Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 600

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 4
Chunk 600
---
 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

The summary of significant accounting policies presented
below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes
are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies
conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and
have been consistently applied in preparing the accompanying financial statements.

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 condition for a controlling financial interest
is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly,
of over 50% of the outstanding voting shares of another entity is a condition pointing toward consolidation.

Earnings per Share

Basic earnings per common share are equal to net
earnings or loss divided by the weighted average of shares outstanding during the reporting period. Diluted earnings per share
reflect the potential dilution that could occur if stock options, warrants and other commitments to issue Common Stock were
exercised or equity awards vest resulting in the issuance of Common Stock that could share in the earnings of the Company. As of
September 30, 2024 and September 30, 2023, the total number of