Company: IMG
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001493152-25-020586
Chunk: 19

Company: CIMG Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 19
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 57,307 
  
    Total 
    $11,882,544  
    $4,548,035 

Property
and Equipment, net

Property
and equipment are stated at cost, net of accumulated depreciation. Office equipment is depreciated over a 3-year life, furniture over
a 7-year life, and other equipment over a 5-year life. Depreciation expense for nine months ended June 30, 2025 and 2024 was $12,832
and $119,607, respectively. Property and equipment as of June 30, 2025 and September 30, 2024 consist of:

SCHEDULE OF PROPERTY AND EQUIPMENT 

    June 30,
                                                                               2025  
    September 30,
                                                                               2024 
  
    Machinery & Equipment 
    $15,150  
    $1,465,566 
  
    Vehicles 
     -  
     57,431 
  
    Less - Accumulated Depreciation 
     (12,832) 
     (1,127,820)
  
    Less-Impairment on Property and Equipment 
     -  
     (214,709)
  
    Disposal of property and equipment 
     -  
     (178,200)
  
    Net Property and Equipment 
    $2,318  
    $2,268 

The
Company is required to make deposits or prepayments and progress payments on equipment purchases before the Company receives possession
and title. As a result, the Company accounts for such payments as Other Assets until it has possession at which time the equipment is
recorded as Property and Equipment. There were no such deposits as of June 30, 2025 or September
30, 2024.

    13

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.

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