NASDAQ: TGL

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

1

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 5th 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.

2

●
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.

3

●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.

4

●
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.

5

●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.

6

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.

7

●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.

8

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 trillion2 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

1https://www.statista.com/statistics/796245/gdp-of-the-asean-countries/

2https://www.statista.com/statistics/279447/gross-domestic-product-gdp-in-the-european-union-eu/

https://www.statista.com/statistics/263591/gross-domestic-product-gdp-of-the-united-states/

3https://www.imf.org/en/News/Articles/2023/05/31/pr23191-malaysia-imf-executive-board-concludes-2023-article-iv-consultation-with-malaysia

4IMF Staff Report March 2021

5https://www.worldometers.info/world-population/south-eastern-asia-population/

https://data.worldbank.org/indicator/SP.POP.TOTL?locations=MY

6https://www.statista.com/statistics/455880/urbanization-in-malaysia/

7https://www.statista.com/

8https://www.worldbank.org/en/country/malaysia/overview#1

9The World Bank Press Release dated
March 16, 2021, https://www.worldbank.org/en/news/press-release/2021/03/16/aiminghighmalaysia

10https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pdf

11https://www.statista.com/statistics/975058/internet-penetration-rate-in-malaysia/

12https://www.bain.com/globalassets/noindex/2021/e_conomy_sea_2021_report.pdf

https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pdf

13https://www.digitalnewsasia.com/digital-economy/e-conomy-sea-report-2021-malaysias-internet-economy-crosses-us21-bil

9

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.

10

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.

11

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.

12

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.

13

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.

14

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.

15

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.

16

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.

14IMF: https://www.imf.org/en/News/Articles/2023/05/31/pr23191-malaysia-imf-executive-board-concludes-2023-article-iv-consultation-with-malaysia

17

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.

18

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 https://help.myfave.com/hc/en-us/articles/115000181194-How-do-I-pay-with-FavePay-.

The information with respect to Shop Back was
obtained from Shop Back’s website at https://support.shopback.my/hc/en-us/articles/360037382453-Is-there-a-payment-method-not-eligible-for-Cashback-.

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.

19

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.

20

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

29Disaster Recovery - First-in-class
automated disaster recovery mechanism with multi-AZ support https://docs.aws.amazon.com/whitepapers/latest/disaster-recovery-workloads-on-aws/disaster-recovery-options-in-the-cloud.html

21

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 5th
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 https://treasureglobal.org.
Our ZCITY website address is https://zcity.world. 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.