Company: EZOO
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001641172-25-010460
Chunk: 10

Company: Ezagoo Ltd
Filing Date: 2025-05-15
Form: 10-K
Item: Item 7A
Chunk 10
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 power to vote and dispose of its shares.

    (2)
    Based
    on the total issued and outstanding shares of 119,956,826 as of December 31, 2024.

ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE

Due
to related parties mainly consists of borrowings for working capital purpose, the balances are unsecured, non-interest bearing and due
on demand. As of December 31, 2024 and 2023, the amount due to the related parties were $3,694,880 and $3,243,063, respectively.

In
addition, during the year ended December 31, 2024, the related party I, Hunan Bright Lionrock Mountain Resort Limited, related party
J, Beijing Ezagoo Industrial Development Group Holding Limited and related party M, Hunan Wancheng Xingyi Industrial Development Co.,
Ltd had provided the office rent service of $1,669, $3,059 and 21,825 to the Company, respectively.

For
more related party transactions, see Note 5 & 10 of the accompanying consolidated financial statements.

Review,
Approval and Ratification of Related Party Transactions

Given
our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval or ratification
of transactions, such as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to
establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional Directors, so
that such transactions will be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee
thereof. On a moving forward basis, our Directors will continue to approve any related party transaction.

Director
Independence

Our
board of directors is currently composed of one member, Xiaohao Tan, who do not qualifies as an independent director in accordance with
the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests,
such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor
any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made
a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere