Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 302

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1B
Chunk 302
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 addition, the
Company intends to appeal Nasdaq’s delist determination and plans to request a hearing before a Nasdaq Hearings Panel to present
its plan for regaining compliance with the applicable Nasdaq Listing Rules by 4:00 Eastern Time on July 7, 2025.

Results
of Operations

Revenue

    Year ended September 30,  
    Change 

    2024  
    2023  
    Dollars  
    % 
  
    Revenue 
    $1,930,291  
    $1,757,968  
    $(172,323) 
     (9.80)%

In
fiscal year ended September 30, 2024, we are fully focused on our first health line in Asia, the Maca line, which includes Maca Peptide
Coffee, Maca-Noni, Maca Purified Powder and Maca Wine. All of the products from the Maca Series contain maca green purification factors,
which are green purification of maca plants and pure natural products. After that, the contract packaging service of coffee and the sales
of pure coffee beans gradually decreased, and the Maca Series products became the core products.

In
the fourth quarter of the fiscal year ended September 30, 2024, we focused on the introduction of our first health series in Asia, the
Maca Series, which includes Maca Peptide Coffee, Maca-Noni, Maca Purified Powder and Maca Wine. All of the products from the Maca Series
contains maca green purification factors, which are green purification of maca plants and pure natural products.

Cost of sales and gross margin

    Year ended September 30,  
    Change 

    2024  
    2023  
    Dollars  
    % 
  
    Cost of sales 
    $1,898,122  
    $1,968,785  
    $(70,663) 
     (3.59)%
  
    Gross profit (loss) 
    $32,169  
    $(210,817) 
    $242,986  
     (115.26)%
  
    Gross margin % 
     1.69% 
     (10.71)% 

For the year ended September 30,
2024, our cost of sales totaled $1,898,122, as compared to cost of sales for the year ended