Company: EGG
Filing Date: 2025-04-16
Form Type: F-1/A
Source: 0001641172-25-004947
Chunk: 78

Company: ENIGMATIG LTD
Filing Date: 2025-04-16
Form: F-1/A
Chunk 78
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 attributable to ordinary shareholders |     |                                   |            |   |     |      |            |   |     |      |            |   |
| Basic and diluted                                                 |     |                                   |       0.01 |   |     |      |       0.05 |   |     |      |       0.03 |   |

| 49 |

Comparison of Years Ended September 30, 2024 and 2023

Corporate services income

Our corporate services income
decreased by US$639,204 or 13.9% from US$4,607,006 for the year ended September 30, 2023 to US$3,967,802
for the year ended September 30, 2024. This decrease was driven primarily by (i) the time-consuming nature of the client
acquisition in our industry, which combined with a temporary shift of our management in focus towards our IPO resulted in the acquisition
of only five new clients in the year ended September 30, 2024, compared with 27 new clients in the year
ended September 30, 2023; (ii) increased client wariness due to geopolitical conditions, including notably the Israel-Palestinian
conflict, the ongoing conflict between Russia and Ukraine and uncertainties surrounding the US elections, and (iii) our strategic shift
towards regtech services, which required additional time for market penetration. Our licensing services decreased US$1,075,423,
or 33.6%, from US$3,201,761 for the year ended September 30, 2023 to US$2,126,338 for the year
ended September 30, 2024. The decrease was partly offset by an increase in corporate secretarial and other services
of US$434,072 or 30.9%, from US$1,405,245
for the year ended September 30, 2023 to US$1,839,317 for the year ended September 30, 2024, primarily due to our strategic shift in focus towards regtech services.

Cost of sales

Our total cost of sales decreased
by US$168,115 or 11.4% from US$1,472,190 for the year ended September 30, 2023 to US$1,304,075
for the year ended September 30, 2024 as our corporate services income decreased from US$4,607,006 for the year
ended