Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 85

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 85
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 to allow for renovation, resulting in a rent discount
for the last quarter of Fiscal 2023 of approximately US$17,810.

Other operating expenses

Other operating expenses increased by US$28,075 or by 3.8% from US$ 740,071 for the year ended September 30, 2022 to US$768,146 for the year ended September 30, 2023. This increase was primarily attributable to (i) an increase in professional fees of US$47,427, primarily related to our preparation for the listing; and (ii) an increase in travel expenses, especially on overseas trips, in line with our strategy of penetrating new geographical markets, partially offset by a decrease in consulting fees of US$146,372, reflecting the end of our need to pay consulting services out of our Hong Kong office with the moving of our headquarters to Singapore in July 2022.

Income tax expense

Income tax expenses increased from US$124,444 for the year ended September 30, 2022 to US$242,643 for the year ended September 30, 2023. This increase was due to the increase in our profit before tax expenses from US$262,138 for the year ended September 30, 2022 to US$1,377,079 for the year ended September 30, 2023, partially offset by a government grant of approximately US$30,000.

Net profit (loss)

As a result of the foregoing factors, in particular the increase of our corporate service income and the decrease of our cost of sales, our net profit improved from US$137,694 for the year ended September 30, 2022 to US$1,134,436 for the year ended September 30, 2023.

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Liquidity and Capital Resources

Our primary source of liquidity historically has been cash generated from our business operations and equity contributions from our shareholders, which have historically been sufficient to meet our working capital and capital expenditure requirements.

As of September 30, 2024, our cash and cash equivalents were US$1,593,037. Our cash and cash equivalents primarily consist of cash and deposits with financial institutions.

We believe that our existing cash and cash equivalents, anticipated cash raised from financings, and anticipated cash flow from operations, together with the net proceeds from this offering, will be sufficient to meet our anticipated cash needs for the next 12 months from the date of this prospectus. We intend to use portion