OFA Group
For the period ended Mar 31, 2025. Filed Jul 31, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Jul 31, 2025
Contents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
(Mark One)
☐ STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31,2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period from to
Commission File Number:001-42592
OFA GROUP
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
609 Deep Valley Drive, Suite 200
Rolling Hills**, CA**** 90274**
Tel: (800) 418-5160
(Address of principal executive offices)
Thomas Gaffney
Chief Operating Officer
609 Deep Valley Drive, Suite 200
Rolling Hills, CA 90274
Tel:(571) 246-1145
Email: thomas@ofacorp.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Ordinary shares, par value $0.001 per share | OFAL | Nasdaq Capital Market |
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of business covered by the annual report.
9,611,111 ordinary shares were issued and outstanding as of March 31, 2025.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐ Yes ☒No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
☐ Yes ☒No
| Note - | Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. |
|---|
Indicate by check mark whether the registrant: (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
Indicate by check mark whether the registrant 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
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “accelerated filer and large accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | Accelerated file | Non-accelerated filer | Emerging growth company |
|---|---|---|---|
| ☐ | ☐ | ☒ | ☒ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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.☐
| † | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
|---|
Indicate by check mark whether the registrant 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 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). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
| U.S. GAAP | International Financial Reporting Standards as issued by the International Accounting Standards Board | Other |
|---|---|---|
| ☒ | ☐ | ☐ |
If “other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2of the Exchange Act).
☐ Yes☒ No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
☐ Yes ☐ No
Table of Contents
| FORWARD-LOOKING INFORMATION | iii | ||
|---|---|---|---|
| PART I | 1 | ||
| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | 1 | |
| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE | 1 | |
| ITEM 3. | KEY INFORMATION | 1 | |
| ITEM 4. | INFORMATION ON THE COMPANY | 31 | |
| ITEM 4A. | UNRESOLVED STAFF COMMENTS | 58 | |
| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 58 | |
| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 69 | |
| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 74 | |
| ITEM 8. | FINANCIAL INFORMATION | 77 | |
| ITEM 9. | THE OFFER AND LISTING | 78 | |
| ITEM 10. | ADDITIONAL INFORMATION | 78 | |
| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 103 | |
| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | 103 | |
| PART II | 104 | ||
| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | 104 | |
| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 104 | |
| ITEM 15. | CONTROLS AND PROCEDURES | 104 | |
| ITEM 16. | RESERVED | 105 | |
| ITEM 16.A. | AUDIT COMMITTEE FINANCIAL EXPERT | 105 | |
| ITEM 16.B. | CODE OF ETHICS | 105 | |
| ITEM 16.C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | 105 | |
| ITEM 16.D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | 106 | |
| ITEM 16.E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | 106 | |
| ITEM 16.F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT | 106 | |
| ITEM 16.G. | CORPORATE GOVERNANCE | 106 | |
| ITEM 16.H. | MINE SAFETY DISCLOSURE | 107 | |
| ITEM 16.I. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 107 | |
| ITEM 16J | INSIDER TRADING POLICIES | 107 | |
| ITEM 16K | CYBERSECURITY | 107 | |
| PART III | 108 | ||
| ITEM 17. | FINANCIAL STATEMENTS | 108 | |
| ITEM 18. | FINANCIAL STATEMENTS | 108 | |
| ITEM 19. | EXHIBITS | 108 | |
i
USE OF CERTAIN TERMS
Unless otherwise indicated and except where the context otherwise requires, references in this annual report to:
| “AI” | Artificial Intelligence |
|---|---|
| “China” or the “PRC” | The People’s Republic of China, including Taiwan, Hong Kong and Macau, and the term “Chinese” has a correlative meaning for the purposes of this annual report only, unless the context otherwise indicates. The references to laws and regulations of “China” or the “PRC” are only to such laws and regulations of mainland China, excluding, for the purpose of this annual report only, Taiwan, Hong Kong and Macau. |
| “Code” | The Internal Revenue Code of 1986, as amended. |
| “Company” or “we” | OFA Group, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act. |
| “Companies Act” | The Companies Act (2022 Revision) of the Cayman Islands. |
| “Exchange Act” | Securities Exchange Act of 1934, as amended. |
| “Hong Kong” | The Hong Kong Special Administrative Region of the People’s Republic of China. |
| “HK$” or “HKD” | The legal currency of Hong Kong. |
| “IPO” | The initial public offering that OFA Group consummated on May 22, 2025. |
| “IT” | Information Technology |
| “Macau” | The Macao Special Administrative Region of the People’s Republic of China. |
| “mainland China” | The People’s Republic of Mainland China, excluding Taiwan, Hong Kong and Macau for the purpose of this annual report. |
| “Nasdaq” | Nasdaq Capital Market. |
| “operating subsidiary” or “Office for Fine Architecture Limited” | OFFICE FOR FINE ARCHITECTURE LIMITED, a company incorporated in Hong Kong with limited liability and a wholly-owned subsidiary of OFA Group. |
| “ordinary shares” | Ordinary shares, par value $0.001 per share, of OFA Group. |
| “PCAOB” | Public Company Accounting Oversight Board. |
| “SEC” | The United States Securities and Exchange Commission. |
| “Securities Act” | The Securities Act of 1933, as amended. |
| “US”, “U.S.” or “USA” | The United States of America. |
| “US$,” “U.S. dollars,” “$,” or “dollars” | The legal currency of the United States. |
ii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.