Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 701

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 5
Chunk 701
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 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 April 1, 2019, the Company purchased a
delivery van from Ford Motor Credit for $41,627.
The Company paid $3,500 as
a down payment and financed $38,127 for 60 months
at a rate of 2.9%.
The loan is secured by the van. The outstanding balance on the loan at September 30, 2024 and 2023 amounted to $Nil and $4,753 respectively.

On March 1, 2024,CFG MERCHANT SOLUTIONS lent a
total of $200,000 to the company, and the agreed repayment amount was $246,000. The outstanding balance on the loan at September 30, 2024
amounted to $103,838.

On April 18, 2024, SOONCHA KIM lent the company
$320,000 with an annual interest rate of 7%.The outstanding balance on the loan at September 30, 2024 amounted to $330,126.

On July 2024, the Company secured unsecured
financing in the aggregate amount of $1,400,021 (the “Loan”) from various individual and institutional lenders to support its