Company: CENN
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001140361-25-030576
Chunk: 29

Company: Cenntro Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 29
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 11,729 

      (1)  The balance mainly represents the interest income receivable from the related party.   

      (2)  The balance mainly represents the loan and interest receivable from the related party. On May 29, 2025, the Company entered into a loan agreement (the “Loan Agreement”) with Greenland to lend $200,000 with interest rate of 7.50% per annum and the loan will be due on May 29, 2026.   

    Amounts due to Related Parties - current

    The following table presents amounts due to related parties as of June 30, 2025 and December 31, 2024.

            June 30,
            2025(Unaudited)

            December 31,
            2024

            Zhongchai(1)

            $
          
           1,016,042 

            $
          
           - 

            Billy Rafael Romero Del Rosario

           - 

           26,226 

            Total amounts due to related parties

           1,016,042 

           26,226 

            Less: amounts due to related parties, held for discontinued operations

           - 

           - 

            Amounts due to related parties, held for continuing operations

            $
          
           1,016,042 

            $
          
           26,226 

      (1)  On April 15, 2025, Zhongchai entered into a loan agreement (the “Loan Agreement”) with the Company, which provides for the Company’s capacity to borrow up to $1.0 million as evidenced by a promissory note issued by the Company to the Lender dated as of April 15, 2025 (the “Promissory Note”). The Company intends to use the proceeds received from the Promissory Note for working capital purposes. The Promissory Note has a maturity date of April 14, 2026, and accrues interest at a rate of 7.50% per annum. Both parties also made supplementary agreement that the period before April 15, 2025 shall be an interest-free period for the Advanced Funds.   

NOTE 20 - SUBSEQUENT EVENT

      Investment Pte. Ltd., a Singapore limited company, is the holder of the convertible note, as amended dated July 20, 2022 in the original principal amount of $52,237,500 (the "Note") pursuant to that certain securities purchase agreement, dated July 20,