Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 194

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 194
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 carbon in the future |
| CN Energy USA                  |     | March 31, 2022    |     | Delaware, U.S.         |     | 100%      |     | Investment, consultation and trading, inactive.        |
| Zhoushan Trading               |     | April 8, 2022     |     | Zhejiang, China        |     | 100%      |     | Trading.                                               |
| Ningbo Trading                 |     | April 13, 2022    |     | Zhejiang, China        |     | 100%      |     | Trading.                                               |
| Zhejiang Yongfeng New Material |     | October 11, 2022  |     | Zhejiang, China        |     | 100%      |     | Trading.                                               |
| MZ HK                          |     | December 6, 2018  |     | Hong Kong, China       |     | 100%      |     | Holding company                                        |
| MZ Pintai                      |     | January 22, 2019  |     | Zhejiang, China        |     | 100%      |     | Holding company                                        |
| Yunnan Yuemu                   |     | September 2, 2022 |     | Yunnan, China          |     | 100%      |     | Holding company                                        |
| Yunnan Honghao                 |     | May 6, 2013       |     | Yunnan, China          |     | 100%      |     | Forestry project investment and development            |

| F-8 |

Note 2 - Summary of significant accounting policies

In assessing the Company’s liquidity and substantial doubt about its ability to continue as a going concern, the Company monitors and analyzes cash on-hand and operating expenditure commitments. The Company’s liquidity needs are to meet working capital requirements and operating expense obligations. To date, the Company financed its operations primarily through equity or convertible securities financing activities and commercial bank loan.

The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company recorded net loss of $14.0 million, accumulated deficit of $16.7 million and net cash used in operating activities of $2.4