Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 93

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 93
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 |     | $                                   | (1,457,318 | ) |     | $ | (579,200 | ) |
| Net cash (used in) provided by investing activities |     |                                     | (2,300,351 | ) |     |   |   24,448 |   |
| Net cash provided by financing activities           |     |                                     |  3,672,950 |   |     |   |  483,690 |   |
| Effect of exchange rate changes on cash             |     |                                     |     (1,157 | ) |     |   |    1,976 |   |
| Net decrease in cash                                |     |                                     |    (85,876 | ) |     |   |  (69,086 | ) |
| Cash, beginning of period                           |     |                                     |    317,323 |   |     |   |  195,502 |   |
| Cash, end of period                                 |     | $                                   |    231,447 |   |     | $ |  126,416 |   |

| 55 |

Operating activities

Net cash used in operating was $1.5 million for the six months ended March 31, 2025. The net cash used in operating activities was primarily attributable to an increase of $7.5 million accounts receivable due to credit sales and $7.5 million reversal of allowance for accounts receivable, as partially offset by net income of $6.9 million, reduction of $1.4 million in inventory and reduction of $4.8 million in advances to suppliers.

Investing activities

Net cash used in investing activities of $2.3 million for the six months ended March 31, 2025 was primarily attributable to advance to a third party of $2.3 million.

Financing activities

Net cash provided by financing activities of $3.7 million for the six months ended March 31, 2025 was primarily attributable to proceeds from warrants exercised of $0.5 million and proceeds of $3.2 million from convertible notes.

Cash Flows for the Fiscal Years Ended September 30, 2024, 2023, and 2022

Cash Flows

The following table sets forth a summary of our cash flows for the fiscal years indicated:

|                                                     |     | For the years ended September 30, |       2024 |   |     |   |        2023 |   |     |