Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 84

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 84
---
 reduction
in the number of full-time employees from 17 employees as of September 30, 2022 to 14 employees as of September 30, 2023.

Operating lease expenses

Our operating lease
expenses decreased by US$27,567, or 19.3%, from US$142,626 for the year ended September 30, 2022 to US$115,059 for the year ended
September 30, 2023. 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
for the last quarter of Fiscal 2023 of approximately US$17,810.

Other operating expenses

Other operating expenses increased by US$28,075 or by 3.8% from US$ 740,071 for the year ended September 30, 2022 to US$768,146 for the year ended September 30, 2023. This increase was primarily attributable to (i) an increase in professional fees of US$47,427, primarily related to our preparation for the listing; and (ii) an increase in travel expenses, especially on overseas trips, in line with our strategy of penetrating new geographical markets, partially offset by a decrease in consulting fees of US$146,372, reflecting the end of our need to pay consulting services out of our Hong Kong office with the moving of our headquarters to Singapore in July 2022.

Income tax expense

Income tax expenses increased from US$124,444 for the year ended September 30, 2022 to US$242,643 for the year ended September 30, 2023. This increase was due to the increase in our profit before tax expenses from US$262,138 for the year ended September 30, 2022 to US$1,377,079 for the year ended September 30, 2023, partially offset by a government grant of approximately US$30,000.

Net profit (loss)

As a result of the foregoing factors, in particular the increase of our corporate service income and the decrease of our cost of sales, our net profit improved from US$137,694 for the year ended September 30, 2022 to US$1,134