Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 247

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 247
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 - Loan to a third party

The Company signed a revolving loan agreement with a third party to lend a revolving loan up to a maximum amount of $6 million from February 1, 2024 to September 30, 2025 at an annual interest rate of 6.5% per annum.

| F-49 |

Note 8 - Biological assets

Biological assets mainly consist forest for future wood harvest and sales, of which the Company owned 29 forest right certificates with expiry dates ranging from August 2053 to December 2076 and with an aggregate area of 14.5 square miles. Biological assets are initially measured at cost and subsequently depreciated on a straight-line basis over its estimated useful lives.

|                                |     | As of       
 March 31,   
 2025        
 (unaudited) |            |   |     | As of         
 September 30, 
 2024          
 (audited)     |            |   |
|:-------------------------------|:----|:------------|-----------:|:--|:----|:--------------|-----------:|:--|
| Biological assets              |     | $           | 29,333,374 |   |     | $             | 30,358,304 |   |
| Less: accumulated depreciation |     |             | (2,236,071 | ) |     |               | (1,835,401 | ) |
| Biological assets, net         |     | $           | 27,097,303 |   |     | $             | 28,522,903 |   |

Depreciation expenses were $464,696 and $466,256 for the six months ended March 31, 2025 and 2024, respectively.

Note 9 - Prepayment for acquisition

On March 31, 2025 and April 23, 2025, CN Energy and Ewforest (the “Purchaser”) entered into a share purchase agreement (the “Purchase Agreement”) with, Ynong Group Limited (the “Seller”) and Ynong International Group Limited (“Ynong”), pursuant to which the Seller agreed to sell and the Purchaser agreed to purchase 4,500 shares of Ynong ordinary shares (the “Ynong Shares”), of which represents forty-five percent (45%) of the issued and outstanding Ynong ordinary shares to the Purchaser. Ynong directly owns all of the issued and outstanding equity of an Indonesian entity, PT Grand Indonesia