Exhibit 10.3


 


Working Capital Loan Contract


 


Reference No. : 2018nianzhenzhongyinbujiezi No.0104


 


Party A: Icon Energy System (Shenzhen) Co.,
Ltd.


Business License: ***


Legal Representative: Dangyu Pan


Address: 4/F, Building A East, Jinmeiwei Industrial
Park, High Technology Park, Shangkeng Community, Guanlan Street, Baoan District, Shenzhen


Postal code: 518000


Deposit A/C and Financial Institutions: Bank
of China, Pinghu Sub-branch, Shenzhen,


Telephone: 0755-89686236 ; Facsimile: 0755-89686298


 


Party B: Bank of China, Buji Sub-branch.


Legal Representative: ZHENG XIAOCHUAN


Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518000


Telephone: 0755-22337156 ; Facsimile: 0755-28772290


 


The borrower and lender conclude the contract
for the loan of party A to Party B through equal consultation.


 


This contract is the affiliated specific credit
contract under the “Comprehensive Credit Line Contract” (Reference No.: 2018zhenzhongyinebuxiezi No. 00030), which
is signed by Icon Energy System (Shenzhen) Co., Ltd. and Bank of China, Buji Sub-branch.


 


Clause 1 Amount


 


Party B agrees to provide the following loan:


 


Currency in: RMB


 





Amount: Ten Millions Only RMB 10,000,000.00







 


Clause 2 Period of the Loan


 


The period of the loan is 12 months starting
from the first withdrawal date in part or in whole.


 


It is Party A’s obligation to withdraw
funds on the date as agreed. Any late withdrawal will not result in delay/extension of repayment.


 


Clause 3 Use of Loan


 


Purpose of loan: Purchase of raw materials


 


Party A is prohibited from changing the use
of loan without Party B’s written approval. The restrictions include but are not limited to changing the use of loan to fixed
assets or equity investments, as well as production activities prohibited by the central governments.


 


Clause 4 Lending Rate and Interest Calculations


 





1. Lending rate is floating rate, which
is reset every 6 months starting from the first withdrawal date. The rate resetting date is the first day of each floating period.







 


For each withdrawal in installments:


 


■ RMB floating rate


 




    	 	 	 



     


    

  


A. First withdrawal (during the first floating
period) interest rate is the twelve-month benchmark lending interest rate, set by Interbank rates, plus 221.5;


 


B. On the interest resetting date, the new
interest rate is the spot one-year lending interest rate, benchmarked by Interbank rates, plus 221.5 on all outstanding loan amounts.


 


2. Interest calculation.


 


Interest is calculated starting from the actual
withdrawal date on the actual amount of money withdrawn and the number of days outstanding.


 


Interest calculation formula: Interest = Principal
× actual number of days × daily rate.


 


Daily rate calculation is: daily rate = APR
/ 360.


 


3. The method of interest settlement.


 


Interest settlement takes place on the 20th
of each month, the 21st is the interest payment date.


 


If the final loan principal payment date is
different from the interest payment date, the borrower should pay off all interest on the principal payment date.


 


4. Penalty interest.


 


(1) For the loan overdue or violated use the
loan purpose, penalty interest rate will apply to the loan amount that is overdue or misappropriated from the date of overdue or
misappropriation until the principal and interest are paid off.


 


On both overdue and misappropriation of loans,
a higher penalty interest rate shall be charged.


 


(2) If the borrower does not pay interest and/or
penalty interest by the interest payment date, the interest is calculated based on Clause 3 and 4.


 


(3) Penalty rate.


 


■ The penalty interest rate on floating-rate
loans.


 


According to the floating period and the method
of floating as agreed in Clause 1, the penalty interest rate of the overdue loan shall be the agreed interest rate plus 50%, and
the penalty interest rate of the misappropriated loan shall be the agreed interest rate plus 50%.


 


Clause 5 Withdrawal Conditions


 


Withdrawal must meet the following conditions:


 


1. This contract and its attachments have become
effective.


 


2. Party A has provided guarantees requested
by Party B, and the guarantee contract has become effective and has accomplished legal procedures of approval and registration.


 


3. Party A has provided Party B with loan documents,
seals, personnel list, specimen signature, and complete the relevant evidence.


