Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 83

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 83
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2 to US$3,201,761 for the year ended September 30, 2023.
Corporate secretarial and other services increased by US$969,826 or 222.7%, from US$435,419 for the year ended September 30, 2022 to
US$1,405,245 for the year ended September 30, 2023 largely driven by the one-off sale of our old CRM system.

Cost of sales

Our total cost of sales
decreased by US$118,385 or 7.4% from US$1,590,575 for the year ended September 30, 2022 to US$1,472,190 for the year ended September
30, 2023. This decrease was primarily due to (i) a decrease in payroll expenses from US$606,079 for the year ended September 30,
2022 to US$425,284 for the year ended September 30, 2023 as our total number of full time employees fell from 17 employees as of
September 30, 2022 to 14 employees as of September 30, 2023 and (ii) a decrease in third party professional fees. These professional
fees were particularly high in the year ended September 30, 2022, largely due to the one-off transaction in the UK requiring
significant input from third-party professionals in a relatively expensive market. Such decreases were largely offset by an increase
in commission fee from US$8,674 for the year ended September 30, 2022 to US$419,376 for the year ended September 30, 2023 primarily
related to referral fees for new clients.

Gross profit & gross profit margin

Our gross profit increased by US$1,903,887 or 154.7% from US$1,230,929 for the year ended September 30, 2022 to US$3,134,816 for the year ended September 30, 2023. This increase was primarily driven by (i) the significant increase in corporate services income in the year ended September 30, 2023 and (ii) the decrease in cost of sales. Our gross profit margin increased significantly from 43.6% in Fiscal 2022 to 68.0% in Fiscal 2023. This significant increase in gross profit margin was driven by (i) increased economies of scale as our corporate services income increased in Fiscal 2023 while staff costs