Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 185

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 185
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 test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

| /s/ Enrome LLP |

We have served as the Company’s auditor since 2022.

Singapore

February 15, 2025

| F-2 |

CN ENERGY GROUP. INC.

CONSOLIDATED BALANCE SHEETS

| ASSETS                                                                                                                                                                             
 Current Assets:                                                                                                                                                                    |     | September 30, 
 2024          |             |   |     | September 30, 
 2023          |             |   |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--------------|------------:|:--|:----|:--------------|------------:|:--|
| Cash                                                                                                                                                                               |     | $             |     317,323 |   |     | $             |     195,502 |   |
| Accounts receivable, net                                                                                                                                                           |     |               |  11,790,391 |   |     |               |  29,012,866 |   |
| Inventories, net                                                                                                                                                                   |     |               |   3,329,344 |   |     |               |   2,655,233 |   |
| Advances to suppliers, net                                                                                                                                                         |     |               |  26,488,494 |   |     |               |  39,044,066 |   |
| Other receivable                                                                                                                                                                   |     |               |  18,709,318 |   |     |               |           - |   |
| Prepaid expenses and other current assets                                                                                                                                          |     |               |     863,690 |   |     |               |   1,541,698 |   |
| Total current assets                                                                                                                                                               |     |               |  61,498,560 |   |     |               |  72,449,365 |   |
| Biological assets, net                                                                                                                                                             |     |               |  28,522,903 |   |     |               |  28,355,589 |   |
| Property and equipment, net                                                                                                                                                        |     |               |   2,012,955 |   |     |               |  13,834,393 |   |
| Land use right, net                                                                                                                                                                |     |               |