Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 272

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1
Chunk 272
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. The Company concluded that it has no material
impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements
to Income Tax Disclosures, which applies to all entities subject to income taxes. ASU 2023-09 requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as information on income
taxes paid. For public business entities, ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. For entities
other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance
will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company
is currently evaluating the impact of these accounting standard updates on its consolidated financial statements.

All other newly issued accounting pronouncements
but not yet effective have been deemed either immaterial or not applicable.

Discontinued Operations

ASC 205-20-45-10 In the period(s) that a discontinued
operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation
shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.

ASC 205-20-45-3 The statement in which net income
of a business entity is reported or the statement of activities of a not-for-profit entity (NFP) for current and prior periods shall report
the results of operations of the discontinued operation, including any gain or loss recognized in accordance with paragraph 205-20-45-3C,
in the period in which a discontinued operation either has been disposed of or is classified as held for sale.

The company has terminated the sold business in
accordance with ASC 205-20-45-10 and ASC 205-20-45-3. Additional information on discontinued operations can be found in Note 6-discontinued
operations.

Identified Intangibles and Goodwill

The Company identified tradename and customer relationships
intangible assets. The tradename and customer relationships intangible assets will be amortized on a straight-line basis over their respective
estimated useful lives. The goodwill recognized results from such factors as an assembled workforce and management’s industry know-how.
See Note 7-Goodwill and Intangible Assets for additional information on identified intangible assets and goodwill.

3. LOANS

On