Company: EZOO
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022083
Chunk: 8

Company: Ezagoo Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 8
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    F-5

EZAGOO
LIMITED

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

On
July 20, 2018, CETL entered into and consummated an agreement with BESH and RFLL whereas BESH and RFLL have given CETL the right to appoint
management of CETL to act as proxy to existing shareholders of Beijing Ezagoo Zhicheng Internet Technology Limited. This gives management
of CETL the ability to conduct and control company affairs of Beijing Ezagoo Zhicheng Internet Technology Limited. Actions which management
of CETL may be able to carry out include, but are not limited to, exercising voting rights as proxy of the existing shareholder(s), appointing
new directors, hiring new management, and carrying out corporate actions. More information regarding this agreement can be found in exhibit
10.2, titled, “Shareholder’ Voting Rights Proxy Agreement” on the Form S-1 Amendment No.3, filed on May 3, 2019.

On
July 20, 2018 CETL entered into and consummated an agreement with BESH and RFLL whereas BESH and RFLL have engaged CETL to provide management,
financial, and other business services to Beijing Ezagoo Zhicheng Internet Technology Limited (formerly named as Hunan Ezagoo Zhicheng
Internet Technology Limited that change the company name on December 2, 2020). CETL is to be compensated with 100% of all profits generated
by Beijing Ezagoo Zhicheng Internet Technology Limited. This Agreement is effective as of July 20, 2018 and will continue in effect for
a period of ten (10) years (the “Initial Term”), and for succeeding periods of the same duration (each, “Subsequent
Term”), until terminated by one of the following means either during the Initial Term or thereafter: Mutual Consent, Termination
by CETL, Breach or Insolvency. Beijing Ezagoo Zhicheng Internet Technology Limited is considered to be a variable interest entity to
Changsha Ezagoo Technology Limited, and therefore a VIE of the issuer, Ezagoo Limited, a Nevada Company. More information regarding this
agreement can be found in exhibit 10.3, titled, “Management Services Agreement” on the Form S-1 Amendment