Company: MASK
Filing Date: 2025-01-10
Form Type: 424B4
Source: 0001213900-25-002376
Chunk: 154

Company: 3 E Network Technology Group Ltd
Filing Date: 2025-01-10
Form: 424B4
Chunk 154
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3 was $284,416 and $74,496, respectively, which were tax expenses mainly generated from our Hong Kong and PRC subsidiaries. Net Income Net income increased by $552,190 or 55.4% to $1,548,347 for the year ended June30, 2024 from $996,157 for the year ended June 30, 2023. Other comprehensive income Foreign currency translation adjustments amounted to losses of $9,281 and $98,014 for the years ended on June 30, 2024 and 2023, respectively. The balance sheet amounts with the exception of equity as of June 30, 2024 were translated at 7.2672 RMB to 1.00 USD as compared to 7.2513 RMB to 1.00USD as of June 30, 2023. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the years ended on June 30, 2024 and 2023 were 7.2248 RMB to 1.00 USD and 6.9536 RMB to 1.00 USD, respectively. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S, dollar terms without giving effect to any underlying change in our business or results of operation. Liquidity and Capital Resources As of June 30, 2024, we had cash and cash equivalents of $51,809. Our current assets were approximately $2,223,510, and our current liabilities were $721,838 as of June30, 2024. Total retained earnings as of June 30, 2024 were $2,838,715. Our cash flows provided by operating activities was $929,203 for the year ended June 30, 2024. Our operating results for future periods are subject to numerous uncertainties and it is uncertain whether we will be able to achieve a net income position for the foreseeable future. If management is not able to increase revenue and/or manage costs and operating expenses in line with revenue forecasts, we may not be able to achieve profitability. We believe that available cash and cash equivalents, cash provided by operating activities, together with cash available from the activities mentioned above, should enable us to meet presently anticipated cash needs for at least the next 12 months after the date that the consolidated financial statements are issued and we have prepared the consolidated financial statements on