Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 61

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 8
Chunk 61
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, 2025, former directors of the Company, Kevin J. Connor, Chris J. Jones, Nobuki Kurita, and David Robson (collectively, the
“Ex-Directors”), filed a complaint against the Company in the Superior Court of California, 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 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 quarterly report,
two parties are still negotiating.

    19

11.
SUBSEQUENT EVENTS

Private
Placement

SCHEDULE
OF PRIVATE PLACEMENT 

    Date
     
    Transaction
    Description
     
    Amount/Shares
     
    Status
  
    June
    2, 2025
     
    Share
                                            Purchase Agreement
     
    (Form
    8-K filed on June 5, 2025 and June 10, 2025)
     
    $1,068,480
    for 6,000,000 shares of common stock
     
    The
                                            closing of the sale of the 6,000,000 shares of common stock occurred on June 9, 2025.
     
    6,000,000
    shares of common stock has been issued.

Legal
Proceedings

Kim
Litigation

On
October 3, 2024, Mr. Sooncha Kim filed a complaint against the Company in the Southern District of New York, (Case No. 1:24-cv-7485)
(the “Complaint”). The Complaint alleges that the Company breached a Convertible Note and Warrant Purchase Agreement, dated
June 6, 2024, between