Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 106

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1A
Chunk 106
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% 
     -  
     -
  
    Customer WP 
    $196,793  
     10.19% 
     -  
     - 

For
the year ended September 30, 2023:

    Customer Name 
    Sales Amount  
    % of Total Revenue  
    Accounts Receivable Amount  
    % of Total Accounts Receivable 
  
    Customer WP 
    $508,816  
     28.94% 
    $112,412  
     22.5%
  
    Customer CN 
    $567,108  
     32.26% 
    $114,313  
     22.88%
  
    Customer AD 
    $437,417  
     24.88% 
     -  
     - 

    F-8

Leases

In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities on the consolidated balance sheet and disclosing
key information about leasing arrangements, specifically differentiating between different types of leases. The Company implemented ASU
No. 2016-02 on October 1, 2019.

The Company conducts a quarterly analysis of leases
to determine if there are any operating leases that require recognition under ASC 842. The Company has a long-term operating lease for
office and manufacturing space in Plano, Texas. The leased property in Plano, Texas, has a remaining lease term through June 2024 and
Tenancy terminated. The Company did not apply the recognition requirements of ASC 842 to operating leases with a remaining lease term
of 12 months or less.

In May 2022, the Company renewed the office
and manufacturing space in Vista, California through March 31, 2025, which was scheduled to expire on January
31, 2023. The lease has a monthly base rent of $8,451,
plus common area expenses. Along with the extension, we
leased an additional 1,796 square
feet that has a monthly base rent of $2,514 through
March 31, 2025. 

The Company leased a new larger office and manufacturing
space in Seoul, Korea beginning November 15, 2021, through November 15, 2023. The lease has a monthly expense of $7