Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 204

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 204
---
4                | - |     | 2023 | 1,160,875 |     | 2022 | - |
|:-----------------------------|:----|:--------------------|:--|:----|:-----|----------:|:----|:-----|:--|
| Digital asset carrying value |     | $                   | - |     | $    | 1,160,875 |     |      | - |
| Digital asset fair value     |     | $                   | - |     | $    | 1,160,875 |     |      | - |

The Company accepts USDT from clients due to its high liquidity and stable value. To facilitate these transactions, the Company has established a multi-currency account with a regulated digital assets exchange in Singapore, specifically for receiving USDT. These funds are subsequently converted back to fiat currency in batches. The Finance department oversees the account, and all transactions require two-factor authentication for added security.

The following table presents the USDT activities for the years ended September 30, 2024 and 2023:

| Balance at September 30, 2022                         |     | Number of USDT |          - |   |
|:------------------------------------------------------|:----|:---------------|-----------:|:--|
| Amount due from shareholder settled by digital assets |     |                |  1,540,000 |   |
| Sales of digital assets                               |     |                |   (379,125 | ) |
| Balance at September 30, 2023                         |     |                |  1,160,875 |   |
| Amount due from shareholder settled by digital asset  |     |                |    484,768 |   |
| Converted to fiat                                     |     |                | (1,645,643 | ) |
| Balance at September 30, 2024                         |     |                |          - |   |

For the year ended September 30, 2023, no impairment of its holdings of USDT was recognized. The remaining balance was fully converted to fiat on October 4, 2024.

| 8 | Right-of-use assets and operating lease liabilities |

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use