Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 51

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 8
Chunk 51
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 in the same manner as share-based compensation to employees, regardless of whether the directors are also employees.
In June 2018, the FASB issued ASU 2018-07 which simplifies several aspects of the accounting for non-employee transactions by stipulating
that the existing accounting guidance for share-based payments to employees (accounted for under ASC Topic 718, “Compensation-Stock
Compensation”) will also apply to non-employee share-based transactions (accounted for under ASC Topic 505, “Equity”).
The Company implemented ASU 2018-07 on October 1, 2019 and the impact of the implementation was not material to the financial statements.

For
six months ended March 31, 2025, the Company issued 800,000 shares of its common stock under the 2024 Equity Incentive Plan.

Comprehensive
income/loss

Comprehensive
income/loss is defined to include all changes in equity except those resulting from investments by owners and distributions to owners.
Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive
income/loss are required to be reported in a financial statement that is presented with the same prominence as other financial statements.
The Company’s current component of other comprehensive income/loss pertains to foreign currency translation adjustments.

Segment
Information

As
of and for the six months ended March 31, 2025, management has changed its internal reporting structure and identified a new chief
operating decision maker. As a result, the Company now operates in a single reportable segment for all periods presented, which is the
commercialization and development of functional beverages.

The
comparative segment information for the six months ended March 31, 2024 has been recast to conform to the current period presentation.

SCHEDULE
OF SEGMENT INFORMATION

    Six Months Ended March 31, 2025  
    Six Months Ended March 31, 2024 
  
    Revenues, net 
    $22,853  
    $1,289,338 
  
    Cost of sales 
     (7,374) 
     (1,321,309)
  
    Gross profit(loss) 
     15,479  
     (31,971)

    Operating expenses 
     (2,270,435) 
     (3,412,705)
  
    Loss from operations 
     (2,254,956