Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 24

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 1
Chunk 24
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    18

8.
ISSUANCE OF EQUITY SECURITIES

On August 20, 2024, the Company entered into a convertible
note purchase agreement (the “Purchase Agreement”) with certain investors (the “August Notes Investors”) to issue
and sell convertible notes in the aggregate principal amount of $1,300,000 (the “August Notes”). The Notes bear interest at
an annual rate of 7% and have a maturity date of one year from the issuance date. The Notes shall not be converted until the Company obtains
shareholder approval for the issuance of shares underlying the Notes. Upon obtaining such approval, the holder may convert the Notes into
a number of shares of Common Stock equal to (i) the outstanding principal amount of the Notes, plus any accrued but unpaid interest, divided
by (ii) $0.94, the conversion price. Any conversion of the Notes resulting in a fractional share shall be rounded down to the nearest
whole share.

On
October 31, 2024, all the August 2024 Notes Investors converted their August Notes to shares of Common Stock. As a result of such conversions
of the August Notes, the Company issued an aggregate of 1,396,813 shares of Common Stock to the August Notes Investors.

On
October 22, 2024, the holders of warrants exercised its cashless option to purchase an aggregate of 55,973 shares of the Company’s
common stock. In connection with such cashless exercise, the Company did not receive any cash proceeds.

On
September 24, 2024, the Company entered into a securities purchase agreement with certain investors (the “Investors”), providing
for the sale and issuance of 3,508,769 shares of the Company’s common stock, par value $0.00001 per share, for an aggregate purchase
price of $2,000,000.

On
December 24, 2024, the Company issued 800,000 shares of its common stock for a total value of $523,680 under the 2024 Equity Incentive
Plan.

The
following table summarizes the restricted common shares activities for the three months ended December 31, 2024 and 2023:

SCHEDULE
OF RESTRICTED STOCK SHARES ACTIVITIES 

    2024  
    2023 
  
    Number
    of shares outstanding at September 30, 2024 and 2023 
     320,743