Securities Purchase Agreement, the Company
was obligate to make monthly payments starting on the 10th day after the Trigger Date, consisting of the lesser of $ 1,000,000 or the
outstanding principal amount (the "Triggered Principal Amount"), a 7 % redemption premium on the Triggered Principal Amount,
and accrued unpaid interest. For the year ended June 30, 2024, the Company has remit $ 284,790 redemption premium to YA II PN as a result
of Floor Price triggering event.

 In December and October 2023, the Company has
collectively repaid $ 3,367,290 principal balance pertained to above mentioned convertible notes.

 F- 27

 In addition, 8 % of purchase discount in
connection with above mentioned convertible notes amounted to $ 440,000 reduced the carrying value of the convertible note as a debt
discount. The carrying value, net of debt discount, will be accreted over the term of the convertible note from date of issuance to
date of maturity using effective interest rate method. For the years ended June 30, 2025 and 2024, amortization of debt discount
were amounted to $0 and $ 358,284, respectively pertained to convertible notes from YA II PN. As of June 30, 2025 and 2024,
the convertible notes payable, net from YA II PN was amounted to $ 0. The Company has convertible notes payable, net of unamortized
discounts as follows:

 Face value of
 convertible

 notes
 payable

 Unamortized
 debt
 discounts

 Convertible
 notes
 payable,

 net of
 unamortized
 discounts

 Third
 parties

 Related
 parties

 June 30, 2023 balance

 $
 5,150,000

 $
 ( 358,284
)

 $
 4,791,716

 $
 4,791,716

 $
 -

 Amortization of debt discounts

 -

 -

 Repayments

 ( 3,367,290
)

 -

 ( 3,367,290
)

 ( 3,367,290
)

 -

 Conversion

 ( 1,782,710
)

 -

 ( 1,782,710
)

 ( 1,782,710
)

 -

 June 30, 2024 balance

 -

 -

 -

 -

 -

 Repayments

 -

 -

 -

 -

 -

 Conversion

 -

 -

 -

 -

 -

 June 30, 2025 balance

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 For the years ended June 30, 2025 and 2024, interest
expenses related to the aforementioned convertible notes amounted to $ 0 and $ 69,041, respectively.

 Note 11 – Other payables and accrued
liabilities

 As of
 2025

 As of
 2024

 Accrued professional fees (i)

 $
 402,759

 $
 202,000

 Accrued payroll

 33,635

 69,147

 Accrued interest (ii)

 2,661

 2,375

 Payables to merchant from ZCITY platform (iii)

 169,790

 201,338

 Provision for share-based compensation adjustment (iv)

 2,726,545

 -

 Others

 109,539

 33,797

 Total other payables and accrued liabilities

 $
 3,444,929

 $
 508,657

 (i)
 Accrued professional fees

 The balance of accrued professional
fees represented amount due to third parties service providers which include mobile application developing, marketing consulting service,
IT related professional service, audit fee, tax filing fee, and consulting fee related to capital raising.

 (ii)
 Accrued interest

 The balance of accrued interest represented
the balance of interest payable from convertible notes aforementioned in Note 10.

 F- 28

 (iii)
 Payables to merchants from ZCITY platform

 The balance of payables to merchants
from ZCITY platform represented the amount the Company collected on behalf of merchant from its customer through the Company's
ZCITY platform.

 (iv)
 Provision for share-based compensation adjustment

 The balance of provision for share-based
compensation adjustment represented the one – off settlement amount to settle cash compensation requested by V Gallant Sdn.
Bhd. pursuant to the Service Agreement dated October 29, 2024, as supplemented on March 28, 2025, to reflect the decline in our
share price.

 Note 12 – Related party balances and
transactions

 Related party balances

 Other receivable, a related party

 Name of related party

 As of
 2025

 As of
 2024

 Jau Long "Jerry" Ooi is a common shareholder

 Equipment rental deposit

 $
 13,723

 $
 12,246

 Other payables, related parties

 Name of Related Party

 As of
 2025

 As of
 2024

 Jau Long "Jerry" Ooi is a common shareholder

 Operating expense paid on behalf

 Related party loan

 On December 7, 2020, the Company obtained right
of use of a vehicle through signing a trust of deed with Chan Chong "Sam" Teo, the Chief Executive Officer and a shareholder
of TGL. In return, the Company is obligated to remit monthly installment auto loan payment related to this vehicle on behalf of
the related party mentioned above. The total amount of loan that the Company is entitled to repay is approximately $ 27,000 (RM 114,000).
The auto loan bear 5.96 % of interest rate per annum with 60 equal monthly installment payment due on the first of each
month. As of June 30, 2025, such loan has an outstanding balance of $ 5,134 to be due within the next 12 months.

 The interest expense was $ 359 and $ 1,414 for
the years ended June 30, 2025 and 2024, respectively.

 Related
party transactions

 Purchase from related parties

 Name of related party

 As of

 2025

 As of
 2024

 Jau Long "Jerry" Ooi is the common shareholder

 Purchase of products

 $
 -

 $
 25,446

 F- 29

 Equipment purchased from a related party

 Name of related party

 As of

 2025

 As of
 2024

 Jau Long "Jerry" Ooi is the common shareholder

 Purchase of equipment

 $
 -

 $
 14,093

 Operating expenses from related parties

 Name of Related Party

 For the

2025

 For the

2024

 VCI Global Limited

 Shareholder of TGI

 Operating expense

 -

 15,000

 Jau Long "Jerry" Ooi

is a common shareholder

 Operating expense

 7,948

 25,278

 True Sight Sdn Bhd

 Su Huay "Sue" Chuah, the Company's Chief Marketing Officer is a 40% shareholder of this entity

 Consulting fees

 -

 33,739

 Total

 $
 7,948

 $
 74,017

 Common stock issued to related parties for debts cancellation

 On October 30, 2023, the Company issued a total
of 519 restricted shares of common stock to the Company's Chief Executive Officer, Chong Chan "Sam" Teo, and shareholder,
Kok Pin "Darren" Tan (collectively, the "Creditors") in exchange for the cancellation of $ 321,562 in aggregate
indebtedness owed to the Creditors.

 Capital Contribution

 In February 2024, the Company's Chief Executive
Officer, Chong Chan "Sam" Teo, made a capital contribution of $ 16,348 in addition to the debt cancellation, as further consideration
for the common stock issued to him in October 2023.

 Note 13 – Stockholders' deficiency

 Common stock

 Prior to October 2021, TGL is authorized to issue 10,000,000 shares
having a par value of $ 0.00001 per share. In October 2021, TGL increased its authorized shares to 170,000,000 shares as
part of the Reorganization with TADAA Technologies, consisting of 150,000,000 shares of common stock with $ 0.00001 par
value, and 20,000,000 shares of preferred stock with $ 0.00001 par value. The share capital increased of TGL presented herein
is prepared on the basis as if the Reorganization became effective as of the beginning of the first period presented of shares capital
of TADAA Technologies. On February 22, 2024, a Certificate of Amendment to the Certificate of Incorporation, as amended, of the Company
with the Secretary of State of the State of Delaware (the "Certificate of Amendment") that provides for a 1-for-70 reverse
stock split (the "February 2024 Split ") of its shares of common stock, par value $ 0.00001 per share. On April 2, 2025, the
Company filed another Certificate of Amendment to the Certificate of Incorporation, as amended, with the Secretary of State of the State
of Delaware, which effected a 1-for-50 reverse stock split (the "April 2025 Split") of its Common Stock, par value $ 0.00001
per share.

 F- 30

 Reverse stock split

 On February 27, 2024, the Company effected a
 1:70 reverse stock split of its shares of common stock. Upon execution of the 1-for-70 reverse stock split, the Company recognized additional
 8 shares of common stock due to round up issue.

 On April 7, 2025, the Company effected a 1:50
reverse stock split of its shares of common stock.

 All shares and per share amounts used herein
and in the accompanying consolidated financial statements have been retroactively stated to reflect the effect of the February 2024 Split
and April 2025 Split.

 Common stock issued upon conversion of
convertible note payable, net of unamortized discounts

 For the year ended June 30, 2024, the Company
issued 1,360 shares of common stock upon conversion of $ 1,782,710 of convertible note payable, net of unamortized discounts
(Note 10) and accrued interest of $ 28,360. (Note 10).

 Common stock issued for consulting services

 -Marketing service agreement with TraDigital
Marketing Group

 In May 2024, the Company signed a marketing agreement
(the "Marketing Agreement") with TraDigital Marketing Group ("TraDigital") to engage in consulting services for
investor relations and digital marketing. The services are to be provided over three days, commencing on or after May 5, 2024. Pursuant
to the Marketing Agreement, the Company agreed to pay $ 120,000 in cash and to issue 400 shares of the Company's common stock with
fair value of $ 205 per share to TraDigital in exchange for its consulting services.

 Common stock issued from the November 2023
Offering, net of issuance costs

 On November 30, 2023, The Company had closed
the an offering on November 2023 ("November 2023 Offering") of 7,433 shares of common stock, at a public offering price
of $ 350 per share, and 4,000 Pre-Funded Warrants, each with the right to purchase one Common Stock, at a public offering price of
$ 350 per Pre-Funded Warrant. The Company received net proceeds from November 2023 Offering of approximately $ 3.5 million, net of
underwriting discounts and commissions and fees, other offering expenses amounted to approximately $ 0.5 million.

 Common stock issued from the Marketing
Offering, net of issuance costs

 On March 22, 2024, the Company and H.C. Wainwright
& Co., LLC, (the "Manager") entered into a marketing offering agreement ("Marketing Offering Agreement").
Pursuant to the Marketing Offering Agreement, the Company intends to issue and sell through or to the Manager, as sales agent and / or
principal from time to time of the Company's common stock at the Market Offering.

 As of June 30, 2025, the Company received an
aggregated net proceed of approximately $ 2.9 million, net of broker fee from issuance of 33,566 shares of common stock which sell through
or to the Manager. For the year ended June 30, 2025, the Company received an aggregated net proceed of $ 2,457,390, net of broker fee from
issuance of 31,668 shares of common stock which sell through or to the Manager.

