Core Insights - CIMG Inc. has entered into a tripartite agreement with FlowStocks and DYT INFO PTE. LTD. to authorize the tokenization of DYT's CIMG common stock on the FlowStocks platform [1][2] - The tokenized shares, trading under the symbol tIMG, will be available for trading on FlowStocks starting around November 20 [2] - This collaboration represents a significant shift in traditional equity trading, allowing CIMG's shares to benefit from blockchain technology's speed, transparency, and efficiency, with 24/7 market potential [3] Company Strategy - The initiative aligns with CIMG's strategy to enhance its presence in the global on-chain financial ecosystem and advance the tokenization of equity assets [4] - CIMG Inc. operates in the digital health industry, leveraging AI and cryptocurrencies to drive growth and maximize client value [4]

Financial Performance - CIMG Inc. reported net revenues of $61,578 for the three months ended June 30, 2025, a decrease of 83.2% compared to $366,888 for the same period in 2024[16]. - The company's gross profit for the three months ended June 30, 2025, was $5,133, compared to a gross loss of $146,213 in the prior year, indicating a significant improvement in cost management[16]. - CIMG Inc. reported a net loss of $1,069,173 for the three months ended June 30, 2025, compared to a net loss of $1,440,197 for the same period in 2024, representing a 25.8% improvement[16]. - For the nine months ended June 30, 2025, the net revenues were $84,431, a significant decrease of 94.85% compared to $1,641,955 for the same period in 2024[95]. - The gross profit for the nine months ended June 30, 2025 was $20,612, compared to a gross loss of $178,185 for the same period in 2024[95]. - The net loss from continuing operations for the nine months ended June 30, 2025 was $2,990,047, an improvement from a net loss of $4,663,887 in the same period of 2024[95]. Expenses and Liabilities - Operating expenses for the three months ended June 30, 2025, were $1,117,290, down from $1,335,371 in the same period last year, reflecting a reduction of approximately 16.4%[16]. - Operating expenses for the nine months ended June 30, 2025 were $3,387,725, down 28.69% from $4,748,076 in the prior year[72][73]. - Current liabilities decreased to $2,671,985 as of June 30, 2025, from $6,238,323 as of September 30, 2024, a reduction of approximately 57.1%[14]. - The total current liabilities, including accounts payable and accrued expenses, decreased to $1,628,598 as of June 30, 2025, from $2,240,337 as of September 30, 2024[69]. - The accounts payable decreased to $482,000 as of June 30, 2025, down 56.17% from $1,098,582 as of September 30, 2024[69]. - Accrued expenses slightly increased to $1,146,598 as of June 30, 2025, compared to $1,141,755 as of September 30, 2024[69]. Assets and Capital - The total assets of CIMG Inc. increased to $13,309,302 as of June 30, 2025, compared to $5,587,655 as of September 30, 2024, indicating a growth of 138.5%[14]. - As of June 30, 2025, the company reported cash of $35,958 and working capital of $10,571,104[37]. - The company experienced a significant increase in cash used in operating activities, totaling $11,233,693 for the nine months ended June 30, 2025, compared to $4,270,542 for the same period in 2024[25]. - CIMG Inc. issued 19,457,618 shares of common stock for cash, raising approximately $9,561,299 during the reporting period[25]. - The company issued 6,000,000 shares of common stock for a total value of $1,068,480 at a purchase price of $0.17808 per share on June 2, 2025[112]. - The Company raised $4,000,000 through a private placement of convertible notes at a conversion price of $0.24 per share, maturing on August 31, 2026[128]. Strategic Initiatives - The company is focusing on expanding its co-packing services to other products complementary to its current offerings, aiming to enhance revenue streams[12]. - CIMG Inc. is transitioning from a focus on specialty coffee to a broader range of consumer food and beverage products, leveraging an online sales platform[28]. - The company plans to expand its sales and distribution channels in Asia, aiming to enhance its market reach and product