Company: IMG
Filing Date: 2025-11-18
Form Type: 10-Q/A
Source: 0001493152-25-024063
Chunk: 7

Company: CIMG Inc.
Filing Date: 2025-11-18
Form: 10-Q/A
Chunk 7
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able amount and convert to shares, we do not amortize the interest expense.

For the three months ended December 31, the fair value
on convertible notes has not changed.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company had nocash equivalents as of December 31, 2024 and September 30, 2024.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company places its cash with high quality banking institutions. From time to time, the Company may or may not maintain cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit.

Accounts Receivable,net

Trade accounts receivable is periodically evaluated for collectability based on past credit history with customers and their current financial condition. Bad debts expense or write offs of receivables are determined on the basis of loss experience, known and inherent risks in the receivable portfolio and current economic conditions. The Company recorded an allowance for credit loss of $ Niland $ 3,450,141as of both December 31, 2024, and September 30, 2024.

SCHEDULE OF ACCOUNTS RECEIVABLES

|                                 |     | December 31, 
 2024         |   |     | September 30, 
 2024          |            |   |
|:--------------------------------|:----|:-------------|:--|:----|:--------------|-----------:|:--|
| Accounts receivable             |     | $            | - |     | $             |  3,450,141 |   |
| Less: allowance for credit loss |     |              | - |     |               | (3,450,141 | ) |
| Total accounts receivable       |     | $            | - |     | $             |          - |   |

Assets Held for Sale-Current

As of December 31, 2024 and September 30, 2024, assets held for Sale-Current were $ 10,736and $ 10,736. This is mainly the equipment planned for sale.

SCHEDULE OF ASSETS HELD FOR SALE

|                                |     |   | December 31, 
         2024 |   |     |   | September 30, 
          2024 |   |
|:-------------------------------|:----|:--|