Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 42

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 8
Chunk 42
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 2024 
    $100,962 
  
    Lease Liability added during the period 
     -  
  
    Amortization during the
    period 
     (86,388)
  
    Lease Liability – March 31, 2025 
    $14,574 

    Lease Liability – Short-Term 
    $14,574 
  
    Lease Liability –
    Long-Term 
     - 
  
    Lease Liability –
    Total 
    $14,574 

The
table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years
to the lease liabilities recorded on the Consolidated Balance Sheet as of March 31, 2025:

Amounts
due within twelve months of March 31,2025

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES  

    2025 
    $14,826 
  
    2026 
     -  
  
    Total Minimum Lease Payments 
     14,826 
  
    Less Effect of Discounting 
     252 
  
    Present Value of Future Minimum Lease Payments 
     14,574 
  
    Less Current Portion of
    Operating Lease Liabilities 
     14,574 
  
    Long-Term Operating Lease
    Liabilities 
    $- 

For
six months ended March 31, 2025, the Company had the following cash and non-cash activities associated with our leases:

SCHEDULE
OF CASH AND NON-CASH ACTIVITIES OF LEASES  

    Operating cash outflows from operating
    leases: 
    $95,164 
  
    Operating cash outflows from finance lease: 
    $- 
  
    Financing cash outflows from finance lease: 
    $- 

Business
Combinations

On
March 31, 2025, the Company acquired a 51% controlling interest in Xilin Online (Beijing) E-commerce Co., Ltd (“Beijing Xilin”)
for no consideration. The transaction was accounted for as a business combination under ASC 805. The fair value of the identifiable net
assets acquired was a net liability position of $39,538.

The
Company acquired 51% of Beijing Xilin, while Noncontrolling Interest (NCI) represents the remaining 49%. NCI was measured based on its
proportionate share