Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 29

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 1
Chunk 29
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, the Company issued the 11,961,537 warrants to purchase common stock at an exercise price of $0.39 a share. These warrants
will expire on January 17, 2027.

The
following table summarizes warrant activity for six months ended March 31, 2025:

SCHEDULE OF WARRANT ACTIVITY  

    Number
                                            of Shares Issuable Upon Exercise
                                            of Warrants  
    Weighted
                                            Average Exercise Price  
    Weighted Average Remaining
                                            Contractual Life (years)  
    Aggregate
    Intrinsic Value 
  
    Outstanding on September 30, 2024 
     214,850  
    $112.67  
     2.42  
    $- 
  
    Issued 
     25,641,023  
     0.39  
     -  
     - 
  
    Exercised 
     55,973  
     1.32  
     -  
     - 
  
    Expired 
     -  
     -  
     -  
     - 
  
    Outstanding on March 31, 2025 
     25,799,900  
    $1.32  
     1.80  
     - 
  
    Exercisable on March 31, 2025 
     25,799,900  
    $1.32  
     1.80  
    $- 

    18

10.
CONTINGENCIES

Curtin
Litigation

As
previously disclosed, on January 6, 2023, a former employee of the Company, Rosalina Curtin filed a complaint against the Company and
another former employee of the Company, Jose Ramirez, in the Superior Court of California, County of San Diego (Case No. 37-2023-00000841-CU-WT-NC)
(the “Complaint”). The Complaint alleged that Ms. Curtin was subject to harassment by Mr. Ramirez, gender discrimination
throughout her employment, that she reported this discrimination and harassment to the Company, and that the Company retaliated against
her and wrongfully terminated her for whistleblowing and failed to prevent discrimination, harassment, and retaliation. Ms. Curtin sought
compensatory damages, including loss of past, present and future earnings, and benefits, as well as punitive damages,