# EDGAR Filing Document

**Accession Number:** 0001527613
**File Stem:** 0001493152-25-024063
**Filing Date:** 2025-11
**Character Count:** 117191
**Document Hash:** 578407bfc25970ef93bc7906e12af5e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-024063.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001493152-25-024063

**CONFORMED SUBMISSION TYPE**: 10-Q/A

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIMG Inc.
- **CENTRAL INDEX KEY:** 0001527613
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 383849791
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39338
- **FILM NUMBER:** 251494635

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM R2, FTY D, 16/F, KIN GA IND. BLDG.
- **STREET 2:** 9 SAN ON STREET, TUEN MUN
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **BUSINESS PHONE:** (760) 295-2408

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM R2, FTY D, 16/F, KIN GA IND. BLDG.
- **STREET 2:** 9 SAN ON STREET, TUEN MUN
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NuZee, Inc.
- **DATE OF NAME CHANGE:** 20130604

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Havana Furnishings Inc.
- **DATE OF NAME CHANGE:** 20110815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Havanna Furnishings Inc.
- **DATE OF NAME CHANGE:** 20110809

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q/A**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended December 31, 2024**

**or**

---

| | |
|:---|:---|
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**<br>|
|  | **For the transition period from _____ to _____** |

---

**Commission File Number 001-39338**

**CIMG Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **38-3849791** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**Room R2, FTY D, 16/F, Kin Ga Industrial Building, 9 San On Street, Tuen Mun, Hong Kong.**

(Address of principal executive offices)

**+ 852 70106695**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, $0.00001 par value IMG | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 19, 2025, there were 36,397,418 shares of the registrant's Common Stock outstanding.

**Explanation Note**

This Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2024 (the "Original Filing"), filed with the Securities and Exchange Commission on August 26, 2025, is being filed solely to amend Part I of the Original Filing in order to include additional disclosures that were inadvertently omitted from the Original Filing.

Specifically, this Amendment includes Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations, as well as Items 3 and 4 of Part I (Quantitative and Qualitative Disclosures About Market Risk and Controls and Procedures, respectively), which were omitted in the Original Filing.

Except as described above, this Amendment does not modify or update any other disclosures presented in the Original Filing, including the Company's financial statements. This Amendment does not reflect events occurring after the date of the Original Filing, nor does it modify or update any forward-looking statements contained therein.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, this Amendment sets forth the complete text of the affected Items as amended. New certifications of the Principal Executive Officer and Principal Financial Officer are also filed as exhibits hereto.

**CIMG INC.**

**INDEX TO FORM 10-Q**

**FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2024**

---

| | | |
|:---|:---|:---|
| **PART I.** | **[FINANCIAL INFORMATION](#a_001)** | 4 |
| Item 1. | [Financial Statements](#a_002) | 4 |
|  | [Consolidated Balance Sheets (unaudited)](#a_003) | 4 |
|  | [Consolidated Statements of Operations (unaudited)](#a_004) | 5 |
|  | [Consolidated Statements of Comprehensive Loss (unaudited)](#a_005) | 6 |
|  | [Consolidated Statements of Changes in Stockholders' Equity (unaudited)](#a_006) | 7 |
|  | [Consolidated Statements of Cash Flows (unaudited)](#a_007) | 8 |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#a_008)</u> | 9 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ssw_001) | 23 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#ssw_002) | 29 |
| Item 4. | [Controls and Procedures](#ssw_003) | 29 |
| **PART II.** | **[OTHER INFORMATION](#ssw_004)** | 30 |
| Item 1. | [Legal Proceedings](#a_010) | 30 |
| Item 1A. | [Risk Factors](#a_011) | 30 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_012) | 30 |
| Item 3. | [Defaults Upon Senior Securities](#a_013) | 30 |
| Item 4. | [Mine Safety Disclosures](#a_014) | 30 |
| Item 5. | [Other Information](#a_015) | 30 |
| Item 6. | [Exhibits](#a_016) | 31 |
|  | [SIGNATURES](#a_017) | 32 |

---

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q and the documents incorporated by reference contain "forward-looking statements", within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; expectations that regulatory developments or other matters will or will not have a material adverse effect on our consolidated financial position, results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operating results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:

● our plans to obtain funding for our operations, including funding necessary to develop, manufacture and commercialize our products, provide our co-packing services, and to continue as a going concern;

● our expectation that our existing capital resources will be sufficient to fund our operations for at least the next three months and our expectation to need additional capital to fund our planned operations beyond that;

● the accuracy of our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

● our expectations regarding our ability to maintain compliance with the listing requirements of the Nasdaq Capital Market;

● the impact to our business, including any supply chain interruptions, resulting from changes in general economic, business and political conditions, including changes in the financial markets and macroeconomic conditions resulting from a pandemic;

● the evolving coffee preferences of coffee consumers in North America and East Asia;

● the size and growth of the markets for our products and co-packing services;

● our ability to compete with companies producing similar products or providing similar co-packing services;

● our ability to successfully achieve the anticipated results of strategic transactions;

● our expectation regarding our future co-packing revenues;

● our ability to develop or offer innovative new products and services, and expand our co-packing services to other products that are complementary to our current single serve coffee product offerings;

● our expectations regarding additional manufacturing, coffee roasting and co-packing capabilities to be provided through our manufacturing partners, as well as our manufacturing partners' ability to successfully facilitate distribution efforts;

● our reliance on third-party roasters or manufacturing partners to roast coffee beans necessary to manufacture our products and to fulfill every aspect of our co-packing services;

● regulatory developments in the U.S. and in non-U.S. countries;

● our ability to retain key management, sales and marketing personnel;

● the scope of protection we are able to establish and maintain for intellectual property rights covering our products and technology;

● our ability to develop and maintain our corporate infrastructure, including our internal control over financial reporting;

● the outcome of pending, threatened or future litigation;

● our financial performance; and

● our use of the net proceeds from our recent offering.

● other factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 under the headings "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" as applicable.

Forward-looking statements speak only as of the date the statements are made. Except as required under the federal securities laws and rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to update or revise forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. We caution you not to unduly rely on the forward-looking statements when evaluating the information presented herein.

**PART I – FINANCIAL INFORMATION**

**Item 1. FINANCIAL STATEMENTS**

**CIMG Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **September 30, 2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash & cash equivalents | $124715 | $464222 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 4608307 | 4548035 |
| &nbsp;&nbsp;&nbsp;Assets Held for Sale-Current | 10736 | 10736 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 291162 | 382648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **5034920** | **5405641** |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1997 | 2268 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset - operating lease | 58397 | 99746 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 72500 | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non current liabilities** | **132894** | **182014** |
| **Total assets** | $**5167814** | $**5587655** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $1820200 | $2240337 |
| &nbsp;&nbsp;&nbsp;Short term loan | 433512 | 1920507 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liability - operating lease | 58303 | 100962 |
| &nbsp;&nbsp;&nbsp;Convertible Notes | 678308 | 1063624 |
| &nbsp;&nbsp;&nbsp;Convertible Note-related party |  | 319220 |
| &nbsp;&nbsp;&nbsp;Other payables-related party | 18000 | 7500 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 631921 | 586173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **3640244** | **6238323** |
| **Total liabilities** | $**3640244** | $**6238323** |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;10,739,800 and 4,978,245 shares issued and outstanding as of December 31, 2024 and September 30, 2024, respectively | 107 | 50 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 85167073 | 81260605 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (83880971) | (82344722) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 241361 | 433399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **1527570** | **(650668)** |
| **Total liabilities and stockholders' equity** | $**5167814** | $**5587655** |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**CIMG Inc.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2023** |
| Revenues, net | $22853 | $965932 |
| Cost of sales | (7374) | (841398) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | **15479** | **124534** |
| Operating expenses | (1517758) | (2145642) |
| **Loss from operations** | **(1502279)** | **(2021108)** |
| Other income | 9047 | 46832 |
| Loss from equity method investment |  | (2051) |
| Other expense | (43017) | (49195) |
| Interest expense, net | - | (685) |
| **Net loss from continuing operations** | **(1536249)** | **(2026207)** |
| Losses caused by the termination of business | - | (122404) |
| **Net loss** | $**(1536249)** | **(2148611)** |
| Basic and diluted loss per common share | (0.17) | (1.84) |
| Basic and diluted weighted average number of common stock outstanding | 8982676 | 1168221 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

