Company: IMG
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001493152-25-020586
Chunk: 13

Company: CIMG Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 13
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, 2025.

The
lease in San On Street, Tuen Mun, Hong Kong has a term of 12 months from December 18, 2024 to December 17, 2025 at a rate of RMB 4,167
($594) per month. The lease is a short-term lease which has a lease term of 12 months and does not include an option to purchase the
underlying asset. The Company did not recognize ROU assets or lease liabilities for short term leases.

As
of June 30, 2025, the Company’s operating leases had a weighted average remaining lease term of 1 years and a weighted-average
discount rate of 5% or 7.5%. Other information related to our operating leases is as follows:

SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASE 

    ROU Asset – October 1, 2024 
    $99,746 
  
    ROU Asset added during the period 
     - 
  
    Amortization during the period 
     (93,351)
  
    ROU Asset – June 30, 2025 
    $6,395 

    Lease Liability – October 1, 2024 
    $100,962 
  
    Lease Liability added during the period 
     - 
  
    Amortization during the period 
     (97,486)
  
    Lease Liability – June 30, 2025 
    $3,476 

    Lease Liability – Short-Term 
    $3,476 
  
    Lease Liability – Long-Term 
     - 
  
    Lease Liability – Total 
    $3,476 

The
table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years
to the lease liabilities recorded on the Consolidated Balance Sheet as of June 30, 2025:

Amounts
due within twelve months of June 30,2025

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES 

    2025 
    $3,541 
  
    2026 
     - 
  
    Total Minimum Lease Payments 
     3,541 
  
    Less Effect of Discounting 
     65 
  
    Present Value of Future Minimum Lease Payments 
     3,476 
  
    Less Current Portion of Operating Lease Liabilities