Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 389

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 2
Chunk 389
---

    Change 

    2024  
    2023  
    Dollars  
    % 
  
    Cost of sales 
    $1,898,122  
    $1,968,785  
    $(70,663) 
     (3.59)%
  
    Gross profit (loss) 
    $32,169  
    $(210,817) 
    $242,986  
     (115.26)%
  
    Gross margin % 
     1.69% 
     (10.71)% 

For the year ended September 30,
2024, our cost of sales totaled $1,898,122, as compared to cost of sales for the year ended September 30, 2023 of $1,968,785,
representing a 3.59% decrease. This is mainly due to the reduction in material and labor costs related to sales. For the year ended
September 30, 2024, our total gross profit was $32,169, while the gross profit for the year ended September 30, 2023 was $(210,817).
This is also mainly due to the reduction in material and labor costs related to sales. The gross profit margin for the year ended
September 30, 2024 was 1.69%, and for the fiscal year ended September 30, 2023, it was (10.71)%. The marginal improvement is mainly
due to the reduction in sales costs.

Operating
Expenses

    Year
                                            ended September
                                            30,  
    Change 

    2024  
    2023  
    Dollars  
    % 
  
    Operating
    Expenses 
    $5,980,521  
    $8,174,200  
    $(2,193,679) 
     (26.84)%

54

For the fiscal year ended September 30, 2024, our operating
expenses totaled $5,980,521 compared to $8,174,200 for the fiscal year ended September 30, 2023, a decrease of $(2,193,679), or (26.84)%.This
reduction is mainly due to the decrease in labor costs and travel expenses.

Net
Loss

    Year
                                            ended September
                                            30,  
    Change 

    2024  
    2023