10-Q Filing

CIMG INC. CIK: 1527613 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-004495`
Period End Date	20221231
Filing Date	20230213
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 24 Cash Flow Statement 64 Stockholders Equity 16 Comprehensive Income 8

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash	`Cash`	$8.32M	USD	Point-in-time
Cash	`Cash`	$6.49M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	676,229.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	685,088.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	676,229.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$653.90K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$345.26K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	685,088.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$948.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.09M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$547.77K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$376.26K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.16M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$525.08K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$475.28K	USD	Point-in-time
Right-of-use asset - operating lease	`OperatingLeaseRightOfUseAsset`	$642.62K	USD	Point-in-time
Right-of-use asset - operating lease	`OperatingLeaseRightOfUseAsset`	$569.52K	USD	Point-in-time
Investment in unconsolidated affiliate	`Investments`	$169.63K	USD	Point-in-time
Investment in unconsolidated affiliate	`Investments`	$167.81K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$140.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$132.50K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$77.96K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$91.98K	USD	Point-in-time
Total other assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$1.03M	USD	Point-in-time
Total other assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$961.81K	USD	Point-in-time
Total assets	`Assets`	$11.71M	USD	Point-in-time
Total assets	`Assets`	$10.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$462.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$113.71K	USD	Point-in-time
Current portion of long-term loan payable	`LoansPayableCurrent`	$8.01K	USD	Point-in-time
Current portion of long-term loan payable	`LoansPayableCurrent`	$7.95K	USD	Point-in-time
Current portion of lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$388.32K	USD	Point-in-time
Current portion of lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$392.71K	USD	Point-in-time
Current portion of lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$24.52K	USD	Point-in-time
Current portion of lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$28.73K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$706.49K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$624.28K	USD	Point-in-time
Deferred income	`DeferredIncomeCurrent`	$298.02K	USD	Point-in-time
Deferred income	`DeferredIncomeCurrent`	$319.71K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$15.52K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$39.24K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.60M	USD	Point-in-time
Lease liability - operating lease, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$185.35K	USD	Point-in-time
Lease liability - operating lease, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$267.79K	USD	Point-in-time
Lease liability - finance lease, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$29.62K	USD	Point-in-time
Lease liability - finance lease, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$18.52K	USD	Point-in-time
Loan payable - long term, net of current portion	`LongTermLoansPayable`	$2.72K	USD	Point-in-time
Loan payable - long term, net of current portion	`LongTermLoansPayable`	$4.75K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$77.34K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$66.48K	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$368.64K	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$283.93K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.97M	USD	Point-in-time
Common stock; 200,000,000 shares authorized, $0.00001 par value; 685,088 and 676,229 shares issued and outstanding as of December 31, 2022, and September 30, 2022, respectively	`CommonStockValue`	$7.00	USD	Point-in-time
Common stock; 200,000,000 shares authorized, $0.00001 par value; 685,088 and 676,229 shares issued and outstanding as of December 31, 2022, and September 30, 2022, respectively	`CommonStockValue`	$7.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$74.28M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$74.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.62M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$199.48K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$83.89K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.94M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$12.21M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$12.29M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.74M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.05M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.71M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.14M	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.02M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.06M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.37K	USD	1 Quarter
Gross profit	`GrossProfit`	$75.53K	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$2.81M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$2.28M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.80M	USD	1 Quarter
Loss from equity method investment	`GainLossOnInvestments`	$-1.82K	USD	1 Quarter
Loss from equity method investment	`GainLossOnInvestments`	$-1.16K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$42.76K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$50.74K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$47.42K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$35.79K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$5.34K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-2.56K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.80M	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasic`	$-5.45	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasic`	$-3.23	USD	1 Quarter
Basic and diluted weighted average number of common stock outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	514,794.00	shares	1 Quarter
Basic and diluted weighted average number of common stock outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	676,422.00	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$73.81K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.71K	USD	1 Quarter
Noncash lease expense	`OperatingLeaseExpense`	$73.10K	USD	1 Quarter
Noncash lease expense	`OperatingLeaseExpense`	$36.82K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$197.11K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$1.12M	USD	1 Quarter
Restricted stock compensation	`RestrictedStockExpense`	-	USD	1 Quarter
Restricted stock compensation	`RestrictedStockExpense`	$62.84K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$65.61K	USD	1 Quarter
Loss from equity method investment	`GainLossOnInvestments`	$-1.82K	USD	1 Quarter
Loss from equity method investment	`GainLossOnInvestments`	$-1.16K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$374.25K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$240.06K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$141.91K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-189.27K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-66.53K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-171.51K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$14.02K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-231.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$348.95K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$81.51K	USD	1 Quarter
Deferred income	`IncreaseDecreaseInDeferredRevenue`	$-21.68K	USD	1 Quarter
Deferred income	`IncreaseDecreaseInDeferredRevenue`	$151.40K	USD	1 Quarter
Lease liability operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-36.95K	USD	1 Quarter
Lease liability operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-78.05K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-188.08K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-105.93K	USD	1 Quarter
Other non-current liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$10.86K	USD	1 Quarter
Other non-current liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$1.76K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.91M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.58M	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.01K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.51K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.01K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.51K	USD	1 Quarter
Repayment of loans	`RepaymentsOfShortTermDebt`	$1.97K	USD	1 Quarter
Repayment of loans	`RepaymentsOfShortTermDebt`	$13.97K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfDebtAndCapitalLeaseObligations`	$6.89K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfDebtAndCapitalLeaseObligations`	$5.84K	USD	1 Quarter
Proceeds from exercise of warrants, net of issuance costs	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of warrants, net of issuance costs	`ProceedsFromWarrantExercises`	$1.72M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.86K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.70M	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$32.69K	USD	1 Quarter
Effect of foreign exchange on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$115.58K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$151.15K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.82M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.97M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.32M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.82M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.49M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.97M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.32M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.82M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.49M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$2.81K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$1.47K	USD	1 Quarter
ROU assets and liabilities added during the period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
ROU assets and liabilities added during the period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$192.40K	USD	1 Quarter
Deferred offering costs accrued	`StockIssued1`	-	USD	1 Quarter
Deferred offering costs accrued	`StockIssued1`	$257.23K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$7.94M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.21M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.29M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$9.74M	USD	Point-in-time
Stock option expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$197.11K	USD	1 Quarter
Stock option expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.12M	USD	1 Quarter
Restricted stock compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$62.84K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$32.69K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$115.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.80M	USD	1 Quarter
Exercise of warrants, net of issuance costs	`StockIssuedDuringPeriodValueStockWarrantsExercised`	$1.72M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$7.94M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.21M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.29M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$9.74M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.80M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$32.69K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$115.58K	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$32.69K	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$115.58K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.07M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.77M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.