\*The discrepancy in financial data as of December 31, 2023 is due to the split of discontinued operations .(Refer to "Note 6. Discontinued operations")

**CIMG Inc.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| <br>**For the three months ended December 31** | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2023** |
| **Net loss** | $**(1536249)** | $**(2148611)** |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | (192038) | 42408 |
| **Total other comprehensive income (loss), net of tax** | **(192038)** | **42408** |
| **Comprehensive loss** | $**(1728287)** | $**(2106203)** |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**CIMG Inc.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional<br> paid-in**<br>**capital** | **Accumulated**<br>**deficit** | **Accumulated<br> Other<br> Comprehensive**<br>**income** |<br>**Total** |
| **Balance September 30, 2024** | **4978245** | $**50** | $**81260605** | $**(82344722)** | $**433399** | $**(650668)** |
| Common Stock issued for cash | 1396813 | 13 | 1382831 |  |  | 1382844 |
| Common stock compensation | 800000 | 8 | 523672 |  |  | 523680 |
| Issued private placement | 3508769 | 35 | 1999965 |  |  | 2000000 |
| Issued warrants | 55973 | 1 |  |  |  | 1 |
| Other comprehensive income |  |  |  |  | (192038) | (192038) |
| Net loss | - | - | - | (1536249) | - | (1536249) |
| **Balance December 31, 2024** | **10739800** | $**107** | $**85167073** | $**(83880971)** | $**241361** | $**1527570** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional<br> paid-in**<br>**capital** | **Accumulated**<br>**deficit** | **Accumulated<br> Other<br> Comprehensive**<br>**income** |<br>**Total** |
| **Balance September 30, 2023** | **748644** | $**8** | $**74925843** | $**(73371987)** | $**120493** | $**1674357** |
| Common Stock issued for cash | 488750 | 5 | 1277113 |  |  | 1277118 |
| Stock option expense |  |  | 11505 |  |  | 11505 |
| Issued private placement | 46800 |  | 129662 |  |  | 129662 |
| Other comprehensive income |  |  |  |  | 42408 | 42408 |
| Net loss | - | - | - | (2148611) | - | (2148611) |
| **Balance December 31, 2023** | **1284194** | $**13** | $**76344123** | $**(75520598)** | $**162901** | $**986439** |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**CIMG Inc.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31, 2024** | **Three Months Ended**<br>**December 31, 2023** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss from continuing operations | $(1536249) | $(2026207) |
| &nbsp;&nbsp;&nbsp;Losses caused by the termination of business |  | (122404) |
| **Adjustments to reconcile net loss to net cash used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 7771 | 35195 |
| &nbsp;&nbsp;&nbsp;Noncash lease expense | 41349 | 68203 |
| &nbsp;&nbsp;&nbsp;Common stock compensation | 523680 |  |
| &nbsp;&nbsp;&nbsp;Stock option expense |  | 11505 |
| &nbsp;&nbsp;&nbsp;Loss from equity method investment |  | 2051 |
| **Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  | (521427) |
| &nbsp;&nbsp;&nbsp;Inventories | (60272) | (250388) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 91487 | (88410) |
| &nbsp;&nbsp;&nbsp;Other assets |  | 2353 |
| &nbsp;&nbsp;&nbsp;Accounts payable | (420136) | 707618 |
| &nbsp;&nbsp;&nbsp;Deferred income |  | (74363) |
| &nbsp;&nbsp;&nbsp;Lease liability - operating lease | (42659) | (104378) |
| &nbsp;&nbsp;&nbsp;Accrued Expenses & Other Current Liabilities | 56248 | (71810) |
| &nbsp;&nbsp;&nbsp;Other current liabilities | - | 116619 |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(1338781)** | **(2193439)** |
| **Discontinued Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash |  |  |
| &nbsp;&nbsp;&nbsp;Interest income(expense), net |  | 169 |
| &nbsp;&nbsp;&nbsp;Depreciation from discontinued operations |  | 4785 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | - | 48868 |
| &nbsp;&nbsp;&nbsp;**Net cash used in discontinued business operations** |  | **(68582)** |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | - | (307044) |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** |  | **(307044)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Repayment from loans | (1486996) | (2021) |
| &nbsp;&nbsp;&nbsp;Repayment of finance lease |  | (7797) |
| &nbsp;&nbsp;&nbsp;Proceeds from equipment finance |  | 262893 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes | 678308 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options |  | 177864 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, exercise of stock options | 2000000 | 1099254 |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement | - | 129662 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **1191312** | **1659855** |
| Effect of foreign exchange on cash | (192038) | 42408 |
| Net change in cash | (339507) | (866802) |
| Cash, beginning of period | 464222 | 982869 |
| Cash, end of period | $124715 | 116067 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest |  | $782 |
| Cash paid for taxes |  | $1288 |
| **Noncash investing and financing activities:** |  |  |
| Deferred Stock Offering cost accrued ROU assets and liabilities added during the period | $32092 | 105825 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**CIMG Inc.**

**Notes to Consolidated Financial Statements** (unaudited)

**December 31, 2024**

**1.** **ORGANIZATION**

CIMG Inc. is a company incorporated in Nevada and listed on Nasdaq since June 2020. We were formerly known as "Nuzee, Inc." with a previous ticker symbol "NUZE", and we changed our corporate name and ticker symbol to "CIMG Inc." and "IMG" in October 2024. We previously focused on specialty coffee and related technologies but are now expanding our sales and distribution channels in Asia to encompass a broader range of consumer food and beverage products. This expansion is fueled by our online sales platform, which leverages a natural language search function.

CIMG, our holding company, or DZR Tech, its subsidiary incorporated in Hong Kong, or Weiwin, our subsidiary incorporated in Florida, may transfer cash to our PRC subsidiaries, Beijing Zhongyan, through capital injections and intra-group loans.

**2.** **BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Basis of Preparation

The accompanying unaudited consolidated financial statements of CIMG, Inc. and subsidiaries ("the Company") have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended September 30, 2024. Certain information or footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of the Company's management, these financial statements include all normal and recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented. However, the results of operations included in such financial statements may not necessarily be indicative of future or annual results.

*Principles of Consolidation*

The Company prepares its financial statements on the basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts, balances and transactions have been eliminated upon consolidation.

The Company consolidates DZR Tech, Wewin and Beijing Zhongyan in accordance with ASC 810, and specifically ASC 810-10-15-8 which states, the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of over 50% of the outstanding voting shares of another entity is a condition pointing toward consolidation.

*Earnings per Share*

Basic earnings per common share are equal to net earnings or loss divided by the weighted average of shares outstanding during the reporting period. Diluted earnings per share reflect the potential dilution that could occur if stock options, warrants and other commitments to issue Common Stock were exercised or equity awards vest resulting in the issuance of Common Stock that could share in the earnings of the Company. As of December 31, 2024 and December 31, 2023, the total number of Common Stock equivalents was 158,877 and 240,863, respectively, and composed of stock options and warrants. The Company incurred a net loss for the three months ended December 31, 2024 and 2023, respectively and therefore, basic and diluted earnings per share for those periods are the same because all potential common equivalent shares would be antidilutive.

*Going Concern and Capital Resources*

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, raising capital and the commercialization and manufacture of its single serve coffee products. As of December 31, 2024, the Company had cash of $124,715 and working capital of $1,394,676.

Management has evaluated the Company's ability to continue as a going concern under ASC 205-40, Presentation of Financial Statements - Going Concern, and considered its financial condition, projected cash flows, obligations due within 12 months, and sources of liquidity. Based on this assessment, management has concluded that no substantial doubt exists regarding the Company's ability to continue as a going concern for at least one year from the date of issuance of these consolidated financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

*Use of Estimates*

In preparing these consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

*Fair Value of Financial Instruments*

Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date).

On August 20, 2024, the Company entered into a convertible note purchase agreement with certain investors (the "August Notes Investors") to issue and sell convertible notes in the aggregate principal amount of $1,300,000 (the "August Notes"). The Notes bear interest at an annual rate of 7% and have a maturity date of one year from the issuance date. The Notes shall not be converted until the Company obtains shareholder approval for the issuance of shares underlying the Notes. Upon obtaining such approval, the holder may convert the Notes into a number of shares of Common Stock equal to (i) the outstanding principal amount of the Notes, plus any accrued but unpaid interest, divided by (ii) $0.94, the conversion price. Any conversion of the Notes resulting in a fractional share shall be rounded down to the nearest whole share. On October 31, 2024, the conversion of this convertible note into stocks has been completed.