 F- 31

 Common stock issued under Share Purchase
Agreement

 On October 10, 2024, the Company entered into
a Share Purchase Agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"),
a Delaware limited partnership which was subsequently amended by the Modification Agreement on January 21, 2025. Pursuant to the Purchase
Agreement, the Company has the right, but not the obligation to cause Alumni Capital to purchase up to $ 50,000,000 the
Company's common stock, par value $ 0.00001 (the "Commitment Amount"), during the period beginning on the execution
date of the Purchase Agreement and ending on the earlier of (i) the date on which Alumni Capital has purchased $ 50,000,000 of
the Company's common stock pursuant to the Purchase Agreement or (ii) December 31, 2025.

 In consideration for Alumni Capital's execution
and performance under the Purchase Agreement, the Company issued to Alumni Capital a purchase warrant dated October 10, 2024 (the "Purchase
Warrant"), with a term of three (3) years, to purchase a number of shares of common stock equal to ten percent ( 10 %) of the Commitment
Amount divided by the applicable exercise price of the Purchase Warrant. The exercise price per share is determined as follows: (i) for
the first $ 600,000 worth of shares exercised, the exercise price (the "First Exercise Price") will be calculated by dividing
$ 5,000,000 by the total number of outstanding shares of the Company's common stock as of the applicable exercise date, and the
number of shares issuable will equal $ 600,000 divided by the First Exercise Price; and (ii) for the remaining $ 4,400,000 worth of shares
exercised, the exercise price (the "Second Exercise Price") will be calculated by dividing $ 8,500,000 by the total number
of outstanding shares of the Company's common stock as of the applicable exercise date, and the number of shares issuable will
equal $ 4,400,000 divided by the Second Exercise Price.

 As of June 30, 2025, Alumni Capital had purchased
approximately $ 11.7 million worth of the Company's common stock, totaling 3,163,680 shares.

 Common stock issued under Subscription
Agreement

 On November 27, 2024, the Company entered into
a subscription agreement (the "Subscription Agreement") with certain investors (the "Investors"). Pursuant to
the Subscription Agreement, the Investors agreed to invest an aggregate amount of $ 1,177,000 (the "Investment Amount") in
exchange for 71,333 shares of the Company's common stock (the "Offered Shares"), with a par value of $ 0.00001 per share,
at a negotiated purchase price of $ 16.5 per share (the "Offering"). As of June 30, 2025, the Company had issued all 71,333
shares to the Investors for total consideration of $ 1,177,000.

 Common stock issued for acquiring intangible
assets

 - AI Lab Martech
Sdn. Bhd.

 On October 12, 2023,
the Company, and AI Lab Martech Sdn. Bhd. (the "Licensor") entered into a License and Service Agreement (the "License
Agreement"), in which the Licensor shall provide a non-exclusive, non-transferable, royalty-free license to use and operate an
AI software solutions (the "AI Software") in exchange for the issuance of $ 563,000 worth of common stock of the Company,
or 841 shares valued at $ 670 per share. The License Agreement is for a period of 12 months.

 - VT Smart Venture Sdn Bhd

 On December 19, 2023, the Company and VT Smart
Venture Sdn Bhd (the "Developer"), a company that is in the business of, among other things, technology services, entered
into a Software Development Agreement (the "Agreement"), in which the Developer shall provide application, services and turnkey
solutions on software development in various aspects, including customization, software design layout, creative media platform development,
artificial embedded and artificial intelligence related media platform and design in exchange for $ 1,000,000 worth of common stock, par
value $ 0.00001 per share, of the Company, or 2,857 shares valued at $ 350 per share. The Agreement is for a period of one month.

 - Myviko Holding Sdn. Bhd

 On March 12, 2024, the Company and Myviko Holding
Sdn. Bhd. (the "Seller") entered into a Software Purchase Agreement (the "Purchase Agreement"), in which the
Seller agreed to transfer all rights, title and interest to the Company, including without limitation, all computer software and its
source code and software licenses in exchange for the issuance of $ 1,000,000 worth of common stock, par value $ 0.00001 per share, of
the Company. Pursuant to the Purchase Agreement, the Shares will be issued within 5 business days from the effective date of the Purchase
Agreement and will be restricted securities and not be listed on any exchange. On March 12, 2024, the Company has issued 3,968 shares
of the Company's common stock to the Seller value at $ 252 per share.

 F- 32

 - MYUP Solution Sdn Bhd

 On April 8, 2024, The Company and MYUP Solution
Sdn Bhd (the "Seller 2"), a company that is in the business of, among other things, technology services, entered into a Software
Purchase Agreement (the "Purchase Agreement 2"), in which the Seller 2 agreed to sell to the Company a certain software application
in exchange for $ 495,500 worth of common stock, par value $ 0.00001 per share, of the Company, or 2,521 shares valued at $ 197 per share.
On April 8, 2024, the Company has issued 2,521 shares of the Company's common stock to the Seller 2.

 - Falcon Gateway Sdn Bhd

 On May 27, 2024, the Company and Falcon Gateway
Sdn Bhd (the "Seller 3"), a company that is in the business of, among other things, technology services, entered into a Software
Purchase Agreement (the "Purchase Agreement 3"), in which the Seller agreed to sell to the Company a certain software application
in exchange for $ 495,000 worth of common stock, par value $ 0.00001 per share, of the Company, or 2,519 shares valued at $ 197 per share.
On May 6, 2024, the Company has issued 2,520 shares of the Company's common stock to the Seller 3.

 - Credilab Sdn. Bhd. Bhd ("CLSB")

 On September 20, 2024, the Company entered into
a Partnership Agreement with CLSB. Under the terms of the Agreement, the Company and CLSB will establish a strategic partnership to leverage
their respective core competencies, resources, and market expertise to drive mutual benefits and growth.

 As part of the Partnership Agreement, the Company
agreed to pay $ 2,000,000 to CLSB and/or its nominees to develop and implement an AI-driven chatbot for the ZCity App platform, aimed
at enhancing user engagement and providing real-time assistance. Additionally, the partnership includes the development of a digital
wallet integrated within the ZCity App to offer users a seamless payment solution for platform transactions and access to CLSB's
financial products and services.

 The Company has sole discretion to choose whether
to make the payment in cash and/or the equivalent value in the Company's common stock. On September 20, 2024, the Company issued
 40,000 shares of its common stock equivalent to $ 1,380,000 to CLSB for software development. Upon completion of the software development,
the Company will make the remaining payment of $ 620,000 in cash and/ or the equivalent value in the Company's common stock. As
of June 30, 2025, the Company has offset $ 620,000 of the Collaboration deposits balance to CLSB against the remaining payment.

 - Octagram Investment Limited

 On October 10, 2024, the Company entered into
a service partnership agreement (the "Partnership Agreement") with Octagram Investment Limited ("OCTA"), a Malaysian
company, to establish a strategic partnership pursuant to the terms and conditions set forth in this Partnership Agreement. Pursuant
to the Partnership Agreement, OCTA shall design, develop and deliver mini-game modules to be integrated into the ZCity App, an E-Commerce
platform owned by the Company. In addition, OCTA shall customize the mini-game modules based on the Company's detailed specification.
The company agreed to pay a total consideration of (USD 2,800,000) ("Service Fees") to OCTA and/or its nominees by using
the Company shares. On March 25, 2025, the Company and OCTA amended the Partnership Agreement to increase the total service fee
to $ 6,500,000, to be settled by issuing shares of the Company at a price equal to the volume-weighted average price (VWAP) over the thirty
(30) trading days immediately preceding the payment date, or such other price as may be mutually agreed. As of June 30, 2025, the Company
had issued 149,230 shares of its common stock to OCTA at a weighted average price of $ 28.25 per share.

 - V Gallant Sdn Bhd

 On October 29, 2024, the Company entered into
a certain service agreement (the "Agreement") with V GALLANT SDN BHD ("V Gallant"), a private company incorporated
in Malaysia. Pursuant to the Agreement, the Company engaged V Gallant for its generative AI solutions and AI digital human technology
services (the "Services") in accordance with the terms and conditions therein. The Company agreed to pay V Gallant a total
consideration of USD 16,000,000 to V Gallant and/or its nominees for the Services and all associated hardware and software under
the Agreement. The Services under this Agreement shall commence on October 29, 2024, and shall be valid until December 31, 2025, unless
the Agreement is mutually terminated or extended in writing or terminated by either the Company or V Gallant due to any breach or default
of this Agreement, as the case may be.

 F- 33

 On March 28, 2025, the Company and VGallant amended
the Agreement to clarify the payment structure and to reflect the valuation of shares more accurately. Under the amended terms, the Company
has sole discretion to settle the service fees in cash and/or through the issuance of shares. The fees are to be paid in two tranches:
(i) a down payment of $ 8,000,000 upon execution of the Agreement, and (ii) the remaining $ 8,000,000 in twelve equal monthly installments
commencing January 31, 2025. If paid in shares, the number of shares issued shall be based on the volume-weighted average price (VWAP)
of the Company's shares over the thirty (30) trading days immediately preceding the payment date or as otherwise mutually agreed.
As of June 30, 2025, the Company had issued 430,456 shares of its common stock to V Gallant at a weighted average price of $ 27.44 per
share.

 Common stock issued to related parties
for debts cancellation

 On October 30, 2023, the Company issued a total
of 519 restricted shares of common stock to the Company's Chief Executive Officer, Chong Chan "Sam" Teo, and shareholder,
Kok Pin "Darren" Tan (collectively, the "Creditors") in exchange for the cancellation of $ 321,562 in aggregate
indebtedness owed to the Creditors.

 Capital Contribution

 In February 2024, the Company's Chief Executive
Officer, Chong Chan "Sam" Teo, made a capital contribution of $ 16,348 in addition to the debt cancellation, as further consideration
for the common stock issued to him in October 2023.

 Warrants

 - Issuance of warrants - non- employee stock
compensation

 Pertain to above mentioned Agreement with the
Consultant, on August 15, 2022, the Company also issued 300,000 warrants to the Consultant or its designees exercisable for
a period of five years at $ 14,000 per share upon completion of the Company's Offering. Meanwhile, on the same date,
the Consultant had exercised all of its warrants on cashless basis and received 45 shares of the Company's common stock.

 The fair value of the warrants which was determined
by using the Black Scholes model using the following assumptions: (1) expected volatility of 49.0 %, (2) risk-free interest
rate of 0.89 %, (3) expected life of 5.0 years, (4) exercise price of $ 14,000 and (5) estimated market
price of $ 19,180 on July 1, 2020, the date of which the consulting agreement was entered. Based on above assumption, the fair value
of the warrants were estimated to be $ 856,170.

 - Issuance of the Pre-Funded Warrants

 On November 28, 2023,
the Company entered into an underwriting agreement (the "Underwriting Agreement 2") with EF Hutton LLC as the underwriter,
relating to the November 2023 Offering of (i) 7,432 shares of common stock, at a public offering price of $ 350 per share, and (ii) 4,000
Pre-Funded Warrants, each with the right to purchase one share of Common Stock, at a public offering price of $ 350 per Pre-Funded Warrant.
The Pre-Funded Warrants became exercisable immediately upon issuance, at an exercise price of $ 0.35 or through cashless option.

 The Pre-Funded Warrants
are classified as a component of permanent stockholders' equity within additional paid-in capital and were recorded at the issuance
date using a relative fair value allocation method. The Pre-Funded Warrants are equity classified because they (i) are freestanding financial
instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii)
permit the holders to receive a fixed number of shares of common stock upon exercise, (iv) are indexed to the Company's common
stock. The Company valued the Pre-Funded Warrants at issuance concluding the purchase price approximated the fair value and allocated
net proceeds from the purchase proportionately to the common stock and Pre-Funded Warrants, of which $ 1,398,600 was allocated to the
Pre-Funded Warrants and recorded as a component of additional paid in capital.

 F- 34

 - Exercise of the Pre-Funded Warrants

 In December 2023 and January 2024, the holder
of Pre-Funded Warrants have collectively exercised 4,000 the Pre-Funded Warrants into 4,000 shares of the Company's common stock
at an exercise price of $ 0.35 per share.

 - Issuance of Alumni Capital warrants

 In consideration for Alumni Capital's
execution and performance under the Purchase Agreement, the Company issued to Alumni Capital a purchase warrant dated October
10, 2024 for a term of three (3) years (the "Purchase Warrant"), to purchase up to a number of common
stock equal to ten percent (10%) of the Commitment Amount divided by the exercise price of the Purchase Warrant. The exercise price per
share of the Purchase Warrant will be calculated by dividing the $ 5,000,000 valuation by the total number of outstanding shares
of common stock as of the Exercise Date. In addition, the Alumni Capital warrants are exercisable on a "cashless" basis if
at any time there is no effective Registration Statement registering, or no current prospectus available for, the resale of the Alumni
Capital warrants share by Alumni Capital.

 As of June 30, 2025, Alumni Capital had purchased
approximately $ 11.7 million worth of the Company's common stock, totaling 3,163,680 shares. Of this amount, the Company had grant
Alumni Capital with a purchase warrant to purchase up to 659,886 share of the Company's common stock (as adjusted, and subject
to further adjustment), with an exercise price of $ 4.50 per share (as adjusted, and subject to further adjustment), to be expired on
October 10, 2027. Both the exercise price and the number of shares issuable upon exercise of the warrant (as adjusted, and subject to
further adjustment) are determined based on the contractual arrangement described above, whereby the exercise price is calculated using
a fixed valuation of $ 5,000,000 divided by the number of outstanding shares at the time of exercise. The Purchase Warrants are being
classified as liability instrument in accordance with ASC 480 as the Company will be issuing a variable number of shares upon exercised
by the holders of the Purchase Warrants, and at inception, the obligation's monetary value is based solely on a fixed monetary
amount of $ 5,000,000 known at inception.

 The Company records the fair value of the Purchase
Warrants as a derivative liabilities at inception and recognized the changes in the values of these instruments in the consolidated statements
of operations and comprehensive loss as "change in fair value of derivative liabilities". For the year ended June 30, 2025,
the change in fair value of derivative liabilities amounted to $ 1,816,917.

 The fair value of the warrants issued to Alumni
Capital which was determined on grant dates by using the Black Scholes model using the following assumptions: (1) expected volatility
of 160.20 % to 171.88 %, (2) risk-free interest rate of 3.72 % to 4.37 %, (3) expected life of 2.4 years to 2.8
years, (4) exercise price of $ 2.22 to $ 5.15 and (5) stock price of $ 1.62 to $ 19.50 on grant date, the date of which the
warrants were issued. Based on above assumption, the fair value of the warrants were estimated to be $ 2,450,227.

 The fair value of the warrants issued to Alumni
Capital which was determined on June 30, 2025 by using the Black Scholes model using the following assumptions: (1) expected volatility
of 162.92 % to 167.27 %, (2) risk-free interest rate of 3.71%, (3) expected life of 2.3 years, (4) exercise
price of $ 1.20 to $ 2.05 and (5) stock price of $ 1.10 on June 30, 2025. Based on above assumption, the fair value of the
warrants were estimated to be $ 383,886.

 Warrants outstanding as of June 30, 2025 are
as follows:

 Shares

 Weighted
 Average
 Exercise
 Price*

 Weighted
 Average
 Remaining
 Contractual
 Term (Years)

 Outstanding at June 30, 2023

 $
 17,857

 4.1

 Granted

 4,000

 0.35

 -

 Exercised

 ( 4,000
)

 -

 -

 Outstanding at June 30, 2024

 $
 17,857

 3.1

 Granted

 260,671

 $
 4.50

 2.6

 Adjustment*

 399,215

 $
 ( 2.79
)

 Exercised

 ( 196,248
)

 -

 -

 Outstanding at June 30, 2025

 463,666

 $
 2.79

 2.3

 *
 Adjustment reflects the change in the number of shares issuable under the Purchase Warrant issued to Alumni Capital due to the contractual pricing mechanism based on outstanding shares. Upon any such price-based adjustment to the exercise price, the number of shares issuable upon exercise of the warrants will be adjusted proportionally

 F- 35

 Exercised of Alumni Capital warrants

 On June 5, 2025, Alumni Capital exercised the
Alumni Capital warrants to purchase 50,000 shares of the Company's common stock at an exercise price of $ 1.27 per share
generating gross proceeds of $ 63,567 to the Company.

 On June 5, 2025, Alumni Capital exercised the Alumni Capital warrants
on "cashless" basis while the Company's had issued 145,757 shares of the Company's common stock to Alumni Capital.

 Upon exercise of above-mentioned warrants, the
Company reduced the fair value of Alumni Capital warrants and increased the additional paid in capital by $ 249,424.

 Employee stock compensation

 In June 2024, the Company executed executive
employment agreements ("Employment Agreements") with three individuals, appointing them as the Company's executive
officers. Under the terms of the Employment Agreements, each executive officer is entitled to receive a predetermined monetary value
of the Company's common stock as annual compensation for the first year, with stock compensation for subsequent years contingent
upon performance. The stock compensation is prorated on a monthly basis and is subject to the restrictions of Securities Act Rule 144.
For the years ended June 30, 2025, the Company recognized $ 208,445 in stock-based compensation expense attributable to the Employment
Agreement, respectively in general and administrative expense. As of June 30, 2025, 33,816 shares of the Company's common stock
had been issued to the executive officers in settlement of the vested stock compensation.

 Note 14 – Income taxes

 The United States and foreign components of income
(loss) before income taxes were comprised of the following:

 2025

 2024

 Tax jurisdictions from:

 - Local – United States

 $
 ( 22,542,326
)

 $
 ( 3,919,962
)

 - Foreign – Malaysia

 ( 485,675
)

 ( 2,626,946
)

 Loss before income tax

 $
 ( 23,028,001
)

 $
 ( 6,546,908
)

 The provision for income taxes consisted of the
following:

 2025

 2024

 Tax jurisdictions from:

 - Local – United States

 $
 349,487

 $
 33,680

 - Foreign – Malaysia

 -

 6,035

 Provision for income taxes

 $
 349,487

 $
 39,715

 F- 36

 United States of America

 TGL was incorporated in the State of Delaware
and is subject to the tax laws of the United States of America. As of June 30, 2025, the operations in the United States of America incurred
$ 15,572,252 of cumulative net operating losses which can be carried forward indefinitely to offset future taxable income and can be used
to offset up to 80 % of taxable income for losses arising in tax years beginning after June 30, 2023. The deferred tax valuation allowance
as of June 30, 2025 and 2024 were $ 3,270,173 and $ 1,751,481, respectively.

 TGL also subject to controlled foreign corporations
Subpart F income ("Subpart F") tax, which is a tax primarily on passive income from controlled foreign corporations with
a tax rate of 35 %. In addition, the Tax Cuts and Jobs Act imposed a global intangible low-taxed income ("GILTI") tax,
which is a tax on certain off-shore earnings at an effective rate of 10.5 % for tax years ( 50 % deduction of the current enacted tax
rate of 21 %) with a partial offset for 80 % foreign tax credits. If the foreign tax rate is 13.125 % or higher, there will
be no U.S. corporate tax after the 80 % foreign tax credits are applied.

 For the years ended June 30, 2025 and 2024, the
Company's foreign subsidiaries did not generate any income that are subject to Subpart F tax and GILTI tax.

 Malaysia

 TADAA Technologoies, Foodlink, Morgan, AY Food,
and TADAA Ventures are governed by the income tax laws of Malaysia and the income tax provision in respect of operations in Malaysia is
calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices
in respect thereof. Under the Income Tax Act of Malaysia, enterprises that incorporated in Malaysia are usually subject to a unified 24 %
enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. As
of June 30, 2025, the operations in the Malaysia incurred $ 22,519,671 of cumulative net operating losses which can be carried forward
for a maximum period of ten consecutive years to offset future taxable income. The deferred tax valuation allowance as of June
30, 2025 and 2024 were $ 5,404,721 and $ 5,288,159, respectively.

 The following table
reconciles the local (United States) statutory rates to the Company's effective tax rate for the periods indicated below:

 2025

 2024

 U.S. statutory rate

 21.0
 %

 21.0
 %

 Differential of Malaysia statutory tax rate

 0.1
 %

 1.2
 %

 Change in valuation allowance

 ( 22.5
)%

 ( 18.7
)%

 Permanent difference

 ( 0.1
)%

 ( 4.1
)%

 Effective tax rate

 ( 1.5
)%

 ( 0.6
)%

 F- 37

 The following table sets forth the significant
components of the aggregate deferred tax assets of the Company as of:

 As of
 2025

 As of
 2024

 Deferred tax assets:

 Net operating loss carry forwards in U.S.

 $
 3,270,173

 $
 1,751,481

 Net operating loss carry forwards in Malaysia

 5,404,721

 5,288,159

 Allowance for credit losses

 261,186

 51,157

 Unrealized holding loss on marketable securities

 -

 173,957

 Long-live assets impairment

 4,098,634

 -

 ( 381,553
)

 -

 Amortization of debt discount

 -

 156,403

 Less: valuation allowance*

 ( 12,653,161
)

 ( 7,421,157
)

 Deferred tax assets

 $
 -

 $
 -

 *
 Change in valuation allowance was amounted to $ 5,232,003 and $ 1,245,262 for the years ended June 30, 2025 and 2024, respectively.

 Uncertain tax positions

 The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits
associated with the tax positions. As of June 30, 2025 and 2024, the Company did not have any significant unrecognized uncertain
tax positions. The Company did not incur interest and penalties tax for the years ended June 30, 2025 and 2024.

 Note 15 – Concentrations of risks

 (a)

 Major customers

 For the years ended June 30, 2025, one customer
accounted for approximately 63.5% or more of the Company's total revenues. For the years ended June 30, 2024, no customer
accounted for 10.0% or more of the Company's total revenues.

 As of June 30, 2025, one customers account for
approximately 92.3 % of the total balance of accounts receivable, respectively. As of June 30, 2024, three customers account for
approximately 65.3 %, 19.3 %, and 15.4 % of the total balance of accounts receivable, respectively.

 (b)

 Major vendors

 For
the years ended June 30, 2025, two vendors accounted for approximately 52.7 % and 41.2 % of the Company's
total purchases. For the years ended June 30, 2024, two vendors accounted for approximately 52.7 % and 41.2 % of the Company's
total purchases.

 As of June 30, 2025, three vendors
accounted for approximately 46.7 %, 20.9 %, and 15.1 % of the total balance of accounts payable. As of June 30, 2024, two vendors
accounted for approximately 85.1 %, and 11.6 % of the total balance of accounts payable.

 (c)

 Credit risk

 Financial instruments that potentially subject
the Company to significant concentrations of credit risk consist primarily of cash. As of June 30, 2025 and 2024, $ 236,657 and $ 198,952 were
deposited with financial institutions or fund received from customer being held in third party platform's fund account, and $ 31,115 and
$ 85,308 of these balances are not covered by deposit insurance, respectively. While management believes that these financial institutions
are of high credit quality, it also continually monitors their credit worthiness.

 F- 38

 Financial instruments that are potentially subject
to credit risk consist principally of accounts receivable and other receivables. The Company believes the concentration of credit risk
in its accounts receivable and other receivables is substantially mitigated by its ongoing credit evaluation process and relatively short
collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an provision for
estimated credit losses based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 (d)

 Exchange rate risk

 The Company cannot guarantee that the current
exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable
periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of RM converted
to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

 Note 16 – Leases

 As of June 30, 2025 and 2024, the Company has
engaged in multiple offices leases which were classified as operating leases.

 The Company occupies various offices under operating
lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC
842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease
payments in the period in which the obligation for those payments is incurred.

 The Company's lease agreements do not contain
any material residual value guarantees or material restrictive covenants.

 The Company recognized lease expense on a straight-line
basis over the lease term for operating lease.

 Operating lease expense for the years ended June
30, 2025 and 2024 were $ 4,375, and $ 20,332, respectively.

 As of June 30, 2025 and 2024, the weighted-average
lease term is 2.3 and 0.5 years for the remaining leases, respectively. Weighted-average discounted rated related to leases
were 6.0 % and 3.5 % as of June 30, 2025 and 2024, respectively.

 The Company's lease agreements do not contain
any material residual value guarantees or material restrictive covenants. The Company's lease liabilities under the remaining operating
leases as of June 30, 2025 for the next five years is as follows:

 2026

 $
 43,238

 2027

 64,032

 2028

 16,008

 Total undiscounted lease payments

 123,278

 Less imputed interest

 ( 9,665
)

 Total lease liabilities

 $
 113,613

 F- 39

 TREASURE GLOBAL INC AND
SUBSIDIARIES

 Note 17 – Segment information

 The Company's operating segments have been
identified based on the way management organizes the business by the nature of services provided to customers and how the Chief Operating
Decision Maker ("CODM") manages the business and allocates resources. The CODM for the Company is its Chief Executive Officer.
The Company has two reportable segments: (i) payment processing and e-commerce operation in its ZCITY platform, and (ii) customized software
development service.

 The accounting policies applied to each segment
are consistent with those described in the summary of significant accounting policies. The Company evaluates segment performance based
on profit or loss from operations before income taxes. Intersegment sales and transfers are accounted for as if the transactions were
made with third parties, using current market prices.

 The Company's reportable segments represent
strategic business units that offer different products and services and are managed separately due to their distinct operational and
marketing requirements.

 The following tables summarize the Company's
segment information for the years ended June 30, 2025 and 2024.

June 30, 2025

 ZCITY Platform

 Total

 Revenue from external customers

 $

 $

 $

 Less:

 Cost of revenue

 206,106

 454,626

 660,732

 Segment gross profit

 $

 644,451

 $

 1,025,374

 1,669,825

 Less:

 Advertising

 99,656

 -

 99,656

 Payment transaction fee

 17,513

 -

 17,513

 Long-live assets impairment

 19,517,303

 -

 19,517,303

 Share-based compensation adjustment

 2,726,545

 -

 2,726,545

 Other marketing expense

 12,298

 -

 12,298

 Salaries

 547,816

 -

 547,816

 Depreciation and amortization

 895,998

 -

 895,998

 Office expense

 120,546

 -

 120,546

 215,900

 -

 215,900

 Unrealized holding loss on marketable securities

 170,817

 -

 170,817

 Interest expense

 4,999

 -

 4,999

 Segment (loss) income

 ( 23,684,940

)

 1,025,374

 ( 22,659,566

)

 Reconciliation of profit or loss

 Less: Unallocated amounts

 Professional fees

 1,127,236

 D&O insurance

 64,565

 Stock based compensation

 Other corporate expenses

 785,106

 ( 1,816,917

)

 Net income loss before income taxes

 $

 ( 23,028,001

)

 F- 40

 2024

 ZCITY
 Platform

 Total

 Revenue from external customers

 $

 $
 -

 $

 Less:

 Cost of revenue

 21,250,767

 -

 21,250,767

 Segment gross profit

 816,062

 -

 816,062

 Less:

 Advertising

 1,280,393

 -

 1,280,393

 Payment transaction fee

 304,763

 -

 304,763

 Other marketing expense

 175,765

 -

 175,765

 Salaries

 1,299,755

 -

 1,299,755

 Depreciation and amortization

 1,123,661

 -

 1,123,661

 Office expense

 143,797

 -

 143,797

 513,524

 -

 513,524

 Unrealized holding loss on marketable securities

 828,367

 -

 828,367

 Other income from software developing service, net of cost

 -

 ( 675,131
)

 ( 675,131
)

 Interest expense

 74,920

 -

 74,920

 Segment loss

 $
 ( 4,928,883
)

 $
 675,131

 ( 4,253,752
)

 Reconciliation of profit or loss

 Less: Unallocated amounts

 Professional fees

 1,584,304

 D&O insurance

 238,765

 Stock based compensation

 93,111

 Amortization of debt discount

 Other corporate expenses

 18,692

 Net loss before income taxes

 $
 ( 6,546,908
)

 Other Significant Items:

 2025

 ZCITY Platform

 Total

 Capital expenditure

 $
 14,818

 $
 -

 $
 14,818

 F- 41

 TREASURE GLOBAL INC AND
SUBSIDIARIES

 2024

 ZCITY Platform

 Total

 Capital expenditure

 $
 16,740

 $
 -

 $
 16,740

 As of June 30, 2025, the Company's total
assets were comprised of $ 13,473,148 for ZCITY Platform, $ 1,400,000 for Customized Software Development.

 As of June 30, 2024, the Company's total
assets were comprised of $ 4,278,585 for ZCITY Platform.

 Disaggregated information of revenues by regions
are as follows:

June 30, 2025

 ZCITY

Platform

 Total

 Malaysia

 $

 $

 -

 $

 United States

 -

 Total revenue

 $

 $

 $

June 30, 2024

 ZCITY

Platform

 Total

 Malaysia

 $

 $

 -

 $

 F- 42

 Note 18 – Commitments and contingencies

 Contingencies

 Legal

 From time to time, the Company is party to certain
legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible
losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.

 Note
19 – SUBSEQUENT EVENTS

 The Company evaluated all events and transactions
that occurred after June 30, 2025 up through October 14, 2025, the date the Company issued these consolidated financial statements.

 On February 11, 2025, TADAA Ventures entered
into a Share Purchase Agreement (the "Agreement") with Amystic Commerce Sdn. Bhd., a company incorporated in Malaysia
(the "Vendor"). Pursuant to the Agreement, TADAA Ventures will acquire 51 % of the ordinary shares ("the Sale
Shares") in Tien Ming Distribution Sdn Bhd ("Tien Ming Distribution"), a subsidiary of the Vendor incorporated
under the laws of Malaysia. The purchase price for the Sale Shares is RM 5,100.00. The acquisition is part of TADAA Ventures's
commitment to invest up to RM 3,000,000.00 in the Tien Ming Distribution to support its operations and obligations to provide
warehousing and fulfilment delivery services for F&N Beverages Marketing Sdn Bhd. On July 1, 2025. The Company had completed the
acquisition of Tien Ming and acquired 51 % of the ordinary shares of Tien Ming.

