Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 216

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1
Chunk 216
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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 of shares of our
Common Stock. Our principal use of cash is to fund our operations, which includes the commercialization of our products, the continuation
of efforts to improve our products, administrative support of our operations and other working capital requirements.

As
of September 30, 2024, we had a cash balance of $0.46 million. Considering our current cash resources and our current and expected levels
of operating expenses for the next twelve months, we expect to need additional capital to fund our planned operations for at least twelve
months  This evaluation is based on relevant conditions and events that are currently known or reasonably knowable.
A reduction in consumer demand for, or revenues from the sale of, our coffee products could further constrain our cash resources. We
have based these estimates on assumptions that may prove to be wrong,