Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 534

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 3
Chunk 534
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3. Additional information on discontinued operations can be found in Note 6-discontinued
operations.

Identified Intangibles and Goodwill

The Company identified tradename and customer relationships
intangible assets. The tradename and customer relationships intangible assets will be amortized on a straight-line basis over their respective
estimated useful lives. The goodwill recognized results from such factors as an assembled workforce and management’s industry know-how.
See Note 7-Goodwill and Intangible Assets for additional information on identified intangible assets and goodwill.

3. LOANS

On April 1, 2019, the Company purchased a
delivery van from Ford Motor Credit for $41,627.
The Company paid $3,500 as
a down payment and financed $38,127 for 60 months
at a rate of 2.9%.
The loan is secured by the van. The outstanding balance on the loan at September 30, 2024 and 2023 amounted to $Nil and $4,753 respectively.

On March 1, 2024,CFG MERCHANT SOLUTIONS lent a
total of $200,000 to the company, and the agreed repayment amount was $246,000. The outstanding balance on the loan at September 30, 2024
amounted to $103,838.

On April 18, 2024, SOONCHA KIM lent the company
$320,000 with an annual interest rate of 7%.The outstanding balance on the loan at September 30, 2024 amounted to $330,126.

On July 2024, the Company secured unsecured
financing in the aggregate amount of $1,400,021 (the “Loan”) from various individual and institutional lenders to support its
ongoing business operations. The Loan was structured with a one-year maturity term and carried no interest obligation. Subsequently, on
October 22, 2024, the lenders exercised their right to convert the full outstanding principal amount of the Loan into equity through a
stock subscription agreement.

    F-13

4. GEOGRAPHIC
CONCENTRATIONS

The Company operates primarily within a single business segment, despite distributing its products globally. Its operations are organized
into two geographic regions: North America and China. The Company jointly manufactures and markets its products in these regions. The
tables below present net revenue and property and equipment, net, by geographic area for the years ended September 30, 2024 and