Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 37

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 8
Chunk 37
---
    Amount  
    %
    of Total Revenue  
    Accounts
    Receivable Amount  
    %
    of Total Accounts Receivable 
  
    Customer
    LXM 
    $13,524  
     59% 
    $-  
     - 

Three
months ended December 31, 2023:

    Customer
    Name 
    SalesAmount  
    %
    of Total Revenue  
    Accounts
    Receivable Amount  
    %
    of Total Accounts Receivable 
  
    Customer
    CL 
    $577,420  
     43% 
    $552,587  
     49%

    10

Leases

In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities
on the consolidated balance sheet and disclosing key information about leasing arrangements, specifically differentiating between different
types of leases. The Company implemented ASU No. 2016-02 on October 1, 2019.

The
Company conducts a quarterly analysis of leases to determine if there are any operating leases that require recognition under ASC 842.
The Company has a long-term operating lease for office and manufacturing space in Plano, Texas. The leased property in Plano, Texas,
has a remaining lease term through June 2024 and Tenancy terminated. The Company did not apply the recognition requirements of ASC 842
to operating leases with a remaining lease term of 12 months or less.

In
May 2022, the Company renewed the office and manufacturing space in Vista, California through March 31, 2025, which was scheduled to
expire on January 31, 2023. The lease has a monthly base rent of $8,451, plus common area expenses. Along with the extension, we leased
an additional 1,796 square feet that has a monthly base rent of $2,514 through March 31, 2025.

The
Company leased a new larger office and manufacturing space in Seoul, Korea beginning November 15, 2021, through November 15, 2023. The
lease has a monthly expense of $7,040. Accordingly, we have added ROU Assets and Lease Liabilities related to those leases as of September
30, 2023.

Effective
September 1, 2024, we have leased a principal office space