Per ASC 470-20-25-5, An embedded beneficial conversion feature ("BCF") present in a convertible instrument shall be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital.

The company evaluated that the fair value of the instrument is slightly higher than the proceeds from the instrument issuance. The BCF is embedded in the convertible note.

Still, since the converting period is short (only 50 days) and the fair value of the embedded BCF is relatively small, we decided not to separate the feature until the proceeds to paid-in-capital. Since we do not directly pay the interest expenses, but to put them in the total repayable 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 no cash 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 $Nil and $3,450,141 as of both December 31, 2024, and September 30, 2024.

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Accounts receivable | $- | $3450141 |
| Less: allowance for credit loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | (3450141) |
| &nbsp;&nbsp;&nbsp;**Total accounts receivable** | $**-** | $**-** |

---

*Assets Held for Sale-Current*

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

SCHEDULE OF ASSETS HELD FOR SALE

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Assets Held for Sale | $214709 | $214709 |
| Property and equipment asset impairment | (203973) | (203973) |
| **Total** | $**10736** | $**10736** |

---

*Major Customers*

For the three months ended December 31, 2024 and 2023, revenue was primarily derived from major customers disclosed below.

Three months ended December 31, 2024:

SCHEDULE OF REVENUE BY MAJOR CUSTOMERS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Customer Name | Sales <br>Amount | % of Total<br> Revenue | Accounts<br> Receivable<br> Amount | % of Total<br> Accounts<br> Receivable |
| Customer LXM | $13524 | 59% | $– |  |

---

Three months ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Customer Name | Sales<br>Amount | % of Total<br> Revenue | Accounts<br> Receivable<br> Amount | % of Total<br> Accounts<br> Receivable |
| Customer CL | $577420 | 43% | $552587 | 49% |

---

*Leases*

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities on the consolidated balance sheet and disclosing key information about leasing arrangements, specifically differentiating between different types of leases. The Company implemented ASU No. 2016-02 on October 1, 2019.

The Company conducts a quarterly analysis of leases to determine if there are any operating leases that require recognition under ASC 842. The Company has a long-term operating lease for office and manufacturing space in Plano, Texas. The leased property in Plano, Texas, has a remaining lease term through June 2024 and Tenancy terminated. The Company did not apply the recognition requirements of ASC 842 to operating leases with a remaining lease term of 12 months or less.

In May 2022, the Company renewed the office and manufacturing space in Vista, California through March 31, 2025, which was scheduled to expire on January 31, 2023. The lease has a monthly base rent of $8,451, plus common area expenses. Along with the extension, we leased an additional 1,796 square feet that has a monthly base rent of $2,514 through March 31, 2025.

The Company leased a new larger office and manufacturing space in Seoul, Korea beginning November 15, 2021, through November 15, 2023. The lease has a monthly expense of $7,040. Accordingly, we have added ROU Assets and Lease Liabilities related to those leases as of September 30, 2023.

Effective September 1, 2024, we have leased a principal office space located at 16097 Poppyseed Cir, Unit 1904, Delray Beach, Florida, 33484, which we lease for $3,500 per month until August 31, 2025.

The lease in San On Street, Tuen Mun, Hong Kong has a term of 12 months from December 18, 2024 to December 17, 2025 at a rate of RMB 4,167 ($594) per month. The lease is a short-term lease which has a lease term of 12 months and does not include an option to purchase the underlying asset. The Company did not recognize ROU assets or lease liabilities for short term leases.

As of December 31, 2024, the Company's operating leases had a weighted average remaining lease term of 1 years and a weighted-average discount rate of 5%. Other information related to our operating leases is as follows:

SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASE

---

| | |
|:---|:---|
| ROU Asset – October 1, 2024 | $99746 |
| Disposal of ROU |  |
| ROU Asset added during the period | (41349) |
| Amortization during the period | - |
| ROU Asset – December 31, 2024 | $58397 |
| Lease Liability – October 1, 2024 | $100962 |
| Lease Liability added during the period |  |
| Amortization during the period |  |
| disposal of lease liability | (42659) |
| Lease Liability – December 31, 2024 | $58303 |
| Lease Liability – Short-Term | $58303 |
| Lease Liability – Long-Term | - |
| Lease Liability – Total | $58303 |

---

The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the lease liabilities recorded on the Consolidated Balance Sheet as of December 31, 2024.

Amounts due within 12 months of December 31, 2024

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES

---

| | |
|:---|:---|
| 2025 | 59231 |
| 2026 | - |
| Total Minimum Lease Payments | 59231 |
| Less Effect of Discounting | 928 |
| Present Value of Future Minimum Lease Payments | 58303 |
| Less Current Portion of Operating Lease Obligations | 58303 |
| Long-Term Operating Lease Obligations | $- |

---

During the year ended December 31, 2024, we had the following cash and non-cash activities associated with our leases:

SCHEDULE OF CASH AND NON-CASH ACTIVITIES OF LEASES

---

| | |
|:---|:---|
| Operating cash outflows from operating leases: | $40256 |
| Operating cash outflows from finance leases: | $- |
| Financing cash outflows from finance lease: | $- |

---

*Foreign Currency Translation*

The financial position and results of operations of each of the Company's foreign subsidiaries are measured using the foreign subsidiary's local currency as the functional currency. Revenues and expenses of each such subsidiary have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of stockholders' equity, unless there is a sale or complete liquidation of the underlying foreign investment. For the three months ended December 31, 2024 and 2023, the foreign currency translation adjustment attributable to CIMG Inc., recorded in other comprehensive income (loss), was $(192,038) and $42,408, respectively.

Transaction gains and losses arise from exchange rate fluctuations on transactions denominated in a currency.

*Revenue Recognition*

In FY 2024, We have reduced our single-serving pour-over coffee packaging business, and in the portion of bagged coffee sales, we have added other brands, such as "Maca Coffee" and other finished products with maca as the main raw material, such as "Maca Noni". In 2024, we sell maca peptide coffee and other new products on a distribution model. We usually sign distribution contracts with distributors on a batch basis. Based on the contract, we deliver the goods after full payment to our bank account. We courier the goods to the customer. The customer will sign a receipt after receiving the goods. The customers can also choose to pick up their goods from our warehouse on their own. Also, the customer will sign a receipt.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (Topic 606) "Revenue from Contracts with Customers." Topic 606 supersedes the revenue recognition requirements in Topic 605 "Revenue Recognition" (Topic 605). The new standard's core principle is that an entity will recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in the standard are applied in five steps: 1) Identify the contract(s) with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) the entity satisfies a performance obligation. We adopted Topic 606 as of October 1, 2018 on a modified retrospective basis. The adoption of Topic 606 did not have a material impact on our consolidated financial statements, including the presentation of revenues in our Consolidated Statements of Operations.

Per ASC 606-10-32-2, an entity shall consider the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.

Per ASC 606-10-25-23 An entity shall recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer.

Per ASC 606-10-55-37 An entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. However, an entity does not necessarily control a specified good if the entity obtains legal title to that good only momentarily before legal title is transferred to a customer. An entity that is a principal may satisfy its performance obligation to provide the specified good or service itself or it may engage another party (for example, a subcontractor) to satisfy some or all of the performance obligation on its behalf.

ASC 606-10-55-38 An entity is an agent if the entity's performance obligation is to arrange for the provision of the specified good or service by another party. An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. An entity's fee or commission might be the net amount of consideration that the entity retains after paying the other party the consideration received in exchange for the goods or services to be provided by that party.

*Return and Exchange Policy*

All products are thoroughly inspected and securely packaged before they are shipped to ensure buyers receive the best possible product. If for any reason buyers are unsatisfied with the products, they can return them, and the Company will exchange or refund the purchase minus any shipping charges. For wholesale customers, return policies vary based on their specific agreements with customers. Under chargebacks agreements with the customers, the Company agrees to reimburse the seller for a portion of the costs incurred by the seller to advertise and promote certain of the Company's products. The Company estimates, accrues and recognizes such chargebacks. These amounts are included in the determination of net sales. For three months ended December 31, 2024 and 2023, the Company has no sales allowances for estimated chargebacks and returns, respectively.

