Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 276

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 1
Chunk 276
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,937 
  
    Total liabilities related to discontinued operations 
    $768,588  
    $140,179 

    Net asset 
     (294,094) 
     (764,155)

    F-14

7.
GOODWILL AND INTANGIBLE ASSETS

Impairments

Goodwill

As
of September 30, 2023 and September 30, 2024, the remaining goodwill was $Nil.

Identifiable
life intangible assets

During
the year ended September 30, 2024 and 2023, the remaining tradename asset balance adjusting for impairment was $80,000 and $110,000, respectively.

As
of September 30, 2024, the Company’s intangible assets consisted of unamortized tradename asset of $80,000 which is being
amortized over five years from the date of acquisition at a rate of $30,000 per year.

Amortization
expense was $30,000 and $30,000 for the year ended September 30, 2024 and 2023.

Amortization
expense for the next four fiscal years is as follows:

SCHEDULE
OF AMORTIZATION
EXPENSE

    Tradename Amortization 
  
    2025 
     30,000 
  
    2026 
     30,000 
  
    2027 
     20,000 
  
    2028 
     - 
  
    Grand Total 
    $80,000 

8. ISSUANCE
OF EQUITY SECURITIES

During the year ended September 30, 2024, 1,288,644
and 2,906,862 shares were issued in the form of cash and private placement respectively.

As of September 30, 2024, the Company has corrected
the number of treasury shares recorded with the transfer agent to include 34,095 shares of common stock that were not successfully cancelled
prior to September 30, 2023 due to administrative reasons.

As of September 30, 2024, the common shares issued
are as follows:

SCHEDULE
OF COMMON SHARES ISSUED

    Date
     
    Transaction
    Description
     
    Amount/Shares
     
    Status
  
    Common
    stock issued for cash:
  
    October
    18, 2023
     
    Underwriting