Company: CENN
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001140361-25-030576
Chunk: 17

Company: Cenntro Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 17
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     10.00   %   June and July 2024   May 2025       -         -         -         162,836         -       Industrial and Commercial Bank of China(3)       2.50   %   May and June 2025   May and June 2026       1,221,453         1,221,453         -         -         -       Total borrowings                   1,221,453         1,221,453         -         249,614         362,386       Less: borrowings, held for discontinued operations                   -         -         -         -         -       Borrowings, held for continuing operations                   $   1,221,453       $   1,221,453       $   -       $   249,614       $   362,386     

    (1)     On April 30, 2024 and June 21, 2024, Cenntro Electric CICS, SRL borrowed $408,000 and $92,000 from Bank of Multiple Promerica Republic Dominicana, with the interest of 10% and the due date of April 29, 2029 and June 20, 2029, respectively. Cenntro Electric CICS, SRL should repay the loan monthly in five years after the month the loans were borrowed. As of June 30, 2025, Cenntro Electric CICS, SRL was no longer a subsidiary of the Company.

    (2)      In April 2024, Cenntro Electric CICS, SRL was granted bank facility of DOP10,000,000 (approximately $159,644) or equivalent USD from Bank of Multiple Promerica Republic Dominicana, with the interest of 10%, with the contract term of five years. During the term of this agreement, the facility shall be reviewed on each annual calendar date. As of June 30, 2025, C