Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 88

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 88
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 activities during the year ended September 30, 2022 and 2023 was US$477,893 and US$347,333, respectively, made up of amounts due to our shareholder relating to payment of bills and taxes for our subsidiaries that are not profitable.

Working Capital

We believe that our Group has sufficient working capital for our requirements for at least the next 12 months from the date of this prospectus, in the absence of unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand, cash flows from our operations and the estimated net proceeds from this offering.

Discussion of Certain Balance Sheet Items

Accounts receivable, net

|                          |     |         As of 
 September 30, |        |     |      |         |     |      |           |
|                          |     |          2022 |        |     | 2023 |         |     | 2024 |           |
|                          |     |           US$ |        |     |  US$ |         |     |  US$ |           |
| Accounts receivable, net |     |               | 17,805 |     |      | 420,460 |     |      | 1,081,866 |

Net accounts receivable increased from US$17,805 as of September 30, 2022 to US$420,460 as of September 30, 2023 primarily due to the slower payment from one of our long-time clients, in the amount of approximately US$200,000 and timing of accounts becoming receivable towards the end of the period. Net accounts receivable further increased to US$1,081,866 as of September 30, 2024, primarily due to the closing of several significant deals near the end of the fiscal year and the timing of these accounts becoming due. As of December 31, 2024, 98.6% of the outstanding accounts receivable as of September 30, 2024 had been settled.

| 53 |

Accounts payables

|                   |     |         As of 
 September 30, |         |     |      |         |     |      |         |
|                   |     |          2022 |         |     | 2023 |         |     | 2024 |         |
|                   |     |           US$ |         |     |  US$ |         |     |  US$ |         |
| Accounts payables |     |