 


4. Party A has opened the account for fulfilling
this contract requested by Party B.


 


5. Party A should submit written withdrawal
application, documentary proof for using of loans and complete the relevant formalities for withdrawal before 5 banking days.


 


6. Party A has submitted resolution books and
power of attorney signed by the board or other authorities to Party B.


 


Withdrawal can be refused by Party B if Party
A has not met the above conditions, but agreed by Party B.


 


Clause 6 Date and Method of Withdrawal


 


1. All loans should be withdrawn in 30 days
from 21st Sep 2018.


 


2. Party B has the right to refuse the withdrawal
application of unused loan which is over the date of withdrawal.


 




    	 	 	 



     


    

  


Clause 7 Payment of the Loan


 


1. The Account


 


The loan should be granted and paid through
the account opened by Party A:


 


Account Name: Icon Energy System (Shenzhen)
Co., Ltd.


 


Account number: *****


 


2. The Way of Payment


 


(1) The way of payment should be in accordance
with laws and regulations, regulatory requirements and the contract. The way of single payment of the Loan should be approved in
written withdrawal application. Party B has the right to change the way of payment or stop providing the loan if the way of payment
in the application doesn’t meet the requirement.


 


(3) Borrower makes the payment on its own.


 


(4) The change of payment. The way of payment
should be changed when the payment, credit rating or other conditions of Party A has changed after submitting withdrawal application.
Party A should provide the written change application, should resubmit the withdrawal application and documentary proof for using
of loans if the sum, payment object or the use of loans has changed.


 


3. The Specific Requirements of Entrusted Payment


 


(1) Entrusted payment. Party B pay to the specified
account directly which is written in this contract, including the name of account, account number and the sum of payment.


 


(2) To provide the transaction information.
Party A should provide the account of loans, the account information of counterparty and relevant documents when entrusted payment.
All document provided to Party B should be true, integral and effective, or Party B does not assume any responsibility for failed
transaction, and occurred repayment obligations do not be affected.


 





(3) Party B’s obligations under the
entrusted payment.







 


A. Party B pay to the specified account after
examination and approval of Party A’s commission books and other related transaction information when entrusted payment.


 


B. If Party B found that the proof materials
and other related trading purposes material provided by Party A does not comply with this contract or the presence of other defects,
Party B has the right to require Party A to supplement, replace, description or re-submit the relevant materials. Before these
materials are submitted, Party B has the right to refuse the issuance and payment of the relevant amounts.


 


C. Party B will assume no responsibility and
the generated obligations of Party A will be not affected if Party B cannot pay the loan to the counterparty in time in accordance
with payment order of Party A because of the refund by opening bank of the counterparty. Party A hereby authorizes Party B to freeze
the fund returned by opening bank of the counterparty. In this case, Party A shall resubmit the payment order and use proven materials
and other related transaction materials.


 


(4) Party A shall not piecemeal way to circumvent
the trustee to pay Party B.


 


5. Party B has right to redefine the terms
of payment and loan disbursement or stop the loan if the following situations occurred:


 


(1) Party A violates the contract to circumvent
entrusted payment of Party B by piecemeal way.


 


(2) Party A's credit status drops or main business
profitability is not good.


 


(3) The use of loan is abnormal.


 


(4) Party A fails to provide the records and
information of the loan requested by Party B timely.


 


(5) Party A contravenes this section to use
the loan.


 




    	 	 	 



     


    

  


Clause 8 Repayment


 


1. Party A shall specify the following account
as capital recovery account and provide the information of this account. Party B has the right to ask Party A to explain inflows
and outflows of large-sum and abnormal capital, as well as monitor capital recovery account.


 


Account Name: Icon Energy System (Shenzhen)
Co., Ltd.


 


Account number: *****


 


2. Except otherwise agreed, on the expiry date,
Party A must repay all the loans under this contract.


 


If Party A wants to change the plan of repayment,
a written application confirmed in writing by both parties jointly should be submitted in 10 banking days before the loans maturity.


 


3. Unless otherwise agreed, Party A has the
right to decide repayment order of the principal or interest. If there are several expiring loans or overdue loans which are repaid
in installment way under this contract, Party B has the right to decide the liquidation sequence of a repayment. Party B has the
right to decide the priority of the repayment order if multiple contracts expire at the same time.


