Company: IMG
Filing Date: 2025-07-30
Form Type: 10-K/A
Source: 0001641172-25-021542
Chunk: 136

Company: CIMG Inc.
Filing Date: 2025-07-30
Form: 10-K/A
Chunk 136
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, County of San Diego (Case No. 25CU012922N) (the “Complaint”). The Complaint alleges the Company failed to pay directors’ fees and expenses from the last quarter of the fiscal year ended September 30, 2023 through the first two quarters of the fiscal year ended September 30, 2024, and is claiming breach of contract, quantum meruit, unjust enrichment, promissory estoppel, breach of the implied covenant of good faith and fair dealing, and unfair business practices. The Ex-Directors seek monetary damages in excess of $ 200,000, with applicable interest, costs and attorneys’ fees. The Company’s answer to the Complaint was due on April 16, 2025. On April 17, 2025, the Ex-Director’s filed a request for entry of default. To date, no default has been entered against the Company. As of the date of this annual report, two parties are still negotiating.

New Subsidiary

On March 10, 2025, Zhongyan Shangyue Technology
Co., Ltd. (“Zhongyan”), CIMG Inc.’s wholly-owned subsidiary,
entered into a Business Cooperation Intent Agreement (the “Agreement”) with Shanghai Huomao Cultural Development Co., Ltd.
(“Huomao”). Pursuant to the Agreement, the three shareholders of Huomao intend to transfer an aggregate of 51% of their equity
interest in Huomao to Zhongyan in exchange for 200,000 shares of Common Stock. The Common Stock shall be subject to a six-month lock-up
period.

On March 21, 2025, Zhongyan Shangyue Technology
Co., Ltd. established a wholly-owned subsidiary, Henan Zhongyan Shangyue Technology Co. Ltd.

On March 27, 2025, Zhongyan Shangyue Technology
Co., Ltd. entered into a Business Cooperation Intent Agreement (the “Agreement”) with Xilin Online (Beijing) E-commerce Co.,
Ltd (“Beijing Xilin”). Pursuant to the Agreement, certain shareholders of Beijing Xilin intend to transfer an aggregate of
51% of their equity interest in Beijing Xilin to Zhongyan.

On March 31, 2025, the Company completed its
acquisition of Beijing Xilin, along with the necessary business registration updates in China.

On April 22, 2025, the Company completed