*Accounts payable and accrued expenses*

As of December 31, 2024 and September 30, 2024, the accounts payable are $1,109,759 and $1,098,582 respectively.

As of December 31, 2024 and September 30, 2024, the accrued expenses are $710,441 and $1,141,755 respectively, it mainly includes the accounts payable settlement costs of Nuzee single-serving coffee and DRIPKIT products.

Accounts payable and accrued expenses as of December 31, 2024 and September 30, 2024 are as follows:

 

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Accounts payable | $1109759 | $1098582 |
| Accrued expenses | 710441 | 1141755 |
| **Total** | $**1820200** | $**2240337** |

---

*Other current liabilities*

As of December 31, 2024 and September 30, 2024, the other current liabilities are $631,921 and $586,173 respectively. The mainly achieved through financing to purchase equipment and pay for the goods.

*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.

*Operating expenses*

For the three months ended December 31, 2024, the operating expenses were $1,517,758. This mainly includes personnel costs of $617,824, sales and marketing expenses of $104,403, depreciation and amortization of $7,771, professional services such as lawyers, auditors and consultants of $642,125, travel expenses of $35,084, office expenses of $73,585 and other expenses of $36,966.

For the three months ended December 31, 2023, the operating expenses were $2,145,642 .It 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.

*Other income*

For the three months ended December 31, 2024, the other income was $9,047. It is mainly because of the write-off other payables.

For the three months ended December 31, 2023, the other income was $46,832. It is mainly because of the rental income.

*Other Expense*

Other expense of $43,017 and $49,195 for the three months ended December 31, 2024 and 2023, respectively, primarily includes write off of deferred financing costs and sublease expense.

*Prepaid expenses and other current assets*

Prepaid expenses and other current assets as of December 31, 2024 and September 30, 2024 are as follows:

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Prepaid expenses | $150702 | $197217 |
| Other current assets | 140460 | 185431 |
| **Total** | $**291162** | $**382648** |

---

The Prepaid expenses and other current assets balance of $291,162 as of December 31, 2024 primarily consists of prepaid rent, a retainer for professional services.

*Inventories, net*

Inventories, net, consisting principally of raw materials, work in process and finished goods held for production and sale, is stated at the lower cost or net realizable value, cost being determined using the weighted average cost method. The Company reviews inventory levels at least quarterly and records a valuation allowance when appropriate. On December 31, 2024, the carrying value of inventory of $4,608,307.

SCHEDULE OF INVENTORY

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Raw materials | $4540113 | $4490728 |
| Finished goods | $68194 | $57307 |
| **Total** | $**4608307** | $**4548035** |

---

*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 three months ended December 31, 2024 and 2023 was $271 and $32,480, respectively. Property and equipment as of December 31, 2024 and September 30, 2024 consist of:

SCHEDULE OF PROPERTY AND EQUIPMENT

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Machinery & Equipment | $2268 | $1465566 |
| Vehicles |  | 57431 |
| Less - Accumulated Depreciation | (271) | (1127820) |
| Less-Impairment on Property and Equipment |  | (214709) |
| Disposal of property and equipment | - | (178200) |
| **Net Property and Equipment** | $**1997** | $**2268** |

---

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 December 31, 2024 or September 30, 2024.

*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 Assets*

The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicated that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and a current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances.

*Intangible assets*

Intangible assets have either an identifiable or indefinite useful life. Intangible assets with identifiable useful lives are amortized on a straight-line basis over their economic or legal life, whichever is shorter. We have identifiable useful life intangible assets related to acquired Dripkit tradename and customer relationships. We evaluate these intangible assets annually for impairment, and when indications of potential impairment exist. The management uses considerable judgment to determine key assumptions, including projected revenue, projected costs, marketing expenses and projected profits, etc. This kind of analysis requires important estimates and judgments, including the estimation of future cash flows, which depends on internal forecasts, the estimation of the long-term growth rate of our business, the estimation of the useful life of the cash flows that will occur, customer churn, and the determination of our weighted average cost of capital.

*Income Taxes*

In accordance with ASC 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of December 31, 2024 and September 30, 2024.

*Related parties*

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

*Stock-based Compensation*

We account for share-based awards issued to employees in accordance with Accounting Standards Codification (ASC) 718, "Compensation-Stock Compensation". Accordingly, employee share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period, which is normally the vesting period. Share-based compensation to directors is treated in the same manner as share-based compensation to employees, regardless of whether the directors are also employees. In June 2018, the FASB issued ASU 2018-07 which simplifies several aspects of the accounting for non-employee transactions by stipulating that the existing accounting guidance for share-based payments to employees (accounted for under ASC Topic 718, "Compensation-Stock Compensation") will also apply to non-employee share-based transactions (accounted for under ASC Topic 505, "Equity"). The Company implemented ASU 2018-07 on October 1, 2019 and the impact of the implementation was not material to the financial statements.

We determine the fair value of share-based payments using the Black Scholes option-pricing model for common stock options and warrants and the closing price of our common stock for common share issuances. We recognize forfeitures as they occurred.

For three months ended December 31, 2024, the Company issued 800,000 shares of its common stock under the 2024 Equity Incentive Plan.

*Comprehensive income/loss*

Comprehensive income/loss is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income/loss are required to be reported in a financial statement that is presented with the same prominence as other financial statements. The Company's current component of other comprehensive income/loss pertains to foreign currency translation adjustments.

*Segment Information*

ASC Topic 280, "Disclosures about Segments of an Enterprise and Related Information," established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires those enterprises to report selected information about operating segments in interim financial reports issued to stockholders. Management has determined that the Company operates in one business segment, which is the commercialization and development of functional beverages.

*Recent Accounting Pronouncements*

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures. The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Group adopted ASU 2023-07 in the consolidated financial statements for the year ended December 31, 2024. The Company concluded that it has no material impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. For public business entities, ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of these accounting standard updates on its consolidated financial statements.

All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

*Discontinued Operations*

ASC 205-20-45-10 In the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.

ASC 205-20-45-3 The statement in which net income of a business entity is reported or the statement of activities of a not-for-profit entity (NFP) for current and prior periods shall report the results of operations of the discontinued operation, including any gain or loss recognized in accordance with paragraph 205-20-45-3C, in the period in which a discontinued operation either has been disposed of or is classified as held for sale.

The company has terminated the sold business in accordance with ASC 205-20-45-10 and ASC 205-20-45-3. Additional information on discontinued operations can be found in Note 6-discontinued operations.

*Identified Intangibles and Goodwill*

The Company identified tradename and customer relationships intangible assets. The tradename and customer relationships intangible assets will be amortized on a straight-line basis over their respective estimated useful lives. The goodwill recognized results from such factors as an assembled workforce and management's industry know-how.

**3.** **LOANS**

On February 15, 2024, Social E-commerce Co., Ltd. provided a short-term, interest-free loan to the Company. The loan, approved by the lender and serviced by Bill.com Capital 3, LLC through their online platform, was intended to support the Company's operations. As of December 31, 2024, the outstanding balance of this loan was $103,889.

On April 18, 2024, SOONCHA KIM lent the company $320,000 with an annual interest rate of 7%. The outstanding balance on the loan at December 31, 2024 amounted to $320,926.

For three months ended December 31, 2024, ZHANG XIANG provided a loan of $8,697 to the Company, bearing no interest. As of December 31, 2024, the outstanding loan balance remained at $8,697.

**4.** **GEOGRAPHIC CONCENTRATIONS**

The Company is organized based on fundamentally one business segment although it does sell its products on a world-wide basis. The Company is organized in two geographical segments. The company jointly produces and sells its products in North America and China. Information about the Company's geographic operations for three months ended December 31, 2024 and 2023 are as follows:

SCHEDULE OF GEOGRAPHICAL OPERATIONS

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| | | |
|:---|:---|:---|
|  | Three Months<br> Ended<br> December 31,<br> 2024 | Three Months<br> Ended<br> December 31,<br> 2023 |
| **Net Revenue:** |  |  |
| North America | $- | $965932 |
| P.R.C | 22853 | - |
| Revenues, net | $**22853** | $**965932** |

---

---

| | | |
|:---|:---|:---|
|  | <br>December 31,<br> 2024 | September 30,<br> 2024 |
| **Property and equipment, net:** |  |  |
| North America | $- |  |
| P.R.C | 1997 | $2268 |
| Property and equipment, net | $**1997** | $**2268** |

---

**5.** **RELATED PARTY TRANSACTIONS**

As of December 31, 2024, the directors of Wewin Technology LLC paid an administrative fee of $18,000 on behalf of CIMG INC. The company expects to clear and repay this related-party transaction before September 30, 2025.