 On August 1, 2025, the Company entered into a Consultant Service Agreement
with Mr. Tan Wei Sheng ("Consultant"), pursuant to which the Consultant will provide strategic advisory services related to
the Company's capital market activities, investor engagement, and business strategies. In connection with the agreement, the Company
issued 20,008 shares of its common stock to the Consultant as consideration for the advisory services rendered.

 On October 7, 2025, the Company entered into
a subscription agreement (the "Agreement") with two Malaysian individuals, Chuah Su Chen and the Company's
director Chan Meng Chun (together with Chuah Su Chen, the "Investors"). Subject to the terms and conditions set forth in
the Agreement, the Company desires to issue and sell to each Investor, and each Investor desires to subscribe for, an aggregate
amount of USD 200,000.00 in the Company for the allotment and issuance of common stock of the Company ("the Shares") for
the purchase price of $ 1.16 per share, which represents the closing price of the Company's common stock on the Nasdaq Capital
Market on October 6, 2025.The offering and sale of the Shares were made in reliance upon the exemption from the registration
provided by Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), as the transactions were
completed outside the United States with non-U.S. persons. The Shares are subject to transfer restrictions and may not be offered to
be sold in the United States absent registration or an applicable exemption under the Securities Act.

 On August 12, 2025, the Company entered into a
Sale and Purchase Agreement (the "Agreement") with I Synergy Group Ltd ("I Synergy"), a public listed company
incorporated in Australia and traded on the Australian Securities Exchange (ASX: IS3). Pursuant to the Agreement, the Company agreed to
sell, and I Synergy agreed to purchase, certain advanced AI-based graphics processing units, including all hardware and software components
("the Products"). I Synergy agreed to pay the Company a total consideration of Three Hundred Thousand Australian Dollars (AUD
 300,000.00) (the "Purchase Price") for the Products under the Agreement. The Purchase Price shall be fulfilled over a period
of six (6) months from the date of the Agreement, with payments of Fifty Thousand Australian Dollar (AUD 50,000.00) payable to the Company
monthly. The Agreement contains customary representations, warranties, and agreements by the Company and I Synergy, along with other obligations
of the parties and termination provisions.

 From July to October 2025, Alumni Capital had
purchased $ 3,882,564 worth of the Company's common stock, totaling 3,905,000 shares, pertain to Purchase Agreement mentioned above
(Note 13).

 From July to October 2025, 70,946 shares of the Company's common
stock had been issued to the executive officers in settlement of the vested stock compensation.

 F- 43

 Item 9. Changes
in and Disagreements With Accountants on Accounting and Financial Disclosures

 None.

 Item 9A. Controls
and Procedures

 Evaluation of Disclosure Controls and Procedures

 As of the end of the period covered by this Report,
we carried out an evaluation, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in
the Exchange Act Rules 13a-15(e) and 15d-15(e)) under the supervision and with the participation of our management, including our principal
executive officer and principal financial officer, based on the foregoing evaluation, our principal executive officer and principal financial
officer concluded that, as of June 30, 2025, our disclosure controls and procedures were not effective at the reasonable assurance level
due to the material weaknesses described below.

 Management's Report on Internal Control
over Financial Reporting

 Our management, including our principal executive
officer and principal financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting
(as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. GAAP. Under the supervision and with the participation of our management, including our principal executive
officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting
as of June 30, 2025, based on the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO) (2013 Framework). Based on this evaluation under the 2013 Framework, our principal executive officer and
principal financial officer have concluded that our internal control over financial reporting was not effective as of June 30, 2025 due
to the following material weaknesses:

 Inadequate U.S. GAAP expertise.
The current accounting staff is inexperienced in applying U.S. GAAP standard as they are primarily engaged in ensuring compliance with
International Financial Reporting Standards ("IFRS") accounting and reporting requirement for our consolidated operating
entities, and thus require substantial training. The current staff's accounting skills and understanding as to how to fulfill the
requirements of U.S. GAAP-based reporting, including subsidiary financial statements consolidation, are inadequate;

 Inadequate internal audit function.
We lack of a functional internal audit department or personnel that monitors the consistencies of the preventive internal control procedures
and lack of adequate policies and procedures in internal audit function to ensure that our policies and procedures have been carried
out as planned;

 A material weakness is a deficiency, or a combination
of deficiencies, within the meaning of PCAOB Auditing Standard AS 2201, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented
or detected on a timely basis.

 Following the identification of the material weaknesses,
we plan to take remedial measures including:

 hiring more qualified accounting
personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and
to set up a financial and system control framework;

 implementing regular and continuous
U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel;

 establishing internal audit
function by engaging an external consulting firm to assist us with assessment of Sarbanes-Oxley Act compliance requirements and improvement
of overall internal control; and

 strengthening corporate governance.

 Changes in Internal Control Over Financial
Reporting

 There were no changes in our internal control
over financial reporting identified in management's evaluation pursuant to Rules 13a-15(f) and 15d-15(f) under the Exchange Act
during the year ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.

 Item 9B. Other
Information.

 None.

 Item 9C. Disclosure
Regarding Foreign Jurisdictions that Prevent Inspections

 Not applicable.

 Item 10. Directors,
Executive Officers and Corporate Governance

 The following are our executive officers and directors
and their respective ages and positions as of the date of this Annual Report on Form 10-K.

 Name

 Age

 Position

 Chief Executive Officer and Executive Director

 See Wah "Sylvia" Chan

 Kok Pin "Darren" Tan

 Wei Ping Leong

 Director and Chairman of the Audit Committee of the Board

 Wai Kuan Chan

 Director and Chairman of the Compensation Committee of the Board

 Chan Meng Chun

 Executive Director

 Carlson Thow is our Chief Executive
Officer and an executive director. Mr. Thow s erved as Chief Legal Officer of VCI Global Limited
(NASDAQ: VCIG) from July 2022 until June 2024, where he was responsible for setting the overall legal strategy for the organization and
its subsidiaries, and for providing legal counsel to senior management and the board of directors. Prior to joining VCI Global Limited,
Mr. Thow practiced law as a Senior Associate with Zaid Ibrahim & Co. (a member of ZICO Law network) from 2019 to 2022, and as Legal
Associate with Martin Cheah & Associates from 2018 to 2019, where he provided legal assistance with regard to mergers and acquisitions
and corporate financing matters, among other things. Mr. Thow graduated with a Bachelor of Laws from the University of Northumbria at
Newcastle in 2014, a Master of Laws from the University of Malaya in 2016 and a Master of Business Administration from Lancaster University
in 2021. Mr. Thow has also obtained a Certificate of Legal Practice from the Legal Profession Qualifying Board of Malaysia in 2016, and
he was admitted as an advocate and solicitor of the High Court of Malaya in 2018.

 See Wah "Sylvia" Chan is
our Chief Financial Officer. Ms. See Wah "Sylvia" Chan, age 34, has been serving as the Deputy CFO of the Company since June
18, 2025. She is a qualified Chartered Accountant, a member of the Malaysian Institute of Accountants (MIA) and a fellow member of the
Association of Chartered Certified Accountants (ACCA). Prior to joining the Company, she served as the Group Financial Controller of a
public listed company.

 Kok Pin "Darren" Tan has
been a Director since July 2024. Dr. Tan is qualified to serve on the Board due to his extensive entrepreneurial experience. From 2007
to January 2015, Dr. Tan served as the managing director of Ezytronic Sdn Bhd. In this role, he oversaw the company's overall operations
and strategic direction, focusing on growth, profitability, and alignment with business objectives. From June 2015 to July 2017, Dr. Tan
was the chief operating officer of E-Gate Services Sdn Bhd. His responsibilities included managing day-to-day operations and ensuring
company efficiency to meet organizational goals. From March 2020 to June 2024, Dr. Tan served as an advisor to our Company, providing
valuable insights into our business affairs. Dr. Tan holds a Bachelor's degree in building management from Sheffield Hallam University
since 2006 and a Ph. D. in strategic financial management from Global University of Lifelong Learning. Dr. Tan is qualified to serve on
the Board due to his extensive executive experience.

 Wei Ping Leong has been a Director
since August 2024. He commenced his professional career with various established professional firms including KPMG. During his tenure
with these professional firms, he specialized in statutory and internal auditing, as well as advisory work including initial and secondary
offering, domestic and cross-border mergers and acquisitions. He was the founder of Sands Capital Sdn Bhd in 2012, specializing in audit
and advisory work, where he oversaw every operation of the company, until 2013. He is also the Co-Founder of ZORIXchange, a crypto currency
exchange platform, and he is responsible for increasing company revenue with professional strategies, developing new business opportunities
and expanding brand influence. He holds directorships at several companies, including Director at WInvest Global Sdn Bhd since 2013, Executive
Director at Asia Television Digital Media Limited since 2020 and Director at ATV News Southeast Asia since 2021. Mr. Leong holds a Bachelor
Degree of Commerce in Accounting and Finance from Curtin University of Technology, Perth, Australia, and a Master Degree of Commerce in
Accounting and Finance, from Macquarie University, Sydney, Australia. Mr. Leong is qualified to serve on the Board due to his extensive
experience in international business operations.