 


4. Unless otherwise agreed, Party A can repay
in advance, but Party A should notice Party B in written 15 banking days advance. The amount of the first advance payment used
to repay the final maturity of the loan, in reverse order to repay the loans.


 


5. Party A must deposit funds in the following
account three banking days advance of every expiring principle with interest. Party B has the right to take the funds from the
account on the expiry date.


 


Account Name: Icon Energy System (Shenzhen)
Co., Ltd.


 


Account number: *****


 


Clause 9 Guarantee


 


1.       To
ensure that borrowing under this agreement is repaid, the guarantees shall be adopted by guarantees and Party B.


 


2.       Under
certain circumstance, Party B believes that will affect the capacity for fulfilling the contract of Party A or Guarantor, or Guarantee
Contracts are invalid, revoked or dissolved, or the financial position of Party A/Guarantor deteriorate or Party A/Guarantor involved
in litigation issues, or other factors which might affect its repayment ability, or guarantors were found default in other contracts
with Party B, or devaluation, dismiss or damage of collaterals which might cause the value of the collaterals slaked or losses,
Party B reserves the right to request Party A and Party A has the obligation to add or replace the guarantor.


 


Clause 10 Statement and Commitment


 





1. To ensure that borrowing under this
agreement is repaid, the guarantees shall be adopted by guarantees and Party B.


 


2. Under certain circumstance, Party B
believes that will affect the capacity for fulfilling the contract of Party A or Guarantor, or Guarantee Contracts are invalid,
revoked or dissolved, or the financial position of Party A/Guarantor deteriorate or Party A/Guarantor involved in litigation issues,
or other factors which might affect its repayment ability, or guarantors were found default in other contracts with Party B, or
devaluation, dismiss or damage of collaterals which might cause the value of the collaterals slaked or losses, Party B reserves
the right to request Party A and Party A has the obligation to add or replace the guarantor.


 


Clause 10 Statement and Commitment


 


1. Party A’s Statement:


 


1) Party A is legally register and exist
with full capacity for civil rights and civil conduct;


 


2) Signing and performing the contract
is the true will of Party A, Party A has been granted all legal and valid authorizations before signing the contract. The contract
does not form a default for other contracts signed and performed by Party A and other legal documents. It is Party A’s responsibility
to complete all required approvals, registrations, permits and filings;


 


3) All document and information, financial
statement, certificates and other materials provided by Party A to Party B are true, complete, accurate and effective;


 


4) All the transactions mentioned by Party
A for apply specific credit line should be real and not for illegal purposes such as: money laundry;


 


5) No hidden events regarding Party A and
guarantor’s financial and repayment abilities;


 


6) Party A and the loan project reach the
national environmental standards, not in the list of the enterprises which have problems of energy consumption and pollution, don’t
have the risk of energy consumption and pollution.




 




    	 	 	 



     


    

 





2. Party A’s Commitment:


 


1) Party A shall submit the financial statements
and other relevant information regularly, including but not limited to annual, quarterly and monthly financial reports.


 


2) Any counter-guarantee agreement between
the guarantors and Party A will not affect the Party B’s underlying rights under this contract.


 


3) Cooperated in Party B’s exam and
inspection on the utilization of the loan as well as Party A’s financials and operations.


 


4) Under circumstances Party A or Guarantor’s
capability of performing the contract might be affected, Party A should notify Party B in written in time. Those circumstances
included but not limited to merger, division, decrease of capital, equity transfer, investment, a substantial increase of debt
financing, a major asset and credit assignment.


 


Party A should notify Party B in time,
when the following things occurred:




 


A. changes of articles of association, the
scope of business, registered capital and legal representative of Party A or Guarantor.


 


B. Any form of management mode change, including
joint operation, invest and cooperate with foreigners, contract management, reorganization, restructuring, listing plan.


 


C. Party A is involved in major litigation
or arbitration, or property or collateral is seized, detained or regulated, or set new guarantee in collateral.


 


D. Out of business, dissolution, liquidation,
suspend business for rectification, cancellation, revocation of the business license or (be) filed for bankruptcy.


 


E. Shareholders, directors and senior management
personnel suspected of serious cases or economic disputes.


 


F. Default events in other contracts.


 


G. Operating difficulties and financial situation
has deteriorated.


 


(5) The repayment to Party B prior to shareholders,
and is comparable to other creditors of the same kind debts.


