The company's liquidity position is critical, with a current ratio of 0.27 and cash reserves plummeting to $17,000 by 2026Q2, signaling severe pressure on short-term solvency.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Jul'12 | Jul'11 |
|---|
| Total Current Assets | 3.32M | 70.56M | 5.41M | 3.38M | 10.16M | 12.43M | 5.48M | 2.74M | 2.21M | 902.52K | 370.41K | 349.18K | 363.35K | 1.28M | 253.66K | 8K |
| Cash & Short-Term Investments | 17.02K | 55.14M | 464.22K | 1.37M | 8.32M | 10.82M | 4.4M | 1.33M | 1.81M | 347.33K | 40.61K | 107.68K | 238.16K | 1.11M | 165.48K | 0 |
| Cash Only | 17.02K | 137.37K | 464.22K | 1.37M | 8.32M | 10.82M | 4.4M | 1.33M | 1.81M | 347.33K | 40.61K | 107.68K | 238.16K | 1.11M | 165.48K | 0 |
| Short-Term Investments | 0 | 55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.39M | 102.84K | 0 | 586.88K | 345.26K | 555.24K | 195.61K | 540.31K | 144.85K | 156.27K | 57.71K | 18.2K | 5.21K | 152.86K | 0 | 0 |
| Days Sales Outstanding | 9.21 | 3.65 | - | 121.85 | 40.53 | 105.19 | 50.88 | 109.95 | 38.07 | 35.03 | 46.25 | 57.77 | 26.47 | 456.45 | - | - |
| Inventory | 0 | 11.76M | 4.55M | 998.07K | 948K | 573.46K | 245.37K | 500.99K | 134.88K | 266.62K | 206.36K | 201.76K | 50.88K | 0 | 73.24K | 0 |
| Days Inventory Outstanding | 76.98 | 421.95 | 874.57 | 185.04 | 107.47 | 104.31 | 54.54 | 122.03 | 37.25 | 73.77 | 184.54 | 1.02K | 314.75 | - | 298.52 | - |
| Other Current Assets | 1.91M | 0 | 196.17K | 418.2K | 0 | 0 | 0 | 460 | 33.89K | 132.3K | 0 | 0 | 0 | 0 | 0 | 8K |
| Total Non-Current Assets | 49.87M | 2.06M | 182.01K | 1.06M | 1.56M | 1.32M | 2.69M | 2.51M | 767.51K | 351.73K | 151.95K | 192.1K | 33.37K | 8.66K | 45.29K | 0 |
| Property, Plant & Equipment | 18.95K | 2.2K | 102.01K | 712.81K | 1.17M | 1.06M | 2.43M | 1.88M | 674.39K | 277.99K | 151.95K | 192.1K | 33.37K | 8.66K | 2.48K | 0 |
| Fixed Asset Turnover | 2130.34x | 4680.81x | 18.92x | 2.47x | 2.66x | 1.82x | 0.58x | 0.96x | 2.06x | 5.86x | 3.00x | 0.60x | 2.15x | 14.11x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.11K | 17.11K | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.06M | 80K | 110K | 140K | 0 | 0 | 0 | 34.42K | 45.9K | 0 | 0 | 0 | 0 | 42.82K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 162.26K | 169.63K | 175.43K | 183.31K | 0 | 0 | 10.73K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 49.85M | 0 | 0 | 79.68K | 77.96K | 79.82K | 80.56K | 634.7K | 41.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 53.18M | 72.62M | 5.59M | 4.44M | 11.71M | 13.74M | 8.18M | 5.25M | 2.98M | 1.25M | 522.35K | 541.28K | 396.71K | 1.29M | 298.96K | 8K |
| Asset Turnover | 0.57x | 0.14x | 0.35x | 0.40x | 0.27x | 0.14x | 0.17x | 0.34x | 0.47x | 1.30x | 0.87x | 0.21x | 0.18x | 0.09x | - | - |
| Asset Growth % | 2402.83% | 1199.57% | 25.82% | -62.08% | -14.78% | 68.1% | 55.7% | 76.04% | 137.79% | 140.12% | -3.5% | 36.44% | -69.23% | 331.19% | 3636.95% | - |
| Total Current Liabilities | 12.09M | 23.09M | 6.24M | 2.56M | 1.6M | 1.15M | 1.23M | 976.92K | 476.07K | 350.38K | 945.04K | 666.13K | 51.56K | 115.39K | 236.61K | 1K |
| Accounts Payable | 0 | 429.32K | 1.1M | 1.59M | 113.71K | 342.79K | 49.78K | 341.1K | 268.28K | 104.97K | 189.32K | 65.52K | 43.38K | 55.82K | 79.89K | 1K |
