Company: MASK
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001185185-25-000685
Chunk: 284

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-06-24
Form: F-1
Chunk 284
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 before financial statements are issued or are available
to be issued indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the financial
statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred.
If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements
when it is at least reasonably possible that a material loss could be incurred.

As of both December 31, 2024
and June 30, 2024, there were no contingent liabilities relating to litigations against the Group.

x) Lease

In February 2016, the
FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The amendments in this ASU require that a lessee recognize the
assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability
to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease
term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying
asset not to recognize lease assets and lease liabilities. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit
losses (Topic 326), Derivative and Hedging (Topic 815), and Lease (Topic 842): Effective Date. ASU2019-10 amends the
effective dates for ASU No. 2016-02. The Group fits the requirement for other entities and has adopted ASU2016-02 for fiscal year
ended June 30, 2023. The Company has adopted the amendments with no material change to the Group’s balance sheet to recognize
right-of-use assets and related lease liabilities for operating leases.

<div align='center'>F-40

3 E NETWORK TECHNOLOGY GROUP LIMITED
NOTES TO INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</div>

2. Summary of Significant Accounting Policies (cont.)

y) Reclassification

Certain prior year
amounts have been reclassified to conform to the current presentation. These reclassifications had no impact on net earnings and financial
position.

z) Recent issued or adopted accounting standards

The Group is an “emerging
growth