Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 200

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 200
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 is currently in the process of evaluating the impact this amended guidance may have on the footnotes to our consolidated financial statements.

In December 2024, the FASB issued ASU 2024-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This amended guidance requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost basis for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of ASU 2024-08 to have a material effect on its consolidated financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and cash flows.

| 3 | Restatement of consolidated financial statemes |

Restatement for the year ended September 30, 2022

During the preparation of the consolidated financial statements, the Company determined it had not appropriately accounted for certain historical transactions under US GAAP. The Company evaluated the materiality of the errors from qualitative and quantitative perspectives, individually and in the aggregate, and concluded that the errors were material to the consolidated statement of cash flows for the year ended September 30, 2022.

Description of Misstatements

The Company has incorrectly included the funds collected by the director from customers on behalf of the Company under accounts receivable of cash flow from operating activities and amount due from shareholder of cash flow from investing activites, which would be more accurate to be presented under non-cash operating and investing activities.

Restated Consolidated Statement of Cash Flow (adjusted line items)

|                                                            |     | For the year ended September 30, 
 2022                             |            |   |     |             |            |   |     |        |            |   |
|:-----------------------------------------------------------|:----|:---------------------------------|-----------:|:--|:----|:------------|-----------:|:--|:----|:-------|-----------:|:--|
|                                                            |     | As                               
 previously   reported            |            |   |     | As restated |            |