Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 268

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1
Chunk 268
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 Depreciation expense for the years ended September 30, 2024 and 2023 was $160,548
and $184,488,
respectively. Property and equipment as of September 30, 2024 and 2023 consist of: 

SCHEDULE OF PROPERTY AND EQUIPMENT

    September 30. 2024  
    September 30, 2023 
  
    Machinery & Equipment 
    $1,465,566  
    $1,145,723 
  
    Vehicles 
     57,431  
     57,431 
  
    Leasehold Improvements 
     -  
     - 
  
    Less - Accumulated Depreciation 
     (1,127,820) 
     (1,018,391)
  
    Subtotal 
     395,177  
     184,763 
  
    Less-Non-Current Assets Held for Sale 
     (214,709) 
     - 

    Disposal of property and equipment 
     (178,200) 
     - 

    Property and Equipment, net 
    2,268  
    184,763 

Samples

The Company distributes samples of its products as
a component of its marketing program. Costs for samples are expensed at the time the samples are produced and recorded under operating
expenses in the consolidated statements of operations.

    F-11

Long-Lived Assets

The Company tests long-lived assets or asset groups
for recoverability when events or changes in circumstances indicated that their carrying amount may not be recoverable. Circumstances
which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse
changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for
the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast
of continuing losses associated with the use of the asset; and a current expectation that the asset will more likely than not be sold
or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the
asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use
and the eventual disposal of the asset, as well as specific appraisal in certain instances.

Goodwill and intangible