Company: MEGL
Filing Date: 2025-04-14
Form Type: 20-F
Source: 0001641172-25-004566
Chunk: 65

Company: Magic Empire Global Ltd
Filing Date: 2025-04-14
Form: 20-F
Item: Item 5
Chunk 65
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047 (US$2,078,099) for the year
ended December 31, 2024, mainly due to general increase in wages of and bonus to our staff.

Our
amortization of right-of-use assets mainly represented our operating lease of our Hong Kong office. Our amortization of right-of-use
assets decreased from HK$1,895,294 for the year ended December 31, 2023 to HK$1,719,081 (US$221,311) for the year ended December 31,
2024, primarily due to the reduction of the monthly rental expenses of our office upon renewal of rental agreement during the year ended
December 31, 2024.

Our
professional fee mainly represented audit fees and fees to our legal counsels.

  44  

Our
travelling, accommodation and entertainment expenses increased by HK$165,214, or 16.4%, from HK$1,006,746 for the year ended December
31, 2023 to HK$1,171,960 (US$150,786) for the year ended December 31, 2024 due to increased business development initiatives during the
year ended December 31, 2024.

Our
depreciation charge mainly represented depreciation charge of our renovation of our Hong Kong office and motor vehicles. Our depreciation
charge increased by approximately HK$171,028, or 81.5% from HK$209,966 for the year ended December 31, 2023 to HK$380,994 (US$49,048)
for the year ended December 31, 2024 due to full year depreciation charge of our motor vehicles in the year ended December 31, 2024.

Other
income, net

Other
income increased by HK$3,166,702, or 136.0%, from HK$2,328,986 for the
year ended December 31, 2023 to HK$5,495,688 (US$707,505) for the year ended December 31, 2024, primarily due to (i) the increase in bank
interest income arising from increase in bank interest rates throughout the year ended December 31, 2024; and (ii) gain on our long-term
investment disposed of during the year ended December 31, 2024.

Income
tax

We
are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which