offerings[28]. - The company completed the acquisition of Beijing Xilin and Huomao in March and April 2025, respectively, expanding its market presence in China[32]. - Zhongyan, a wholly-owned subsidiary of the Company, acquired 51% equity interest in Shenzhen Zhimeng Qiyang Technology Co., Ltd. for a total valuation of RMB13,000,000[129]. - The Company established a new wholly-owned subsidiary, Beijing Zhongyan Shangyue Holdings Co., LTD, on September 3, 2025[130]. Legal and Compliance - The Company is currently involved in ongoing legal proceedings related to the Kim Litigation and the Ex-Directors lawsuit, with no trial dates set[124][134]. - Mr. Sooncha Kim filed a complaint against the Company seeking $1,041,216 in damages for alleged breaches of a Convertible Note and Warrant Purchase Agreement[123]. - A judgment by default was entered against the Company for $58,920.34 in the Ex-Directors lawsuit, with total claims expected to reach $222,062.28 after amendments[126]. - The Company entered into a settlement agreement with a former employee, paying $125,000 to resolve a lawsuit[122]. - The Company believes it has a basis to defend against the claims in the Kim Litigation, although the outcome remains uncertain[125]. Financial Challenges - The company’s accumulated deficit increased to $85,335,700 as of June 30, 2025, compared to $82,344,722 as of September 30, 2024, reflecting a rise of 3.6%[14]. - The total accumulated deficit as of June 30, 2025, was $(85,335,700), reflecting ongoing financial challenges[25]. - The company anticipates needing to raise additional capital immediately to fund operations, with no assurance of obtaining funds on commercially acceptable terms[38]. - The company recognized a foreign currency translation loss of $(178,895) for the nine months ended June 30, 2025[25]. - The company recorded total accounts receivable of $75,630 as of June 30, 2025, compared to $3,450,141 as of September 30, 2024, reflecting a significant decrease[44][45]. - The company recorded an allowance for credit loss of $Nil as of June 30, 2025, compared to $3,450,141 as of September 30, 2024[44].

Core Insights - CIMG Inc. has announced that its subsidiary, Xinmiao Times, has been authorized as a distributor for Inspur Information, marking its entry into the computing power industry [1][2] - This partnership is expected to enhance CIMG's presence in the high-growth computing power sector and leverage Inspur's technology and ecosystem resources [2][3] Company Overview - CIMG Inc. specializes in digital health and sales development, utilizing technology and marketing to boost partners' sales growth [1] - The company employs AI and cryptocurrencies to drive industry growth and enhance user acquisition and brand management [3] Strategic Implications - The collaboration with Inspur aligns with CIMG's long-term strategy to deepen its presence in the computing power industry, aiming to build competitive advantages [3]

Core Insights - CIMG Inc. has appointed Mr. Wenlong Tong as President to enhance its competitiveness in digital assets and diversify its industrial layout [1][3] - Mr. Tong brings extensive entrepreneurial experience and a successful track record in high-growth sectors such as Finance, Smart City initiatives, New Energy, and E-commerce [2] - The company aims to strengthen its computing power business and advance its Web3.0 strategy under Mr. Tong's leadership [3] Company Overview - CIMG Inc. specializes in digital health and sales development, leveraging technology and marketing to boost partners' sales growth and commercial value [4] - The company's brands include Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango, indicating a diverse product portfolio [4]

