# EDGAR Filing Document

**Accession Number:** 0001594204
**File Stem:** 0001214659-25-010250
**Filing Date:** 2025-7
**Character Count:** 69713
**Document Hash:** 420494671417e79d83e08cdf29802766
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-010250.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0001214659-25-010250

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZHEN DING RESOURCES INC.
- **CENTRAL INDEX KEY:** 0001594204
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 113350926
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-193211
- **FILM NUMBER:** 251115643

**BUSINESS ADDRESS:**
- **STREET 1:** 99 AVE DE LA MOSELLE
- **CITY:** SAINT LAMBERT
- **STATE:** A8
- **ZIP:** J45 1W9
- **BUSINESS PHONE:** (438) 376-5317

**MAIL ADDRESS:**
- **STREET 1:** 99 AVE DE LA MOSELLE
- **CITY:** SAINT LAMBERT
- **STATE:** A8
- **ZIP:** J45 1W9

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q**

---

| | | |
|:---|:---|:---|
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the quarterly period ended | For the quarterly period ended | **March 31, 2025** |
|  | or | or |

---

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 <br> For the transition period from   &nbsp;&nbsp;&nbsp;&nbsp;to   <br>

---

| | |
|:---|:---|
| Commission File Number | **333-188152** |

---

---

| |
|:---|
| **ZHEN DING RESOURCES INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | |
|:---|:---|
| **Delaware** | **11-3350926** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **99 Ave De La Moselle, Saint-Lambert, Quebec, Canada** | **J4S 1W9** |
| (Address of principal executive offices) | (Zip Code) |

---

---

| |
|:---|
| **438-376-5317** |
| (Registrant's telephone number, including area code) |
| **N/A** |
| (Former name, former address and former fiscal year, if changed since last report) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which <br> registered |
| Common Stock | RBTK | OTC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

---

| | | | |
|:---|:---|:---|:---|
| x | Yes | o | No |

---

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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| | | | |
|:---|:---|:---|:---|
| x | Yes | o | No |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o <br> Non-accelerated filer o Smaller reporting company x <br> Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

o Yes x No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.

o Yes o No

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

110,737,348 common shares issued and outstanding as of July 10, 2025

**ZHEN DING RESOURCES INC.**

**FORM 10-Q**

**TABLE OF CONTENTS**

**Contents**

---

| | | |
|:---|:---|:---|
| PART I - FINANCIAL INFORMATION | PART I - FINANCIAL INFORMATION |  |
| Item 1. | [Unaudited Consolidated Financial Statements](#i1) | 3 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2) | 14 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#i3) | 21 |
| Item 4. | [Controls and Procedures](#i4) | 21 |
| PART II - OTHER INFORMATION | PART II - OTHER INFORMATION |  |
| Item 1. | [Legal Proceedings](#pIIi1) | 22 |
| Item 1A. | [Risk Factor](#pIIi1a) | 22 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#pIIi2) | 22 |
| Item 3. | [Defaults Upon Senior Securities](#pIIi3) | 22 |
| Item 4. | [Mine Safety Disclosures](#pIIi4) | 22 |
| Item 5. | [Other Information](#pIIi5) | 22 |
| Item 6. | [Exhibits](#pIIi6) | 23 |
| [SIGNATURES](#sig) | [SIGNATURES](#sig) | 24 |

---

[**Table of Contents**](#toc)

**PART I - FINANCIAL INFORMATION**

**Item 1.** **Financial Statements**

Our unaudited interim financial statements for the three month period ended March 31, 2025 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with generally accepted accounting principles in the United States.

[**Table of Contents**](#toc)

**Zhen Ding Resources Inc.**

**Condensed Consolidated Balance Sheets**

**(In US Dollars, except for number of shares)**

**As of March 31, 2025 and December 31, 2024**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025**<br> **(Unaudited)** | **December 31,**<br>**2024**<br> **(Audited)** |
| Assets |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $26215 | $1977 |
| &nbsp;&nbsp;Other receivables | 2533 | - |
| Total current assets | $28748 | $1977 |
| Liabilities and Stockholders' Deficit |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | $525058 | $505428 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities-related parties | 6253842 | 6105974 |
| &nbsp;&nbsp;Deferred revenue | 124934 | 124209 |
| &nbsp;&nbsp;Due to related parties |  | 733465 |
| &nbsp;&nbsp;Short-term debt | 154500 | 154500 |
| &nbsp;&nbsp;Short-term debt-related parties | 3228965 | 3306264 |
| Total current liabilities | 10287299 | 10929840 |
| Stockholders' deficit |  |  |
| Common stock, 150,000,000 authorized, $0.0001 par value, 110,967,348 shares issued and outstanding | 11097 | 11097 |
| &nbsp;&nbsp;Additional paid-in capital | 14866506 | 14866506 |
| &nbsp;&nbsp;Subscriptions receivable | (5431) | (5431) |
| &nbsp;&nbsp;Accumulated other comprehensive income | 910843 | 955580 |
| &nbsp;&nbsp;Accumulated deficit | (22906127) | (23419382) |
| Total deficit attributable to Zhen Ding Resources Inc. | (7123112) | (7591630) |
| Non-controlling interests | (3135439) | (3336233) |
| Total Stockholders' deficit | (10258551) | (10927863) |
| Total liabilities and Stockholders' deficit | $28748 | $1977 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#toc)

