Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 82

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 82
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 by (i) strengthening across our core businesses as borders that had been
closed in reaction to COVID-19 began to reopen, business sentiment became more optimistic and we were able to obtain new clients and
deals with face-to-face meetings, and (ii) a significant one-off transaction which produced corporate services income of US$677,108
relating to the enhancement and sale of our old CRM system to a client. The number of new clients who engaged us rose from four in
the year ended September 30, 2022 to 27 new clients in the year ended September 30, 2023. Our licensing services increased
US$815,676, or 34.2%, from US$2,386,085 for the year ended September 30, 2022 to US$3,201,761 for the year ended September 30, 2023.
Corporate secretarial and other services increased by US$969,826 or 222.7%, from US$435,419 for the year ended September 30, 2022 to
US$1,405,245 for the year ended September 30, 2023 largely driven by the one-off sale of our old CRM system.

Cost of sales

Our total cost of sales
decreased by US$118,385 or 7.4% from US$1,590,575 for the year ended September 30, 2022 to US$1,472,190 for the year ended September
30, 2023. This decrease was primarily due to (i) a decrease in payroll expenses from US$606,079 for the year ended September 30,
2022 to US$425,284 for the year ended September 30, 2023 as our total number of full time employees fell from 17 employees as of
September 30, 2022 to 14 employees as of September 30, 2023 and (ii) a decrease in third party professional fees. These professional
fees were particularly high in the year ended September 30, 2022, largely due to the one-off transaction in the UK requiring
significant input from third-party professionals in a relatively expensive market. Such decreases were largely offset by an increase
in commission fee from US$8,674 for the year ended September 30, 2022 to US$419,376 for the year ended September 30, 2023 primarily
related to referral fees for new clients.

Gross