| Days Payables Outstanding | 8.43 | 15.41 | 211.25 | 294.47 | 12.89 | 62.35 | 11.06 | 83.08 | 74.09 | 29.04 | 169.3 | 331.83 | 268.37 | 131.24 | 325.6 | - |
| Short-Term Debt | 7.12K | 2.29M | 3.3M | 4.75K | 7.95K | 43.62K | 56.07K | 101.15K | 44.23K | 44.88K | 748.38K | 600K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 379.8K | 319.71K | 175.82K | 34K | 0 | 0 | 72.75K | 6.62K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 12.09M | 18.84M | 586.17K | 341.34K | 39.24K | 138.63K | 104.53K | 53.81K | 163.56K | 127.78K | 717 | 607 | 8.18K | 9.56K | 7.01K | 0 |
| Current Ratio | 0.27x | 3.06x | 0.87x | 1.32x | 6.35x | 10.77x | 4.45x | 2.81x | 4.65x | 2.58x | 0.39x | 0.52x | 7.05x | 11.10x | 1.07x | 8.00x |
| Quick Ratio | 0.27x | 2.55x | 0.14x | 0.93x | 5.76x | 10.27x | 4.25x | 2.29x | 4.37x | 1.81x | 0.17x | 0.22x | 6.06x | 11.10x | 0.76x | 8.00x |
| Cash Conversion Cycle | 77.77 | 410.19 | - | 12.42 | 135.11 | 147.14 | 94.36 | 148.9 | 1.23 | 79.75 | 61.48 | 747.75 | 72.85 | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 210.24K | 368.64K | 376.72K | 552.66K | 158.57K | 94.38K | 143.25K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 4.75K | 12.7K | 56.84K | 156.82K | 88.06K | 133.64K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 162.3K | 297.41K | 298.22K | 474.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 47.94K | 66.48K | 65.8K | 21.71K | 1.75K | 6.32K | 9.61K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 12.09M | 23.09M | 6.24M | 2.77M | 1.97M | 1.53M | 1.79M | 1.14M | 570.45K | 493.63K | 945.04K | 666.13K | 51.56K | 115.39K | 236.61K | 1K |
| Total Debt | 7.12K | 2.3M | 3.4M | 409.23K | 722.94K | 533.3K | 872.31K | 257.96K | 132.29K | 178.53K | 748.38K | 600K | 0 | 0 | 0 | 0 |
| Net Debt | -9.9K | 2.16M | 2.94M | -963.87K | -7.59M | -10.28M | -3.53M | -1.07M | -1.67M | -168.8K | 707.77K | 492.32K | -238.16K | -1.11M | -165.48K | 0 |
| Debt / Equity | 0.00x | 0.05x | - | 0.24x | 0.07x | 0.04x | 0.14x | 0.06x | 0.05x | 0.23x | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -1605.28x | - | -1803.05x | -1288.41x | -447.34x | -2318.14x | -1445.35x | -253.61x | -375.75x | - | - | - | - | - |
| Total Equity | 41.09M | 49.52M | -650.67K | 1.67M | 9.74M | 12.21M | 6.39M | 4.12M | 2.41M | 760.62K | -422.69K | -124.85K | 345.15K | 1.17M | 62.35K | 7K |
| Equity Growth % | 9445.85% | 7710.75% | -138.86% | -82.81% | -20.22% | 91.13% | 55.28% | 70.6% | 217.12% | 279.95% | -238.56% | -136.17% | -70.59% | 1782.45% | 790.7% | - |
| Book Value per Share | 1.31 | 28.38 | -0.30 | 2.29 | 17.61 | 26.04 | 16.13 | 10.39 | 6.83 | 2.49 | -1.44 | -0.44 | 1.20 | 3.53 | 1.06 | 0.18 |
| Total Shareholders' Equity | 40.27M | 48.65M | -650.67K | 1.67M | 9.74M | 12.21M | 6.39M | 4.01M | 2.32M | 667.76K | -422.69K | -124.85K | 345.15K | 1.17M | 62.35K | 7K |
| Common Stock | 901 | 1.97K | 50 | 8 | 7 | 178 | 146 | 137 | 396 | 347 | 311 | 301 | 306 | 380 | 304 | 40 |
| Retained Earnings | -122.1M | -88.09M | -82.34M | -73.37M | -64.62M | -52.82M | -34.27M | -24.8M | -12.61M | -9.03M | -7.26M | -5.99M | -4.52M | -1.38M | -285.06K | -8K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69.11K | -77.37K | -105K | 0 | 0 | 0 |
