Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 1267

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1C
Chunk 1267
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,174 and $Nil respectively. The mainly achieved through financing to purchase equipment
and pay for the goods.

Loss from investment

Due to Discontinued Operations, the investment
income for 2024 is in the red. As of September 30, 2024 and September 30, 2023, the investment income losses were $1,092,169 and $7,375
respectively.

Cost Recognition

The Maca Series products are pure plant products that
we purchase maca raw materials and entrust to process. Therefore, the raw materials - the procurement cost of maca, the packaging cost
of goods, the freight cost of goods and so on. 

Selling, General and Administrative Expense

Selling, general and administrative expenses (SG&A)
are primarily comprised of personnel costs, selling and marketing expenses, depreciation and amortization, insurance expenses, professional
services, travel and office expenses, etc. In some cases, the company bears shipping costs for shipping customer orders, and shipping
and handling costs are recorded under operating expenses in the consolidated statement of operations. 

As of September 30, 2024 and September 30, 2023,
the operating expenses were $5,980,521 and $8,174,200 respectively.

Asset impairment loss

During
the year ended September 30, 2024 and September 30, 2023,the Asset impairment loss are $1,019,471
and $Nil. The mainly due to the impairment
of inventories and fixed assets.

SCHEDULE OF ASSET IMPAIRMENT LOSS

    September 30. 
2024

    September 30, 
2023

    Property and equipment asset impairment

    203,973

            -

    Impairment loss on inventory

    815,498

    -

    Total
     
    $
    1,019,471

    $
    -

Other income

During the year ended September 30, 2024 and September
30, 2023,the other income are $496,530 and $341,667. The mainly due to the recovery of bad debts and the income from rent transfer.

    F-10

Other Expense

During the year ended September 30, 2024,the
other expense is $665,795, primarily includes
sublease expense, interest expense and administrative expense.

During the year ended September 30, 2023, the other expense is
$246,160,