**Zhen Ding Resources Inc.**

**Condensed Consolidated Statements of Operations and Comprehensive Loss**

**For the three months ended March 31, 2025 and March 31, 2024**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2025** | **March 31, <br> 2024** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | $17382 | $14797 |
| Total operating expenses | 17382 | 14797 |
| Operating loss | (17382) | (14797) |
| Other expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt | 874961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | (124357) | (124775) |
| Net Income/(Loss) | 733222 | (139572) |
| (Income)/Loss attributable to non-controlling interests | (219967) | 34913 |
| Net Income/(Loss) attributable to Zhen Ding Resources Inc. | $513255 | $(104659) |
| Basic and diluted loss per common share | $(0.00) | $(0.00) |
| Basic and diluted weighted average number of common shares outstanding | 110967348 | 110737348 |
| Comprehensive loss: |  |  |
| Net Income/(Loss) | $733222 | $(139572) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments | (63910) | 166399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive loss | 669312 | 26827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive gain attributable to non-controlling interest | (200794) | (15008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive gain attributable to Zhen Ding Resources Inc. | $468518 | $11819 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#toc)

**Zhen Ding Resources Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(In US Dollars)**

**For the three months ended March 31, 2025 and March 31, 2024**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **March 31,**<br>**2024** |
| **Cash flows from operating activities** |  |  |
| Net Income/(loss) | $733222 | $(139572) |
| Adjustment to reconcile net loss to net cash used in operating activities: |  |  |
| Gain on extinguishment of debt | (733465) |  |
| Changes in operating assets and liabilities: |  |  |
| Other receivables | (2533) |  |
| Accounts payable and accrued liabilities | 19630 | 1943 |
| Accounts payable and accrued liabilities-related parties | 124357 | 124775 |
| **Net cash provided by (used in) operating activities** | 141211 | (12854) |
| **Cash flows from financing activities** |  |  |
| Payments on notes payable – related parties | (122768) |  |
| Proceeds from borrowings on short-term debt – related parties | 25210 | 15000 |
| **Net cash (used in) provided by financing activities** | (97558) | 15000 |
| **Foreign currency translation** | (19415) | (3541) |
| **Net change in cash** | 24238 | (1395) |
| **Cash and cash equivalents - beginning of the period** | 1977 | 6293 |
| **Cash and cash equivalents - end of the period** | $26215 | $4898 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income tax | $- | $- |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#toc)

**Zhen Ding Resources Inc.**

**Condensed Consolidated Statement of Stockholders' Deficit**

**(In US Dollars, except for number of shares)**

**For the periods ended March 31, 2025 and March 31, 2024**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Common Stock | Common Stock | | | | | | |
|  | Shares | Par | Additional Paid <br> in<br>Capital | Subscriptions<br>Receivable | Accumulated <br> Other <br> Comprehensive<br>Income | Accumulated<br>Deficit | Non-<br> controlling<br>Interest | Total <br> Stockholders'<br>Deficit |
| Balances, December 31, 2024 | 110967348 | $11097 | $14866506 | $(5431) | $955580 | $(23419382) | $(3336233) | $(10927863) |
| Foreign currency translation<br> adjustment |  |  |  |  | (44737) |  | (19173) | (63910) |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | 513255 | 219967 | 733222 |
| Balances, March 31, 2025 | 110967348 | $11097 | $14866506 | $(5431) | $910843 | $(22906127) | $(3135439) | $(10258551) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Common Stock | Common Stock | | | | | | |
|  | Shares | Par | Additional Paid <br> in<br>Capital | Subscriptions<br>Receivable | Accumulated <br> Other <br> Comprehensive<br>Income | Accumulated<br>Deficit | Non-<br> controlling<br>Interest | Total <br> Stockholders'<br>Deficit |
| Balances, December 31, 2023 | 110737348 | $11074 | $14365129 | $(5431) | $759550 | $(22452142) | $(3281183) | $(10603003) |
| Foreign currency translation<br> adjustment |  |  |  |  | 116478 |  | 49921 | 166399 |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | (104659) | (34913) | (139572) |
| Balances, March 31, 2024 | 110737348 | $11074 | $14365129 | $(5431) | $876028 | $(22556801) | $(3266175) | $(10576176) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

[**Table of Contents**](#toc)

**Zhen Ding Resources Inc.**

**Notes to Condensesd Consolidated Financial Statements**

**(Unaudited)**

**Note 1. Description of Business**

Zhen Ding Resources Inc. (formerly Robotech Inc.) (the "Company", "Zhen Ding DE", or "ZDRI") was incorporated in the State of Delaware in September 1996 and began its business activities in the development and marketing of specialized technological equipment. In early 2010, the business direction of our Company was changed to seek opportunities to focus particularly on searching for companies engaged in the mining of gold, silver and copper.

The Company indirectly owns 70% of a Chinese Joint Venture entity, Zhen Ding Mining Co. Ltd. ("Zhen Ding JV" or "JXZD"). This indirect ownership is through a 100% ownership of a California company Z&W, Zhen Ding Corporation ("Z&W CA").

Our Company, through Z&W CA, participates in a joint venture with Jing Xian Xinzhou Gold Co., Ltd. ("Xinzhou Gold"), a company organized under the laws of the People's Republic of China ("PRC"). The joint venture company, JXZD, is 70% held by our Company through Z&W CA who has the mineral exploration, mineral mining and gold mining rights to a property located in the southwestern part of Anhui province in China, near the town of Jing Xian. Xinzhou Gold, the other 30% partner of JXZD is the actual named owner of the various licenses used by JXZD and transferred all rights emanating from these licenses as part of the joint venture agreement between Z&W CA and Xinzhou Gold. Our Company's primary activity, through JXZD, is ore processing and production in China.

In 2017, the Company shut down its mineral processing plant in China due to insufficient working capital. The Company had limited operations and plans to resume selling processed ore concentrate as soon as possible to provide Zhen Ding JV the cash flow needed to keep its plant operating and to maintain a viable work force for future expansion.

**Note 2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information with the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company's management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. The results for the interim periods are not necessarily indicative of what the results will be for the fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited Consolidated Financial Statements as of and for the fiscal year ended December 31, 2024 ("fiscal year 2024") contained in the Company's 2024 Annual Report on Form 10-K filed with the SEC on April 15, 2025.