 Chan Meng Chun, from May 2022
to September 2022, was the Chief Financial Officer for Ikhasas Group of companies handling overall corporate finance including potential
IPO, fund raising, banking, tax and accounts. From January 2022 to May 2022, he was the Head of Group Treasury for Sime Darby Plantation
Bhd, a public listed company in palm oil upstream and downstream. At Sime Darby Mr. Chan Meng Chun managed group cashflow, including
banking facilities, worked on group inter-company reconciliations, financial reports and budget and cashflow plans. From July 2020 to
February 2021, Mr. Chan, Meng Chun served as Group Deputy CEO/Group Chief Financial Officer for Smart Glove Holding Sdn Bhd,
a Malaysia company that manufactures and export gloves globally. At Smart Glove, Mr. Chan Meng Chun helped the company reorganize
and prepare for a potential initial public offering, was involved with financial planning, analysis and treasury among other things. From
November 2015 to June 2020 Mr. Chan Meng Chun served as Chief Financial Officer for TS Global Network Sdn Bhd, a member company
of PT Telkom Indonesia. At TS Global, Mr. Chan Meng Chun completed restructuring and turnaround of cashflow, lead successful
adoption of MFRS standards. Prior to this from April 2013 to November 2015, he was a Chief Financial Officer for a public listed company,
Pasukhas Group Bhd. He was with Carimin Group of Companies from May 2000 to Aug 2012 before leaving as Group Financial Controller. Mr.
Chan Meng Chun received his Advance Diploma in Accounting from Institute of Financial Accountants (United Kingdom) in 2007 and
a Master's Degree in Finance and Accounting from University of Wales in 2014. Mr Chan Meng Chun is a fellow member of
the Institute of Public Accountants (Australia) and fellow member of the Institute of Financial Accountants (United Kingdom). Mr. Chan Meng
Chun and the Company entered into an executive employment agreement dated as of September 26, 2025 (the "Agreement"),
pursuant to which Mr. Chan Meng Chun was appointed as the executive director of the Company, effective as of September 26, 2025.
Mr. Chan Meng Chun is entitled to receive a total of $120,000 worth of shares of common stock of the Company on an annual basis,
issued prorated on a monthly basis, calculated based on the Volume Weighted Average Price (VWAP) of the Company's shares for the
respective month of issuance. In addition, Mr. Chan Meng Chun is entitled to receive an aggregate of 199,912 shares of common
stock upon completion of three (3) months of services with the Company, subject to applicable vesting schedules and other restrictions,
in accordance with the Company's equity compensation plan. During the term of the Agreement, either party may terminate the Agreement
by providing one hundred twenty (120) days' written. For a period of six (6) months following termination, Mr. Chan Meng Chun shall
not be (unless with the approval of Board), either alone or in association or partnership with or as an employee, principal, agent, director,
manager, member, shareholder, unit-holder, beneficiary or trustee of, as a consultant or adviser to any person or otherwise, or directly
or indirectly engaged or concerned with or interested in any other business which is in any respect in competition with or similar to
any part of the business carried out by the Company.

 Wai Kuan Chan has been a Director
since September 2024. Mr. Chan brings with him his expertise in sales and business development. He was a Sales Director of Skyway Motorsports
Sdn Bhd from 2008 to 2009, where he spearheaded sales initiatives for high-performance and luxury vehicles as well as collaborated with
marketing teams to design and launch promotional campaigns. From 2010 to 2012, he joined Naza Motor Sdn Bhd as their Sales Director, where
he was responsible for directing sales operations for multiple automotive brands under the Naza Group and managed a large sales force
across various regions in Malaysia. Mr. Chan then co-founded L -Hase Motor Sdn Bhd in 2012, where he oversaw all aspects of the
business and developed business strategies and operational processes until 2014. In 2014, he joined Hap Seng Star Sdn Bhd as Sales Director,
where he was tasked with leading sales strategies for luxury automotive brands, managed a team of sales professionals, developed and implemented
customer relationship management strategies until 2018. Mr. Chan founded Casa Tropical Enterprise in 2018, which he is managing to the
present day, with his responsibilities including overseeing product development, marketing strategies and international distribution channels,
developing and implementing strategic business plans and managing key stakeholder relationships. Mr. Chan is qualified to serve on the
Board due to his extensive expertise in driving market expansion and revenue growth.

 Our Board has responsibility for the oversight
of our risk management processes and, either as a whole or through its committees, regularly discusses with management our major risk
exposures, their potential impact on our business and the steps we take to manage them. The risk oversight process includes receiving
regular reports from board committees and members of senior management to enable our Board to understand our risk identification, risk
management, and risk mitigation strategies with respect to areas of potential material risk, including operations, finance, legal, regulatory,
cybersecurity, strategic, and reputational risk.

 Board of Directors

 Our business and affairs are managed under the
direction of our Board. Our Board consists of five directors, three of whom qualify as "independent" under the listing standards
of Nasdaq.

 Directors serve until the next annual meeting
and until their successors are elected and qualified. Officers are appointed to serve until their successors have been elected and qualified.

 Director Independence

 Our board of directors are composed of a majority
of "independent directors" as defined under the rules of Nasdaq. We use the definition of "independence" applied
by Nasdaq to make this determination. Nasdaq Listing Rule 5605(a)(2) provides that an "independent director" is a person other
than an officer or employee of the company or any other individual having a relationship which, in the opinion of the Company's
Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The Nasdaq listing
rules provide that a director cannot be considered independent if:

 the director is, or at any
time during the past three (3) years was, an employee of the company;

 the director or a family member
of the director accepted any compensation from the company in excess of $120,000 during any period of twelve (12) consecutive months
within the three (3) years preceding the independence determination (subject to certain exemptions, including, among other things, compensation
for board or board committee service);

 the director or a family member
of the director is a partner in, controlling shareholder of, or an executive officer of an entity to which the company made, or from
which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient's consolidated
gross revenue for that year or $200,000, whichever is greater (subject to certain exemptions);

 the director or a family member
of the director is employed as an executive officer of an entity where, at any time during the past three (3) years, any of the executive
officers of the company served on the Remuneration Committee of such other entity; or

 the director or a family member
of the director is a current partner of the company's outside auditor, or at any time during the past three (3) years was a partner
or employee of the company's outside auditor, and who worked on the company's audit.

 Under such definitions, our Board has undertaken
a review of the independence of each director. Based on information provided by each director concerning his background, employment and
affiliations, our Board has determined that Kok Pin "Darren" Tan, Wei Ping Leong and Wai Kuan Chan are independent directors
of the Company.

 Committees of the Board of Directors

 Our Board has established an audit committee,
a compensation committee and a nominating and corporate governance committee. The composition and responsibilities of each of the committees
of our Board is described below. Members serve on these committees until their resignation or until as otherwise determined by our Board.

 Audit Committee

 We have established an audit committee consisting
of Kok Pin "Darren" Tan, Wei Ping Leong and Wai Kuan Chan. Wei Ping Leong is the Chairman of the audit committee. In addition,
our Board has determined that Wei Ping Leong is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K
under the Securities Act of 1933, as amended, or the Securities Act. The audit committee's duties, which are specified in our Audit
Committee Charter, include, but are not limited to:

 reviewing and discussing with
management and the independent auditor the annual audited financial statements, and recommending to the board whether the audited financial
statements should be included in our annual disclosure report;

 discussing with management
and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial
statements;

 discussing with management
major risk assessment and risk management policies;

 monitoring the independence
of the independent auditor;

 verifying the rotation of the
lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the
audit as required by law;

 reviewing and approving all
related-party transactions;

 inquiring and discussing with
management our compliance with applicable laws and regulations;

 pre-approving all audit services
and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services to be performed;

 appointing or replacing the
independent auditor;

 determining the compensation
and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor
regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;

 establishing procedures for
the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which
raise material issues regarding our financial statements or accounting policies; and

 approving reimbursement of
expenses incurred by our management team in identifying potential target businesses.

 The audit committee is composed exclusively of
"independent directors" who are "financially literate" as defined under the Nasdaq listing standards. The Nasdaq
listing standards define "financially literate" as being able to read and understand fundamental financial statements, including
a company's balance sheet, income statement and cash flow statement.

 In addition, the Company intends to certify to
Nasdaq that the committee has, and will continue to have, at least one member who has past employment experience in finance or accounting,
requisite professional certification in accounting, or other comparable experience or background that results in the individual's
financial sophistication.

 Compensation Committee

 We have established a compensation committee of
the Board to consist of Kok Pin "Darren" Tan, Wei Ping Leong and Wai Kuan Chan, each of whom is an independent director.
Wai Kuan Chan is Chairman of the compensation committee. Each member of our compensation committee is also a non-employee director, as
defined under Rule 16b-3 promulgated under the Exchange Act, and an outside director, as defined pursuant to Section 162(m) of the Code.
Joseph "Bobby" Banks is the chairman of the compensation committee. The compensation committee's duties, which are specified
in our Compensation Committee Charter, include, but are not limited to:

 reviewing, approving and determining,
or recommending to our board of directors regarding, the compensation of our executive officers;

 administering our equity compensation
plans;

 reviewing and approving, or
recommending to our board of directors, regarding incentive compensation and equity compensation plans; and

 establishing and reviewing
general policies relating to compensation and benefits of our employees.

 Nominating and Corporate Governance Committee

 We have established a nominating and corporate
governance committee consisting of Kok Pin "Darren" Tan, Wei Ping Leong and Wai Kuan Chan. The nominating and corporate governance
committee's duties, which are specified in our Nominating and Corporate Governance Audit Committee Charter, include, but are not
limited to:

 identifying, reviewing and
evaluating candidates to serve on our board of directors consistent with criteria approved by our board of directors;

 evaluating director performance
on our board of directors and applicable committees of our board of directors and determining whether continued service on our board
of directors is appropriate;

 evaluating nominations by stockholders
of candidates for election to our board of directors; and

 corporate governance matters.

 Code of Ethics

 Our Board plans to adopt a written code of business
conduct and ethics ("Code") that applies to our directors, officers and employees, including our principal executive officer,
principal financial officer and principal accounting officer or controller, or persons performing similar functions. We intend to post
on our website a current copy of the Code and all disclosures that are required by law in regard to any amendments to, or waivers from,
any provision of the Code.

 Family Relationships

 There are no family relationships among any of
our directors or executive officers.

 Involvement in Certain Legal Proceedings

 None of our other directors, executive officers,
significant employees or control persons have been involved in any legal proceeding listed in Item 401(f) of Regulation S-K in the past
10 years.

 Delinquent Section 16(a) Reports

 Section 16(a) of the Exchange Act requires our
directors and executive officers and persons who own more than 10% of a registered class of our equity securities ("Ten Percent
Holders") to file reports of beneficial ownership and changes in beneficial ownership with the SEC. To our knowledge, based solely
on a review of the copies of such reports furnished to us, the following directors, executive officers and Ten Percent Holders did not
comply with all Section 16(a) filing requirements during the fiscal year 2025 as follows: (i) our director, Chan Meng Chun, has yet to
file his Form 3 and is planning to file his Form 3 as soon as reasonably practicable; and (ii) our recently appointed Chief Financial
Officer, See Wah "Sylvia" Chan, has yet to file her Form 3 and is planning to file her Form 3 as soon as reasonably practicable
.

