Company: IMG
Filing Date: 2025-07-30
Form Type: 10-K/A
Source: 0001641172-25-021542
Chunk: 134

Company: CIMG Inc.
Filing Date: 2025-07-30
Form: 10-K/A
Chunk 134
---
 Company failed to pay directors’ fees and expenses from the last quarter the fiscal year ended September
30, 2023 through the first two quarters of the fiscal year ended September 30, 2024, and is claiming breach of contract, quantum meruit,
unjust enrichment, promissory estoppel, breach of the implied covenant of good faith and fair dealing, and unfair business practices.
The Ex-Directors seek monetary damages in excess of $200,000, with applicable interest, costs and attorneys’ fees. The Company’s
answer to the Complaint was due on April 16, 2025. On April 17, 2025, the Ex-Director’s filed a request for entry of default. To
date, no default has been entered against the Company. As of the
date of this annual report, two parties are still negotiating.

| F-23 |

12. SUBSEQUENT EVENTS

New Operating Lease

Effective December 16, 2024, we have leased a principal
office space located at Room R2, FTY D, 16/F, Kin Ga Industrial Building, 9 San On Street, Tuen Mun, Hong Kong, which we lease for RMB
4,167
($594)
per month until December 17, 2025.

Private Placement

SCHEDULE OF PRIVATE PLACEMENT

| Date      |     | Transaction                                                                                                  
 Description                                                                                                  |     | Amount/Shares                                                                                                               |     | Status                                                                                                                                 |
| November  
 9, 2023   |     | Subscription                                                                                                 
 Agreement                                                                                                    
 (Form                                                                                                        
 8-K filed on November 15 2023)                                                                               |     | $129,636                                                                                                                    
 for 46,800 shares of Common Stock, together with warrants to purchase a total of approximately 5,200 shares of Common Stock 
 at an exercise price of $2.77 per share                                                                                     |     | The                                                                                                                                    
 company has received purchase price of $129,662.8 on Nov 19, 2023, but the subscription shares of 46,800 common stocks were not issued 
 as of the date of this report.                                                                                                         
 Shares                                                                                                                                 
 of Common stock                                                                                                                        
 unissued (expected to issue September 1, 2025)                                                                                         
 The                                                                                                                                    
 warrants remains unexcised as of the date of this report.                                                                              |
| January   
 30, 2024  |     | Subscription                                                                                                 
 Agreement for common stock and warrants