**Principles of Consolidation**

The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries Z&W CA and its majority owned subsidiary JXZD. All inter-company transactions and balances were eliminated. The portion of the income applicable to non-controlling interests in subsidiary undertakings is reflected in the consolidated statements of operations.

**Use of Estimates and Assumptions**

The Company prepares its financial statements in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Foreign Currency Adjustments**

Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. Any translation adjustments are reflected as a separate component of stockholders' equity (deficit) and have no effect on current earnings. Gains and losses resulting from foreign currency transactions are included in current results of operations. During the periods ended March 31, 2025 and 2024, the Company had aggregate foreign currency translation gains (loss) of $(63,910) and 166,399, respectively.

**Cash and Cash Equivalents**

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

[**Table of Contents**](#toc)

**Income Taxes**

An asset and liability approach is used for financial accounting and reporting for income taxes. Deferred income taxes arise from temporary differences between income tax and financial reporting and principally relate to recognition of revenue and expenses in different periods for financial and tax accounting purposes and are measured using currently enacted tax rates and laws. In addition, a deferred tax asset can be generated by net operating loss carry forwards. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The Company has tax losses that may be applied against future taxable income. The potential tax benefit arising from these loss carryforwards are offset by a valuation allowance due to uncertainty of profitable operations in the future.

The Company follows the FASB guidance for how uncertain ta positions should be recognized, measured and presented in the financial statements. This requires the evaluation of tax positions taken or expected be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense and liability in the current year. Management has evaluated the Company's tax positions and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance as of March 31, 2025. The Company is not currently under audit by any tax jurisdiction.

**Stock-Based Compensation**

We account for stock-based compensation under the fair value method which requires all such compensation to employees, including the grant of employee stock options, to be calculated based on its fair value at the measurement date (generally the grant date), and recognized in the consolidated statement of operations over the requisite service period.

**Fair Values of Financial Instruments**

Management believes that the carrying amounts of the Company's financial instruments, consisting primarily of cash, other receivable, due to related parties, short term debt and short term debt – related parties, approximated their fair values as of March 31, 2025 and December 31, 2024, due to their short-term nature.

**Non-controlling Interests**

Non-controlling interests in the Company's subsidiaries are reported as a component of equity, separate from the parent's equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the minority interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

**Basic and Diluted Earnings (Loss) Per Common Share**

The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an "as converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For all periods presented, there were no potentially dilutive securities outstanding.

**Recently Issued Accounting Pronouncements**

On December 14, 2023, the FASB issued a final standard on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09, *Improvements to Income Tax Disclosures,* applies to all entities subject to income taxes. For public business entities (PBEs), the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities (non-PBEs), the requirements will be effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the potential impact of adopting this new guidance.

In November 2023, the FASB issued Accounting Standard Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), intended to improve reportable segments disclosure requirements primarily through enhanced disclosures about significant segment expenses.

[**Table of Contents**](#toc)

ASU 2023-07 includes a requirement to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, the title and position of the CODM, an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and all segments' profit or loss and assets disclosures. ASU 2023-07 is effective for all public companies for fiscal years beginning after December 15, 2023, and interim periods for the interim period beginning on January 1, 2025. Adoption of ASU 2023-07 did not have a material impact on the Company's financial statement.

**Note 3. Going Concern**

These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next twelve months. As of March 31, 2025, the Company had accumulated losses of $22,906,127 since inception and had a working capital deficit of $10,258,551. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. Realization value may be substantially different from carrying values as shown and these financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**Note 4. Short-Term Debt** 

The following table represents the details of the short-term debts at March 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Issuance date</u> | <u>Maturity</u> | <u>Interest Rate</u> | <u>03.31.2025</u> | <u>12.31.2024</u> |
| October 2, 2019 | October 1, 2020 | 1% per month | $10000 | $10000 |
| January 15, 2020 | January 15, 2021 | 1% per month | 22000 | 22000 |
| April 16, 2020 | April 15, 2021 | 1% per month | 13500 | 13500 |
| July 2, 2020 | July 1, 2021 | 1% per month | 18500 | 18500 |
| October 23, 2020 | October 22, 2021 | 1% per month | 6500 | 6500 |
| January 5, 2021 | January 15, 2022 | 1% per month | 22500 | 22500 |
| March 10, 2021 | March 10, 2022 | 1% per month | 20000 | 20000 |
| July 13, 2021 | July 13, 2022 | 1% per month | 16500 | 16500 |
| December 14, 2021 | December 14, 2022 | 1% per month | 25000 | 25000 |
|  |  |  | $154500 | $154500 |

---

According to the loan agreements, there is not any additional interest and penalty for the loans passing maturity date.

During the three months ended March 31, 2025 and 2024, the Company recorded interest expense and accrued interest of $4,635 and $4,635, respectively and is included in interest expense in the consolidated statements of operations.

[**Table of Contents**](#toc)

**Note 5. Related Party Transactions**

***Accounts payable***

As of March 31, 2025 and December 31, 2024, the Company had payables of $0 and $733,465, respectively, to Xinzhou Gold. These payables bear no interest, are unsecured and are due on demand.

***Short-term debt***

As of March 31, 2025 and December 31, 2024, the Company had short-term debts to related parties of $3,228,965 and $3,306,264, respectively. The details of the loans are described as below.

