Company: IMG
Filing Date: 2025-09-24
Form Type: 10-Q
Source: 0001493152-25-014748
Chunk: 57

Company: CIMG Inc.
Filing Date: 2025-09-24
Form: 10-Q
Item: Item 8
Chunk 57
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000
(the “Notes”) and warrants (the “Warrants”) to purchase up to an aggregate of 19,230,767 shares of the Company’s
common stock, par value $0.00001 per share (the “Common Stock”) in reliance on the registration exemptions of Regulation
S. The Notes bear interest at an annual rate of 7% and have a maturity date of one year from the issuance date. The Notes shall not be
converted, and the Warrants shall not be exercised until the Company obtains shareholder approval for the issuance of shares underlying
the Notes and the Warrants. Upon obtaining such approval, the holder may convert the Notes into a number of shares of Common Stock equal
to (i) the outstanding principal amount of the Notes, plus any accrued but unpaid interest, divided by (ii) $0.52, the conversion price.

On
March 18, 2025, all the Notes Investors converted their Notes to shares of Common Stock. As a result of such conversions of the Notes,
the Company issued an aggregate of 19,457,618 shares of Common Stock to the Notes Investors.

The
following table summarizes the restricted common shares activities for the six months ended March 31, 2025 and 2024:

SCHEDULE
OF RESTRICTED STOCK SHARES ACTIVITIES  

    2025  
    2024 
  
    Number of shares outstanding at September 30, 2024
    and 2023 
     320,743  
     50,056 
  
    Restricted shares granted 
     24,363,200  
     - 
  
    Restricted shares forfeited 
     -  
     (6,757)
  
    Restricted shares vested 
     (1,400,908) 
     (17,592)
  
    Number of shares outstanding at March 31,
    2025 and 2024 
     23,283,035  
     25,707 

    17

9.
STOCK OPTIONS AND WARRANTS

Options

During
the six months ended March 31, 2025, the Company granted no new stock options.

During
the six months ended March 31, 2025, 20,430 stock options were forfeited or expired because of termination of employment, expiration
of options and performance conditions not met.

The
following table summarizes stock option activity for the six months ended March 31, 2025