Company: IMG
Filing Date: 2025-07-30
Form Type: 10-K/A
Source: 0001641172-25-021542
Chunk: 78

Company: CIMG Inc.
Filing Date: 2025-07-30
Form: 10-K/A
Chunk 78
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 registered public offerings and private placements of shares of our Common Stock. Our principal use of cash is to fund our operations, which includes the commercialization of our products, the continuation of efforts to improve our products, administrative support of our operations and other working capital requirements.

As of September 30, 2024, we had a cash balance of $0.46 million. Considering our current cash resources and our current and expected levels of operating expenses for the next twelve months, we expect to need additional capital to fund our planned operations for at least twelve months This evaluation is based on relevant conditions and events that are currently known or reasonably knowable. A reduction in consumer demand for, or revenues from the sale of, our coffee products could further constrain our cash resources. We have based these estimates on assumptions that may prove to be wrong, and our operating projections, including our projected revenues from sales of our coffee products, may change as a result of many factors currently unknown to us.

We intend to seek to raise additional capital, including through a public or private equity offering, to support our operating activities over the next 12 months and beyond, which may not be available to us on acceptable terms or may not be available at all. The timing and amount of capital we need to raise will depend on a number of factors, including our ability to generate sufficient revenue from the sale of our products to fund our business operations, and the timing and amount of funds received by warrant holders when they exercise their outstanding warrant cash. Until we are able to generate sufficient revenue, we may seek to raise additional capital through equity, equity-linked or debt financing.

Summary of Cash Flows

|                                                            |     | Year Ended September 30, 
 2024                     |            |   |     | 2023 |            |   |
|:-----------------------------------------------------------|:----|:-------------------------|-----------:|:--|:----|:-----|-----------:|:--|
| Cash used in operating activities                          |     | $                        | (9,970,680 | ) |     | $    | (6,381,560 | ) |
| Cash used in investing activities                          |     | $                        |   (320,043 | ) |     | $    |    (31,813 | ) |
| Cash provided by used in financing activities              |     | $                        |  9,586,272 |   |     | $    |    (36,031 | ) |
| Effect of foreign exchange on cash                         |