Company: IMG
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001493152-25-020586
Chunk: 57

Company: CIMG Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 8
Chunk 57
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Company has terminated the sold business in accordance with ASC 205-20-45-10 and ASC 205-20-45-3. Additional information on discontinued
operations can be found in Note 6-discontinued operations.

Identified
Intangibles and Goodwill

The
Company identified tradename and customer relationships intangible assets. The tradename and customer relationships intangible assets
will be amortized on a straight-line basis over their respective estimated useful lives. The goodwill recognized results from such factors
as an assembled workforce and management’s industry know-how.

    17

3.
LOANS

On February 15, 2024, Social E-commerce Co., Ltd. provided a short-term, interest-free loan to the Company. The loan,
approved by the lender and serviced by Bill.com Capital 3, LLC through their online platform, was intended to support the Company’s
operations. As of June 30, 2025, the outstanding balance of
this loan was $103,889.

On
April 18, 2024, SOONCHA KIM lent the Company $320,000 with an annual interest rate of 7%. The outstanding balance on the loan at June
30, 2025 amounted to $320,926.

For
nine months ended June 30, 2025, ZHANG XIANG lent the Company $8,696 with an annual interest rate of 0%. The outstanding balance on the
loan at June 30, 2025 amounted to $8,697.

4.
GEOGRAPHIC CONCENTRATIONS

The
Company is organized based on fundamentally one business segment although it does sell its products on a world-wide basis. The Company
is organized in two geographical segments. The company jointly produces and sells its products in North America and China. Information
about the Company’s geographic operations for the nine months ended June 30, 2025, and 2024 are as follows:

SCHEDULE OF GEOGRAPHICAL OPERATIONS 

Geographic
Concentration

    Nine Months Ended
                                                                               June 30, 2025  
    Nine Months Ended
                                                                               June 30, 2024 
  
    Net Revenue: 

    North America 
    $-  
    $1,641,955 
  
    P.R.C 
     84,431  
     - 
  
    Revenues, net  
    $84,431  
    $1,641,955