Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 23

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 1
Chunk 23
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 amendments in this Update retrospectively
to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in
the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The
Group adopted ASU 2023-07 in the consolidated financial statements for the year ended December 31, 2024. The Company concluded that it
has no material impact on the consolidated financial statements.

    14

In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes.
ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information
on income taxes paid. For public business entities, ASU 2023-09 will be effective for annual periods beginning after December 15, 2024.
For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15,
2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted.

All
other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

Discontinued
Operations

ASC
205-20-45-10 In the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets
and liabilities of the 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