<SEC-DOCUMENT>0001731122-26-000748.txt : 20260515
<SEC-HEADER>0001731122-26-000748.hdr.sgml : 20260515
<ACCEPTANCE-DATETIME>20260515164512
ACCESSION NUMBER:		0001731122-26-000748
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20260515
FILED AS OF DATE:		20260515
DATE AS OF CHANGE:		20260515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDT Environmental Technology Investment Holdings Ltd
		CENTRAL INDEX KEY:			0001793895
		STANDARD INDUSTRIAL CLASSIFICATION:	SANITARY SERVICES [4950]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42007
		FILM NUMBER:		26989069

	BUSINESS ADDRESS:	
		STREET 1:		C1, 4TH FLOOR, BUILDING 1,
		STREET 2:		FINANCIAL BASE, NO.8 KEFA ROAD
		CITY:			NANSHAN DISTRICT
		STATE:			F4
		ZIP:			518057
		BUSINESS PHONE:		86-0755-86667922

	MAIL ADDRESS:	
		STREET 1:		C1, 4TH FLOOR, BUILDING 1,
		STREET 2:		FINANCIAL BASE, NO.8 KEFA ROAD
		CITY:			NANSHAN DISTRICT
		STATE:			F4
		ZIP:			518057

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CDT Enviromental Technology Investment Holdings Ltd
		DATE OF NAME CHANGE:	20191113
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>e7647_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>For the month of May, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Commission File Number 001-42007</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>CDT
Environmental Technology Investment Holdings Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>C1, 4th Floor, Building 1, Financial Base, No. 8
Kefa Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Nanshan District, Shenzhen, China 518057</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>
Form 40-F <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the
registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s securities
are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the
registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 15, 2026, CDT Environmental Technology
Investment Holdings Limited issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <TD STYLE="padding: 0pt; border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 10%; text-indent: 0pt"><B>Exhibit No.</B></TD>
    <TD STYLE="padding: 0pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%; text-indent: 0pt"><B>Description of Exhibit</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">99.1</TD>
    <TD STYLE="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: black 1pt solid; text-align: justify; text-indent: 0pt"><A HREF="e7647_ex99-1.htm">Press Release dated May 15, 2025</A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: May 15, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>CDT Environmental Technology Investment Holdings Limited</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">/s/ Yunwu Li</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Name: Yunwu Li <BR>
Title: Chief Executive Officer and <BR>
Chairman of the Board of Directors</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>e7647_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT 99.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="A close-up of a blue circle with a globe and text&#10;&#10;Description automatically generated" STYLE="height: 118px; width: 150px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CDT Environmental Technology <FONT STYLE="color: #232A31; background-color: white">Files
2025 Annual Report on Form 20-F</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #232A31"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #232A31"><FONT STYLE="background-color: white"><U>Summary</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #232A31">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">YE 2025 total revenues of $18.2 million, representing a decrease of approximately $11.5 million or a 38.8% decrease year-over-year</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; background-color: white">YE 2025 reported net loss of&nbsp;($10.3) million&nbsp;driven by</FONT>
increase in stock-based compensation of $1.7 million and the recording of a provision for credit losses, net of recoveries, of approximately
$14.7 million</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Restructuring activities, previously implemented, have streamlined operations and improved efficiency,
supporting a more competitive cost structure</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">As of March 31, 2026, the Company had three projects in backlog with a total provisional contract value of approximately US$26.8 million
and currently has bids on two new wastewater treatment system projects</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-weight: normal; background-color: white">Prioritizing investments in accelerated innovation with a focus on new
energy opportunities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">SHENZHEN, China, May 15,
2026 (GLOBE NEWSWIRE) -- CDT Environmental Technology Investment Holdings Limited (Nasdaq: CDTG) (&ldquo;CDT&rdquo;, the &ldquo;Company&rdquo;,
or &ldquo;we&rdquo;), a leading provider of waste treatment systems and services throughout China, announced to today <FONT STYLE="color: #232A31; background-color: white">that
it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) on May 15, 2026. The annual report on Form 20-F, which contains CDT&rsquo;s audited consolidated financial statements,
can be accessed through the SEC&rsquo;s website at www.sec.gov or CDT&rsquo;s website at https://www.cdthb.cn.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">All amounts are expressed in US dollars unless otherwise stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>2025 Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Total revenues decreased by approximately $11.5 million, or 38.8%, to approximately $18.2 million for
the year ended December 31, 2025.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Revenues from sewage treatment system installations decreased by approximately $11.1 million, or 39.2%,
to approximately $17.3 million for the year ended December 31, 2025, from approximately $28.4 million for the same period in 2024. This
decline is primarily attributable to delays in the progress of projects initiated between 2021 and 2024, which were mainly caused by prolonged
local government review and approval processes that pushed project timelines beyond initial expectations, as well as a decrease in the
number of new projects secured in 2025 compared to the previous year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Revenues from sewage treatment services decreased by approximately $0.4 million, or 29.8%, to approximately
$0.9 million for the year ended December 31, 2025, from approximately $1.3 million for the year ended December 31, 2024. The decrease
was primarily due to reduced demand for our services as a result of the ongoing economic downturn in the PRC</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Gross profit decreased by approximately $3.7 million, or 32.8%, to approximately $7.6 million for the
year ended December 31, 2025, from approximately $11.2 million for the year ended December 31, 2024. The decrease in gross profit is primarily
due to the decline in revenue from the wastewater treatment system and wastewater treatment system services as discussed above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>For the years ended December 31, 2025 and 2024, overall gross profit margin was 41.5% and 37.8%, respectively. The 3.7% increase was
primarily <FONT STYLE="font-family: Times New Roman, Times, Serif">due to a higher proportion of profitable projects completed during
2025, partially offset by a decrease in the gross profit percentage for our sewage treatment services business primarily due to increased
labor costs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Total operating expenses increased by approximately $10.0 million or 107.7% to approximately $19.2 million
for the year ended December 31, 2025 from approximately $9.2 million for the year ended December 31, 2024. The increase was mainly attributable
to approximately $1.7 million increase in stock-based compensation and the recording of a provision for credit losses, net of recoveries,
of approximately $14.7 million for the year ended December 31, 2025, compared to a net recovery of approximately $6.5 million for the
same period in 2024. The increase in the recording of a provision for credit losses, net of recoveries, was primarily due to higher provisions
made in 2025 in response to increased credit risk and collectability concerns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: #231F20">The Company
has considered historical experience, the economic environment, trends in the sewage treatment industry, and the expected collectability
of accounts receivable and contract assets as of December 31, 2025. </FONT>Since its sewage treatment systems customers are mainly state-owned
companies, which are backed by the local governments, the Company believes its current allowance policy is reasonable as of December 31,
2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: #231F20">As such, the
Company currently expects to realize these outstanding balances, net of allowance within the normal operating cycle of twelve months.
As of the date of the issuance of these consolidated financial statements, the Company has received approximately $1.9 million of its
accounts receivable.</FONT> The liquidity of the Company&rsquo;s operations highly depends on the timing of payments from its major customers,
and should there be any delay in payment, its operations and liquidity may be impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Net loss was approximately $10.3 million for the year ended December 31, 2025, compared to net income
of approximately $1.4 million for the same period in 2024. The decline was primarily attributable to delays in the progress of projects
initiated between 2021 and 2024, a decrease in the number of new projects secured in 2025 and reduced demand for the Company&rsquo;s services
amid the ongoing economic downturn in the PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">As of December 31, 2025, our working capital was approximately $26.4 million compared to $26.0 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Update on Current and Planned Projects </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2026, the Company had three projects
in backlog: Phase VI of the Jimei Guankou Project, the Xiamen Xinglin Pipeline Network Renovation Project, and the Hubei Wuxue Project.
