Company: EGG
Filing Date: 2025-03-28
Form Type: F-1
Source: 0001641172-25-001072
Chunk: 204

Company: ENIGMATIG LTD
Filing Date: 2025-03-28
Form: F-1
Chunk 204
---
 Company has established a multi-currency account with a regulated digital assets exchange in Singapore, specifically for receiving USDT. These funds are subsequently converted back to fiat currency in batches. The Finance department oversees the account, and all transactions require two-factor authentication for added security.

The following table presents the USDT activities for the years ended September 30, 2024 and 2023:

| Balance at September 30, 2022                         |     | Number of USDT |          - |   |
|:------------------------------------------------------|:----|:---------------|-----------:|:--|
| Amount due from shareholder settled by digital assets |     |                |  1,540,000 |   |
| Sales of digital assets                               |     |                |   (379,125 | ) |
| Balance at September 30, 2023                         |     |                |  1,160,875 |   |
| Amount due from shareholder settled by digital asset  |     |                |    484,768 |   |
| Converted to fiat                                     |     |                | (1,645,643 | ) |
| Balance at September 30, 2024                         |     |                |          - |   |

For the year ended September 30, 2023, no impairment of its holdings of USDT was recognized. The remaining balance was fully converted to fiat on October 4, 2024.

| 8 | Right-of-use assets and operating lease liabilities |

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has four office premise lease agreements with lease terms ranging from one to three years, respectively. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term with one year.

| F-17 |

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

NOTES TO CONSOLIDATED