If expo or react-native-cli is not able to find a file extension it will throw the error while trying to resolve module none of these files exist. To resolve this we need to let Expo and react-native-cli know about such extensions.
Solution with Code Example
If you are using Expo, then open or create metro.config.js and update according to this –
const { getDefaultConfig } = require("@expo/metro-config");
const defaultConfig = getDefaultConfig(__dirname);
defaultConfig.resolver.assetExts.push("cjs");
module.exports = defaultConfig;

You can add more extensions there.
For react-native-cli –
const { getDefaultConfig } = require("metro-config");
const { resolver: defaultResolver } = getDefaultConfig.getDefaultValues();
exports.resolver = {
...defaultResolver,
sourceExts: [
...defaultResolver.sourceExts,
"cjs",
],
};