Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 520

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 3
Chunk 520
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 accounts receivable is periodically evaluated for
collectability based on past credit history with customers and their current financial condition. Bad debts expense or write offs of
receivables are determined on the basis of loss experience, known and inherent risks in the receivable portfolio and current
economic conditions. The Company had $3,441,782
of allowance for expected credit loss as of September 30, 2024 and $117,015
allowance for doubtful accounts as of September 30, 2023.

SCHEDULE OF ACCOUNTS RECEIVABLES

    September 30.  
    September 30, 

    2024  
    2023 
  
    Accounts receivable 
    $3,441,782  
    $616,597 
  
    Less: allowance for expected credit loss 
     (3,441,782) 
     (117,015)
  
    Total accounts receivable 
    $-  
    $499,582 

Assets Held for Sale-Current

During the year ended September 30, 2024 and September
30, 2023, assets held for Sale-Current were $10,736 and $Nil. This is mainly the equipment planned for sale.

SCHEDULE OF ASSETS HELD FOR SALE

    September 30,  2024  
    September 30,  2023 
  
    Non-Current Assets Held for Sale 
     214,709  
            - 
  
    Property and equipment asset impairment 
     (203,973) 
     - 
  
    Total 
     10,736  
     - 

Major Customers

For the years ended September 30, 2024 and
2023, the Company’s largest single source of revenue was from one major customer  disclosed below.

For the year ended September 30, 2024:

 SCHEDULE OF REVENUE BY MAJOR CUSTOMERS

    Customer Name 
    Sales Amount  
    % of Total Revenue  
    Accounts Receivable Amount  
    % of Total Accounts Receivable 
  
    Customer CN 
    $1,149,585  
     59.55% 
     -  
     -
  
    Customer WP 
    $196,793  
     10.19% 
     -  
     - 

For
the year ended September 30, 2023:

    Customer Name