Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 48

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 8
Chunk 48
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 Disclosures, which applies to all entities subject to income taxes.
ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information
on income taxes paid. For public business entities, ASU 2023-09 will be effective for annual periods beginning after December 15, 2024.
For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15,
2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted.
The Company is currently evaluating the impact of these accounting standard updates on its consolidated financial statements.

All
other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

    16

Discontinued
Operations

ASC
205-20-45-10 In the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets
and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the
statement of financial position.

ASC
205-20-45-3 The statement in which net income of a business entity is reported or the statement of activities of a not-for-profit entity
(NFP) for current and prior periods shall report the results of operations of the discontinued operation, including any gain or loss
recognized in accordance with paragraph 205-20-45-3C, in the period in which a discontinued operation either has been disposed of or
is classified as held for sale.

The
company has terminated the sold business in accordance with ASC 205-20-45-10 and ASC 205-20-45-3. Additional information on discontinued
operations can be found in Note 6-discontinued operations.

Identified
Intangibles and Goodwill

The
Company identified tradename and customer relationships intangible assets. The tradename and customer relationships intangible assets
will be amortized on a straight-line basis over their respective estimated useful lives. The goodwill recognized results from such factors
as an assembled workforce and management’s industry know-how.

3.
LOANS

On
February 15, 2024, Social E-commerce Co., Ltd. provided a short-term, interest-free
loan to the Company. The loan, approved by the lender and serviced by Bill.com Capital 3, LLC through their online platform, was intended
to support the Company’s operations. As of December