Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 17

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 1
Chunk 17
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 valuation allowance when appropriate.
On March 31, 2025, the carrying value of inventory of $12,751,596.

 SCHEDULE OF INVENTORY 

    March 31,
                                                                                2025  
    September
    30,
 2024 
  
    Raw materials 
    $12,627,194  
    $4,490,728 
  
    Finished goods 
    $124,402  
     57,307 
  
    Total 
    $12,751,596  
    $4,548,035 

Property
and Equipment, net

Property
and equipment are stated at cost, net of accumulated depreciation. Office equipment is depreciated over a 3-year life, furniture over
a 7-year life, and other equipment over a 5-year life. Depreciation expense for six months ended March 31, 2025 and 2024 was $366 and
$75,300, respectively. Property and equipment as of March 31, 2025 and September 30, 2024 consist of: 

SCHEDULE OF PROPERTY AND EQUIPMENT 

    March 31,
                                                                                2025  
    September
    30,
 2024 
  
    Machinery & Equipment 
     15,150  
     1,465,566 
  
    Vehicles 
     -  
     57,431 
  
    Leasehold Improvements 
     -  
     - 
  
    Less - Accumulated Depreciation 
     (12,682) 
     (1,127,820)
  
    Less-Impairment on Property and Equipment 
    $-  
    $(214,709)
  
    Disposal of property and equipment 
     -  
     (178,200)
  
    Net
    Property and Equipment 
     2,468  
     2,268 

    12

The
Company is required to make deposits or prepayments and progress payments on equipment purchases before the Company receives possession
and title. As a result, the Company accounts for such payments as Other Assets until it has possession at which time the equipment is
recorded as Property and Equipment. There were no such deposits as of March 31, 2025 or September
30, 2024.

Samples

The
Company distributes samples of its products as a component of its marketing program. Costs for samples are expensed at