Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1189

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 16
Chunk 1189
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 Japan and a wholly-owned
subsidiary of the Company, and the total price is $10,000. The sale of the subsidiaries and discontinue in operation result in a loss of $3,639,644.
The discontinuation of the business is primarily due to strategic considerations by the management regarding the company’s
overall development, as well as the need to ensure administrative consistency.

The
losses from discontinued operations for the year ended September 30, 2024 to September 30, 2023 are as follows: 

 SCHEDULE OF LOSSES FROM ASSET DISPOSAL OF DISCONTINUED OPERATIONS

    Year Ended 30-Sep-24  
    Year Ended 30-Sep-23 

    Revenue 
    $851,201  
    $1,590,863 
  
    Cost of revenue 
     (781,874) 
     (1,371,228)
  
    Gross profit 
     69,326  
     219,635 

    Operating
    expenses 
     481,426  
     706,235 
  
    Operations Loss 
     (412,100) 
     (486,600)

    Other revenue 
     4,035  
     24,099 
  
    Other income (expense) 
     7  
     (5,019)
  
    Interest
    (expense) income, net 
     (25,495) 
     191 
  
    Loss from discontinued operations before income tax 
     (433,566) 
     (467,329)

    Income tax (expense)/income 
     -  
     (477)
  
    Loss from discontinued operation after tax 
     (433,566) 
     (467,806)

    Losses from asset disposal of discontinued operations 
    $3,639,644  
    $- 

The
major components of assets and liabilities related to discontinued operations are summarized below:

 SCHEDULE OF OPERATING RESULTS, ASSETS AND LIABILITIES OF DISCONTINUED OPERATION

    Year Ended 30-Sep-24  
    Year Ended 30-Sep-23 
  
    ASSETS 

    Current assets: 

    Cash
    & Equivalents 
    $35,845  
    $390,232 
  
    Receivable 
     68,140  
     87,296 
  
    Inventory