Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1254

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1C
Chunk 1254
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 share and per share data,
or otherwise noted)

    For the Year Ended  
    For the Year Ended 

    30-Sep-24  
    30-Sep-23 
  
    Operating activities: 

    Net loss 
    $(8,555,388) 
    $(8,749,467)
  
    Net loss from discontinued operations 
     433,566  
     467,806 
  
    Adjustments to reconcile net loss to net cash used in operating
    activities: 

    Fair
    value variation 
     82,845  
     - 

    Depreciation and amortization 
     190,548  
     214,488 
  
    Noncash lease expense 
     481,752  
     239,366 
  
    Loss on disposition of assets 
     -  
     41,108 
  
    Stock option expense 
     83,744  
     288,030 
  
    Restricted stock award compensation 
     -  
     180,526 
  
    Issuance of common stock for services 
     -  
     135,870 
  
    Bad debt expense 
     3,441,782  
     117,015 
  
    Loss from equity method investment 
     -  
     7,375 
  
    Property and equipment asset impairment 
     203,973  
     - 
  
    Impairment loss on inventory 
     815,498  
     - 

    Gain on disposal of subsidiary 
     (2,705,944) 
     - 

    Loss of disposal of unconsolidated affiliate 
     158,469  
     - 
  
    Interest income(expense), net 
     7,582  
     - 

    Sub-Lease Commissions 
     -  
     - 

    Forgiveness of Loan Payable and Other payables 
     (1,847) 
     - 

    Change in operating assets and liabilities: 

    Accounts receivable 
     499,582 
     (329,219)
  
    Inventories 
     (3,775,210) 
     16,882
  
    Prepaid expenses and other current assets 
     (280,999) 
     143,165 
  
    Other assets