Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 62

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1A
Chunk 62
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3 of $1,968,785,
representing a 3.59% decrease. This is mainly due to the reduction in material and labor costs related to sales. For the year ended
September 30, 2024, our total gross profit was $32,169, while the gross profit for the year ended September 30, 2023 was $(210,817).
This is also mainly due to the reduction in material and labor costs related to sales. The gross profit margin for the year ended
September 30, 2024 was 1.69%, and for the fiscal year ended September 30, 2023, it was (10.71)%. The marginal improvement is mainly
due to the reduction in sales costs.

Operating
Expenses

    Year
                                            ended September
                                            30,  
    Change 

    2024  
    2023  
    Dollars  
    % 
  
    Operating
    Expenses 
    $5,980,521  
    $8,174,200  
    $(2,193,679) 
     (26.84)%

54

For the fiscal year ended September 30, 2024, our operating
expenses totaled $5,980,521 compared to $8,174,200 for the fiscal year ended September 30, 2023, a decrease of $(2,193,679), or (26.84)%.This
reduction is mainly due to the decrease in labor costs and travel expenses.

Net
Loss

    Year
                                            ended September
                                            30,  
    Change 

    2024  
    2023  
    Dollars  
    % 
  
    Net
    Loss 
    $8,555,388  
    $8,749,467  
    $(194,079) 
     (2.22)%

For
the fiscal year ended September 30, 2024, the Company reported a net loss of $8,555,388 compared to a net loss of $8,749,467 for the
fiscal year ended September 30, 2023. The main reason for the reduction in net loss is the decrease in packaging services for the coffee
business and the main launch of a new maca series of products.

Liquidity
and Capital Resources

To
date, we have funded our operations primarily with proceeds from registered public offerings and private placements