Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1008

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 9A
Chunk 1008
---
 30, 
2023

    Property and equipment asset impairment

    203,973

            -

    Impairment loss on inventory

    815,498

    -

    Total
     
    $
    1,019,471

    $
    -

Other income

During the year ended September 30, 2024 and September
30, 2023,the other income are $496,530 and $341,667. The mainly due to the recovery of bad debts and the income from rent transfer.

    F-10

Other Expense

During the year ended September 30, 2024,the
other expense is $665,795, primarily includes
sublease expense, interest expense and administrative expense.

During the year ended September 30, 2023, the other expense is
$246,160,  primarily includes write off of deferred financing costs and sublease expense.

Prepaid expenses and other current assets

Prepaid expenses and other current assets for the
years ended September 30, 2024 and 2023 are as follows:

 SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

    For the
                                                                                Fiscal Year ended
                                                                                September 30, 2024  
    For the
                                                                                Fiscal Year ended
                                                                                September 30, 2023 
  
    Prepaid expenses  
    $386,753 
    $299,588 
  
    Other current assets 
     308,294  
     114,460 
  
    Total 
     695,047  
     414,048 

The Prepaid expenses and other current assets
balance of $695,047
as of September 30, 2024 primarily consists of prepaid rent, a retainer for professional services and other receivables from the
auction of fixed assets. The  balance of $414,048
as of September 30, 2023, primarily consists of prepaid rent, prepaid insurance, a retainer for professional services, and deferred
offering costs.

Inventory

Inventory, consisting principally of raw
materials, work in process and finished goods held for production and sale, is stated at the lower cost or net realizable value,
cost being determined using the weighted average cost method. In 2024, we have purchased raw materials and finished products from
Hangzhou Yikang Yimei Technology Co., LTD. The current
inventory is stored in Jiangsu, China.  The Company