v3.25.2
Borrowings (Tables)
6 Months Ended
Mar. 31, 2025
Borrowings [Abstract]  
Schedule of Borrowings and Capital Expenditures

As of September 30, 2024 and March 31, 2025, the bank borrowings were for working capital and capital expenditures. Borrowings consisted of the following:

 

Creditor  Interest
rate
   Borrowing
date
  Maturity
date
  As of
September 30,
2024
   As of
March 31,
2025
 
                 (Unaudited) 
Bank of Jiangsu (1)   5.80%  1/25/2024  1/25/2025   113,999    
-
 
Bank of Jiangsu (2)   3.30%  8/30/2024  8/27/2025   997,492    964,626 
Bank of Jiangsu (3)   3.80%  12/19/2023  12/15/2024   569,995    
-
 
Bank of Jiangsu (3)   3.30%  12/15/2024  9/3/2025   -    551,215 
Bank of Nanjing (4)   3.50%  9/11/2024  9/9/2025   712,494    689,018 
Agricultural Bank of China (5)   3.20%  6/26/2024  6/16/2025   1,424,989    1,378,037 
Agricultural Bank of China (6)   3.05%  12/29/2023  12/21/2024   1,367,989    
-
 
Total short-term borrowings             $5,186,958   $3,582,896 
Bank of Jiangnan (7)   4.80%  6/25/2022  6/30/2025   634,120    1,413,866 
Total long-term borrowings, current             $634,120   $1,413,866 
Bank of Jiangnan (7)   4.80%  6/25/2022  6/21/2030   3,925,844    2,995,853 
Bank of Jiangnan (7)   4.80%  11/15/2023  6/21/2030   1,823,985    1,763,887 
Bank of Jiangnan (7)   4.80%  7/18/2024  6/21/2030   984,667    952,223 
Bank of Jiangnan (7)   4.80%  2/6/2024  6/21/2030   726,744    702,799 
Total long-term borrowings, non-current             $7,461,240   $6,414,762 
Total borrowings             $13,282,318   $11,411,524 

 

(1)On December 14, 2022, Changzhou EZGO obtained a revolving line of credit of RMB800,000 ($109,649) from Bank of Jiangsu with three years term from December 14, 2022 to December 14, 2025. On January 25, 2024, Changzhou EZGO withdrew RMB800,000 ($113,999) from this line of credit, with an effective annual interest rate of 5.80% and a term of 12 months, which was fully repaid as matured.

 

(2)On August 30, 2024, Changzhou EZGO obtained a non-revolving loan of RMB7,000,000 ($997,492) from Bank of Jiangsu, with an effective annual interest rate of 3.30% and a term of 12 months, which was guaranteed by Jiangsu Jiangnan Technology Financing Guarantee Co., Ltd.

 

(3)On December 19, 2023, Changzhou Higgs obtained a non-revolving loan of RMB4,000,000 ($569,995) from Bank of Jiangsu, with an effective annual interest rate of 3.80% and a term of 12 months, which was guaranteed by Feng Xiao, the legal representative of Changzhou Higgs. On December 9, 2024, this loan was granted a term extension, with the annual interest rate maintained at 3.30% and the maturity date set to September 3, 2025.

 

(4)On September 11, 2024, Changzhou EZGO entered a non-revolving loan facility of RMB5,000,000 ($712,494) with Bank of Nanjing, with an effective annual interest rate of 3.50% and a term of 12 months, which was guaranteed by Jianhui Ye, the Chief Executive Officer of the Company, Jiangsu New Energy and Jiangsu Jiangnan Technology Financing Guarantee Co., Ltd.
(5)On June 26, 2024, Changzhou EZGO obtained a non-revolving loan of RMB10,000,000 ($1,424,989) from Agricultural Bank of China, with an effective annual interest rate of 3.20% and a term of 12 months, which was guaranteed by Jianhui Ye. The loan was fully repaid in advance on April 23, 2025.

 

(6)On December 29, 2023, Jiangsu Supply Chain obtained a non-revolving loan of RMB9,600,000 ($1,367,989) from Agricultural Bank of China, with an effective annual interest rate of 3.05% and a term of 12 months. The loan was secured by the $1,500,000 certificate of deposit held by EZGO HK, which was fully repaid by the Company upon maturity.

 

(7)On June 25, 2023, Jiangsu New Energy obtained a 7-year loan facility of up to RMB56,810,000 ($8,095,360) from Bank of Jiangnan with an effective annual interest rate of 4.80%, specified for expenditures on the construction of Changzhou manufacturing plant built for the production of two-wheeler e-bicycles, intelligent unmanned patrol vehicles and graphene batteries, which will mature on June 21, 2030. As of September 30, 2024 and March 31, 2025, Jiangsu New Energy withdrew a total of RMB56,810,000 ($8,095,360) from this loan facility, respectively. The loan facility was guaranteed by Shuang Wu, the Legal Representative of Jiangsu New Energy, and also pledged by the land use right of Jiangsu New Energy. The following is the principal repayment schedule for the long-term loan from Bank of Jiangnan as of March 31, 2025:
Schedule of Long Term Loan from Bank The following is the principal repayment schedule for the long-term loan from Bank of Jiangnan as of March 31, 2025:
Repayment date  Repayment
amount
 
6/30/2025  $613,227 
12/31/2025   800,639 
6/30/2026   800,639 
12/31/2026   802,017 
6/30/2027   802,017 
12/31/2027   802,017 
6/30/2028   802,017 
12/31/2028   802,017 
6/30/2029   802,017 
12/31/2029   802,021