At March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>Name</u> | <u>Relationship to the Company</u> | <u>Amount</u> | <u>Interest Rate</u> | <u>Start Date</u> | <u>Maturity</u> |
| ***Shor-term debt*** |  |  |  |  |  |
| Wei De Gang | CEO & Legal person of JXZD | $2353637 | 15% | May 31, 2011 | May 31, 2014 |
| Zhao Yan Ling | Former office manager of JXZD, <br> wife of Zhou Zhi Bin | 14469 | 15% | January 1, 2011 | December 31, 2013 |
| Zhou Zhi Bin | Former CEO & Legal person of <br> JXZD | 6890 | 15% | January 1, 2011 | December 31, 2013 |
| Tang Yong Hong | Manager of JXZD | 283237 | 15% | February 28, 2015 | February 28, 2016 |
| Victor Sun | Shareholder of ZDRI | 50282 |  | January 1, 2011 | On Demand |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | April 25, 2022 | May 2, 2023 |
| Victor Sun | Shareholder of ZDRI | 13000 | 15% | May 2, 2022 | May 2, 2023 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | July 12, 2022 | July 12, 2023 |
| Victor Sun | Shareholder of ZDRI | 12500 | 15% | December 6, 2022 | December 5, 2023 |
| Victor Sun | Shareholder of ZDRI | 13500 | 15% | January 11, 2023 | January 11, 2024 |
| Victor Sun | Shareholder of ZDRI | 14500 | 15% | April 03, 2023 | April 03, 2024 |
| Victor Sun | Shareholder of ZDRI | 13850 | 15% | June 07, 2023 | June 06, 2024 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | July 10, 2023 | July 10, 2024 |
| Victor Sun | Shareholder of ZDRI | 12500 | 15% | October 13, 2023 | October 13, 2024 |
| Victor Sun | Shareholder of ZDRI | 15000 | 15% | January 18, 2024 | January 18, 2025 |
| Victor Sun | Shareholder of ZDRI | 15000 | 15% | April 11, 2024 | April 11, 2025 |
| Victor Sun | Shareholder of ZDRI | 10000 | 15% | May 17, 2024 | June 16, 2025 |
| Victor Sun | Shareholder of ZDRI | 16500 | 15% | June 10, 2024 | June 10, 2025 |
| Victor Sun | Shareholder of ZDRI | 6500 | 15% | July 28, 2024 | July 28, 2025 |
| Victor Sun | Shareholder of ZDRI | 19500 | 15% | July 28, 2024 | July 28, 2025 |
| Victor Sun | Shareholder of ZDRI | 5000 | 15% | September 11, 2024 | September 11, 2025 |
| Victor Sun | Shareholder of ZDRI | 5000 | 15% | September 15, 2024 | September 15, 2025 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | October 15, 2024 | October 15, 2025 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | January 10, 2025 | January 11, 2026 |
| Victor Sun | Shareholder of ZDRI | 12500 | 15% | February 12, 2025 | February 12, 2026 |
| ***Current portion of long-term debt*** | ***Current portion of long-term debt*** |  |  |  |  |
| Zhou Qiang | Office manager of JXZD | 275600 | 15% | December 18, 2012 | December 18, 2015 |
| Total |  | $3228965 |  |  |  |

---

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At December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>Name</u> | <u>Relationship to the Company</u> | <u>Amount</u> | <u>Interest Rate</u> | <u>Start Date</u> | <u>Maturity</u> |
| ***Shor-term debt*** |  |  |  |  |  |
| Wei De Gang | CEO & Legal person of JXZD | $2435873 | 15% | May 31, 2011 | May 31, 2014 |
| Zhao Yan Ling | Former office manager of JXZD, <br> wife of Zhou Zhi Bin | 14385 | 15% | January 1, 2011 | December 31, 2013 |
| Zhou Zhi Bin | Former CEO & Legal person of <br> JXZD | 6850 | 15% | January 1, 2011 | December 31, 2013 |
| Tang Yong Hong | Manager of JXZD | 295293 | 15% | February 28, <br> 2015 | February 28, 2016 |
| Yan Chun Yan | Accountant of JXZD | 9231 | 15% | August 31, 2014 | August 31, 2015 |
| Victor Sun | Shareholder of ZDRI | 50282 |  | January 1, 2011 | On Demand |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | April 25, 2022 | May 2, 2023 |
| Victor Sun | Shareholder of ZDRI | 13000 | 15% | May 2, 2022 | May 2, 2023 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | July 12, 2022 | July 12, 2023 |
| Victor Sun | Shareholder of ZDRI | 12500 | 15% | December 6, 2022 | December 5, 2023 |
| Victor Sun | Shareholder of ZDRI | 13500 | 15% | January 11, 2023 | January 11, 2024 |
| Victor Sun | Shareholder of ZDRI | 14500 | 15% | April 03, 2023 | April 03, 2024 |
| Victor Sun | Shareholder of ZDRI | 13850 | 15% | June 07, 2023 | June 06, 2024 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | July 10, 2023 | July 10, 2024 |
| Victor Sun | Shareholder of ZDRI | 12500 | 15% | October 13, 2023 | October 13, 2024 |
| Victor Sun | Shareholder of ZDRI | 15000 | 15% | January 18, 2024 | January 18, 2025 |
| Victor Sun | Shareholder of ZDRI | 15000 | 15% | April 11, 2024 | April 11, 2025 |
| Victor Sun | Shareholder of ZDRI | 10000 | 15% | May 17, 2024 | June 16, 2025 |
| Victor Sun | Shareholder of ZDRI | 16500 | 15% | June 10, 2024 | June 10, 2025 |
| Victor Sun | Shareholder of ZDRI | 6500 | 15% | July 28, 2024 | July 28, 2025 |
| Victor Sun | Shareholder of ZDRI | 19500 | 15% | July 28, 2024 | July 28, 2025 |
| Victor Sun | Shareholder of ZDRI | 5000 | 15% | September 11, 2024 | September 11, 2025 |
| Victor Sun | Shareholder of ZDRI | 5000 | 15% | September 15, 2024 | September 15, 2025 |
| Victor Sun | Shareholder of ZDRI | 12000 | 15% | October 15, 2024 | October 15, 2025 |
| ***Current portion of long-term debt*** | ***Current portion of long-term debt*** |  |  |  |  |
| Zhou Qiang | Office manager of JXZD | 274000 | 15% | December 18, 2012 | December 18, 2015 |
| Total |  | $3306264 |  |  |  |

---

As of March 31, 2025 and December 31, 2024, the Company had accrued interest payable to the related parties of $6,253,842 and $6,105,974, respectively. For the periods ended March 31, 2025 and 2024, the Company recorded interest expense of $124,357 and $124,775, respectively. The Company has received no demands for repayment of matured debt instruments.

