Vision Marine Technologies Inc 2024年年度报告和过渡报告

FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIESEXCHANGE ACT OF 1934 OR ☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year endedAugust 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 Date of event requiring this shell company report _______________ For the transition period from_______________to_______________ Commission file number000-39730 VISION MARINE TECHNOLOGIES INC. (Exact name of Registrant specified in its charter) Not Applicable(Translation of Registrant’s name into English) Quebec, Canada(Jurisdiction of incorporation or organization) 730 Boulevard du Curé-Boivin (Address of principal executive offices) 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 or common stock as of the closeof business of the period covered by the annual report.163,403 Common Shares Without Par Value Table of Contents 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 reportspursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934.Yes ☐ No ☐ Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934during the preceding 12 months (or for such shorter period that Registrant wasrequired 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 besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch 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-acceleratedfiler, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☐Non Accelerated Filer ☐ Accelerated Filer ☐Emerging Growth Company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate bycheck mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment ofthe effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.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 financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to §240.10D-1(b). ☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statementsincluded in this filing: ☐ U.S. GAAP ☐ International Financial Reporting Standards as issued by the InternationalAccounting Standards Board ☐ Other If “Other” has been checked in response to the previous question, indicate by check mark which financial statementitem 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 12b2 of the Exchange Act): Yes ☐ No ☐ M&K CPAS, PLLC We have served as the Company’s auditor since 2024 TABLE OF CONTENTS PART I 5ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS5ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE5ITEM 3. KEY INFORMATION5ITEM 4. INFORMATION ON THE COMPANY5ITEM 4A. UNRESOLVED STAFF COMMENTS22ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS22ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES23ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS33ITEM 8. FINANCIAL INFORMATION35ITEM 9. THE OFFER AND LISTING36ITEM 10. ADDITIONAL INFORMATION36ITEM 11. QUA