 


Party A is prohibited to repay the loan to
shareholders before paying off the principal and interests under the contract.


 


(6) If Party A fails to pay principal, interests
and fees on time in the fiscal year, any form of dividends is forbidden.


 


(7) Party A cannot dispose of assets to reduce
its debt paying ability and promises the total amount of external guarantee is not 1 time higher than its net assets, and the total
amount of external guarantee and the amount of single guarantee shall not exceed the limitation set by the articles of association.


 


(8) Except the use agreed in this contract
or agreed by Party B, Party A is prohibited to transfer the loans to other accounts or related accounts.


 


Party A should provide documentary proof when
the loan is transferred to other accounts or related accounts.


 


(9) Party B has the right to call the loan
advanced according to the situation of capital return of Party A.


 


Clause 11 Disclosure of the Affiliated Transaction
Inside Party A 's Group


 


Party A is a Group customer confirmed by Party
B according to the "Commercial Bank Group guidelines for customer credit risk management business"(hereinafter referred
to as “guideline”). During the credit period, Party A shall promptly report to Party B about more than 10% of net assets
associated with the transaction, including but not limited to: the parties to the transaction of the association; trading program
and nature of the transaction; the amount of the transaction or the corresponding ratio; pricing policies (including no amount
or only nominal amounts of transactions).


 




    	 	 	 



     


    

 


Under any of the following circumstances, Party
B shall have the right to unilaterally decide to suspend the unused loan and recover part or all of the principal and interest
of the loan in advance: use the false contracts which are signed with affiliated parties to discount or pledge at bank and to obtain
bank funds or credit with notes receivable and accounts receivable without actual trade background; the occurrence of major mergers,
acquisitions and reorganization which are considered by Party B may affect the loan safety; evasion or discarding of bank debts
on purpose through affiliated transactions; other circumstances stipulated in article eighteenth of "guidelines".


 


Clause 12 Breach of Covenants


 





Each of the following events and issues
constitute Party A in the event of default under the contract:


 


1. Party A did not perform the repayment
obligation under this contract;


 


2. Party A has not used the credit funds
according to agreed purposes, or has not paid the loan by agreed way in this contract;


 


3. Party A’s statements in this contract
are untrue or in violation with commitments made by Party A in this contract;


 


4. Under the circumstance defined in 2.(4)
of Clause 10, Party A refused to provide additional guarantee or replacement of a new guarantor;


 


5. Deterioration of credit, or profitability,
debt paying ability, operating ability, cash flow and other financial indicators of Party A deteriorate, breaking the contract
index constraint agreed or other financial covenants;


 


6. Party A breaches other contracts signed
with Party B or other affiliated institutions of Bank of China;


 


7. Guarantors breach contracts, or have
default events with Party B or other affiliated institutions of Bank of China;


 


8. The termination of business or dissolution,
revocation or bankruptcy of Party A;


 


9. Party A is or may be involved in major
economic disputes, litigation, arbitration, or its assets were seized, detained or enforced, or investigated or punished by the
judicial organ or taxation, industry and commerce administrative organs in accordance with the law, has been or may affect its
ability to fulfill the obligations under this contract;


 


10. Abnormal change, missing, legal restriction
of personal liberty and investigation by judicial authorities of Party A’s major individual investors, key management personnel,
which have been or may affect Party A to fulfill the obligations under this contract.


 


11. Party B finds the problems which may
affect the borrower or guarantor's financial situation and performance capabilities when reviewing Party A’s financial condition
and performance capabilities every year (every year from the effective date of the contract);


 


12. Party A cannot provide materials to
Party B to explain large and abnormal capital inflow and outflow in the account.


 


13. Party A is in violation with other
rights and obligations agreed in this contract.


 


When any of the above situations occurred,
Party B will perform the following in separate or all at the same time according to the specific situation:


 


1) Require Party A or Guarantor to rectify
defaults within a definite time.


 


2) Reduce completely or partly, pause or
terminate Party A’s Credit limit.


 


3) Pause or terminate completely or partly
Party A’s business applications in this contract or in other contracts between Party A and Party B specific credit line under
this contract. Pause or terminate completely or partly, or cancel or stop offering, paying and settling the unissued loans and
unsettled trade financing.