**6.** **DISCONTINUED OPERATIONS**

On June 7, 2024, the company's board of directors passed a resolution to sale (1) NuZee KOREA Ltd a company incorporated in Korea and a wholly-owned subsidiary of the Company; and (2) NuZee Investment Co., Ltd, a company incorporated in Japan and a wholly-owned subsidiary of the Company. The discontinuation of the business is primarily due to strategic considerations by the management regarding the company's overall development, as well as the need to ensure administrative consistency.

The losses from discontinued operations for three months ended December 31, 2024 and 2023 are as follows:

SCHEDULE OF LOSSES FROM ASSET DISPOSAL OF DISCONTINUED OPERATIONS

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br>December 31, 2024 | Three Months Ended<br>December 31, 2023 |
| Revenue | $- | $388054 |
| Cost of revenue | - | (337309) |
| **Gross profit** |  | **50745** |
| Operating expenses | - | (172593) |
| **Operations Loss** |  | **(121848)** |
| Other revenue |  | 179 |
| Other expense |  | (905) |
| Interest income, net | - | 170 |
| **Loss from discontinued operations before income tax** |  | **(122404)** |
| Income tax expense | - | - |
| **Loss from discontinued operation after tax** |  | **(122404)** |
| **Losses from asset disposal of discontinued operations** | $- | $**(122404)** |

---

**7.** **INTANGIBLE ASSETS**

*Identifiable life intangible assets*

As of December 31, 2024, the net intangible assets of the company is $72,500 which is being amortized over five years from the date of acquisition at a rate of $30,000 per year.

Amortization expense was $7,500 and $7,500 for three months ended December 31, 2024 and 2023.

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

SCHEDULE OF AMORTIZATION EXPENSE

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| | |
|:---|:---|
|  | Tradename<br> Amortization |
| 2025 | 22500 |
| 2026 | 30000 |
| 2027 | 20000 |
| 2028 | - |
| Grand Total | $72500 |

---

**8.** **ISSUANCE OF EQUITY SECURITIES**

On August 20, 2024, the Company entered into a convertible note purchase agreement (the "Purchase Agreement") with certain investors (the "August Notes Investors") to issue and sell convertible notes in the aggregate principal amount of $1,300,000 (the "August Notes"). The Notes bear interest at an annual rate of 7% and have a maturity date of one year from the issuance date. The Notes shall not be converted until the Company obtains shareholder approval for the issuance of shares underlying the Notes. Upon obtaining such approval, the holder may convert the Notes into a number of shares of Common Stock equal to (i) the outstanding principal amount of the Notes, plus any accrued but unpaid interest, divided by (ii) $0.94, the conversion price. Any conversion of the Notes resulting in a fractional share shall be rounded down to the nearest whole share.

On October 31, 2024, all the August 2024 Notes Investors converted their August Notes to shares of Common Stock. As a result of such conversions of the August Notes, the Company issued an aggregate of 1,396,813 shares of Common Stock to the August Notes Investors.

On October 22, 2024, the holders of warrants exercised its cashless option to purchase an aggregate of 55,973 shares of the Company's common stock. In connection with such cashless exercise, the Company did not receive any cash proceeds.

On September 24, 2024, the Company entered into a securities purchase agreement with certain investors (the "Investors"), providing for the sale and issuance of 3,508,769 shares of the Company's common stock, par value $0.00001 per share, for an aggregate purchase price of $2,000,000.

On December 24, 2024, the Company issued 800,000 shares of its common stock for a total value of $523,680 under the 2024 Equity Incentive Plan.

The following table summarizes the restricted common shares activities for the three months ended December 31, 2024 and 2023:

SCHEDULE OF RESTRICTED STOCK SHARES ACTIVITIES

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Number of shares outstanding at September 30, 2024 and 2023** | **320743** | **50056** |
| Restricted shares granted | 4905582 |  |
| Restricted shares forfeited |  | (4300) |
| Restricted shares vested | - | - |
| **Number of shares outstanding at December 31, 2024 and 2023** | **5226325** | **45756** |

---

**9.** **STOCK OPTIONS AND WARRANTS**

*Options*

During the three months ended December 31, 2024, the Company granted no new stock options.

During the three months ended December 31, 2024, 20,430 stock options were forfeited or expired because of termination of employment, expiration of options and performance conditions not met.

The following table summarizes stock option activity for the three months ended December 31, 2024.

SCHEDULE OF STOCK OPTION ACTIVITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br> Shares | Weighted<br> Average<br> Exercise<br> Price | Weighted<br> Average<br> Remaining<br> Contractual<br> Life (years) | Aggregate<br> Intrinsic<br> Value |
| Outstanding on September 30, 2024 | 20430 | $177.44 | 0.02 | $- |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Expired | (20430) | 177.44 | 0.02 |  |
| Forfeited | - |  |  | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Outstanding on December 31, 2024 | - | - | - | $- |
| Exercisable on December 31, 2024 | - | $- | - | $- |

---

The Company is expensing these stock option awards on a straight-line basis over the requisite service period. The Company recognized stock option expense of $Nil and $11,505 for three months ended December 31 2024, and 2023, respectively.

Warrants

On October 18, 2024, the holders of warrants issued by the Company exercised its cashless option to purchase an aggregate of 55,973 shares of the Company's common stock pursuant to warrants issued by the Company. Such warrants were previously issued pursuant to the convertible note and warrant purchase agreement dated April 27, 2024, as disclosed in the current report of the Company on Form 8-K filed with the SEC on May 2, 2024. In connection with such cashless exercise, the Company will not receive any cash proceeds. The shares of common stock issuable upon exercise of such warrants were registered under the Form S-1 effective on July 1, 2024.

The following table summarizes warrant activity for the three months ended December 31, 2024:

SCHEDULE OF WARRANT ACTIVITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of <br>Shares <br>Issuable <br>Upon <br>Exercise of <br>Warrants | Weighted<br> Average<br> Exercise <br>Price | Weighted <br>Average <br>Remaining<br> Contractual<br> Life (years) | Aggregate<br> Intrinsic<br> Value |
| Outstanding on September 30, 2024 | 214850 | $112.67 | 2.42 | $- |
| Issued |  |  |  |  |
| Exercised | 55973 | 1.32 |  |  |
| Expired |  |  |  |  |
| Outstanding on December 31, 2024 |  |  |  |  |
| Exercisable on December 31, 2024 | 158877 | $151.94 | 1.24 | $- |

---

**10.** **CONTINGENCIES**

Curtin Litigation

As previously disclosed, on January 6, 2023, a former employee of the Company, Rosalina Curtin filed a complaint against the Company and another former employee of the Company, Jose Ramirez, in the Superior Court of California, County of San Diego (Case No. 37-2023-00000841-CU-WT-NC) (the "Complaint"). The Complaint alleged that Ms. Curtin was subject to harassment by Mr. Ramirez, gender discrimination throughout her employment, that she reported this discrimination and harassment to the Company, and that the Company retaliated against her and wrongfully terminated her for whistleblowing and failed to prevent discrimination, harassment, and retaliation. Ms. Curtin sought compensatory damages, including loss of past, present and future earnings, and benefits, as well as punitive damages, penalties, attorney's fees and costs and interest. Pursuant to the terms of Ms. Curtin's Employment Agreement with the Company, on December 22, 2023, the Court compelled the case to arbitration with the American Arbitration Association (Case Number 01-24-0002-3225).

On November 8, 2024, without a finding or admission of wrongdoing, the Company entered into a settlement agreement with Ms. Curtin. In exchange for mutual general releases and a dismissal of the lawsuit with prejudice, the Company paid Ms. Curtin $125,000. On January 22, 2025, the case was dismissed in its entirety.

