ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

Assets and Liabilities of Discontinued Operations and Loss from Discontinued Operations

The carrying amounts of the major classes of assets and liabilities of CEGE, CAE and Cenntro EV Center Italy S.R.L. included in assets and liabilities of discontinued operations were as follows:

	June 30,		December 31,
	2025		2024
	(Unaudited)
Cash and cash equivalents	$	5,520	$	140,029
Accounts receivable, net		1,139,219		1,406,457
Inventories		2,662,177		4,983,432
Prepayment and other current assets		1,275,302		1,035,486
Long-term investment		108,646		89,533
Other non-current assets		-		54,032
Total assets classified as held for sale		5,190,864		7,708,969

Accounts payable	$	1,463,462	$	1,534,467
Accrued expenses and other current liabilities		576,908		809,773
Contractual liabilities		149,916		80,696
Operating lease liabilities, current		-		30,603
Total liabilities classified as held for sale	$	2,190,286	$	2,455,539

The key components of loss from discontinued operations for the six months ended June 30, 2025 and 2024 were as follows:

	For the Six Months ended June 30,
	2025			2024
	(Unaudited)			(Unaudited)
Net revenues	$	162,179		$	2,054,744
Cost of goods sold		(768,189	)		(2,562,427	)
Gross loss		(606,010	)		(507,683	)

Selling and marketing expenses		(124,534	)		(1,409,472	)
General and administrative expenses		(398,227	)		(1,024,255	)
Research and development expenses		-			(274,595	)
Provision for credit losses		(428,610	)	-
Total operating expenses		(951,371	)		(2,708,322	)

Loss from discontinued operations		(1,557,381	)		(3,216,005	)

Income from long-term investments		6,359			13,078
Foreign currency exchange loss, net		(138,140	)		(101,509	)
Other (loss) income, net		(320,040	)		321,263
Loss from discontinued operations before taxes		(2,009,202	)		(2,983,173	)
Income tax benefit	-				17,967
Loss from discontinued operations, net of tax	$	(2,009,202	)	$	(2,965,206	)

Significant Subsidiaries of Company

As of June 30, 2025, Cenntro Inc.’s subsidiaries were as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Cenntro Electric Group Pty Limited (“CEGL”)	May 11, 2017	Australia	100% owned by Cenntro Inc.
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100% owned by Cenntro Inc.
Cenntro Electric Group, Inc. (“CEGI”)	March 9, 2020	Delaware, U.S.	100% owned by Cenntro Inc.
Cennatic Power, Inc. (“Cennatic Power”)	June 8, 2022	Delaware, U.S.	100% owned by Cenntro Inc.
Cenntro Electric Group (Europe) GmbH⁽³⁾	January 13, 2022	Frankfurt, Germany	100% owned by Cenntro Inc.
Bison Motors Inc. (formerly known as “Teemak Power Corporation”) ⁽¹⁾	January 31, 2023	Delaware, U.S.	100% owned by Cenntro Inc.
Avantier Motors Corporation	November 17, 2017	Delaware, U.S.	100% owned by Cenntro Inc.
Cennatic Energy S. de R.L. de C.V.	August 24, 2022	Monterrey, Mexico	100% owned by Cenntro Inc.
Cenntro Automotive S.A.S.	January 16, 2023	Galapa, Colombia	100% owned by Cenntro Inc.
Cenntro Electric Colombia S.A.S.	March 29, 2023	Atlántico, Colombia	100% owned by Cenntro Inc.
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100% owned by Cenntro Inc.
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by Cenntro Inc.
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by Cenntro Inc.
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by Cenntro Inc.
Jiangsu Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by Cenntro Inc.
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by Cenntro Inc.
Teemak Power (Hong Kong) Limited (HK)	May 17, 2023	Hong Kong	100% owned by Cenntro Inc.
Avantier Motors (Hong Kong) Limited	March 13, 2023	Hong Kong	100% owned by Cenntro Inc.
Cenntro Automotive Europe GmbH (“CAE”)⁽³⁾	May 21, 2019	Herne, Germany	100% owned by Cenntro Inc.
Cenntro Electric B.V.	December 12, 2022	Amsterdam, Netherlands	100% owned by Cenntro Inc.
Cenntro Elektromobilite Araçlar A.Ş	February 21, 2023	Turkey	100% owned by Cenntro Inc.
Cenntro Elecautomotiv, S.L.	July 5, 2022	Barcelona, Spain	100% owned by Cenntro Inc.
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by Cenntro Inc.
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”) ⁽²⁾	June 16, 2011	PRC	100% owned by Cenntro Inc.
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”) ⁽²⁾	July 12, 2012	PRC	100% owned by Cenntro Inc.
Cenntro EV Center Italy S.R.L. ⁽³⁾	May 8, 2023	Italy	100% owned by Cenntro Inc.
Antric GmbH	August 21, 2020	Herne, Germany	100% owned by Cenntro Inc.
Pikka Electric Corporation	August 3, 2023	Delaware, U.S.	100% owned by Cenntro Inc.
Centro Technology Corporation	August 24, 2023	California, U.S.	100% owned by Cenntro Inc.
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”)	July 1, 2021	PRC	80% owned by Cenntro Inc.

(1)	On March 6, 2025, Teemak Power Corporation changed its name to Bison Motors Inc.

(2)	As of the issuance date of this report on Form 10-Q, Sinomachinery Zhejiang and Cenntro Machinery were in the process of being deregistered.

(3)	The subsidiaries were scheduled for structured dissolution and were measured as held for sale operations.

(4)

On April 1, 2025, the other shareholder of Cenntro Electric CICS, SRL, Billy Rafael Romero Del Rosario increased his shareholding from 10 shares to 29,010 shares through additional capital distribution. As a result, the total number of issued shares in Cenntro Electric CICS, SRL increased from 1,000 to 30,000, reducing the Company’s equity interest from 99% to 3.3%, and Cenntro Electric CICS, SRL was no longer a subsidiary of the Company. The Company accounts for the investment under equity investment without readily determinable fair values.On April 24, 2025, the Company entered an agreement with Casida Del Rosario Alvarado to dispose its equity interest of Cenntro Electric CICS, SRL, with a consideration of DOP100,000(approximately $1,694). For the six months ended June 30, 2025, the Company recognized gain of $1,157,556 from disposal of Cenntro Electric CICS, SRL.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Cenntro Inc. 10-Q