**Note 6. Accounts Payable and Accrued Liabilities** 

As of March 31, 2025 and December 31, 2024, the Company had accounts payable of $184,314 and $174,297 respectively. As of March 31, 2025 and December 31, 2024 the Company had accrued liabilities of $340,744 and $331,131.

**Note 7. Deferred Revenues**

As of March 31, 2025 and December 31, 2024, the Company had deferred revenue of $124,934 and $124,209 related to receipts of payment for unprocessed ore from Xinzhou Gold Co. Ltd, respectively, related to advances that the Company received from its customers. The Company has received no demands for repayment of deferred revenues.

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**Note 8. Contingencies**

***Concentration of Credit Risk***

Substantially all of the Company's bank accounts are in banks located in The People's Republic of China and are not covered by protection similar to that provided by the FDIC on funds held in United States banks.

**Note 9. Revision**

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings (loss) or and financial position.

**Note 10. Subsequent Events**

The Company does not have any events subsequent to March 31, 2025 through July 10, 2025 the date the financial statements were issued for disclosure consideration.

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**Item 2.** **Management's Discussion and Analysis of Financial Condition and Results of Operations**

FORWARD LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock.

As used in this quarterly report, the terms "we", "us", "our" and "our company" mean Zhen Ding Resources Inc., unless otherwise indicated.

**General Overview**

We are engaged in seeking business partnership opportunities with companies that are in the field of exploration and extraction of precious and/or base metals, primarily in China, which are in need of funding and improved management. We would provide the necessary management expertise and assist in financing efforts of these mining operations. In exchange, we would acquire metal ores produced by these mines and process the ores in our ore milling plant and sell the ore concentrates to metal refineries. Our only operating company is Zhen Ding JV which, has engaged in the processing of metal ore and the selling of ore concentrates of gold, silver, lead, zinc and copper at purity levels ranging from 65% to 80%. Zhen Ding JV purchased metal ore in rock form from its joint venture partner, which holds rights to explore and mine ore from a property located in the southwestern part of Anhui province in China.

*Corporate Background*

Our principal office is located at 99 Ave De La Moselle, Saint-Lambert, Quebec, Canada, J4S 1W9. Our operational offices are located at: Zhen Ding Mining Co. Ltd., Wuxi County, Town of Langqiao, Jing Xian, Anhui Province, China, Tel: 86-6270-9018.

We were incorporated in September 1996 as Robotech Inc., and began our business in the development and marketing of specialized technological equipment. By 2003 we had not reached our financing goals and therefore abandoned our former business plan.

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In January 2012, our Board of Directors, following the approval of a majority of our shareholders, made an offer to the shareholders of Zhen Ding Resources Inc., a Nevada corporation ("Zhen Ding NV"), to acquire, at the very least, the majority of their common shares, and, if available, up to 100% ownership.

Zhen Ding NV through its wholly owned subsidiary, Z&W Zhen Ding Corporation, a California corporation ("Zhen Ding CA"), has been engaged in a joint venture with Jing Xian Xinzhou Gold Co., Ltd. ("Xinzhou Gold"), a company organized under the laws of the People's Republic of China ("PRC"). The joint venture company, Zhen Ding Mining Co. Ltd. ("Zhen Ding JV") is 70% held by Zhen Ding NV through Zhen Ding CA. It is a common practice in China to append the name of the town or city where an enterprise is located to its legally incorporated name. Therefore many documents referencing Zhen Ding JV may refer to it as Jing Xian Zhen Ding Mining Co. Ltd. Zhen Ding JV engages in the processing of metal ore and the selling of ore concentrates of gold, silver, lead, zinc and copper at purity levels ranging from 65% to 80%. Zhen Ding JV purchases metal ore in rock from the Wuxi Gold Mine, formerly operated by Xinzhou Gold.

On March 8, 2012, we changed our name from Robotech, Inc. to Zhen Ding Resources Inc., in anticipation of the acquisition of Zhen Ding NV. Our trading symbol, RBTK, however remained unchanged.

During 2012, a total of 50,746,358 shares of the issued and outstanding common stock of Zhen Ding NV were tendered to our company. On August 13, 2013, an additional 13,100,000 shares were tendered to us. Therefore, as of August 13, 2013 the shareholders of Zhen Ding NV had tendered 100% of the issued and outstanding shares of common stock, representing 100% of the issued and outstanding equity of Zhen Ding NV to us.

On October 23, 2013, we issued 122,440 shares of our common stock, on a one-for-one basis, to the tendering shareholders of Zhen Ding NV making Zhen Ding NV a wholly owned subsidiary of our company.

On October 28, 2013, we dissolved Zhen Ding NV by merging it with and into Zhen Ding DE. As a result, Zhen Ding CA became a wholly-owned subsidiary of Zhen Ding DE. Zhen Ding CA continues to exist as an intermediate holding company with no operations of its own, but which in turn owns our 70% interest in Zhen Ding JV.

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![](zhending_graph.jpg)

**Our Current Business**

*Background*

On December 18, 2024, the Anhui Province Jing County People's Court approved the bankruptcy of our joint venture partner, Xinzhou Gold. On January 23, 2025, per the bankruptcy agreement, Zhen Ding received RMB 963,654.22 from Xinzhou Gold in payment of ordinary debts. Zhen Ding was not aware of the bankruptcy until the payment was received in January 2025.

On February 28, 2025, Xinzhou Gold transferred its 30% share of our joint venture to Mr. Wei De Gang who is the principal and controlling shareholder of Xinzhou Gold. We are advised that the former business of Xinzhou Gold, as it relates to our joint venture, continues under the ownership of Mr. Wei De Gang, and the operation of our joint venture now continues under his 30% ownership. Therefore, the bankruptcy of our joint venture partner and subsequent transfer of shares in our joint venture did not result in the dissolution of our joint venture, or in a change of its control. All references to "Xinzhou Gold" contained in this report, as they pertain to any period after February 28, 2025, refer to the business of Xinzhou Gold operated and owned by Mr. Wei De Gang, not to Jing Xian Xinzhou Gold Co., Ltd.

Presently, we conduct our operations exclusively through Zhen Ding JV, our joint venture company. However, we continue to look for other attractive potential acquisition targets in the mining industry.

Our joint venture, Zhen Ding JV, is equipped to process ore mined by our joint venture partner at the Wuxi Gold Mine, when in operation. Zhen Ding JV purchases the ore in rock form and processes the ore into our final product, which is a gold, silver, lead, zinc and copper ore concentrate. We estimate that our processed product is 65% to 80% pure. The product is then sold to refineries which further purify and separate the concentrate. Zhen Ding JV also arranges all exploration, mining process and operations, and financial and administrative support for the Wuxi Gold Mine.

We purchase all of our raw material from the Wuxi Gold Mine for our ore processing operation and have relied solely on the Wuxi Gold Mine for our supply of ores. The veins most recently excavated by Xinzhou Gold in the permitted areas of the Wuxi Gold Mine are very low grade and, as such, the production is minimal. The higher yielding and therefore more profitable veins run outside the currently permitted mining area boundaries of the mine.

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Xinzhou Gold applied for an extension of the permitted mining area, however, the application was rejected by the government in December 2016 due to Xinzhou Gold's insufficient working capital. Xinzhou Gold intends to reapply for an extension of the permitted mining area when it is able to demonstrate sufficient working capital to drill the extended area. However, if sufficient working capital is unavailable, or should the application be denied on other grounds, we would not be able to secure another source with higher grade ores for our processing plant, which would severely limit our ability to execute our plan of operation and our potential profitability.

At the beginning of fiscal 2015, we idled our mineral processing plant due to an overall downturn in the demand and market prices for our concentrates. This downturn coincided with an overall economic recession in China and downturn in the global commodities market during fiscal 2015 through 2016.

*Recent Activities*

On December 18, 2024, the Anhui Province Jing County People's Court approved the bankruptcy of our joint venture partner, Xinzhou Gold. On January 23, 2025, per the bankruptcy agreement, Zhen Ding received RMB 963,654.22 from Xinzhou Gold in payment of ordinary debts. Zhen Ding was not aware of the bankruptcy until the payment was received in January 2025.

On February 28, 2025, Xinzhou Gold transferred its 30% share of our joint venture to Mr. Wei De Gang who is the principal and controlling shareholder of Xinzhou Gold. We are advised that the former business of Xinzhou Gold, as it relates to our joint venture, continues under the ownership of Mr. Wei De Gang, and the operation of our joint venture now continues under his 30% ownership. Therefore, the bankruptcy of our joint venture partner and subsequent transfer of shares in our joint venture did not result in the dissolution of our joint venture, or in a change of its control. All references to "Xinzhou Gold" contained in this report, as they pertain to any period after February 28, 2025, refer to the business of Xinzhou Gold operated and owned by Mr. Wei De Gang, not to Jing Xian Xinzhou Gold Co., Ltd.

<u>Summary of Operations during the Three Months Ended March 31, 2025</u>

In light of the continued strength of gold prices during the first quarter of 2024, our management continues to seek proposals from prospective investors and partners seeking to participate in a smaller drilling operation and other joint venture projects and transactions. However, there is no assurance that a suitable opportunity will be identified or secured.

Going forward, we will continue to seek sufficient financing to re-establish our mineral extraction and refining operations. We will also seek to identify and evaluation businesses opportunities and other strategic transactions on an ongoing basis with a view toward diversifying our business and optimizing shareholder value.

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**Results of Operations**

*Three Months Ended March 31, 2025 compared to the Three Months Ended March 31, 2024*

The following table summarizes key items of comparison and their related increase (decrease) for the three-month periods ended March 31, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
|  | **Three Months<br> Ended<br> March 31,<br> 2025** | **Three Months<br> Ended<br> March 31,<br> 2024** |
| General and administrative expense | $(17382) | $(14797) |
| Interest Expense | $(124357) | $(124775) |
| Gain on extinguishment of debt | $874961 | - |
| Net Income/(Loss) | $**733222** | $**(139572)** |

---

We did not earn any revenues during the three months ended March 31, 2025 or 2024.

We had a net income of $733,222 for the three months ended March 31, 2025, compared to net loss of $139,572 for the three months ended March 31, 2024. The change resulting from an extinguishment of debt to a related party.

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**Liquidity and Capital Resources** 

*Working Capital* 

---

| | | |
|:---|:---|:---|
|  | **At<br> March 31,<br> 2025** | **At<br> December 31,<br> 2024** |
| Current assets | $28748 | $1977 |
| Current liabilities | $(10287299) | $(10581074) |
| Working capital deficit | $(10258551) | $(10576176) |

---

As of March 31, 2025, we had current assets of $28,748 consisting of cash and cash equivalents, current liabilities of $10,287,299 and a working capital deficit of $10,258,551. This compares to our current assets of $4,898 (consisting of cash and cash equivalents), current liabilities of $10,581,074, and working capital deficit of $10,576,176 as of March 31, 2024. The increase in cash related to cash received from the bankruptcy agreement on our joint venture partner, Xinzhou Gold and decrease in liabilities during the most recent period related to the extinguishment of debt related to Xinzhou Gold.

