Company: EGG
Filing Date: 2025-04-16
Form Type: F-1/A
Source: 0001641172-25-004947
Chunk: 110

Company: ENIGMATIG LTD
Filing Date: 2025-04-16
Form: F-1/A
Chunk 110
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 a foreign 
 exchange trading platform at a fraction of the cost of a primary license. Such platform was 
 able to be linked to our CRM platform and customized to offer a wide range of functions and 
 display interface options depending on the preferences of our client.                       |

System Volume Services: we served as intermediaries between our clients and liquidity providers, linking the trading platform used by our clients with liquidity providers, allowing our clients to offer liquidity directly to their customers. We charged a small commission based on the amount of any liquidity provided.

We stopped providing the above services in July 2022. In Fiscal 2022, income from these terminated services accounted for US$70,427, accounting for 2.5%, respectively, of our total corporate services income for those years.

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Our Clients

Our clients consist primarily of small and medium-sized corporations headquartered in Hong Kong, South-East Asia, mainland China and the UAE looking to set up overseas brokerages. We had 87 clients from nine distinct jurisdictions in Fiscal 2022, 60 clients from 17 distinct jurisdictions in Fiscal 2023 and 55 clients from 15 jurisdictions in Fiscal 2024. 87.1%, 87.5% and 56.1% of our corporate services income came from clients engaging in the foreign exchange or contract for difference brokerage business in Fiscal 2022, Fiscal 2023 and Fiscal 2024, respectively.

Largely due to depressed business sentiment and travel and other restrictions associated with the COVID-19 pandemic, we did not add any new clients in the first half of Fiscal 2022. With the easing of such restrictions, we added four new clients in the last half of Fiscal 2022 and 27 new clients in Fiscal 2023. Client acquisition slowed to five new clients in Fiscal 2024 as we focused on existing clients in Fiscal 2024.

In
recent years, we received a substantial portion of our corporate services income from a limited number of customers. For the years ended
September 30, 2022, 2023 and 2024, our two largest customers accounted for approximately 46.3%, 54.7% and 47.9%, respectively,
of our total corporate services income for those period, with our largest customer accounting for approximately 33.0%, 30.9% and
27.7% of our total corporate services income, respectively. A substantial amount of our corporate services income for the year ended
September 30,