Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 265

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1
Chunk 265
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 and September
30, 2023,the accounts payable are $1,294,007 and $1,588,342 respectively, it mainly includes the accounts payable and $325,000 litigation
settlement costs of Nuzee single-serving coffee and DRIPKIT products. For details on litigation and post-litigation payments, please refer
to Note 11.

During the year ended September 30, 2024 and September
30, 2023,the accrued expenses are $695,330 and $225,693 respectively, it mainly includes the accounts payable settlement costs of Nuzee
single-serving coffee and DRIPKIT products.

Accounts payable and accrued expenses for the
years ended September 30, 2024 and 2023 are as follows:

 SCHEDULE OF ACCOUNTS PAYABLE
AND ACCRUED EXPENSES

    September 30.  2024  
    September 30,  2023 
  
    Accounts payable 
     1,294,007  
     1,588,342 
  
    Accrued expenses 
     695,330  
     225,693 
  
    Total 
     1,989,337  
     1814,035 

Deferred income

During the year ended September 30, 2024 and September
30, 2023,the deferred income are $Nil and $379,795 respectively, the reason for the reduction is the uncertainty of the income time and income
results. The reduction in this period is based on the rigor of the report.

Other current liabilities

During the year ended September 30, 2024 and September
30, 2023,the other current liabilities are $586,174 and $Nil respectively. The mainly achieved through financing to purchase equipment
and pay for the goods.

Loss from investment

Due to Discontinued Operations, the investment
income for 2024 is in the red. As of September 30, 2024 and September 30, 2023, the investment income losses were $1,092,169 and $7,375
respectively.

Cost Recognition

The Maca Series products are pure plant products that
we purchase maca raw materials and entrust to process. Therefore, the raw materials - the procurement cost of maca, the packaging cost
of goods, the freight cost of goods and so on. 

Selling, General and Administrative Expense

Selling, general and administrative expenses (SG&A)