Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 33

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 8
Chunk 33
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December
31, 2024

1.
ORGANIZATION

CIMG
Inc. is a company incorporated in Nevada and listed on Nasdaq since June 2020. We were formerly known as “Nuzee, Inc.” with
a previous ticker symbol “NUZE”, and we changed our corporate name and ticker symbol to “CIMG Inc.” and “IMG”
in October 2024. We previously focused on specialty coffee and related technologies but are now expanding our sales and distribution
channels in Asia to encompass a broader range of consumer food and beverage products. This expansion is fueled by our online sales platform,
which leverages a natural language search function.

CIMG,
our holding company, or DZR Tech, its subsidiary incorporated in Hong Kong, or Weiwin, our subsidiary incorporated in Florida, may transfer
cash to our PRC subsidiaries, Beijing Zhongyan, through capital injections and intra-group loans.

2.
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Preparation

The
accompanying unaudited consolidated financial statements of CIMG, Inc. and subsidiaries (“the Company”) have been prepared
in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial
reporting and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s
Annual Report on Form 10-K for the year ended September 30, 2024. Certain information or footnote disclosures normally included in the
annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations
of the Securities and Exchange Commission (“SEC”). In the opinion of the Company’s management, these financial statements
include all normal and recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows
for the interim periods presented. However, the results of operations included in such financial statements may not necessarily be indicative
of future or annual results.

Principles
of Consolidation

The
Company prepares its financial statements on the basis of accounting. The accompanying consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts, balances and transactions have been
eliminated upon consolidation.

The
Company consolidates DZR Tech, Wewin and Beijing Zhongyan in accordance with ASC 810, and specifically ASC 810-10-15-8 which states,
the usual