| Schedule of Borrowings |
As of September 30, 2025 and March 31, 2026, 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,
2025 | | | As of
March 31,
2026 | | | | | | | | | | | | | | | (Unaudited) | | | Bank of Jiangsu | | | 2.90 | % | | 8/28/2025 | | 8/27/2026 | | | 913,050 | | | | 942,302 | | | Bank of Jiangsu | | | 2.85 | % | | 9/1/2025 | | 8/31/2026 | | | 561,876 | | | | 579,878 | | | Bank of Nanjing (1) | | | 3.30 | % | | 9/9/2025 | | 3/8/2026 | | | 491,642 | | | | - | | | Agricultural Bank of China (1) | | | 2.85 | % | | 4/27/2025 | | 3/17/2026 | | | 1,404,692 | | | | - | | | Bank of Jiangsu (2) | | | 2.80 | % | | 1/4/2026 | | 1/3/2027 | | | - | | | | 289,939 | | | Bank of China (3) | | | 2.85 | % | | 1/23/2026 | | 1/22/2027 | | | - | | | | 507,393 | | | Agricultural Bank of China (4) | | | 2.85 | % | | 3/17/2026 | | 3/10/2027 | | | - | | | | 1,449,696 | | | Total short-term borrowings | | | | | | | | | | $ | 3,371,260 | | | $ | 3,769,208 | | | Bank of Jiangnan (5) | | | 4.10 | % | | 6/27/2023 | | 12/31/2025 | | | 816,126 | | | | - | | | Bank of Jiangnan (5) | | | 4.10 | % | | 6/27/2023 | | 6/30/2026 | | | 816,126 | | | | 843,723 | | | Bank of Jiangnan (5) | | | 4.10 | % | | 6/27/2023 | | 12/31/2026 | | | - | | | | 843,723 | | | Total long-term borrowings, current | | | | | | | | | | $ | 1,632,252 | | | $ | 1,687,446 | | | Bank of Jiangnan (5) | | | 4.10 | % | | 6/27/2023 | | 6/21/2030 | | | 2,237,674 | | | | 2,016,526 | | | Bank of Jiangnan (5) | | | 4.10 | % | | 11/15/2023 | | 6/21/2030 | | | 1,798,005 | | | | 1,855,610 | | | Bank of Jiangnan (5) | | | 4.10 | % | | 2/5/2024 | | 6/21/2030 | | | 716,393 | | | | 739,345 | | | Bank of Jiangnan (5) | | | 4.35 | % | | 7/18/2024 | | 6/21/2030 | | | 970,642 | | | | 447,956 | | | Total long-term borrowings, non-current | | | | | | | | | | $ | 5,722,714 | | | $ | 5,059,437 | | | Changzhou Zenith Technology Co., Ltd. | | | nil | | | 7/14/2025 | | 7/13/2028 | | | 702,346 | | | | 724,848 | | | Total long-term borrowing from a third party, non-current | | | | | | | | | | $ | 702,346 | | | $ | 724,848 | | | Total long-term borrowing, non-current | | | | | | | | | | $ | 6,425,060 | | | $ | 5,784,285 | | | Total borrowings | | | | | | | | | | $ | 11,428,572 | | | $ | 11,240,939 | | | (1) | These loans were fully repaid as matured during the six months ended March 31, 2026. |
| (2) | On January 4, 2026, Changzhou Higgs obtained a non-revolving loan of RMB2,000,000 ($289,939) from Bank of Jiangsu, with an annual interest rate of 2.80% and a term of 12 months. |
| (3) | On January 23, 2026, Changzhou EZGO obtained a non-revolving loan of RMB3,500,000 ($507,393) from Bank of China, with an annual interest rate of 2.85% and a term of 12 months, which was guaranteed by Mr. Jianhui Ye, Mr. Shuang Wu, Jiangsu New Energy and a third party, Jiangsu Changzhou High-tech Credit Financing Guarantee Co., Ltd. |
| (4) | On March 17, 2026, Changzhou EZGO obtained a non-revolving loan of RMB10,000,000 ($1,449,696) from Agricultural Bank of China, with an annual interest rate of 2.85% and a term of 12 months, which was guaranteed by Mr. Jianhui Ye and a third party, Jiangsu Changzhou High-tech Credit Financing Guarantee Co., Ltd. |
| (5) | The following is the principal repayment schedule for the long-term loan from Bank of Jiangnan as of March 31, 2026: |
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