Company: EGG
Filing Date: 2025-03-28
Form Type: F-1
Source: 0001641172-25-001072
Chunk: 187

Company: ENIGMATIG LTD
Filing Date: 2025-03-28
Form: F-1
Chunk 187
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 walkthroughs of sales and purchase transactions to confirm the working flow of the key business 
 cycles;                                                                                         |

| Ø | Obtained                                                                                  
 and assess the reasonableness of revenue recognition memo including analysis of principal 
 versus agent along with the management’s conclusion;                                      |

| Ø | Tested                                                                               
 the mathematical accuracy of management’s calculations of revenue and the associated 
 timing of revenue recognized in the consolidated financial statements.               |

| Ø | Tested                                                                        
 the revenue cut-off test of a period before and after the balance sheet date. |

/s/ Simon & Edward, LLP

We have served as the Company’s auditor since 2022.

PCAOB ID: 2485

Rowland Heights, California

February 28, 2025

| F-2 |

<div align='center'>ENIGMATIG LIMITED (FORMERLY KNOWN AS DESFRAN HOLDINGS LIMITED)

CONSOLIDATED BALANCE SHEETS</div>

|                                                                                               |     |              As 
 of September 30 |           |     |           |           |   |     |      |           |   |
|                                                                                               |     |            2024 |           |     | 2023      
 (As       
 restated) |           |   |     | 2022 |           |   |
|                                                                                               |     |             US$ |           |     | US$       |           |   |     |  US$ |           |   |
| ASSETS                                                                                        |     |                 |           |     |           |           |   |     |      |           |   |
| Current assets                                                                                |     |                 |           |     |           |           |   |     |      |           |   |
| Cash and cash equivalents                                                                     |     |                 | 1,593,037 |     |           | 1,192,618 |   |     |      |   447,880 |   |
| Digital assets                                                                                |     |                 |         - |     |           | 1,160,875 |   |     |      |         - |   |
| Accounts receivable, net                                                                      |     |                 | 1,081,866 |     |           |   420,460 |   |     |      |    17,805 |   |
| Amount due from shareholder                                                                   |     |                 |         - |     |           |   732,482 |   |     |      | 1,533,977 |   |
| Contract