Company: EGG
Filing Date: 2025-03-28
Form Type: F-1
Source: 0001641172-25-001072
Chunk: 202

Company: ENIGMATIG LTD
Filing Date: 2025-03-28
Form: F-1
Chunk 202
---
,582,788 | ) |     |             |     (3,269 | ) |     |        |  1,579,519 |   |
| Non-cash operating and investing activities:               |     |                                  |            |   |     |             |            |   |     |        |            |   |
| Accounts receivable collected on our behalf by shareholder |     |                                  |          - |   |     |             |  1,579,519 |   |     |        |  1,579,519 |   |

| F-15 |

<div align='center'>ENIGMATIG LIMITED (FORMERLY KNOWN AS DESFRAN HOLDINGS LIMITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 3 | Restatement of consolidated financial statemes 
 (continued)                                    |

Restatement for the year ended September 30, 2023

During the preparation of the consolidated financial statements, the Company determined it had not appropriately classified its USDT holdings as non-financial assets. The Company evaluated the materiality of the errors from qualitative and quantitative perspectives, individually and in the aggregate, and concluded that the errors were material to the consolidated balance sheets, and consolidated statement of cash flows for the year ended September 30, 2023.

Description of Misstatements

The Company has previously classified USDT as cash equivalents given the USDT was converted within a period of three (3) months to cash. However, Tether’s terms suggest limitations as Tether’s reserves may include non-financial assets, like cryptocurrencies and precious metals, which are less liquid. In addition, Tether requires that redemptions can only be made directly by verified customers, a status that the Company does not hold. Based on these factors, USDT holdings are not immediately accessible or convertible, disqualifying them from cash equivalent classification. Therefore, a reclassification as non-financial assets was made.

Restated Consolidated Balance Sheets (adjusted line items)

|                           |     | For the year ended September 30, 
 2023                             |           |     |             |           |     |        |            |   |
|:--------------------------|:----|:---------------------------------|----------:|:----|:------------|----------:|:----|:-------|-----------:|:--|
|                           |     | As                               
 previously reported              |           |     | As restated |           |     | Change |            |   |
| ASSETS