Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 363

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1B
Chunk 363
---
,140  
     87,296 
  
    Inventory 
     197,596  
     225,245 
  
    Prepaid
    Expenses 
     13,553  
     4,152 
  
    Property
    and Equipment 
     94,577  
     124,792 
  
    Other
    Assets 
     64,783  
     72,617 
  
    Total assets related to discontinued operations 
     474,494  
     904,334 

    Accounts
    Payable 
    $11,205  
    $66,486
  
    Other Current
    Liabilities 
     76,325  
     25,756 
  
    Reserves
    & Other Liabilities 
     681,058  
     47,937 
  
    Total liabilities related to discontinued operations 
    $768,588  
    $140,179 

    Net asset 
     (294,094) 
     (764,155)

    F-14

7.
GOODWILL AND INTANGIBLE ASSETS

Impairments

Goodwill

As
of September 30, 2023 and September 30, 2024, the remaining goodwill was $Nil.

Identifiable
life intangible assets

During
the year ended September 30, 2024 and 2023, the remaining tradename asset balance adjusting for impairment was $80,000 and $110,000, respectively.

As
of September 30, 2024, the Company’s intangible assets consisted of unamortized tradename asset of $80,000 which is being
amortized over five years from the date of acquisition at a rate of $30,000 per year.

Amortization
expense was $30,000 and $30,000 for the year ended September 30, 2024 and 2023.

Amortization
expense for the next four fiscal years is as follows:

SCHEDULE
OF AMORTIZATION
EXPENSE

    Tradename Amortization 
  
    2025 
     30,000 
  
    2026 
     30,000 
  
    2027 
     20,000 
  
    2028 
     - 
  
    Grand Total 
    $80,000 

8. ISSUANCE
OF EQUITY SECUR