Company: MKDWW
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001641172-25-002607
Chunk: 100

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: 20-F
Item: Item 7
Chunk 100
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 of loans from MKD BVI to Cetus Sponsor LLC was $932,640, including interests of $57,640. On March 13, 2025, Cetus
Sponsor LLC, AWinner Limited, and MKD BVI entered into a debt transfer agreement, pursuant to which the debt of US$875,000 owed to
MKD BVI by Cetus Sponsor LLC was transferred to and will be borne by AWinner Limited. Meanwhile, on March 13, 2025, AWinner Limited
issued an interest-free promissory note with an amount of US$875,000 to MKD BVI, with the maturity date being December 31, 2026. For
the interests of $57,640, the Company is currently negotiating with AWinner Limited and expects to receive the interests before
December 31, 2025.

In order to
finance transaction costs in connection with the Business Combination, Cetus Sponsor LLC and AWinner Limited provided the interest
free loans to the Company. As of December 31, 2024, the amount of loans from Cetus Sponsor LLC and AWinner Limited were US$914,000
and US$235,737, respectively. On March 13, 2025, Cetus Sponsor LLC, AWinner Limited, and MKD entered into a debt transfer agreement,
pursuant to which Cetus Sponsor LLC transferred its claim of US$875,000 against the Company
to AWinner Limited. On March
19, 2025, AWinner Limited and the Company entered into a debt conversion agreement to convert the loans amounting to US$1,110,000 into
11,110,000 new ordinary shares of the Company. Regarding the remaining loan of US$39,000 from Cetus Sponsor LLC and US$737 from
AWinner Limited, the Company will repay in cash. The specific repayment date is currently being negotiated with Cetus Sponsor LLC
and AWinner Limited.

On March
19, 2025, the debt of $473,100 related to equipment purchase payable were transferred to Ming-Chia Huang and subsequently converted into
equity with the Company entering into debt conversion agreement with Ming-Chia Huang. According to debt conversion agreements, the debt
will be converted into 4,731,000 new ordinary shares of the Company for Ming-Chia Huang.

  60  

Certain
Transactions of Cetus Capital before the Closing of the Business Combination

Prior
to the business combination of MK