Company: CENN
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001140361-25-030576
Chunk: 15

Company: Cenntro Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 15
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 entered into a subscription agreement with MineOne Partners Limited, a partnership incorporated in the British Virgin Islands, for purchase of $25 million partnership shares in MineOne Fix Income Investment I LP (“MineOne”), over which MineOne Partners Limited is the General Partner. The Company held 100% of the limited partnership equity of MineOne and was entitled to a fixed return of 5% per annum on the investment amount, and had the rights to sell all or any portion of its partnership interest after the second anniversary of the investment if the Company gave at least ten business days’ prior notice to the General Partner and received the consent of General Partner. MineOne focuses on private credit loans, convertible bridge, and personal factoring. The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The private equity fund is measured at fair value with gains and losses recognized in earnings.   

    For the six months ended June 30, 2025 and 2024, the Company received distribution of nil and $500,000 of investment in MineOne, respectively.

    For the six months ended June 30, 2025 and 2024, the Company recorded upward adjustments $516,277 and $494,451 for changes in fair value of the equity investment, held for continuing operations, respectively.

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT, NET

    Property, plant and equipment, net consisted of the following:

             June 30, 2025

            December 31,2024

            (Unaudited)

            At cost:

            Plant and building

            $
          
           13,503,998 

            $
          
           13,272,630 

            Land

           1,063,270 

           1,063,270 

            Machinery and equipment

           3,477,075 

           3,575,885 

            Leasehold improvement

           2,513,030 

           2,129,632 

            Office equipment

           3,082,341 

           2,497,514 

            Motor vehicles

           1,492,008 

           1,412,266 

            Construction in progress

           114,621 

           418,340 

            Total

           25,246,343 

           24,369,537 

            Less: accumulated depreciation

           (6,897,624