Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 461

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 2
Chunk 461
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2025, former directors
of the Company, Kevin J. Connor, Chris J. Jones, Nobuki Kurita, and David Robson (collectively, the “Ex-Directors”), filed
a complaint against the Company in the Superior Court of California, County of San Diego (Case No. 25CU012922N) (the “Complaint”).
The Complaint alleges the 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-21

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