Core Viewpoint - CIMG Inc. has established a subsidiary, Braincoin Limited, in Hong Kong to enhance its strategic expansion into the global computing power industry and advance its AI initiatives [1][2][4] Group 1: Company Expansion - The new subsidiary will act as a hub connecting mainland China with international markets, facilitating collaboration with global partners [2] - This move emphasizes the company's commitment to building a global computing power ecosystem and delivering cutting-edge AI solutions [4] Group 2: Business Models - Braincoin will operate under several business models starting in October, including the development and operation of AI computing centers for enterprises with high computing power demands [3][8] - The company will provide customized multi-modal enterprise AI assistants by integrating large AI models with clients' internal and industry-specific datasets [8] - Managed services will be offered to existing AI computing center clients, focusing on maintenance and operational support to enhance efficiency and reduce costs [8]

PART I. FINANCIAL INFORMATION [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions that forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, with no obligation for updates - Forward-looking statements are based on information available at the time they are made and management's good faith belief, subject to risks and uncertainties that could cause actual results to differ materially[10](index=10&type=chunk) - The company does not undertake any obligation to update or revise forward-looking statements, cautioning against undue reliance on them[11](index=11&type=chunk) - Key factors that could cause differences include funding plans, capital resources, estimates accuracy, Nasdaq listing compliance, economic conditions, market preferences, competition, strategic transaction results, reliance on third-party partners, regulatory developments, retention of key personnel, intellectual property protection, corporate infrastructure, litigation outcomes, financial performance, and use of offering proceeds[12](index=12&type=chunk) [Item 1. FINANCIAL STATEMENTS](index=5&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents CIMG Inc.'s unaudited consolidated financial statements, including Balance Sheets, Statements of Operations, Comprehensive Loss, Changes in Stockholders' Equity, and Cash Flows, with detailed notes for the quarter ended December 31, 2024 [Consolidated Balance Sheets (unaudited)](index=5&type=section&id=Consolidated%20Balance%20Sheets%20%28unaudited%29) - Cash & cash equivalents decreased significantly from **$464,222 to $124,715** - Total stockholders' equity turned positive, increasing from an accumulated deficit of **$(650,668) to $1,527,570** | ASSETS (Unaudited) | December 31, 2024 ($) | September 30, 2024 ($) | | :------------------- | :-------------------- | :--------------------- | | Cash & cash equivalent | 124,715 | 464,222 | | Inventories, net | 4,608,307 | 4,548,035 | | Total current assets | 5,034,920 | 5,405,641 | | Total assets | 5,167,814 | 5,587,655 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Accounts payable and accrued expenses | 1,820,200 | 2,240,337 | | Short term loan | 433,512 | 1,920,507 | | Convertible Notes | 678,308 | 1,063,624 | | Total current liabilities | 3,640,244 | 6,238,323 | | Total liabilities | 3,640,244 | 6,238,323 | | Total stockholders' equity | 1,527,570 | (650,668) | [Consolidated Statements of Operations (unaudited)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20%28unaudited%29) - Net revenues decreased significantly from **$965,932 in Q4 2023 to $22,853 in Q4 2024** - Net loss improved from **$(2,148,611) in Q4 2023 to $(1,536,249) in Q4 2024**, and basic/diluted loss per share improved from **$(1.84) to $(0.17)** | (Unaudited) | Three Months Ended Dec 31, 2024 ($) | Three Months Ended Dec 31, 2023 ($) | | :------------ | :---------------------------------- | :---------------------------------- | | Revenues, net | 22,853 | 965,932 | | Cost of sales | (7,374) | (841,398) | | Gross profit | 15,479 | 124,534 | | Operating expenses | (1,517,758) | (2,145,642) | | Loss from operations | (1,502,279) | (2,021,108) | | Net loss | (1,536,249) | (2,148,611) | | Basic and diluted loss per common share | (0.17) | (1.84) | [Consolidated Statements of Comprehensive Loss (unaudited)](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss%20%28unaudited%29) - The foreign currency translation adjustment resulted in a **loss of $(192,038) in Q4 2024**, compared to a **gain of $42,408 in Q4 2023** | (Unaudited) | Three Months Ended Dec 31, 2024 ($) | Three Months Ended Dec 31, 2023 ($) | | :------------ | :---------------------------------- | :---------------------------------- | | Net loss | (1,536,249) | (2,148,611) | | Foreign currency translation | (192,038) | 42,408 | | Total other comprehensive income (loss), net of tax | (192,038) | 42,408 | | Comprehensive loss | (1,728,287) | (2,106,203) | [Consolidated Statements of Changes in Stockholders' Equity (unaudited)](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20%28unaudited%29) - Total common stock shares outstanding increased from **4,978,245 to 10,739,800** during the quarter[23](index=23&type=chunk) - Additional paid-in capital increased by **$3,906,468**, primarily from common stock issued for cash, compensation, and private placement[23](index=23&type=chunk) - Total stockholders' equity improved from a deficit of **$(650,668) to a positive balance of $1,527,570**[23](index=23&type=chunk) | (Unaudited) | Balance Sep 30, 2024 ($) | Common Stock issued for cash ($) | Common stock compensation ($) | Issued private placement ($) | Issued warrants ($) | Other comprehensive income ($) | Net loss ($) | Balance Dec 31, 2024 ($) | | :------------ | :----------------------- | :------------------------------- | :---------------------------- | :--------------------------- | :------------------ | :----------------------------- | :----------- | :----------------------- | | Common Stock Shares | 4,978,245 | 1,396,813 | 800,000 | 3,508,769 | 55,973 | - | - | 10,739,800 | | Amount | 50 | 13 | 8 | 35 | 1 | - | - | 107 | | Additional paid-in capital | 81,260,605 | 1,382,831 | 523,672 | 1,999,965 | - | - | - | 85,167,073 | | Accumulated deficit | (82,344,722) | - | - | - | - | - | (1,536,249) | (83,880,971) | | Accumulated Comprehensive income | 433,399 | - | - | - | - | (192,038) | - | 241,361 | | Total | (650,668) | 1,382,844 | 523,680 | 2,000,000 | 1 | (192,038) | (1,536,249) | 1,527,570 | [Consolidated Statements of Cash Flows (unaudited)](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20%28unaudited%29) - Net cash used in operating activities decreased from **$(2,193,439) in Q4 2023 to $(1,338,781) in Q4 2024**[26](index=26&type=chunk) - Investing activities showed no cash usage in Q4 2024, a significant change from **$(307,044) used in Q4 2023**[26](index=26&type=chunk) - Cash at the end of the period was **$124,715**, a decrease from the beginning of the period but an increase compared to **$116,067 in Q4 2023**[26](index=26&type=chunk) | (Unaudited) | Three Months Ended Dec 31, 2024 ($) | Three Months Ended Dec 31, 2023 ($) | | :------------ | :---------------------------------- | :---------------------------------- | | Net cash used in operating activities | (1,338,781) | (2,193,439) | | Net cash used in investing activities | 0 | (307,044) | | Net cash provided by financing activities | 1,191,312 | 1,65

Core Insights - CIMG Inc. has announced a memorandum of understanding (MOU) to collaborate with iZUMi Group Ltd. [1] Company Overview - CIMG Inc. specializes in digital health and sales development, leveraging technology and marketing to enhance sales growth and commercial value for its partners [1]

Core Viewpoint - CIMG Inc. has successfully closed the sale of 220 million shares of its common stock for gross proceeds of $55 million, receiving payment in Bitcoin as part of its financial management strategy [1][2]. Group 1: Company Overview - CIMG Inc. specializes in digital health and sales development, leveraging technology and marketing to enhance partners' sales growth and commercial value [3]. - The company operates several brands, including Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango [3]. Group 2: Financial Strategy - The receipt of Bitcoin for shares is part of CIMG's long-term financial strategy, aiming to build a robust Bitcoin reserve to establish a solid value foundation for investors [2]. - The company plans to continue increasing its digital asset reserves and pursue collaborations within AI and crypto ecosystems, such as Merlin Chain [2]. Group 3: Leadership Insights - Wang Jianshuang, Chairwoman and CEO, emphasized the integration of traditional enterprises with the blockchain ecosystem, aiming to pioneer Bitcoin financial applications [2].

