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

Company: CIMG Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 11
---
. From time to time, the Company may or may not maintain cash balances
at certain institutions in excess of the Federal Deposit Insurance Corporation limit.

Accounts
Receivable, net

Trade
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 recorded an allowance for credit loss of $Nil and $3,450,141 as
of both June 30, 2025, and September 30, 2024 respectively.

SCHEDULE OF ACCOUNTS RECEIVABLES 

    June 30, 2025  
    September 30, 2024 
  
    Accounts receivable 
    $75,630  
    $3,450,141 
  
    Less: allowance for credit loss 
     -  
     (3,450,141)
  
    Total accounts receivable 
    $75,630  
    $- 

    8

Assets
Held for Sale-Current

As
of June 30, 2025 and September 30, 2024, assets held for Sale-Current were $Nil and $10,736. This is mainly the equipment planned for
sale.

SCHEDULE OF ASSETS HELD FOR SALE 

    June 30,  2025  
    September 30,  2024 
  
    Assets Held for Sale 
     -  
     214,709 
  
    Current
    Assets Held for Sale 
     -  
     214,709 

    Property and equipment asset impairment 
     -  
     (203,973)
  
    Total 
     -  
     10,736 

Major
Customers

In
the nine months ended June 30, 2025 and 2024, revenue was primarily derived from major customers disclosed below.

SCHEDULE OF REVENUE BY MAJOR CUSTOMERS 

Nine
months ended June 30, 2025:

    Customer Name 
    Sales Amount  
    % of Total Revenue  
    Accounts Receivable Amount  
    % of Total Accounts Receivable 
  
    Customer XG 
    $47,289  
     56% 
              -  
      -