Phase VI of the Jimei Guankou Project was signed in February 2025 and commenced construction in March 2025; the Xiamen Xinglin Pipeline
Network Renovation Project was signed in July 2025 and commenced construction in August 2025; and the Hubei Wuxue Project was signed and
commenced construction in March 2026. According to the project agreements, the total provisional contract value for these three projects
is RMB 187 million (approximately US$26.8 million), of which the provisional contract value for Phase VI of the Jimei Guankou Project
is RMB 30 million (approximately US$4.3 million), the Xiamen Xinglin Pipeline Network Renovation Project has a provisional contract value
of RMB 87 million (approximately US$12.5 million), and the Hubei Wuxue Project has a provisional contract value of RMB 70 million (approximately
US$10 million), subject to the specific terms of the agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company is currently participating
in the bidding process for two wastewater treatment system projects, with results expected by the third quarter of 2026. There is no guarantee
that the Company will be awarded these contracts, nor is there any guarantee that, even if awarded, the projects will be completed on
time or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Update on the Development of New Energy Opportunities
to Diversify Revenue Streams</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is currently in discussions with potential
industry partners to convert organic solid waste into new energy and renewable energy to promote commercialization of market-ready innovative
energy solutions needed to achieve sustainable development goals and carbon neutrality, laying a foundation for the Company&rsquo;s future
growth. The Company is currently engaged in the planning stages of this new energy opportunity, and therefore a number of uncertainties
exist relating to the successful launch of this new project and the ability of the Company to create a new revenue stream in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white"><B>Li
Yunwu, </B></FONT><B>Chief Executive Officer <FONT STYLE="background-color: white">of CDT, commented </FONT></B>&ldquo;During fiscal year
2025, customer demand across our primary end markets aligned with expectations, despite macroeconomic headwinds in China and isolated
project delays. While the external environment remains dynamic, our teams are executing well, staying close to customers, and advancing
long-term priorities. Our cost optimization program to enhance operating efficiency and further strengthen our competitive position, continued
to deliver benefits as we expanded our operating margin by 370 basis points year-over-year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Entering 2026, we are confident that the enduring need to safeguard the
supply of clean water will continue to underpin demand for our services across our key municipal end markets over the long term. Combined
with our durable business model and the critical role our technologies and services play in supporting the daily operations of our customers,
we expect to see an improvement in core sales growth and stable margins as the year progresses. This belief is underpinned by the three
significant projects in the backlog totaling approximately $27 million along with several new projects that we are bidding on.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Li Yunwu concluded, &ldquo;As part of our <FONT STYLE="color: #313233; letter-spacing: 0.3pt; background-color: white">continued
effort to </FONT>deliver essential technologies that help customers address their biggest wastewater challenges<FONT STYLE="color: #313233; letter-spacing: 0.3pt; background-color: white">,
we have been </FONT>establishing strategic partnerships with major Chinese enterprises to help achieve the country&rsquo;s &lsquo;Dual
Carbon&rsquo; goals. Driven by the 2030 carbon peaking target, local governments and industries must undergo significant transformations.
