| SCHEDULE OF LOAN RECEIVABLE |
Loans receivable consisted of the following:
SCHEDULE OF LOAN RECEIVABLE
| | |
2025 | | |
2024 | |
| | |
As of September 30, | |
| | |
2025 | | |
2024 | |
| Polar Petroleum Equipment (Shandong) Co., Ltd (“Polar”) (1) | |
$ | 844,416 | | |
$ | 713,532 | |
| Sichuan TIBO Fluid Technology Co., Ltd. (“Sichuan
TIBO”) (2) | |
| 1,069,596 | | |
| - | |
| Jining Eni Energy Technology Co., Ltd (“Eni Energy”) (3) | |
| 281,472 | | |
| - | |
| Xianlong Technology (Beijing) Co., Ltd. (“Xianlong”) (4) | |
| 1,401,731 | | |
| - | |
| Beijing Youyi Natural Technology Co., Ltd. (“Beijing Youyi”) (5) | |
| 267,398 | | |
| - | |
| Joseph Petroleum Technology (Beijing) Co., Ltd. (“Joseph Petroleum”) (6) | |
| 703,680 | | |
| - | |
| Beijing Chenghui Shengsi Technology Co.,Ltd.(“Beiiing Chenghui”) (7) | |
| 18,999 | | |
| - | |
| Accrued Interest Receivable | |
| 153,860 | | |
| 12,167 | |
| Total loans | |
| 4,741,152 | | |
| 725,699 | |
| Less: current portion | |
| 3,777,909 | | |
| - | |
| Loans receivable, non-current | |
$ | 963,243 | | |
$ | 725,699 | |
| (1) |
On April 13, 2024
and May 23, 2024, China Oil Blue Ocean made two loans of RMB 3,000,000
($428,119)
and RMB 2,000,000
($285,413),
respectively, to a customer, Polar for three years with annual interest of 4%.
The loans were restricted for Polar’s operating activities. The outstanding loans were repaid as follows: RMB 4,000,000
($562,944)
in November 2024 and RMB
1,000,000 ($140,736)
in December 2024.
In May 2025, China Oil Blue Ocean lent RMB 6
million ($844,416)
to Polar with interest of 3.5%
and a term of three years. Interest accrued on this loan was RMB 81,315
($11,444)
and RMB 85,260
($12,167)
as of September 30, 2025 and 2024. |
| (2) |
On March 25, 2024, China Oil Blue Ocean lent RMB5,600,000 (US$780,140)
to Sichuan TIBO Fluid Technology Co., Ltd. (“Sichuan TIBO”) an equity investee of the Company. The loan to Sichuan TIBO
was for 13 months with annual interest of 8% from March 25, 2024 to June 25, 2024, and 3.5% from June 26, 2024 to April 30, 2025.
Sichuan TIBO repaid RMB 600,000 (US$84,442) on January 22, 2025. On April 20, 2025 and October 24, 2025, respectively, China Oil
Blue Ocean and Sichuan TIBO agreed to extended the maturity date of the remaining RMB 5 million ($703,682) loan balance to June
30, 2026.
On April 20, 2025, China Oil Blue Ocean provided an additional
loan of RMB 2.6 million ($365,914) to Sichuan TIBO with interest of 3.5% and a term of six months. On October 24, 2025, both parties
agreed to extend the maturity date of the loan to June 30, 2026.
As a result of the disposal of equity interest in TIBO in February
2025 (see Note 8), the two outstanding loans from TIBO mentioned above were reclassified as loans receivable from a third party.
As of September 30, 2025, the outstanding loan receivable from TIBO amounted to $1,069,596. Interest accrued on above two loans was
RMB 236,180($33,239) as of September 30, 2025. |
| (3) |
On May 1, 2025, China Oil Blue Ocean provided a credit facility of RMB 10 million ($3,482,767)
to Eni Energy with annual interest of 3.5% and a term of three years. Eni Energy drew down RMB 2 million ($281,472) from the credit
facility on May 16, 2025. Interest accrued on this loan was RMB 30,685 ($4,318) as of September 30, 2025. |
| (4) |
On May 14, 2025 and September 29, 2025, China Oil Blue Ocean and Xinjiang Breslin made two loans
of RMB 7,000,000 ($985,152) and RMB 2,960,000 ($416,579) respectively to Xianlong for one year with interest of 3.5%. Interest accrued
on these loans were RMB 94,540 ($13,305) as of September 30, 2025. |
| (5) |
On May 29, 2025 and June 5, 2025, ZJY Technologies made two loans of RMB 100,000 ($14,073) and
RMB 1,800,000 ($253,325) respectively to Beijing Youyi for one year with interest of 3.5%. Interest accrued on this loan was RMB
21,566 ($3,035) as of September 30, 2025. |
| (6) |
On September 29, 2025, Xinjiang Breslin lent RMB 5,000,000 ($703,680) to Joseph Petroleum for one
year with interest of 3.5%. Interest accrued on this loan was RMB 959 ($135) as of September 30, 2025. |
| |
|
| (7) |
On January 1, 2024, ZJY Technologies
provided a credit facility of RMB 25
million ($3,482,767)
to Beijing Chenghui Shengsi Technology Co., Ltd (“Beijing Chenghui”) with annual interest of 3.5%
and a term of three
years. Beijing Chenghui drew down a total of RMB
21.33 million ($2,971,039)
from October 2024 to June 2025 and repaid RMB 21.19 million ($2,952,040) in September 2025. A balance of RMB135,000($18,999)
remained outstanding as of September 30, 2025. Interest accrued from Beijing Chenghui was RMB
628,008 ($88,384)
as of September 30, 2025.
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