| Accumulated OCI | 403.98K | 499.89K | 433.4K | 120.49K | 83.89K | 197.82K | 190.16K | -90.64K | -30.97K | -20.68K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 818.16K | 872.34K | 0 | 0 | 0 | 0 | 0 | 102.9K | 93.13K | 92.86K | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
According to recent financial filings, IMG's balance sheet has weakened significantly as total assets surged to $53.2 million by 2026Q2, yet this expansion is largely decoupled from equity growth, leaving the company increasingly reliant on external financing to sustain its high-growth, low-margin operational model.
The rapid increase in total assets appears to be driven by aggressive scaling rather than organic capital accumulation, as evidenced by the persistent negative retained earnings of $122.1 million. This trajectory suggests that the company is prioritizing top-line volume at the expense of long-term balance sheet stability.
As reported in quarterly statements, IMG's liquidity position has reached a precarious state, with cash reserves plummeting to just $17,000 by 2026Q2, while the current ratio has compressed to a concerning 0.27, indicating a severe inability to meet short-term obligations without immediate capital intervention.
The collapse in the current ratio from 5.25 in 2025Q3 to 0.27 in 2026Q2 highlights a rapid depletion of liquid assets relative to current liabilities. Investors should monitor this trend closely, as the current cash balance provides virtually no buffer against operational shocks or unexpected working capital requirements.
Based on the company's reported figures, shareholder equity has faced extreme volatility, swinging from a deficit of $574,900 in 2024Q2 to $40.3 million in 2026Q2, a shift that appears driven by dilutive financing activities rather than the accumulation of profitable retained earnings.
The persistent and deepening negative retained earnings suggest that the company's core operations remain fundamentally value-destructive. The reliance on equity issuance to bolster the balance sheet may indicate that the business model is currently unable to generate the internal capital necessary to support its own growth.
Analysis of the balance sheet reveals that the company's asset base is heavily skewed toward non-productive or intangible items, as net PPE has dwindled to a nominal $19,000 by 2026Q2, suggesting that the firm may be under-investing in the specialized machinery required for its core manufacturing operations.
The minimal investment in PPE relative to the reported revenue growth warrants further investigation into whether the company is utilizing leased equipment or if its manufacturing capacity is nearing a physical limit. This lack of tangible asset backing makes the company's valuation highly sensitive to future capital expenditure requirements.
Quick answers to the most common questions about buying IMG stock.
As of 2025, CIMG Inc. (IMG) had total assets of $72.6M including $70.6M in current assets.
CIMG Inc. (IMG) carries total debt of $2.3M, offset by $55.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CIMG Inc. (IMG) has total shareholders' equity (book value) of $48.6M ($28.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CIMG Inc. (IMG) reported a current ratio of 3.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.