Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 38

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 8
Chunk 38
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 located at 16097 Poppyseed Cir, Unit 1904, Delray Beach, Florida, 33484, which
we lease for $3,500 per month until August 31, 2025.

The
lease in San On Street, Tuen Mun, Hong Kong has a term of 12 months from December 18, 2024 to December 17, 2025 at a rate of RMB 4,167
($594) per month. The lease is a short-term lease which has a lease term of 12 months and does not include an option to purchase the
underlying asset. The Company did not recognize ROU assets or lease liabilities for short term leases.

As
of December 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 1 years and a weighted-average
discount rate of 5%. Other information related to our operating leases is as follows:

SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASE 

    ROU Asset
    – October 1, 2024 
    $99,746 
  
    Disposal of ROU 
     -  
  
    ROU
    Asset added during the period 
     (41,349)
  
    Amortization
    during the period 
     -  
  
    ROU
    Asset – December 31, 2024 
    $58,397 

    Lease Liability –
    October 1, 2024 
    $100,962 
  
    Lease
    Liability added during the period 
     -  
  
    Amortization
    during the period 
     -  
  
    disposal
    of lease liability 
     (42,659)
  
    Lease
    Liability – December 31, 2024 
    $58,303 

    Lease
    Liability – Short-Term 
    $58,303 
  
    Lease
    Liability – Long-Term 
     - 
  
    Lease
    Liability – Total 
    $58,303 

The
table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years
to the lease liabilities recorded on the Consolidated Balance Sheet as of December 31, 2024.

Amounts
due within 12 months of December 31, 2024

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR