Company: MASK
Filing Date: 2025-01-10
Form Type: 424B4
Source: 0001213900-25-002376
Chunk: 262

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-01-10
Form: 424B4
Chunk 262
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             284,416 |   |     |    74,496 |   |

The Group’s deferred tax assets at June 30, 2024 and 2023 were as follows:

|                           |     | As of June 30, |     |         |
|                           |     |           2024 |     |    2023 |
|                           |     |            US$ |     |     US$ |
| Deferred tax assets       |     |        104,857 |     | 264,736 |
| Less, valuation allowance |     |              — |     |       — |
| Deferred tax assets, net  |     |        104,857 |     | 264,736 |

Deferred tax assets represented net operating losses (NOLs) carryforward and accrued bad debt expense. Total NOLs carryforwards of the Group’s subsidiary in mainland China is RMB2,708,625 and RMB7,678,722 as of June 30, 2024 and 2023, respectively. As of June 30, 2024, nil NOL would expire by 2024 if not utilized. For the years ended June 30, 2024 and 2023, deferred tax assets from accrued bad debt expense were $11,677 and nil. For the years ended June 30, 2024 and 2023, the Group did not have any material interest or penalties associated with tax positions. The Group did not have any significant unrecognized uncertain tax positions as of June 30, 2024 or 2023. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. 9.Ordinary Shares As of June 30, 2023, the Company had 1,000 Ordinary Shares, with par value of US$1 each. On January 3, 2024, the Company filed the Amended and Restated Articles with the Registrar of Corporate Affairs to increase its authorized shares from 50,000 ordinary shares, par value of $1 per share, to 500,000,000 ordinary shares, par value of $0.0001 per share, consisting of (i) 400,000,000 Class A Ordinary Shares, par value of $0.0001, and (ii) 100,000,000 Class B Ordinary Shares, par value of $0.0001. In respect of matters requiring a shareholders’ vote, holders of Class