Kim Litigation

On October 3, 2024, Mr. Sooncha Kim filed a complaint against the Company in the Southern District of New York, (Case No. 1:24-cv-7485) (the "Complaint"). The Complaint alleges that the Company breached a Convertible Note and Warrant Purchase Agreement, dated June 6, 2024, between the Company and Mr. Kim, by, among other things, failing to deliver the registration rights agreement, excluding Mr. Kim from the S1 registration statement, delaying conversion of Mr. Kim's notes, undertaking steps to dilute Mr. Kim's shares, failing to honor Mr. Kim's 50% participation right in any subsequent financing and failing to appoint a designated director, as set forth in the parties' agreement. Mr. Kim seeks specific performance of the Convertible Note and Warrant Purchase Agreement, and monetary damages in the amount of $1,041,216, plus applicable interest. The Company filed its answer to the Complaint on December 3, 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 quarterly report, two parties are still negotiating.

**11.** **SUBSEQUENT EVENTS**

**Private Placement**

SCHEDULE OF PRIVATE PLACEMENT

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Transaction Description** | **Amount/Shares** | **Status** |
| December 12, 2024 | Convertible Note and Warrant Purchase Agreement<br>(Form 8-K filed on December 17, 2024, Form 8-K/A filed on January 23, 2025, Form 8-K filed on April 3, 2025) | $10,000,000 for up to 25,641,023 shares of Common Stock, subject to shareholders' approval | The closings of the sale of the notes and warrants occurred on January 16, 2025 and January 17, 2025.<br>On February 10, 2025, the Company obtained its shareholder approval for the issuance of shares underlying the notes and the warrants.<br>On March 18, 2025, the investors submitted their respective conversion notices to the Company, converting their respective Notes.<br>Upon receiving the conversion notices, the Company issued 19,457,618 shares of the Company's common stock to the Investors pursuant to the same. |
| June 2, 2025 | Share Purchase Agreement<br>(Form 8-K filed on June 5, 2025 and June 10, 2025) | $1,068,480 for 6,000,000 shares of common stock | The closing of the sale of the 6,000,000 shares of common stock occurred on June 9, 2025.<br>6,000,000 shares of common stock has been issued. |

---

**Legal Proceedings**

Kim Litigation

On October 3, 2024, Mr. Sooncha Kim filed a complaint against the Company in the Southern District of New York, (Case No. 1:24-cv-7485) (the "Complaint"). The Complaint alleges that the Company breached a Convertible Note and Warrant Purchase Agreement, dated June 6, 2024, between the Company and Mr. Kim, by, among other things, failing to deliver the registration rights agreement, excluding Mr. Kim from the S1 registration statement, delaying conversion of Mr. Kim's notes, undertaking steps to dilute Mr. Kim's shares, failing to honor Mr. Kim's 50% participation right in any subsequent financing and failing to appoint a designated director, as set forth in the parties' agreement. Mr. Kim seeks specific performance of the Convertible Note and Warrant Purchase Agreement, and monetary damages in the amount of $1,041,216, plus applicable interest. The Company filed its answer to the Complaint on December 3, 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. The company believes that it is very likely to succeed in the 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 of 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.

New Subsidiary

On March 10, 2025, Zhongyan Shangyue Technology Co., Ltd. ("Zhongyan"), CIMG Inc.'s wholly-owned subsidiary, entered into a Business Cooperation Intent Agreement (the "Agreement") with Shanghai Huomao Cultural Development Co., Ltd. ("Huomao"). Pursuant to the Agreement, the three shareholders of Huomao intend to transfer an aggregate of 51% of their equity interest in Huomao to Zhongyan in exchange for 200,000 shares of Common Stock. The Common Stock shall be subject to a six-month lock-up period.

On March 21, 2025, Zhongyan Shangyue Technology Co., Ltd. established a wholly-owned subsidiary, Henan Zhongyan Shangyue Technology Co. Ltd.

On March 27, 2025, Zhongyan Shangyue Technology Co., Ltd. entered into a Business Cooperation Intent Agreement (the "Agreement") with Xilin Online (Beijing) E-commerce Co., Ltd ("Beijing Xilin"). Pursuant to the Agreement, certain shareholders of Beijing Xilin intend to transfer an aggregate of 51% of their equity interest in Beijing Xilin to Zhongyan.

On March 31, 2025, the Company completed its acquisition of Beijing Xilin, along with the necessary business registration updates in China.

On April 22, 2025, the Company completed its acquisition of Shanghai Huomao, along with the necessary business registration updates in China.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

The following is management's discussion and analysis of certain significant factors that have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements, as well as information relating to the plans of our current management. This report includes forward-looking statements. Generally, the words "believes," "anticipates," "may," "will," "should," "expect," "intend," "estimate," "continue," and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward -looking statements which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.

The following discussion should be read in conjunction with our unaudited financial statements and the related notes that appear elsewhere in this Quarterly Report on Form 10-Q.

**Overview**

CIMG Inc. is a company incorporated in Nevada and listed on Nasdaq since June 2020. We were formerly known as "Nuzee, Inc." with a previous ticker symbol "NUZE", and we changed our corporate name and ticker symbol to "CIMG Inc." and "IMG" in October 2024. We previously focused on specialty coffee and related technologies but are now expanding our sales and distribution channels in Asia to encompass a broader range of consumer food and beverage products. This expansion is fueled by our online sales platform, which leverages a natural language search function.

The diagram below is our corporate structure as of the date of this report.

![](form10-qa_001.jpg)

**Our sources of revenue**

*Co-Packing and Product Innovation*

With years of experience as a third-party contract packer for leading companies in the coffee beverage industry, combined with our own coffee sales and market insights from the Asian region, we have expanded our business strategy to deepen our industry engagement. This evolution includes a shift toward reshaping product value by integrating health-oriented concepts and applying advanced technologies such as artificial intelligence, neuroscience, and big data. These efforts have culminated in the establishment of a global digital health and sales development business group.

While we remain committed to delivering our high-quality Nuzee single-serving coffee and DRIPKIT products, our entry into the Asian market has prompted a broader commitment to health, sustainability, and nutrition.

 

*The Maca Series*

 

In the fourth quarter of the year ended September 30, 2024, we introduced our first health-focused product line in Asia: the Maca Series. This product line includes Maca Peptide Coffee, Maca-Noni, Maca Purified Powder, and Maca Wine. Each product features green purification factors derived from the maca plant, ensuring a natural and clean composition.

Maca, a plant native to South America and a member of the Brassicaceae family, is known for its nutritional value and adaptogenic properties. Often referred to as "South American ginseng," maca is prized for its ability to support stamina, vitality, and overall wellness. It is primarily cultivated in the Andes Mountains in south America, and Jade Dragon Snow Mountain in Yunnan Province, China.

● Maca-Noni – a plant-based energy drink designed to support sexual vitality, with maca root as its key ingredient.

● Maca Peptide Coffee – a functional coffee beverage infused with maca peptides for enhanced wellness benefits.

● Maca Purified Powder – a concentrated, versatile maca powder ideal for daily nutritional use.

● Maca Wine – a unique beverage that combines traditional wine with the nourishing properties of maca.

We currently distribute our products through wholesale channels, supplying grocery stores, convenience stores, and vending machine operators. Looking ahead, we plan to expand into retail services and leverage digital technologies to optimize marketing strategies and diversify our sales models. Our distribution network already spans both online platforms and offline points of sale.

Our commitment extends beyond product quality and health benefits—we also focus on enhancing the packaging experience. Each design is crafted to resonate with professionals across various industries, making our products more personalized, youthful, and distinctive. For example, Maca-Noni represents a new entry into the functional beverage market, blending health-forward branding with innovative design.

Our customer base includes wholesale distributors such as grocery stores, convenience stores, and vending machine providers.

**Nasdaq Listing Deficiency**

On January 14, 2025, the Company received a notification letter (the "Minimum Bid Price Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2). Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Minimum Bid Price Notice has no immediate effect on the listing of the Company's Common Stock, which continues to trade on The Nasdaq Capital Market under the symbol "IMG." In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of the Minimum Bid Price Notice, or until July 14, 2025, to regain compliance. If at any time before July 14, 2025 the closing bid price of the Common Stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, NASDAQ will provide written notification that the Company has achieved compliance with the minimum bid price requirement, and the matter will be resolved. If the Company does not regain compliance during the compliance period ending July 14, 2025, then NASDAQ may in its discretion determine to grant the Company an additional 180 calendar day period to regain compliance, provided that the Company on July 14, 2025 meets the continued listing requirement for market value of publicly held shares and all other applicable initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and will need to provide NASDAQ written notice of its intent to cure the deficiency during the second compliance period.