 Item 11. Executive
Compensation

 Summary Compensation Table

 The following table illustrates the compensation
paid by the Company to its executive officers. The disclosure is provided for the fiscal years ended June 30, 2025 and 2024. We refer
to these individuals as our "named executive officers.":

 Name and Principal Position

 Fiscal

 Salary (1)

($)

 Total

($)

 Chong Chan "Sam" Teo (2)

 2025

 $

 -

 $

 -

 Former Chief Executive Officer

 2024

 $

 46,022

 $

 46,022

 Su Chen "Chanell" Chuah (3)

 2025

 $

 -

 $

 -

 Former Chief Operating Officer

 2024

 $

 76,703

 $

 76,703

 Meng Chun "Michael" Chan (4)

 2025

 $

 -

 $

 -

 Former Chief Financial Officer

 2024

 $

 63,920

 $

 63,920

 Su Huay "Sue" Chuah (5)

 2025

 $

 -

 $

 -

 Former Chief Marketing Officer

 2024

 $

 30,681

 $

 30,681

 Chen Hoe "Samuel" Sam (6)

 2025

 $

 -

 $

 -

 Former Chief Technology Officer

 2024

 $

 3,643

 $

 3,643

 2025

 $

 66,273

 $

 66,273

 Chief Executive Officer

 2024

 $

 4,454

 $

 4,454

 Sook Lee Chin (7)

 2025

 $

 49,091

 $

 49,091

 2024

 $

 2,557

 $

 2,557

 Ching Loong "Henry" Chai

 2025

 $

 -

 $

 -

 Former Chief Operating Officer

 2024

 $

 $

 See Wah "Sylvia" Chan

 2025

 $

 1,871

 $

 1,871

 2024

 $

 -

 $

 -

 (1)
 Salaries were paid in Malaysian
Ringgits, U.S. dollar amounts are approximate.

 (2)
 Mr. Teo resigned as Chief Executive
Officer on June 13, 2024.

 (3)
 Ms. Chuah resigned as Chief Operating
Officer on June 21, 2024.

 (4)
 Mr. Chan resigned as Chief Financial
Officer on June 14, 2024.

 (5)
 Ms. Chuah resigned as Chief Marketing
Officer on June 21, 2024.

 (6)
 Mr. Sam resigned as Chief Technology
Officer on November 1, 2023.

 (7)
 Ms. Sook Lee Chin resigned as
Chief Financial Officer on July 1, 2025.

 None of our other executives earned compensation
in excess of $100,000 in fiscal years ended June 30, 2025 or 2024 and therefore pursuant to Instruction 1 to Item 402(m)(2) of Regulation
S-K, only the compensation for our principal executive officers is provided.

 Employment Agreements.

 Thow Employment Agreement

 Carlson
Thow, our Chief Executive Officer, and the Company entered into an Executive Employment Agreement dated as of January 1, 2025 (the "Thow
Employment Agreement"), pursuant which Mr. Thow serves as our Chief Executive Officer. The term of the Thow Employment Agreement
is indefinite. Mr. Thow is entitled to receive a basic monthly salary of RM 22,000 with a fixed monthly allowance of RM 800. In addition,
Mr. Thow is entitled to a total of $120,000 worth of shares of common stock of the Company per year, issued on a monthly basis calculated
by reference to the volume-weighted average price (VWAP) of the Company's shares for the applicable month, subject to a six-month
true-up mechanism. During the term of the Thow Employment Agreement, either party may terminate the Thow Employment Agreement by providing
six (6) months' written notice or salary in lieu of such notice. Upon termination of employment, Mr. Thow will be subject to a
one-year non-solicitation period concerning the hiring of the Company's employees and the solicitation of its clients.

 Chan Employment Agreement:

 See Wah "Sylvia" Chan, our Chief Financial
Officer, and the Company entered into the Executive Employment Agreement dated as of June 30, 2025 (the "Chan Employment Agreement"),
pursuant to which Ms. Chan was appointed as the Chief Financial Officer of the Company. Pursuant to which Ms. Chan was appointed as the
Chief Financial Officer of the Company, effective as of July 1, 2025. Ms. Chan is entitled to receive a monthly remuneration of RM 19,000.
In addition, Ms. Chan will be entitled to a total of $80,000 worth of shares of common stock of the Company on an annual basis, subject
to applicable vesting schedules and other restrictions, in accordance with the Company's equity compensation plan. During the term
of the Appointment Letter Agreement, either party may terminate the Appointment Letter Agreement by providing three (3) months'
written notice or salary in lieu of such notice to the other party. Upon termination, Ms. Chan will be subject to a one-year non-solicitation
period concerning the hiring of the Company's employees and the solicitation of its clients, among other restrictions.

 Outstanding Equity Awards at June 30, 2025

 During the fiscal year ended June 30, 2025, we
did not grant any stock options.

 Director Compensation Table

 The following table illustrates the compensation
paid by the Company to its directors. Only the independent directors are entitled to receive board compensation. The disclosure is provided
for the fiscal year ended June 30, 2025.

 Name

 Salary per
 director
 ($)

 Total per
 director
 ($)

 Kok Pin "Darren" Tan

 $
 1,136

 $
 12,500

 Wei Ping Leong

 $
 1,136

 $
 10,337

 Wai Kuan Chan

 $
 1,136

 $
 10,076

 Item 12. Security
ownership Certain Beneficial Owners and Management

 The table below sets forth information regarding
the beneficial ownership of the common stock by (i) our directors and named executive officers; (ii) all the named executives and directors
as a group and (iii) any other person or group that to our knowledge beneficially owns more than five percent of our outstanding shares
of common stock.

 We have determined beneficial ownership in accordance
with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person
has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire
such powers within 60 days. Shares of common stock subject to options that are currently exercisable or exercisable within 60 days of
September 25, 2024 are deemed to be outstanding and beneficially owned by the person holding the options. Shares issuable pursuant to
stock options or warrants are deemed outstanding for computing the percentage ownership of the person holding such options or warrants,
but are not deemed outstanding for computing the percentage ownership of any other person. Except as indicated by the footnotes below,
we believe, based on the information furnished to us, that the persons and entities named in the table below will have sole voting and
investment power with respect to all shares of common stock that they will beneficially own, subject to applicable community property
laws.

 The information contained in this table is as
of October 14, 2025. At that date, 8,490,187 shares of our common stock were outstanding.

 Name and Address of Beneficial Owner (1)

 Title

 Common

Stock

 Percent of

Common

Stock

 Officers and Directors

 Chief Executive Officer and Executive Director

 -

 -

 See Wah "Sylvia" Chan

 13,018

 0.15

 %

 Kok Pin "Darren" Tan

 -

 -

 Wei Ping Leong

 -

 -

 Wai Kuan Chan

 -

 -

 Chan Meng Chun

 Executive Director

 172,414

 2.03

 %

 Officers and Directors as a Group (total of 5 persons)

 185,432

 2.18

 %

 5%+ Stockholders

 *
 Less than 1%.

 (1)
 Unless otherwise indicated, the
principal address of the named directors and directors and 5% stockholders of the Company is care of Treasure Global Inc., 276 5 th
Avenue, Suite 704 #739, New York, New York 10001.

 Item 13. Certain
Relationships and Related Party Transactions, and Director Independence

 Other than as disclosed below, and except for
the regular salary and bonus payments made to our directors and officers in the ordinary course of business as described in "Item
11. Executive Compensation," there have been no transactions since July 1, 2024, or any currently proposed transaction or series
of similar transactions to which the Company was or is to be a party, in which the amount involved exceeds USD$120,000 and in which any
current or former director or officer of the Company, any 5% or greater shareholder of the Company or any member of the immediate family
of any such persons had or will have a direct or indirect material interest.

 On October
7, 2025, the Company entered into a subscription agreement (the "Agreement") with two Malaysian individuals, Chuah Su Chen
and the Company's director Chan Meng Chun (together with Chuah Su Chen, the "Investors"). Subject to the terms and conditions
set forth in the Agreement, the Company desires to issue and sell to each Investor, and each Investor desires to subscribe for, an aggregate
amount of USD200,000.00 in the Company for the allotment and issuance of common stock of the Company ("the Shares") for the
purchase price of $1.16 per share, which represents the closing price of the Company's common stock on the Nasdaq Capital Market
on October 6, 2025.

 Item 14. Principal
Accounting Fees and Services

 Audit and Non-Audit Fees

 Effective July 3, 2023, WWC, P.C. ("WWC")
was served as the Company's independent registered public accounting firm during the fiscal years ended June 30, 2025 and 2024.

 Audit services provided by WWC, P.C. for fiscal
year ended June 30, 2025 and 2024 included the examination of the consolidated financial statements of the Company, and service related
to period filing made with the SEC.

 Audit Fees

 WWC's audit fee for the year ended June
30, 2025 and 2024 was $180,000.

 Audit Related Fees

 WWC's audit related fee for the year ended
June 30, 2025 and 2024 was$24,000 and $45,000, respectively.

 All Other Fees

 WWC's all other fees relate to review of quarterly financial
statements for the year ended June 30, 2025 and 2024 was $60,000.

 Tax Fees

 WWC's tax fees for the year ended June 30,
2025 and 2024 was $0.

 The aggregate fees billed for the most recently
completed fiscal year ended June 30, 2025 and 2024 for professional services rendered by the principal accountant for the audit of our
annual financial statements included in this and services that are normally provided by the accountant in connection with statutory and
regulatory filings or engagements for these fiscal periods were as follows:

 Fiscal Year Ended

 2025

 2024

 Audit Fees

 $
 180,000

 $
 180,000

 Audit-Related Fees (1)

 24,000

 45,000

 Tax Fees

 -

 -

 All Other Fees

 60,000

 60,000

 Total

 $
 264,000

 $
 285,000

 (1)

 Fees incurred in conjunction with consents and service performed for various registration statements filed during the year ended June 30, 2025.

