Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 151

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 151
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96.8% from US$2,139 for the year ended June 30, 2023 to US$69 for the year ended June 30, 2024. The decrease was primarily attributable
to a reduction in salaries and benefits for the sales department staff. As we continue to expand our business, we anticipate these expenses
will remain relatively stable as a percentage of our net revenues in the near future.

Research and development (“R&D”)
expenses

R&D expenses primarily consisted of compensation
and benefit expenses relating to our research and development personnel as well as office overhead and other expenses directly relating
to our R&D activities. Our R&D expenses increased to US$191,504 for the year ended June 30, 2024 from US$86,392 for the year
ended June 30, 2023. The increase was mainly driven by the growth in research projects, reflecting the expansion of our business.
We expect R&D expenses to increase as we develop more new products in future years.

General and administrative expenses

General and administrative expenses primarily consisted
of salary and compensation expenses relating to our finance, human resources and executive office personnel, and included rental expenses,
depreciation and amortization expenses, office overhead, professional service fees and travel and transportation costs.

General and administrative expenses increased by
US$132,393 or 77.4% from US$171,012 for the year ended June 30, 2023 to approximately US$303,405 for the year ended June 30, 2024,
which was attributable to a combination of higher social insurance fees of US$22,413 and increased bad debt expenses of US$46,706 for the
year ended June 30, 2024, compared with US$14,383 and nil for social insurance fees and bad debt expenses for the year ended June 30,
2023, respectively.

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Exchange gain

Exchange gain primarily included gain from accounts
receivable due to exchange rate fluctuation.

Other income, net

Other income primarily included government subsidies.

Income before income taxes

Our income before income taxes increased by US$762,110
to US$1,832,763 for the year ended June 30, 2024 from US$1,070,653 for the year ended June 30, 2023.

Provision for income taxes

Our provision for income taxes for the years ended
June 30, 2024 and 2023 was