Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 783

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 6
Chunk 783
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,” established standards for the way that public business enterprises report information about
operating segments in annual financial statements and requires those enterprises to report selected information about operating segments
in interim financial reports issued to stockholders. Management has determined that the Company operates in one business segment, which
is the commercialization and development of functional beverages.

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt — Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s
Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s
Own Equity. ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models available for
convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible
instruments and requires the use of the if-converted method. The amendments in this Update are effective for public business entities
that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies
as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all
other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those
fiscal years. Early adoption is permitted.

 In
November 2023,the FASB issued ASU 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures. The amendments in this Update
improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments
in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior
periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods
should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Group adopted ASU
2023-07 in the consolidated financial statements for the year ended December 31, 2024. The Company concluded that it has no material
impact on the consolidated financial statements.

In December