 Audit fees consist of fees related to professional
services rendered in connection with the audit of our annual financial statements. All other fees relate to professional services rendered
in connection with the review of the quarterly financial statements.

 Our policy is to pre-approve all audit and permissible
non-audit services performed by the independent accountants. These services may include audit services, audit-related services, tax services
and other services. Under our Audit Committee's policy, pre-approval is generally provided for particular services or categories
of services, including planned services, project-based services and routine consultations. In addition, the Audit Committee may also pre-approve
particular services on a case-by-case basis. Our Audit Committee approved all services that our independent accountants provided to us
for the 2024 fiscal year.

 Item 15. Exhibits,
Financial Statement Schedules.

 (a)
 The following documents are
filed as part of this Annual Report:

 (1)
 The financial statements are
filed as part of this Annual Report under "Item 8. Financial Statements and Supplementary Data."

 (2)
 The financial statement schedules
are omitted because they are either not applicable or the information required is presented in the financial statements and notes thereto
under "Item 8. Financial Statements and Supplementary Data."

 (3)
 The exhibits listed in the
following Exhibit Index are filed, furnished or incorporated by reference as part of this Annual Report.

 (b)
 Exhibits

 EXHIBIT INDEX

 Exhibit No.

 Description

 3.1

 Certificate of Incorporation of the Registrant (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 3.2

 Bylaws of the Registrant (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 3.3

 Amendment to Certificate of Incorporation of the Registrant (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 4.1

 Form of Underwriter Warrant (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 4.2

 Pre-Funded Warrant (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on December 1, 2023)

 10.1

 Form of Common Stock Securities Purchase Agreement (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.2

 Form of Convertible Promissory Note issued pursuant to a Securities Purchase Agreement (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.3

 Registration Rights Agreement dated February 28, 2023 (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on March 1, 2023).

 10.4

 Investment Agreement dated November 1, 2020 between the Registrant and Space Capital Berhad (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.5

 13.33% Convertible Redeemable Note issued by the Registrant on November 13, 2020 to Space Capital Behard in the principal amount of $2,123,600 (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.6

 Collaboration Agreement dated March 21, 2022 between GEM Reward SDN BHD and TNG Digital SDN BHD (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.7

 Business Partner Agreement dated February 8, 2022 between Public Bank and Gem Reward Sdn Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.8

 Agreement dated August 6, 2021 between iPay88 (M) Sdn. Bhd. and Gem Reward Sdn Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.9

 Partnership Agreement dated as of December 16, 2021 between Gem Reward Sdn Bhd and Digi Telecommunications Sdn Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.10

 Collection Services Agreement dated as of August 11, 2021 between ATX Distribution Sdn Bhd and Gem Reward Sdn Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.11

 Service Provider Agreement effective January 1, 2022 between Coup Marketing Asia Pacific Sdn. Bhd. d/b/a Pay's Gift and Gem Reward Sdn. Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.12

 Reseller Agreement dated April 12, 2021 between MOL Accessportal Sdn. Bhd. d/b/a Razer Gold and Gem Reward Sdn. Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.13

 Merchant Services Agreement dated August 17, 2021 between Morganfield's and Gem Reward Sdn. Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.14

 Merchant Services Agreement dated August 17, 2021 between The Alley and Gem Reward Sdn. Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.15

 Merchant Services Agreement dated August 17, 2021 between Hui Lau Shan and Gem Reward Sdn. Bhd (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022).

 10.16

 Employment Agreement dated June13, 2024 between Carlson Thow and the Registrant (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on June 14, 2024)

 10.17

 Employment Agreement dated June 20, 2024 between Chai Ching "Henry" Loong and the Registrant (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on June 25, 2024)

 10.18

 Executive Employment Agreement dated June 14, 2024 between Sook Lee Chin and the Registrant (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on June 17, 2024)

 10.19

 Agreement dated as of October 5, 2023, by and between the Company and YA II PN, Ltd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on October 12, 2023)

 10.20

 Common Stock Securities Purchase Agreement dated February 28, 2023, between the Registrant and YA II PN Ltd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), filed on October 12, 2023)

 10.21

 Form of Convertible Promissory Note issued pursuant to the Securities Purchase Agreement (Incorporated by reference to the Registrant's Registration Statement on Form S-1 (File No. 333-271872), originally filed on May 12, 2023).

 10.22

 License and Service Agreement dated as of October 12, 2023, by and between the Company and AI Lab Martech Sdn. Bhd.(Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on October 18, 2023).

 10.23

 Letter Offer dated as of August 2, 2023, issued by CIMB Bank Berhad to the Registrant (Incorporated by reference to the Exhibit 10.23 of Company's Annual Report on Form 10-K (File No. 001-41476), filed on September 28, 2023).

 10.24

 Underwriting Agreement dated as of November 28, 2023, by and between Treasure Global Inc and EF Hutton LLC (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on December 1, 2023)

 10.25

 Letter Agreement dated November 28, 2023 from Yorkville Advisors Global, L.P. to Treasure Global Inc (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on December 4, 2023)

 10.26

 Software Development Agreement dated as of December 19, 2023, by and between the Company and VT Smart Venture Sdn Bhd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on December 21, 2023).

 10.27

 Software Purchase Agreement dated as of March 12, 2024, by and between the Company and Myviko Holding Sdn. Bhd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on March 15, 2024).

 10.28

 Software Purchase Agreement dated as of April 8, 2024, by and between the Company and MYUP Solution Sdn Bhd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on April 8, 2024).

 10.29

 Share Sale and Purchase Agreement dated as of May 24, 2024, by and between the Company, Jeffrey Goh Sim Ik and Koo Siew Leng (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on May 28, 2024).

 10.30

 Software Purchase Agreement dated as of May 27, 2024, by and between the Company and Falcon Gateway Sdn Bhd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on May 30, 2024).

 10.31

 Partnership Agreement between Treasure Global Inc and Credilab Sdn. Bhd. dated September 20, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on September 20, 2024).

 10.32

 Form of Purchase Warrant Agreement (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on October 11, 2024).

 10.33

 Purchase Agreement by and between the Company and Alumni Capital LP dated October 10, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on October 11, 2024).

 10.34

 Service Partnership Agreement by and between the Company and Octagram Investment Limited dated October 10, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on October 11, 2024).

 10.35

 Supplemental Letter Dated October 28, 2024 to The Partnership Agreement Dated September 20, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on October 30, 2024).

 10.36

 Service Agreement Dated October 29, 2024 Between Treasure Global Inc and V Gallant SDN BHD (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on November 1, 2024).

 10.37

 Subscription Agreement by and among the Company and the Investors dated November 27, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on November 27, 2024).

 10.38

 Share Purchase Agreement Dated February 11, 2025 between VWXYZ Venture Sdn. Bhd. and with Amystic Commerce Sdn. Bhd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on February 18, 2025).

 10.39

 Supplemental Letter agreement between Treasure Global Inc and V Gallant SDN BHD dated March 24, 2025 Bhd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on March 28, 2025).

 10.40

 Sale and Purchase Agreement Dated July 30, 2025 Between Treasure Global Inc and I Synergy Group Ltd (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on August 14, 2025).

 10.41

 Subscription Agreement Dated October 7, 2025 by and among Treasure Global Inc, Chuah Su Chen and Chan Meng Chun (Incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-41476), originally filed on October 7, 2025).

 21.1

 List of Subsidiaries of the Company (Incorporated by reference to the Company's Registration Statement on Form S-1 (No. 333-264364), filed on August 1, 2022.).

 31.1

 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith).

 31.2

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

 32.1*

 Certifications of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2*

 Certifications of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 97.1#

 Executive Compensation Clawback Policy effective November
 29, 2023

 Interactive Data Files

 101.INS

 (Filed herewith)

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *
 Exhibits 32.1 and 32.2 are being
furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the
liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document
filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise specifically stated in such filing.

 #
 Indicates management or compensation plan or arrangement

 Item 16. Form
10-K Summary

 The Company has elected not to include summary
information.

 SIGNATURES

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

 Date: October 16, 2025

 TREASURE GLOBAL INC.

 By:

 /s/ Carlson Thow

 Chief Executive Officer

 POWER OF ATTORNEY

 Each individual person whose signature appears
below hereby appoints Carlson Thow as attorney-in-fact with full power of substitution, severally, to execute in the name and on behalf
of each such person, individually and in each capacity stated below, one or more amendments to this annual report which amendments may
make such changes in the report as the attorney-in-fact acting in the premises deems appropriate, to file any such amendment to the report
with the SEC, and to take all other actions either of them deem necessary or advisable to enable the Company to comply with the rules,
regulations and requirements of the SEC. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

 Signature

 Title

 Date

 /s/ Carlson Thow

 Chief Executive Officer and Executive Director

 (Principal Executive Officer)

 /s/ See Wah "Sylvia" Chan

 See Wah "Sylvia" Chan

 (Principal Financial and Accounting Officer)

 /s/ Kok Pin "Darren" Tan

 Kok Pin "Darren" Tan

 /s/ Wei Ping Leong

 Wei Ping Leong

 /s/ Wai Kuan Chan

 Wai Kuan Chan

 /s/ Chan Meng Chun

 Chan Meng Chun

The balance of accrued professional fees represented amount due to third parties service providers which include mobile application developing, marketing consulting service, IT related professional service, audit fee, tax filing fee, and consulting fee related to capital raising.
 Accrued interest
The balance of accrued interest represented the balance of interest payable from convertible notes aforementioned in Note 10.
 Payables to merchants from ZCITY platform
The balance of payables to merchants from ZCITY platform represented the amount the Company collected on behalf of merchant from its customer through the Company's ZCITY platform.
 Provision for share-based compensation adjustment
The balance of provision for share-based compensation adjustment represented the one – off settlement amount to settle cash compensation requested by V Gallant Sdn. Bhd. pursuant to the Service Agreement dated October 29, 2024, as supplemented on March 28, 2025, to reflect the decline in our share price.

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