Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 138

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 138
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 spaces, we have expanded
our software solution offering to reach across a variety of industries and sectors, including food establishments, real estate, exhibition &
conferencing, and clean energy utilities. Our revenue streams include software development services, exhibition and conference software
sales, and exhibition and conference hardware sales.

As an IT business solution provider, we take pride
in our technical acumen in delivering software solutions for our business customers. The key pillar of our growth story and the primary
engine of our growth is the development of custom software solutions for our customers.

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The Company enters into a distinct contract with
its customer for the provision of software development services. The revenue generated from software development services is generally
on a fixed price basis. Customers can choose to buy a basic version with minimal alterations or customize additional functions to suit
their needs.

Revenue from software development services contracts
requires the Company to design a software system based on clients’ specifications or provide them with standard software. The contract
covenants include (1) developing software according to client specifications, (2) testing and deployment of software, (3) delivering
software (including but not limited to source code, etc.) to clients, (4) providing training on the use of the software and (5) option
to purchase warranty. The required work period is generally less than one year. Upon delivery of the services, customer acceptance is
generally required. In the same contract, we provide a twelve-month free warranty after the customized application is delivered. This
warranty is an assurance-type warranty, so we do not consider it a separate performance obligation. The costs to us of fulfilling our
obligation under the warranty clause have been immaterial.

Covenants (1), (2) and (3) are interrelated
and cannot be separated or differentiated, because testing and deployment and delivery of software cannot be benefited on their own or
with other readily available resources, except with the developed software. Covenants (4) and (5) identified in the customized
software development contract are immaterial when considering both the qualitative and quantitative factors of these performance obligations.
Therefore, the Company concludes that we should combine all of the services in a software service contract into a single performance obligation.
The single performance obligation identified is to develop, test and deploy, and deliver the software according to client specifications.
We recognize revenue for the delivery of customized software development service at a point in time when the system is delivered to the
client