Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 881

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 7
Chunk 881
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, 2024. On January 7, 2025, Mr. Kim filed a motion seeking
a preliminary injunction against the Company (the “Motion”). The Company opposed the Motion on January 22, 2025, and on February
13, 2025, the Court denied Mr. Kim’s Motion. Discovery in the case is ongoing, and no trial date has been set.

The Company believes it has a basis to defend the
claims in the Kim Litigation, however, the Company is not able to predict the outcome, and there is no assurance that the Company will
be successful in its defense.

Ex-Directors Lawsuit

On March 10, 2025, former directors
of the Company, Kevin J. Connor, Chris J. Jones, Nobuki Kurita, and David Robson (collectively, the “Ex-Directors”), filed
a complaint against the Company in the Superior Court of California, County of San Diego (Case No. 25CU012922N) (the “Complaint”).
The Complaint alleges the Company failed to pay directors’ fees and expenses from the last quarter the fiscal year ended September
30, 2023 through the first two quarters of the fiscal year ended September 30, 2024, and is claiming breach of contract, quantum meruit,
unjust enrichment, promissory estoppel, breach of the implied covenant of good faith and fair dealing, and unfair business practices.
The Ex-Directors seek monetary damages in excess of $200,000, with applicable interest, costs and attorneys’ fees. The Company’s
answer to the Complaint was due on April 16, 2025. On April 17, 2025, the Ex-Director’s filed a request for entry of default. To
date, no default has been entered against the Company. As of the
date of this annual report, two parties are still negotiating.

    F-21

12. SUBSEQUENT EVENTS

New Operating Lease

Effective December 16, 2024, we have leased a principal
office space located at Room R2, FTY D, 16/F, Kin Ga Industrial Building, 9 San On Street, Tuen Mun, Hong Kong, which we lease for RMB
4,167
($594)
per month until December 17, 2025. 

Private Placement

SCHEDULE OF PRIVATE PLACEMENT

    Date
     
    Transaction
    Description