Company: IMG
Filing Date: 2025-11-07
Form Type: 10-Q/A
Source: 0001493152-25-021258
Chunk: 17

Company: CIMG Inc.
Filing Date: 2025-11-07
Form: 10-Q/A
Chunk 17
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     | $ | 11,882,544 |     | $ |     4,548,035 |

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation. Office equipment is depreciated over a 3-year life, furniture over a 7-year life, and other equipment over a 5-year life. Depreciation expense for nine months ended June 30, 2025 and 2024 was $ 12,832and $ 119,607, respectively. Property and equipment as of June 30, 2025 and September 30, 2024 consist of:

SCHEDULE OF PROPERTY AND EQUIPMENT

|                                           |     |   | June 30, 
     2025 |   |     |   | September 30, 
          2024 |   |
|:------------------------------------------|:----|:--|---------:|:--|:----|:--|--------------:|:--|
| Machinery & Equipment                     |     | $ |   15,150 |   |     | $ |     1,465,566 |   |
| Vehicles                                  |     |   |        - |   |     |   |        57,431 |   |
| Less - Accumulated Depreciation           |     |   |  (12,832 | ) |     |   |    (1,127,820 | ) |
| Less-Impairment on Property and Equipment |     |   |        - |   |     |   |      (214,709 | ) |
| Disposal of property and equipment        |     |   |        - |   |     |   |      (178,200 | ) |
| Net Property and Equipment                |     | $ |    2,318 |   |     | $ |         2,268 |   |

The Company is required to make deposits or prepayments and progress payments on equipment purchases before the Company receives possession and title. As a result, the Company accounts for such payments as Other Assets until it has possession at which time the equipment is recorded as Property and Equipment. There were no such deposits as of June 30, 2025 or September 30, 2024.

| 13 |

Samples

The Company distributes samples of its products as a component of its marketing program. Costs for samples are expensed at the time the samples are produced and recorded under operating expenses in the consolidated statements of operations.

Long-Lived