Core Insights - CIMG Inc. has signed a non-binding Memorandum of Understanding (MoU) with FLock Technology Holdings to collaborate on developing an AI-assisted wellness monitoring product called LifeNode [1][3] - The partnership aims to leverage FLock's privacy-preserving AI solutions and may include the acquisition of FLOCK tokens as a treasury reserve asset [1][4] - This collaboration is seen as a strategic growth step for CIMG, expanding its focus from specialty coffee to broader consumer food and beverage products [1][3] Company Overview - CIMG Inc. specializes in digital health and sales development, utilizing technology and marketing to enhance partners' sales growth [5] - The company’s brands include Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango [5] FLock Technology Holdings - FLock has developed a decentralized AI training platform, FLock.io, which combines federated learning and blockchain technology [2] - The platform allows for secure, privacy-preserving AI model training without centralizing data, enabling collaborative AI model development [2] Strategic Implications - The partnership is expected to enable the development of next-generation AI solutions that are personalized and privacy-centric, targeting the consumer health and wellness market [4] - CIMG anticipates that LifeNode will provide tailored wellness recommendations, integrating privacy-preserving AI and blockchain technologies [4] - The company sees significant growth potential in the digital asset and cryptocurrency sector and is evaluating the acquisition of FLOCK tokens [4]

Preliminary Information & China-Related Context [Cover Page & Filing Details](index=1&type=section&id=Cover%20Page%20%26%20Filing%20Details) CIMG Inc. files its annual report as a non-accelerated, smaller reporting company for FY2024, with common stock listed on Nasdaq - CIMG Inc. is filing its annual report on Form 10-K for the fiscal year ended September 30, 2024[2](index=2&type=chunk) - The company's common stock (IMG) is registered on The Nasdaq Stock Market LLC[4](index=4&type=chunk) Registrant Status | Status | Indicator | | :-------------------- | :-------- | | Well-known seasoned issuer | No | | Not required to file reports | No | | Filed all required reports | No | | Submitted Interactive Data File | No | | Large accelerated filer | No | | Accelerated filer | No | | Non-accelerated filer | Yes | | Smaller reporting company | Yes | | Emerging growth company | No | - As of March 31, 2024, the aggregate market value of common stock held by non-affiliates was approximately **$5.81 million**[8](index=8&type=chunk) - As of July 2, 2025, there were **36,397,418 shares** of common stock outstanding[9](index=9&type=chunk) [China-Related Operational & Regulatory Risks](index=4&type=section&id=China-Related%20Operational%20%26%20Regulatory%20Risks) CIMG Inc. faces significant operational and regulatory risks in China, including cybersecurity, overseas listing, and cash transfer restrictions - The company's PRC Subsidiaries are subject to legal and operational risks due to being based in China, including potential cybersecurity reviews and anti-monopoly supervision[12](index=12&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - The company's PRC counsel advises that it is not currently subject to CAC cybersecurity review as it does not possess personal information of over one million users nor does its business affect national security[12](index=12&type=chunk)[16](index=16&type=chunk) - Uncertainties in the interpretation of PRC laws, particularly the CSRC's Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, could require future filings and materially impact the company's ability to offer securities[13](index=13&type=chunk)[16](index=16&type=chunk) - Cash transfers from PRC subsidiaries to the holding company are subject to PRC regulations, including dividend restrictions (e.g., funding statutory reserves) and foreign exchange controls, limiting the ability to distribute earnings[17](index=17&type=chunk)[19](index=19&type=chunk) - The company's auditor, Assentsure PAC, is headquartered in Singapore and is subject to PCAOB inspections, mitigating immediate delisting risks under the HFCA Act, but future obstructions to PCAOB access could still lead to delisting[29](index=29&type=chunk)[30](index=30&type=chunk) Cash Transfers Between Company and Subsidiaries | Fiscal Year Ended September 30 | Amount (USD) | | :----------------------------- | :------------- | | 2024 | $220,000 | | 2023 | $0 | [Cautionary Note Regarding Forward-Looking Statements](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section disclaims forward-looking statements in the report, noting they are subject to risks and uncertainties, with no obligation to update - The report contains forward-looking statements, which are not guarantees of future results and are subject to risks and uncertainties[32](index=32&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) - Key areas of forward-looking statements include funding plans, capital sufficiency, expense estimates, Nasdaq listing compliance, economic impact, market size, competition, product innovation, reliance on third parties, regulatory developments, personnel retention, intellectual property, internal controls, litigation, and financial performance[34](index=34&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company disclaims any obligation to update them except as required by law[36](index=36&type=chunk) [References](index=10&type=section&id=References) This section defines key terms and abbreviations used throughout the report, including company entities, currencies, and regulatory bodies - The section provides definitions for key terms such as 'non-PRC Subsidiaries' (Wewin, DZR Tech, Singapore CIMG), 'PRC Subsidiaries' (Beijing Zhongyan, Henan Zhongyan, Beijing Xilin, Shanghai Huomao), and currency symbols[38](index=38&type=chunk) - It clarifies that 'we', 'us', 'our', 'CIMG', and 'the Company' refer to CIMG Inc. and its subsidiaries collectively[38](index=38&type=chunk) PART I [ITEM 1. BUSINESS.](index=8&type=section&id=ITEM%201.