Company: MASK
Filing Date: 2025-01-10
Form Type: 424B4
Source: 0001213900-25-002376
Chunk: 152

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-01-10
Form: 424B4
Chunk 152
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 by COVID -19restrictions in our operating markets. This growth is also attributed to our efforts in attracting new customers.

80 Revenue from software development services increased by $2,880,107 or 174.8% to $4,527,581 for the year ended June30, 2024 from $1,647,474 for the year ended June 30, 2023. This was driven by our efforts to expand our customer base and develop new software tailored to the needs of new customers. Exhibition and conference services increased by $10,661, or 46.2% to $33,750 for the year ended June30, 2024 from $23,089 for the year ended June 30, 2023. This increase was primarily driven by the recovery of economic activities following the resurgence of COVID -19cases in Guangdong Province from October to November 2022. Additionally, there was a higher number of exhibitions and conference events during the year ended June 30, 2024. Cost of revenue Our cost of revenue comprises mainly payroll cost to our IT professionals, direct support staff cost, traveling expenses and material costs. Cost of revenue increased by $1,850,980 or 467.0% to $2,247,340 for the year ended June30, 2024 from $396,360 for the year ended June 30, 2023. The cost of revenue increased due to our efforts to expand the customer base, aligning with the overall growth in revenue. As a percentage of revenue, our cost of revenue increased to 49.5% for the year ended June30, 2024 from 23.9% for the year ended June 30, 2023. The increase was due to a higher number of research projects outsourced by us to third parties, which resulted in a lower profit margin. Gross profit Our gross profit increased by $1,033,486, or 81.3%, to $2,304,689 for the year ended June30, 2024 from $1,271,203 for the year ended June 30, 2023. As a percentage of revenues, our gross margin decreased from 76.1% for the year ended June 30, 2023 to 50.5% for the year ended June30, 2024. The decrease was due to a higher number of research projects outsourced by us to third parties, which resulted in a lower profit margin. Selling and marketing expenses