As of March 31, 2025, we had accumulated losses of $22,906,127 since inception. We anticipate generating losses and, therefore, may be unable to continue operations further in the future.

*Cash Flows*

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $141211 | $(12854) |
| Net cash provided by (used in) financing activities | $(97558) | $15000 |
| Foreign currency translation | $(19415) | $(3541) |
| Net increase (decrease) in cash during period | $24238 | $(1395) |

---

*Operating Activities*

Net cash from in operating activities during the three months ended March 31, 2025 was $141,211 compared to $12,854 in net cash used in operating during the three months ended March 31, 2024. The increase corresponded with an increase in other income during the most recent period, related to extinguishment of debt related to Xinzhou Gold.

During the three months ended March 31, 2025 and 2024, we had no sales and did not purchase any raw materials.

*Investing Activities*

We received $0 from or used in investing activities during the three months ended March 31, 2025 and March 31 2024.

 

*Financing Activities*

Cash used in financing activities during the three months ended March 31, 2025 was $97,558 compared to $15,000 in cash provided by financing activities during the three months ended March 31, 2024. We received short-term loans of approximately $25,000 from related parties during the three months ended March 31, 2025, which amount was offset by approximately $123,000 paid in respect of notes payable to related parties . The increase corresponded with an increase in other income during the most recent period, which resulted from the payment of RMB 963,654.22 by Xinzhou Gold to the Company in respect of historical ordinary debt.

**Plan of Operation**

Our operating plan for the 12 months beginning from April 1, 2025 is as follows:

Our operating plan for the balance of fiscal 2025 is to seek an investment of approximately US$4,500,000, which we believe is required to restart our mineral processing plant in China and extend Xinzhou Gold's mining permit, which would allow us to resume our ore extraction and refinery activities, although we have not secured any financing commitment thus far.

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The funds raised would be used to:

1. upgrade tailings pond and water treatment facility;

2. design and implement groundwater remediation and protection measures;

3. extend and expand permitted mining area of Xinzhou Gold to access higher concentrate ore veins;

4. resume ore exploration and extraction activities;

5. re-start the mill;

6. re-test the mill;

7. develop expansion plans for our plant capacity;

8. drill additional holes near the concentration plant; and

9. undertake at least three deep drill holes in the permitted area to re-commence greater milling operations as soon as possible.

This will involve re-testing the plant equipment and re-hiring all personnel that was laid off as a result of the mining halt. We will reactively seek partnerships with mining enterprises primarily active in the gold, silver and/or copper fields and subject to the general parameters described earlier to increase our supply of raw material. In addition, we will look for a partner in the natural resources field in order to enhance our future capability to access necessary funding and seek other businesses opportunities and other strategic transactions with a view toward diversifying our business and attracting new investment.

In order to execute our business plan over the next twelve months we expect to expend funds as follows:

**<u>Estimated Net Expenditures During the Next Twelve Months</u>**

---

| | |
|:---|:---|
|  | $— |
| Implementation of Environmental Planning, Remediation, and Protection Measures | 1000000 |
| Restart mill and mining related operations | 3000000 |
| General, Administrative Expenses | 100000 |
| Consulting & Permit Fees | 150000 |
| Contingency | 250000 |
| **Total** | 4500000 |

---

In light of our nominal cash resources, we expect that we will be required to raise approximately $4,500,000 in order to execute our proposed business plan during fiscal 2025. In the event that we are unable to raise sufficient funds to carry out our planned investment in drilling equipment and our planned exploration program, we anticipate that we will require a minimum of $350,000 to maintain our current business operations without engaging in any significant exploration activities or investment. We have suffered recurring losses from operations. The continuation of our company is dependent upon our company attaining and maintaining profitable operations and raising additional capital as needed.

The continuation of our business is dependent upon obtaining further financing, a successful program of exploration and/or development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.

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**Future Financings**

We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.

We presently do not have any arrangements for additional financing for the expansion of our exploration operations, and no potential lines of credit or sources of financing are currently available for the purpose of proceeding with our plan of operations.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, and capital expenditures or capital resources that are material to stockholders.

**Critical Accounting Policies**

**Foreign Currency Adjustments**

Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. Any translation adjustments are reflected as a separate component of stockholders' equity (deficit) and have no effect on current earnings. Gains and losses resulting from foreign currency transactions are included in current results of operations.

**Non-controlling Interest**

Non-controlling interests in our company's subsidiaries are reported as a component of equity, separate from the parent's equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the minority interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

**Item 3.** **Quantitative and Qualitative Disclosures About Market Risk**

As a "smaller reporting company", we are not required to provide the information required by this Item.

**Item 4.** **Controls and Procedures**

*Management's Report on Disclosure Controls and Procedures*

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the *Securities Exchange Act of 1934*, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer) and our chief financial officer (our principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer) and our chief financial officer (our principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our management concluded that our internal controls are not effective. due to material weaknesses in our control environment and financial reporting process, lack of a functioning audit committee, a majority of independent members and a majority of outside directors on our Board of Directors, resulting in ineffective oversight in the establishment, and lack of monitoring of required internal control and procedures.

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C*hanges in Internal Control Over Financial Reporting*

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1.** **Legal Proceedings**

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

---

| | |
|:---|:---|
| **Item 1A.** | **Risk Factors** |

---

For a summary of the Company's risk factors, please refer to Item 9A of our Form 10-K for the year ended December 31, 2024.

**Item 2.** **Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3.** **Defaults Upon Senior Securities**

None.

**Item 4.** **Mine Safety Disclosures**

Not applicable.

