Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 82

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 82
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 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.

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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-19 began to reopen, business sentiment became more optimistic and we were able to obtain new clients and
deals with face-to-face meetings, and (ii) a significant one-off transaction which produced corporate services income of US$677,108
relating to the enhancement and sale of our old CRM system to a client. The number of new clients who engaged us rose from four in
the year ended September 30, 2022 to 27 new clients in the year ended September 30, 2023. Our licensing services increased
US$815,676, or 34.2%, from US$2,386,085 for the year ended September 30, 202