Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1014

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 9A
Chunk 1014
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 accounting standard updates on its consolidated financial statements.

All other newly issued accounting pronouncements
but not yet effective have been deemed either immaterial or not applicable.

Discontinued Operations

ASC 205-20-45-10 In the period(s) that a discontinued
operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation
shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.

ASC 205-20-45-3 The statement in which net income
of a business entity is reported or the statement of activities of a not-for-profit entity (NFP) for current and prior periods shall report
the results of operations of the discontinued operation, including any gain or loss recognized in accordance with paragraph 205-20-45-3C,
in the period in which a discontinued operation either has been disposed of or is classified as held for sale.

The company has terminated the sold business in
accordance with ASC 205-20-45-10 and ASC 205-20-45-3. Additional information on discontinued operations can be found in Note 6-discontinued
operations.

Identified Intangibles and Goodwill

The Company identified tradename and customer relationships
intangible assets. The tradename and customer relationships intangible assets will be amortized on a straight-line basis over their respective
estimated useful lives. The goodwill recognized results from such factors as an assembled workforce and management’s industry know-how.
See Note 7-Goodwill and Intangible Assets for additional information on identified intangible assets and goodwill.

3. LOANS

On April 1, 2019, the Company purchased a
delivery van from Ford Motor Credit for $41,627.
The Company paid $3,500 as
a down payment and financed $38,127 for 60 months
at a rate of 2.9%.
The loan is secured by the van. The outstanding balance on the loan at September 30, 2024 and 2023 amounted to $Nil and $4,753 respectively.

On March 1, 2024,CFG MERCHANT SOLUTIONS lent a
total of $200,000 to the company, and the agreed repayment amount was $246,000. The outstanding balance on the loan at September 30, 2024
amounted to $103,838.

On April 18, 2024, SOONCHA KIM lent the company