Company: CENN
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001140361-25-041657
Chunk: 21

Company: Cenntro Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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    Borrowings, held for continuing operations                       $   906,026       $   906,026       $   -       $   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 September 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 September 30, 2025, Cenntro Electric CICS, SRL was no longer a subsidiary of the Company.

      (3)     On May 13, 2025, the Company was granted bank facility of RMB10,000,000 (approximately $1,404,692) from Industrial and Commercial Bank of China, with the interest of 2.50%, with the period from May 13, 2025 to May 12, 2028. From May 2025 to September 2025, loan principle of $1,516,607 was borrowed from the bank and will be due in one year. From July 2025 to September 2025, loan principal of $623,263 was repaid. On October 14, 2025, an additional loan of $110,802 was borrowed. The loan was pledged by the plants and building and land use right with net value of $15,563,984.

        14

          
            CENNTRO INC.
            NOTES TO UNAUDITED