 




    	 	 	 



     


    

 





4) Announce the immediate expiration on
all or part of the outstanding loans, principle and interest of trade financing and other accounts payable under this contract
or other contracts between Party A and Party B.


 


5) Terminate or release this contract,
terminate or release contracts between Party A and Party B completely or partly.


 


6) Require compensation from Party A on
the losses caused by Party A to Party B.


 


7) Deduct the fund from Party A’s
deposit accounts to pay off the debts to Party B under this contract. All the undue funds in the accounts were considered as acceleration
of maturity. If the currency in deposit account is different from the currency of Party B’s loans, the exchange rate on the
date of the hold in custody will be applied.


 


8) Real rights of pledge will be executed.


 


9) Require Guarantors assume liability
of guaranty.


 


10) Other necessary or probable procedures
on Party B’s concern.




 


Clause 13 Rights Reserved


 


One party does not perform part or all of the
rights under this contract, nor does not require the other party to perform, undertake part or all of the obligations and responsibilities,
which does not mean the abdication of the right or exemption of the obligation and responsibility.


 


Any tolerance, extension or delay from one
party to another party for exercising of rights under this contract does not affect the rights one party enjoys according to this
contract and laws and regulations, and does not mean the abdication of the right.


 


Clause 14 Changes, Modification, Termination


 


Upon negotiation and agreed by both parties,
this contract can be changed and modified by written. Any of the changes and modifications should form the inseparable part of
this contract.


 


Unless otherwise provided for in any law or
regulation or stipulated between the parties, this contract would not be terminated prior to all the rights and obligations are
fulfilled.


 


Unless otherwise provided for in any law or
regulation or stipulated between the parties, the invalidation of single terms under this contract should not affect the validation
of other terms under this contract.


 


Clause 15 Applicable Law and Resolution for
Dispute


 


1. This contract is applicable to the laws
of People’s Republic of China.


 


During the performance of this contract or
in connection with all disputes relating to this contract, the two parties settled through friendly consultations. If negotiation
cannot reach agreement, both parties can apply to the people's court of Shenzhen.


 


Clause 16 Attachments


 


The Appendix hereof and the other appendix
confirmed by both parties shall form an integral part of this contract, and shall be of legally equal effect with this contract.


 


1. Withdrawal application;


 


Clause 17 Other terms and Conditions


 


1. Without Party B’s written approval,
Party A is not allowed to transfer the rights and obligations under this contract to the 3rd Parties.




 




    	 	 	 



     


    

 





2. Party A should give the consent that
Party B might somehow authorize other affiliated institution of Bank of China to perform the obligation. The performing party entitles
all the rights and obligations under this contract, the performing party reserves the rights to appeal a resolution of dispute
if necessary.


 


3. The contract has equivalent restrictions
to the successors or inherits of both parties.


 


4. Unless otherwise agreed, the domicile
addresses stated in this contract are for corresponding use; both parties should notify each other in writing about any changes
of its domicile addresses.


 


5. The transactions under the contract
based on independent interests. According to relevant laws, regulations and regulatory requirements, other parties of the transaction
constitutes a connected party or associated persons, any party shall not seek to use this relationship to affect the fair of transaction.


 


6. The title and name of business in this
contract is only for business purposes, will not be used for interpretation of the contract terms, the rights and obligations.


 


7. In accordance with the provisions of
the relevant laws and regulations, supervision, Party B has the right to provide the information of this contract and other relevant
information to the credit system of the people's Bank of China and other legally established credit information database, for organizations
or individuals who have the appropriate qualifications to query and use.


 


8. If the drawdown date or the repayment
date is in legal holidays, then it is delayed to the first working day after the holidays.


 


9. If required by the governing institutions,
Party B might not be able to perform the obligations agreed in this contract, Party B has the right to stop or change the contract
or its clauses, and Party B is exempted from punishment under this circumstance.




 


Clause 18 Effective of the Contract


 


This contract enters into force upon the date
when it is signed or sealed and affixed with official seals by the legal representatives or entrusted agents of Party A and Party
B.


 


This contract is signed in quadruplicate, each
party holds two copies, which have the equal legal effect.


 


	/s/ [Stamp of Party A]	 
	Signature	 
	 	 
	/s/ [Stamp of Party B]	 
	Signature