Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 36

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 8
Chunk 36
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, 2024.

Concentration
of Credit Risk

Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The
Company places its cash with high quality banking institutions. From time to time, the Company may or may not maintain cash balances
at certain institutions in excess of the Federal Deposit Insurance Corporation limit.

Accounts
Receivable,net

Trade
accounts receivable is periodically evaluated for collectability based on past credit history with customers and their current financial
condition. Bad debts expense or write offs of receivables are determined on the basis of loss experience, known and inherent risks in
the receivable portfolio and current economic conditions. The Company recorded an allowance for credit loss of $Nil and $3,450,141 as
of both December 31, 2024, and September 30, 2024.

SCHEDULE OF ACCOUNTS RECEIVABLES

    December 31,
                                                                                2024  
    September 30,
                                                                                2024 
  
    Accounts receivable 
    $-  
    $3,450,141 
  
    Less: allowance for credit loss 
                  -  
     (3,450,141)
  
    Total accounts receivable 
    $-  
    $- 

Assets
Held for Sale-Current

As
of December 31, 2024 and September 30, 2024, assets held for Sale-Current were $10,736 and $10,736. This is mainly the equipment planned
for sale.

SCHEDULE OF ASSETS HELD FOR SALE

    December 31,
                                                                                2024  
    September 30,
                                                                                2024 
  
    Assets Held for Sale 
    $ 214,709  
    $214,709 
  
    Current
    Assets Held for Sale 
     214,709  
     214,709 

    Property
    and equipment asset impairment 
     (203,973) 
     (203,973)
  
    Total 
    $10,736  
    $10,736 

Major
Customers

For
the three months ended December 31, 2024 and 2023, revenue was primarily derived from major customers disclosed below.

Three
months ended December 31, 2024:

 SCHEDULE OF REVENUE BY MAJOR CUSTOMERS

    Customer
    Name 
    Sales