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CONVERTIBLE NOTE RECEIVABLE | 12 Months Ended
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Dec. 31, 2024
Convertible Note Receivable |
CONVERTIBLE NOTE RECEIVABLE | NOTE 7 – CONVERTIBLE NOTE RECEIVABLE Effective January 10, 2022, JHJ (“note holder”) entered a convertible note agreement with Chengdu Rongjun Enterprise Consulting Co., Ltd (“Rongjun” or “the borrower”) with maturity on January 10, 2025. The maturity date of the note was subsequently extended from January 10, 2025, to January 10, 2027. Under this convertible note, JHJ lent RMB 5,000,000 ($0.69 million) to Rongjun with annual interest rate of 12%, calculated from the Issuance Date until all outstanding interest and principal is paid in full. The Borrower may pre-pay principal or interest on this Note at any time prior to the maturity date, without penalty. JHJ has the right to convert this note directly or indirectly into shares or equity interest of Heze Hongyuan Natural Gas Co., Ltd (“Heze”) equal to 15% of Heze’s outstanding Equity Interest. Rongjun owns 90% of Heze. During the year end December 31, 2024, JHJ recorded $56,700 interest income accrued from 2022 from this note, the accrual of interest income ceased in October 2022. The bondholders also have the option to convert accrued but unpaid interest into the principal amount of the convertible note.

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