Company: EGG
Filing Date: 2025-04-16
Form Type: F-1/A
Source: 0001641172-25-004947
Chunk: 80

Company: ENIGMATIG LTD
Filing Date: 2025-04-16
Form: F-1/A
Chunk 80
---
059 for the year ended September 30, 2023 to US$95,532
for the year ended September 30, 2024. The decrease of operating lease expenses was primarily driven by (i) the move to a smaller
office in Hong Kong, which resulted in a monthly rent reduction from approximately US$3,044 to approximately US$844 and (ii) our move
to a smaller office on a different floor in the UK to accommodate the landlord’s request to allow for renovation, resulting in
a rent discount.

Other operating expenses

Other operating expenses increased
by US$345,067 or 44.9% from US$768,146 for the year ended September 30, 2023 to US$1,113,213
for the year ended September 30, 2024. This increase was primarily attributable to (i) a substantial increase in professional
fees, primarily related to our preparation for the listing; (ii) an increase in other expenses, the increase was due to the need to cover
a bulk payment of past local council taxes which became due when we switched offices in London, partially offset by a decrease
in entertainment expenses and (iii) an increase in IT-related expenses.

Income tax expense

Income tax expenses decreased
from US$242,643 for the year ended September 30, 2023 to 142,212 for the year ended September 30,
2024. This decrease was due to a decrease in our corporate services income in the year ended September 30, 2024 compared
with the year ended September 30, 2023.

Net profit

As a result of the foregoing
factors, in particular the decrease of our corporate service income and the stable operating expenses, our net profit decreased
from US$1,134,436 for the year ended September 30, 2023 to US$821,192 for the year ended September
30, 2024.

| 50 |

Comparison of Years Ended September 30, 2023 and 2022

Corporate services income

Our corporate services
income increased by US$1,785,502 or 63.3% from US$2,821,504 for the year ended September 30, 2022 to US$4,607,006 for the year ended
September 30, 2023. This increase was driven primarily by (i) strengthening across our core businesses as borders that had been
closed in reaction to COVID-