Decarbonization aligns with CDT&rsquo;s new energy development strategy designed to diversify our <FONT STYLE="color: #313233; letter-spacing: 0.3pt; background-color: white">revenue
streams while we continue to drive organic growth opportunities in our core business.</FONT> These are important steps in our roadmap
to drive sustained, profitable growth and deliver meaningful long-term value for our shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About CDT Environmental Technology Investment Holdings Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">CDT, headquartered in Shenzhen, China, is a leading national player in
China&rsquo;s waste treatment sector that designs, develops, manufactures, sells, installs, operates and maintains sewage treatment systems
and provides sewage treatment services in China, and is dedicated to promoting sustainable development through innovative solutions. Founded
by pioneers in waste treatment, CDT aims to advance next-generation technologies that directly address environmental challenges and promote
sustainable solutions. CDT is a recognized brand in China and is committed to innovation and customer satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">CDT&rsquo;s mission is to help its customers achieve their critical infrastructure
objectives while enabling positive changes in technological environmental protection. It collaborates with industry leaders, environmental
experts, and stakeholders to develop and implement advanced waste treatment solutions. Recently listed on the Nasdaq Capital Market, CDT
is a prominent player in the waste treatment market, capable of providing comprehensive solutions to diverse customer needs, and has completed
more than 150 plants across China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For more information, please visit CDT&rsquo;s website at https://www.cdthb.cn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For more information, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investor and Media Contact<BR>
United States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">PCG Advisory</FONT><BR>
<FONT STYLE="background-color: white">Kevin McGrath</FONT><BR>
<FONT STYLE="background-color: white">Tel: +1-646-418-7002</FONT><BR>
Email: kevin@pcgadvisory.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forward-looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">This press release contains forward-looking statements that are based on
the beliefs and assumptions of the management of CDT and on information currently available to such management. These forward-looking
statements are subject to numerous risks and uncertainties, many of which are beyond CDT&rsquo;s control. When the Company uses words
such as &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;future,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;project,&rdquo; &ldquo;estimate,&rdquo; &ldquo;believe,&rdquo; and &ldquo;intend,&rdquo; or similar expressions that do&nbsp;not
relate solely to historical matters, it is intended to identify forward-looking statements.&nbsp;All statements, other than statements
of historical fact, contained in this press release, including statements regarding future events, future financial performance, business
strategy and plans, and objectives of CDT for future operations, are forward-looking statements. Although CDT does not make forward-looking
statements unless it believes it has a reasonable basis for doing so, CDT cannot guarantee their accuracy. These statements are only predictions
and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance
or achievements of CDT and its markets to be materially different from any future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. For these reasons, among others, investors should not place undue reliance on
any forward-looking statement. CDT undertakes no obligation to publicly update or revise any forward-looking statements to reflect events
or circumstances that arise after the date hereof, whether as a result of new information, future events or otherwise, except as may be
required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED
AND SUBSIDIARIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED BALANCE SHEETS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center">December 31,</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: center">ASSETS</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">CURRENT ASSETS</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; width: 56%; font-family: Times New Roman, Times, Serif; text-indent: -10pt">Cash</TD>
<TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="width: 12%; font-family: Times New Roman, Times, Serif; text-align: right">66,686</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="width: 12%; font-family: Times New Roman, Times, Serif; text-align: right">124,379</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Accounts receivable, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">44,128,933</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">45,188,231</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Other receivables, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">189,800</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">424,313</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Other receivables - related parties</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">124,752</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">123,532</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Contract assets</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">39,309,995</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">31,438,860</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Prepayments and other current assets, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">497,181</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">405,136</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total current assets</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">84,317,347</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">77,704,451</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">OTHER ASSETS</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Property and equipment, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,087,057</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,291,322</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Intangible assets, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,628</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Deferred tax assets, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,499,649</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,208,689</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Contract assets, noncurrent</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,550,498</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">Escrow</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">600,000</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total other assets</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4,586,706</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11,656,137</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 40pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total assets</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">88,904,053</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">89,360,588</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: center">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">CURRENT LIABILITIES</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Accounts payable</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">39,221,439</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">36,347,893</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Short-term loans - banks</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,153,654</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,814,551</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Short-term loans - third parties</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,057,311</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">836,765</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Short-term loans - related parties</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,560,675</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,794,894</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Other payables and accrued liabilities</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,298,833</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,220,896</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Other payables - related party</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">256,348</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">256,863</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Contract liabilities</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">28,809</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">28,026</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Taxes payable</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">10,329,598</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">7,408,674</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total current liabilities</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">57,906,667</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">51,708,562</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">OTHER LIABILITIES</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Long-term loan - bank</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">357,495</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">213,969</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total other liabilities</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">357,495</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">213,969</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 40pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total liabilities</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">58,264,162</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">51,922,531</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">COMMITMENTS AND CONTINGENCIES</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">SHAREHOLDERS&rsquo; EQUITY</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Class A Ordinary Shares, $0.0025 par value, 94,000,000 shares authorized, 13,525,000 and 10,825,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">33,813</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">27,063</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">Class B Ordinary Shares, $0.0025 par value, 6,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Additional paid-in capital</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,316,883</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,578,633</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Statutory reserves</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,433,589</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,433,589</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Retained earnings</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,258,161</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">24,455,403</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Accumulated other comprehensive loss</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,429,733</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(2,210,909</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total CDT Environmental Technology Investment Holdings Limited shareholders&rsquo; equity</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,612,713</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">37,283,779</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Noncontrolling interests</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">27,178</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">154,278</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total shareholders&rsquo; equity</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">30,639,891</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">37,438,057</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total liabilities and shareholders&rsquo; equity</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">88,904,053</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">89,360,588</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED
AND SUBSIDIARIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="11" STYLE="font-family: Times New Roman, Times, Serif; text-align: center">For the Years Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="11" STYLE="font-family: Times New Roman, Times, Serif; text-align: center">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">REVENUES</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; width: 46%; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Sewage treatment systems</TD>
<TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="width: 11%; font-family: Times New Roman, Times, Serif; text-align: right">17,279,031</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="width: 11%; font-family: Times New Roman, Times, Serif; text-align: right">28,417,150</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 5%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="width: 11%; font-family: Times New Roman, Times, Serif; text-align: right">32,267,593</TD>
<TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Sewage treatment services and others</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">946,788</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,348,055</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,942,326</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total revenues</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">18,225,819</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">29,765,205</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">34,209,919</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">COST OF REVENUES</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Sewage treatment systems</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,074,628</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">17,779,226</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">21,630,216</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Sewage treatment services and others</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">592,234</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">739,502</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,194,817</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total cost of revenues</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">10,666,862</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">18,518,728</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">22,825,033</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">GROSS PROFIT</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">7,558,957</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11,246,477</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11,384,886</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">OPERATING EXPENSES:</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">Selling</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">162,602</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">108,637</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">106,147</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">General and administrative</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,160,434</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,164,457</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,674,519</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Research and development</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">47,602</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">61,786</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">80,948</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Share-based compensation</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,145,000</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">454,250</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Provision for (Recovery from) credit loss, net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">14,694,723</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">6,459,240</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(88,221</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total operating expenses</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">19,210,361</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">9,248,370</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,773,393</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">(LOSS) INCOME FROM OPERATIONS</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(11,651,404</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,998,107</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">8,611,493</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">OTHER INCOME (EXPENSE)</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Interest income</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">105</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">471</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">15,510</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Interest expense</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(91,446</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(136,757</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(106,130</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Other income (expense), net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">110,637</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">6,504</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(92,939</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 30pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Total other income (expense), net</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">19,296</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(129,782</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(183,559</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">(LOSS) INCOME BEFORE INCOME TAXES</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(11,632,108</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,868,325</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,427,934</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">INCOME TAXES (BENEFIT) EXPENSE</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,266,021</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">462,043</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,403,880</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">NET (LOSS) INCOME</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(10,366,087</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,406,282</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,024,054</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Less: net loss attributable to noncontrolling interest</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(168,845</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(46,909</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(393,652</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">NET(LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS OF CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">(10,197,242</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">1,453,191</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">7,417,706</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">NET (LOSS) INCOME</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(10,366,087</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,406,282</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,024,054</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">FOREIGN CURRENCY TRANSLATION ADJUSTMENT</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">789,332</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(204,383</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(497,722</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">TOTAL COMPREHENSIVE (LOSS) INCOME</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(9,576,755</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,201,899</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,526,332</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Less: Comprehensive loss attributable to noncontrolling interest</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(160,689</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(49,804</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(372,574</TD>
<TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS OF CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">(9,416,066</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">1,251,703</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">6,898,906</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Basic and diluted</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">12,141,807</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">10,320,628</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">9,200,000</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 10pt; font-family: Times New Roman, Times, Serif; text-indent: -10pt">(LOSS) EARNINGS PER SHARE</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 20pt; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt">Basic and diluted</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">(0.84</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">0.14</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">0.81</TD>
<TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
