| SCHEDULE OF RELATED PARTY TRANSACTIONS |
The following related party balances are non-interest bearing as of
September 30, 2025 and 2024:
SCHEDULE OF RELATED PARTY TRANSACTIONS
| | |
2025 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Amounts due from related party: | |
| | | |
| | |
| Shuifu. (1) | |
$ | - | | |
$ | 31,535 | |
| Amount
due from related party | |
$ | - | | |
$ | 31,535 | |
| | |
| | | |
| | |
| Loan receivable from a related party | |
| | | |
| | |
| Sichuan TIBO (4) | |
$ | - | | |
$ | 822,878 | |
| Loan
receivable from a related party | |
$ | - | | |
$ | 822,878 | |
| | |
| | | |
| | |
| Amounts due to related parties: | |
| | | |
| | |
| Li Hongqi (2) | |
$ | 4,254,385 | | |
$ | 4,692,339 | |
| Li Hongliang (2) | |
| 1,501,432 | | |
| 1,106,442 | |
| Sichuan TIBO (3) | |
| - | | |
| 2,379,668 | |
| Sichuan Hongzhuo (3) | |
| - | | |
| 1,054,882 | |
| Li Hongguang (2) | |
| - | | |
| 5,728 | |
| Amount
due to related parties | |
$ | 5,755,817 | | |
$ | 9,239,059 | |
| (1) |
This is a loan from the Company to Shuifu Yongcheng. The loan is non-interest bearing and due on
demand. As of September 30, 2025, the loan was collected in full. |
| |
|
| (2) |
The balances are related primarily to share capital withdrawal to be paid to individual shareholders.
On March 12, 2023 and March 20, 2023, China Oil Blue Ocean and ZJY Technologies’ individual shareholders withdrew their share
capital from the companies. These share capital withdrawals reduced the Company’s additional paid-in capital by approximatively
$9.3 million, and they were credited to amount due to related parties. During fiscal year 2024, the Company reduced the amount owed
to related parties and paid $1.3 million to Li Hongqi and $2.9 million to Li Hongliang, respectively. |
| |
|
| (3) |
The balance is for expenses paid on behalf of the Company. |
| (4) |
On March 25, 2024, the Company lent RMB5,600,000 (US$799,155)
to Sichuan TIBO. 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. Interest income related to this loan was RMB166,236 (US$23,723) as of September 30, 2024.
Sichuan TIBO repaid RMB 600,000 (US$84,442) on January 22, 2025. On April 20, 2025 and October 24, 2025, China Oil Blue Ocean and
Sichuan TIBO agreed to extended the maturity date of the remaining RMB 5 million (US$703,682) loan balance to June 30, 2026. Due
to the full disposal of the equity in TIBO in February 2025, the outstanding loans due from TIBO were reclassified as loans receivable
from a third party in the consolidated financial statements as of September 30, 2025.
|
The following are related party transactions for the years ended September
30, 2025, 2024 and 2023:
| | |
2025 | | |
2024 | | |
2023 | |
| Revenues: | |
| | | |
| | | |
| | |
| Equipment sales to Sichuan TIBO | |
$ | - | | |
$ | 1,692,268 | | |
$ | 2,222,816 | |
| LNG/CNG sales to Hongzhuo Shuya | |
| - | | |
| 3,871,248 | | |
| 5,308,129 | |
| Revenues | |
$ | - | | |
$ | 5,563,516 | | |
$ | 7,530,945 | |
| | |
2025 | | |
2024 | | |
2023 | |
| Factory lease | |
| | | |
| | | |
| | |
| Sichuan TIBO (Lessor) | |
$ | - | | |
$ | 90,483 | | |
$ | 45,787 | |
| Factory
lease | |
$ | - | | |
$ | 90,483 | | |
$ | 45,787 | |
| | |
2025 | | |
2024 | | |
2023 | |
| Purchase of equipment: | |
| | | |
| | | |
| | |
| Sichuan TIBO | |
$ | - | | |
$ | 1,069,239 | | |
$ | 2,130,283 | |
| Purchase
of equipment | |
$ | - | | |
$ | 1,069,239 | | |
$ | 2,130,283 | |
| | |
2025 | | |
2024 | | |
2023 | |
| Purchase of fixed assets: | |
| | | |
| | | |
| | |
| Sichuan TIBO | |
$ | - | | |
$ | - | | |
$ | 9,963 | |
| Purchase
of fixed assets | |
$ | - | | |
$ | - | | |
$ | 9,963 | |
|