%20BUSINESS.) CIMG Inc. transformed its business from specialty coffee to distributing maca-enhanced food and beverages in Asia, securing exclusive rights and leveraging digital marketing - CIMG Inc. changed its name from 'Nuzee, Inc.' and ticker symbol from 'NUZE' to 'IMG' in October 2024, shifting its focus from specialty coffee to a broader range of consumer food and beverage products in Asia, particularly maca-enhanced items[39](index=39&type=chunk)[41](index=41&type=chunk) - The company sold its wholly-owned subsidiaries, NuZee KOREA Ltd. and NuZee Investment Co., Ltd., in June 2024[40](index=40&type=chunk) - CIMG secured exclusive distribution and sales rights for all maca products from Jiangsu Kangduoyuan Beverage Co., Ltd., including Maca Peptide Coffee, Maca-Noni, Maca Wine, and Maca Purified Powder[43](index=43&type=chunk)[50](index=50&type=chunk) - The company's strategy involves leveraging local relationships for long-term partnerships across Hong Kong, PRC, and other Asian markets, aiming to become a leading distributor of premium maca products[44](index=44&type=chunk)[55](index=55&type=chunk) - CIMG plans to expand its distribution network to include both online platforms (TikTok, Alibaba.com, Tencent, JD.com +AI) and offline channels (grocery stores, convenience stores, gas stations, vending machines)[52](index=52&type=chunk)[69](index=69&type=chunk) - The global maca market is projected to exceed **$106 million** by 2037, with a compound annual growth rate (CAGR) exceeding **4.2%** from 2025 to 2037[66](index=66&type=chunk) - CIMG's PRC subsidiary, Beijing Zhongyan, signed contracts with multiple PRC-based distribution companies to place Maca-Noni drinks in **25,000 uSmile PetroChina convenience stores**, **400 Guangdong Petroleum Co., Ltd stores**, **129 Chengdu Energy Gas Stations**, and over **300 self-service vending machines** within the next three years[76](index=76&type=chunk) - The company reported net losses of **$8.56 million** and **$8.75 million** for the years ended September 30, 2024 and 2023, respectively, with an accumulated deficit of approximately **$81.93 million** as of September 30, 2024[73](index=73&type=chunk) - CIMG holds **6 registered trademarks** and **4 registered domain names**, primarily in China, including '中烟商悦' and 'cocomango.cc'[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - As of September 30, 2024, the company had **17 full-time employees**: **1 in the United States**, **4 in Hong Kong**, and **12 in mainland China**[81](index=81&type=chunk) - The company obtained a Food Business License from the Chaoyang District Market Supervision Administration of Beijing on August 23, 2024, allowing it to operate all Maca series products in China[85](index=85&type=chunk) - CIMG Inc. was incorporated in 2011 in Nevada, formerly known as NuZee, Inc., and changed its name and ticker symbol to 'CIMG Inc.' and 'IMG' effective October 31, 2024[86](index=86&type=chunk) - The company received multiple Nasdaq non-compliance notices in early 2025 for minimum bid price and untimely filing of 10-K and 10-Q reports, leading to a delist determination letter on June 27, 2025. CIMG intends to appeal and file its 10-K before July 7, 2025[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - CIMG has **7 subsidiaries**, including wholly-owned entities in Florida, Hong Kong, and Singapore, and PRC subsidiaries (Beijing Zhongyan, Henan Zhongyan, Beijing Xilin, Shanghai Huomao) with varying ownership structures[97](index=97&type=chunk)[98](index=98&type=chunk) [ITEM 1A. RISK FACTORS](index=22&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section details a comprehensive range of risks that could materially harm CIMG Inc.'s business, financial condition, and stock price - The company has a history of net losses and expects to continue incurring them, with an accumulated deficit of approximately **$81.93 million** as of September 30, 2024, raising substantial doubt about its ability to continue as a going concern without additional financing[101](index=101&type=chunk)[109](index=109&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - Future success depends on continued innovation and timely launch of new maca-based products, with failure to do so potentially harming sales and profitability[102](index=102&type=chunk)[124](index=124&type=chunk) - The maca products industry is intensely competitive, with both international and local brands, and changes in consumer preferences and retail landscape could negatively impact financial results[102](index=102&type=chunk)[