Company: IMG
Filing Date: 2025-11-18
Form Type: 10-Q/A
Source: 0001493152-25-024067
Chunk: 12

Company: CIMG Inc.
Filing Date: 2025-11-18
Form: 10-Q/A
Chunk 12
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14,574 |   |
| Lease Liability –                       
 Long-Term                               |     |   |       - |   |
| Lease Liability –                       
 Total                                   |     | $ |  14,574 |   |

The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the lease liabilities recorded on the Consolidated Balance Sheet as of March 31, 2025:

Amounts due within twelve months of March 31,2025

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES

| 2025                                           |     | $ | 14,826 |
| 2026                                           |     |   |      - |
| Total Minimum Lease Payments                   |     |   | 14,826 |
| Less Effect of Discounting                     |     |   |    252 |
| Present Value of Future Minimum Lease Payments |     |   | 14,574 |
| Less Current Portion of                        
 Operating Lease Liabilities                    |     |   | 14,574 |
| Long-Term Operating Lease                      
 Liabilities                                    |     | $ |      - |

For six months ended March 31, 2025, the Company had the following cash and non-cash activities associated with our leases:

SCHEDULE OF CASH AND NON-CASH ACTIVITIES OF LEASES

| Operating cash outflows from operating      
 leases:                                     |     | $ | 95,164 |
| Operating cash outflows from finance lease: |     | $ |      - |
| Financing cash outflows from finance lease: |     | $ |      - |

Business Combinations

On March 31, 2025, the Company acquired a 51% controlling interest in Xilin Online (Beijing) E-commerce Co., Ltd (“Beijing Xilin”) for no consideration. The transaction was accounted for as a business combination under ASC 805. The fair value of the identifiable net assets acquired was a net liability position of $ 39,538.

The Company acquired 51% of Beijing Xilin, while Noncontrolling Interest (NCI) represents the remaining 49%. NCI was measured based on its proportionate share of the net liabilities, resulting in a negative NCI of $ 19,374recognized within the equity section of the consolidated balance sheet.

The Company recognized a loss on acquisition of $ 20,164, representing its proportionate share (51