**Item 5.** **Other Information**

None

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**Item 6.** **Exhibits**

---

| | |
|:---|:---|
| **Exhibit** <br> **Number** | **Description** |
| **(3)** | **Articles of Incorporation and Bylaws** |
| 3.1 | [Articles of Incorporation filed with the Secretary of State of the State of Delaware on September 6, 1996](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex3_1.htm) (Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| 3.2 | [Bylaws](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex3_2.htm) (Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| 3.3 | [Certificate of Amendment of Certificate of Incorporation filed with the Secretary of State of the State of Delaware on November 4, 1996](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex3_3.htm)(Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| 3.4 | [Certificate of Amendment of Certificate of Incorporation filed with the Secretary of State of the State of Delaware on February 28, 2012](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex3_4.htm) (Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| 3.5 | [Certificate of Amendment of Certificate of Incorporation filed with the Secretary of State of the State of Delaware on March 20, 2012](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex3_5.htm) (Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| 3.6 | [Certificate of Ownership and Merger filed with the Secretary of State of the State of Delaware on October 28, 2013](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex3_6.htm) (Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| **(10)** | **Material Contracts** |
| 10.1 | [The Contract for Sino-Foreign Equity Joint Venture dated as of November 12, 2004 by and between Zhen Ding Corporation and Jing Xiang Xin Zhou Gold Co. Ltd.](https://www.sec.gov/Archives/edgar/data/1594204/000121465914000136/ex10_1.htm) (Incorporated by reference to our Registration Statement on Form S-1 filed January 6, 2014) |
| 10.2 | [Articles of Association for Zhen Ding JV dated as of October 12, 2006 by and between Z&W Zhen Ding Corporation and Jing Xiang Xin Zhou Gold Co. Ltd.](https://www.sec.gov/Archives/edgar/data/1594204/000121465915001277/ex10_2.htm) (Incorporated by reference to our Registration Statement on Form S-1/A filed on February 13, 2015) |
| 10.3 | [Supply Contract of Gold Concentrate Fines dated July 20, 2012 between Zhen Ding Mining Co., Ltd. and Yantai Jin Ao Metallurgical Co. Ltd.](https://www.sec.gov/Archives/edgar/data/1594204/000121465915001277/ex10_3.htm)(Incorporated by reference to our Registration Statement on Form S-1/A filed on February 13, 2015) |
| 10.4 | [Mining License No. C3400002009114110049341 dated November 5, 2014 in favor of Jing Xiang Xin Zhou Gold Co. Ltd.](https://www.sec.gov/Archives/edgar/data/1594204/000121465915001277/ex10_4.htm) (Incorporated by reference to our Registration Statement on Form S-1/A filed on February 13, 2015) |
| 10.5 | [Gold Mining License No. (2005) 042 in favor of Jing Xiang Xin Zhou Gold Co. Ltd.](https://www.sec.gov/Archives/edgar/data/1594204/000121465915001277/ex10_5.htm) (Incorporated by reference to our Registration Statement on Form S-1/A filed on February 13, 2015) |
| 10.6 | [Form of Loan Agreements between Wen Mei Tu and Zhen Ding Resources Inc.](https://www.sec.gov/Archives/edgar/data/1594204/000121465915001277/ex10_6.htm) (Incorporated by reference to our Registration Statement on Form S-1/A filed on February 13, 2015) |
| 10.7 | [Business License Registration No. 3425004000003061(1-1) dated November 17, 2014 in favor of Zhen Ding Mining Co. Ltd.](https://www.sec.gov/Archives/edgar/data/1594204/000121465915004764/ex10_7.htm) (Incorporated by reference to our Registration Statement on Form S-1/A filed June 9, 2015) |
| **(21)** | **List of Subsidiaries** |
| 21.1 | Z&W Zhen Ding Corporation, a California corporation (100% held) |
| 21.2 | Zhen Ding Mining Co. Ltd., a PRC corporation (70% held) |
| **(31)** | **Rule 13a-14 (d)/15d-14d) Certifications** |
| 31.1\* | [Section 302 Certification by the Principal Executive Officer](ex31_1.htm) |
| 31.2\* | [Section 302 Certification by the Principal Financial Officer and Principal Accounting Officer](ex31_1.htm) |
| **(32)** | **Section 1350 Certifications** |
| 32.1\* | [Section 906 Certification by the Principal Executive Officer](ex32_1.htm) |
| 32.2\* | [Section 906 Certification by the Principal Financial Officer and Principal Accounting Officer](ex32_1.htm) |
| **101**\* | **Interactive Data File** |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

*\*Filed herewith.*

[**Table of Contents**](#toc)

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **ZHEN DING RESOURCES INC.** |
|  | (Registrant) |
| Dated: July 10, 2025 | /s/ Victor Sun |
|  | Victor Sun |
|  | President, Treasurer, Secretary and Director |
|  | (Principal Executive Officer, Principal Financial Officer<br> and Principal Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Victor Sun, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Zhen Ding Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors
(or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: July 10, 2025 |
| */s/Victor Sun* |
| Victor Sun<br> President, Chief Executive Officer, Chief Financial Officer and Director<br> (Principal Executive Officer, Principal Financial Officer and Principal<br> Accounting Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Victor Sun, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Quarterly Report on Form 10-Q of Zhen Ding Resources Inc. for the
three months ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of Zhen Ding Resources Inc.

---

| | |
|:---|:---|
| Dated: July 10, 2025 |  |
|  | */s/Victor Sun* |
|  | Victor Sun |
|  | President, Chief Executive Officer, Chief Financial Officer and Director<br> (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|  | Zhen Ding Resources Inc. |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Zhen Ding Resources Inc. and will be retained by Zhen Ding Resources Inc. and furnished to the Securities and Exchange Commission or its staff upon request.