On January 17, 2025, the Company received another notice (the "Annual Report Notice") from NASDAQ indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company did not timely file its Annual Report on Form 10-K for the period ended September 30, 2024 with the SEC. The Annual Report Notice has no immediate effect on the listing of the Company's stock on Nasdaq, and it states that the Company is required to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 calendar days from the date of the Annual Report Notice. If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Form 10-K for the fiscal year ended September 30, 2025 to regain compliance. In determining whether to accept such plan, Nasdaq will consider such things as the likelihood that the remedial filing, along with any subsequent periodic filing that will be due, can be made within the 180 day period, the Company's past compliance history, the reasons for the late filing, other corporate events that may occur within our review period, the Company's overall financial condition and its public disclosures. Any subsequent periodic filing that is due within the 180-day exception period must be filed no later than the end of the period.

On February 19, 2025, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that the Company is not in compliance with Listing Rule 5250(c)(1) because the Company did not timely file its quarterly report on Form 10-Q for the period ended December 31, 2024 with the SEC.

We have submitted a Nasdaq compliance plan to Nasdaq on March 18, 2025 and Nasdaq grant the Company extension to (i) file the Form 10-K for the period ended September 30, 2024 on or before June 13, 2025; and (ii) file the Form 10-Q for the period ended December 31, 2024 on or before July 14, 2025.

On May 19, 2025, the Company received a notice (the "Quarterly Report Notice") from NASDAQ indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2025 with the Securities and Exchange Commission. The Quarterly Report Notice has no immediate effect on the listing of the Company's stock on Nasdaq.

As a result of this additional delinquency of the Form 10-Q for the period ended March 31, 2025, the Company submitted an update to its original plan to regain compliance with respect to the filing requirement on June 3, 2025.

On June 13, 2025, the Company did not manage to file its Form 10-K for the year ended September 30, 2024 and received a delist determination letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC on June 27, 2025 ("Nasdaq Delist Determination Letter"). According to the Nasdaq Delist Determination Letter, unless the Company requests an appeal of this determination by July 7, 2025, trading of the Company's common stock will be suspended from The Nasdaq Capital Market at the opening of business on July 9, 2025, and NSADAQ will file a Form 25-NSE with the SEC to remove the Company's securities from listing and registration on The Nasdaq Stock Market.

The Company intends to file its Form 10-K for the fiscal year ended September 30, 2024 as soon as possible, and in any event before July 7, 2025. In addition, the Company intends to appeal Nasdaq's delist determination and plans to request a hearing before a Nasdaq Hearings Panel to present its plan for regaining compliance with the applicable Nasdaq Listing Rules by 4:00 Eastern Time on July 7, 2025.

**Results of Operations**

During the current fiscal year, we began selling and shipping the maca series products. We do not expect the revenue for the three months ending December 31, 2024 to predict future quarters, as the maca product line was still in the process of new channel expansion in the December quarter, and sales revenue declined in the December quarter.

Our results of operations for the three months ended December 31, 2024 are influenced by the aforementioned transactions.

**Comparison of three months ended December 31, 2024 and 2023**

*Revenue*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> December 31, | Three months ended <br> December 31, | Change | Change |
|  | 2024 | 2023 | Dollars | % |
| Revenue | $22853 | $965932 | $(943079) | (97.63)% |

---

For the three months ended December 31, 2024, revenue decreased by $943,079, or approximately 97.63%, compared to the same period in 2023. The decline was primarily attributable to a significant reduction in sales of the Company's original single-bag coffee products, which did not generate any revenue during the period. Revenue for the current quarter was mainly derived from sales of the maca series products, which have become the Company's principal product line. To strengthen sales performance, management has actively expanded distribution channels and increased product launch activities to establish a stronger foundation for revenue growth in subsequent quarters.

 

*Cost of sales and gross margin*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> December 31, | Three months ended <br> December 31, | Change | Change |
|  | 2024 | 2023 | Dollars | % |
| Cost of sales | $7374 | $841398 | $(834024) | (99.12)% |
| Gross profit (loss) | 15479 | $124534 | $(109055) | (87.57)% |
| Gross profit (loss) % | 67.73% | 12.89% |  |  |

---

For the three months ended December 31, 2024, we recorded a gross profit of $15,479, compared to a gross profit of $124,534 for the same period in 2023. Our gross profit margin was 67.73% for the three months ended December 31, 2024, compared to 12.89% for the prior-year period. The improvement in gross performance was primarily attributable to cost reductions resulting from the introduction of new products.

*Operating Expenses*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> December 31, | Three months ended <br> December 31, | Change | Change |
|  | 2024 | 2023 | Dollars | % |
| Operating Expenses | $1517758 | $2145642 | $(627884) | (29.26)% |

---

For the three months ended December 31, 2024, the Company's operating expenses were $1,517,758, representing a decrease of approximately 29.26% compared to $2,145,642 for the same period in 2023. The reduction was primarily driven by lower warehousing costs, decreased labor remuneration, and reduced professional service fees during the current period.

*Net Loss*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br>December 31, | Three months ended <br>December 31, | Change | Change |
|  | 2024 | 2023 | Dollars | % |
| Net Loss | $1536249 | $2148611 | $(612362) | (28.50)% |

---

For the three months ended December 31, 2024, we incurred a net loss of $1,536,249, compared to a net loss of $2,148,611 for the same period in 2023. The decrease in net loss was primarily attributable to reductions in product costs, storage expenses, employee compensation, and professional service fees during the current period.

**Liquidity and Capital Resources**

Since our inception in 2011, we have incurred significant losses, and as of December 31, 2024, we had an accumulated deficit of approximately $83.88 million. We have not yet achieved profitability and anticipate that we will continue to incur significant sales and marketing expenses prior to recording sufficient revenue from our operations to offset these expenses. In the United States, we expect to incur additional losses because of the costs associated with operating as an exchange-listed public company. We are unable to predict the extent of any future losses or when we will become profitable, if at all.

To date, we have funded our operations primarily with proceeds from registered public offerings and private placements of shares of our common stock. Our principal use of cash is to fund our operations, which includes the commercialization of our single serve coffee products, the continuation of efforts to improve our products, administrative support of our operations and other working capital requirements.

As of December 31, 2024, we had a cash balance of $124,715. Considering our current cash resources and our current and expected levels of operating expenses for the next twelve months, we expect to need additional capital to fund our planned operations for at least twelve months from December 31, 2024. This evaluation is based on relevant conditions and events that are currently known or reasonably knowable. A reduction in consumer demand for, or revenues from the sale of, our coffee products could further constrain our cash resources. We have based these estimates on assumptions that may prove to be wrong, and our operating projections, including our projected revenues from sales of our coffee products, may change as a result of many factors currently unknown to us.

On October 31, 2024, all the August 2024 Notes Investors converted their August Notes to shares of Common Stock. As a result of such conversions of the August Notes, the Company issued an aggregate of 1,396,813 shares of Common Stock to the August Notes Investors.

On October 22, 2024, the holders of warrants exercised its cashless option to purchase an aggregate of 55,973 shares of the Company's common stock. In connection with such cashless exercise, the Company did not receive any cash proceeds.

On September 24, 2024, the Company entered into a securities purchase agreement with certain investors (the "Investors"), providing for the sale and issuance of 3,508,769 shares of the Company's common stock, par value $0.00001 per share, for an aggregate purchase price of $2,000,000.

On December 24, 2024, the Company issued 800,000 shares of its common stock for a total value of $523,680 under the 2024 Equity Incentive Plan.

In the future, we may receive additional funds upon the exercise for cash of outstanding warrants, if and when exercised for cash at the election of the warrant holders, including the Series A warrants (the "Series A Warrants") and Series B warrants (the "Series B Warrants" and, collectively with the Series A Warrants, the "2021 Warrants") that were sold by us in March 2021 in an underwritten registered public offering and the 2022 Warrants. The 2021 Warrant holders are obligated to pay the exercise price in cash upon exercise of the 2021 Warrants unless we fail to maintain a current prospectus relating to the common stock issuable upon the exercise of the 2021 Warrants (in which case, the 2021 Warrants may only be exercised via a "cashless" exercise provision). For additional information regarding the 2021 Warrants, see *"Note 5—Stock Options and Warrants"* to the Consolidated Financial Statements.

