Company: IMG
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001641172-25-025514
Chunk: 25

Company: CIMG Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Item 1
Chunk 25
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 31 2024, and 2023, respectively.

    19

Warrants

On
October 18, 2024, the holders of warrants issued by the Company exercised its cashless option to purchase an aggregate of 55,973 shares
of the Company’s common stock pursuant to warrants issued by the Company. Such warrants were previously issued pursuant to the
convertible note and warrant purchase agreement dated April 27, 2024, as disclosed in the current report of the Company on Form 8-K filed
with the SEC on May 2, 2024. In connection with such cashless exercise, the Company will not receive any cash proceeds. The shares of
common stock issuable upon exercise of such warrants were registered under the Form S-1 effective on July 1, 2024.

The
following table summarizes warrant activity for the three months ended December 31, 2024:

SCHEDULE OF WARRANT ACTIVITY 

    Number
    of Shares Issuable Upon Exercise of Warrants  
    Weighted
    Average Exercise Price  
    Weighted
    Average Remaining Contractual Life (years)  
    Aggregate
    Intrinsic Value 
  
    Outstanding
    on September 30, 2024 
     214,850  
    $112.67  
     2.42  
    $   - 
  
    Issued 
     -  
     -  
     -  
     - 
  
    Exercised 
     55,973  
     1.32  
     -  
     - 
  
    Expired 
     -  
     -  
     -  
     - 
  
    Outstanding on December
    31, 2024 
     -   
     -  
     -  
     - 
  
    Exercisable on December
    31, 2024 
     158,877  
    $151.94  
     1.24  
    $- 

10.
CONTINGENCIES

Curtin
Litigation

As
previously disclosed, on January 6, 2023, a former employee of the Company, Rosalina Curtin filed a complaint against the Company and
another former employee of the Company, Jose Ramirez, in the Superior Court of California, County of San Diego (Case No.