Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 40

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 8
Chunk 40
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 2025 and September 30, 2024, assets held for Sale-Current were $Nil and $10,736. This is mainly the equipment planned for
sale.

SCHEDULE OF ASSETS HELD FOR SALE 

    March 31,
                                                                                2025  
    September 30,
                                                                                2024 
  
    Assets Held for Sale 
     -  
     214,709 
  
    Current
    Assets Held for Sale 
     -  
     214,709 

    Property and equipment
    asset impairment 
     -  
     (203,973)
  
    Total 
     -  
     10,736 

    8

Major
Customers

In
the six months ended March 31, 2025 and 2024, revenue was primarily derived from major customers disclosed below.

Six
months ended March 31, 2025:

 SCHEDULE OF REVENUE BY MAJOR CUSTOMERS 

    Customer
    Name 
    Sales
    
    Amount  
    %
    of Total Revenue  
    Accounts
    Receivable Amount  
    %
    of Total Accounts Receivable 
  
    Customer LXM 
     13,524  
     59% 
     -  
     - 

Six
months ended March 31, 2024:

    Customer
    Name
     
    Sales
    
    Amount  
    %
    of Total Revenue  
    Accounts
    Receivable Amount  
    %
    of Total Accounts Receivable 
  
    Customer CL
     
    $809,086  
     63% 
    $39,723  
     10%

Lease

In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities
on the consolidated balance sheet and disclosing key information about leasing arrangements, specifically differentiating between different
types of leases. The Company implemented ASU No. 2016-02 on October 1, 2019.

The
Company conducts a quarterly analysis of leases to determine if there are any operating leases that require recognition under ASC 842.
The Company has a long-term operating lease for office and manufacturing space in Plano, Texas. The leased property in Plano, Texas,
has a remaining lease term through June 2024 and Tenancy terminated