We intend to seek to raise additional capital, including through public or private equity offerings, to support our operating activities for the next twelve months and beyond, and such funding may not be available to us on acceptable terms, or at all. The timing and amount of funds that we will need to raise will depend on a number of factors, including our ability to generate a sufficient amount of revenues from the sale of our maca series products to fund our business operations and the timing and amount of funds received upon the exercise for cash of outstanding warrants by the warrant holders. Until we can generate a sufficient amount of revenue, we may seek to raise additional funds through equity, equity-linked or debt financings. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to holders of our equity securities and could contain covenants that restrict our operations. Any additional equity financing may be dilutive to our stockholders.

While we believe our plans to raise additional funds will alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, these plans are not entirely within our control and cannot be assessed as being probable of occurring at this time. If we are unable to raise additional funds when needed, our operations and ability to execute our business strategy could be adversely affected.

If we are unsuccessful in our efforts to raise additional capital, based on our current and expected levels of operating expenses, our current capital is not expected to be sufficient to fund our operations for the next twelve months. These conditions raise substantial doubt about our ability to continue as a going concern.

*Contractual Obligations*

Our significant contractual cash requirements as of December 31, 2024, include payments for operating and finance lease liabilities. Additionally, we may incur purchase obligations in the ordinary course of business that are enforceable and legally binding and enter into enforceable agreements to purchase goods or services that specify all significant terms, including fixed or minimum quantities to be purchased and fixed or estimated prices to be paid at the time of settlement. As of December 31, 2024, we had payments for lease obligations of approximately $42,659. We had no purchase obligations as of December 31, 2024.

*Summary of Cash Flows*

---

| | | |
|:---|:---|:---|
|  | Three Months Ended <br>December 31, | Three Months Ended <br>December 31, |
|  | 2024 | 2023 |
| Cash used in operating activities | $(1338781) | $(2193439) |
| Cash used in investing activities | $- | $(307044) |
| Cash provided by financing activities | $1191312 | $1659855 |
| Cash used in operating activities-discontinued operations | $- | (68582) |
| Effect of foreign exchange on cash | $(192038) | $42408 |
| Net change in cash | $(339507) | $(866802) |

---

 

*Operating Activities*

Net cash used in operating activities from continuing operations was $1,338,781 for the three months ended December 31, 2024, compared to $2,193,439 for the same period in 2023. The cash outflows were primarily related to purchases of raw materials and inventory, office rent, legal fees, and other professional expenses. Operating activities from discontinued operations provided no cash inflow and cash outflows for the three months ended December 31, 2024, compared to $68,582 of cash outflows during the corresponding period in 2023.

*Investing Activities*

Net cash provided by investing activities was $Nil for the three months ended December 31, 2024, compared to net cash used of $307,044 for the same period in 2023. Cash used in the prior-year period was mainly attributable to purchases of equipment.

*Financing Activities*

Historically, we have funded our operations through the issuance of our equity securities.

Net cash provided by financing activities was $1,191,312 for the three months ended December 31, 2024, primarily attributable to proceeds from a private placement. For the three months ended December 31, 2023, net cash provided by financing activities totaled $1,659,855, was primarily related to the issuance of equity securities.

*Off-Balance Sheet Arrangements*

As of December 31, 2024, we had no off-balance sheet arrangements that may have a current or future material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements that have been prepared in accordance with generally accepted accounting principles in the United States of America ("US GAAP"). The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. US GAAP provides the framework from which to make these estimates, assumption and disclosures. We choose accounting policies within US GAAP that management believes are appropriate to accurately and fairly report our operating results and financial position in a consistent manner. Management regularly assesses these policies in light of current and forecasted economic conditions.

There were no significant and material changes in our critical accounting policies and use of estimates during the three months ended December 31, 2024, as compared to those disclosed in "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates*" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on July 30, 2025.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

**Item 4. Controls and Procedures**

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by our Company is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is collected and communicated to management, including our Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officers and Chief Financial Officer are responsible for establishing and maintaining disclosure controls and procedures for our Company. In designing and evaluating our disclosure controls and procedures, management recognizes that no matter how well conceived and operated, disclosure controls and procedures can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Our management, including our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control system was designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements. Our management assessed the effectiveness of the Company's internal control over financial reporting as of the end of the period covered by this Report based on the criteria for effective internal control described in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organization of the Treadway Commission (COSO). Based on this assessment, our management has concluded that the Company's internal control over financial reporting was not effective as of December 31, 2024.

As we are a non-accelerated filer, our independent registered public accounting firm is not required to issue an attestation report on our internal control over financial reporting.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**Item 1. LEGAL PROCEEDINGS**

Refer to "Note 10. Contingencies" and "Note 11. Subsequent Events – Legal Proceedings" in our Condensed Consolidated Financial Statements included in this Report.

**Item 1A. RISK FACTORS**

In addition to the other information set forth in this Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A of our Form 10-K, which could affect our business, financial condition, or operating results. The risks we describe in our periodic reports are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, or operating results. For the quarter ended December 31, 2024, the Company is not aware of any specific new and additional risk factors that were not previously disclosed.

**Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**Item 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**Item 4. MINE SAFETY DISCLOSURES**

Not applicable.

**Item 5. OTHER INFORMATION**

During the fiscal quarter ended March 31, 2025, none of the Company's directors or officers, as defined in Section 16 of the Securities Exchange Act of 1934, adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as defined under Item 408(a) of Regulation S-K.

**Item 6. EXHIBITS**

---

| | |
|:---|:---|
| Exhibit<br> Number | <br> Description |
| 10.1<br>| [Convertible Note Purchase Agreement dated December 12, 2024 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 17, 2024, SEC File Number 001-39338)](https://www.sec.gov/Archives/edgar/data/1527613/000149315224050439/ex10-1.htm)<br>|
| 10.2 | [Form of Convertible Promissory Note (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 17, 2024, SEC File Number 001-39338)](https://www.sec.gov/Archives/edgar/data/1527613/000149315224050439/ex10-2.htm) |
| 10.3 | [Registration Rights Agreement dated December 12, 2024 (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on December 17, 2024, SEC File Number 001-39338)](https://www.sec.gov/Archives/edgar/data/1527613/000149315224050439/ex10-4.htm) |
| <br>31.1\* | <br> [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| 31.2\* | [Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 32\*\* | [Certification of Principal Executive Officer and Principal Accounting Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32.htm) |

---

**\*** Filed herewith.

**\*\*** Furnished herewith. This exhibit will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | CIMG INC. | CIMG INC. |
| Date: November 18, 2025 | By: | */s/ Jianshuang Wang* |
|  |  | Jianshuang Wang |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
|  | By: | */s/ Feng Tian* |
|  |  | Feng Tian |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Jianshuang Wang, certify that:

1. I
 have reviewed this amendment No. 1 to the Quarterly Report on Form 10-Q/A of CIMG Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 18, 2025 |
| */s/ Jianshuang Wang* |
| Jianshuang Wang |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Feng Tian, certify that:

1. I
 have reviewed this amendment No. 1 to the Quarterly Report on Form 10-Q/A of CIMG Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 18, 2025 |
| */s/ Feng Tian* |
| Feng Tian |
| Chief Accounting Officer |
| (Principal Financial and Accounting Officer) |

---

## Ex-32

**EXHIBIT 32**

**CERTIFICATION**

**Pursuant to 18 U.S.C. 1350 as adopted by**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Each of the undersigned, Jianshuang Wang, Chief Executive Officer of CIMG Inc. (the "Company"), and Feng Tian, Chief Accounting Officer of the Company, has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company's amendment No. 1 to the Quarterly Report on Form 10-Q/A for the fiscal quarter ended December 31, 2024 (the "Report").

Each of the undersigned hereby certifies that, to his respective knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

Date: November 18, 2025

---

| |
|:---|
| */s/ Jianshuang Wang* |
| Jianshuang Wang |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

---

| |
|:---|
| */s/ Feng Tian* |
| Feng Tian |
| Chief Accounting Officer |
| (Principal Financial and Accounting Officer) |

---