Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 68

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 68
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 the year ended September 30, 2024, as the number of full-time employees increased from 14 as of September 30, 2023 to 15 as of September 30, 2024. Moreover, payroll and employee benefits increased 329.6% from US$179,335 for Fiscal 2022 to US$770,411 for Fiscal 2023, primarily driven by lifting of the temporary decision not to pay any salary, or bonus to our directors, that was in place during the second half of Fiscal 2022 and much of the six months ended March 31, 2023, in response to the financial challenges presented by COVID-19. Payroll and employee benefits decreased 44.7% from US$770,411 for Fiscal 2023 to US$426,445 for Fiscal 2024, primarily driven by a one-off bonus paid to our directors and senior management in Fiscal 2023 that did not recur in Fiscal 2024. Any inability to manage such costs in the future could contribute to an increase in our operating costs which could impact our margins and profitability.

Key Components of Results of Operations

Corporate services income

We derive our corporate services income from sale of our services, including license application and renewal services and corporate secretarial and other services, to our clients.

In Fiscal 2022, Fiscal 2023 and Fiscal 2024, we generated total corporate services income of US$2,821,504, US$4,607,006 and US$3,967,802, respectively.

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The following table sets forth the breakdown of our corporate services income for the periods indicated:

|                                          |     | For the years ended 
       September 30, |           |     |      |           |     |      |           |
|                                          |     |                2022 |           |     | 2023 |           |     | 2024 |           |
|                                          |     |                 US$ |           |     |  US$ |           |     |  US$ |           |
| Corporate services income:               |     |                     |           |     |      |           |     |      |           |
| License application and renewal services |     |                     | 2,386,085 |     |      | 3,201,761 |     |      | 2,126,338 |
| Corporate secretarial and other services |     |                     |   435,419 |     |      |