Company: MEGL
Filing Date: 2025-05-09
Form Type: F-1
Source: 0001641172-25-009448
Chunk: 182

Company: Magic Empire Global Ltd
Filing Date: 2025-05-09
Form: F-1
Chunk 182
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991 |

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:

|                                |     |              As 
 of December 31, |           |     |      |           |     |      |         |
|                                |     |            2023 |           |     | 2024 |           |     | 2024 |         |
|                                |     |             HK$ |           |     |  HK$ |           |     |  US$ |         |
| Leasehold improvement          |     |                 | 1,758,217 |     |      | 1,758,217 |     |      | 226,350 |
| Furniture and fixtures         |     |                 |   292,724 |     |      |   292,724 |     |      |  37,685 |
| Motor vehicles                 |     |                 | 1,904,972 |     |      | 1,904,972 |     |      | 245,242 |
| Office equipment               |     |                 |   108,995 |     |      |   108,995 |     |      |  14,032 |
| Total                          |     |                 | 4,064,908 |     |      | 4,064,908 |     |      | 523,309 |
| Less: Accumulated depreciation |     |                 | 2,369,902 |     |      | 2,750,897 |     |      | 354,146 |
| Net book value                 |     |                 | 1,695,006 |     |      | 1,314,011 |     |      | 169,163 |

Depreciation expenses recognized for the years ended December 31, 2024 and 2023 were HK$380,995 (US$49,049) and HK$209,966, respectively.

5. RIGHT-OF-USE ASSETS AND OPERATING LIABILITIES

As of December 31, 2024, the Group subsisted of the following non-cancellable lease contracts.

| (a) | Amounts                                       
 recognized in the consolidated balance sheet: |

|                             |     |              As 
 of December 31, |           |     |      |           |     |      |         |
|                             |     |            2023 |           |     | 2024 |           |     | 2024 |         |